Amundi: 2021 H1 and Q2 Results
Amundi: Very good results in
Q2 2021 in
a highly favourable market
context
Strong inflows1
in MLT assets2
(+€22bn)3
Results in Q2 |
- Net asset management
revenues up +9.0% vs. Q1 2021, driven in
particular by exceptionally high performance fees
(€155m)
- Adjusted
cost/income ratio of
45.7%4 (~50% excluding
exceptional level of performance
fees5)
- Adjusted net
income4 of €345m (+11.9% vs. Q1
2021 and +48.3% vs. Q2 2020)
- Net accounting
income6 of €448m including a
one-off tax gain of
€114m7
|
Business activityin Q2 |
- High
inflows1 of +€21.7bn in MLT
assets2-3 driven by active
management (+€18.9bn3)
and by all customer
segments
- Seasonal outflows
in treasury
products3:
-€17.0bn3
- Total net inflows of
+€7.2bn
-
AuM1 of
€1,794bn at 30/06/2021, up +12.7% year-on-year (+2.2% for
the quarter)
|
Lyxor |
-
Acquisition8
master agreement signed on 11 June, ahead
of schedule
- Preparation for Lyxor's
integration advancing at the expected pace
- Completion planned for the
end of 2021
|
Paris, 30 July 2021
Amundi’s Board of Directors, chaired by Yves
Perrier, convened on 29 July 2021 to review the financial
statements for the second quarter of 2021.
Commenting on the figures, Valérie Baudson, CEO,
said:
“Amundi posted very good financial and operating
performance in the second quarter of 2021, driven by a growth
momentum in all business lines, especially with buoyant inflows in
MLT assets. The strong growth in net income was amplified by a very
favourable market environment.
The recent strategic initiatives (the
partnership with Banco Sabadell, the joint venture with Bank of
China, and Amundi Technology) are starting to bear fruits. The
acquisition of Lyxor, whose integration is being actively prepared,
will be a new growth driver.
Such strong performances prove that Amundi's
development strategy is relevant. Our Group has all the strengths
needed to pursue its profitable growth trajectory”.
I. High
level of activity in MLT
assetsHigh inflows of +€22bn in MLT assets, driven
by active management in particular
Amundi’s assets under management
totalled €1,794bn at 30 June 2021, an increase of +12.7%
year-on-year and +2.2% vs. the end of March 2021.
In very favourable market conditions
(average equity market increase of 36% year-on-year and +8% in
Q29), the second quarter featured
confirmation of improved customer risk appetite,
leading to high inflows in MLT assets
(+€22bn excluding JVs) and seasonal
outflows in treasury products (-€17.0bn excl. JVs).
In total, net flows amounted to +€7.2bn
over the quarter:
- In
Retail, inflows were once again
robust in MLT assets (+€9.5bn vs. +€7.8bn in Q1 2021),
driven by most customer segments, specifically third-party
distributors (+€4.4bn), as well as international networks
(+€3.2bn), particularly in Italy and Spain (Banco Sabadell
network). The new subsidiary Amundi BOC Wealth Management showed
solid business activity (+€2.5bn) thanks to ~30 fund launches in
Q2; AuM stood at €3.5bn after just six months. In the French
networks, inflows were slightly negative (-€0.5bn) due to early
redemptions on structured products tied to favourable market
conditions: however, business activity remained strong on
unit-linked products (+€0.7bn).
- In terms of
institutional clients, this quarter was characterised by
+€12.1bn of inflows
in MLT assets (vs. +€2.0bn of
inflows in Q1 2021) driven by all institutional client segments. In
Treasury Products, the -€15.0bn outflow was due to the market
context (negative yield on treasury products) and the seasonal
effect of dividend payments.
- Business
activity in the JVs was marked by good momentum,
despite expected outflows on Channel
Business in China. The Indian JV pursues its development
trajectory with +€1.9bn of inflows (essentially in treasury
products) in a less favourable environment (health crisis).
