Azimut Group 1H 2021 Results - July 29th, 2021 - Public now
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Azimut Group
1H 2021 Results
July 29th, 2021
Table of Contents
• 1H 2021 Highlights 3
• Asset Management & Distribution 18
• 1H 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
2
Table of Contents
• 1H 2021 Highlights 3
• Asset Management & Distribution 18
• 1H 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
31H 2021: key highlights
2021 YtD
Net WAP 2021 YtD 1H Net Profit(2)
AUM & Net Inflows(1)
€76.6bn Total Assets
+5.2% €226mn
€12.9bn Net Inflows
+1.4% vs Azimut Total Assets: +58% vs. 1H20
Morningstar Index +27% vs. end 2020
Source: Company data.
Note (1): Including the announced M&A transaction with Pathlight Capital4and latest Kennedy Lewis team lift-off, both in July 2021
Note (2): Excluding Performance fees to be cashed in at 31/12/2021.Private Markets: scaling up a global offering
Azimut Private Markets: €3.5bn AUM
Azimut Libera Impresa SGR Azimut Alternative Capital Partners
➢ Operating since 2015 ➢ Operating since 2019
➢ €2.1bn AUM ➢ €1.4bn AUM (Azimut pro-rata share)
➢ 19 funds / products / club deals ➢ 7 funds(1) by Affiliates & Internal Team
➢ 30 employees, of which 25 investment ➢ 8 employees based in NYC
professionals
20% • Opportunistic Private Unlocked
➢ Mostly in-house managed, with selected third Credit Azimut
• $7bn Total AUM Distribution
party managers such as Blackstone, Peninsula
Capital and Muzinich • Consumer middle- Unlocked
12.5%
market Private Equity Azimut
• Ramp up phase Distribution
20% • ABL Private Credit Unlocking
• $1.4bn Total AUM Azimut
Private Markets AUM 2020 – 2021 YTD (€bn) Distribution
Italy USA 3.5
2.6 1.4
2.0 2.3 0.5
1.8 0.4 0.5
1.2 1.2 0.4
2.1 2.1
0.6 1.4 1.6 1.7
4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 July 2021*
Source: Company data.
5
Note1: Including funds already closed and soon to be managed by all Affiliates and internal AACP team. Note*: includes only new
AUM coming from the July 2021 US deals and acquisitions1H 2021: Revenues
Recurring Fees consistently stand at 80% of Total Revenues
Total Revenues (€mn) Consistent growth and margin stability over time (€mn)
Perimeter change Perimeter change
due to M&A
600
566 due to M&A
Recurring Fees Bps (excluding Sanctuary)
21.9
550
500
178 178 177 178 178
174
180
450
400
240
237
12.4
350
544 170
300 476 220
219
250
3.9* 160
200
201
150
200
193 194
1H 2020 1H 2021 185
150
Total Revenues Breakdown (€mn) 180
140
700
Management Fees Variable Fees Insurance Fees Others
566
160
130
600
476 19
500
64
12 27
46
140
120
400
40
300
120
110
456
379
200
100
100 100
00
1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
1H 2020 1H 2021
Source: Company data. 6
Note*: Sanctuary Consolidation in 1Q 2021 was only 1 month1H 2021: Expenses
Strong cost control leading to continued positive operating leverage
Distribution Costs (€mn) Operating Expenses & Cost/Income evolution
Perimeter change Perimeter change
due to M&A due to M&A
200
Distribution Costs SG&A Other Cost / Income
17.8
50% 48%
45% 43% 43%
40%
200 50%
160 160
184 180
152 154
175 144 8
30%
141 5
8 8
160
7 1.9
8
10%
7
140
56
1H 2020 1H 2021 55 54
120
53
SG&A* (€mn) 52
-10%
52
14
100
Perimeter change
due to M&A 117 3.8
-30%
11.2 80
60
-50%
93 96
106 82 85 92 92
105
40
-70%
20
0 -90%
1H 2020 1H 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021
Source: Company data.
7
Note: Cost/Income includes the effect of the change in perimeter due to M&A. Formula calculated as Fixed Costs (SG&A and D&A)
divided by Net Recurring Revenues (Including Insurance). Note *: SG&A Perimeter change refers to last twelve months.1H 2021: Net Profit
Record 1H Net Profit in the history of the Group
Net Profit (€mn) Strong Net Profit result, on track with FY 2021 Target (€mn)
Tax goodwill
realignment 226 400
30
350
Potential
performance
196
300 fees to be
143 cashed in at
31/12/2021
250
1H 2020 1H 2021
200 350
Recurring Net Profit (€mn)
Tax goodwill
226
realignment 199 150
30
100
169
50
103
0
1H 2021 FY 2021 Target
1H 2020 1H 2021
Source: Company data.
