- Fourth quarter net income of US$106.8
million, and adjusted net income of US$117.5 million, reflect a
higher tax rate driven primarily by a true-up in the quarter for
mix shift in regional profitability
- AUM of US$328.5 billion, down 13%
compared to the prior quarter, reflecting market conditions and net
outflows of US$8.4 billion
- Completed US$50 million of share
buybacks during the quarter; completed US$100 million of share
buybacks during 2018
- Board declared quarterly dividend of
US$0.36 per share and approved additional authorisation of US$200
million of buybacks in 2019
- Achieved targeted cost synergies of
US$125 million, well ahead of plan
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’)
published its fourth quarter and full year 2018 results for the
period ended 31 December 2018.
Fourth quarter 2018 net income attributable to JHG was US$106.8
million compared to US$111.2 million in the third quarter 2018 and
US$471.7 million in the fourth quarter 2017 (fourth quarter 2017
net income included a one-time non-cash tax benefit of US$340.7
million related to changes in US tax legislation). Adjusted net
income attributable to JHG, adjusted for one-time, acquisition and
transaction related costs, of US$117.5 million declined 15%
compared to US$138.6 million in the third quarter 2018 and declined
21% compared to US$147.9 million in the fourth quarter 2017.
Fourth quarter 2018 diluted earnings per share was US$0.54
compared to US$0.55 in the third quarter 2018 and US$2.32 in the
fourth quarter 2017 (fourth quarter 2017 diluted earnings per share
included US$1.67 per diluted share related to changes in US tax
legislation). Adjusted diluted earnings per share of US$0.59
declined 14% compared to US$0.69 in the third quarter 2018 and
declined 19% versus US$0.73 in the fourth quarter 2017.
Fourth quarter 2018 financial results reflect a higher tax rate
due primarily to a true-up in the quarter for the mix shift in
regional profitability. Going forward, the firm’s statutory tax
rate is expected to be 23% to 25%; the effective rate will be
impacted by various differences which arise quarter to quarter.
Dick Weil, Chief Executive Officer of Janus Henderson Group
plc, stated:“Against a backdrop of volatile markets and ongoing
change in the asset management sector, 2018 was a year of further
transformation for our firm. On the positive side, we made
significant progress driving towards merger completion,
transforming from two separate legacy companies into Janus
Henderson. I am very pleased that we were able to complete our
integration efforts and realise our cost synergies of US$125
million well ahead of plan in 2018. Additionally, in 2018 the
business continued to generate strong cash flow - we returned a
majority of this cash flow to shareholders through dividends,
repaying our convertible notes and by completing our US$100 million
share buyback.
“Despite this progress and our continued success taking market
share in our largest geography – US active equity mutual funds – we
faced the same global market challenges and headwinds as the wider
industry, combined with an aggregate US$18 billion outflow, which
was disappointing.
“As an active manager, the current volatile environment causes
our clients to look to us for help and support. It provides us with
an especially important opportunity to earn our clients’ loyalty
and to differentiate ourselves from our competition – both active
and passive. We enter 2019 confident in our ability to deliver for
our clients and we are committed to a continued focus on
operational efficiency, while developing initiatives for future
growth.”
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions,
except per share data or as noted)
The Group presents its financial results in US$ and in
accordance with accounting principles generally accepted in the
United States of America (‘US GAAP’ or ‘GAAP’). However, in the
opinion of Management, the profitability of the Group and its
ongoing operations is best evaluated using additional non-GAAP
financial measures on an adjusted basis. See adjusted statements of
income reconciliation for additional information. Results for 2017
were recast to reflect the adoption of the new revenue recognition
standard to conform to the 2018 presentation; the change in
presentation does not affect the Group’s reporting on an adjusted
basis, as distribution expenses are netted against revenue. Pro
forma results are based on the combined results of JHG as if the
merger took place at the beginning of the period.