However, SBI MF has maintained its leading position in the Indian
market with a 15.8% market share at end-June 202110. In Korea,
flows returned to positive (+€2.6bn vs. -€0.8bn in Q1 2021),
primarily in treasury products. In China (ABC-CA), activity was
mixed, with Mutual Fund flows still solid at +€1.1bn, and -€3.2bn
in expected outflows on low-margin (Channel Business) products due
to regulatory changes (vs. -€7.0bn in Q1 2021). Inflows in the JVs
totalled +€2.6bn, an improvement over the first quarter of 2021
(-€4.0bn).
High inflows of +€22bn in MLT
assets11 were driven primarily by
active management:
-
Active investment strategies
showed significant
inflows (+€18.9bn), driven by all asset classes
and illustrated by the success of multi-+asset funds for Retail,
OCIO12 solutions for Institutional investors, thematic funds (CPR
Food For Generation, Smart Trends, and Climate Action), and
launches of ESG Improvers fixed-income funds.
- Real and
Structured Assets activity was mixed, with -€1.2bn of
outflows in Q2 2021, linked to early redemptions in structured
products. Real asset flows remained solid (+€1.0bn), specifically
in private debt and Real Estate.
- Passive
management, ETFs and smart beta had a good second quarter with
+€4.0bn in net inflows, bringing AuM to €184bn at end-June
2021. With inflows of +€2.3bn in Q2 2021 in
ETPs13, Amundi is the number five provider in
Europe14. In total, ETP assets were €77bn at 30 June 2021 (ranked
fifth in Europe14).
II. Strategic initiatives
launched in 2020 are bearing fruit
The year 2020 saw the launch of several
strategic initiatives that will fuel
the group's growth in the coming years and are already
showing results in the first quarter of 2021:
- Sabadell
AM: successful integration and partnership with Banco
Sabadell: Twelve months after the acquisition of Sabadell
AM on 30 June 2020, its integration is complete both
technologically (IT migration to ALTO15) and operationally
(management teams, sales teams, and control functions). The
beginning of the partnership with Banco Sabadell is very promising,
resulting in gains in market share16; record business activity was
achieved over the first 12 months with more than €1.5bn in net
inflows (Amundi and Sabadell AM funds) in the Banco Sabadell
network. More than 50% of the announced synergies17 should be
achieved in 2021.
- Successful
start-up of the new Wealth Management subsidiary with Bank of China
(fourth-largest Chinese bank) After the operational
start-up of this new subsidiary (of which Amundi holds 55%) in the
fourth quarter of 2020, sales momentum is strong with the launch of
~50 funds since its creation and increasing interest from the BoC
network for the subsidiary’s products (specifically maturity funds
and green funds). Total net inflows for the first half of the year
already stand at +€3.4bn.
- Ramping up
of Amundi TechnologyAmundi Technology, the new business
line dedicated to technology services, expanded its development,
generating €19m in revenue in the first half of 2021, including
€12m in Q2 2021. Deployment of services continued with seven new
customers (i.e. 29 customers overall at the end of June 2021),
including:
- AG2R La Mondiale
(€120bn AuM) with an offer including the cloud based ALTO
Investment platform (PMS) but also services such as dealing, Middle
Office, and Reporting
- Agrica with Alto
ESR, the ALTO range group insurance software
III. Very good
results in a highly favourable
market backdropAdjusted net
income18 of €345m, up sharply by
+48% vs. Q2 2020 and by +12% vs. Q1
2021Exceptionally high performance fees
(€155m)Excellent operational
efficiency
Adjusted data
At €345m, Amundi's quarterly adjusted
net income17
rose sharply compared to both the second quarter of 2020
and the first quarter of 2021. This growth is
notably due to the very high performance
fees, related in particular to
the market upswing over the past 12 months. The effect of this
exceptional level of performance fees on adjusted net income is
estimated at about €70m in Q2 2021 and €40m in Q1
2021.19
Revenues
benefited from improved market
conditions and business dynamics:
- Net asset
management fees were up significantly compared to both Q2
2020 (+20.2%) and Q1 2021 (+3.8%), partly due to the increase in
the average equity market (+36% Q2/Q2 and +8% Q2/Q1 for the
EuroStoxx 600 Index) and partly to vigorous inflows, particularly
on Retail and MLT assets, for several quarters. As a result, the
average margin20 improved slightly from 17.7bp in H1 2020 to 18.0bp
to H1 2021.
