Amundi Jahresergebnis 2018 Mittwoch, 13. Februar 2019 - 08:06
Highlights
Sharp improvement in annual results
Accounting net income1 of €855m, up 25.5% vs. 2017
Successful integration of Pioneer
An acquisition that strengthens Amundi's business model and its European leadership position
A transaction that creates significant value:
Total synergies raised to €175m, vs €150m originally announced
FY 2018
Annual results in line with stated targets, despite an unfavourable environment
· Increase in accounting net income1 (to €855m) of +25.5% vs. 2017 and in accounting EPS
of +19.8%
· Adjusted net income2 of €946m, up 9% vs 2017 excluding extraordinary financial revenues3
(vs. a target of +7%3)
· Net asset management revenues almost stable (-0.7% vs. 2017), despite market conditions
· A cost/income ratio2 of 51.5%, an improvement of 0.9 pt
Strong net inflows4 (+€42bn), driven mainly by MLT assets5 (+€36bn
In Q4 2018
Quarterly adjusted net income remains high (€225m)
· Compared with an exceptionally high Q4
· Excluding financial revenues6, adjusted net income was stable compared with Q4 2017
· A cost/income ratio2 of 52.5%, thanks to lower costs
Net outflows of -€6.5bn with a resilient Retail activity (+€0.5bn)
Integration of Pioneer
A successful transaction:
· Bolsters Amundi's business model in three dimensions: distribution, expertise and talent
· Executed in record time (18 months)
· Creates significant value:
- 2018 adjusted EPS2 up 36% vs. 2016 (> accretion target of 30% 7)
- Total cost synergies raised from €150m to €175m
- Faster-than-anticipated phasing of synergies
Dividend proposed at the General Meeting: €2.90 per share (+16% vs. 2017)
1 After integration costs and amortisation of distribution contracts
2 Before integration costs and amortisation of distribution contracts
3 Growth rate calculated based on 2017 adjusted and combined net income excluding the exceptionally high level of financial income
4 Inflows include assets under management, under advisory and assets sold, and take into account 100% of the Asian JVs' inflows and assets
under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis
5 MLT : Medium Long-term assets: excluding treasury products
6 Financial revenues in Q4 2017 included capital gains on disposals, and Mark to Market was negative in Q4 2018 due to the decline in the
markets
7 Accretion target announced on 12/12/2016, including the full-year effect of synergies and excluding integration costs and amortisation of
distribution contracts
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