8
Note: Recurring Net Profit excludes the Performance Fees. Tax goodwill realignment on the Italian parent company in accordance
with Budget Law 2021 Art. I Paragraph 83Group Inflows & AUM evolution
Record AUM and International Business reaching 37% of Total
Total Assets breakdown (€bn)
Italy International
* Total Assets reaches record high of
€75.6bn (€76.6bn including the most
recent Private Market initiatives closed in
July 2021)
75.6
International business stands at 37%
of Total, record level for the Group
60.4 €3.5bn in Private Markets today
59.1
27,7
50.4 50.8 2021 YtD Net Inflows: €12.9bn (€5.5bn
17,0 organic), of which
17,1
43.6
12,5 €1.5bn from Private Markets
13,8
36.7
7,7
AUM breakdown (1):
30.0 4,3
Discretionary Portfolio Advisory 3%
2,1 Management 11%
47,9
42,0 43,4
35,9 37,9 37,0
32,4 Life Insurance
27,9 23%
Alternatives Mutual Funds
4% 59%
2014 2015 2016 2017 2018 2019 2020 Jun 2021
Source: Company data.
Note (1): Figures referred to Managed Assets as of June 2021 92021 YtD Net Inflows by product and region
€bn 12.9
7.4
Managed Inflows
0.2
Inflows into Private Markets
Non-internally Managed / Custody Inflows
7.2
2.4
0.8
1.6
0.6
0.1
0.5 0.5
0.1
2.0 0.4
0.5
0.3
1.2
Italy EMEA APAC Americas M&A Total
Source: Company data.
10 closed in July. Americas Inflows include the announced
Note: M&A includes Sanctuary Wealth, Australia and Pathlight Capital which
Kennedy Lewis lift-out of the CLO team for an additional pro-rata $800mn in AUM for AzimutPrivate Markets: product suite overview (1/2)
€3.5bn of Total AuM, of which €1.5bn in 2021 YtD
(€mn AUM) In Fundraising Focus
HighPost Capital US Consumer PE
Venture Capital Infra. Blackstone Asia Asia PE
Private Credit
RE Peninsula Europe PE
ESG
1,215 Sweetwood Israeli VC
Private Equity
375
277
237 247
186
128 133 150
110 120
65 70
25 40
ALICrowd
FSI
Digitech
Ophelia
IPO Club
Kennedy Lewis
Private Debt
Demos I
Antares
Global Invest
ITA500
Club Deal
Corporate Cash
Pathlight
Infrast. – ESG
Source: Company data. 11
Note: Kennedy Lewis and Pathlight AUM is pro-rata for Azimut ownership (20%).Private Markets: product suite overview (2/2)
Private Markets breakdown
AuM breakdown by category AuM breakdown by region
Venture
Private Equity Capital SPAC
FoF 4% 4%
4%
Private Equity
16% US
42%
Italy
58%
Private Credit
65%
Source: Company data
12
Note: Data includes Pathlight Capital 20% stake acquisition.Private Markets: completed third deal in the US
Partnership with Pathlight, a leading Private Credit asset-based lending (“ABL”) franchise in the US
The company The transaction
➢ Founded in 2012 and established as an independent ➢ Azimut, through its US subsidiary Azimut Alternative
investment management firm in 2018, Pathlight is a Capital Partners LLC (“AACP”), acquired a 20% equity
leading private credit manager with ca. $1.4bn in interest in Pathlight
committed capital(1)
➢ Focused on providing asset-based loans secured on a
➢ As part of its growing GP stakes mandate, AACP seeks
first or second lien basis against tangible and
to buy minority equity interests in Private Market
intangible assets to middle market companies across a
companies with strong track records and EBITDA
variety of industries
margins
➢ Target Unlevered Gross IRR: 14-18% range
➢ Currently employing a growing team of 16 people,
➢ Azimut will consequently:
including 11 investment professionals
✓ Consolidate Pathlight’s AUM on a pro-rata basis
➢ Pathlight commingled fund AUM by investor type(1) :
(Azimut will therefore consolidate ca. $280mn)
4,2% ✓ Receive pro-rata quarterly distributions from profits
11,6%
42,2%
➢ The third of several deals to:
11,9%
✓ Offer exclusive high quality private markets
13,4% products to Azimut clients and advisors globally
16,7% ✓ Geographically diversify the Group’s Private Markets
efforts
Public Pension Insurance Company
Investment Manager Private Pension
✓ Increase recurring revenues at Group level
Other Institutions Family Office & HNW
Source: Company data
(1) As of July 26, 2021
13Private Markets: completed third deal in the US
Pathlight’s Partners are seasoned ABL investors with a long and successful history of working together
Partners '6 '7 '8 '9 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21
Daniel Platt Prentice Capital GA Capital Pathlight Capital*
Founder, CEO
Katie Hendricks Bank of America GA Capital Pathlight Capital*
Managing Director
Mark Twomey Bank of America Pathlight Capital*
Managing Director
Steven Migliero, Jr. SLR Credit Solutions (f/k/a Crystal Financial) PL*
Chief Operating Officer
Selected Investments
(*) From 2012 to 2018, Pathlight operated as a portfolio company of funds affiliated with Sycamore Partners (2012-2015) and Lightyear Capital (2015-2018). In 2018, Pathlight Capital
became an independent investment manager operating as Pathlight Capital LP.
14Sanctuary Wealth: business update (1/2)
AUM Evolution ($bn) Cumulated Monthly Revenues(1) ($mn)
Cumulative Total Revenues ($mn)
AUM Evolution ($bn)
>3x 33.8
+26% 11.0
10.2 27.6
9.7
9.1 21.7
8.7
15.7
7.0 10.0
5.1
Nov-20 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
(Signing) (Closing)
Net New Money Growth ($mn) Going Forward
Net Inflows YtD Annualized Net Inflows / AUM ✓ Encouraging core business growth, also considering
that Total Revenues may be positively impacted by:
2,200 54.3% 60.0%
✓ Additional revenue stream from dividends /
1,700 1,549 50.0% increase in RIA ownerships
40.3%
33.6% 40.0% ✓ Integration / product cross-selling with Azimut
1,200
25.8% 864 Global Team
30.0%
700 480 ✓ Build up of AUM not yet fully reflected
20.0%
184 ✓ Strong underlying market for Financial Advisors
200 10.0% wanting to become independent
-300 Mar-21 Apr-21 May-21 Jun-21 0.0%
Source: Company data. 15
Note (1): including all revenues such as brokerage and trading feesSanctuary Wealth: business update (2/2)
Strong momentum for RIAs in the US with Sanctuary being a key attraction pole
$5.3bn(1) 61% 90%+ $1.2bn
Potential AUM from Already Transitioned in Target Transitioned Additional AUM in the
Recruited Teams in 1H21 Sanctuary AUM 2H21 from signed LoIs
✓ NavaSync (Red Bank, NJ)
$200mn AUM
✓ Cedar Gap (Abilene, TX) ✓ Harbor Asset (Greenwich, CT)
$130mn AUM $375mn AUM
✓ Alluvial (Marion, OH) ✓ RHA (Raleigh, NC) ✓ Sanctuary Global (Miami, FL)
$250mn AUM $235mn AUM $200mn AUM
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
✓ Noble Wealth (Toledo, OH) ✓ Green Wealth (Southbury, CT) ✓ Ban Cor (Kansas City, MO)
$225mn AUM $325mn AUM $200mn AUM
✓ Tenet Wealth (Champaign, IL) ✓ JDK (San Antonio, TX) ✓ Excelcis (McAllen, TX)
$150mn AUM $250mn AUM $800mn AUM
✓ Quorum (Walnut Creek, CA) ✓ mForce (Fort Worth, TX)
$1.2bn AUM $800mn AUM
Source: Company data. 16
Note (1): refers to Gross potential Assets / InflowsTable of Contents
• 1H 2021 Highlights 3
• Asset Management & Distribution 18
• 1H 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
17One of the most dynamic players in Europe
A highly proactive Global Asset Management team with unique product opportunities
Launched world's first Security Token in the asset management sector and accelerating
AZIM Token the neoLending* project in the Digital Asset Economy
neoLending(1) / Azimut Direct at the core of the neoLending(1) project, creating an ecosystem supporting
Azimut Direct the Italian economy, integrating Fintech and Private Market funds using A.I. and Big Data
Digital Assets / Azimut Investments has obtained the first authorization in Luxembourg to manage virtual
Crypto / Blockchain assets strategies & first to integrate blockchain technology by FundsDLT into its processes
ALTO Italia (first “PIPE“ fund on the Italian listed market) and ALTO Venture (focus on
ALTO Range the Nasdaq index with a sector allocation in line with US VC funds)
Acquired 30% stake* in P101 SGR strengthening the partnership to create a European
P101 investment platform supporting innovation
Creation of Azimut Sustainable, promoting investments in compliance with ESG
ESG criteria. Over €12bn of AUM (more than 40% of Lux Funds) implementing ESG principles
Continued growth with new products managed by both in-house teams as well as
Private Markets strategic partnerships around the world (e.g. HighPost, Blackstone, Peninsula, Muzinich)
Source: Company data. 18
Note*: subject to regulatory approval. Note (1): previously referred to the Synthetic Bank projectSnapshot on Azimut Direct and support to SMEs in Italy
Azimut Direct – The fintech company dedicated to Italian SMEs
Bridge between companies and the market
Azimut Direct is the marketplace for the real
economy, servicing Italian SMEs by working on
lending, bonds, equity and finance solutions. Azimut Funds
SMEs 5 Private Equity funds
4 Private Debt funds
Investor Community
60+ Institutional Investors