- Performance
fees were exceptionally high (€155m, compared to a
quarterly average of €42m between 2017 and 2020). This exceptional
level was largely a reflection of the 12-month increase in the
Equity markets and should normalise over the next few
quarters.21
Operating expenses were under
control (€388m). Their increase (+22.2% compared to Q2
2020 and +3.4% compared to Q1 2021) was driven by:
- increased variable
compensation provisioning, owing to growth in operating income
- the scope effect
compared to Q2 2020 (+€14m) linked to the creation of Amundi BOC
WM22, the integration of Sabadell AM23, and the full consolidation
of Fund Channel24;
- continued
development investments, specifically at Amundi Technology.
The result was an exceptionally low
cost/income ratio of 45.7%, vs. 50.9% in Q2 2020 and 48.8%
in Q1 2021. Excluding the exceptional level of performance fees25,
the cost/income ratio was about 50%.
Given the robust activity of the
equity-accounted companies (mainly the Asian joint
ventures), their contribution to income increased to €21m compared
to €18m in Q2 2021.
Accounting data
Net accounting income (Group share) was €448m.
It includes the usual amortisation on distribution contracts (-€12m
per quarter). It also includes a one-off tax gain (net of
substitution tax) of +€114m (no cash impact) resulting from the
application of the “Affrancamento” mechanism of the Italian Budget
Law for 2021 (Law no. 178/2020), resulting in the recognition of
Deferred Tax Assets on intangible assets (goodwill).
IV. Responsible
Investing: confirmed leadership
Amundi continued to implement its ESG
action plan, thus confirming its leadership:
- ESG assets
under management stood at €798bn
at 30 June 2021. The change from 31 December 2020
(AuM of €378bn) resulted from:
- continued
integration of ESG criteria into traditional management
processes;
- high inflows in H1
(+€18.7bn in MLT), the majority in active management, with good
momentum for Climate & Environment solutions, ESG fixed-income
funds, the range of thematic Equity funds;
- Some 700 open-ended
funds, dedicated funds and mandates, representing over €680bn in
AuM (compared to €450bn at end-March 2021) are classified in
Articles 8 and 926 under
SFDR27
regulations, making Amundi a leader in this
area.
In addition, Amundi is scaling up its ESG
commitment:
- In the lead-up to
the Glasgow COP 26, Amundi has joined the “Net Zero Asset
Managers” initiative (commitments in line with the Paris
Agreement trajectory) for asset managers committed to the target of
net zero emissions by 2050.
- Amundi is a
founding member of Investors for a Just
Transition, an international coalition of
asset managers and asset owners who are committed to promoting a
just transition to low-carbon economies, and representing €3.6
trillion in assets.
- Development
of ESG products and solutions continued with the
expansion of the “ESG Improvers” range (new fixed-income funds) and
the launch of the social-impact fund BFT France
Emploi ISR.
V. Other
information
A solid financial structure
Tangible equity28 amounted to €3.5bn at the end
of June 2021, a +€0.3bn increase compared with end-2020. The CET1
ratio was 19.9% at the end of June 2021, allowing to absorb the
impact of the Lyxor acquisition expected at year-end, while keeping
a level well above regulatory requirements29.
As a reminder, in May 2021, rating agency Fitch
confirmed Amundi’s A+ rating with a stable outlook, the best in the
sector.
Successful capital increase
reserved to
employees
The “We Share Amundi” capital increase reserved
to employees (announced on 14 June) was successfully completed on
29 July 2021: over one in three employees worldwide, and over half
of employees in France, participated to this capital increase,
which, for the third consecutive year, offered a share subscription
with a 30% discount. Nearly 1,700 employees present in 15 countries
subscribed to this capital increase for nearly €25m.
The reserved capital increase, which was
implemented under existing legal authorisations approved by the
General Shareholders’ Meeting on 10 May 2021, reflects Amundi's
ambition to involve its employees not only in the company's growth
but also in its economic value creation. It also helps strengthen
our employees’ sense of belonging.
The impact of this reserved capital increase on
net earnings per share is negligible: 488,698 shares were created
(representing 0.2% of capital before the transaction). This issue
brings the number of shares making up Amundi's share capital to
203,074,651.
