Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q1 2017 Earnings Presentation
26 slides from Skarbiec's earnings presentation, May 12, 2017
Slide 1: Investor presentation – Q1 2017 results
Investor presentation – Q1 2017 results Warsaw, May 12th 2017
Slide 2: Skarbiec TFI – one of Poland's most recognisable IFM companies
Skarbiec TFI – one of Poland's most recognisable investment fund management (IFM) companies Assets under management of Skarbiec TFI • one of the longest standing IFM companies in Poland PLN 19.4bn • largest distribution network on the Polish market 20 (75 external distributors and 2 own distribution
Slide 3: Summary Q1 2017
Summary Q1 2017 The Group's key achievements: • record high assets in retail funds as at the end of Q1 2017 (further strong growth in subsequent months) • 21 funds in the 1st and 2nd quartile by rate of return according to the Analizy Online website, including 9 in the 1st quartile (6 equity funds,
Slide 4: Summary Q1 2017
Summary Q1 2017 Skarbiec Group performance: Financial performance • fixed management fee revenue at PLN 17.8m • PLN 8.5m of net profit • distributable net profit of PLN 24.3m after Q1 2017, including PLN 15.6m in the financial year 2016/2017 and PLN 8.7m in the financial year 2017/2018, contributes
Slide 5: Skarbiec TFI and the market
s&s fundusze SKARBIEC inwestycyjne Skarbiec TFI and the market
Slide 6: Market situation
Market situation net subscriptions/redemptions in IFM companies in Net subscriptions/redemptions in IFM companies Poland without own distribution networks in Poland (retail funds, PLNbn) (retail funds, PLNbn) 0.06 0.66 0.72 0.48 2.33 0.13 0.21 0.37 2.40 1.25 1.29 0.90 0.45 1.16 0.07 0.44 0.44 0.30 0
Slide 7: Skarbiec TFI – net subscriptions/redemptions in retail funds
Skarbiec TFI – net subscriptions/redemptions in retail funds Net subscriptions/redemptions (PLNm) Net subscriptions/redemptions to/from fund classes PLN 104m in net subscriptions, excl. (incl. conversions) the money market fund 288 quarterly 230 data for Q1 2016–Q1 2017 (PLNm) 104 81 58 51 47 47 8 8
Slide 8: Retail fund assets – diversification
Retail fund assets – diversification Skarbiec TFI – retail fund assets Skarbiec TFI – retail fund assets (PLNbn, at end of quarter) (PLNbn, at end of quarter) 3.56 3.00 2.91 3.12 3.14 1.52 1.17 1.64 46% 43% 1.03 34% 1.03 1.31 42% 1.27 42% 1.32 1.37 44% 1.26 48% 1.78 50% 1.97 66% 1.87 1.95 1.82 58% 1
Slide 9: Skarbiec TFI full product range
Skarbiec TFI full product range − funds for every macroeconomic scenario and market trend Poland Europe World Total Equity mixed and 866 292 615 1,773 4 6 2 3 5 16 Debt 564 32 706 1,302 2 4 1 2 6 market Money 260 260 1 Alternat ive 228 228 7 Total 1,918 324 1,321 3,563 Source: Company, IZFiA. PLN x
Slide 10: Fund performance
Fund performance % of AuM in open-end funds that outperformed the benchmark in a Skarbiec TFI – rates of return of the funds for the last 12 given period months (3Y rate of return) equity, mixed and alternative funds equity, mixed and alternative funds Q1 (Q1 96% 12/14 Małych i Średnich Spółek 29.1%
Slide 11: One of the top performing funds
one of the top performing funds 11
Slide 12: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 13: Summary of performance
Summary of performance Skarbiec Group’s financial performance (PLN '000) Q1 2017 Q4 2016 change qoq Q1 2016 change yoy total revenue, including: 31,128 19,922 +56% 17,361 +79% – fixed management fees 17,769 17,178 +3% 15,436 +15% – performance fees 11,425 582 78 – other income* 1,934 2,162 -11% 1,84
Slide 14: Fixed management fee
Fixed management fee Fund management – fixed management fee (PLNm) • the amount of fixed management fees depends on AuM in particular fund classes 17,2 17,8 15,4 15,8 16,2 1,2 1,9 1,3 • change in the average gross management fee rate as a result 0,9 0,9 of shifts +8,5% 11,8 in the retail funds' AuM
Slide 15: Performance fee – Skarbiec TFI retail funds
performance fee – Skarbiec TFI retail funds Nominal performance fee – annual Nominal performance fee – quarterly 20 14 12 10.9 low-margin – outside Poland 9.6 0.6 low-margin – Poland 10 11.8 11.7 0.9 0.7 10.9 1.8 0.9 high-margin – outside Poland 8 10 1.5 0.6 0.7 3.6 4.6 0.4 high-margin – Poland 6 5.