Specialized banks + Insurance Groups
Other Private Debt & Equity funds
Direct lending Direct lending + Senior Bond Debt Re-financing IPO
Selected examples of
recent transactions
€ 3.000.000 € 27.500.000 € 24.600.000 € 12.000.000
Neosperience Udinese Calcio San Mauro Askoll
19Azimut Net Weighted Average Performance to clients
Steady recovery since the 2020 disruption, delivered in 2021 YtD a +5.2% Net Performance
20,00%
+16%
15,00%
10,00%
5,00%
0,00%
-5,00%
-10,00%
-15,00%
Azimut Net WAP Risk Free
Source: Company data at 30/06/2021 and Bloomberg
Risk free: MTSIBOTR Index. 20Net Inflows – Azimut Group vs. Avg. Italian Industry
Group total Net New Money as % of AuM: consistently above Italian industry levels
*
Azimut Group Italian Funds’ Industry
25% 25%
Azimut
average:
+11.6%
15% 15%
5% 5%
-5% -5%
Industry
average:
-0.9%
-15% -15%
-25% -25%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 June
2021
Source: Company out of Assogestioni monthly figures. Assogestioni excludes
21
foreign operations. Azimut includes consolidated numbers at Group level. Industry
has been annualized at June 21. Note(*): Including Sanctuary acquisitionItaly: focus on the Financial Advisor Network
Attracting talent with 96 new hires YTD and a 12% growth in Network size in just over 3 years
Italian Recruiting Financial Advisor by area: 1,842 in Total
100 90
83
90
86 80
78% of FAs
80
79
70
81% of AuM
70
60
60
47
16% of FAs
15%
50
49
50
42,8 of AuM
40
40
29
30
30
20
20,6 20
6% of FAs
10
4,2
10
4% of AuM
0 0
Avg. Age (y) Avg. Assets (EURm) % Managed
Millennials FA WM
Source: Company data.
22Table of Contents
• 1H 2021 Highlights 3
• Asset Management & Distribution 18
• 1H 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
23Consolidated reclassified Income Statement (IAS/IFRS Compliant)
Income Statement
€/000 1H 2021 1H 2020 2Q 2021 2Q 2020
Entry commission income 7,529 5,174 3,839 2,736
Recurring fees 455,933 378,622 237,335 185,431
Variable fees * 27,380 39,886 16,419 30,368
Other income 11,756 6,839 7,645 3,205
Insurance revenues 63,844 45,499 27,679 26,277
Total Revenues 566,442 476,020 292,917 248,017
Distribution costs (200,273) (175,043) (104,704) (82,161)
Personnell and SG&A (117,307) (104,623) (61,060) (51,932)
Depreciation, amort./provisions (16,037) (13,134) (8,314) (6,586)
Operat ing cost s (333,617) (292,800) (174,078) (140,678)
Operating Profit 232,826 183,220 118,839 107,339
Interest income 7,674 (5,969) 1,730 8,371
Net non operating costs (2,182) (1,408) (1,217) (927)
Interest expenses (8,388) (8,554) (4,218) (4,233)
Profit Before Tax 229,929 167,290 115,134 110,549
Income tax (39,702) (21,897) (25,177) (14,592)
Deferred tax 38,493 3,238 40,430 691
Net Profit 228,720 148,631 130,387 96,648
Minorities 2,663 5,605 1,142 2,136
Consolidated Net Profit 226,057 143,025 129,245 94,512
Source: Company data
24
Note: Excluding Performance fees to be cashed in at year end.Net Financial Position (IAS/IFRS Compliant)
Net Financial Position
€/000 30/06/2021 31/12/2020 30/06/2020
Amounts due to banks: (37,396) (44,782) (52,154)
Loan BPM (37,396) (44,782) (52,154)
Securities issued: (852,755) (851,805) (853,410)
Azimut 17-22 senior bond 2.0% (351,524) (354,888) (351,155)
Azimut 19-24 senior bond 1.625% (501,231) (496,917) (502,255)
TOTAL DEBT (890,151) (896,587) (905,564)
CASH AND CASH EQUIVALENTS 948,231
43,132 927,119 821,778
43,132
NET FINANCIAL POSITION 58,080 30,532 (83,786)
Lease Liabilit ies IFRS16 adopt ion (46,324)
11576 (41,560)
-11028 (43,132)
NET FINANCIAL POSITION (including IFRS16 impact ) 12,576 (11,028) (126,918)
NFP at the end of June includes the €136mn cash dividends paid on May 26th 2021
Treasury shares (not booked within the NFP) stand at 2.5% as of 30/06/2021
Lease liabilities do not constitute a cash item
Source: Company data
25Debt Maturity and Overview
Proactive cash and debt management Debt Maturity Overview (€mn)
Senior Bank Loan Bonds
➢ Azimut Group is highly cash generative
500