Three months ended Year
ended 31 Dec 31 Dec
30 Sep 31 Dec 31 Dec 31 Dec 2017
2018 2018 2017 2018 2017
(pro forma)
GAAP
basis:
Revenue 545.1 581.2 621.8 2,306.4 1,818.3 2,295.9 Operating
expenses 395.1 432.9 425.2 1,656.6 1,376.0 1,766.7 Operating income
150.0 148.3 196.6 649.8 442.3 529.2 Operating margin 27.5 % 25.5 %
31.6 % 28.2 % 24.3 % 23.0 % Net income attributable to JHG 106.8
111.2 471.7 523.8 655.5 704.6 Diluted earnings per share 0.54 0.55
2.32 2.61 3.93 3.46
Three months ended
Year ended 31 Dec 31 Dec
30 Sep 31 Dec 31 Dec 2017
2018 2018 2017 2018 (pro forma)
Adjusted
basis:
Revenue 442.7 468.9 505.3 1,859.7 1,848.1 Operating expenses 277.4
288.4 284.9 1,133.7 1,116.2 Operating income 165.3 180.5 220.4
726.0 731.9 Operating margin 37.3 % 38.5 % 43.6 % 39.0 % 39.6 % Net
income attributable to JHG 117.5 138.6 147.9 549.6 504.4 Diluted
earnings per share 0.59 0.69 0.73 2.74 2.48
Fourth quarter 2018 adjusted revenue of US$442.7 million
decreased from the third quarter 2018 result of US$468.9 million as
management fees declined in line with an 8% decline in average AUM
partially offset by a seasonal increase in performance fees. Fourth
quarter 2018 adjusted operating income of US$165.3 million
decreased from US$180.5 million in the third quarter 2018, with
lower adjusted revenue slightly offset by lower operating expenses
primarily due to long-term incentive compensation mark to
market.
BREXIT UPDATE
Janus Henderson has a long history in continental Europe and
already has fund ranges in the UK, Luxembourg and Ireland. We have
completed our contingency preparations, and we are in a strong
position to continue to serve investors in the UK and the EU
irrespective of the outcome. The announcements from ESMA last week
on the subject of delegation are welcomed, and support our current
planning assumptions.
DIVIDEND AND SHARE BUYBACK
On 4 February 2019, the Board declared a fourth quarter dividend
in respect of the three months ended 31 December 2018 of US$0.36
per share. Shareholders on the register on the record date of 15
February 2019 will be paid the dividend on 26 February 2019. Janus
Henderson does not offer a dividend reinvestment plan.
During the fourth quarter, JHG purchased approximately 2.2
million in aggregate of its ordinary shares on the NYSE and its
CHESS Depositary Interests (CDIs) on the ASX for a total outlay of
US$50 million.
Additionally, on 4 February 2019, and subject to formally
appointing a corporate broker, the Board approved JHG commencing a
new on-market buyback programme in 2019, on a date to be determined
and announced by JHG. The Group intends to spend up to US$200
million to buy its ordinary shares on the NYSE and its CDIs on the
ASX over 12 months. Further information regarding the proposed
on-market buyback programme will be announced immediately prior to
its finalisation and formal launch.
During the first quarter 2019, the firm will purchase shares on
market for the annual share grants associated with 2018 variable
compensation, which is not connected with the above Board approval.
As a firm policy, Janus Henderson does not issue new shares to
employees as part of its annual compensation practices.
Net tangible assets per share
US$ 31 Dec 2018
31 Dec 2017 Net tangible assets per ordinary share
1.32 0.68
Net tangible assets are defined by the ASX as being total assets
less intangible assets less total liabilities ranking ahead of, or
equally with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
Pro forma results are based on the combined results of JHG as if
the merger took place at the beginning of the period. FX reflects
movement in AUM resulting from changes in foreign currency rates as
non-USD denominated AUM is translated into USD. Redemptions include
impact of client switches. The reclassification in the fourth
quarter 2018 reflects an operational reclassification of an
existing client’s funds.
