Amundi: First Half & Second quarter 2023 results
Amundi: First Half & Second
quarter 2023 results
Amundi posts a
net income up +19% in the
second quarter1
High level of
earnings |
|
Q2 2023: Adjusted net
income2,3
of €320m, +19% Q2/Q2, thanks to top line growth
and very good cost control
- Good level of
performance fees in uncertain markets
- Cost/income ratio of
52.3%3, Lyxor synergies achieved ahead of schedule (80% of
target)
H1 2023: Adjusted net
income2,3
€620m, +4.5% H1/H1 |
|
|
|
Positive inflows |
|
In a risk-averse environment, the asset management
market in Europe1 recorded weak inflows in Q2, especially in
medium/long-term assets, with outflows in active management
Positive inflows for
Amundi: +€3.7bn, thanks to an
adapted offering
-
Positive inflows in both MLT assets4 and Treasury products, both in
Retail and Institutional segments
- Success of
context-appropriate solutions: Treasury products,
structured products, bonds (Buy & Watch)
- Record quarter in
Employee Savings, strong inflows in
India, beginning of stabilisation in
China
AuM of €1,961bn at 30 June 2023 (+1.9%
year-on-year, +1.4% over three months) |
|
|
|
Continued development |
|
Amundi Technology: 3 new clients in Q2, 7 in H1,
of which 6 abroad, revenue +31% Q2/Q2 Continued development
of the SBI MF JV in India: strong inflows (+€3.6bn) and
net income growth Responsible Investment:
extension of the range of funds aligned with a Net Zero trajectory
and of the share of the ESG products in the ETF range (30%5 at 30
June 2023) |
Paris, 28 July 2023
Amundi's Board of Directors, chaired by Philippe
Brassac, met on 27 July 2023 and approved the financial statements
for the first half and the second quarter of 2023.
Valérie Baudson, Chief Executive
Officer, said:
"Amundi posted a very strong financial
performance in the second quarter, despite persistently uncertain
markets. Its net income increased by +19% compared to the second
quarter of 2022, to €320 million thanks to top line growth and very
good cost control in an inflationary environment.
We were able to adapt our offer to meet the
needs of investors, who are still predominantly risk-averse. This
resulted in robust sales momentum, with positive inflows in both
medium- and long-term assets and treasury products.
At the same time, we continued our development,
gaining new clients for Amundi Technology and expanding our
Responsible Investment offering".
* * *
Persistent risk
aversion
Bond markets6 have stabilised for the last three
quarters, but were down -6.4% on average in the second quarter of
2023 compared to the same quarter last year. The equity markets7
have recovered since the fourth quarter of 2022, gaining +4.2% on
average year-on-year. However, this recovery is filled with
uncertainty and has not reduced the risk aversion prevailing for
the last several quarters.
Investors maintained a cautious approach,
resulting in weak inflows on the asset management market in Europe,
with inflows in open-ended funds8 being only slightly positive,
+€23bn in the second quarter, driven by treasury products (+€8bn)
and passive management (+€39bn), while medium- and long-term active
management saw outflows over the quarter and half-year.
Results
A high level of income in the second
quarter
Adjusted
data9
In the second quarter of 2023, adjusted
net income9 reached
€320m, up +19.0% versus Q2 2022, and +6.7% compared to Q1
2023.
This high level of profitability stems from an
increase in revenues, despite the context of risk aversion, and a
further improvement in operating efficiency, resulting in a more
moderate increase in expenses than in revenues, despite an
inflationary environment.
Adjusted net
revenues9 rose
to €823m, up +9.2% compared to Q2 2022, and +3.7% compared
to Q1 2023.
- Net
management fees increased year-on-year : €744m, up
+1.6% year-on-year, compared to a decline in average assets under
management excluding JVs of -1.6% over the same period, reflecting
an improvement in the margin on assets under management thanks to
the favourable client mix effect; it thus increased from 17.8 basis
points (excluding performance fees) over full year 2022 to 17.9
basis points in the first half of 2023;
- At €16m,
Amundi Technology's revenues continued to grow
strongly (+31% compared to Q2 2022), following the trend of
previous quarters and confirming the development of this
activity;
- Performance
fees (€51m) more than doubled compared to Q2 2022 (€24m),
which was impacted by a particularly unfavourable market
environment (fall in equities and increase in rates); they also
increased compared to Q1 2023 (€28m) due to the higher level of
crystallisation10 in the second quarter;
- Finally,
financial and other income was positive (€13m),
thanks to the restoration of positive rates of return on the
investment of net cash; financial and other income was negative in
Q2 2022 (-€15m), the last quarter before short rates returned to
positive territory in the eurozone, and in an unfavourable market
environment for the investment portfolio.
Very strong control of operating
expenses9 (€430 million) resulted in an
increase of just +2.1% in costs compared to the
second quarter of 2022, much lower than the increase in revenues.
