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11
2006 2006 –– AnalystAnalyst briefingbriefing
Milan, 12th January, 2006
22
2006 2006 AnalystAnalyst briefingbriefing
Summary
2005 Main figuresHighlights
Market environment
Focus on AZ Investimenti
2006 Outlook
33
4000
5000
6000
7000
8000
9000
10000
11000
12000
2003 2004 2005
11,052(+34%)
8,221(+17%)
7,001(+19%)
3ys. in a row of growthfor clients and shareholders
Net inflows WAP
+10%+10%
+24%+24%
+5%+5%
+12%+12%
+13%+13%
+6%+6%
Growth of AuM. Data in € mln. Source: Azimut – Money mate for WAP
44
2005 Highlights
• Assets under management: +34% • Net inflows: +121%
6000
7000
8000
9000
10000
11000
12000
2004 20050
400
800
1200
1600
2000
2004 2005
8,221
11,052887
1,964
AZM 2005 net inflows represent 22% of the total inflows into funds for the Italian industry
• Weighted average performance: +9.9%• Promotori finanziari (AZ Consulenza): +7.5%
55
2005 funds performance: Azimut vs. the industryNet total return after all fees and taxes
01.01 - 31.12.2005
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Azimut Fideuram index Risk free
2005 WAPAzimut sgr 9.89%Ras sgr 9.71%Fideuram Sgr 8.73%Anima sgr 8.31%Dws sgr 7.28%Montepaschi sgr 6.99%Pioneer sgr 6.50%Bpu prumerica sgr 6.28%Arca sgr 6.18%Alleanza sgr 6.10%Fineco sgr 5.89%Euromobiliare sgr 5.54%Bipiemme sgr 5.50%Fideuram index 5.48%Nextra sgr 5.29%Aletti sgr 5.25%Capitalgest sgr 4.93%Bipitalia sgr 4.90%Sanpaolo imi am sgr 4.77%Bnl sgr 4.53%Carige sgr 3.25%Risk free 2.12%
9.89%
5.48%
2.12%
Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of € 5 bln. Fideuram sgr includes Luxemburg based funds
66
Fund returns – 2005
Monetary Bond Balanced Flexible Equity Hedge
0%
5%
10%
15%
20%
25%
30%
35%
40%Fl
oating R
ate
Gar
anzi
a
Tren
d T
assi
Red
dito
Euro
Fixe
d R
ate
Sol
idity
F1 L
ow R
isk
F1 C
onse
rvat
ive
Ren
dita
Inte
rnaz
Prot
ezio
ne
F1 B
alan
ced
Alis
eo*
Multi-M
edia
F1 R
isk
Bila
nci
ato
F1 H
igh R
isk
Bila
nci
ato
Int.
Am
eric
a
Red
dito
Usa
Cre
scita
Ital
ia
Tren
d
Con
sum
ers
Gen
erat
ion
Bor
se I
nte
rnaz
.
Tren
d I
talia
Euro
pa
Ener
gy
Rea
l Est
ate
Paci
fico
Em
ergin
g
*launched July, 1st
77
2003-05 funds performance: Azimut vs. the industryNet total return after all fees and taxes
01.01.2003 - 31.12.2005
0%
5%
10%
15%
20%
25%
Azimut Fideuram index Risk free
2003-05 WAPAzimut sgr 22.86%Anima sgr 22.84%Ras sgr 19.46%Fideuram Sgr 16.54%Dws sgr 14.80%Alleanza sgr 14.44%Montepaschi sgr 14.33%Bpu prumerica sgr 13.91%Pioneer sgr 13.84%Arca sgr 13.63%Euromobiliare sgr 13.30%Bipiemme sgr 12.78%Fineco sgr 12.18%Nextra sgr 11.80%Fideuram index 11.57%Sanpaolo imi am sgr 10.73%Aletti sgr 10.39%Bipitalia sgr 10.28%Bnl sgr 9.76%Capitalgest sgr 9.70%Carige sgr 7.65%Risk free 6.73%
22.86%
11.57%
6.73%
Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of € 5 bln. Fideuram sgr includes Luxemburg based funds
88
Fund returns – 3ys.
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%Red
dito
Usa
Floa
ting R
ate
Gar
anzi
a
Ren
dita
Inte
rnaz
Tren
d T
assi
Sol
idity
Red
dito
Euro
F1 L
ow R
isk
F1 C
onse
rvat
ive
Fixe
d R
ate
F1 B
alan
ced
Prot
ezio
ne
Am
eric
a
F1 R
isk
Con
sum
ers
Multi-M
edia
Bila
nci
ato
Int.