Total Group comparative AUM and
flows
Three months ended
Year ended 31 Dec 31 Dec
30 Sep 31 Dec 31 Dec 2017 2018
2018 2017 2018 (pro forma) Opening
AUM 378.1 370.1 360.5 370.8
319.2 Sales 16.6 17.7 20.0 71.1 77.9 Redemptions (25.0 )
(22.0 ) (22.9 ) (89.2 ) (88.1 ) Net sales / (redemptions) (8.4 )
(4.3 ) (2.9 ) (18.1 ) (10.2 ) Market / FX (41.2 ) 12.3 13.2 (24.2 )
62.5 Acquisitions / (disposals) - - - -
(0.7 )
Closing AUM 328.5 378.1 370.8
328.5 370.8
Quarterly AUM and flows by
capability
Equities
FixedIncome
QuantitativeEquities
Multi-Asset Alternatives
Total AUM 31 Dec 2017 189.7 80.1
49.9 31.6 19.5 370.8 Sales 9.9 5.3 1.7
1.3 1.5 19.7 Redemptions (11.7 ) (5.6 ) (1.4 ) (1.2 ) (2.5 ) (22.4
) Net sales / (redemptions) (1.8 ) (0.3 ) 0.3 0.1 (1.0 ) (2.7 )
Market / FX 2.8 0.2 0.2 0.1 0.5
3.8
AUM 31 Mar 2018 190.7 80.0
50.4 31.8 19.0 371.9 Sales 8.5 5.0 0.4
1.8 1.4 17.1 Redemptions (9.6 ) (5.6 ) (1.2 ) (1.3 ) (2.1 ) (19.8 )
Net sales / (redemptions) (1.1 ) (0.6 ) (0.8 ) 0.5 (0.7 ) (2.7 )
Market / FX 3.7 (2.9 ) 0.5 0.3 (0.7 ) 0.9
AUM 30 Jun 2018 193.3 76.5 50.1
32.6 17.6 370.1 Sales 6.8 6.0 1.3 2.2 1.4 17.7
Redemptions (9.9 ) (7.6 ) (1.3 ) (1.3 ) (1.9 ) (22.0 ) Net sales /
(redemptions) (3.1 ) (1.6 ) (0.0 ) 0.9 (0.5 ) (4.3 ) Market / FX
9.0 (0.4 ) 2.8 1.1 (0.2 ) 12.3
AUM
30 Sep 2018 199.2 74.5 52.9 34.6
16.9 378.1 Sales 8.6 4.7 0.3 2.3 0.7 16.6 Redemptions
(12.7 ) (6.0 ) (1.4 ) (2.0 ) (2.9 ) (25.0 ) Net sales /
(redemptions) (4.1 ) (1.3 ) (1.1 ) 0.3 (2.2 ) (8.4 ) Market / FX
(29.2 ) (1.3 ) (7.5 ) (2.5 ) (0.7 ) (41.2 ) Reclassification 1.7
0.5 - (2.2 ) - -
AUM 31 Dec
2018 167.6 72.4 44.3 30.2
14.0 328.5
Annual AUM and flows by
capability
Equities
FixedIncome
QuantitativeEquities
Multi-Asset Alternatives
Total AUM 31 Dec 2017 189.7 80.1
49.9 31.6 19.5 370.8 Sales 33.8 21.0
3.7 7.6 5.0 71.1 Redemptions (43.9 ) (24.8 ) (5.3 ) (5.8 ) (9.4 )
(89.2 ) Net sales / (redemptions) (10.1 ) (3.8 ) (1.6 ) 1.8 (4.4 )
(18.1 ) Market / FX (13.7 ) (4.4 ) (4.0 ) (1.0 ) (1.1 ) (24.2 )
Reclassification 1.7 0.5 - (2.2 ) - -
AUM 31 Dec 2018 167.6 72.4 44.3
30.2 14.0 328.5
Average AUM
Three months ended Year
ended 31 Dec
31 Dec2018
30 Sep2018
31 Dec2017
31 Dec2018
2017(pro forma)
Average AUM: Equities 179.5 197.8 185.9 190.7 172.8 Fixed
Income 73.0 75.9 80.2 76.6 77.6 Quantitative Equities 47.6 52.1
49.7 50.3 48.2 Multi-Asset 32.2 33.7 30.9 32.5 29.5 Alternatives
15.5 17.3 19.4 17.6 18.4
Total 347.8 376.8
366.1 367.7 346.5
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31
Dec 2018)
Capability 1
year 3 years 5 years
Equities 67 % 55 % 71 % Fixed Income 36 % 88 % 93 % Quantitative
Equities 20 % 11 % 15 % Multi-Asset 81 % 90 % 91 % Alternatives 35
% 94 % 100 %
Total 55 % 61 % 72 %
Note: Outperformance is measured based on composite performance
gross of fees vs primary benchmark, except where a strategy has no
benchmark index or corresponding composite in which case the most
relevant metric is used: (1) composite gross of fees vs zero for
absolute return strategies, (2) fund net of fees vs primary index
or (3) fund net of fees vs Morningstar peer group average or
median. Non-discretionary and separately managed account assets are
included with a corresponding composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity
funds and custom non-discretionary accounts with no corresponding
composite are excluded from the analysis. Excluded assets represent
5% of AUM as at 31 Dec 2018. Capabilities defined by Janus
Henderson.