The same can be said compared to the first quarter of 2023, with an
increase in expenses of +1.2% (vs. +3.7% for revenues).
As in previous quarters, inflation (at 5.5%
year-on-year in the eurozone11 for example) and development
investments were largely absorbed by productivity gains and the
continued synergies generated by Lyxor's integration.
In the second quarter, on an annual basis, more
than 80% of the final target of €60m in synergies were achieved,
ahead of schedule announced at the time of the acquisition.
In addition to synergies, cost control continued
to reflect Amundi's agility in adjusting its cost base, reflected
in an adjusted cost/income ratio
among the best for the sector:
52.3%9.
Adjusted gross operating
income9 (GOI)
reached €393m, up
+18.3% compared to Q2 2022 and +6.6% compared to
Q1 2023.
Income from equity-accounted
companies, which reflects Amundi's share of the net income
of the minority JVs in India (SBI MF), China (ABC-CA), South Korea
(NH-Amundi) and Morocco (Wafa Gestion), was up
+29.5% compared with the second quarter of 2022,
to €27m, reflecting robust activity in India and
Korea, but also a few non-recurring items, particularly at SBI MF,
in particular the positive revaluation of portfolios.
Accounting data for the second quarter
of 2023
Accounting net income Group share amounted to
€305m and post the amortisation of intangible
assets (client contracts related to the acquisition of Lyxor and
distribution agreements related to previous transactions), for
-€15m after tax in the second quarter of 2023. Lyxor integration
costs were fully recognised in 2022, therefore with no effect on
the financial statements in 2023.
Net earnings per share in the second
quarter 2023 reached €1.50.
In the first half of 2023,
adjusted net income12
amounted to €620m, up +4.5%, reflecting the same
trends as in the second quarter:
-
adjusted net
revenues12 increased +1.8% versus the
first half of 2022 to €1,617m, driven like in the second quarter by
financial and other income (€29m vs. -€27m in H1 2022) and Amundi
Technology revenues (+33.0% to €29m), while net management fees and
performance fees were down (-1.2% and -17.0% respectively);
however, the decrease in management fees was less significant than
that of average AuM excluding JVs: -1.2% vs. -3.7%, reflecting the
improvement in margins already mentioned in the comments on the
second quarter;
- adjusted
expenses12 were well under control, at
€856m, i.e. +1.3% compared to the first half of 2022, increasing
less than revenues despite the inflationary environment; the
adjusted cost/income ratio12 was
52.9%.
Adjusted gross operating
income12 totalled €762m,
up +2.3% compared to the first half of 2022.
Accounting data for H1 2023
Accounting net income Group share amounted to
€591m post the amortisation of intangible assets
(client contracts related to the acquisition of Lyxor and
distribution agreements related to previous transactions), for
-€29m after tax in the first half of 2023. No integration costs
related to Lyxor were recognised in the first half of 2023.
Net earnings per share in the first half
of 2023 amounted to €2.90.
Activity
Positive inflows, both in
MLT13 and Treasury assets, in a
risk-off environment
Amundi's assets under management at 30
June 2023 rose +1.9% year-on-year (compared to end-June
2022) and +1.4% quarter-on-quarter (compared to end-March 2023) to
€1,961bn.
In the second quarter, the European asset
management market was impacted by the risk-off environment, posting
very modest total inflows, and also by outflows from active
management. Against this backdrop, Amundi generated positive
inflows, both in MLT assets13 and treasury products, in the Retail
and Institutional segments.
In total, inflows amounted to
+€3.7bn, of which:
- +€2.2bn in
MLT
assets13,14,
despite -€2.4bn in redemptions on mandates with CA & SG
Insurers, associated with outflows incurred by insurers on their
“euro contracts” (traditional life policies) in France; inflows
this quarter were driven by ETFs (+€2.5bn), active bond management
(+€3.2bn), structured products (+€2.0bn) and real assets (+€0.6bn),
which more than offset redemptions in multi-assets (-€4.3bn) and
index products excluding ETFs (-€2.2bn);
- +€2.4bn in
treasury products14, despite the fact
that each year the second quarter records redemptions from
corporate clients related to the payment of their dividends;
reflecting the risk aversion and prudence applied to portfolios,
most segments saw positive inflows for these products, for which
Amundi boasts a recognised, differentiating and profitable
expertise;
- Finally,
the JVs15 posted outflows
of -€0.9bn, due
entirely, like in the first quarter, to redemptions by large
institutions at ABC-CA (China, outflows of -€5.5bn), while the
Indian JV SBI MF posted again a very robust level of activity
(+€3.6bn) on a very wide range of expertise (in active and passive
management) as well as clients (particularly retail outside the SBI
network), and the other JVs also recorded positive net
inflows.
