Amundi: Q3 and 9M 2022 results
Amundi: Q3 and 9M 2022
results
Net income1
of €282m in the third quarter, up 5% on the second
quarter
|
Results |
9M 2022: high level of
net income1 (€875m) and
operational efficiency maintained A solid
Q3 in difficult market conditions
- High level of net management fees,
up 2% vs. Q2 2022
- Expenses1 down by 2% vs. Q2 2022
(cost-income ratio1 of 54.7%)
- Adjusted net income1 of €282m, up
5% vs. Q2 2022
|
|
Business activity |
9M 2022:
flows2 of
-€8.0bn of which +€7.5bn in Medium/Long-Term
Assets3 excluding JVs
Q3 2022:
flows of -€12.9bn of which -€3.5bn in MLT
excluding JVs
- Positive activity in the networks
and in active expertise
- Outflows in passive management
(third-party distributors and Institutionals) related to the
“derisking” context
Assets under management of €1,895bn at 30 September
2022: +5% year-on-year and -2% over 3 months |
|
Integration of Lyxor |
Operational integration complete (IT migration
accomplished)Initial effects of revenue and cost
synergies recorded |
Paris, 28 October 2022
Amundi’s Board of Directors, chaired by Yves
Perrier, convened on 27 October 2022 to review the financial
statements for the third quarter and first nine months of 2022.
Commenting on the figures, Valérie Baudson, CEO,
said:
“Over the first nine months of the year, Amundi
showed solid performance in a persistently tough market
environment, maintaining a high level of profitability and
operational efficiency. In the third quarter, Amundi’s activity
held up well, particularly in medium/long-term assets, in a market
characterised by strong outflows4. Lyxor's operational integration
was successfully completed, allowing to record the initial effects
of revenue and cost synergies. These results confirm the robustness
of Amundi's profile.”
I. Business activity held
up well in unfavourable market conditions
The third quarter was characterised by
unfavourable market conditions:
- equity markets
declined sharply: the EuroStoxx lost 5% over 3 months5, and is down
24% since the end of 2021; on average it dropped 15% vs. Q3 2021,
5% vs. Q2 2022 and 5% between 9M 2021 and 9M 2022;
- bond markets
declined (-5% between 30/06/2022 and 30/09/20226), with rates7 up
around 75bps in the third quarter and 250bps over the first nine
months of the year;
- the US dollar
appreciated 6% against the Euro between 30/06/2022 and
30/09/2022;
- an overall increase
in risk aversion
The European asset management market 8 displayed
substantial outflows in Q3 (-€111bn of which -€101 €bn in MLT
assets).
Amundi's assets under management
totalled €1,895bn at 30 September 2022, up 4.7% over one year and
down 1.5% from the end of June 2022.
Q3 2022 business activity
Against this backdrop, Amundi showed
resilient business activity in MLT assets ex JVs (-€3.5bn compared
to -€10.0bn in Q2).
- In Retail,
business activity was solid in the French
(+€0.5bn in MLT,
specifically in active management and real assets) and
international networks (+€1.4bn9
in MLT).
- Active
management flows were positive (+€1.1bn in MLT), driven by
equity (thematic management) and bond products.
- Outflows in passive
management (-€3.8bn) were attributable to the
derisking prevailing among Institutionals and
third-party distributors
In treasury products, outflows of -€8.1bn (ex
JVs) were concentrated in Corporate and Institutional clients.
Business activity in the JVs
was negative this quarter (-€1.3bn) owing to outflows in treasury
products and in Channel Business10 in China. In MLT
assets11, flows were positive
(+€3.8bn), thanks to the momentum of the Indian JV SBI MF,
which consolidates its leadership in the Indian market12.
Total flows in Q3 were
-€12.9bn.
Continued development of Amundi
Technology
Amundi Technology continued to grow with 45
clients at end September 2022 (compared to 42 at end June). Three
new clients subscribed to the ALTO Wealth & Distribution
offer.
9M 2022 business activity
Over the first 9 months of 2022, Amundi had
-€8.0bn in outflows, driven by outflows in treasury products
(-€35.6bn).
