Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q1 2016 Earnings Presentation
26 slides from Skarbiec's earnings presentation, May 20, 2016
Slide 1: Investor presentation – Q1 2016 results
Investor presentation – Q1 2016 results Warsaw, May 20th 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 14.6bn • largest distribution network on the Polish market (74 15 external distributors and 2 own distribution
Slide 3: Summary Q1 2016
Summary Q1 2016 Market environment and the Group's key achievements: • high volatility and staying on the risk-off course on global financial markets - outflow of assets from financial funds(equity and bond funds); • higher investment risk in Poland in the wake of recent political and economic chang
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 without their own distribution (retail funds, PLNbn) networks in Poland (retail funds, PLNbn) PZU Group's own payment to 1.50 one of its equity funds 1.68 0.49 0.92 3.31 0.87 0.11 2.45 0.13 0.19 0.84 0.17 0.93 0.98
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 Q1 2015–Q1 2016 194 80 155 160 40 37 60 20 -14 -34 -56 -15 -70 -48-29-60 -66 -48 -50 -81 -120 -197 -231 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 equity, mixed and debt and non- mo
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) 3.54 3.45 3.27 3.09 3.00 1.31 37% 1.40 1.41 1.23 1.16 38% 1.03 34% 1.65 47% 1.32 41% 1.28 1.27 42% 2.22 63% 2.05 2.04 1.93 62% 1.97 66%
Slide 8: Full Skarbiec TFI range − products for every macroeconomic scenario
Full Skarbiec TFI range − products for every macroeconomic scenario and market trend Poland Europe World Total Equity and mixed 746 343 299 1,388 6 2 11 Debt 646 33 356 1,035 4 1 1 6 Money market 328 328 1 Alternative 246 246 7 Total 1,966 376 655 2,997 Source: the Company, IZFiA. PLN x m AuM as at
Slide 9: New funds at Skarbiec – Skarbiec Obligacji Globalnych
New funds at Skarbiec – Skarbiec Obligacji Globalnych 9
Slide 10: New funds at Skarbiec JPMorgan Asset Management Funds Polska SFIO
New funds at Skarbiec JPMorgan Asset Management Funds Polska SFIO 10
Slide 11: Fund performance
fund performance % of AuM in open-end funds with rates of return above benchmark Skarbiec TFI – rates of return on funds for a given period for the last 12 months equity, mixed and alternative funds equity, mixed and alternative funds (3Y rate of return) 1Q (1Q'16) 3% 1/14 Market Neutral -2.1% (+11.
Slide 12: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 13: Summary of performance
summary of performance Skarbiec Group financial performance (PLN '000) Q1 2016 Q4 2015 change q/q Q1 2015 change y/y total revenue, including: 17,361 19,193 -10% 29,221 -41% – fixed management fees 15,436 17,724 -13% 18,020 -14% – success fees 78 282 -72% 9,625 -99% – other income* 1,847 1,187 +56%
Slide 14: Fixed management fee
fixed management fee fund management – fixed fee (PLNm) • new funds, in the process of asset building, introduced with 19.4 19.1 fixed fees significantly lower than the target level; in Q1 2016, 18.0 17.7 1.0 1.0 they included: 1.0 0.9 15.4 -14.1% 0.9 • four low-margin funds (average AuM - PLN 107m)
Slide 15: Success fee
success fee Nominal success fee - annual Nominal success fee -quarterly 20 12 9.6 low-margin – outside Poland 10 1.3 12.5 11.8 low-margin – Poland 8 0.4 2.3 1.8 high-margin – outside Poland 10 0.1 0.4 6 3.9 high-margin – Poland 6.0 5.2 other* 4 1.9 2 4.0 0.5 4.0 4.2 0,1 0.0 0.3 0.1 0.1 0.2 1.3 0.2 0
Slide 16: Group's operating expenses
Group's operating expenses Group's operating expenses cost of salaries (PLNm) (PLNm) 17.7 17.9 16.7 1.2 1.9 15.0 4.8 1.4 14.1 0.2 1.0 3.7 3.9 7.7 1.9 1.5 8,4 7.6 0.5 0.1 0,4 7.1 0.5 0.1 2.5 2.3 6.0 0.2 0.1 3.0 1.9 1.8 0.1 1.5 1.1 3.1 3.1 2.8 2.2 2.4 5.8 5.7 5.8 5.4 5.0 -0.2 1Q'15 2Q'15 3Q'15 4Q'15 1
Slide 17: 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, soft/hard-landing in China (economy), USA (interest rates/economy) and developments on
Slide 18: 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 19: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 20: 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 21: Retail fund performance 1/2
retail fund performance 1/2 rate of return in the period high-margin (as at Mar 31 2016) class fund funds 1Q 1Y 3Y Skarbiec Akcja 0.3% -14.4% -6.7% Skarbiec TOP Funduszy Akcji -0.8% -12.0% -1.4% Skarbiec Małych i Średnich Spółek 0.2% -3.3% 26.8% Skarbiec Spółek Wzrostowych -6.0% -10.9% 12.5%
Slide 22: Retail fund performance 2/2
retail fund performance 2/2 rate of return in the period high-margin (as at Mar 31 2016) class fund funds 1Q 1Y 3Y Skarbiec Obligacja 0.7% -0.1% 10.0% Skarbiec Depozytowy 0.7% 0.6% 8.3% Skarbiec Obligacyjny FIZ 1.0% 3.3% 14.5% no fixed fee Skarbiec Portfela Dłużnego FIZ 0.6% - - Skarbiec Obligacyjny
Slide 23: Adjustment of results
Adjustment of results (PLNm) 2013 2014 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 operating profit (reported) 35.4 23.1 25.3 5.6 4.1 4.1 3.3 costs of incentive programme, including: 1.2 3.4 0.6 0.1 0.1 0.2 -0.2 programme ended in 2014 1.2 3.1 - - - - - 2015−2018 programme - 0.2 0.6 0.1 0.1 0.2 -0.2 IPO co
Slide 24: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income PLN '000 2013 2014 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Revenue 101,349 91,056 92,681 23,516 20,751 19,193 17,361 Amortisation/depreciation (510) (573) (617) (148) (156) (159) (107) Distribution costs (32,445) (34,273) (36,397) (10,290) (9,052) (8,131)
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position PLN '000 2013-12-31 2014-12-31 2015-12-31 2016-03-31 ASSETS 104,882 95,750 91,931 93,826 Non-current assets 55,817 58,233 58,860 58,999 Property, plant and equipment 1,351 1,857 1,469 1,313 Intangible assets 51,969 51,983 52,029 52,004 Financial assets av
Slide 26: Consolidated statement of cash flows
Consolidated statement of cash flows PLN '000 2013 2014 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Cash flows from operating activities Profit before tax 36 141 23 574 25 643 5 758 4 167 4 171 3 637 Adjustments: (4 639) (1 821) (4 626) 5 289 223 (2 585) (47) Costs of incentive programme 1 190 3 360 627 13