By client segment,
Retail posted positive inflows of
+€2.1bn, reflecting the particularly high level of
risk aversion for this client base, resulting in:
- a high
level of inflows in treasury products, at +€1.9bn,
especially from third-party distributors; MLT13 inflows were
positive but close to breakeven, at +€0.2bn:
- persistently strong
activity in structured products (+€2.2bn),
offering capital protection and returns, and Buy &
Watch bond funds (+€2.7bn) internationally;
- strong competition
from direct investment in Italian government bonds (e.g. +€18bn
raised in June by BTP Valore), leading to outflows on the asset
management market in Italy since the beginning of the year, and
explaining the net outflows in MLT assets in international networks
(excluding Amundi BOC WM), at -€0.9bn;
- in
China, Amundi BOC WM was flat this
quarter (+€0.0bn to be precise), with fixed-term funds reaching
maturity offset by the ramp-up of the product offering,
particularly the new open-ended fund offering.
The Institutional segment also
posted positive inflows, at +€2.4bn, including MLT Assets13
(+€1.9bn), driven by a record quarter in Employee Savings (+€3.4bn
vs. +€2.9bn in MLT Assets in Q2 2022). The very strong performance
in this business line can be attributed to a combination of the
acquisition of new corporate clients, higher corporate profits and
an interest in developing value-sharing mechanisms with employees
(e.g. employee savings plans).
Continuation of development
initiatives
Amundi is forging ahead with the Ambitions 2025
development plan:
- Amundi
Technology saw its revenues increase by more than 30% in
the quarter and the half-year compared to the same periods last
year, gaining 3 new clients over the quarter (in Europe outside
France) and 7 over the half-year (including 6 outside France);
- In
India, the SBI MF JV maintained very strong development,
with a high level of inflows and net income over the quarter;
- In
Responsible Investment, the range of funds in line with
the Net Zero16 trajectory now covers five asset classes, with the
objective of achieving a comprehensive range by 2025, and the share
of ESG ETFs reached 30% of the range17, compared to 27% at the end
of 2022 and on track to achieve the 40% target by 2025.
A solid financial structure
Tangible shareholders' equity18 amounted to
€3.7bn at 30 June 2023, down slightly compared to end-2022 given
the payment of dividends (-€0.8bn) for 2022, partially offset by
net income for the first half of the year.
The CET1 ratio stood at 20.2% at the end of June
2023, well above regulatory requirements, compared with 19.1% at
the end of 2022.
Note: FitchRatings gave Amundi an A+ rating with
a stable outlook, the best in the sector.
Success of the capital increase reserved
for employees
The "We Share Amundi" capital increase reserved
for employees (announced last June) was successfully completed on
27 July 2023: more than one in three employees worldwide, and more
than one in two in France, took part in the operation, which for
the sixth consecutive year offered a share subscription at a
discount.
More than 2,000 employees, present in 15
countries, subscribed for this capital increase, for a total of
more than €30m.
This operation, falling within the scope of the
existing legal authorisations approved by the General Meeting of 12
May 2023, reflects Amundi's desire to involve its employees not
only in the development of the company but also in the creation of
economic value. It also strengthens employees’ pride in working for
the Group.
The impact of the capital increase on Net
Earnings per Share is very limited: the number of shares
created was 787,503 (i.e. 0.4% of the share capital before the
increase). The number of shares comprising Amundi's share
capital increased to 204,647,634 at 28 July 2023.
Employees now hold around 1.5% of Amundi's share
capital, compared with 1.1% before the increase.