Excluding JVs, MLT flows
were significant (+€7.5bn) thanks to
Retail (+€10.6bn in MLT, essentially
in third-party distributors); in
the Institutional
segment, outflows were
limited (-€3.1bn in MLT).
- Active
management: in generally falling markets, Amundi's flows
were positive (+€1.6bn), with flows in particular in Equities
(especially thematic management). Fund performance
was solid, with over 69% of
assets in open-ended funds in the top two quartiles according to
Morningstar13 over 1 and 3 years, and over 76% over 5 years. With
306 funds rated 4 and 5 stars, Amundi is the second largest player
in Europe in terms of number of funds.
- Activity in
Real Assets (excluding alternative assets) was strong,
with net inflows of +€3.0bn, particularly in Real Estate and
Private Equity, bringing assets under management to €66bn at
30/09/2022.
- Passive
management, ETFs and Smart beta posted net inflows
of +€7.5bn, bringing AuM to €275bn at the end of
September 2022. This performance was significant amid the
merger with Lyxor. In ETFs, while the start of the year was
particularly promising, the market experienced a slowdown in a
general climate of derisking. Nonetheless, with inflows of
+€4.6bn14 over 9 months, Amundi consolidated its position as the
second ETF player in Europe and the European leader with a market
share of around 13.5%15 (AUM of €167bn at 30/09/2022).
In the Asian JVs, business activity
was strong with inflows of
+€20.2bn, mainly in India and China.
II. Continued high level
of profitability and operational efficiency
Note: figures published in 2021 did not include
Lyxor. The published 9M 2021 income statements as well as the
change vs Q3 and 9 months 2022 combined (on a like-for-like basis,
with Lyxor) are presented in the appendix. Also, Amundi Technology
revenues are presented on a separate line of the P&L in 2021
and 2022.
Q3 2022
results (adjusted data)
Amundi’s quarterly adjusted net income
of €282m remained high, a considerable increase (+4.7%)
compared to Q2 2022, thanks to the
positive jaws effect between net management fees and
well-controlled expenses.
Net revenues
at €758m:
- Net
management fees16 were
€747m, a slight increase over Q2 2022 (+1.9%)
thanks to the improved client/product mix, a positive currency
effect (US dollar / euro), and some non-recurring items.
- The normalisation
of performance fees (€13m) was more pronounced in
light of the market environment.
- Amundi
Technology’s revenues (€12m) were stable Q3/Q2 and up vs.
Q3 2021 (+43%), confirming its development over 12 months.
- Financial and other
revenues were -€13m, given the market backdrop.
Operating expenses (€415m)
were down by 1.7% from Q2 2022, and down 2% vs. Q3
2021 on a like-for-like basis. These evolutions are related to the
initial effects of costs synergies related to the Lyxor integration
and to cost control efforts, which offset a negative currency
effect (US dollar/euro).
Cost/income
ratio was 54.7%, an
improvement compared to Q2 2022.
The contribution to income from
equity-accounted entities (mainly Asian joint
ventures) increased by +11.8% vs. Q2 2022, to €24m.
9M 2022
results (adjusted data)
Adjusted net income stood at
€875m, an increase of +3.4%
vs 2021 excluding
the exceptional level
of performance fees recorded in
202117, and virtually stable (+0.5%)
on a like-for-like basis (including Lyxor in
2021).This continued high level of profitability can be attributed,
as for Q3, to two factors:
- net
management fees18 (€2,245m) up by
+2.6% on a like-for-like basis, in spite of the steep
decline of equity and bond markets; this can be attributed to the
momentum of inflows over 12 months and the improved client/product
mix.
-
stable expenses on a like-for-like
basis (-0.1% vs. 9M 2021) thanks to cost control and the
initial effects of synergies, which offset investments in our
growth engines and the negative currency effect.
As such, Amundi demonstrated its ability
to maintain its operational efficiency, even in a
difficult market environment. Cost/income ratio was 53.7%, one of
the best in the industry.
To be noted: the continued development of
Amundi Technology whose revenues grew by 24% to
€34m.
III. Continued commitment
to Responsible Investing
Amundi stayed on track to implement its
2025 action plan with transformation of
fund ranges and product innovation:
- A wide range of
sectoral ESG ETFs on global equities was launched, as did the first
ESG ETF on Italian large caps;
- The Emerging
Markets Equity ESG Improvers fund was also launched.
Responsible Investing assets under
management were €769bn at 30
September 2022. The change vs 31 December 2021 (€847bn)
was due to a negative market effect. MLT19 inflows totalled +€7.9bn
over the first nine months.
IV. Lyxor
The operational integration of Lyxor,
acquired at the end
of 2021, is complete: team were
integrated in Q1 2022, entities were merged in Q2 2022, and the IT
migration was completed in 6 months, in September 2022. These steps
were successful, on schedule, and did not disrupt business
activity. In ETFs, Amundi has become a solid European leader with
€167bn in AuM at 30/09/2022.
The resulting synergies will be in line
with previous guidance:
- pre-tax cost
synergies are expected to reach €60m in 2024 on a full year
basis;
- projected
full-year revenue synergies of €30m in 2025.
The initial effects of cost synergies were
already recorded, and the rate of completion should ramp up in the
fourth quarter of 2022 and in 2023.
These elements confirm the valuecreation potential
of this acquisition, with a return on investment expected to be
greater than 14% in 2024 including all synergies.
Financial disclosure schedule
- Publication of Q4
and FY 2022 results:
8
February 2023
- Publication of Q1
2023
results:
28 April 2023
- AGM for the 2022
financial year:
12
May 2023
- Publication of H1 2023 results:
28
July 2023
- Publication of 9M 2023 results:
27
October 2023
***
Income Statements
Adjusted data: excluding
amortisation of intangible assets and excluding integration costs
and, for 9M 2021, excluding the impact of Affrancamento.
New presentation of revenues
since 2021 with Amundi Technology’s revenues shown on a separate
line
Constant scope: data combined
with Lyxor
The accounting net
income for Q2 2021 included a net one-time tax
gain (net of a substitution tax) of +€114m (no cash flow
impact): “Affrancamento” mechanism of the Italian Budget Law for
2021 (Law no. 178/2020), resulting in the recognition of Deferred
Tax Assets on intangible assets (goodwill); this was excluded from
Adjusted Net Income.
|
€m |
|
9M 2022 |
|
9M 2021 (exc. Lyxor) |
|
Chg. 9M 22 / 9M 21 (exc. Lyxor) |
|
|
Chg. 9M 22 / 9M 21 combined |
| |
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
2,347 |
|
2,410 |
|
-2.6% |
|
|
-8.5% |
|
Net asset management revenue |
|
2,353 |
|
2,394 |
|
-1.7% |
|
|
-7.8% |
|
o/w net management fees |
|
2,245 |
|
2,038 |
|
10.2% |
|
|
2.6% |
|
o/w performance fees |
|
108 |
|
356 |
|
- |
|
|
- |
|
Technology |
|
34 |
|
27 |
|
24.2% |
|
|
24.2% |
|
Net financial income and other net income |
|
(40) |
|
(11) |
|
- |
|
|
- |
|
Operating expenses |
|
(1,259) |
|
(1,147) |
|
9.8% |
|
|
-0.1% |
|
Adjusted cost/income ratio |
|
53.7% |
|
47.6% |
|
6.1 pts |
|
|
4.5 pts |
| |
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income |
|
1,088 |
|
1,264 |
|
-13.9% |
|
|
-16.6% |
|
Cost of risk & Other |
|
(4) |
|
(13) |
|
- |
|
|
- |
|
Equity-accounted entities |
|
64 |
|
63 |
|
1.9% |
|
|
1.9% |
|
Adjusted income before taxes |
|
1,148 |
|
1,313 |
|
-12.6% |
|
|
-15.1% |
|
Taxes |
|
(272) |
|
(331) |
|
-17.9% |
|
|
-20.8% |
|
Minority interests |
|
(1) |
|
5 |
|
- |
|
|
- |
|
Adjusted net income, Group share |
|
875 |
|
987 |
|
-11.3% |
|
|
-13.7% |
|
Amortisation of intangible assets after tax |
|
(44) |
|
(37) |
|
20.5% |
|
|
25.0% |
|
Integration costs net of tax |
|
(44) |
|
0 |
|
- |
|
|
- |
|
Net income, Group share |
|
787 |
|
951 |
|
-17.2% |
|
|
-19.6% |
|
Impact of Affrancamento |
|
0 |
|
114 |
|
- |
|
|
- |
|
Net income, Group share including Affrancamento |
|
787 |
|
1,065 |
|
-26% |
|
|
-28% |
|
€m |
|
Q3 2022 |
|
Q2 2022 |
|
|
Chg. Q3 22/Q2 22 |
|
Q3 2021 (exc. Lyxor) |
|
Chg. Q3 22/Q3 21 (exc. Lyxor) |
|
|
|
Chg.Q3 22/Q3 21 combined |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
758 |
|
754 |
|
|
0.6% |
|
791 |
|
-4.2% |
|
|
|
-10.8% |
|
Net asset management revenue |
|
759 |
|
757 |
|
|
0.3% |
|
790 |
|
-3.9% |
|
|
|
-10.6% |
|
o/w net management fees |
|
747 |
|
733 |
|
|
1.9% |
|
700 |
|
6.7% |
|
|
|
-1.3% |
|
o/w performance fees |
|
13 |
|
24 |
|
|
-47.5% |
|
90 |
|
- |
|
|
|
- |
|
Technology |
|
12 |
|
12 |
|
|
2.0% |
|
8 |
|
43.4% |
|
|
|
43.4% |
|
Net financial income and other net income |
|
(13) |
|
(15) |
|
|
- |
|
(8) |
|
78.0% |
|
|
|
70.6% |
|
Operating expenses |
|
(415) |
|
(422) |
|
|
-1.7% |
|
(383) |
|
8.4% |
|
|
|
-2.0% |
|
Adjusted cost/income ratio |
|
54.7% |
|
55.9% |
|
|
-1.2 pts |
|
48.4% |
|
6.4 pts |
|
|
|
4.9 pts |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income |
|
343 |
|
332 |
|
|
3.4% |
|
409 |
|
-16.0% |
|
|
|
-19.6% |
|
Cost of risk & Other |
|
(0) |
|
(0) |
|
|
- |
|
7 |
|
- |
|
|
|
- |
|
Equity-accounted entities |
|
23 |
|
21 |
|
|
11.9% |
|
25 |
|
-5.2% |
|
|
|
-5.2% |
|
Adjusted income before taxes |
|
366 |
|
353 |
|
|
3.8% |
|
440 |
|
-16.7% |
|
|
|
-19.9% |
|
Taxes |
|
(85) |
|
(84) |
|
|
1.4% |
|
(108) |
|
-21.3% |
|
|
|
-24.7% |
|
Minority interests |
|
0 |
|
0 |
|
|
- |
|
1 |
|
- |
|
|
|
- |
|
Adjusted net income, Group share |
|
282 |
|
269 |
|
|
4.7% |
|
333 |
|
-15.3% |
|
|
|
-18.5% |
|
Amortisation of intangible assets after tax |
|
(15) |
|
(15) |
|
|
0.0% |
|
(12) |
|
20.5% |
|
|
|
20.5% |
|
Integration costs net of tax |
|
(6) |
|
(30) |
|
|
- |
|
0 |
|
- |
|
|
|
- |
|
Net income, Group share |
|
261 |
|
224 |
|
|
16.1% |
|
321 |
|
-18.7% |
|
|
|
-21.9% |
Change in assets under
management1 from end-December
2020 to end-September 2022
| |
(€bn) |
Assets under management |
Netinflows |
Market andforeign exchange
effect |
Scope effect |
|
Change in AuM vs. previous quarter |
|
As of 31/12/2020 |
1,729 |
|
|
|
|
+4.0% |
|
|
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
|
|
As of 31/03/2021 |
1,755 |
|
|
|
|
+1.5% |
|
|
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
|
|
As of 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
|
|
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
|
|
As of 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
|
|
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14820 |
|
|
|
As of 31/12/2021 |
2,064 |
|
|
|
/ |
|
|
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
-2.1% |
|
|
As of 31/03/2022 |
2,021 |
|
|
|
/ |
|
|
|
Q2 2022 |
|
+1.8 |
- 97.8 |
|
/ |
|
|
As of 30/06/2022 |
1,925 |
|
|
|
|
-4.8% |
|
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
|
As of 30/09/2022 |
1,895 |
|
|
|
|
|
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor from Q1 2022) include assets under
advisory and assets marketed and take into account 100% of the
Asian JVs’ assets under management and net inflows. For Wafa in
Morocco, assets are reported on a proportional consolidation
basis
Assets under management and net flows by
client segment1
|
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
|
(€bn) |
30.09.2022 |
30.09.2021 |
/30.09.2021 |
9M 2022 |
Q3 2022 |
Q2 2022 |
Q3 2021 |
|
French networks |
114 |
121 |
-6.0% |
-1.8 |
+0.9 |
-1.3 |
-1.3 |
|
International networks |
156 |
165 |
-5.5% |
+1.3 |
-0.3 |
-1.9 |
+5.4 |
|
o/w Amundi BOC WM |
10 |
7 |
+40.4% |
-1.5 |
-1.8 |
-2.1 |
+3.3 |
|
Third-party distributors |
292 |
212 |
+37.7% |
+9.6 |
-3.3 |
+1.0 |
+4.4 |
|
Retail (excl. JVs) |
562 |
499 |
+12.8% |
+9.1 |
-2.8 |
-2.3 |
+8.5 |
|
Institutionals2 & sovereigns |
438 |
428 |
+2.3% |
-15.5 |
-4.7 |
-7.8 |
+5.2 |
|
Corporates |
84 |
85 |
-0.5% |
-20.6 |
-1.7 |
-5.5 |
-1.0 |
|
Employee Savings |
71 |
76 |
-6.3% |
+1.8 |
-0.2 |
+3.4 |
-0.5 |
|
CA & SG insurers |
420 |
471 |
-11.0% |
-3.0 |
-2.2 |
+0.9 |
+0.6 |
|
Institutionals |
1,013 |
1,060 |
-4.4% |
-37.2 |
-8.8 |
-9.1 |
+4.3 |
|
JVs |
319 |
252 |
+26.7% |
+20.2 |
-1.3 |
+13.1 |
-12.7 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
1,895 |
1,811 |
+4.7% |
-8.0 |
-12.9 |
+1.8 |
+0.2 |
|
Average AuM excl. JVs |
1,689 |
1,715 |
+1.5% |
/ |
/ |
/ |
/ |
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor from Q1 2022) include assets 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. 2.
Including funds of funds
Assets under management and net flows by
asset class1
|
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
|
(€bn) |
30.09.2022 |
30.09.2021 |
/30.09.2021 |
9M 2022 |
Q3 2022 |
Q2 2022 |
Q3 2021 |
|
Active management |
1,011 |
1,091 |
-7.4% |
+0.7 |
+1.1 |
-9.5 |
+11.1 |
|
Equities |
167 |
177 |
-5.3% |
+4.9 |
+2.0 |
3.6 |
-0.5 |
|
Multi-asset |
280 |
294 |
-4.7% |
+0.5 |
-4.3 |
-6.1 |
+8.3 |
|
Bonds |
563 |
620 |
-9.2% |
-4.8 |
+3.4 |
-7.0 |
+3.4 |
|
Structured products |
28 |
35 |
-19.7% |
-2.8 |
0.0 |
-1.6 |
-1.2 |
|
Passive management |
275 |
187 |
+47.0% |
+7.5 |
-3.8 |
0.8 |
+3.9 |
|
ETFs & ETCs |
167 |
78 |
+113.3% |
+4.6 |
-4.8 |
0.1 |
+1.8 |
|
Index & Smart Beta |
107 |
108 |
-0.9% |
+2.9 |
+1.0 |
0.7 |
+2.1 |
|
Real and alternative assets |
98 |
61 |
+61.9% |
+2.1 |
-0.8 |
0.3 |
+1.2 |
|
MLT assets |
1,411 |
1,373 |
+2.8% |
+7.5 |
-3.5 |
-10.0 |
+15.0 |
|
Treasury products excl. JVs |
165 |
186 |
-11.4% |
-35.6 |
-8.1 |
-1.3 |
-2.2 |
|
JVs |
319 |
252 |
+26.7% |
+20.2 |
-1.3 |
13.1 |
-12.7 |
|
TOTAL |
1,895 |
1,811 |
+4.7% |
-8.0 |
-12.9 |
1.8 |
+0.2 |
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor from Q1 2022) include assets 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
Assets under management and net
flows by geographic segment1
|
|
AuM |
AuM |
% chg. |
Inflows |
Inflows |
Inflows |
Inflows |
|
(€bn) |
30.09.2022 |
30.09.2021 |
/30.09.2021 |
9M 2022 |
Q3 2022 |
Q2 2022 |
Q3 2021 |
|
France |
858 |
935 |
-8.2% |
-30.0 |
-7.2 |
0.0 |
+2.2 |
|
Italy |
190 |
192 |
-0.8% |
+6.3 |
+1.6 |
0.9 |
+0.8 |
|
Europe excl. France and Italy |
320 |
254 |
+25.6% |
-1.3 |
-2.6 |
-7.3 |
+4.7 |
|
Asia |
402 |
324 |
+24.0% |
+23.3 |
-2.6 |
11.8 |
-9.0 |
|
Rest of world |
125 |
106 |
+18.5% |
-6.4 |
-2.1 |
-3.6 |
+1.4 |
|
TOTAL |
1,895 |
1,811 |
+4.7% |
-8.0 |
-12.9 |
1.8 |
+0.2 |
|
TOTAL excl. France |
1,037 |
876 |
+18.4% |
+22.0 |
-5.7 |
1.8 |
-2.0 |
1. AuM (including Lyxor from 31/12/2021) and net
inflows (including Lyxor from Q1 2022) include assets 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
Methodology
appendix
I. Accounting and adjusted
data1. Accounting
data: For the first nine months of 2021 and 2022, data
after amortisation of intangible assets (distribution agreements
with Bawag, UniCredit and Banco Sabadell; Lyxor client contracts)
and after the integration costs related to Lyxor.
2. Adjusted
data The following adjustments were made to present the
most economically accurate income statement: restatement of the
amortisation of intangible assets (deducted from net revenues);
integration costs related to Lyxor.
In the accounting data, amortisation of intangible
assets:
- Q3
2021: €17m before tax and €12m after tax
- Q2
2022: €20m before tax and €15m after tax
- Q3
2022: €20m before tax and €15m after tax
- 9M
2021: €51m before tax and €37m after tax
- 9M
2022: €61m before tax and €44m after tax
In the accounting data, integration costs related
to Lyxor:
- Q1
2022: €10m before tax and €8m after tax
- Q2
2022: €40m before tax and €30m after tax
- Q3
2022: €9m before tax and €6m after tax
- 9M
2022: €59m before tax and €44m after tax
II. Normalized DataIn
2021, a record amount of performance fees had been registered
(427M€). This amount is significantly higher than the average from
2017 to 2020 (~€42m per quarter, i.e. ~€170m per year). To compare
the 2022 data with 2021, Amundi computes a normalized amount of
performance fees with those amount historically recorded, though
excluding the impact of this exceptional level of performance fees.
Details in the API table on the next page
III. Acquisition of
LyxorIn accordance with IFRS 3, recognition on Amundi’s
balance sheet as of 31/12/2021 of:
- goodwill;
- an intangible asset, representing
client contracts, of €40m before tax (€30m after tax), amortised on
a straight-line basis over 3 years;
In the Group income statement, the above-mentioned
intangible asset will be amortised on a straight-line basis over 3
years starting in 2022; the full-year impact of this amortisation
is €10m net of tax (i.e. €13m before tax). This amortisation is
recognised as a deduction from net revenues and is added to the
existing amortisation of distribution agreements.
IV. Alternative Performance
Indicators21To present the most economically accurate
income statement, Amundi publishes adjusted data which excludes
amortisation of intangible assets and the impact of Affrancamento
(see above).These combined and adjusted data are reconciled with
accounting data as follows:
= = adjusted and normaised data
|
€m |
|
9M 2022 |
|
9M 2021 |
|
Q3 2022 |
|
Q2 2022 |
|
Q3 2021 |
| |
|
|
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
2,286 |
|
2,359 |
|
738 |
|
734 |
|
774 |
|
+ Amortisation of intangible assets before tax |
|
61 |
|
51 |
|
20 |
|
20 |
|
17 |
|
Adjusted net revenues (b) |
|
2,347 |
|
2,410 |
|
758 |
|
754 |
|
791 |
|
- Exceptional performance fees |
|
0 |
|
-232 |
|
0 |
|
0 |
|
-49 |
|
Adjusted net revenues
(c) |
|
2,347 |
|
2,178 |
|
758 |
|
754 |
|
742 |
| |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (d) |
|
-1,318 |
|
-1,147 |
|
-423 |
|
-462 |
|
-383 |
|
+ Integration costs before tax |
|
59 |
|
0 |
|
9 |
|
40 |
|
0 |
|
Adjusted operating expenses
(e) |
|
-1,259 |
|
-1,147 |
|
-415 |
|
-422 |
|
-383 |
|
- Additional operating expenses in connection with the exceptional
level of performance fees |
|
0 |
|
39 |
|
0 |
|
0 |
|
8 |
|
Normalised adjusted operating expenses
(f) |
|
-1,259 |
|
-1,107 |
|
-415 |
|
-422 |
|
-374 |
| |
|
|
|
|
|
|
|
|
|
|
|
Gross operating income (g) = (a)+(d) |
|
967 |
|
1,213 |
|
314 |
|
271 |
|
392 |
| |
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income (h) =
(b)+(e) |
|
1,088 |
|
1,264 |
|
343 |
|
332 |
|
409 |
| |
|
|
|
|
|
|
|
|
|
|
|
Normalised adjusted gross operating income
(i) = (c)+(f) |
|
1,088 |
|
1,071 |
|
343 |
|
332 |
|
368 |
|
Cost/Income ratio (d)/(a) |
|
57.7% |
|
146.0% |
|
57.4% |
|
63.0% |
|
49.4% |
|
Adjusted cost/income ratio (e)/(b) |
|
53.7% |
|
142.9% |
|
54.7% |
|
55.9% |
|
48.4% |
|
Normalised adjusted cost/income ratio (f)/(c) |
|
-46.3% |
|
-49.2% |
|
-45.3% |
|
-44.1% |
|
-49.6% |
|
Cost of risk & Other (j) |
|
-4 |
|
-13 |
|
0 |
|
0 |
|
7 |
|
Equity-accounted entities (k) |
|
64 |
|
63 |
|
23 |
|
21 |
|
25 |
|
Income before tax (l) = (g)+(j)+(k) |
|
1,027 |
|
1,262 |
|
337 |
|
292 |
|
423 |
| |
|
|
|
|
|
|
|
|
|
|
|
Adjusted income before tax (m) = (h)+(j)+(k) |
|
1,148 |
|
1,313 |
|
366 |
|
353 |
|
440 |
| |
|
|
|
|
|
|
|
|
|
|
|
Normalised adjusted income before tax (n) =
(i)+(j)+(k) |
|
1,148 |
|
1,121 |
|
366 |
|
353 |
|
400 |
|
Income tax (o) |
|
-239 |
|
-202 |
|
-77 |
|
-68 |
|
-103 |
|
Adjusted income tax (p) |
|
-272 |
|
-331 |
|
-85 |
|
-84 |
|
-108 |
|
Normalised adjusted income tax (q) |
|
-272 |
|
-279 |
|
-85 |
|
-84 |
|
-97 |
|
Minority interests (r) |
|
-1 |
|
5 |
|
0 |
|
0 |
|
1 |
|
Net income, Group share (s) = (l)+(o)+(r)-(v) |
|
787 |
|
951 |
|
261 |
|
224 |
|
321 |
| |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income, Group share
(t) = (m)+(p)+(r)-(v) |
|
875 |
|
987 |
|
281.8 |
|
269 |
|
333 |
| |
|
|
|
|
|
|
|
|
|
|
|
Normalised adjusted net income, Group share
(u) = (n)+(q)+(r)-(v) |
|
875 |
|
847 |
|
282 |
|
269 |
|
303 |
|
Impact of Affrancamento (v) |
|
0 |
|
114 |
|
0 |
|
0 |
|
0 |
|
Net income, Group share (s)+(v) including
Affrancamento |
|
787 |
|
1,065 |
|
261 |
|
224 |
|
321 |
About AmundiAmundi, the leading
European asset manager, ranking among the top 10 global players22,
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.
With its six international investment hubs23,
financial and extra-financial research capabilities and
long-standing commitment to responsible investment, Amundi is a key
player in the asset management landscape.
Amundi's clients benefit from the expertise and
advice of 5,400 employees in 35 countries. A subsidiary of the
Crédit Agricole group, Amundi is a listed company and currently
manages almost €1.9 trillion in assets24.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
www.amundi.com
Press contact:
Natacha AndermahrTél. +33 1 76 37 86
05natacha.andermahr-sharp@amundi.com
Nathalie BoschatTel. +33 1 76
37 54 96nathalie.boschat@amundi.com
Investor contacts:
Anthony MellorTel. +33 1 76 32
17 16anthony.mellor@amundi.com
Thomas LapeyreTel. +33 1 76 33
70 54thomas.lapeyre@amundi.com
DISCLAIMER:
This document may contain projections concerning
Amundi's financial situation and results. The figures provided do
not constitute a “forecast” as defined in Commission Delegated
Regulation (EU) 2019/980.
This information is based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context. As such, the projections and results indicated
may not necessarily come to pass due to unforeseeable
circumstances. The reader should take all of these uncertainties
and risks into consideration before forming their own opinion.
The figures presented were prepared in
accordance with IFRS guidelines as adopted by the European Union.
Data including Lyxor are estimated (with assumptions about the
restatement of certain activities retained by SG).
The information contained in this presentation,
to the extent that it relates to parties other than Amundi or comes
from external sources, has not been verified by a supervisory
authority, and no representation or warranty has been expressed as
to, nor should any reliance be placed on, the fairness, accuracy,
correctness or completeness of the information or opinions
contained herein. Neither Amundi nor its representatives can be
held liable for any decision made, negligence or loss that may
result from the use of this presentation or its contents, or
anything related to them, or any document or information to which
the presentation may refer.
1Adjusted data: excluding amortisation of
intangible assets and excluding integration costs and, for 9M 2021,
excluding the impact of Affrancamento. See page 8 for definitions
and methodology. 2 Assets under management and net inflows
including Lyxor AM as of Q1 2022 include assets under advisory and
assets marketed and take into account 100% of the Asian JVs’ assets
under management and net inflows. For Wafa in Morocco, assets are
reported on a proportional consolidation basis. 3 Medium/Long-Term
(MLT) Assets: excluding Treasury products.4 Morningstar open-ended
fund data at end September 2022. See page 25 Between 30/06/2022 and
30/09/20226 Bloomberg Euro Aggregate Index7 10-year OAT8
Morningstar open-ended fund data at end September 20229 Excluding
the Amundi BOC WM subsidiary in China10 Low-margin products11
Excluding Channel Business12 17.5% market share in open-ended
funds, vs. 17.2% at end June. Source: AMFI13 Source: Morningstar
Direct, Broadridge FundFile - Open-ended funds and ETFs worldwide,
end of September 2022 14 ETFs & ETCs15 Source: ETF GI, end of
September 2022 16 Excluding Amundi Technology’s revenues, which are
now reported on a separate line of the income statement17
Normalised data: data excluding exceptional performance fees (=
higher-than-average performance fees per quarter in 2017-2020).18
Excluding Amundi Technology’s revenues, which are now reported on a
separate line of the income statement19 Excluding treasury products
and CA and SG insurers20 Lyxor21 Please refer to section 4.3 of the
2021 Universal Registration Document filed with the French AMF on
12/04/2022
22 Source: IPE “Top 500 Asset Managers”,
published in June 2022, based on AuM at 31/12/2021.23 Boston,
Dublin, London, Milan, Paris and Tokyo24 Amundi data as at
30/09/2022
- 10.28.2022 - PR - 2022 Amundi's 9M and Q3 results
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