Employees now hold 0.8% of Amundi’s share
capital, compared with 0.6% before the capital increase.
Financial disclosure schedule
- Publication of Q3
and 9M 2021 results: 4 November 2021
- Publication of 2021
annual results: 9 February 2022
- Publication of Q1
2022 results: 29 April 2022
- AGM for the 2021
financial year: 18 May 2022
- Publication of Q2
and H1 2022 results: 29 July 2022
- Publication of Q3
and 9M 2022 results: 28 October 2022
***
Income Statements
€m |
|
|
Q2 2021 |
|
Q1 2021 |
|
Chg. Q2/Q1 |
|
Q2 2020 |
|
Chg. Q2/Q2 |
|
H1 2021 |
|
H1 2020 |
|
H1/H1 change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
|
849 |
|
770 |
|
10.3% |
|
625 |
|
36.0% |
|
1,619 |
|
1,236 |
|
31.0% |
Net asset management revenue |
|
|
844 |
|
775 |
|
9.0% |
|
608 |
|
38.9% |
|
1,619 |
|
1,281 |
|
26.4% |
o/w net management fees |
|
|
689 |
|
664 |
|
3.8% |
|
573 |
|
20.2% |
|
1,353 |
|
1,205 |
|
12.3% |
o/w performance fees |
|
|
155 |
|
111 |
|
39.6% |
|
34 |
|
x4.6 |
|
266 |
|
76 |
|
x3.5 |
Net financial income and other net income |
|
|
5 |
|
(5) |
|
- |
|
17 |
|
- |
|
0 |
|
(45) |
|
- |
Operating expenses |
|
|
(388) |
|
(376) |
|
3.4% |
|
(318) |
|
22.2% |
|
(764) |
|
(648) |
|
17.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income |
|
|
461 |
|
394 |
|
16.9% |
|
307 |
|
50.3% |
|
855 |
|
588 |
|
45.5% |
Adjusted cost/income ratio |
|
|
45.7% |
|
48.8% |
|
-3.1 pts |
|
50.9% |
|
-5.2 pts |
|
47.2% |
|
52.5% |
|
-5.3 pts |
Cost of risk & Other30 |
|
|
(18) |
|
(2) |
|
- |
|
(4) |
|
- |
|
(20) |
|
(17) |
|
16.0% |
Equity-accounted entities |
|
|
21 |
|
18 |
|
16.1% |
|
15 |
|
36.0% |
|
38 |
|
29 |
|
32.3% |
Adjusted income before taxes |
|
|
464 |
|
410 |
|
13.1% |
|
318 |
|
46.0% |
|
874 |
|
600 |
|
45.7% |
Taxes |
|
|
(120) |
|
(103) |
|
15.7% |
|
(85) |
|
41.3% |
|
(223) |
|
(161) |
|
38.6% |
Non-controlling interests |
|
|
1 |
|
2 |
|
- |
|
0 |
|
- |
|
4 |
|
0 |
|
- |
Adjusted net income, Group share |
|
|
345 |
|
309 |
|
11.9% |
|
233 |
|
48.3% |
|
654 |
|
439 |
|
49.1% |
Amortisation of distribution contracts after tax |
|
|
(12) |
|
(12) |
|
= |
|
(12) |
|
-2.6% |
|
(24) |
|
(25) |
|
-2.6% |
Impact of Affrancamento* |
|
|
114 |
|
0 |
|
- |
|
0 |
|
- |
|
114 |
|
- |
|
- |
Net income, Group share including Affrancamento* |
|
|
448 |
|
297 |
|
51.0% |
|
221 |
|
103.0% |
|
744 |
|
414 |
|
79.9% |
Adjusted data: excluding amortisation of the
distribution contracts and, in Q2 and H1 2021, excluding the impact
of Affrancamento.
*Net accounting income for Q2 2021
includes a net one-off tax
gain (no cash impact) of +€114m:
“Affrancamento” mechanism under the 2021 Italian Budget Law (Law
No. 178/2020), resulting in the recognition of Deferred Tax Assets
on intangible assets (goodwill); item excluded from Adjusted Net
Income.