***
Financial Communication
Calendar
- Publication of Q3
and 9M 2023 results: 27 October 2023
- Publication of Q4
and 2023 results: 7 February 2024
- Publication of Q1
2024 results: 26 April 2024
- Annual General
Meeting: 24 May 2024
- Publication of H1
2024 results: 26 July 2024
- Publication of 9M
2024 results: 30 October 2024
***
APPENDICES
Income statement for the first half of
the year
(€M) |
|
H1 2023 |
H1 2022 |
% chgH1/H1 |
|
|
|
|
|
Net revenues - Adjusted |
|
1,617 |
1,589 |
+1.8% |
Management fees |
|
1,481 |
1,499 |
-1.2% |
Performance fees |
|
79 |
95 |
-17.0% |
Technology |
|
29 |
22 |
+33.0% |
Financial income & other income |
|
29 |
(27) |
NM |
Operating expenses - Adjusted |
|
(856) |
(844) |
+1.3% |
Cost/income ratio - Adjusted (%) |
|
52.9% |
53.1% |
-0.2pp |
|
|
|
|
|
Gross operating income - Adjusted |
|
762 |
744 |
+2.3% |
Cost of risk & other |
|
(3) |
(4) |
-26.2% |
Equity accounted companies |
|
49 |
41 |
+20.6% |
Pre-tax income - Adjusted |
|
808 |
781 |
+3.4% |
Corporate tax |
|
(190) |
(187) |
+1.6% |
Non-controlling interests |
|
2 |
(1) |
NM |
Net income Group share - Adjusted |
|
620 |
593 |
+4.5% |
Amortization of intangible assets after tax |
|
(29) |
(29) |
+0.1% |
Integration costs net of tax |
|
0 |
(37) |
NM |
Net income Group share |
|
591 |
527 |
+12.2% |
Earnings per share - Adjusted (€) |
|
3.04 |
2.92 |
+4.1% |
Second quarter income
statement
(€M) |
|
Q2 2023 |
Q2 2022 |
% chgQ2/Q2 |
|
Q1 2023 |
% chg Q2/Q1 |
|
|
|
|
|
|
|
|
Net revenues - Adjusted |
|
823 |
754 |
+9.2% |
|
794 |
+3.7% |
Management fees |
|
744 |
733 |
+1.6% |
|
736 |
+1.1% |
Performance fees |
|
51 |
24 |
NM |
|
28 |
+78.1% |
Technology |
|
16 |
12 |
+31.4% |
|
13 |
+21.2% |
Financial income & other income |
|
13 |
(15) |
NM |
|
16 |
-21.5% |
Operating expenses - Adjusted |
|
(430) |
(422) |
+2.1% |
|
(425) |
+1.2% |
Cost/income ratio - Adjusted (%) |
|
52.3% |
55.9% |
-3.7pp |
|
53.6% |
-1.3pp |
|
|
|
|
|
|
|
|
Gross operating income - Adjusted |
|
393 |
332 |
+18.3% |
|
369 |
+6.6% |
Cost of risk & other |
|
(2) |
(0) |
NM |
|
(1) |
NM |
Equity accounted companies |
|
27 |
21 |
+29.5% |
|
22 |
+24.0% |
Pre-tax income - Adjusted |
|
418 |
353 |
+18.4% |
|
390 |
+7.2% |
Corporate tax |
|
(99) |
(84) |
+17.7% |
|
(91) |
+8.7% |
Non-controlling interests |
|
1 |
0 |
NM |
|
1 |
+31.4% |
Net income Group share - Adjusted |
|
320 |
269 |
+19.0% |
|
300 |
+6.7% |
Amortization of intangible assets after tax |
|
(15) |
(15) |
-0.0% |
|
(15) |
-0.2% |
Integration costs net of tax |
|
0 |
(30) |
NM |
|
0 |
NM |
Net income Group share |
|
305 |
224 |
+36.1% |
|
285 |
+7.1% |
Earnings per share - Adjusted (€) |
|
1.57 |
1.33 |
18.5% |
|
1.47 |
+6.7% |
Change in assets under management from
end-2019 to end-June 202319
(€bn) |
Assets under management |
Net inflows |
Market and forex effect |
Scope effect |
|
Change in AuM vs. previous quarter |
At 31/12/2019 |
1,653 |
|
|
|
|
+5.8% |
Q1 2020 |
|
-3.2 |
-122.7 |
|
/ |
|
At 31/03/2020 |
1,527 |
|
|
|
/ |
-7.6% |
Q2 2020 |
|
-0.8 |
+64.9 |
|
/ |
|
At 30/06/2020 |
1,592 |
|
|
|
/ |
+4.2% |
Q3 2020 |
|
+34.7 |
+15.2 |
|
+20.720 |
|
At 30/09/2020 |
1,662 |
|
|
|
/ |
+4.4% |
Q4 2020 |
|
+14.4 |
+52.1 |
|
/ |
|
At 31/12/2020 |
1,729 |
|
|
|
/ |
+4.0% |
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
At 31/03/2021 |
1,755 |
|
|
|
/ |
+1.5% |
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
At 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
