Investor Presentation • Nov 10, 2017
Investor Presentation
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November 10th2017
Andrea MangoniGroup CEO
Fabio Balbinot
Chief Financial Officer
Manuela FranchiHead of IR, Finance, M&A
Finance and Acquisition at Pirelli RE (Prelios) from 2001 to 2004
Joined doBank in August 2016
| F i i l R l t n a n c a e s s u 9 9 6 M 1 7 M 1 s v |
1 G C l l i € 2 b 9 2 0 € 0 b 9 2 0 6 ( 8 % ) t 1. M 1 7 1. M 1 1 + r o s s o e c o n s : n v s n G € 1 9 2 0 1 € 1 0 9 2 0 1 6 ( % ) R 4 5 M 7 4 M 4 + o s s e e nu e s m s m r v : v ( ) E B I T D A € 4 2 9 M 2 0 1 7 € 4 0 9 2 0 1 6 4 % E B I T D A i 2 9 % + : m s m m m a g n v r - ( ) N I € 2 7 9 M 2 0 1 7 € 2 3 9 2 0 1 6 1 6 % t + e n c o m e : m v s m m O i C h l i 9 3 % t F p e r a n g a s o w c o nv e r s o n : |
|---|---|
| M i Ev t a n e n s 3 Q 1 7 |
O d d l h b d d d l l F I N i M t S i S i t t i t i : s g n e a s e r a n p e c a e rv c e r c o n r a c w e m e e a n c a ry i t s e rv c e s a g r e e m e n S i i d b h S 2 / C S 2 / S 2 M t t i F i t t R M M A B M a s e r e rv c e r r a n g a s s g n e y c a |
| M i Ev t a n e n s 3 Q t 1 7 p o s |
S d h f € 8 b f € 2 6 b f S ( 3 0 % ) M P t i t t i i M P a g r e e m e n : s g n e e r m -s e e o r s e rv c n g n o n o ~ f l h b d d i i i i 1 Q 1 8 t t t p o r o o w o n o a r n g e x p e c e n C i i l / l i d € 3 0 t t A t t I I I t R Fu i t t t o- nv e s m e n n a n e a a n e c o v e ry n : m c o m m m e n o l l h d f i t i A t t I I i i i t t t t t i i t i t t i N P L nv e s n a n e n n e w s a e s r a e g y o m n o r y nv e s m e n n h i iz i t t t s e c u r a o n r a n c e s d i i l h C d d l d l J M t t i t U i i t t j i i i t u c a a n a g e m e n : a g r e e m e n w n r e o e p o y u c a s e rv c e s o f l f d f i U i C i F I N O t t t t p o r o o o r n r e n o p a r o |
| th 1. Gr ow |
f 1 8% llec of lfo nd lte ely if g olle f It alf dia lud ed rat et tio Ita iar io in 9M 20 16 tiv 12 % cti rio in 9M 16 e i + e o as su me s n co ns , a rna ros s c on s o on ar nc |
Thanks to its size and its scalable platform, doBank can support other inflows with limited cost increase
Italian NPLs Changing Hands1
| Po rtf BV ( oli o G €b n) |
Pla n |
rtf oli Po o Ty pe |
tio lan Ac n P |
( € bn ) |
|
|---|---|---|---|---|---|
| 17 .7 |
Se riti tio n & S ale cu za |
Sto ck |
jec O - C los d Pro t F IN e |
||
| 3.0 | Po rtf oli o S ale |
Sto ck |
€ 1.8 bn d - € 1.2 bn to an no un ce co me |
||
| 26 .1 |
Sa le of rtf oli nd Po o a Pla tfo rm |
Sto ck & Fl ow |
Flo d p lat for ld Sir to io JV w an m so ( Qu sti o/ Ce d) . S k s old toc to ae rve At lan II wit h G AC S f ina ing te nc |
||
| 9.6 | Se riti tio n & S ale cu za |
Sto ck |
Ma d a d i rim by In nte tes na ge a. Tr sfe o S GA in 20 18 . P nti all r t ote an y oth rvi be in lve d to er se ce rs vo |
||
| 10 .0 |
& le Ma nt Sa na ge me |
ck Sto |
ld, 1b o b old by €3 00 € n t Y E1 7, m so e s €6 bn be llo ted 20 to rvi cin in 17 a ca se g for (po 20 : G AC S) 1 st 17 ye ar |