Change in assets under
management1 from end-December
2019 to end-June 2021
|
(€bn) |
Assets under management |
Netinflows |
Marketand foreign exchange
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 |
|
+20.7 |
|
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% |
1. Assets under management and net inflows,
including Sabadell AM as of Q3 2020 and BOC WM as of Q1 2021,
include assets under advisory and assets marketed and take into
account 100% of the Asian JVs’ assets under management and net
inflows. For Wafa in Morocco, assets are reported on a proportional
consolidation basis.
Assets under management and net inflows
by client segment1
|
AuM |
AuM |
% chg. vs. |
Inflows |
Inflows |
Inflows |
(€bn) |
30/06/2021 |
30/06/2020 |
30/06/2020 |
Q2 2021 |
Q1 2021 |
Q2 2020 |
French networks |
122 |
104 |
+17.6% |
-1.7 |
+0.4 |
-1.24 |
International networks |
160 |
118 |
+34.9% |
+5.7 |
+2.7 |
-0.2 |
o/w Amundi BOC WM |
4 |
0 |
/ |
+2.5 |
+0.9 |
/ |
Third-party distributors |
206 |
178 |
+16.1% |
+3.6 |
+4.3 |
-3.1 |
Retail (excl. JVs) |
488 |
400 |
+22.0% |
+7.6 |
+7.4 |
-4.5 |
Institutionals2 and sovereigns |
423 |
372 |
+13.9% |
0.4 |
-10.7 |
+3.9 |
Corporates |
86 |
69 |
24.9% |
-3.8 |
-6.7 |
+1.7 |
Employee Savings |
75 |
62 |
+20.7% |
+2.8 |
+0.0 |
+2.8 |
CA & SG insurers |
468 |
451 |
3.8% |
-2.2 |
+1.1 |
-7.7 |
Institutional |
1,052 |
953 |
10.3% |
-2.9 |
-16.2 |
+0.6 |
JVs |
254 |
238 |
6.5% |
+2.63 |
-4.03 |
+3.1 |
|
|
|
|
|
|
|
TOTAL |
1,794 |
1,592 |
+12.7% |
+7.2 |
-12.7 |
-0.8 |
Average first-half AuM (excl. JVs) |
1,515 |
1,366 |
+10.9% |
/ |
/ |
/ |
1. Assets under management and net inflows,
including Sabadell AM as of Q3 2020 and BOC WM as of Q1 2021,
include assets under advisory and assets marketed and take into
account 100% of the Asian JVs’ assets under management and net
inflows. For Wafa in Morocco, assets are reported on a proportional
consolidation basis. 2. Including funds of funds. 3. Including
-€3.2bn in outflows from “channel business” products in China in Q2
2021 and -€7bn in Q1 2021. 4. French networks: net outflows on
medium/long-term assets of -€0.5bn in Q2 2021, net inflows of
+€0.8bn in Q1 2021 and +€1.2bn in Q2 2020.
Assets under management and net inflows
by asset class1
|
AuM |
AuM |
% chg. vs. |
Inflows |
Inflows |
Inflows |
(€bn) |
30/06/2021 |
30/06/2020 |
30/06/2020 |
Q2 2021 |
Q1 2021 |
Q2 2020 |
Equities |
329 |
234 |
40.6% |
+5.6 |
4.8 |
+4.4 |
Multi-asset |
290 |
234 |
24.1% |
12.5 |
5.3 |
-0.6 |
Bonds |
638 |
617 |
+3.4% |
4.7 |
-1.9 |
-2.2 |
Real, alternative and structured assets |
95 |
85 |
11.8% |
-1.2 |
1.6 |
+1.3 |
MLT ASSETS excl. JVs |
1,352 |
1,170 |
15.6% |
21.7 |
9.8 |
+2.9 |
Treasury Products excl. JVs |
188 |
183 |
2.4% |
-17.0 |
-18.6 |
-6.8 |
ASSETS excl. JVs |
1,540 |
1,353 |
13.8% |
+4.7 |
-8.8 |
-3.8 |
JVs |
254 |
238 |
6.5% |
+2.62 |
-4.02 |
+3.1 |
TOTAL |
1,794 |
1,592 |
12.7% |
7.2 |
-12.7 |
-0.8 |
o/w MLT Assets |
1,574 |
1,376 |
14.4% |
21.2 |
7.3 |
+3.5 |
o/w Treasury products |
220 |
215 |
2.1% |
-14.0 |
-20.0 |
-4.3 |
1. Assets under management and net inflows,
including Sabadell AM as of Q3 2020 and BOC WM as of Q1 2021,
include assets under advisory and assets marketed and take into
account 100% of the Asian JVs’ assets under management and net
inflows. For Wafa in Morocco, assets are reported on a proportional
consolidation basis. 2. Including -€3.2bn in outflows from “channel
business” products in China in Q2 2021 and -€7bn in Q1 2021.