At 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14821 |
|
At 31/12/2021 |
2,064 |
|
|
|
/ |
+14% |
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
|
At 31/03/2022 |
2,021 |
|
|
|
/ |
-2.1% |
Q2 2022 |
|
+1.8 |
-97.75 |
|
/ |
|
At 30/06/2022 |
1,925 |
|
|
|
/ |
-4.8% |
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
At 30/09/2022 |
1,895 |
|
|
|
/ |
-1.6% |
Q4 2022 |
|
+15.0 |
-6.2 |
|
/ |
|
At 31/12/2022 |
1,904 |
|
|
|
/ |
+0.5% |
Q1 2023 |
|
-11.1 |
+40.9 |
|
/ |
|
At 31/03/2023 |
1,934 |
|
|
|
/ |
+1.6% |
Q2 2023 |
|
+3.7 |
+23.8 |
|
/ |
|
At 30/062023 |
1,961 |
|
|
|
/ |
+1.4% |
Total, one year, between 30 June 2022 and
30 June 2023: +1.9%
- Net
inflows -€5.4bn
- Market & foreign exchange
effects +€42.2bn
Breakdown of AuM and net inflows by
client segment22
(€bn) |
|
|
AuM 30/06/2023 |
AuM 30/06/2022 |
% chgvs. 30/06/2022 |
Q2 2023inflows |
Q2 2022inflows |
H1 2023 inflows |
H1 2022 inflows |
French Networks |
|
127 |
115 |
+10.1% |
+1.1 |
-1.3 |
+3.8 |
-2.6 |
International networks |
158 |
160 |
-0.9% |
-0.6 |
-1.9 |
-2.2 |
+1.6 |
O/w Amundi BOC WM |
4 |
12 |
-66.0% |
+0.0 |
-2.1 |
-2.8 |
+0.3 |
Third-party distributors |
|
305 |
298 |
+2.3% |
+1.6 |
+1.0 |
+2.0 |
+12.9 |
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
590 |
573 |
+3.0% |
+2.1 |
-2.3 |
+3.6 |
+11.9 |
Institutionals & Sovereigns (*) |
473 |
448 |
+5.5% |
-4.5 |
-7.8 |
-3.5 |
-10.7 |
Corporates |
|
|
101 |
86 |
+18.0% |
+4.3 |
-5.5 |
-3.6 |
-18.9 |
Employee savings plans |
83 |
74 |
+12.1% |
+4.1 |
+3.4 |
+3.6 |
+2.0 |
CA & SG insurers |
416 |
435 |
-4.4% |
-1.5 |
+0.9 |
-5.7 |
-0.8 |
|
|
|
|
|
|
|
|
|
|
Institutionals |
|
|
1,073 |
1,042 |
+3.0% |
+2.4 |
-9.1 |
-9.3 |
-28.5 |
JVs |
|
|
298 |
308 |
-3.5% |
-0.9 |
+13.1 |
-1.7 |
+21.5 |
Total |
|
|
1,961 |
1,925 |
+1.9% |
+3.7 |
+1.8 |
-7.4 |
+5.0 |
(*) including funds of funds
Breakdown of assets under management and
net inflows by asset class22
(€bn) |
|
|
AuM 30/06/2023 |
AuM 30/06/2022 |
% chgvs. 30/06/2022 |
Q2 2023inflows |
Q2 2022inflows |
H1 2023 inflows |
H1 2022 inflows |
Equities |
|
|
439 |
398 |
+10.4% |
-2.1 |
+3.2 |
-5.0 |
+11.5 |
Multi-assets |
|
|
284 |
300 |
-5.3% |
-3.9 |
-6.1 |
-11.1 |
+4.8 |
Bonds |
|
|
621 |
619 |
+0.4% |
+5.7 |
-5.8 |
+2.4 |
-5.3 |
Real, alternative and structured |
127 |
125 |
+1.3% |
+2.5 |
-1.3 |
+3.5 |
+0.1 |
|
|
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,471 |
1,444 |
+1.9% |
+2.2 |
-10.0 |
-10.2 |
+11.0 |
Treasury Products excl. JVs |
192 |
173 |
+11.4% |
+2.4 |
-1.3 |
+4.5 |
-27.6 |
|
|
|
|
|
|
|
|
|
|
Assets excl. JVs |
|
1,664 |
1,616 |
+2.9% |
+4.6 |
-11.3 |
-5.7 |
-16.6 |
JVs |
|
|
298 |
308 |
-3.5% |
-0.9 |
+13.1 |
-1.7 |
+21.5 |
TOTAL |
|
|
1,961 |
1,925 |
+1.9% |
+3.7 |
+1.8 |
-7.4 |
+5.0 |
O/w MLT assets |
|
1.738 |
1,716 |
+1.3% |
-0.7 |
+1.3 |
-12.0 |
+31.6 |
O/w treasury products |
223 |
208 |
+7.2% |
+4.4 |
+0.5 |
+4.6 |
-26.7 |
Breakdown of assets under management and
net inflows by geographic area23
(€bn) |
|
|
AuM 30/06/2023 |
AuM 30/06/2022 |
% chgvs. 30/06/2022 |
Q2 2023inflows |
Q2 2022inflows |
H1 2023 inflows |
H1 2022 inflows |
France |
|
|
907 |
887 |
+2.2% |
-2.9 |
+0.0 |
-5.3 |
-22.8 |
Italy |
|
|
200 |
194 |
+3.3% |
+0.0 |
+0.9 |
-0.7 |
+4.8 |
Europe excl. France & Italy |
356 |
326 |
+9.4% |
+6.5 |
-7.3 |
+6.8 |
+1.3 |
Asia |
|
|
376 |
393 |
-4.3% |
+0.9 |
+11.8 |
-3.8 |
+26.0 |
Rest of the world |
|
121 |
124 |
-2.6% |
-1.0 |
-3.6 |
-4.4 |
