Dividend Policy 2021 - 2024: 50-70% of Recurring Net Profit Record Total Assets for the Group at € 80.6bn in October 2021
Milan, Italy - November 13, 2021 /MarketersMEDIA/ —
Azimut Holding’s Board of Directors approved today the interim results as of September 30, 2021, whose main figures for the 9M are:
Total Revenues in 9M21 equal to € 866.3 million (vs. € 728.5 million in 9M20)
Operating Profit in 9M21 equal to € 353.3 million (vs. € 291.4 million in 9M20)
Consolidated Net Profit in 9M21 equal to € 322.4 million (vs. € 230.2 million in 9M20)
In the Q3:
Total Revenues in 3Q21 equal to € 299.9 million (vs. € 252.5 million in 3Q20)
Operating Profit in 3Q21 equal to € 120.5 million (vs. € 108.2 million in 3Q20)
Consolidated Net Profit in 3Q21 equal to € 96.4 million (vs. € 87.1 million in 3Q20)
Total Managed Assets at the end of September 2021 were €52.4 billion, and counting assets under custody and third parties’ funds reached € 78.6 billion (Total Assets at the end of October reach the record € 80.6 billion). Net inflows for the first 9 months were € 15.3 billion (€16.4 billion at the end of October), of which almost € 2 billion refer to net inflows in the Private Markets segment, accounting for almost 50% of the Group's inflows in funds since the beginning of the year. The international business is also growing strongly and now represents 39% of the Group's total AUM.
Net Financial Position as of September 30, 2021 is positive for € 121 million(1), improving compared to € 58 million as of June 30, 2021. In the first nine months of 2021 the company distributed more than € 136 million ordinary dividends in cash and invested ca. €96 million for growth. The NFP also includes payments for ca. € 50 million for policyholders, stamp duties and tax advance.
Recruitment of financial advisors and private bankers in Italy continued well: in the first nine months of 2021 the Group recorded 118 new hires (123 taking into account October), bringing the total number of FAs to 1852.
The Board also approved the new dividend policy for the period 2021-2024, setting a Payout on Recurring Net Profit between 50-70%, determined annually depending on potential M&A transactions.
Gabriele Blei, CEO of Azimut Holding, comments: “We continued growing through the third quarter of 2021, reaching a record net profit of €322 million in the first nine months of the year and already achieving -ahead of schedule- the lower end of the Net Profit target range we envisaged for the entire year (€350-500 million). These outstanding results demonstrate the strength and quality of our business model, highly focused on our clients who are benefiting from a net weighted average performance of almost +7% since the beginning of the year (+17% since 2019). We are also pursuing product innovation particularly in the private markets segment, whose total assets at Group level now reached € 4 billion. The extraordinary work of our financial advisors will allow us to further accelerate inflows in real economy products by year end, increasing their weight on total managed assets to over 8%.”
Pietro Giuliani, Chairman of Azimut Holding, comments: “We are particularly proud of the results achieved in these 9 months. We are looking at numbers that were unthinkable only at the beginning of the year. What we have achieved is very important: on international markets we reached approximately 40% of Total Assets, while on the Private Markets division, we are scheduled to reach 8% of Total Managed Assets by year end. We
have also decided to listen to several shareholders on the definition of a dividend policy, and we are pleased to
commit for the coming years to a dividend payout between 50% and 70% of recurring net profit.”
The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs. 58/98, that the financial information herein included, corresponds to the records in the company’s books. The reclassified financial statements attached to this press release are not subject to verification by the audit company; the latter, in charge of the limited audit of the Consolidated Half-Year Financial Report, will complete its examination in accordance with the law.
Note (1): not including the impact of IFRS 16 as detailed in the table below.
Azimut is Italy’s leading independent asset manager (active since 1989). The parent company Azimut Holding was listed on the Italian stock exchange on 7 July 2004 (AZM.MI) and, among others, is a member of the main Italian index FTSE MIB. The shareholder structure includes over 2,000 managers, employees and financial advisors bound by a shareholders’ agreement that controls ca. 22% of the company. The remaining is free float. The Group comprises various companies active in the sale, management and distribution of financial and insurance products, with Registered Offices mainly in Italy, Luxembourg, Ireland, China (Hong Kong and Shanghai), Monaco, Switzerland, Taiwan, Brazil, Egypt, Singapore, Mexico, Australia, Chile, USA, UAE and Turkey. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR distributes Group and third party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the Alternatives business. Overseas main operations are Azimut Investments (formerly AZ Fund Management, founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset and the Irish Azimut Life DAC, which offers life insurance products.
Contacts - Azimut Holding S.p.A.
www.azimut-group.com
Investor Relations Media Relations
Vittorio Pracca Maria Laura Sisti (Esclapon& Co.)
Tel. +39 02 8898 5853 Tel. +39347 42 82 170
Email: vittorio.pracca@azimut.it Email: marialaura.sisti@esclapon.com
Galeazzo Cornetto Bourlot Viviana Merotto
Tel. +39 02 8898 5066 Tel. +39 02 8898 5026
Email: galeazzo.cornetto@azimut.it Email: viviana.merotto@azimut.it
Contact Info:
Name: Maria Laura Sisti
Email: Send Email
Organization: Azimut Holding S.p.A.
Address: Milan
Website: http://www.azimut-group.com
Source: MarketersMEDIA
Release ID: 89051301