% of mutual fund AUM in top 2
Morningstar quartiles (at 31 Dec 2018)
Capability 1
year 3 years 5 years
Equities 67 % 63 % 85 % Fixed Income 46 % 28 % 57 % Quantitative
Equities 98 % 17 % 100 % Multi-Asset 89 % 89 % 88 % Alternatives 26
% 93 % 59 %
Total 65 % 62 % 80 %
Note: Includes Janus Investment Fund, Janus Aspen
Series and Clayton Street Trust (US Trusts), Janus Henderson
Capital Funds (Dublin based), Dublin and UK OEIC and Investment
Trusts, Luxembourg SICAVs and Australian Managed Investment
Schemes. The top two Morningstar quartiles represent funds in the
top half of their category based on total return. On an
asset-weighted basis, 82% of total mutual fund AUM was in the top 2
Morningstar quartiles for the 10-year period ended 31 Dec 2018. For
the 1-, 3-, 5- and 10-year periods ending 31 Dec 2018, 57%, 48%,
61% and 64% of the 211, 200, 181 and 146 total mutual funds,
respectively, were in the top 2 Morningstar quartiles.
Analysis based on ‘primary’ share class (Class I Shares,
Institutional Shares or share class with longest history for US
Trusts; Class A Shares or share class with longest history for
Dublin based; primary share class as defined by Morningstar for
other funds). Performance may vary by share class. Rankings may be
based, in part, on the performance of a predecessor fund or share
class and are calculated by Morningstar using a methodology that
differs from that used by Janus Henderson. Methodology differences
may have a material effect on the return and therefore the ranking.
When an expense waiver is in effect, it may have a material effect
on the total return, and therefore the ranking for the period.
ETFs and funds not ranked by Morningstar are excluded from the
analysis. Capabilities defined by JHG. © 2018
Morningstar, Inc. All Rights Reserved.
FIRST QUARTER 2019 RESULTS
Janus Henderson intends to publish its first quarter 2019
results on 2 May 2019.
FOURTH QUARTER AND FULL YEAR 2018 EARNINGS CALL
INFORMATION
Chief Executive Officer, Dick Weil, and Chief Financial Officer,
Roger Thompson, will present these results on 5 February 2019
on a conference call and webcast to be held at 8am EST, 1pm GMT,
12am AEDT (6 February).
Those wishing to participate should call:
United Kingdom 0800 358 6377 (toll free) US &
Canada 800 239 9838 (toll free) Australia 1 800 573 793 (toll free)
All other countries: +1 323 794 2551 (this is not a toll free
number) Conference ID: 9437527
Access to the webcast and accompanying slides will be available
via the investor relations section of Janus Henderson’s website
(www.janushenderson.com/IR).
About Janus Henderson
Janus Henderson Group (JHG) is a leading global active asset
manager dedicated to helping investors achieve long-term financial
goals through a broad range of investment solutions, including
equities, fixed income, quantitative equities, multi-asset and
alternative asset class strategies.
Janus Henderson has approximately US$329 billion in assets under
management (at 31 December 2018), more than 2,000 employees, and
offices in 28 cities worldwide. Headquartered in London, the
company is listed on the New York Stock Exchange (NYSE) and the
Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
Results for 2017 were recast to reflect the adoption of the new
revenue recognition standard to conform to the 2018 presentation;
the change in presentation does not affect the Group’s reporting on
an adjusted basis, as distribution expenses are netted against
revenue. In addition, all prior periods reflect the
reclassification of certain revenue amounts from ‘Other revenue’ to
‘Shareowner servicing fees’. Pro forma results are based on the
combined results of JHG as if the merger took place at the
beginning of the period.