-4.3 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
1,961 |
1,925 |
+1.9% |
+3.7 |
+1.8 |
-7.4 |
+5.0 |
TOTAL outside
France |
1,054 |
1,037 |
+1.6% |
+6.6 |
+1.8 |
-2.1 |
+27.8 |
Breakdown of assets under management and
net inflows by type of management and asset
class23
(€bn) |
|
|
AuM 30/06/2023 |
AuM 30/06/2022 |
% chgvs. 30/06/2022 |
Q2 2023inflows |
Q2 2022inflows |
H1 2023 inflows |
H1 2022 inflows |
Active management |
|
|
1,033 |
1,034 |
-0.1% |
-0.6 |
-9.5 |
-13.7 |
-0.4 |
Equities |
|
|
189 |
170 |
+11.2% |
+0.4 |
+3.6 |
-0.9 |
+2.9 |
Multi-assets |
|
|
276 |
293 |
-5.9% |
-4.3 |
-6.1 |
-11.8 |
+4.9 |
Bonds |
|
|
569 |
572 |
-0.5% |
+3.2 |
-7.0 |
-1.0 |
-8.2 |
|
|
|
|
|
|
|
|
|
|
Structured products |
36 |
28 |
+26.0% |
+2.0 |
-1.6 |
+3.1 |
-2.9 |
Passive management |
|
311 |
284 |
+9.6% |
+0.3 |
+0.8 |
+0.0 |
+11.2 |
ETFs & ETCs |
|
|
190 |
176 |
+8.4% |
+2.5 |
-0.1 |
+4.4 |
+9.2 |
Index & Smart Beta |
121 |
108 |
+11.6% |
-2.2 |
+0.7 |
-4.4 |
+1.9 |
|
|
|
|
|
|
|
|
|
|
Real assets
and Alternatives |
91 |
97 |
-6.0% |
+0.5 |
+0.3 |
+0.4 |
+2.9 |
Real assets |
|
|
66 |
66 |
-0.4% |
+0.6 |
+0.6 |
+0.5 |
+2.8 |
Alternative assets |
|
|
25 |
31 |
-17.9% |
-0.1 |
-0.3 |
-0.1 |
+0.1 |
|
|
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,471 |
1,444 |
+1.9% |
+2.2 |
-10.0 |
-10.2 |
+10.8 |
Treasury Products excl. JVs |
192 |
173 |
+11.4% |
+2.4 |
-1.3 |
+4.5 |
-27.3 |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS excl. JVs |
1,664 |
1,616 |
+2.9% |
+4.6 |
-11.3 |
-5.7 |
-16.6 |
JVs |
|
|
298 |
308 |
-3.5% |
-0.9 |
+13.1 |
-1.7 |
+21.5 |
TOTAL |
|
|
1,961 |
1,925 |
+1.9% |
+3.7 |
+1.8 |
-7.4 |
+5.0 |
O/w MLT assets |
|
1,738 |
1,716 |
+1.3% |
-0.7 |
+1.3 |
-12.0 |
+31.6 |
O/w Treasury products |
223 |
208 |
+7.2% |
+4.4 |
+0.5 |
+4.6 |
-26.7 |
Methodology appendix
Accounting and adjusted
data
- Accounting
data - include the amortisation of intangible assets and,
in 2022, Lyxor integration costs.
- Adjusted
data - in order to present an income statement closer to
economic reality, the following adjustments are made: restatement
of the amortisation of distribution agreements with Bawag,
UniCredit and Banco Sabadell and the intangible asset representing
Lyxor's client contracts, recognised as a deduction from net
revenues, and restatement of Lyxor's integration costs in
2022.
In accounting data, amortisation of
distribution agreements and intangible assets representing Lyxor's
client contracts:
- Q2 2022: -€20M
before tax and -€15m after tax
- H1 2022: -€41m
before tax and -€29m after tax
- Q1 2023: -€20M
before tax and -€15m after tax
- Q2 2023: -€20M
before tax and -€15m after tax
- H1 2023: -€41m
before tax and -€29m after tax
Acquisition of Lyxor
- In accordance with
IFRS 3, recognition in Amundi's balance sheet at 31/12/2021:
- of goodwill
amounting to €652m;
- of an intangible
asset (representing client contracts) of -€40m before tax (-€30m
after tax), which will be amortised on a straight-line basis over 3
years;
- In the Group's
income statement, the net tax impact of this amortisation is -€10m
over a full year (i.e. -€13m before
tax). This
amortisation is recognised as a deduction from net revenues and is
added to the existing amortisation of distribution
agreements. In Q2
2022, Q1 and Q2 2023, the amortisation expense for this intangible
asset after tax was -€2m (i.e. -€3m before tax); in H1 2022 and H1
2023, it was -€5m (i.e. -€7m before tax).