Slide 16: Skarbiec Group's operating expenses
Skarbiec Group's operating expenses Cost of salaries other costs of operating activities (PLNm) (PLNm) 5.9 13.6 14.5 0.9 3.8 11.8 11.2 11.3 1.9 0.3 3.1 1.7 0.9 0.3 2.6 2.2 1.9 1.0 1.1 2.3 1.5 0.1 0.4 0.4 6.6 7.1 6.0 6.2 6.1 2.4 2.4 2.3 2.2 2.4 3.8 4.0 4.0 4.5 5.2 -0.2 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Slide 17: Executive summary
Executive summary Outlook for the coming quarters: • consistent trends among fund clients – looking for rates of return alternative to deposits (3–6%), higher inflows to open-ended funds • in 2017, Skarbiec focuses on: • securing assets for absolute return funds, mainly Skarbiec Multiasset FIZ, Skar
Slide 18: Contact details − IR
Contact details − IR Tomasz Cierkowski Disclaimer Investor Relations This analysis has been prepared for information purposes only, and is not a solicitation of an offer to buy or sell any financial CC Group Sp. z o.o. instruments. This material is not an advertisement, an offer or an invitation to
Slide 19: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 20: Dividend of Skarbiec Holding – effect of shifting the financial year
Dividend of Skarbiec Holding S.A. − effect of shifting the financial year Skarbiec TFI – financial year = calendar year Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 annual report and General Meeting (Q2) dividend distribution (Q2) (dividends contribute to separate profit of Skarbie
Slide 21: Retail fund performance 1/2
Retail fund performance 1/2 rate of return in the period high-margin (as at Mar 31 2017) class fund funds Q1 Y1 Y3 Skarbiec Akcja 12.1% 24.0% 5.3% Skarbiec TOP Funduszy Akcji 9.7% 21.3% 10.5% Skarbiec Małych i Średnich Spółek 11.8% 29.1% 26.2% Skarbiec Spółek Wzrostowych 17.3% 28.7% 32.7%
Slide 22: Retail fund performance 2/2
Retail fund performance 2/2 rate of return in the period high-margin (as at Mar 31 2017) class fund funds Q1 Y1 Y3 Skarbiec Obligacja 1.3% 0.7% 8.6% Skarbiec Depozytowy 1.3% 1.8% 8.3% Skarbiec Obligacyjny FIZ 0.6% 3.8% 14.2% no fixed management Skarbiec Portfela Dłużnego FIZ 1.0% 1.6% - fee bond Ska
Slide 23: Adjustment of results
Adjustment of results (PLNm) 2014 2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Operating profit (reported) 23.1 25.3 22.8 3.9 11.8 3.7 10.7 costs of incentive programme 3.4 0.6 -0.2 - - - 0.9 IPO costs (including non-deductible VAT) 1.9 - - - - - - efficiency improvement costs - 0.7 -0.2 - - - - cost o
Slide 24: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income PLN '000 2014 2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Revenue 91,056 92,681 82,382 18,083 27,016 19,922 31,128 Amortisation/depreciation (573) (617) (447) (101) (97) (143) (121) Distribution costs (34,273) (36,397) (30,600) (7,185) (7,241) (8,229) (9,
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position PLN '000 Dec 31 2013 Dec 31 2014 Dec 31 2015 Dec 31 2016 Mar 31 2017 ASSETS 104,882 95,750 91,931 92,123 105,178 Non-current assets 55,817 58,233 58,860 54,611 54,914 Property, plant and equipment 1,351 1,857 1,469 1,247 1,107 Intangible assets 51,969 51,
Slide 26: Consolidated statement of cash flows
Consolidated statement of cash flows PLN '000 2014 2015 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Cash flows from operating activities Profit before tax 23,574 25,644 23,855 4,214 11,962 4,042 10,716 Adjustments: (1,821) (4,626) (2,880) (1,843) (7,673) 6,683 (8,225) Costs of incentive scheme 3,360 627 (2