Condensed consolidated statements of
comprehensive income (unaudited)
Three months ended Year
ended 31 Dec 31 Dec
30 Sep 31 Dec 31 Dec 31 Dec 2017
(in US$ millions, except per share data or as noted)
2018 2018 2017 2018 2017 (pro
forma) Revenue: Management fees 452.3 498.7 498.1
1,947.4 1,480.9 1,869.3 Performance fees 3.5 (6.0 ) 33.5 7.1 103.9
84.7 Shareowner servicing fees 37.0 40.2 38.3 154.2 87.3 144.5
Other revenue 52.3 48.3 51.9 197.7
146.2 197.4
Total revenue 545.1
581.2 621.8 2,306.4
1,818.3 2,295.9 Operating
expenses: Employee compensation and benefits 155.8 159.5 172.6
613.0 543.3 698.3 Long-term incentive plans 32.3 61.1 36.2 188.6
150.8 182.8 Distribution expenses 102.4 112.3 116.5 446.7 351.9
447.8 Investment administration 11.6 12.2 12.2 46.9 43.8 43.8
Marketing 12.8 7.1 9.8 37.9 31.2 62.8 General, administrative and
occupancy 62.4 59.9 55.6 253.7 202.2 264.5 Depreciation and
amortisation 17.8 20.8 22.3 69.8 52.8
66.7
Total operating expenses 395.1
432.9 425.2 1,656.6
1,376.0 1,766.7
Operating income 150.0 148.3 196.6
649.8 442.3 529.2 Interest expense (4.0
) (4.0 ) (4.1 ) (15.7 ) (11.9 ) (18.7 ) Investment gains (losses),
net (15.3 ) (8.3 ) 3.0 (40.9 ) 18.0 19.5 Other non-operating income
(expenses), net 13.5 2.3 (9.0 ) 68.6 (1.0 )
0.5 Income before taxes 144.2 138.3 186.5 661.8 447.4 530.5
Income tax provision (43.4 ) (33.2 ) 285.6 (162.2 ) 211.0
179.6 Net income 100.8 105.1 472.1 499.6 658.4 710.1
Net loss (income) attributable to noncontrolling interests 6.0
6.1 (0.4 ) 24.2 (2.9 ) (5.5 )
Net income
attributable to JHG 106.8 111.2 471.7
523.8 655.5 704.6 Less: allocation of earnings
to participating stock-based awards (2.8 ) (3.0 ) (12.9 ) (12.7 )
(17.3 ) (19.9 )
Net income attributable to JHG common
shareholders 104.0 108.2
458.8 511.1 638.2
684.7 Basic weighted-average shares
outstanding (in millions) 193.3 195.2 196.3 195.0 160.7 196.3
Diluted weighted-average shares outstanding (in millions) 194.1
195.9 197.7 195.9 162.3 197.9
Diluted earnings per share
(in US$) 0.54 0.55 2.32 2.61
3.93 3.46
Adjusted statements of income (unaudited)
The following are reconciliations of US GAAP basis revenues,
operating income, net income attributable to JHG and diluted
earnings per share to adjusted revenues, adjusted operating income,
adjusted net income attributable to JHG and adjusted diluted
earnings per share.
Three months ended Year ended
31 Dec 31 Dec 30 Sep
31 Dec 31 Dec 2017 (in US$ millions, except
per share data or as noted) 2018 2018 2017
2018 (pro forma) Reconciliation of revenue to
adjusted revenue Revenue 545.1 581.2 621.8 2,306.4 2,295.9
Distribution expenses1 (102.4 ) (112.3 ) (116.5 ) (446.7 ) (447.8 )
Adjusted revenue 442.7 468.9 505.3 1,859.7
1,848.1
Reconciliation of operating income
to adjusted operating income Operating income 150.0 148.3 196.6
649.8 529.2 Employee compensation and benefits2 4.4 8.1 9.6 21.4
54.1 Long-term incentive plans2 (0.2 ) 10.0 1.5 10.6 17.6
Investment administration2 - - - 0.7 - Marketing2 0.1 - (0.7 ) -
28.9 General, administration and occupancy2 1.9 1.3 (0.7 ) 6.8 65.8
Depreciation and amortisation2,3 9.1 12.8 14.1
36.7 36.3 Adjusted operating income 165.3
180.5 220.4 726.0 731.9
Operating margin 27.5 % 25.5 % 31.6 % 28.2 % 23.0 % Adjusted
operating margin 37.3 % 38.5 % 43.6 % 39.0 % 39.6 %
Reconciliation of net income attributable to JHG to adjusted net