-
Integration
costs were fully recognised in 2022 and 2021, for
a total of €77m before tax and €57m after tax, o/w €40m before tax
(€30m after tax) in Q2 2022 and €51m before tax (€37m after tax) in
H1 2022. No integration costs recognised in 2023.
Alternative Performance
Indicators24
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data
excluding the amortisation of intangible assets.Adjusted,
standardised data reconciles with accounting data as follows :
(€m) |
|
H1 2023 |
H1 2022 |
|
Q2 2023 |
Q2 2022 |
|
Q1 2023 |
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
1,577 |
1,548 |
|
803 |
734 |
|
773 |
- Amortisation of intangible assets before tax |
|
(41) |
(41) |
|
(20) |
(20) |
|
(20) |
Net revenues - Adjusted (b) |
|
1,617 |
1,589 |
|
823 |
754 |
|
794 |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(856) |
(895) |
|
(430) |
(462) |
|
(425) |
- Integration costs before tax |
|
0 |
(51) |
|
0 |
(40) |
|
0 |
Operating expenses - Adjusted (d) |
|
(856) |
(844) |
|
(430) |
(422) |
|
(425) |
|
|
|
|
|
|
|
|
|
Gross operating income (e) = a) + (c) |
|
721 |
653 |
|
373 |
271 |
|
348 |
Gross operating income - Adjusted (f) = (b) +
(d) |
|
762 |
744 |
|
393 |
332 |
|
369 |
Cost/income ratio (%) -(d)/(b) |
|
54.3% |
57.8% |
|
53.6% |
63.0% |
|
55.0% |
Cost/income ratio - Adjusted (%) -(d)/(b) |
|
52.9% |
53.1% |
|
52.3% |
55.9% |
|
53.6% |
Cost of risk & other (g) |
|
(3) |
(4) |
|
(2) |
(0) |
|
(1) |
Equity-accounted companies (h) |
|
49 |
41 |
|
27 |
21 |
|
22 |
Income before tax (i) = (e) + (g) +
(h) |
|
767 |
690 |
|
398 |
292 |
|
370 |
Income before tax - Adjusted (j) = (f) + (g) +
(h) |
|
808 |
781 |
|
418 |
353 |
|
390 |
Income tax (k) |
|
(178) |
(162) |
|
(93) |
(68) |
|
(85) |
Income tax - Adjusted (l) |
|
(190) |
(187) |
|
(99) |
(84) |
|
(91) |
Non-controlling interests (m) |
|
2 |
(1) |
|
1 |
0 |
|
1 |
Net income Group share (o) = (i)+(k)+(m) |
|
591 |
527 |
|
305 |
224 |
|
285 |
Net income Group share - Adjusted (p) =
(j)+(l)+(m) |
|
620 |
593 |
|
320 |
269 |
|
300 |
Shareholder structure
|
31 December 2021 |
31 December 2022 |
30 June 2023 |
|
|
|
|
|
Number of shares |
% of share capital |
Number of shares |
% of share capital |
Number of shares |
% of share capital |
Crédit Agricole Group |
141,057,399 |
69.46% |
141,057,399 |
69.19% |
141,057,399 |
69.19% |
Employees |
1,527,064 |
0.75% |
2,279,907 |
1.12% |
2,319,318 |
1.14% |
Treasury shares |
255,745 |
0.13% |
1,343,479 |
0.66% |
1,315,690 |
0.65% |
Free float |
60,234,443 |
29.66% |
59,179,346 |
29.03% |
59,167,724 |
29.02% |
Number of shares at end of period |
203,074,651 |
100.0% |
203,860,131 |
100.0% |
203,860,131 |
100.0% |
Average number of shares during the period |
202,793,482 |
- |
203,414,667 |
- |
203,860,131 |
- |
- Average number of
shares prorata temporis.
- Employee share
ownership increased at 31 December 2022 in particular due to the
capital increase reserved for employees on 26 July 2022 (0.8
million shares created).
- The 2023 capital
increase reserved for employees "We Share Amundi" was successfully
implemented on 27 July 2023. The number of shares created is
787,503 shares (~0.4% of the capital before the transaction).
Employees now hold approx. 1.5% of Amundi’s capital, compared to
1.14% before the transaction.
About Amundi
As the leading European asset manager, ranking
among the top 10 global players25, Amundi offers its 100 million
retail, institutional and corporate clients a full range of savings
and investment solutions in active and passive management, covering
traditional and real assets. This offering is accompanied by
technological services and tools spanning the entire savings value
chain. A subsidiary of the Crédit Agricole group, Amundi is a
listed company and currently manages over €1,950 billion in
assets26.
Its six international asset management
platforms27, financial and non-financial research capabilities, and
long-standing commitment to responsible investment make it a
leading player in the asset management landscape.
