Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q2 2017 Earnings Presentation
28 slides from Skarbiec's earnings presentation, Sep 18, 2017
Slide 1: Investor presentation – Q2 2017 results
Investor presentation – Q2 2017 results Warsaw, September 18th 2017
Slide 2: Skarbiec TFI – one of Poland's most recognisable investment fund management 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 18.6bn • the largest distribution network on the Polish market 20 (78 external distributors and 2 own distribu
Slide 3: Summary Q2 2017
Summary Q2 2017 The Group's key achievements: • Record level of retail fund assets at the end of Q2 2017 (PLN 4bn) • 19 funds in the first and second quartiles by rate of return, according to the Analizy Online website, including 13 owned funds (8 in the first quartile) and 6 JPMorgan umbrella funds
Slide 4: Composition of the Management Board of Skarbiec Holding S.A. since October 1st 2017
Composition of the Management Board of Skarbiec Holding S.A. since October 1st 2017 Bartosz Józefiak, Ewa Radkowska-Świętoń, Jakub Kocjan, President of the Vice President of the Member of the Management Board Management Board Management Board 4
Slide 5: Composition of the Management Board of Skarbiec TFI S.A. since October 1st 2017
Composition of the Management Board of Skarbiec TFI S.A. since October 1st 2017 Ewa Radkowska-Świętoń, Bartosz Józefiak, Jakub Kocjan, President of the Vice President of the Vice President of the Management Board Management Board Management Board Jacek Janiuk, Krzysztof Czerkas, Dariusz Lasek, Membe
Slide 6: Summary Q2 2017
Summary Q2 2017 Skarbiec Group performance: Financial performance • fixed management fee revenue at PLN 19.7m • PLN 11.1m of net profit • net profit of PLN 35.4m after Q2 2017, including PLN 17.9m in the financial year 2016/2017 and PLN 17.5m in the financial year 2017/2018, contributes towards pote
Slide 7: Skarbiec TFI and the market
s&s fundusze SKARBIEC inwestycyjne Skarbiec TFI and the market
Slide 8: 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 0.94 1.35 0.48 0.23 2.33 0.21 0.37 2.40 0.88 1.34 0.45 1.16 0.07 1.25 0.90 0
Slide 9: Skarbiec TFI – net subscriptions/redemptions in retail funds
Skarbiec TFI – net subscriptions/redemptions in retail funds Net subscriptions/redemptions (PLNm) Net subscriptions/redemptions in fund classes (incl. conversions) PLN 104m in net subscriptions, excl. quarterly data for Q2 2016–Q2 2017 288 310 the money market fund 230 166 140 104 114 81 58 51 47 47
Slide 10: 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) 3.92 3.55 3.12 3.14 2.91 1.77 1.64 46% 1.97 50% 1.39 1.56 43% 45% 1.03 35% 1.17 1.31 1.26 43% 1.32 1.45 1.50 1.75 49% 1.89 48% 1.87 65% 1.95
Slide 11: Skarbiec TFI full product range − funds for every macroeconomic scenario and market trend
Skarbiec TFI full product range − funds for every macroeconomic scenario and market trend Poland Europe World Total Equity mixed and 914 324 694 1,932 4 6 1 3 5 16 Debt 552 31 924 1,507 1 4 1 2 6 market Money 266 266 1 Alternat ive 214 214 6 Total 1,946 355 1,618 3,919 Source: Company, IZFiA. PLN x
Slide 12: 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 equity, mixed and alternative funds equity, mixed and alternative funds (3Y rate of return) 1Q 97% 11/14 Małych i Średnich Spółek 41.0% (+4
Slide 13: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 14: Summary of performance
Summary of performance Skarbiec Group’s financial performance (PLN '000) 2Q 2017 1Q 2017 change qoq 2Q 2016 change yoy total revenue, including: 31,166 31,128 - 18,083 +72% – fixed management fees 19,684 17,769 +11% 15,787 +25% – performance fees 9,789 11,425 1,399 – other income* 1,693 1,934 -12% 8
Slide 15: Summary FY 2016/2017
Summary FY 2016/2017 Skarbiec Group’s financial performance (PLNm) FY 2016/2017 FY 2015/2016 Change assets in retail funds (end of period): 3,918.9 2,905.9 +35% - equity, mixed and alternative funds 1,887.1 1,327.4 +42% - money market, bond and non-financial asset funds 2,031.8 1,578.5 +29% total re
