Skarbiec Holding S.A. · GPW:SKH
Skarbiec — Q2 2015 Earnings Presentation
24 slides from Skarbiec's earnings presentation, Sep 7, 2015
Slide 1: Investor presentation – Q2 2015 results
15 Investor presentation – Q2 2015 results Warsaw, September 7th 2015
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 14.9bn • largest distribution network on the Polish market (73 15 external distributors and 2 own distribution
Slide 3: Overview of Q2 2015
Overview of Q2 2015 Market environment and the Group's key achievements: • difficult conditions for achieving high rates of return on fund assets in Q2 2015 – poor performance across most global stock indices and increased bond yields; • high market inflows into equity and mixed funds, mainly those
Slide 4: Skarbiec TFI and the market
s&s fundusze SKARBIEC inwestycyjne Skarbiec TFI and the market
Slide 5: Market situation
market situation net inflows to IFM companies in Poland net inflows to IFM companies (retail funds, PLNbn) without their own distribution networks in Poland (retail funds, PLNbn) PZU Group's own payment to one of its equity funds 1.50 1.68 0.49 0.40 1.59 2.57 0.92 0.62 0.69 0.87 0.11 2.64 2.45 3.31
Slide 6: Skarbiec TFI – inflows to retail funds
Skarbiec TFI – inflows to retail funds net inflows inflows to fund classes (incl. conversions) quarterly data for Q2 2014–Q2 2015 296 194 155 160 86 65 54 80 37 37 40 -45-70 -66 -57 -50 -14 -34 -105 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 -231 equity, mixed and debt and non- money market alternative
Slide 7: Retail fund assets – diversification
Retail fund assets – diversification Skarbiec TFI – retail fund assets Skarbiec TFI – retail fund assets (PLNbn, as at end of quarter) (PLNbn, as at end of quarter) 3.30 3.42 3.38 3.54 3.45 1.24 1.31 37% 1.40 41% 1.65 47% 1.41 41% 1.47 45% 1.43 1.69 51% 1.79 1.69 1.83 55% 1.99 2.14 2.22 63% 2.05 59%
Slide 8: Full Skarbiec TFI range – products for every macroeconomic scenario
Full Skarbiec TFI range − products for every macroeconomic scenario and market trend • (i) business stability, (ii) dispersed sources of success fee, (iii) conversion potential across products and geographies product diversification • better competitive position among distributors who limit the numb
Slide 9: Fund performance
fund performance % of AuM in open-end funds with rates of return above benchmark Skarbiec TFI – rates of return on funds for the last 12 for a given period months equity, mixed and alternative funds equity, mixed and alternative funds (3Y rate of return) 1Q (Q2 Market Neutral (n/a) 39% 8/14 17.5% 20
Slide 10: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 11: Summary of performance
summary of performance Skarbiec Group financial performance change change Q2 2015 Q1 2015 change q/q Q2 2014 H1 2015 H1 2014 (PLN '000) y/y y/y total revenue, including: 23,516 29,221 -20% 23,077 +2% 52,737 44,688 +18% – fixed management fees 19,409 18,020 +8% 17,941 +8% 37,429 35,469 +6% – success
Slide 12: Fixed management fee
fixed management fee fund management – fixed fee (PLNm) 18.3 19.4 17.9 18.2 18.0 1.0 • amount of fixed fee depends on AuM in fund classes; 1.2 1.4 1.1 1.0 +18.0% • stable fixed fee rates (%) for management of both fund types; 10.6 10.5 10.7 12.6 11.4 • marked conversion of assets from low-margin to
Slide 13: Success fee – regularity