F1 H
igh R
isk
Gen
erat
ion
Bila
nci
ato
Bor
se I
nte
rnaz
.
Tren
d
Euro
pa
Paci
fico
Cre
scita
Ital
ia
Ener
gy
Tren
d I
talia
Rea
l Est
ate
Em
ergin
g
Monetary Bond Balanced Flexible Equity Hedge
99
Funds net inflowsNet inflows as a % of AuM
-1%
0%
1%
2%
3%
4%
5%
jan-
03
feb-
03
mar
-03
apr-
03
may
-03
jun-
03
jul-0
3
aug-
03
sep-
03
oct-0
3
nov-
03
dec-
03
jan-
04
feb-
04
mar
-04
apr-
04
may
-04
jun-
04
jul-0
4
aug-
04
sep-
04
oct-0
4
nov-
04
dec-
04
jan-
05
feb-
05
mar
-05
apr-
05
may
-05
jun-
05
jul-0
5
aug-
05
sep-
05
oct-0
5
nov-
05
dec-
05
-1%
0%
1%
2%
3%
4%
5%Azimut Industry
Source: Assogestioni
1010
-3 0 %
-2 5 %
-2 0 %
-1 5 %
-1 0 %
-5 %
0 %
5 %
1 0 %
1 5 %
2 0 %
AZI
MU
T
BP
U
CA
RIF
IRE
NZE
GE
NE
RA
LI
ME
DIO
LAN
UM
UN
ICR
ED
IT
RA
S
BP
M
AN
IMA
MP
S
BP
VN
B. F
IDE
UR
AM
SA
NP
AO
LO IM
I
B.C
A L
OM
BA
RD
A
CA
PIT
ALI
A
AR
CA
CR
ED
EM
B.C
A IN
TES
A
BN
L
B. P
OP
. ITA
LIA
NA
DE
UTS
CH
E B
AN
K
2005 Funds net inflowsNet inflows as a % of avg. AuM – sample of 20 main companies*
Source: Assogestioni - * 20 main companies representing 90.5% of market share in Italy for mutual funds
1111
Net inflows breakdown2004 (2004 (€€ mlnmln)) 2005 (2005 (€€ mlnmln))
Monetary Bond Balanced Flexible Equity Hedge
Italian Fund Industry Azimut Italian Fund Industry Azimut
-7000
-5000
-3000
-1000
1000
3000
5000
7000
0
100
200
300
400
-12000
-8000
-4000
0
4000
8000
12000
-200
0
200
400
600
800
1000
Source: Company / Assogestioni
1212
Net inflows
NI 2004Data mln €
Source: Company Data
Azimut Funds 760 22.2
AZ Funds 341 145.4Individual managed portfolios (280) n.r.
AZ Life 253 69.2
Total net inflows into managedassets* 887 121.4
Assets held in custody 293TOTAL INFLOWS 1,180*net of double counting
NI 2005 Δ%
929837
58
428
1,964
(60)
1,904
Hedge funds -104
61.3
1313
Funds breakdown by category
AuMAuM 31.12.05 (%)31.12.05 (%)AuMAuM 31.12.04 (%)31.12.04 (%)
5.818.0
17.7
46.621.9
7.7
29.7
2.6
25.022.6
2.6
0%
20%
40%
60%
80%
100%
Industry Azimut
Monetary Bond Balanced Flexible Equity Hedge
15.13.6
45.8
18.4
7.9
21.7
3.6
33.2
24.2 22.1
1.03.4
0%
20%
40%
60%
80%
100%
Industry Azimut
Monetary Bond Balanced Flexible Equity HedgeSource: Company / Assogestioni
1414
Assets under management
AUM 2004Data mln €
Source: Company Data
Azimut Funds 7,486AZ Funds 979Individual managed portfolios 610
AZ Life 244
Total net managed assets* 8,221
Assets held in custody 476TOTAL ASSETS UNDER MGMT 8,697*net of double counting
AUM 2005 Δ%
9,1841,935
728
727
11,052
540
11,591
22.797.6
18.4
197.2
34.4
33.3
13.5
Hedge funds -109
1515
Mutual funds breakdown by underlying assets
Industry Azimut
Italian Bonds3.0%
Foreign Eq.20.9%
Italian eq.5.4%
Other5.3%
Gov.t Bonds54.0%
Foreign Bonds11.4%
Total Equity 54%
Other6.4%
Italian eq.13.9%
Foreign Eq.39.9%
Gov.t Bonds39.3%
Ital./For. Bonds0.5%
Total Equity 26%
Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of December 2005
1616
2.1%28.8%
22.3%
15.4% 12.1%
10.9%
8.4%
Ersel Azimut BimKairos Cartesio NextraFinanziaria Int.