income attributable to JHG Net income attributable to JHG 106.8
111.2 471.7 523.8 704.6 Employee compensation and benefits2 4.4 8.1
9.6 21.4 54.1 Long-term incentive plans2 (0.2 ) 10.0 1.5 10.6 17.6
Investment administration2 - - - 0.7 - Marketing2 0.1 - (0.7 ) -
28.9 General, administration and occupancy2 1.9 1.3 (0.7 ) 6.8 65.8
Depreciation and amortisation2,3 9.1 12.8 14.1 36.7 36.3 Interest
expense4 0.9 0.8 0.7 3.1 2.7 Investment gains (losses), net5 - -
(3.1 ) - (13.2 ) Other non-operating income (expenses), net4 0.3
2.5 11.0 (46.0 ) 1.7 Income tax provision6 (5.8 ) (8.1 ) (356.2 )
(7.5 ) (394.1 ) Adjusted net income attributable to JHG
117.5 138.6 147.9 549.6 504.4
Less: allocation of earnings to participating stock-based awards
(3.2 ) (3.7 ) (4.0 ) (13.4 ) (14.2 ) Adjusted net income
attributable to JHG common shareholders
114.3
134.9 143.9 536.2
490.2 Weighted average diluted common shares
outstanding – diluted (two class) (in millions) 194.1 195.9 197.7
195.9 197.9 Diluted earnings per share (two class) (in US$)
0.54 0.55 2.32 2.61 3.46
Adjusted diluted earnings per share (two class) (in US$)
0.59 0.69 0.73 2.74 2.48
____________________
1 Distribution expenses are paid to financial intermediaries
for the distribution of JHG’s investment products. JHG management
believes that the deduction of third-party distribution, service
and advisory expenses from revenue in the computation of net
revenue reflects the nature of these expenses, as these costs are
passed through to external parties that perform functions on behalf
of, and distribute, the Group’s managed AUM. 2 Adjustments
primarily represent deal and integration costs in relation to the
Merger. The costs primarily represent severance costs, legal costs
and consulting fees. JHG management believes these costs do not
represent the ongoing operations of the Group. 3 Investment
management contracts have been identified as a separately
identifiable intangible asset arising on the acquisition of
subsidiaries and businesses. Such contracts are recognised at the
net present value of the expected future cash flows arising from
the contracts at the date of acquisition. For segregated mandate
contracts, the intangible asset is amortised on a straight-line
basis over the expected life of the contracts. JHG management
believes these non-cash and acquisition-related costs do not
represent the ongoing operations of the Group. 4 Adjustments
primarily represent fair value movements on options issued to
Dai-ichi, deferred consideration costs associated with acquisitions
and increased debt expense as a consequence of the fair value
uplift on the debt due to acquisition accounting. JHG management
believes these costs do not represent the ongoing operations of the
Group. The options issued to Dai-ichi expired on 3 October 2018. 5
Adjustments primarily relate to the gain recognised on disposal of
the alternative UK small cap team (‘Volantis team’) on 1 April 2017
and adjustments related to deferred consideration costs for prior
acquisitions. JHG management believes these costs do not represent
the ongoing operations of the Group. 6 The tax impact of the
adjustments is calculated based on the US or foreign statutory tax
rate as they relate to each adjustment. Certain adjustments are
either not taxable or not tax-deductible. In addition, fourth
quarter 2017 includes the impact of US tax legislation passed in
December 2017.