➢ €350mn Bond was used to finance and bridge
part of the growth between 2017 and 2021, with
a compelling coupon of 2% 350
➢ €500mn Bond was issued in a supportive market
momentum (coupon just 1.625%), boosting up the
Group’s resources to finance future growth
45
➢ Current plan will see:
➢ Senior Bank Loan to be fully repaid by year Dec-21 Mar-22 Dec-24
end
➢ €350mn Bond to be fully repaid in March
Latest Rating Agency activity and commentary
2022
➢ Fitch Ratings upgraded the Outlook on Azimut
➢ €500mn Bond current intention to be fully repaid Holding from ‘BBB-‘ Negative to Stable, reflecting
Azimut's improved gross cash flow leverage (from
3.2x to 2.4x at 1Q21)
➢ Current Net Debt / LTM(1) EBITDA: -0.1x ➢ Growing International Franchise
➢ Current Gross Debt / LTM (1) EBITDA: 1.7x ➢ Strong Inflows Despite the Pandemic
➢ Robust Liquidity
Source: Company data. 26
Note (1): Last Twelve MonthsTable of Contents
• Q2 2021 Highlights 3
• Asset Management & Distribution 18
• Q2 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
27Summary & Outlook
Corporate Strategic Priorities
Italy International Private Markets Capital Management
➢ Continue improving ➢ Encouraging trends ➢ €3.5bn of AUM in ➢ Dividend & Buybacks to
momentum Private Markets, of continue going forward
➢ Focus on integration of which 42% from the US as always since the IPO
➢ High quality Inflows asset management
(managed assets and and distribution in key ➢ Building in-house ➢ Paid a total of €1.6bn in
real economy) markets (e.g. US & competencies as well dividends and €0.4bn
Australia) as partnering with in Buybacks since the
➢ One-of-a-kind financial leading managers IPO
advisor network based ➢ Diversification giving around the world
on Partnership model access to different ➢ Deleveraging ongoing
and entrepreneurial growth areas ➢ Diversifying clients thanks to sound cash
spirit portfolio enhancing flow generation
➢ Global Asset long term performance
➢ Unique integration with Management team ➢ Remain flexible
distribution focused on increasingly working ➢ Recurring and stable grasping financing
offering private markets together to create fees for Azimut, further alternatives that best fit
funds to retail investors synergies and upside from carried the Group’s growth
opportunities across interest plan
markets & products
Source: Company data. 28Summary & Outlook
With solid fundamentals (and normal market conditions) we upgrade two key figures for 2021
Net Profit Target (€mn) Net Inflows Target (€bn)
Recurring Earnings Performance Fee Earnings (Excludes the Sanctuary Wealth
consolidation for €6.9bn)
350-500
6.0+
4.8
4.5
350
226
Old FY21 1H21 Potential 2H21 New FY21 Old FY21 1H21 New FY21
Net Profit Net Profit Net Profit Net Profit Net Inflows Target Net Net Inflows Net Inflows Target
Target Target
Source: Company data. 29Table of Contents
• 1H 2021 Highlights 3
• Asset Management & Distribution 18
• 1H 2021 Financials 23
• Summary & Outlook 28
• About Azimut 31
30A diversified business model for sustainable, l/t growth
Azimut.
Integrated Distribution and Asset Management platform
Emerging/International
Public Markets Private Markets
Markets
~ €47bn ~ €3.5bn ~ €26bn
➢ Mutual Funds ➢ Private Equity, Private ➢ Local Asset
Credit and Club Deals Management
➢ Separate Managed
Accounts ➢ VC & Start-Ups ➢ Mutual Funds
➢ Unit Linked & Advisory ➢ R.E and Social Infra. ➢ SMAs
Total Assets Evolution (€bn) 2024E Assets Breakdown
75,6
Private Markets &
59,1 60,4 Alternatives International
50,4 50,8 >15%
and/or Emerging
43,6
36,7
35% Markets
30,0
24,0
19,6
13,9 15,7 13,0 15,8 16,5 16,5
8,7 11,6 Traditional / 50%
Developed Markets
Source: Company data
31Azimut international presence
Azimut overseas business stands at 37% of Total Assets at June 2021
Ireland Monaco
Italy Switz.
Brazil Lux. Turkey Australia
Chile U.A.E. Egypt China
Mexico Hong Kong
USA Singapore
Taiwan
Asset Management
Distribution
Private Markets
Source: Company data.
32Private Markets division update
Private Market AUM Evolution
A new business segment € bn
aimed at generating additional long
term performance to clients and returns
for shareholders
10+
+6.5
3.5
0.6
2019 Today 2024
33Azimut Group Structure
Azimut Holding
(Listed: AZM.IM)
100% AZ International Holdings
(2010)
100% 100% 100% 100%
An Zhong (AZ) IM AZ Brasile Holdings AZ IM Singapore Katarsis CA
(2011) (2013) (2013) (2011)
100% 98% 100%
100% Azimut Investments(4) AZ IM HK 100% AZ IM AZ Quest AZ Brasil Holdings
Asset (1999) (2011) (2011) (2015) (2013)
Management 62% 100% 90%
AZ Swiss & Partners (5) AZ Sestante Azimut Brasil WM
Holding(1)
(2012) (2015) (2015)
100% 100% 100% 100%
100% Azimut Capital Azimut Portföy CGM-Azimut Monaco(3) Azimut (ME) AZ US Holdings
Management (2004) (2011) (2011) (2019) (2015)
51% 100% 100% 83%
AZ Sinopro FP AZ-México Holdings Azimut (DIFC) AZ Apice LLC
(2013) S.A. de CV (2014) (2017) (2016)
100% 100% 51%
100%
Distribution 100% Azimut Financial AZ Sinopro IP(2) Màs Fondos S.A. Azimut Egypt AM Genesis LLC
Insurance (2015) (2013) (2014) (2019) (2020)
100% 59% 55%
AZ Andes SpA AZ NGA Sanctuary Wealth
(2015) (2014) Group (2020)
Life 100%
Azimut Life
(2003)
Insurance
96.5%
100% Azimut Enterprises AACP
(2014) (2019)
Private
Markets 100% Azimut Libera Impresa
SGR (2014)
Source: Company data as at 30/06/2021. Note (1): Controls distribution companies M&O Consultoria,
FuturaInvest and Azimut Brasil Wealth Management. Note (2): controls AZ Sinopro Insurance Planning. Note (3):
Controls 100% of CGM Italia SGR. Note (4): 30% is owned by Azimut Capital Management and 19% by Azimut 34
Financial Insurance, both fully owned by Azimut Holding. Formerly AZ Fund. Note (5): controls SDB Financial
Solutions.Azimut Group business overview
Azimut Holding
(Listed: AZM.IM)
Life
Insurance Asset Management Distribution Private Markets
Ireland Italy Luxembourg Italy Monaco Italy
Ireland Monaco Turkey Switzerland Luxembourg
EMEA
Switzerland Turkey UAE Egypt
UAE Egypt
ASIA-PACIFIC
Hong Kong China Taiwan Australia
Singapore Australia Hong Kong Singapore
China
AMERICAS
Brazil Mexico USA
Brazil Mexico
Chile USA
Source: Company data
35Azimut funds breakdown
Breakdown by asset class reflecting client behaviour and risk appetite
AuM by Category AuM by Underlying Asset
Equity
15,6%
(15.1%) Flexible Fixed
34,6% Income
(50%)
(35.2%)
Foreign 35,6%
(36.2%)
Total Equity: 52%
Money Equity
Market 46,8%
8,4% (44.8%)
(8.5%)
Balanced
20,8%
Cash 12,2%
(20.7%)
(13.7%)
Bond Italian
20,7% Equity 5,2%
(20.4%) (5.2%)
Source: Company data at 30/06/2021
Note: Numbers in bracket refer to previous 36
quarter.Azimut funds breakdown
Breakdown of Equities and Fixed Income by Geography and type
Equities Fixed Income
Securitized
UK 7,4%
North (7.4%) Asia-Pacific 3,2%
(2.7%)
America 6,3% Convertible Investment
22,4% (6.3%) 13,8% Grade
(22.4%) (12,5%) 37,5%
(32.4%)
Emerging
17,5%
(17.5%)
Hybrid
15,2%
(13.3%)
Other 14,3%
(14.3%)
Europe High Yield
32,0% 41,7%
(32.0%) (37.7%)
Source: Company data at 30/06/2021
Note: Numbers in bracket refer to previous 37
quarter.Azimut pre-IPO history
20+ years of growth and evolution
Pietro Giuliani and the most of the
current top management join the
company and start the As a result of the Bipop
recruitment of top level restructuring, Azimut’s
professionals for the distribution management buys out the
business backed up by Apax Azimut’s Initial
network (organised in 6 regional Public Offering
companies) and the fund Partners. Approximately 700
people invested in the MBO, (AZM.IM) on July
managers team. 7 th, 2004
completed in June 2002.
Bipop-Carire The 6 regional
Azimut is acquires Azimut, distribution
established by which continues to companies merged
Akros operate into Azimut
Finanziaria independently. Consulenza SIM.