Amundi's clients benefit from the expertise and
advice of 5,400 professionals in 35 countries.
Amundi, a trusted partner acting every
day in the interests of its clients and society.
www.amundi.com
Press contact:
Natacha
Andermahr Tel. +33 1 76 37 86
05natacha.andermahr@amundi.com
Investor contacts:Cyril Meilland,
CFATel. +33 1 76 32 62
67cyril.meilland@amundi.com
Thomas LapeyreTel. +33 1 76 33 70
54thomas.lapeyre@amundi.com
DISCLAIMER:
This press release may contain forward-looking
information concerning Amundi's financial position and results.
These data do not represent forecasts within the meaning of
Delegated Regulation (EU) 2019/980.
This forward-looking information includes
projections and financial estimates derived from scenarios based on
a number of economic assumptions in a given competitive and
regulatory environment, project considerations, objectives and
expectations related to future events and operations, products and
services, and assumptions in terms of future performance and
synergies. These assumptions are, by nature, subject to random
factors liable to result in the failure to achieve the
forward-looking statements. Consequently, no guarantee can be given
as to the achievement of these projections and estimates, and
Amundi's financial position and results may differ significantly
from those projected or included in the forward-looking information
contained in this press release. Under no circumstances does Amundi
undertake to publish any changes or updates to this forward-looking
information, which is given as of the date of this press release.
More detailed information on the risks likely to affect Amundi's
financial position and results can be found in the "Risk Factors"
section of our Universal Registration Document filed with the
Autorité des Marchés Financiers. Readers should consider all of
these uncertainty and risk factors before making their own
decisions.
The figures presented have been prepared in
accordance with IFRS as adopted by the European Union and
applicable at that date, and with prudential regulations currently
in force.
Unless otherwise stated, the sources of rankings
and market positions are internal. The information contained in
this press release, to the extent that it relates to parties other
than Amundi, or is derived from external sources, has not been
reviewed by a supervisory authority or has not been subject to
independent verification more generally, and no representation or
warranty has been expressed as to, nor should any reliance be
placed on, the fairness, accuracy, precision or completeness of the
information or opinions contained in this press release. Neither
Amundi nor its representatives may be held liable for any decision
taken or negligence or for any losses that may result from the use
of this press release or its content, or anything relating to them,
or any document or information to which it may refer.
The sum of the values presented in the tables
and analyses may differ slightly from the total reported due to
rounding.
1
Adjusted net
attributable profit in the second quarter of 2023 compared to the
second quarter 2022 (see note p. 8 for the detail of adjustments)2
Net income Group
share3 Adjusted
data: excluding amortisation of intangible assets and Lyxor
integration costs in 2022 (see note p. 8)4
Medium/Long-Term
Assets excl. JVs5
In number of ETFs6
Quarterly averages,
Bloomberg Euro Aggregate for bond markets7
Quarterly averages,
composite index 50% MSCI World + 50% Eurostoxx 600 for equity
markets8 Sources:
Morningstar FundFile, ETFGI. European & Cross-border open-ended
funds (excluding mandates and dedicated funds). Data at end-June
2023.9 Adjusted
data: excluding amortisation of intangible assets and Lyxor
integration costs in 2022 (see note p. 8)10
Fund anniversary
dates triggering the recognition of these fees11
Source: Eurostat,
6.8% in core inflation12
Adjusted data:
excluding amortisation of intangible assets and Lyxor integration
costs in 2022 (see note p. 8)13
Medium/Long-Term
Assets14 Excluding
JVs15 Net inflows
include assets under advisory, marketed assets and funds of funds,
including 100% of the net inflows of the Asian JVs; for Wafa
Gestion in Morocco, net inflows are reported for Amundi's share in
the JV's capital.16
All passively
managed Net Zero Ambition funds meet EU CTB/PAB criteria17
As a percentage of
the number of ETFs managed18
Shareholders'
equity minus goodwill and intangible assets19
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and including 100% of the Asian
JVs' net inflows and assets under management. For Wafa Gestion in
Morocco, assets under management and inflows are reported for
Amundi’s share in its capital.20
Sabadell AM21
Lyxor, consolidated
at 31/12/202122
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and take into account 100% of
the Asian JVs' net inflows and assets under management. For Wafa
Gestion in Morocco, assets under management and inflows are
reported for Amundi's share capital23
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and take into account 100% of
the Asian JVs' net inflows and assets under management. For Wafa
Gestion in Morocco, assets under management and inflows are
reported for Amundi's share capital24
See also Section
4.3 of the 2022 Universal Registration Document filed with the AMF
on 7 April 202325
Source: IPE "Top
500 Asset Managers" published in June 2023 based on assets under
management at 31/12/202226
Amundi data at
30/06/202327
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