Assets under management and net inflows
by region1
|
AuM |
AuM |
% chg. vs. |
Inflows |
Inflows |
Inflows |
(€bn) |
30/06/2021 |
30/06/2020 |
30/06/2020 |
Q2 2021 |
Q1 2021 |
Q2 2020 |
France3 |
9282 |
864 |
+7.4% |
-12.5 |
-15.7 |
+0.2 |
Italy |
191 |
167 |
+14.1% |
2.8 |
+3.2 |
-0.5 |
Europe excl. France and Italy |
248 |
173 |
43.6% |
9.4 |
+2.6 |
+0.6 |
Asia |
323 |
292 |
10.4% |
7.24 |
-1.54 |
+0.9 |
Rest of world5 |
103 |
95 |
9.3% |
0.4 |
-1.4 |
-1.9 |
TOTAL |
1,794 |
1,592 |
12.7% |
7.2 |
-12.7 |
-0.8 |
TOTAL excl. France |
865 |
727 |
19.0% |
19.7 |
+3.0 |
-1.0 |
1. Assets under management and net inflows,
including Sabadell AM as of Q3 2020 and BOC WM as of Q1 2021,
include assets under advisory and assets marketed and take into
account 100% of the Asian JVs’ assets under management and net
inflows. For Wafa in Morocco, assets are reported on a proportional
consolidation basis. 2. Of which €448bn for CA & SG insurers.
3. France: net inflows on medium/long-term assets: +€5.6bn in Q2
2021, +€1.5bn in Q1 2021 and +€4.4bn in Q2 2020. 4.
Including -€3.2bn in outflows from “channel business” products in
China in Q2 2021 and -€7bn in Q1 2021. 5. Mostly the
United States.
Methodological
appendix
I. Accounting and adjusted
data1. Accounting
data: Information corresponds to data
after amortisation of the distribution contracts and, in Q2 and H1
2021, after the impact of Affrancamento.
2. Adjusted
dataTo present an income statement that is closer to the
economic reality, the following adjustments have been made:
- Restatement of the amortisation of
distribution contracts (deducted from net revenues) with SG until
November 2020, Bawag, UniCredit and Banco Sabadell.
- In Q2 and H1 2021, to the
non-recognition of the one-off tax gain (net of substitution tax)
of +€114m (no cash flow impact): “Affrancamento” mechanism under
the 2021 Italian Budget Law (Law no. 178/2020), resulting in the
recognition of Deferred Tax Assets on intangible assets (goodwill);
this was excluded from Adjusted Net Income.
Amortisation of distribution
contracts:
- Q2 2020: €18m before tax and €12m
after tax
- Q2 2021: €17m before tax and €12m
after tax
- H1 2020: €36m before tax and €25m
after tax
- H1 2021: €34m before tax and €24m
after tax
II. Reminder of amortisation of
distribution contracts with Banco Sabadell
When Sabadell AM was acquired,
a 10-year distribution contract was entered into with the Banco
Sabadell networks in Spain; this contract's gross valuation is
€108m (posted to the balance sheet under Intangible Assets). At the
same time, a Deferred Tax Liability of €27m was recognised. Thus
the net amount is €81m which is amortised using the straight-line
method over 10 years, as from 1 July 2020. In the Group's income
statement, the net tax impact of this amortisation is €8m over a
full year (or €11m before tax), posted under “Other revenues”, and
is added to existing amortisations of the distribution
contracts:
- with Bawag in the amount of €2m after
tax over a full year (€3m before tax);
- with UniCredit in the amount of €38m
after tax over a full year (€55m before tax).
