PRESS RELEASE
Azimut Holding, FY 2015 results
Best results in over 25 years of Group history, in particular:




Consolidated net profit: € 247 million (€ 92 million in 2014)
Net Inflows: € 6.7 billion (€ 5.6 billion in 2014)
Total Assets: € 36.7 billion (€ 30 billion at end-2014)
Total dividend proposal: € 1.5 per share* (€ 0.78 in 2014), with € 0.5 per share paid in May 2016
Milan, 10 March 2016
Azimut Holding’s (AZM.IM) Board of Directors approved today the FY 2015 results ending December 31, 2015,
highlighting the following:



Consolidated revenues in 2015 of € 707.6 million (vs. € 552.3 million in 2014)
Consolidated profit before tax in 2015 of € 278.2 million (vs. € 184.8 million in 2014)
Consolidated net profit in 2015 € 247.4 million (€ 92.1 million in 2014)
Total Assets in 2015 reached € 36.7 billion including assets under custody and third parties’ funds (internally
managed assets stood at € 31.2 billion).
Net Financial Position as of December 31, 2015 is positive for € 336.3 million (includes extraordinary costs
largely due to the agreement with the tax authority), improving vs. € 312.4 million as of December 2014 and in
line with the € 339.6 million as of June 2015. In 2015 the company paid around € 103 million ordinary
dividends and on June 30 partly repaid the Senior Loan for an amount of € 10 million.
Recruitment of financial advisors and private bankers remained positive: during 2015 Azimut and its
networks recorded 153 new hires, bringing the total number of FAs to 1576.
The Board shall propose to the AGM, which will be called on 28 April 2016, the distribution of a total ordinary
dividend of ca. € 200 million (an 80% payout) equivalent to €1.50ps gross of tax (higher than the €0.78ps in
2014), of which €0.50 with payment date scheduled on May 25th 2016 (ex-dividend date as of May 23rd 2016
and record date May 24th 2016), and the remaining €1.0ps will be paid within 30 days of the removal of the
Azimut Group from the Securities Investment Firms (SIM) register, subordinated to the cancellation by Bank of
Italy of the Azimut Group from the SIM register (see PR dated 19/03/2015).
Also in order to satisfy the expectations of shareholders for what regards dividend distribution and in general
on the capital deployment, the BoD has resolved to hear the AGM’s views on the opportunity of a possible
transfer of the legal headquarters in another EU country, in particular UK, France, Belgium, Netherlands,
Luxembourg, Austria, Germany, Malta. Or even outside of the EU and in particular in Switzerland.
It is to be expected that, should the AGM reach a positive decision on this matter, a proposal to introduce an
upper limit to the number of shares for which the withdrawal right may be exerted will be put forward. This
measure will aim at ensuring that the regulatory capital of the Company and the Group is preserved also
according to the regulatory requirements.
Lastly, the BoD has also resolved to propose to the AGM the change in some of the company bylaws relating
to remuneration policies.
Net profit of the parent company Azimut Holding SpA in 2015 is of € 156.8 million vs. € 136.5 million reported
in 2014.
Pietro Giuliani, Azimut’s Chairman and CEO, commented: “We are very proud to present these results, the best
in Azimut history surpassing all previous records. These achievements allowed us to propose a 200 million euro
dividend to our shareholders, equivalent to a yield of ca. 8%. The success is mostly thanks to our independence
and our business model, integrating production and distribution, and enabling us to react effectively towards
our clients, providing investment solutions and returns, as well as attracting over 150 new financial partners
notwithstanding a complex and volatile market environment. In 2015 we have also strengthened our
international presence and set the first stones for important projects aimed at supporting Italian SMEs, such as
the Private Debt fund Antares AZ 1 and the close-end fund IPO club, which enhance the initiatives of the Libera
Impresa project”.
* Subject to AGM approval and to the removal of the Azimut Group from the Securities Investment Firms (SIM) register by Bank of Italy
The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Matteo Capelli (Finance Director), declares according to
art.154bis co.2 D.lgs. 58/98, that the financial information herein included, corresponds to the records in the company’s books.
Azimut is Italy’s leading independent asset manager (active since 1989). The Parent Company Azimut Holding was listed on the Italian stock exchange
on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB and of the Eurostoxx 600. The shareholder structure
includes over 1,400 managers, employees and financial advisors, bound by a shareholders’ agreement that controls ca. 14% of the company. The
remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products,
with Registered Offices in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Singapore, Mexico,
Australia, Chile, USA and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian hedge funds, as well as being
active in the discretionary management of individual investment portfolios. Azimut Consulenza SIM, through its divisions, distributes Group and third
party products in Italy via a network of financial advisors while Azimut Global Counseling provides consulting services. Overseas main operations are AZ
Fund (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish AZ Life Ltd, which offers life
insurance products.