success fee – regularity nominal success fee nominal success fee 30 – annually 12 – quarterly 24.6 9.6 10 0.6 1.7 5.2 20 8 other* 6 12.5 0.1 11.5 2.4 low-margin 4.0 10 18.9 2.2 4 3.2 7.9 high-margin 2.7 0.1 1.9 10.0 9.3 2 4.0 0.1 0.5 3.2 2.5 1.4 0 0 2013 2014 H1 2015 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Slide 14: Group's operating expenses
Group's operating expenses Group's operating expenses cost of salaries (PLNm) (PLNm) 17.3 17.6 17.7 17.9 16.3 1.7 1.4 1.2 1.9 4.7 4.8 4.8 0.8 0.2 7.7 0.8 1.3 3.8 3.7 7.3 7.5 7.4 8.4 1.5 0.9 0.5 0.1 1.0 0.3 0.5 2.9 3.7 2.2 3.0 1.9 3.0 2.6 2.9 3.1 3.1 5.4 5.1 5.9 5.8 5.7 Q2 2014 Q3 2014 Q4 2014 Q1 201
Slide 15: Executive summary: prospects for the coming quarters
Executive summary: prospects for the coming quarters: • in 2015, continued inflow of new assets into the fund market, with the pace of asset inflow into high-margin funds maintained on the back of an upward trend recorded in past quarters, depending chiefly on general conditions in China (economy),
Slide 16: Contact details − IR
Contact details − IR Tomasz Cierkowski Disclaimer Investor Relations This analysis has been made 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 purc
Slide 17: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 18: 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 Dec Mar Jun Sep Dec Mar Jun Sep Dec 2013 2014 2014 2014 2014 2015 2015 2015 2015 annual report and General Meeting (Q2 2015) dividend distribution (Q2 2015) (dividend contributes t
Slide 19: Long-term increase of financial performance
Long-term increase of financial performance Financial performance of Skarbiec Holding (PLNm) Free cash flow to firm (PLNm) 101 91 31.4 63 59 20.9 30 11.5 23 9.1 13 12 2011 2012 2013 2014 2011 2012 2013 2014 revenue net profit* Structure of revenue in 2014 • high net inflows and increase in assets un
Slide 20: Retail fund performance
retail fund performance rate of return in the period high-margin (as at June 30th 2015) class fund funds Q1 1Y 3Y Skarbiec Akcja -2.5% 1.6% 18.6% Skarbiec TOP Funduszy Akcji -1.4% 2.5% 22.5% Skarbiec Małych i Średnich Spółek -1.1% 5.8% 46.7% Skarbiec Spółek Wzrostowych -0.2% 13.1% 55.1% Sk
Slide 21: Adjustment of results
Adjustment of results (PLNm) 2013 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Operating profit (reported) 35.4 23.1 6.0 5.6 6.1 5.4 11.4 5.6 Costs of incentive programme, including: 1.2 3.4 0.8 0.8 1.3 0.5 0.2 0.1 programme ended in 2014 1.2 3.1 0.8 0.8 1.3 0.3 - - 2015−2018 programme - 0.2
Slide 22: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income 2013 2014 PLN '000 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 (audited) (unaudited) Revenue 101,349 91,056 21,611 23,077 24,224 22,144 29,221 23,516 Amortisation/depreciation (510) (573) (134) (137) (160) (142) (154) (148) Distribution costs (32,44
Slide 23: Consolidated statement of financial position
Consolidated statement of financial position Dec 31 2012 Dec 31 2013 Jun 30 2014 Dec 31 2014 Mar 31 2015 Jun 30 2015 PLN '000 (audited) (audited) (unaudited) (unaudited) (unaudited) (audited) ASSETS 76,690 104,882 84,370 95,750 106,681 109,625 Non-current assets 58,093 55,817 56,173 58,233 58,404 59
Slide 24: Consolidated statement of cash flows
Consolidated statement of cash flows 2013 2014 PLN '000 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 (audited) (unaudited) Cash flows from operating activities Profit before tax 36,141 23,573 6,166 5,733 6,233 5,441 11,546 5,760 Adjustments: (4,639) (1,821) (449) (545) (2,323) 1,496 (7,553) 5,289