1990
1988 - 1998 2001 2002 2004
1992
Azimut Holding Management
20% Apax Partners
and Promotori
65% 35%
Azimut Azimut Azimut Azimut Azimut Azimut
Piemonte Lombardia Triveneto Liguria-Toscana Adriatica Centro-sud
Azimut Holding
80% 100%
Promotori Azimut Consulenza SIM
38Azimut post-IPO development
A dynamic Group at the verge of product and corporate innovation
New
management team
Libera Impresa Strengthened and Obtained a JV in Egypt and Acquisition
JV in Taiwan rationalized Turkey BBB Rating USA of a
JV in Brazil Strengthened Brazil New Senior Bond Repricing minority stake
JV in China JV in Singapore Futurimpresa JV in U.A.E. recurring in Highpost
Azimut IPO JV in Turkey Convertible bond (Private Equity) Share buybacks fees Capital and
Insurance: AZ Life JV in Monaco Azimut 2013-2020 Growing in Australia Strengthened CH New financing Pathlight
(Ireland) JV in Switzerland 2.125% JV in Chile Expansion in Australia Re-Launch of Capital
Private Markets
2011
2004
2010
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
AZ International Launch of JV in Mexico Strengthened New Timone MBO
Timone MBO
Holdings participating Second Turkey JV Australia Expand US
Strengthened
financial instruments JV in Australia Strengthened Brazil (Private Market
Australia
AZ Swiss Expanded in & Distribution)
Total Assets (€bn) Private Insurance Switzerland Acquisition of
Out of the CRD IV Sanctuary
regime 75,6
59,1 60,4
50,4 50,8
43,6
36,7
30,0
24,0
19,6
13,9 15,7 15,8 16,5 16,5
11,6 13,0
Source: Azimut 39Product & Geographical diversification
A proven product and geographical diversification is ever more crucial
Italy Asia-Pacific EMEA Americas
June 2021
63% 10% 7% 20%
Total Assets
2021 YtD 40% 60%
Net Inflows
Mutual Funds
✓ ✓ ✓ ✓
Separated
Accounts ✓ ✓ ✓ ✓
✓ ✓ ✓
Private
Markets
Source: Company data
40
Note: Net Inflows 2021 YtD exclude the Sanctuary AUM consolidationInternational expansion – Turkey
2011: Start of a building block leading us to become the largest independent player in Turkey
In 2011 Azimut entered the Turkish market through AZ
International Holdings S.A. (“AIH”) with the aim of
growing on both the production and distribution sides
AZ International Holdings of the business
(2010) In October 2014 Azimut acquired 70% of Notus, a
Turkish independent asset management company.
Notus manages discretionary portfolio mandates for
100% Azimut Portföy individual and corporate clients ensuring diversified
(Asset management & and efficient asset allocation plans across local and
distribution)
international markets.
In December 2014 Azimut acquired 100% of AZ Global
(renamed Azimut Portfoy) to continue its growth plans
in Turkey
In January 2015 Azimut reached an agreement to
acquire 70% of Bosphorus Capital (later merged into
Azimut Portfoy).
In September/October 2015 Azimut announced the
reorganization of it’s Turkish platform to extract stronger
commercial synergies and operational efficiencies,
concentrating it’s business in Azimut Portfoy
The commercial and industrial integration within Azimut
Portföy creates the Turkish largest independent player
with a 5% market share
41International expansion – Egypt
2019: Enter the Egyptian asset management industry
In 2019 Azimut entered the Egyptian market through AZ
International Holdings S.A. (“AIH”) with the aim of
growing on both the production and distribution sides
AZ International of the business
Holdings (2010) In January 2019 Azimut acquired 100% of Rasmala
Egypt, a Egyptian independent asset management
company. Rasmala Egypt manages conventional and
100% Azimut Egypt AM Shariah compliant portfolio management in Egypt with
(2019) AUM of EGP 8.46bn (USD 474mn).
The Company has a high quality team of portfolio
managers and analysts with 10 investment
professionals managing a range of strategies
embedded in public funds and mandates for local
Sovereign institutions, international Sovereign Wealth
Funds, pension plans, public banks and HNWI.
The team’s track record includes periods of extended
instability and volatility for local markets with an overall
624% accumulated returns over the period 2005-June
2018 in local currency, well above 537% for EGX 30 and
324% on average for local funds.
As of 2017 the Arab Bank Corporation Equity Fund,
managed by Rasmala Egypt, ranked first for 3, 5 and 6
years performance
42International expansion – Switzerland
2011: Start of a building block to create an independent asset management player
AZ Swiss & Partners was established in 2012 and, on
January 2016 following the acquisition of Augustum
AZ International
Opus, has received the authorization from the FINMA,
Holdings S.A. (2010)
the Swiss Financial Market Supervisory Authority, to
operate under a LICol license.
In June 2016 AZ Swiss acquired the business of Sogenel
Capital Holding S.A., which will form a new division
100% Katarsis CA within AZ Swiss to be headed by Sogenel’s current
(2011) founder and CEO.
In June 2017, AZ Swiss acquired the entire equity
capital of SDB Financial Solutions S.A. (“SDB”), which
51% AZ Swiss & Partners
(2012) will operate as a subsidiary of AZ Swiss and will
continue to be headed by SDB’s current management
100% team. With this second acquisition and its organic
growth strategy AZ Swiss has achieved total AuM of
SDB Financial
almost € 2bn) as of December 2017.
Solutions S.A. (2017)
With these acquisitions AZ Swiss is starting to deploy its
strategy based on: (i) the management of mutual
funds (both UCITS and FIA) and discretionary portfolios;
(ii) the distribution of funds to qualified investors (HNW
and institutional clients); (iii) the consolidation of
independent asset managers and private bankers in
Switzerland to grow an independent wealth
management platform.