AZIMUT HOLDING SpA – www.azimut.it
INVESTOR RELATIONS
Vittorio Pracca tel +39.02.8898.5853 +39.342.0368994
Gabriele Blei
tel +39.02.8898.5849 +39.340.532.9911
MEDIA RELATIONS
Viviana Merotto tel +39.02.8898.5026 +39.338.7496248
The attached statements are those foreseen by current regulations: income statement, balance sheet and cash flow statement. With reference to these
figures, we remind that the auditors have not yet completed their activity, whereas no audit has to be carried out on reclassified income statement (Art.
IA.2.9.3 co.5 from Instruction of the Market rules by the Italian Stock Exchange).
CONSOLIDATED RECLASSIFIED INCOME STATEMENT
2015
2014
10,151
9,213
Recurring fees
484,567
393,611
Variable commissions
158,466
108,231
Other income
10,267
8,134
Insurance revenues
44,118
33,065
(Data in €/000)
Acquisition fees and commissions
Total revenues
Commission expense
707,569
552,254
(290,762)
(256,326)
Commissions on No load products
General overheads/Administrative expenses
Depreciation, amortisation/provisions
Total costs
Operating income
Profits from financial operations
Net Non operating costs
(4,718)
(125,831)
(87,309)
(11,110)
(10,813)
(427,703)
(359,166)
279,866
193,088
14,392
10,082
(5,065)
(6,273)
Interest expense
(11,015)
(12,051)
Profit Before Taxation
278,178
184,846
Income taxation
(23,555)
(93,761)
Deferred taxation
Net Profit
Minorities
Consolidated Net Profit
(4,636)
2,156
249,987
2,566
247,421
93,241
1,145
92,096
CONSOLIDATED NET FINANCIAL POSITION
Data in €/000
Senior loan
Lease-back
31/12/2015
30/06/2015
31/12/2014
(30,096)
(30,133)
(40,172)
0
(100)
(100)
Securities issued
(221,826)
(219,221)
(216,685)
Total debt
(251,922)
(249,454)
(256,957)
Cash and cash equivalents
588,215
589,081
569,343
Net Financial Position
336,293
339,627
312,386
CONSOLIDATED INCOME STATEMENT
(Data in €/000)
Profit/losses from the sale of:
a) financial assets available for sale
b) financial liabilities
Net result of financial assets and liabilities at fair value
Commission income
Commission expenses
Interest income and equivalents
Interest expenses and equivalents
Dividends and equivalents
Insurance net premium income
Net income (loss) from financial assets at fair value entered on the
2015
2014
14,155
3,989
14,155
4,547
0
(558)
9,687
(199)
673,086
525,936
(271,970)
(227,821)
1,781
6,605
(11,237)
(12,561)
3
1
5,070
3,321
129,147
99,924
19,283
10,853
(116,363)
(86,449)
452,642
323,599
0
(2,941)
profit and loss account
Change in technical provisions when the investment risk is borne
by the insured parties
Surrenders and claims
Net income on financial instruments
Net value adjustment for deterioration of:
0
(2,941)
Administrative expenses
a) financial assets
(157,836)
(114,996)
a) personnel expenses
(62,094)
(48,008)
b) other expenses
(95,742)
(66,988)
Value net adjustments on tangible assets
(1,562)
(1,166)
Value net adjustments on intangible assets
(8,750)
(4,997)
Provisions for risks and charges
(2,479)
(5,651)
Other administrative income and expenses
(3,351)
(7,825)
278,664
(485)
186,023
(1,177)
Profit (Loss) before tax
Income tax
278,179
(28,192)
184,846
(91,605)
Profit (Loss) after tax
249,987
93,241
Net profit (Loss)
Minorities
249,987
2,566
93,241
1,145
Consolidated net profit (loss)
247,421
92,096
Gross operating profit
Profit (loss) on equity investments
CONSOLIDATED BALANCE SHEET
ASSETS
(data in €/000)
31/12/2015
31/12/2014
27
33
5,658,322
3,991,910
Financial assets available for sale
365,910
262,570
Credits
Cash and cash equivalents
Financial assets at fair value
253,061
341,453
Equity investments
7,744
7,538
Tangible assets
6,199
3,696
Intangible assets
449,532
394,940
Tax assets
120,655
80,811
a) current
92,830
54,947
b) prepaid
27,825
25,864
Non current assets and group of activities for sale
-
734
Other assets
71,443
55,819
Total Assets
6,932,893
5,139,504
31/12/2015
31/12/2014
96,688
99,010
221,826
216,685
280,859
300,142
5,439,863
3,743,064
350
350
Tax liabilities
60,224
52,939
a) current
1,790
653
b) deferred
58,434
52,286
Other liabilities
75,861
54,787
Employee severance indemnities
3,311
3,030
Provision for risks and charges
26,694
25,580
26,694
25,580
32,324
32,324
Treasury shares (-)
(80,727)
(81,555)
Capital instruments
71,459
71,715
Share premium reserve
173,987
173,987
Reserves
280,181
349,059
LIABILITIES
(Data in €/000)
Debts
Bonds issued
Technical provisions when the investment risk is borne
by the insured parties
Financial liabilities at fair value
Other technical provisions
b) other
Capital
Valuation provisions