Condensed consolidated balance sheets
(unaudited)
31 Dec 30 Sep
31 Dec (in US$ millions) 2018
2018 2017 Assets Cash and cash equivalents
880.4 754.8 760.1 Investment securities 291.8 310.3 280.4 Property,
equipment and software, net 69.5 65.0 70.6 Intangible assets and
goodwill, net 4,601.3 4,641.3 4,738.7 Assets of consolidated
variable interest entities 323.9 355.2 466.7 Other assets 745.0
796.9 956.2
Total assets 6,911.9 6,923.5
7,272.7 Liabilities, redeemable noncontrolling
interests and equity Debt 319.1 319.8 379.2 Deferred tax
liabilities, net 729.9 744.8 752.6 Liabilities of consolidated
variable interest entities 6.5 15.0 21.5 Other liabilities 859.5
806.2 1,053.6 Redeemable noncontrolling interests 136.1 139.2 190.3
Total equity 4,860.8 4,898.5 4,875.5
Total liabilities,
redeemable noncontrolling interests and equity 6,911.9
6,923.5 7,272.7
Condensed consolidated statements of
cash flows (unaudited)
Three months ended (in US$
millions)
31 Dec2018
30 Sep2018
31 Dec2017
Cash provided by (used for) Operating activities 243.3 246.6
225.9 Investing activities (0.4 ) 31.9 0.5 Financing activities
(114.4 ) (182.4 ) (133.6 ) Effect of foreign exchange rate changes
(8.0 ) (3.8 ) 1.7
Net change during period
120.5 92.3 94.5
STATUTORY DISCLOSURES
Associates and joint ventures
At 31 December 2018, the Group holds interests in the following
associates and joint ventures managed through shareholder
agreements with third party investors, accounted for under the
equity method:
- Long Tail Alpha LLC. Ownership 20%
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the
condensed consolidated financial statements contain all normal
recurring adjustments necessary to fairly present the financial
position, results of operations and cash flows of JHG in accordance
with US GAAP. Such financial statements have been prepared in
accordance with the instructions to Form 10-Q pursuant to the rules
and regulations of the SEC. Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with GAAP have been condensed or omitted pursuant to
such rules and regulations. The financial statements should be read
in conjunction with the annual consolidated financial statements
and notes presented in Janus Henderson Group’s Annual Report on
Form 10-K for the year ended 31 December 2017, on file with the SEC
(Commission file no. 001-3810). Events subsequent to the balance
sheet date have been evaluated for inclusion in the financial
statements through the issuance date and are included in the notes
to the condensed consolidated financial statements.
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the
Group have been properly maintained, and the Condensed Consolidated
Financial Statements comply with the appropriate accounting
standards and give a true and fair view of the financial position
and performance of the Group. This opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Past performance is no guarantee of future results. Investing
involves risk, including the possible loss of principal and
fluctuation of value.
This document includes statements concerning potential future
events involving Janus Henderson Group plc that could differ
materially from the events that actually occur. The differences
could be caused by a number of factors including those factors
identified in Janus Henderson Group’s Annual Report on Form 10-K
for the fiscal year ended 31 December 2017, on file with the
Securities and Exchange Commission (Commission file no. 001-38103),
including those that appear under headings such as ‘Risk Factors’
and ‘Management’s Discussion and Analysis of Financial Condition
and Results of Operations’. Many of these factors are beyond the
control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such
statements were made. Janus Henderson Group assumes no duty to
update them, even if experience, unexpected events, or future
changes make it clear that any projected results expressed or
implied therein will not be realised.
Annualised, pro forma, projected and estimated numbers are used
for illustrative purposes only, are not forecasts and may not
reflect actual results.
The information, statements and opinions contained in this
document do not constitute a public offer under any applicable
legislation or an offer to sell or solicitation of any offer to buy
any securities or financial instruments or any advice or
recommendation with respect to such securities or other financial
instruments.
Not all products or services are available in all
jurisdictions.
Mutual funds in the US are distributed by Janus Henderson
Distributors.
Please consider the charges, risks, expenses and investment
objectives carefully before investing. For a US fund prospectus or,
if available, a summary prospectus containing this and other
information, please contact your investment professional or call
800.668.0434. Read it carefully before you invest or send
money.
Janus Henderson, Janus, Henderson, Intech, Alphagen and
Knowledge. Shared are trademarks of Janus Henderson Group plc or
one of its subsidiaries. © Janus Henderson Group plc.
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version on businesswire.com: https://www.businesswire.com/news/home/20190205005260/en/
Janus Henderson Group
plcInvestor enquiries:John GronemanGlobal Head of
Investor Relations+44 (0) 20 7818
2106john.groneman@janushenderson.comJim KurtzUS Investor Relations
Manager+1 (303) 336 4529jim.kurtz@janushenderson.comMelanie
HortonNon-US Investor Relations Manager+44 (0) 20 7818
2905melanie.horton@janushenderson.comInvestor
Relationsinvestor.relations@janushenderson.comMedia
enquiries:North America:Taylor Smith+1 303 336
5031taylor.smith@janushenderson.comEMEA:Natasha Moore+44 (0) 20
7818 3521natasha.moore@janushenderson.comUnited Kingdom: FTI
ConsultingTom Blackwell+ 44 (0) 20 3727
1051tom.blackwell@FTIConsulting.comAsia Pacific: HonnerMichael
Mullane+ 61 28248 3740michaelmullane@honner.com.au
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