Slide 16: Fixed management fee
Fixed management fee Fund management – fixed management fee (PLNm) • the amount of fixed management fees depends on AuM 19.7 in particular fund classes 17.2 17.8 1.1 15.8 16.2 1.2 1.9 1.3 • change in the average gross management fee rate as a result 0.9 +13.1% of shifts 13.3 in the retail funds' AuM
Slide 17: Performance fee – Skarbiec TFI retail funds
Performance fee – Skarbiec TFI retail funds Nominal performance fee – annual Nominal performance fee – quarterly 25 14 20.6 12 0.7 low-margin – outside Poland 10.9 20 0.6 9.7 0.8 9.6 low-margin – Poland 10 0.7 0.9 15 9.2 high-margin – outside Poland 8 11.8 11.7 4.6 4.6 0.9 3.6 1.8 high-margin – Pola
Slide 18: Skarbiec Group's operating expenses
Skarbiec Group's operating expenses Cost of salaries other costs of operating activities (PLNm) (PLNm) 5.6 4.2 0.9 13.6 14.5 13.6 3.8 0.5 3.1 11.2 11.3 0.9 1.9 0.3 1.8 0.3 2.6 2.2 1.9 1.7 1.5 1.0 1.1 0.4 0.4 7.1 6.2 6.1 6.6 8.1 2.4 2.3 2.2 2.4 2.7 4.0 4.0 4.5 5.2 3.7 -0.8 Q2 2016 Q3 2016 Q4 2016 Q1
Slide 19: 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 H2 2017, Skarbiec is focusing on selling open-ended funds, including: • leveraging the positive market trend
Slide 20: 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 oo instruments. This material is not an advertisement, an offer or an invitation to pur
Slide 21: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 22: Dividend of Skarbiec Holding S.A. − effect of shifting the financial year
Dividend of Skarbiec Holding S.A. − effect of shifting the financial year Skarbiec TFI – financial year = calendar year 12’15 03’16 06’16 09’16 12’16 03’17 06’17 09’17 12’17 annual report and General Meeting (Q2) dividend distribution (Q2) (dividends contribute to separate profit of Skarbiec Holding
Slide 23: Retail fund performance 1/2
Retail fund performance 1/2 rate of return in the period high-margin (as at June 30th 2017) class fund funds 1Q 1Y 3Y Skarbiec Akcja 5.6% 40.0% 16.8% Skarbiec TOP Funduszy Akcji 3.6% 31.7% 15.6% Skarbiec Małych i Średnich Spółek 6.3% 41.0% 42.0% Skarbiec Spółek Wzrostowych 5.0% 33.8% 35.8%
Slide 24: Retail fund performance 2/2
Retail fund performance 2/2 rate of return in the period high-margin (as at June 30th 2017) class fund funds 1Q 1Y 3Y Skarbiec Obligacja 1.7% 1.9% 7.3% Skarbiec Depozytowy 1.0% 2.3% 7.0% Skarbiec Obligacyjny FIZ 1.7% 4.9% 14.4% Skarbiec Obligacyjny Nowej Europy FIZ 1.7% 4.9% 17.6% bond Skarbiec Loka
Slide 25: Adjustment of results
Adjustment of results (PLNm) 2014 2015 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 Operating profit (reported) 23.1 25.3 22.8 11.8 3.7 10.7 13.5 costs of incentive programme 3.4 0.6 -0.2 - - 0.9 -0.8 IPO costs (including non-deductible VAT) 1.9 - - - - - - efficiency improvement costs - 0.7 -0.2 - - - - co
Slide 26: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income PLN '000 2014 2015 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 Revenue 91,056 92,681 82,382 27,016 19,922 31,128 31,166 Amortisation/depreciation (573) (617) (447) (97) (143) (121) (125) Distribution costs (34 ,273) (36,397) (30,600) (7,241) (8,229) (9,005) (9
Slide 27: Consolidated statement of financial position
Consolidated statement of financial position PLN '000 Dec 31 2013 Dec 31 2014 Dec 31 2015 Dec 31 2016 Jun 30 2017 ASSETS 104,882 95,750 91 ,931 92,123 117 ,238 Non-current assets 55,817 58,233 58 ,860 54,611 55 ,128 Property, plant and equipment 1,351 1,857 1 ,469 1, 247 1 ,033 Intangible assets 51,
Slide 28: Consolidated statement of cash flows
Consolidated statement of cash flows PLN '000 2014 2015 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 Cash flows from operating activities Profit before tax 23, 574 25 ,644 23 ,855 11 ,962 4, 042 10 ,716 13, 544 Adjustments: (1 ,821) (4 ,626) (2 ,880) (7, 673) 6 ,683 (8 ,225) (417) Costs of incentive scheme