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FY 2018: Sharp improvement in annual results

London, UK, February 13, 2019 by Amundi

FY 2018

Sharp improvement in annual results

Accounting net income 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

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

 Dividend proposed at the General Meeting: €2.90 per share (+16% vs. 2017)

 

Paris, 13 February 2019

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 12 February 2019 to approve the financial statements for 2018.

Commenting on the figures, Yves Perrier, CEO, said:

“Despite an unfavourable market environment, Amundi's results increased sharply once again in 2018. There are two factors behind this improvement. First, business momentum remained strong, despite the market context, and benefited from Amundi’s significant international presence, particularly in Asia. Second, the Pioneer integration has been a success, and the acquisition has significantly strengthened Amundi's business model; the integration was executed quickly and competently, and therefore the total amount of synergies has been increased to €175m per year ”.

 

 

Footnotes

  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
  8. Comparison with combined 2017 data: 12 months Amundi + 12 months Pioneer

 

 

  1. Growth rate calculated based on 2017 adjusted and combined net income excluding the exceptional level of financial income
  2. Accounting income includes amortisation of distribution contracts and costs associated with the integration of Pioneer. In 2017, Pioneer was consolidated for only six months
  3. Excluding amortisation of distribution contracts and excluding costs associated with the integration of Pioneer
  4. Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag) 
  5. Average margin: net asset management revenue (excluding performance fees)/average assets under management excluding JVs
  6. Excluding costs associated with the integration of Pioneer
  7. MLT : Medium Long-Term assets: excluding treasury products
  8. Including the €6.5bn in assets reinternalised by Fineco in Q3 2018
  9. Source: Amundi and Broadridge Financial Solutions – FundFile & Deutsche Bank ETF /Open funds (excluding discretionary mandates and dedicated funds) at the end of December 2018
  10. Excluding JVs
  11. Source: DB ETF Monthly Review & Outlook, end-December 2018
  12. Excluding the €6.5bn in assets reinternalised by Fineco in Q3 2018
  13. Tangible equity: Group share of equity net of goodwill and intangible
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About Amundi

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players[1], 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. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.9 trillion of assets[2].

With its six international investment hubs[3], 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 5,400 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com 

 

Footnotes

  1. ^ [1] Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as at 31/12/2021
  2. ^ [2] Amundi data as at 31/12/2022
  3. ^ [3] Boston, Dublin, London, Milan, Paris and Tokyo

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