||
| 8.0 | le Pla Sa n 2 01 7- 20 19 |
ck Sto |
€2 .5b los ed ( €2 bn all lo s). n c sm an .5b nd by €5 GA CS Ju 20 18 n u er ne |
||
| 3.9 | Sa le Pla n 2 01 7- 20 19 |
Sto ck |
€2 .5 clo d se |
||
| 2.9 | Sa le |
Sto ck |
Be nic e P roj clo in 20 17 t, to re ec se |
||
| 2.8 | le of rtf oli nd Sa Po o a Pla tfo rm |
ck Fl Sto & ow |
be let ed by d Pro to ce ss co mp ye ar en 20 17 |
||
| 3.0 | Sa le Pla n 2 01 7- 20 19 |
Sto ck |
€1 bn B d i S de a i n 1 h2 01 8 an co ar gn |
||
| he Ot rs |
7.0 | rtf oli o S ale Po |
Sto ck |
Ot he r A t nn ou nc em en |
|
| l To ta |
94 .0 |
Owned by Investors
1. Source: PWC Report: The Italian NPL Servicing Market, as of May 2017
3)
3
1
2
| € m |
9 M 1 2 0 1 6 |
9 M 2 0 1 7 |
% ∆ ( ) |
|||
|---|---|---|---|---|---|---|
| e s u r n e |
H ic d ug e se rv e fo l io t p or |
G B V Eo P |
8 2 b n |
7 9 b n |
( 4 2 % ) |
Co l lec io i f fs d le f t te ns wr -o an sa o , fo l ios by l ie ia l ly f fs by t ts t t p or c n p ar o e in f low fro d is ing l ie t ts s m n ew a n ex c n |
| e v v i r e d R |
in la Be t- s -c ss l le io t co c ns |
l le io Co t c ns |
1. 0 b n |
1. 2 b n |
1 8 % + |
fo Im ing in 2 0 1 6 p ro v p er rm an ce f d ( ) irm in 9 M 1 7 1 8 % 9 M 1 6 + co n e v s de f bo d i te ig i ica t F I N O ing sp s n n on ar d low t iv i t ies G B V ac a n er a ve ra g e |
| L | is i b le ba V ev en ue se r |
G ro ss re ve nu es |
1 4 0 |
1 4 5 |
4 % + |
~8 8 % f s ic ing la d te to o er v re ve nu e re lo ic ing te ts ng rm s er v a g re em en l lar d An i ice -in tm ts c y se rv s an co ve s en f fe fo h ing t o r ro om r g ro w |
| & e r P u t e c l p u r m t |
O in le t p er a g ve ra g e |
O in t p er a g ts co s |
8 8 |
9 2 |
5 % + |
F ixe d H R l 9 3 % f l H R ts to to ta co s e q ua o ts co s f f ha ks I T & S G & A t e ic ie ies ing t co s nc c om n d to 2 0 1 6 9 M 1 7 inv tm ts an es en |
| s i S |
Pr f i b i l i ta ty ov en p ro |
E B I T D A |
4 0 |
4 2 |
4 % + |
Ex d ina fro I T in 9 M 1 7 fo tra ts or ry c os m r € 5m l f c l lec f lec d Se i ty t io te as on a o o ns re on E B I T D A |
| n o i t h a s |
L im i d te ca p ex |
Ca h s io co nv er s n |
3 7 |
3 9 |
5 % + |
f f d he S ig i ica t p t io I T t n n or n o an o r d inv tm ts t inc es en e xp en se a om e ta te t s m en |
| r a e C n e g |
f i fr Be ts ta ne om x ts as se |
Ta x A ts ss e |
1 4 3 |
9 8 |
( 3 1 % ) |
Ta fu l ly f f-s b le ins d ire ts t ta t t as se o e ag a x c d in d ire t ta an xe c s |
Deceleration on collections in 3Q17 due to FINO on-boarding
Collections for 2014 and 2015 based on Italfondiario only 2. Italfondiario collections for 2014-15-16 are accounted for net cash flow consistent with their historical reporting 3. 9M2017 calculated as last quarter 2016 + 9M2017
| in Bu s es s ar ea |
Ke Fa ts y c |
in ia l l F Re ts an c su |
|---|---|---|
| los d h fro C tra t i t F I N O ta t ing 4 Q 1 7 e co n c w s r m |
Re in €m ve nu es 11 .6 11 .5 |
|
| los d h fro C i F I N O ing 4 Q 1 7 tra t w t ta t e co n c s m r S ig i f ica ly h ig he l e io in he t ta te t t n n r r ea s a uc ns ke ( 2) h h d 3 1 % 2 0 1 7 E 2 0 1 5 A ic ine t ta + m ar vs su s w io fa i l i io t ta t au c n c n re ve nu es |
||
| J d i i l u c a M t a n a g e m e n |
S in 1 H 1 7 ta t- r up los d h ly d C tra t w i t F I N O in Ju 2 0 1 7 e co n c an f ina l ize d i h Un i Cr d i in Oc be t w t t to ag re em en e r 2 0 1 7 No in 3 Q 2 0 1 7 d te re ve nu es e re p or ar |
1 9M 20 16 9M 20 17 f /w €2 o m o ~ ls tio ex ce p na |
| O h t e r |
Se i iza io iv i ies fro du d i l ig d t t t t cu r n ac m e en ce a n bu lan ine ing s ss p n In d fro h ip i h j tn t cr ea se re ve nu es m p ar er s w a m a or l k l t I ta ia Ba ie t cu rre n n n c n Co -in la d € 6. 1m tm t r te to ve s en ev en ue re lan inv tm t. € 3 0m A t te I I c i tm t to es en om m en s p ur d d i io l s ic ing t tra ts a na er v c on c |
8 4. 2. 7 2 1 3Q 20 16 3Q 20 17 |
14
Notes: 1. 2016 RE related services costs included in SG&A as part of the broader UBIS contract while they are allocated to RE expenses in 9M17 and for consistency in 9M16 2. Based on total opex gross of expense recoveries. 3. 9M2016 aggregated doBank+Italfondiario
If completed, Atlante II investment would decrease CET1 ratio to 22% pro-forma 9M17
| i i i M t a n a n n g l d h i e a e r s p i i i t p o s o n n S i i e c n g rv |
in fo im hr h da d d l f Co iza io im i ica io t t t ta t t n ue p er rm an ce p ro ve m en ou g s n r n an s p n d le in he fa b le le is la iv ls N P Ls l l a I F R S 9 t t t an ve ra g g on r ec en vo ra g e p ro p os a on a s w e s in du io tr t o c n l l v lu io fro lo i h ks ly in la d Fu tr t -t tr ts t Ba t a e ex ac n m ng er m c on ac w n c ur re n p ce a n la h h la l ( la / l d, t io ip i t t in to in I ta ia N P Ls A t te I I I ta ia Re Fu re ns rg es ve s rs n n n co ve n w ry ) Fo tr es s r bu in de lo le lso he in i S tr t in t tm t tu ty on g s es s ve p m en ve ra g g a o n c o– ve s en op p or n da d d f in ic in in iv i ica io to te t g a s er v g m an s an cr ea se r ev en ue er s n |
|---|---|
| f D l t e e o p m e n o v i l l A n c a ry i s e rv c e s f f i o e r n g |
l l s ice i fo ho l de f fo l io Fu te N P L t er v s su r rs o p or s Se ice de lo fo iv l ie in in io t t ts tr t te rv s ve p m en r c ap e c n cr ea s g p en e a n ra Co ia l e f fo fo iv in ba k in d he t t to t to m m er c r r no n- ca p e cu s m er s n g an o r s ec rs |
| f I t m p o e m e n o r v i l t o p e r a o n a f f i i e c e n c y |
l lo fu he im f G f f ic ie I T in t t ex p en se s a g p ro ve m en o ro up e nc y w r r lo iv le fr h ig he lu br h he la fo Ex i t o t t in to t t p p er a e ve ra g e om r v o m es ou g p rm do So lu ho d d ie t io to te t iu te t ns c re a s an m e m rm c os sy ne rg s r |
| Co nd d ol id ed in t ( €/ 00 0) at st at en se co ns co m e em en |
Fi t n in th rs e m on s |
Ch an ge |
|||
|---|---|---|---|---|---|
| 20 17 |
⁽¹⁾ 20 16 |
Am nt ou |
% | ||
| Se ici rv ng re ve nu es |
13 3, 60 5 |
12 8, 72 4 |
4, 88 1 |
4% | |
| /w ks B o an |
86 11 4, 7 |
11 7, 33 5 |
( 8) 2, 46 |
-2 % |
|
| /w In sto o ve rs |
18 73 8 , |
11 38 9 , |
7, 34 9 |
65 % |
|
| Co -in stm t r ve en ev en ue s |
41 8 |
23 | 39 5 |
n.s | |
| cil lar nd he An ot y a r r ev en ue s |
11 22 3 , |
11 48 5 , |
( 2) 26 |
-2 % |
|
| Gr s R os ev en ue s |
14 24 6 5, |
14 0, 23 2 |
01 5, 4 |
4% | |
| Ou cin fee tso ur g s |
( 11 39 4) , |
( 12 63 2) , |
1, 23 8 |
-1 0% |
|
| Ne t r ev en ue s |
85 13 3, 2 |
12 7, 60 0 |
6, 25 2 |
5% | |
| St aff ex pe ns es |
( 58 98 5) , |
( 57 24 7) , |
( 1, 73 8) |
3% | |
| Ad mi nis tra tiv e e xp en se s |
( 6) 33 16 , |
( 6) 30 28 , |
( 0) 2, 88 |
10 % |
|
| Op in at er g ex pe ns es |
( 92 1) 15 , |
( 87 53 3) , |
( 61 8) 4, |
5% | |
| EB IT DA |
41 70 1 , |
40 06 7 , |
1, 63 4 |
4% | |
| EB IT DA M in ar g |
29 % |
29 % |
0% | 0% | |
| t/ ba ck lan d Im irm W rit rty t, uip nt pa en e- s o n p ro pe , p eq me an ibl int ets an g e a ss |
( 1, 61 8) |
( 1, 28 5) |
( 33 3) |
26 % |
|
| s f ks nd ch Ne t P isi ris rov on or a ar ge s |
( 9) 1, 18 |
( 7) 1, 30 |
11 8 |
-9 % |
|
| do f lo Ne t W rit e- wn s o an s |
21 0 |
( 19 ) |
22 9 |
n.s | |
| Ne t i e ( los s) fro inv tm ts nc om se m es en |
1, 90 1 |
20 5 |
1, 69 6 |
n.s | |
| EB IT |
41 00 5 , |
37 66 1 , |
3, 34 4 |
9% | |
| Ne t f ina ial in d c mi ion te st nc re an om ss |
( 14 5) |
( 12 8) |
( 17 ) |
13 % |
|
| EB T |
40 86 0 , |
37 53 3 , |
3, 32 7 |
9% | |
| x f th d In ta rio co me or e pe |
( 13 6) 55 , |
( 33 9) 14 , |
78 3 |
-5 % |
|
| ofi t ( los s) fro f a ld d h eld fo ale of Pr ets et tax m gr ou p o ss so an r s n |
( 39 0) |
- | ( 39 0) |
n.s | |
| Ne t P fit ( Lo ) fo he io d r t ro ss p er |
26 91 4 , |
23 19 4 , |
3, 72 0 |
16 % |
|
| Mi rit ies no |
- | - | - | n.s | |
| Ne t P fit ( Lo ) a ib ab le th Gr be fo P PA ttr ut to ro ss e ou p re |
26 91 4 , |
23 19 4 , |
3, 72 0 |
16 % |
|
| eff of Ec ic "P ch e P ric e A llo tio n" ts on om ec ur as ca |
- | - | - | n.s | |
| od ll i Go wi air nt mp me |
- | - | - | n.s | |
| Ne t P fit ( Lo ) a ib ab le th Gr ttr ut to ro ss e ou p |
26 91 4 , |
23 19 4 , |
3, 72 0 |
16 % |
| As 00 ts |
09 30 20 17 |
12 / 31 / 20 16 |
Ch an ge |
|
|---|---|---|---|---|
| ( €/ 0) se |
/ / |
Am nt ou |
% | |
| C h a nd sh uiv ale nts as ca eq |
25 | 18 | 7 | 38 .9% |
| Av ail ab le- for le fin cia l a ts -sa an sse |
7, 35 4 |
1, 04 7 |
6, 30 7 |
60 2.4 % |
| nd ble ith ba nk Lo iva an s a re ce s w s |
31 2 11 , |
52 57 5 , |
( 21 46 3) , |
-40 .8% |
| Lo nd iva ble ith sto an s a re ce s w cu me rs |
3, 17 2 |
10 82 0 , |
( 7, 64 8) |
-70 .7% |
| Eq uit inv tm ts y es en |
2, 01 5 |
1, 60 8 |
40 7 |
25 .3% |
| lan nd Pro rty t a uip nt pe , p eq me |
1, 79 5 |
63 8 |
1, 15 7 |
18 1.3 % |
| Int ibl ts an g e a sse |
2, 54 0 |
2, 07 9 |
46 1 |
22 .2% |
| of wh ich od wi ll go |
- | - | - | n.s |
| Ta ts x a sse |
98 24 4 , |
14 3, 03 0 |
( 78 6) 44 , |
-3 1.3 % |
| ) Cu nt tax ts a rre as se |
21 1 |
37 72 2 , |
( 37 1) 51 , |
-99 .4% |
| b ) De fer red ta ts x a sse |
98 03 3 , |
10 5, 30 8 |
( 7, 27 5) |
-6 .9% |
| of wh ich / t t o L 2 14 20 11 pu rsu an aw |
55 40 6 , |
55 40 6 , |
- | 0.0 % |
| he ld for le d d d o No n-C t a ts isc tin rat ion urr en sse sa an on ue pe s |
10 | 2, 51 6 |
( 6) 2, 50 |
-99 .6% |
| Ot he ts r a sse |
12 85 6 1, |
10 3 11 4, |
3 7, 75 |
6.8 % |
| To l a ta et ss s |
26 8, 12 3 |
32 8, 43 4 |
( 60 31 1) , |
-1 8.4 % |
| Ch an ge |
|||||
|---|---|---|---|---|---|
| Lia bil iti nd sh eh old s' uit ( €/ 00 0) es a ar er eq y |
09 / 30 / 20 17 |
12 / 31 / 20 16 |
Am nt ou |
% | |
| s f ba nk De sit po rom s |
93 | 13 07 6 , |
( 12 98 3) , |
ns | |
| De sit s f sto po rom cu me rs |
6, 91 7 |
11 06 0 , |
( 4, 14 3) |
-37 .5% |
|
| Ta x l iab ilit ies |
1, 26 1 |
21 9 |
1, 04 2 |
47 5.8 % |
|
| a) Cu lia bil itie nt tax rre s |
24 2 1, |
19 9 |
04 3 1, |
52 % 4.1 |
|
| b) De fer red x l iab ilit ies ta |
19 | 20 | ( 1) |
-5 .0% |
|
| Lia bil itie cia ith he ld for le d tes t a ts s a sso w no n-c urr en sse sa an |
- | 1, 73 8 |
( 1, 73 8) |
-10 0.0 % |
|
| dis ed nti tio co nu op era ns he r li ab ilit Ot ies |
41 49 4 , |
98 55 6 , |
( 2) 14 49 , |
-25 .9% |
|
| loy ina tio n i nd nit ies Em te p ee rm em |
10 12 6 , |
10 24 0 , |
( 4) 11 |
.1% -1 |
|
| Pro vis ion fo isk nd ch r r s a arg es |
22 03 1 , |
25 37 1 , |
( 3, 34 0) |
-13 .2% |
|
| a) nd lar ob lig Pe ion si mi ati ns s a on s |
- | - | - | n.s | |
| b) Ot he isio r p rov ns |
22 03 1 , |
25 37 1 , |
( 3, 34 0) |
-13 .2% |
|
| Va lua tio n r es erv es |
12 8 |
25 6 |
|||
| Re se rve s |
11 8, 15 6 |
11 7, 15 5 |
1, 00 1 |
0.9 % |
|
| Sh l ita are ca p |
28 0 41 , |
28 0 41 , |
- | - | |
| Tr sh (- ) ea su ry ar es |
( 27 7) |
( 27 7) |
- | - | |
| s ( +/ -) Min itie or |
- | - | |||
| rof it ( los s) (+ /- ) Ne t p |
26 91 4 , |
52 33 0 , |
( 25 6) 41 , |
-48 .6% |
|
| l li ab ilit ies nd sh eh old s' uit To ta a ar er eq y |
26 8, 12 3 |
32 8, 43 4 |
( 1) 60 31 , |
-1 8.4 % |
This presentation and any materials distributed in connection herewith (together, the "Presentation") do not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation of any offer to purchase or subscribe for any securities, and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, reasonableness or correctness of the information or opinions contained herein. None of doBank S.p.A., its subsidiaries or any of their respective employees, advisers, representatives or affiliates shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this Presentation. The information contained in this Presentation is provided as at the date of this Presentation and is subject to change without notice.
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