NB: the SG contract has not been
amortised as of 1 November 2020
III. Alternative Performance
Indicators31To present an income statement that is closer
to the economic reality, Amundi publishes adjusted data which
excludes amortisation of the distribution contracts with SG, Bawag,
UniCredit and Banco Sabadell since 1 July 2020 and the
Affrancamento (see above).
These combined and adjusted data are reconciled
with accounting data as follows:
€m |
|
6M 2021 |
|
6M 2020 |
|
Q2 2021 |
|
|
Q2 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
1,585 |
|
1,201 |
|
832 |
|
|
607 |
+ Amortisation of distribution contracts before tax |
|
34 |
|
36 |
|
17 |
|
|
18 |
Adjusted net revenues (b) |
|
1,619 |
|
1,236 |
|
849 |
|
|
625 |
|
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
-764 |
|
-648 |
|
-388 |
|
|
-318 |
|
|
|
|
|
|
|
|
|
|
Gross operating income (d) = (a)+(c) |
|
821 |
|
552 |
|
444 |
|
|
289 |
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income (e) = (b)+(c) |
|
855 |
|
588 |
|
461 |
|
|
307 |
Cost/income ratio (c)/(a) |
|
48.2% |
|
54.0% |
|
46.7% |
|
|
52.4% |
Adjusted cost/income ratio (c)/(b) |
|
47.2% |
|
52.5% |
|
45.7% |
|
|
50.9% |
Cost of risk & Other (f) |
|
-20 |
|
-17 |
|
-18 |
|
|
-4 |
Share of net income of equity-accounted entities (g) |
|
38 |
|
29 |
|
21 |
|
|
15 |
Income before tax (h) = (d)+(f)+(g) |
|
839 |
|
564 |
|
447 |
|
|
300 |
|
|
|
|
|
|
|
|
|
|
Adjusted income before tax (i) = (e)+(f)+(g) |
|
874 |
|
600 |
|
464 |
|
|
318 |
Income tax (j) |
|
-213 |
|
-150 |
|
-115 |
|
|
-79 |
Adjusted income tax (k) |
|
-223 |
|
-161 |
|
-120 |
|
|
-85 |
Minority interests (l) |
|
4 |
|
0 |
|
1 |
|
|
0 |
Net income, Group share (h)+(j)+(l) |
|
630 |
|
414 |
|
333 |
|
|
221 |
Impact of Affrancamento |
|
114 |
|
0 |
|
114 |
|
|
0 |
Net income, Group share (h)+(j)+(l) including
Affrancamento |
|
744 |
|
414 |
|
448 |
|
|
221 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income, Group share (i)+(k)+(l) |
|
654 |
|
439 |
|
345 |
|
|
233 |
|
|
|
|
|
|
|
|
|
|
About AmundiAmundi, the leading
European asset manager, ranking among the top 10 global players32,
offers its 100 million clients - retail, institutional and
corporate - a complete range of savings and investment solutions in
active and passive management, in traditional or real assets.
With its six international investment hubs33,
financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi clients benefit from the expertise and
advice of 4,800 employees in more than 35 countries. A subsidiary
of the Crédit Agricole group and listed on the stock exchange,
Amundi currently manages nearly €1.8 trillion of assets34.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contact:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr-sharp@amundi.com
Investor contacts:
Anthony Mellor
Tel. +33 1 76 32 17 16
anthony.mellor@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
DISCLAIMER:
This document may contain projections concerning
Amundi's financial situation and results. The figures given do not
constitute a “forecast” as defined in Delegated Regulation (EU) No.
2019/980 of 14 March 2019.
This information is based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context. As such, the projections and results indicated
may not necessarily come to pass due to unforeseeable
circumstances. The reader should take all of these uncertainties
and risks into consideration before forming their own opinion.
The figures presented were prepared in
accordance with IFRS guidelines. Audit procedures are currently
underway.
The information contained in this document, to
the extent that it relates to parties other than Amundi or comes
from external sources, has not been independently verified, and no
representation or warranty has been expressed as to, nor should any
reliance be placed on, the fairness, accuracy, correctness or
completeness of the information or opinions contained herein.