Profit (Loss) for the period
(7,776)
(481)
247,421
92,096
Equity attributable to minority interests
10,348
6,772
Total liabilities and shareholders equity
6,932,893
5,139,504
AZIMUT HOLDING SPA – Income statement
(Data in €/000)
Profit/losses from the sale of:
a) financial assets
b) financial liabilities
Commission income
Interest income and equivalents
2015
2014
11,734
3,940
11,813
4,692
(79)
(752)
2,000
2,000
544
3,619
Interest expenses and equivalents
(11,018)
(12,008)
Dividend income and equivalent
169,981
155,755
Margin from financial activities
173,241
153,306
0
(2,941)
Amortisations and write-downs for deterioration of:
a) financial assets
0
(2,941)
(16,736)
(14,110)
a) personnel
(6,928)
(6,465)
b) other
(9,807)
(7,645)
Amortisation and write-downs of tangible assets
(277)
(220)
Amortisation and write-downs of intangible assets
(579)
(228)
Administrative expenses
Value net adjustments on provisions for risks and charges
30
262
970
1,139
Operating profit
156,650
137,209
Profit (loss) before tax
156,650
137,209
103
(700)
Net profit (loss)
156,754
136,509
Net profit (loss)
156,754
136,509
31/12/2015
31/12/2014
Other administrative income and expenses
Income tax
AZIMUT HOLDING SPA – Balance Sheet
ASSETS
(Data in €/000)
Cash and cash equivalents
Financial assets available for sale
Credits
Equity investments
Tangible assets
Intangible assets
Tax assets
a) current
b) prepaid
3
11
168,672
218,272
36,680
101,622
495,504
419,526
918
652
186,304
186,023
22,855
7,783
24,937
8,947
15,072
15,991
Other assets
80,674
22,335
Total assets
991,610
973,379
31/12/2015
31/12/2014
LIABILITIES
Debts
(Data in €/000)
30,096
40,273
Bonds issued
221,827
216,680
Tax liabilities
52,163
48,476
a) current
360
-
b) deferred
51,802
48,476
Other liabilities
16,053
29,664
Employees’ severance
909
750
Provisions for risks and charges
-
30
-
30
b) other funds
Capital
Treasury shares (-)
Capital instruments
32,324
32,324
(80,727)
(81,555)
71,452
71,703
Share premium reserve
173,987
173,987
Reserves
319,086
302,309
Reserve from measurement of financial instruments
Net Profit (loss)
Total liabilities and net shareholders’ equity
(2,313)
156,754
991,610
2,229
136,509
973,379
Consolidated Cash Flow statement
(Data in €/000)
A. OPERATING ACTIVITIES
1. Operating activities
- net income for the period (+/-)
- gains/losses on financial assets held for trading and on financial assets/liabilities valued at
fair value (-/+)
- value net adjustments for deterioration (+/-)
- value net adjustments on tangible and intangible assets (+/-)
- value net adjustments on provisions for risks and charges and other income/expenses (+/-)
- taxes (+)
- other adjustments (+/-)
2. Cash flow from financial assets
- financial assets at fair value
- financial assets held for sale
- receivables from banks
- receivables from other financial institutions
- receivables from clients
- other assets
3. Cash flow from financial liabilities
- due to banks
- due to other financial institutions
- due to clients
- securities issued
- financial liabilities at fair value
- technical reserves
- other liabilities
Total net operating cash flow generated/absorbed
B. INVESTMENT ACTIVITIES
1. Cash flow generated by
- sale of financial assets held to maturity
2. Cash flow absorbed by
- acquisition of equity investments
- acquisition of tangible assets
- acquisition of intangible assets
- acquisition of controlled entities
Total net cash flow generated/absorbed from investment activities
C. FINANCING ACTIVITIES
- issue/sale of treasury shares
- other reserves
- capital and third party reserves
- issue/sale of capital instruments
- dividends paid and others
Total net cash flow generated/absorbed from financing activities
Total net cash flow generated/absorbed during the period
RECONCILIATION
Opening cash and cash equivalents
Cash flow generated/absorbed during the period
Closing cash and cash equivalents
2015
145,550
249,987
2014
23,059
93,241
(138,835)
0
10,312
2,479
20,690
917
(1,576,667)
(1,527,577)
(18)
1,927
1,104
(825)
(51,278)
1,669,812
(8,369)
432
183
5,143
1,696,799
(19,283)
(5,093)
238,695
(101,669)
2,941
6,163
5,651
15,480
1,252
(1,300,555)
(1,306,846)
0
33
(3,528)
(407)
10,193
1,382,119
(13,545)
(3,059)
(521)
(12,041)
1,437,636
(10,852)
(15,499)
104,623
0
0
(56,411)
(691)
(4,065)
(12,544)
(39,111)
(56,411)
75
75
(41,724)
(9,618)
(1,902)
(13,738)
(16,466)
(41,649)
1,537
(49,523)
3,576
(256)
(118,746)
(163,412)
18,872
669
(24,585)
2,390
-806
(116,848)
(139,180)
(76,206)
2015
569,343
18,872
588,215
2014
645,549
(76,206)
569,343