Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q4 2015 Earnings Presentation
25 slides from Skarbiec's earnings presentation, Feb 26, 2016
Slide 1: Investor presentation – Q4 2015 results
Investor presentation – Q4 2015 results Warsaw, February 26th 2016
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 14.4bn • largest distribution network on the Polish market (73 15 external distributors and 2 own distribution
Slide 3: Overview of Q4 2015
Overview of Q4 2015 Market environment and the Group's key achievements: • staying on the risk-off course on global financial markets – in keeping with falling commodity prices and growing concerns about the economic situation in key developing countries; • higher investment risk in Poland in the wa
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 without their own distribution net inflows to IFM companies in Poland networks in Poland (retail funds, PLNbn) (retail funds, PLNbn) PZU Group's own payment to 1.50 one of its equity funds 1.68 0.49 0.69 0.87 0.11 2.57 0.92 0.17 0.19 0.84 3.31 0.52 0.42
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 Q4 2014–Q4 2015 40 155 160 37 54 37 60 -14 -34 -70 -48 -29 -66 -48 -50 -105 -81 -120 -197 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 -231 equity, mixed and debt and non- money market alternative fina
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) 3.38 3.54 3.45 3.27 3.09 1.24 37% 1.31 1.40 1.23 38% 1.16 1.65 1.41 38% 1.69 50% 1.32 41% 1.28 41% 2.14 63% 2.22 2.05 2.04 62% 1.93 62%
Slide 8: Full Skarbiec TFI range – products for every macroeconomic scenario and market trend
Full Skarbiec TFI range − products for every macroeconomic scenario and market trend Poland Europe World Total Equity and mixed 771 426 299 1,497 3 6 2 2 3 11 Debt 683 34 404 1,120 2 4 1 1 6 market Money 305 305 1 Alternative 169 169 6 Total 1,928 460 703 3,091 Source: the Company, IZFiA. PLN x m Au
Slide 9: Product range
Product range money market alternative absolute return equity debt Existing funds: Skarbiec Kasa Skarbiec Dochodowych Multiasset FIZ Skarbiec Spółek Skarbiec Lokacyjny Skarbiec Depozytowy Nieruchomości 2 FIZ Wzrostowych Skarbiec Zdrowia FIZ Skarbiec Market Skarbiec TOP BRANDS Skarbiec Obligacja Oppo
Slide 10: 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) Q1 (Q4'15) 70% 12/14 Market Neutral 10.9% (+3
Slide 11: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 12: Summary of performance
summary of performance Skarbiec Group financial performance change Q1-Q4 Q1-Q4 change Q4 2015 Q3 2015 change q/q Q4 2014 (PLN '000) y/y 2015 2014 y/y total revenue, including: 19,193 20,751 -8% 22,145 -13% 92,681 91,056 +2% – fixed management fees 17,724 19,050 -7% 18,165 -2% 74,203 71,968 +3% – suc
Slide 13: Fixed management fee
fixed management fee fund management – fixed fee (PLNm) 19.4 19.1 18.2 18.0 17.7 1.0 1.0 • amount of fixed fee depends on AuM in fund classes; 1.1 1.0 0.9 -6.7% • stable fixed fee rates (%) for management of both fund types; 10.5 10.7 12.6 12.9 12.0 • significant impact of asset conversion between l
Slide 14: Success fee
success fee Nominal success fee - annual Nominal success fee -quarterly 30 12 24.6 9.6 low-margin – outside Poland 10 3.7 1,3 20 1.5 low-margin – Poland 8 0,4 4.5 high-margin – outside Poland 12.5 6 3.9 11.8 high-margin – Poland 2.3 1.8 10 0.1 other* 4 2.7 14.4 0.4 6.0 5.2 1.9 2 4.0 0.5 2.5 0.0 0.3
Slide 15: Group's operating expenses
Group's operating expenses Group's operating expenses cost of salaries (PLNm) (PLNm) 17.7 17.9 16.3 16.7 1.2 1.9 0.5 15.0 0.2 4.8 0.8 1.4 1.0 3.8 0.2 3.9 3.7 7.4 7.7 8.4 1.5 7.6 0.5 0.5 0.1 0.4 0.1 7.1 0.3 0.5 2.5 0.2 2.4 3.0 1.9 0.1 1.8 1.5 2.9 3.1 3.1 2.8 5.7 5.8 5.7 5.3 5.2 2.2 Q4'14 Q1'15 Q2'15
Slide 16: Executive summary: prospects for the coming quarters
Executive summary: prospects for the coming quarters: • expected inflows back to the funds market, including to high-margin funds; • macro prospects: continuing low interest rates and rising consumption in Poland, increased QE by ECB, soft/hard- landing in China (economy), USA (interest rates/econom
Slide 17: 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 18: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 19: 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 12’14 03’15 06’15 09’15 12’15 03’16 06’16 09’16 12’16 annual report and General Meeting (Q2) dividend distribution (Q2) (dividends contribute to separate profit of Skarbiec Holding
Slide 20: Retail fund performance 1/2
retail fund performance 1/2 rate of return in the period high-margin (at Dec 31 2015) class fund funds Q1 1Y 3Y Skarbiec Akcja -5.8% -8.2% -11.2% Skarbiec TOP Funduszy Akcji -2.2% -5.2% -3.8% Skarbiec Małych i Średnich Spółek 0.0% 4.1% 32.8% Skarbiec Spółek Wzrostowych 4.1% 1.6% 30.0% Skar
Slide 21: Retail fund performance 2/2
retail fund performance 2/2 rate of return in the period high-margin (at Dec 31 2015) class fund funds Q1 1Y 3Y Skarbiec Obligacja 0.1% 0.4% 9.1% Skarbiec Depozytowy 0.3% 0.7% 7.8% Skarbiec Obligacyjny FIZ 0.7% 4.5% 15.2% Skarbiec Portfela Dłużnego FIZ - - - Skarbiec Obligacyjny Nowej Europy FIZ 0.6
Slide 22: Adjustment of results
Adjustment of results (PLNm) 2013 2014 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Operating profit (reported) 35.4 23.1 25.3 11.4 5.6 4.1 4.1 Costs of incentive programme, including: 1.2 3.4 0.6 0.2 0.1 0.1 0.2 programme ended in 2014 1.2 3.1 - - - - - 2015−2018 programme - 0.2 0.6 0.2 0.1 0.1 0.2 IPO cos
Slide 23: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income 2013 2014 2015 PLN '000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 (audited) (unaudited) (unaudited) Revenue 101,349 91,056 92,681 29,221 23,516 20,751 19,193 Amortisation/depreciation (510) (573) (617) (154) (148) (156) (159) Distribution costs (32,445) (34,273)
Slide 24: Consolidated statement of financial position
Consolidated statement of financial position Dec 31 2013 Dec 31 2014 Mar 31 2015 Jun 30 2015 Sep 30 2015 Dec 31 2015 PLN '000 (audited) (audited) ASSETS 104,882 95,750 106,681 109,625 112,739 91,931 Non-current assets 55,817 58,233 58,404 59,226 59,291 58,860 Property, plant and equipment 1,351 1,85
Slide 25: Consolidated statement of cash flows
Consolidated statement of cash flows 2013 2014 2015 PLN '000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 (audited) (unaudited) (unaudited) Cash flows from operating activities Profit before tax 36,141 23,574 25,643 11,546 5,758 4,167 4,171 Adjustments: (4,639) (1,821) (4,626) (7,553) 5,289 223 (2,585) Costs of