Hedge fund business development
AuM in HFsItalian Funds
As at 31.12.2005
Single HFsMarket shares
As at 31.12.2005
97.1%
2.9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Single fundsFoF
• Performance since inception of “Aliseo” fund (July’05): +8.5%• Already second largest player for single manager hedge funds
1717
2006 Outlook – Italian Funds: repricing
New rules effective as of 1st August 2006
Change in fees due to new rules issued by BoI
The pricing in Luxemburg won’t change, thus the client has the choice between the 2 alternative pricing systems; switch is allowed at no additional cost
Management fees (fixed and variables) represent a good proxy of the overall cost charged: Azimut has no in-house brokerage firm and most of the funds are subscribed with “no-load” option
1818
2005 - Share price
-20%
0%
20%
40%
60%
80%
100%
AZM BFI MED
1919
31.12.2005 – Average volumesSample of all Italian listed companies with mkt cap of 0.6 – 1 bln Euro
Source: Il Sole 24 Ore; data in €/000 as at 30th December 2005. Average volumes 30 days
0
500
1000
1500
2000
2500
AZI
MU
T
GE
MIN
A
B.P
OP
.ETR
UR
IA
CE
ME
NTI
R
PR
EM
AFI
N
CR
. VA
LTE
LL.
IND
ES
IT
IMM
. LO
MB
.
CA
LTA
GIR
ON
E
CA
LTA
GIR
ON
EE
D.
B.C
O D
ES
IO
CO
FID
E
AE
M T
OR
INO
2020
2005 – Main economics
2005 – Net financial position31.12.04
AZ Investimenti (ex Aletti SIM) loanSenior LoanConvertible BondTotal debtCash and cash equivalents
Net Financial Position
(100.3)(96.4)
(196.7)49.8
(146.9)
Data in mln €30.06.05
(95.1)(98.0)
(193.1)72.0
(121.1)
(12.3)(95.1)(95.6)
(202.9)111.9
(91.0)
31.12.0430.09.0531.12.05E(12)(95)(96)
(204)123
(81)Data as at 31.12.2005 are estimated and do not consider 4Q05 interest income
• 2005E total revenues: at least +45% yoy• Due to huge and unexpected 4Q05 inflows (the highest for inflows excluding
institutional mandates) distribution costs are possibly in line with 3Q05• 2005 EPS: at least € 0.30 (2004 EPS: € 0.12)
• Total cash flow from operating activities (expected): 65-70 mln €:• Dividends: 14.4mln € for (€ 0.10 per share)• Debt reduction: 40-45 mln €
2121
Focus on AZ Investimenti
• Acquisition completed in July 2005; 2H05 spent on fine-tuning of the productrange, initial restructuring of the network, first training to existing PFs
• 2006 will be a transition year:• Widening of the product range through new agreements with third parties and
implementation of Azimut Group products• Improvement of efficiency of the network• New recruitments, targeting managers of other networks willing to join the
Azimut Group keeping the “open architecture” and the pyramidal organisation, with possibility of managerial roles
• AZ Investimenti PFs will have all the usual incentivation scheme of Azimut Consulenza PFs, including:
• Property of portfolio (when leaving the company)• Fidelisation scheme• Stock option
2222
Focus on AZ Investimenti
Growth of Aum per PF already experienced in “historical” network of Azimut Consulenza sim
0
2
4
6
8
10
12
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Data in € mln. Source: Azimut
2323
Focus on AZ Investimenti
Advertising campaign already started, targeting Managers in other networks and/or in private banks, focusing on an innovative approach to a traditional business model, enhanced by the reputation and stability of Azimut Group.
2424
2006 Outlook
• Ongoing recruitment both for Azimut Consulenza sim and for AZ Investimenti. Recruitments in the two networks are not overlapping, since they target different kind of financial professional in terms of the organisationhe/she is coming from. The qualitative target is the same.
• Widening the product range of Luxemburg based funds, also with agreements with third parties.
• Continuous development of the new initiatives (AZ Life and the Hedge fund business)
2525
ContactsContacts
Fabrizio Armone - Investor relations manager tel. +39.02.2836.5853Lidia Lommi - Marketing and PR manager tel. +39.02.2836.5244
[email protected] www.azimut.it
DisclaimerDisclaimerThis document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, third parties and the Company.
Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.
Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations.