Amundi: 2023 Q4 & Full-year Results
Amundi: 2023 Q4 & Full-year
Results
2023: net income
1,2 rose
to €1.2bn, inflows of +€26bn, o/w +€19bn in Q4
|
Financial results up |
|
High adjusted net income
for1,2
2023: €1,224m, +3.9% /2022
- Cost control despite
inflation, operational efficiency maintained at the highest
levels
- Cost-income
ratio of 53.2%2, still at the best level
of the industry
Q4: adjusted net
income1,2
of €313m, +7.9% Q4/Q3 Dividend per
share proposed to the Annual General Meeting:
€4.10 per share, yield of 6.6%3 |
|
|
|
|
|
High net inflows thanks to a diversified business
model |
|
Assets: €2,037bn as of 31 December 2023,
+7.0% over one year Full-year 2023 net
inflows of +€26bn
- Strong net
inflows in key areas of expertise tailored to market
conditions: active bond management +€18bn4, treasury
products +€19bn
-
MLT assets5 stable throughout the
year despite context of risk aversion (vs. major outflows in the
European open-ended fund market6)
Success in product innovation: Amundi global #1 in
Target Maturity bond funds (+€11bn in 2023 net inflows), high net
inflows in structured products (+€5.6bn) Q4: very high net
inflows of +€19.5bn |
|
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|
Continuing development according to 2025 Medium Term
Plan |
|
2023: development in line with the priorities of the 2025
Ambitions plan:
- Passive
Management: +€13bn in ETF net inflows
- Real
assets: +€2bn in private debt and multi-management net
inflows
- Asia:
assets under management of €399bn, strong inflows for the JVs in
India and South Korea
- Technology
& Services: +10 new clients for Amundi Technology
-
Responsible Investment: Amundi is among the global
Top 3 its policy of voting on environmental and social
ambitions7
|
|
|
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|
|
Acquisition of Alpha Associates |
|
Value-creating acquisition in the area of real
assets (private debt, infrastructure and private equity)
- €8.5bn in assets in
multi-management of private assets
- Average annual growth
of +15% in assets since 2018
-
Expected return on investment > 13% after 3 years
|
Paris, 7 February 2024
The Amundi Board of Directors held a meeting
chaired by Philippe Brassac on 6 February 2024, and approved the
2023 fourth-quarter and yearly financial statements.
Valérie Baudson, CEO,
stated:
“2023 was a very satisfactory year for Amundi:
our net inflows reached +€26bn and our net profit grew by +4% to
€1.2bn. We are also continuing along the path of our development
plan, with the announcement of a new acquisition in real
assets.
All throughout the year, Amundi has successfully
supported its clients with solutions tailored to market conditions,
in bonds, passive management, and treasury products, where we enjoy
widespread recognition of our expertise. By the same token, our
structured products and Target Maturity bond funds, a segment in
which Amundi is the global leader, have been particularly
attractive to our clients, in a context of high rates and
inflation.
We achieved growing profitability thanks to
higher revenues, the very dynamic contribution of our Asian JVs,
and our ability to maintain operational efficiency.
Furthermore, we are continuing to implement our
strategic plan, with the acquisition of Alpha Associates, which
will help speed up our development in the rapidly growing
multi-management market for private debt, infrastructure, and
private equity. This move is in perfect alignment with our
strategic objectives and criteria for acquisition, and constitutes
yet another driver for growth and value creation for our clients
and our shareholders.”
2023 highlights
Continued risk aversion in the face of
uncertain markets
Both the
equity8 and bond
markets9 saw excellent growth at the end
of the year, bringing their year-over-year rise to respectively
+18.6% and +7.2%,. However, average annual growth is lower for
equities, amounting to +6.7%, while bond markets contracted by
-6.0%, as average long-term rates10 increased by approximately
+130 bps over the period. In Q4, the equity market average
shrank slightly, by -0.6%, from the previous quarter, whereas the
bond market average saw a small rise over the same period, by
+1.3%.
The market effect on management
fees was inconsequential compared to the previous year and slightly
negative in Q4 from Q3, because equity market growth was offset,
over both periods, by the drop in fixed income markets sur to the
increase in interest rates. This background reflects the volatility
of the markets, hence the risk aversion from asset management
clients.
This also resulted in low volumes in the
European asset management market, with open-ended
fund net inflows that were11 marginally positive, +€104bn in Q4,
primarily attributable to very high inflows in treasury products
(+€122bn) and passive management (+€67bn), whereas MLT active
management flows remained negative over the quarter (-€85bn). For
the whole of 2023, net inflows for the European asset management
market amounted to +€253bn, still a comparatively weak proportion
as a percentage of assets under management (only +2%), and mostly
driven by treasury products (+€196bn), with MLT active management
net outflows accelerating at the end of the year.
Business and results both performing
well
In this context, Amundi achieved
excellent performance in both business and
results, and demonstrated agility in its
adaptation:
- Assets
under management exceeded €2tn at the end of 2023, and
net inflows were positive for the entire
year;
- this was buoyed by
key Group areas of expertise tailored to market
conditions – treasury products, active bond management and
structured products;
- new
products tailor-made for preserving capital drew a great
deal of interest, from Target Maturity bond funds to structured
products with by fixed income underlyings;
-
management teams performed
admirably in 2023: 73% of the Group's assets under
management in open-ended funds posted a five-year performance in
the first or second quartile for their category, according to
Morningstar12, particularly in equity and money market strategies,
with 270 funds achieving a 4- or 5-star rating from Morningstar,
and 83% of assets under management in active funds13 outstripping
their benchmarks over 5 years as of the end of December 2023;
- Constantly striving
for operational efficiency has made it possible to
keep costs under control and to maintain one of the best
cost-income ratios in the industry;
- Finally, the
financial situation was further strengthened,
allowing to propose a dividend of €4.10 per
share to the Annual General Meeting of Shareholders,
representing a yield of 6.6%14.
Amundi continues its
development
During this first full year following the
announcement of its 2025 Ambitions strategy plan, several
development initiatives were launched to leverage clear growth
drivers:
- The acquisition of
Alpha Associates will help strengthen
Amundi's expertise in real assets; this specialist in
multi-management of private assets (debt, infrastructure, and
private equity), based in Switzerland and very well established
with over 100 institutional clients, will contribute €8.5bn in
assets15, which has grown by an average of +15% per year for the
last five years; in combination with the corresponding Amundi
business, this will lead to the creation of a European leader in
this sector, with expertise provided to a broad range of
institutional Amundi clients worldwide, and adapted to specifically
meet the needs of Retail clients. Consequently, revenue synergies
are expected to reach over €20m within 5 years. The return on
investment is expected to reach over 13% in three years, including
€10m in synergies that year and taking into account the payment of
the price in instalments over 5 years and pending revenue growth
conditions over this period;
- In
Asia, assets under management rose to €399bn, with net
inflows of +€21bn outside China, thanks to continued robust growth
in India and healthy activity for the South Korean JV (+€4.4bn); in
China the business of local joint ventures reflected the start of
some market stabilisation;
- Passive
management continued its development following the
integration of Lyxor, with high net inflows in ETFs (+€13.0bn in
2023), in which assets under management reached €207bn at end-2023;
Amundi launched an innovative ETF16 tracking an index of euro-zone
sovereign bonds, including a sizeable share of green bonds; this
ETF collected +€2bn since its launch in June;
- In
Technology & Services:
- Amundi
Technology had 57 clients at end-2023, an
increase of +10 in one year, including +7 outside
France, such as the Dutch pension fund Rail&OV, HSBC Securities
Services Asia, and a Swiss private bank; its revenue growth
remained healthy at +24% compared to 2022;
- Fund
Channel (BtoB fund distribution platform) reached €400bn
in assets under distribution, and signed a partnership agreement
with CACEIS, to expand its range of services to distributors in
fund execution, as well as a partnership agreement with Airfund,
coupled with a minority stake in this private asset platform.
- In
responsible investment:
- Amundi achieved
several major successes, particularly with its Green
Bonds funds, where it leads the market17;
- as of year-end, the
range of funds aligned with a Net Zero
trajectory18 boasts 40 funds in five
asset classes, with the aim of reaching a full range in 2025, in
both active and passive management;
- the share
of ETFs tracking responsible investment indices reached
33% of the range19, versus 27% at end-2022 and well on the way to
the 2025 objective of 40%;
- in terms of
engagement and voting policy, Amundi has initiated
an ongoing dialogue on the Climate, with 966 new
companies, already very close to the 2025 ESG Ambitions
objective of 1,000 new companies;
- Amundi is among the
global Top 3 for its voting
policy on environmental and social
ambitions20.
-
Activity
High inflows for the year, especially in
Q4, thanks to treasury products and JVs
Amundi assets under management as of 31
December 2023 grew by +7.0% in one year
(compared to end-December 2022) and by +3.2% in one quarter
(compared to end-September 2023), to €2,037bn. The
market and forex effect was very positive over the quarter
(+€63.8bn) thanks to a rally in the equity and bond markets in
December 2023, accounting for more than half of the total market
effect over one year (+€126.8bn). The change in assets under
management during the quarter and the year also included a scope
effect, the sale of Lyxor Inc., for -€20.0bn.
In 2023, Amundi experienced
high net inflows of +€25.8bn, positive in
Retail, Institutionals and
JVs, with heavy influence from these the latter
(+€7.0bn) and Treasury products excluding JVs (+€19.3bn). MLT
assets21 excluding JVs remained essentially flat (-€0.5bn),
demonstrating the same contrast as seen on the European open-ended
funds market between passive and active management:
- Passive
management brought in +€16.6bn over the
course of the year, of which +€13.0bn in ETFs, driven by commercial
synergies from the integration of Lyxor, the development of the
fixed income range (+€5.5bn, or 42% of inflows), and the expansion
of the ETF range in responsible investment;
- Active
management experienced outflows (-€21.3bn), a clear
indicator of client risk aversion and their preference for treasury
products or less risky passive management products: net outflows
are primarily in multi-assets and equities, whereas bond strategies
accrued +€9.3bn, and even +€19.1bn excluding the outflows from CA
& SG Insurers, related to withdrawals of traditional life
insurance policies by their clients;
- Structured
products, a key area of Amundi expertise that perfectly
suits the context of risk aversion, accumulated +€5.6bn, primarily
in partner networks;
- Finally,
real and alternative assets (-€1.3bn) withstood
outflows in real estate, which remained contained (-€2.1bn), thanks
to successful net inflows in private debt and
multi-management.
By client segment:
- Retail
excluding Amundi BOC posted excellent inflows (+€10.5bn),
both for French networks (+€5.7bn), thanks to
structured and treasury products, and for Third-party
distributors (+€4.6bn) thanks to passive management and
again treasury products; International networks
remained stable (+€0.1bn), with very good commercial performance
for structured products and Target Maturity bond funds being offset
by withdrawals from higher-risk products (multi-assets and
equities), in a context of fierce competition from the issuance of
government bonds aimed at individuals, particularly in Italy;
- The activity of
Amundi BOC WM (China, -€3.7bn) was affected,
particularly in early 2023, by the maturities of the last term
funds that were sold upon the launch of this subsidiary in
2021;
-
Institutionals (+€12.0bn) experienced a good level
of activity in all sub-segments — institutionals &
sovereigns +€12.9bn, Corporates +€2.7bn,
Employee savings plans +€1.9bn — with the
exception of CA & SG insurers (-€5.4bn), which
still experienced withdrawals of traditional life insurance
policies by their clients; excluding this sub-segment, net inflows
(+€17.4bn) were concentrated in treasury products, passive
management, active bond strategies and private debt;
- Solid activity for
the JVs (+€7.0bn) came from India (SBI MF, +€12.2)
and South Korea (NH Amundi, +4.4), whereas the outflows in China
(ABC-CA, -10.0, of which -2.0 in the Channel business in run-off)
were primarily posted in the first half, with the second half
taking a slightly positive turn thanks to the stabilisation of the
Chinese mutual fund market.
In the fourth quarter, net
inflows were particularly high, at +€19.5bn, continuing the trends
of the first nine months of the year, i.e. strong inflows in
treasury products excluding JVs (+€11.2bn), thanks to intense
seasonal activity, and for JVs (+€6.3bn). As it did over the course
of the year, business remained dynamic in passive management
(+€5.8bn), active bond strategies (+€4.2bn), and structured
products (+€2.8bn), which resulted in positive net inflows
(+€1.9bn) for MLT assets excluding JVs despite
outflows for the higher-risk active strategies.
By client segment, the quarter
also kept up the trends for the year:
- Net inflows in
Retail excluding Amundi BOC WM (+€1.5bn) were
concentrated in Third-party distributors
(+€1.1bn), particularly in treasury products and passive
management, and in French networks (+€0.5bn),
mainly in treasury products (+€2.1bn), with the fourth quarter
being marked by a slowdown in the issuance of structured
products;
-
Institutionals (+€12.0bn) saw their activity
driven by treasury products, particularly for Corporates, whereas
other institutional clients excluding CA & SG insurers saw net
outflows in this asset class, but are investing in MLT assets,
passive management, and active bond strategy; it should be noted
this quarter that CA & SG insurers had positive inflows in
treasury products as well as MLT assets, thanks to a new allocation
mandate in active bond management (+€4bn) entrusted by CA
Assurances, offsetting the continually occurring withdrawals of
traditional life insurance policies by their clients in this
sub-segment.
-
2023 Q4 & Full-Year Results
Full-year 2023
2023 adjusted net
income22 climbed to
€1,224m, up +3.9%. This good and growing profitability
results from operating performance:
- adjusted
revenues22 increased by +2.1% versus
2022, to €3,204m, thanks to the turnaround of net
financial income (€80m vs. -€48m in 2022), mainly
relating to high returns offered by short-term rates in Europe in
2023 whereas they were negative for the most part of 2022; revenues
for Amundi Technology also experienced strong
growth (+23.6% to €60m), thanks to the acquisition of 10 new
clients in 2023 and the ramp up of license revenues; on the other
hand, net management fees contracted slightly, a
little more than average assets excluding JVs did, at -0.9% vs.
-0.3%; fee margins held steady (17.7bp in 2023 versus 17.8bp in
2022 and 17.5bp in 2021) despite the unfavourable product mix which
started being felt in the second half, as net inflows were
concentrated in less risky assets; performance
fees, however, saw a far more noteworthy decrease, of
-27.8% (€123m vs. €171m), reflecting the cautious investment policy
regarding riskier assets and the implementation of ESMA guidelines,
which extend the reference periods for performance fee
calculations;
- adjusted
operating expenses22 remained under
stringent control, at €1,706m, an increase of +2.1% compared to
2022, identical to revenue growth despite the inflationary context:
investments in development were largely absorbed by productivity
gains and synergies unlocked by the integration of Lyxor, which
have now been almost entirely achieved and will take full effect in
2024 (€60m); the adjusted cost-income
ratio22 improved to
53.2%, versus 53.3% in 2022, still at a
best-in-class level and close to the 2025 objective of 53%.
Adjusted gross operating
income22 rose to
€1,498m, up +2.2% over 2022.
The contribution to net income from
equity-accounted companies, which reflects Amundi's share
in the net income of the JVs in which it has non-controlling
interests in India (SBI MF), China (ABC-CA), South Korea
(NH-Amundi), and Morocco (Wafa Gestion), accentuate this growth,
since their contribution, €102m, saw
strong growth, +15.7% compared to
2022, mainly driven by the JV in India whose contribution amounted
to €79m, up +37% versus 2022.
Adjusted net Earnings per
Share22 reached €6.00 in
2023.
Accounting data for the 2023
year
Net income, Group share stood at
€1,165m, taking into account the amortisation of
intangible assets (client contracts related to the acquisition of
Lyxor and distribution agreements pertaining to prior
transactions), that being -€59m after tax for the 2023 year. No
integration costs pertaining to Lyxor were recognized during the
fiscal year, versus -€57m after tax in 2022.
Adjusted net Earnings per Share for
2023 reached €5.71.
Profitability maintained at a high level
in Q4
Adjusted
data22
In Q4 2023, adjusted net
income22 reached €313m,
a high level of profitability for a persistently difficult context,
and a climb up from the previous quarter and year-over-year: it
grew by +7.9% versus Q3 2023 and +3.4% versus Q4 2022. As in the
previous quarters, this result was partly obtained thanks to
new revenue growth, underpinned by financial and
technology revenues and the resilience of management fees in a
context of risk aversion, with credit also going to the
operational efficiency that helped keep costs down
despite an inflationary context.
Adjusted net
revenues22 were €806m, an
increase of +3.4% over the third quarter.
- Net
management fees held steady quarter-over-quarter, at
€723m, down -1.9% from the previous quarter due to the slightly
negative market effect for these revenues, the unfavourable product
mix on fee margins as mentioned earlier and, in small part, the
deconsolidation of Lyxor Inc.
- Performance
fees came to €34m, versus €10m in the previous quarter and
€63m in the same quarter last year, which had been particularly
high; the seasonal effect on the number of fund anniversary dates
was favourable in Q4, but the adoption of a cautious investment
policy for uncertain markets and the effects of the ESMA quidelines
on performance fee calculations reduced their level in 2023.
- Amundi
Technology revenues, amounting to €18m, continue to grow:
+28.6% from the previous quarter and +18.6% year-over-year.
- Finally,
adjusted net financial and other
income stood at €32m, thanks to positive rates for the
investment of net cash; this is an increase over the previous
quarter's €19m and negative revenues in Q4 2022 (-€7m).
Good control of operating
expenses22 (€426m) kept them nearly
unchanged over the four quarters of 2023, up only +0.3% compared to
Q3.
Continuation of stringent cost control this
quarter confirms Amundi's agility in managing costs, with a
cost-income ratio among the best in the industry:
52.8% in adjusted data22.
Adjusted gross operating
income22 (GOI) stood at
€381m, an increase of +7.0% over the
previous quarter and +0.6% over Q4 2022.
The contribution to net income from
equity-accounted companies, €29m, grew by
+20.4% over the previous quarter and +20.8% in comparison
to Q4 2022, demonstrating a continuation of the robust growth in
India.
Adjusted net Earnings per
Share22 reached €1.53 in
Q4 2023.
Q4 2023 accounting data
Net income, Group share came to
€299m and incorporates the amortisation of
intangible assets (client contracts related to the acquisition of
Lyxor and distribution agreements related to prior transactions),
or -€15m after tax. Lyxor's integration costs were fully accounted
for in 2022, and therefore have no effect on the 2023 financial
statements.
Net Earnings per Share accounted for in
Q4 2023 came to €1.46.
-
A solid financial structure and a dividend
of €4.10 per share
Tangible shareholders’ equity23 stood at €4.3bn
as of 31 December 2023, an increase of +€0.4bn/+11% compared to the
end of 2022, taking into account net income for 2023 (+€1.2bn), and
the offset of the dividend payment (-€0.8bn) last May in respect of
FY 2022.
On September 19, the rating agency Fitch Ratings
confirmed Amundi's long-term rating of A+ with a stable outlook,
the best in the sector.
At the Annual General Meeting, which will take
place on May 24, 2024, the Board of Directors will propose a
dividend of €4.10 per share, in cash, in line with the dividend
paid in respect of FY 2022.
This dividend corresponds to a distribution rate of
72% of the net income, Group share, and a return of 6.6% based on
the share price as of 2 February 2024 (€61.90 at closing).
The ex-dividend date will be Monday 3 June 2024 and
payment will begin on Wednesday 5 June 2024.
Since listing in November 2015, the TSR24 stands
at +97%, ie +8,6% per year in average.
***
Financial Communication
Calendar
- Publication of Q1
2024 results: April 26, 2024
- Annual General
Meeting: May 24, 2024
- Publication of Q2
and H1 2024 results: July 26, 2024
- Publication of Q3
and 9M 2024 results: October 30, 2024
Dividend Calendar
- Ex-dividend date:
Monday 3 June 2024
- Payment: beginning
on Wednesday 5 June 2024.
***
APPENDICES
Change in assets under management from
end-2020 to end-December 202325
|
(€bn) |
Assets under management |
Net inflows |
Market & forex effect |
Scope effect |
|
Change in AuM vs. previous quarter |
|
As of 12/31/2020 |
1,729 |
|
|
|
/ |
+4.0% |
|
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
|
As of 03/31/2021 |
1,755 |
|
|
|
/ |
+1.5% |
|
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
|
As of 06/30/2021 |
1,794 |
|
|
|
/ |
+2.2% |
|
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
|
As of 09/30/2021 |
1,811 |
|
|
|
/ |
+1.0% |
|
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14826 |
|
|
As of 12/31/2021 |
2,064 |
|
|
|
/ |
+14% |
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
|
|
As of 03/31/2021 |
2,021 |
|
|
|
/ |
-2.1% |
|
Q2 2022 |
|
+1.8 |
-97.75 |
|
/ |
|
|
As of 06/30/2022 |
1,925 |
|
|
|
/ |
-4.8% |
|
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
|
As of 09/30/2022 |
1,895 |
|
|
|
/ |
-1.6% |
|
Q4 2022 |
|
+15.0 |
-6.2 |
|
/ |
|
|
As of 12/31/2022 |
1,904 |
|
|
|
/ |
+0.5% |
|
Q1 2023 |
|
-11.1 |
+40.9 |
|
/ |
|
|
As of 03/31/2023 |
1,934 |
|
|
|
/ |
+1.6% |
|
Q2 2023 |
|
+3.7 |
+23.8 |
|
/ |
|
|
As of 06/30/2023 |
1,961 |
|
|
|
/ |
+1.4% |
|
Q3 2023 |
|
+13.7 |
-1.7 |
|
/ |
|
|
As of 09/30/2023 |
1,973 |
|
|
|
/ |
+0.6% |
|
Q4 2023 |
|
+19.5 |
+63.8 |
|
-20.0 |
|
|
As of 12/31/2023 |
2,037 |
|
|
|
/ |
+3.2% |
One-year total between 31 December 2022 and
31 December 2023: +7.0%
- Net inflows
+€25.8bn
- Market & foreign exchange
effects +€126.8bn
- Scope
effect -€20.0bn
(sale of Lyxor Inc.)
Breakdown of Assets under management
& Net inflows by client segment27
|
(€bn)
|
AuM12/31/2023 |
AuM12/31/2022 |
% chg. vs.12/31/2022 |
Q4 2023 Inflows |
Q4 2022 Inflows |
2023 Inflows |
2022 Inflows |
|
French networks |
132 |
119 |
+11.5% |
+1.1 |
+2.2 |
+5.7 |
+0.4 |
|
International networks |
162 |
156 |
+3.7% |
-0.4 |
-1.2 |
-3.6 |
+0.1 |
|
o/w Amundi BOC WM |
3 |
7 |
-54.9% |
-0.4 |
-2.4 |
-3.7 |
-3.9 |
|
Third-party distributors |
317 |
287 |
+10.3% |
+0.5 |
-0.1 |
+4.6 |
+9.4 |
| |
|
|
|
|
|
|
|
|
Retail |
611 |
562 |
+8.7% |
+1.1 |
+0.9 |
+6.8 |
+9.9 |
|
Institutional & Sovereigns (*) |
486 |
453 |
+7.2% |
-1.6 |
+7.3 |
+12.9 |
-8.2 |
|
Corporates |
111 |
102 |
+8.5% |
+10.1 |
+18.2 |
+2.7 |
-2.4 |
|
Employee savings plans |
86 |
76 |
+14.1% |
-0.7 |
-0.6 |
+1.9 |
+1.2 |
|
CA & SG insurers |
427 |
415 |
+2.8% |
+4.3 |
-4.7 |
-5.4 |
-7.7 |
| |
|
|
|
|
|
|
|
|
Institutionals |
1,110 |
1,046 |
+6.1% |
+12.0 |
+20.2 |
+12.0 |
-17.0 |
|
JVs |
316 |
296 |
+6.9% |
+6.3 |
-6.2 |
+7.0 |
+14.0 |
|
Total |
2,037 |
1,904 |
+7.0% |
+19.5 |
+15.0 |
+25.8 |
+7.0 |
(*) including funds of funds
Breakdown of Assets under management &
Net inflows by asset class27
|
(€bn)
|
AuM12/31/2023 |
AuM12/31/2022 |
% chg. vs.12/31/2022 |
Q4 2023 Inflows |
Q4 2022 Inflows |
2023 Inflows |
2022 Inflows |
|
Equities |
467 |
406 |
+14.9% |
+0.1 |
+4.4 |
+2.2 |
+13.4 |
|
Multi-assets |
279 |
286 |
-2.4% |
-7.5 |
-3.4 |
-24.5 |
-2.8 |
|
Bonds |
656 |
605 |
+8.4% |
+7.4 |
-1.6 |
+17.6 |
-3.0 |
|
Real, alternative, and structured |
107 |
125 |
-14.1% |
+1.9 |
+0.9 |
+4.3 |
+0.1 |
| |
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,510 |
1,423 |
+6.1% |
+1.9 |
+0.4 |
-0.5 |
+7.8 |
|
Treasury Products excl. JVs |
211 |
185 |
+13.9% |
+11.2 |
+20.8 |
+19.3 |
-14.9 |
| |
|
|
|
|
|
|
|
|
Assets excl. JVs |
1,721 |
1,608 |
+7.0% |
+13.2 |
+21.1 |
+18.8 |
-7.1 |
|
JVs |
316 |
296 |
+6.9% |
+6.3 |
-6.2 |
+7.0 |
+14.0 |
|
TOTAL |
2,037 |
1,904 |
+7.0% |
+19.5 |
+15.0 |
+25.8 |
+7.0 |
|
O/w MLT assets |
1,794 |
1,689 |
+6.2% |
+6.9 |
-3.9 |
+6.2 |
+26.3 |
|
O/w Treasury products |
242 |
215 |
+13.0% |
+12.6 |
+18.9 |
+19.7 |
-19.3 |
Breakdown of Assets under management &
Net inflows by geographic segment28
|
(€bn)
|
AuM12/31/2023 |
AuM12/31/2022 |
% chg. vs.12/31/2022 |
Q4 2023 Inflows |
Q4 2022 Inflows |
2023 Inflows |
2022 Inflows |
|
France |
950 |
877 |
+8.3% |
+11.6 |
+7.0 |
+10.4 |
-23.0 |
|
Italy |
203 |
194 |
+4.3% |
-2.1 |
+1.8 |
-4.3 |
+8.1 |
|
Europe excl. France & Italy |
372 |
334 |
+11.4% |
+2.9 |
+14.6 |
+8.9 |
+13.2 |
|
Asia |
399 |
378 |
+5.5% |
+7.5 |
-6.7 |
+7.0 |
+16.7 |
|
Rest of the world |
114 |
121 |
-5.9% |
+7.0 |
-1.6 |
+6.1 |
-8.0 |
| |
|
|
|
|
|
|
|
|
TOTAL |
2,037 |
1,904 |
+7.0% |
+19.5 |
+15.0 |
+25.8 |
+7.0 |
|
TOTAL outside France |
1,087 |
1,027 |
+5.8% |
+7.9 |
+8.0 |
+15.4 |
+30.0 |
Breakdown of Assets under management &
Net inflows by type of management and asset
class28
|
(€bn) |
AuM12/31/2023 |
AuM12/31/2022 |
% chg. vs.12/31/2022 |
Q4 2023 Inflows |
Q4 2022 Inflows |
2023 Inflows |
2022 Inflows |
|
Active management |
1,062 |
1,011 |
+5.0% |
-5.7 |
-6.8 |
-21.3 |
-6.1 |
|
Equities |
195 |
175 |
+11.3% |
-2.1 |
-0.2 |
-4.6 |
+4.7 |
|
Multi-assets |
270 |
279 |
-3.2% |
-7.8 |
-4.0 |
-26.0 |
-3.4 |
|
Bonds |
597 |
557 |
+7.2% |
+4.2 |
-2.6 |
+9.3 |
-7.4 |
| |
|
|
|
|
|
|
|
|
Structured products |
39 |
31 |
+25.7% |
+2.8 |
+2.8 |
+5.6 |
-0.1 |
|
Passive management |
340 |
287 |
+18.6% |
+5.8 |
+6.3 |
+16.6 |
+13.8 |
|
ETF & ETC |
207 |
171 |
+21.3% |
+5.0 |
+0.6 |
+13.0 |
+5.2 |
|
Index & Smart Beta |
133 |
116 |
+14.6% |
+0.7 |
+5.6 |
+3.6 |
+8.6 |
| |
|
|
|
|
|
|
|
|
Real & Alternative Assets |
68 |
94 |
-27.4% |
-0.9 |
-1.9 |
-1.3 |
+0.2 |
|
Real assets |
63 |
67 |
-5.5% |
-0.2 |
+1.0 |
-0.0 |
+4.1 |
|
Alternative assets |
5 |
27 |
-81.3% |
-0.7 |
-2.9 |
-1.3 |
-3.9 |
| |
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,510 |
1,423 |
+6.1% |
+1.9 |
+0.4 |
-0.5 |
+7.8 |
|
Treasury Products excl. JVs |
211 |
185 |
+13.9% |
+11.2 |
+20.8 |
+19.3 |
-14.9 |
| |
|
|
|
|
|
|
|
|
TOTAL ASSETS excl. JVs |
1,721 |
1,608 |
+7.0% |
+13.2 |
+21.1 |
+18.8 |
-7.1 |
|
JVs |
316 |
296 |
+6.9% |
+6.3 |
-6.2 |
+7.0 |
+14.0 |
|
TOTAL |
2,037 |
1,904 |
+7.0% |
+19.5 |
+15.0 |
+25.8 |
+7.0 |
|
O/w MLT assets |
1,794 |
1,689 |
+6.2% |
+6.9 |
-3.9 |
+6.2 |
+26.3 |
|
O/w Treasury products |
242 |
215 |
+13.0% |
+12.6 |
+18.9 |
+19.7 |
-19.3 |
Income statement for the first nine
months of the year
|
(€M) |
|
2023 |
2022 |
% chg.2023/2022 |
| |
|
|
|
|
|
Net revenues - Adjusted |
|
3,204 |
3,137 |
+2.1% |
|
Management fees |
|
2,940 |
2,965 |
-0.9% |
|
Performance fees |
|
123 |
171 |
-27.8% |
|
Technology |
|
60 |
48 |
+23.6% |
|
Net financial & other income |
|
80 |
(48) |
NM |
|
Operating expenses - Adjusted |
|
(1,706) |
(1,671) |
+2.1% |
|
Cost-income ratio - Adjusted (%) |
|
53.2% |
53.3% |
-0.0pp |
|
Gross operating income - Adjusted |
|
1,498 |
1,466 |
+2.2% |
|
Cost of risk & other |
|
(8) |
(8) |
-6.9% |
|
Equity-accounted companies |
|
102 |
88 |
+15.7% |
|
Pre-tax income - Adjusted |
|
1,592 |
1,546 |
+3.0% |
|
Corporate tax |
|
(374) |
(368) |
+1.7% |
|
Non-controlling interests |
|
5 |
(0) |
NM |
|
Net income, Group share - Adjusted |
|
1,224 |
1,178 |
+3.9% |
|
Earnings per share - Adjusted (€) |
|
6.00 |
5.79 |
+3.6% |
Third-quarter income
statement
|
(€M) |
|
Q4 2023 |
Q4 2022 |
% chg.Q4/Q4 |
|
Q3 2023 |
% chg.Q4/Q3 |
| |
|
|
|
|
|
|
|
|
Net revenues - Adjusted |
|
806 |
790 |
+2.0% |
|
780 |
+3.4% |
|
Management fees |
|
723 |
720 |
+0.4% |
|
737 |
-1.9% |
|
Performance fees |
|
34 |
63 |
-45.8% |
|
10 |
NM |
|
Technology |
|
18 |
15 |
+18.6% |
|
14 |
+27.8% |
|
Net financial & other income |
|
32 |
(7) |
NM |
|
19 |
+64.7% |
|
Operating expenses - Adjusted |
|
(426) |
(412) |
+3.4% |
|
(424) |
+0.3% |
|
Cost-income ratio - Adjusted (%) |
|
52.8% |
52.1% |
+0.7pp |
|
54.4% |
-1.6pp |
|
Gross operating income - Adjusted |
|
381 |
378 |
+0.6% |
|
356 |
+7.0% |
|
Cost of risk & other |
|
(2) |
(4) |
-49.1% |
|
(3) |
-25.5% |
|
Equity-accounted companies |
|
29 |
24 |
+20.8% |
|
24 |
+20.4% |
|
Pre-tax income - Adjusted |
|
407 |
398 |
+2.3% |
|
377 |
+8.1% |
|
Corporate tax |
|
(96) |
(96) |
+0.8% |
|
(88) |
+10.2% |
|
Non-controlling interests |
|
2 |
0 |
NM |
|
1 |
NM |
|
Net income, Group share - Adjusted |
|
313 |
303 |
+3.4% |
|
290 |
+7.9% |
|
Earnings per share - Adjusted (€) |
|
1.53 |
1.49 |
+3.0% |
|
1.42 |
+7.8% |
Methodology Appendix
Accounting and adjusted
data
- Accounting
data - this includes amortisation of intangible
assets and, in 2022, Lyxor integration costs
- Adjusted
data - in order to present an income statement closer
to economic reality, the following adjustments are made:
restatement of the amortisation of distribution agreements with
Bawag, UniCredit, and Banco Sabadell and the intangible asset
representing Lyxor's client contracts, recognized as a deduction
from net revenues, and restatement of Lyxor's integration costs in
2022.
The amortisation of distribution
agreements and intangible assets representing Lyxor's client
contracts had the following impact on accounting data:
- Q4 2022: -€20M
before tax and -€15m after tax
- 9M 2022: -€61M
before tax and -€44m after tax
- Q2 2023: -€20M
before tax and -€15m after tax
- Q3 2023: -€20M
before tax and -€15m after tax
- Q4 2023: -€20M
before tax and -€15m after tax
- 2023: -€82M before
tax and -€59m after tax
Acquisition of Lyxor
- In accordance with
IFRS 3, recognition in Amundi’s balance sheet as of 12/31/2021:
- of goodwill
amounting to €652m;
- of an intangible
asset (representing client contracts) of -€40m before tax (-€30m
after tax), which will be amortized on a straight-line basis over 3
years;
- In the Group’s
income statement, the net tax impact of this amortisation of the
intangible asset is -€10m over a full year (i.e. -€13m before
tax). This
amortisation is recognized as a deduction from net revenues and is
added to the existing amortisation of distribution
agreements. In Q4
2022, Q3 and Q4 2023, the amortisation expense for this intangible
asset after tax was -€2m (i.e. -€3M before tax).
In 2022 and 2023 it was -€10m (-€13m before
tax).
- Integration
costs were fully recognized in 2022 and 2021, for a total
of -€77m before tax and -€57m after tax, o/w -€2m before tax (-€2m
after tax) in Q4 2022 and -€62m before tax (-€46m after tax) in
full year 2022. No integration costs were recognized in 2023.
Alternative Performance
Indicators29
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data
excluding the amortisation of intangible assets.Adjusted,
standardized data reconciles with accounting data as follows:
|
(€M) |
|
2023 |
2022 |
|
Q4 2023 |
Q4 2022 |
|
Q3 2023 |
| |
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
3.122 |
3.056 |
|
786 |
770 |
|
760 |
|
- Amortisation of intangible assets before tax |
|
(82) |
(82) |
|
(20) |
(20) |
|
(20) |
|
Net revenues - Adjusted (b) |
|
3.204 |
3.137 |
|
806 |
790 |
|
780 |
| |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(1.706) |
(1.733) |
|
(426) |
(414) |
|
(424) |
|
- Integration costs before tax |
|
0 |
(62) |
|
0 |
(2) |
|
0 |
|
Operating expenses - Adjusted (d) |
|
(1.706) |
(1.671) |
|
(426) |
(412) |
|
(424) |
| |
|
|
|
|
|
|
|
|
|
Gross operating income (e) = (a) + (c) |
|
1.416 |
1.323 |
|
360 |
356 |
|
335 |
|
Gross operating income - Adjusted (f) = (b) +
(d) |
|
1.498 |
1.466 |
|
381 |
378 |
|
356 |
| |
|
|
|
|
|
|
|
|
|
Operating expenses (%) -(a)/(c) |
|
54.6% |
56.7% |
|
54.2% |
53.8% |
|
55.9% |
|
Cost-income ratio - Adjusted (%) -(d)/(b) |
|
53.2% |
53.3% |
|
52.8% |
52.1% |
|
54.4% |
| |
|
|
|
|
|
|
|
|
|
Cost of risk & other (g) |
|
(8) |
(8) |
|
(2) |
(4) |
|
(3) |
|
Equity-accounted companies (h) |
|
102 |
88 |
|
29 |
24 |
|
24 |
|
Pre-tax income (i) = (e) + (g) +
(h) |
|
1.511 |
1.403 |
|
387 |
375 |
|
356 |
|
Pre-tax income - Adjusted (j) = (f) + (g) +
(h) |
|
1.592 |
1.546 |
|
407 |
398 |
|
377 |
|
Income tax (k) |
|
(351) |
(329) |
|
(91) |
(89) |
|
(82) |
|
Income tax - Adjusted (l) |
|
(374) |
(368) |
|
(96) |
(96) |
|
(88) |
|
Non-controlling interests (m) |
|
5 |
(0) |
|
2 |
0 |
|
1 |
|
Net income, Group share (n) = (i)+(k)+(m) |
|
1.165 |
1.074 |
|
299 |
286 |
|
276 |
|
Net income, Group share - Adjusted (o) =
(j)+(l)+(m) |
|
1.224 |
1.178 |
|
313 |
303 |
|
290 |
| |
|
|
|
|
|
|
|
|
|
Earnings per share (€) |
|
5.71 |
5.28 |
|
1.46 |
1.41 |
|
1.35 |
|
Earnings per share - Adjusted (€) |
|
6.00 |
5.79 |
|
1.53 |
1.49 |
|
1.42 |
Shareholder structure
|
|
31 December 2022 |
June 30, 2022 |
September 30, 2023 |
31 December 2023 |
|
|
|
|
|
|
|
|
Numberof shares |
% of share capital |
Numberof shares |
% of share capital |
Numberof shares |
% of share capital |
Numberof shares |
% of share capital |
|
Crédit Agricole Group |
141,057,399 |
69.19% |
141,057,399 |
69.19% |
141,057,399 |
68.93% |
141,057,399 |
68.93% |
|
Employees |
2,279,907 |
1.12% |
2,319,318 |
1.14% |
3,042,292 |
1.49% |
2,918,391 |
1.43% |
|
Treasury shares |
1,343,479 |
0.66% |
1,315,690 |
0.65% |
1,297,231 |
0.63% |
1,247,998 |
0.61% |
|
Free float |
59,179,346 |
29.03% |
59,167,724 |
29.02% |
59,250,712 |
28.95% |
59,423,846 |
29.04% |
|
Number of shares at end of period |
203,860,131 |
100.0% |
203,860,131 |
100.0 % |
204,647,634 |
100.0% |
204,647,634 |
100.0% |
|
Average number of shares year-to-date |
203,414,667 |
- |
203,860,131 |
- |
204,050,516 |
- |
204,201,023 |
- |
|
Average number of shares quarter-to-date |
203,860,131 |
- |
203,860,131 |
- |
204,425,079 |
- |
204,647,634 |
- |
- Average number of
shares on a pro-rata basis.
- The capital
increase reserved for employees took place on 27 July 2023. 787,503
shares (~0.4% of the capital before the transaction) were created,
bringing the portion of capital owned by employees to 1.47%,
compared to 1.14% before the transaction. As of 31 December 2023
this portion was 1.43%.
- The average number
of shares increased by 0.1% between Q3 and Q4 2023, by 0.6% between
Q4 2022 and Q4 2023 and by 0.4% between 2022 and 2023.
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players30, 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 €2 trillion of
assets31.
With its six international investment hubs32,
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
Press contacts:
Natacha
Andermahr Tel. +33 1 76 37 86
05natacha.andermahr@amundi.com
Corentin HenryTel. +33 1 76 36 26
96corentin.henry@amundi.com
Investor contacts:Cyril Meilland,
CFATel. +33 1 76 32 62
67cyril.meilland@amundi.com
Thomas LapeyreTel. +33 1 76 33 70
54thomas.lapeyre@amundi.com
DISCLAIMER:
This document may contain forward-looking
information 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 forward-looking information includes
projections, and financial estimates are based on scenarios that
employ a number of economic assumptions in a given competitive and
regulatory context, evaluations relating to plans, objectives and
expectations in line with future events, transactions, products and
services and assumptions in terms of future performances and
synergies. As such, the forward-looking aspects indicated may not
necessarily come to pass due to unforeseeable circumstances. As a
result, no guarantees can be made with regard to whether or not
these projections or estimates will come to fruition, and Amundi's
financial situation and results may differ significantly from those
projected or implied in the forward-looking information contained
in this document. Amundi is not required, under any circumstances,
to publish amendments or updates to such forward-looking
information provided on the date of this document. More detailed
information on risks that may affect Amundi's financial situation
and results can be reviewed in the “Risk factors” chapter of our
Universal Registration Document filed with the French Autorité des
Marchés Financiers. 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
and applicable at this date, and with the securities regulations in
force.
Unless otherwise mentioned, the sources for
rankings and market positions are internal. The information
contained in this document, to the extent that it relates to
parties other than Amundi or comes from external sources, has not
been verified by a supervisory authority or, more generally, been
subject to independent verification, 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 document or
its contents, or anything related to them, or any document or
information to which the document may refer.
The sum of the values appearing in the tables
and analyses may differ slightly from the total reported as a
result of rounding.
1
Net income, Group
share2 Adjusted
data: excludes amortisation of intangible assets and integration
costs for Lyxor in Q4 2022 and full-year 2022 year (see note p.
11)3 Based on the
share price as of 2 February 2023 (€61.90 at closing)4
Excluding CA &
SG insurers5
Medium-Long Term
Assets, excluding JVs6
Source:
Morningstar, European open-ended, cross-border, and domestic funds7
Voting Matters 2023
report by the UK charity ShareAction; Amundi was 3rd among the 69
main asset managers worldwide, with a score of 98%. ShareAction
evaluated 257 shareholder resolutions in 2023.8
Composite index
(50% MSCI World + 50% Eurostoxx 600) for equity markets9
Bloomberg Euro
Aggregate for fixed income markets10
10-year French
government bond (OAT) yield11
Sources:
Morningstar FundFile, ETFGI. European open-ended & cross-border
funds (excluding mandates and dedicated funds). Data as of
end-December 2023.12
The number of
Amundi open-ended funds ranked by Morningstar was 1,157 funds as of
end-December 2023, and 778 over 5 years. © 2023 Morningstar. All
rights reserved13
Portion of assets
under management in active funds, including money market funds,
whose gross performance outstrips that of the benchmark; does not
include: ETFs, index funds, JVs, delegated management, mandates,
structured products, real assets; where no benchmark exists,
absolute gross performance is taken into account; source:
Amundi/Risk Department14
Based on the share
price as of 2 February 2023 (€61.90 at closing)15
40% in private
equity, 35% in private debt, and 25% in infrastructure; for more
details on this transaction, please refer to the press release
issued today, 7 February 2024 and available on
https://about.amundi.com/.16
ETF Euro Government
Tilted Green Bond, tracking the Bloomberg Euro Treasury Green Bond
Tilted index and including a minimum of 30% of sovereign green
bonds; the ETF is classified as Article 8 as regards the SFDR
regulation.17 #1 in
assets and year-to-date net inflows in Europe and worldwide, active
and passive management, at end-November, source Broadridge18
All Net Zero
Ambition funds in passive management complying with EU CTB/PAB
criteria19 In
percentage of the number of ETFs managed20
Voting Matters 2023
report by the UK charity ShareAction; Amundi was 3rd among the 69
main asset managers worldwide, with a score of 98%. ShareAction
evaluated 257 shareholder resolutions in 2023.21
Medium-Long Term
Assets, excluding JVs22
Adjusted data:
excludes amortisation of intangible assets and integration costs
for Lyxor in Q4 2022 and full-year 2022 year (see note p. 11)23
Shareholders’
equity minus goodwill and intangible assets24
The TSR (Total
Shareholder Return) computes the full return for a shareholder at
the IPO, including the share performance + dividends received from
2016 to 2023 and re-invested at the share price of the payment date
+ preferential subscription right detached in 2017.25
Assets under
management and net inflows including assets under advisory,
marketed assets, and funds of funds and taking into account 100% of
the net inflows and assets under management of the joint ventures
in Asia; for Wafa Gestion in Morocco, assets under management and
inflows are reported in proportion to Amundi's holding26
Lyxor, integrated
on 31/12/202127
Assets under
management and net inflows including assets under advisory,
marketed assets, and funds of funds and taking into account 100% of
the net inflows and assets under management of the joint ventures
in Asia; for Wafa Gestion in Morocco, assets under management and
inflows are reported in proportion to Amundi's holding28 Assets and
net inflows, including assets under advisory, marketed assets and
funds of funds, and taking into account 100% of the assets under
management and inflows of Asian JVs; for Wafa in Morocco, assets
under management and inflows are included for Amundi's share in
their capital29 See
also section 4.3 of Amundi Group’s 2022 Universal Registration
Document filed with the AMF on April 7, 202330 Source: IPE “Top 500
Asset Managers” published in June 2023, based on assets under
management as at 31/12/202231 Amundi data as at 31/12/202332
Boston, Dublin, London, Milan, Paris and Tokyo
- Amundi PR results Q4&FY 2023
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