Neither Amundi nor its representatives can be held liable for any
negligence or loss that may result from the use of this document or
its contents, or anything related to them, or any document or
information to which the document may refer.
1 Assets under management and net inflows,
including Sabadell AM as of Q3 2020 and BOC WM as of Q1 2021,
include assets under advisory and assets marketed and take into
account 100% of the Asian JVs’ assets under management and net
inflows. For Wafa in Morocco, assets are reported on a proportional
consolidation basis. 2 Medium/Long-Term Assets: excluding treasury
products3 Excl. JVs4 Adjusted data: excluding amortisation of the
distribution contracts and the impact of Affrancamento. See page 8
for definitions and methodology. 5 Exceptional performance fees =
difference compared to average performance fees per quarter in
2017-20206Accounting data: including amortisation of distribution
contracts and, in Q2 and H1 2021, including the one-off tax gain
(see below).7One-off tax gain (net of substitution tax) of +€114m
(no cash impact): “Affrancamento” mechanism in compliance with the
Italian Budget Law for 2021 (Law No.178/2020), resulting in the
recognition of Deferred Tax Assets on intangible assets (goodwill);
item excluded from Adjusted Net Income.8 As a reminder (Press
Release 07/04/2021): cash consideration of €825m, AuM of €124bn as
of 31/12/2021 (transaction scope)9Eurostoxx 600 Index Average: +36%
Q2 2021/Q2 2020 and +8% Q2 2021/Q1 202110 Source: AMFI11 Excl.
JVs12 Outsourced Chief Investment Officer Solutions13ETP: Exchange
Traded Products, including ETF (Exchange Traded Funds) and ETC
(Exchange Traded Commodities). 14 Source: ETF GI, end of June
202115 PMS (Portfolio Management System). 16From 5.46% at end-June
2020 to 5.58% end-June 2021; Source: Inverco - funds under Spanish
law / data completed with activity on international funds marketed
to Banco Sabadell 17Announced run-rate synergies of €20m before
tax18 Adjusted data: excluding amortisation of the distribution
contracts and Affrancamento. See page 8 for definitions and
methodology. 19Exceptional performance fees = difference compared
to average performance fees per quarter in 2017-202020 Excl. JVs21
NB: Under the new ESMA regulations ("Guidelines on Performance
Fees,” applicable mainly to UCITS funds) and implemented in July
2021 for existing funds, the reference period will be five years if
the funds underperform their benchmark. These new regulatory
provisions should result in a partial and gradual decrease in
performance fees beginning in 2022.22 Consolidated from Q4 2020 23
Consolidated from Q3 202024 Consolidated from Q1 202125Exceptional
performance fees = difference compared to average performance fees
per quarter in 2017-202026Scope: European funds. Article 8:
products that promote environmental and/or social characteristics;
Article 9: products that have sustainable investment
objective.27The new European Sustainable Financial Disclosure
Regulation (SFDR) requires fund managers to rank their European
assets by degree of ESG integration28 Equity excluding goodwill and
intangible assets.29 As a reminder, estimated regulatory impact of
this acquisition for Amundi on the basis of 31/12/2020 figures:
CET1 capital impact of ~670 bps ; pro-forma CET1 ratio of 13.3% as
of December 31/12/2020, vs 20.0% published.30 The cost of risk
(-€18m) accounts for the adjustment of provisions for regulatory
risks, following the hearing held by the AMF Enforcement Committee
on 7 July 2021. Following a special enquiry conducted between 2017
and 2019, the Autorité des Marchés Financiers (« AMF »), the French
regulatory body, notified Amundi of various complaints on June 12th
2020. These grievances relate to a limited number of transactions
executed in 2014 and 2015 by two former employees. Amundi fully
cooperated with the regulatory authorities to address this issue.31
Please refer to section 4.3 of the 2020 Universal Registration
Document filed with the French AMF on 12/04/2021 32 Source:
IPE “Top 500 Asset Managers” published in June 2021, based on
assets under management as at 31/12/202033 Boston, Dublin, London,
Milan, Paris and Tokyo34 Amundi data as of 30/06/2021
- 07.27.2021 - PR - Amundi's Q2 2021 Results
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