This morning Crédit Agricole S.A. published its 2016-2019 Medium-Term Plan which will be and will presented in London today. As part of this Plan, the key financial targets disclosed by Amundi at the time of its initial public offering (IPO) last November are confirmed and have been extended by one year, from 2018 to 2019.
Consequently, net inflows[1] are expected to reach 160 billion euros over four years, from 2016 to 2019, i.e. 40 billion euros per year in average as announced at the time of the IPO. The targeted annual growth of earnings per share[2] is confirmed at an average of 5% over 2016 to 2019.
As announced at Amundi’s 2015 earnings presentation on 12th February, the dividend distribution policy has been increased compared to the IPO guidance; the dividend payout ratio will be a minimum of 65%, with a minimum dividend per share of 2.05 euros.
[1] Assets under management and net inflows include 100% of net inflows from and assets managed by joint ventures, excluding Wafa in Morocco, for which assets under management are reported on a proportional consolidation basis.
[2] Compared to FY 2015 net profit Group share excluding IPO expenses: 528m€, i.e. 3.16€ per share
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