43International expansion – Brazil
2013: Azimut enters LATAM with a JV in the Brazilian asset management market
In 2013 Azimut acquired 50% of Legan (later merged into
AZ International Holdings S.A. AZ Quest) focused on asset management
(2010) In 2014, Azimut acquired 50% of AZ FI Holding (later
100%
increased to 100% and renamed Azimut Brasil Wealth
Management Holding).
AZ Brasile Holdings Ltda Azimut Brasil WM Holding controls M&O (financial
(2013)
services through advisory on asset allocation, funds
selection and financial education) and FuturaInvest
81% 90% (dedicated to asset management services through
AZ Quest Azimut Brasil WM funds of funds and managed accounts).
(2015) Holding S.A. (2015)
In February 2015 Azimut acquires a 50% stake in LFI (later
renamed Azimut Brasil WM), focused on WM
In April 2015 Azimut acquired a 60% stake in award-
M&O Consultoria Ltda 100% winning Quest Investimentos, focused on equity
(2013)
products and one of Brazil’s best-performing managers.
In Q2 2020, Azimut completed a corporate restructuring
FuturaInvest Gestão de 100% integrating production and distribution
Recursos Ltda (2013)
Local partners switched shares in their respective AM
and WM businesses into shares of a
Azimut Brasil Wealth 90% newly set up Holding entity controlling a fully integrated
Management (2015)
platform. Azimut increased it’s stake in AZ Quest to 81%.
44International expansion – Mexico
2014: Azimut expands LATAM with a JV in the Mexican market
On 17th June 2014 Azimut through its subsidiary AZ
International Holdings S.A. (“AIH”) acquired 82.14% of
Profie S.A. (renamed AZ Mèxico) a Mexican holding
AZ International company controlling the entire equity capital of Más
Holdings (2010) Fondos S.A. (“Más Fondos”), Mexico’s largest pure
independent asset management distribution company.
Through this partnership, Azimut and Más Fondos will
cooperate to develop an integrated platform centred on
a proprietary financial advisors network working in an
100% AZ-Mèxico Holdings open-architecture environment to exploit the growth
S.A. de CV. (2014)
potential of the Mexican market.
In 2015 Azimut increased its stake in Màs Fondos (to 94%),
reaffirming commitment to build a fully integrated
100%
platform
Màs Fondos S.A. On the 2nd January 2017 Mas Fondos started fund
(2014) management operations in Mexico with the launch of
two local products and an additional one being
launched in the 2H 2017. The launch of the first two funds
is allowing us to continue building an integrated platform
and increase overall profitability. At the 30th of June
about 25% of Mas Fondos asset are managed on the two
funds.
45International expansion – USA
2015: Enter the USA asset management industry
In 2015 Azimut entered the US market with the set up of
AZ International
AZ Apice, focusing on wealth management targeting
Holdings (2010)
HNW and leveraging our Latin America presence. In
100%
2020, this segment was further strengthened by the
AZ US Holdings acquisition of Genesis Investment Advisors
(2015)
In 2019 Azimut entered the US private markets space
83% AZ Apice LLC through Azimut Alternative Capital Partners (AACP),
(2016) investing minority GP stakes in alternative asset
managers. AACP completed its first deal in July 2020
97% AACP with the acquisition of a 20% stake in top tier Private
(2019)
Credit manager Kennedy Lewis and in March 2021
20%
➢Kennedy Lewis (2020)
acquired a 12,5% stake in HighPost, US Consumer
12.5%
➢HighPost (2021) Private Equity founded by Bezos and Moross families
20%
➢Pathlight (2021) In Nov. 2020 Azimut announced the acquisition of a
51% Genesis LLC 55% stake in Sanctuary Wealth, leading wealth
(2020)
management firm focused on aggregating elite
Financial Advisors across the US with $7.4bn AUM. The
55% Sanctuary Wealth
Group (2021) deal completed in Feb. 2021.
46International expansion – China / HK
2010: Definition of a frame agreement with local entrepreneurs/partners
An Zhong (AZ) Investment Management in Hong Kong is
the Holding company. Azimut, through the Holding
AZ International Holdings company, oversees the operating subsidiaries and has
(2010) relocated 3 Senior PMs from Luxembourg. Azimut
manages one of the largest RMB fund in the world
100%
Through the operating subsidiaries Azimut aims at
creating a regional hub and developing local production
An Zhong (AZ) IM
(2011) and distribution of asset management products and
investment advisory services with a focus on qualified
investors.
100% In June 2018, AZ Investment Management (Shanghai) has
been granted registration as Private Fund Manager (PFM)
An Zhong (AZ) IM HK
(2011) by the Asset Management Association of China (AMAC) -
a self-regulatory organization that represents the mutual
fund industry of China. Azimut is the first eurozone based
100%
asset manager to have obtained the license, assigned to
a limited and selected number of international asset
AZ Investment managers.
Management
(2011) The license will allow Azimut’s subsidiary to launch,
manage and offer onshore investment products to
institutional and high net worth investors (HNWIs) in
Mainland China.
47International expansion – Taiwan
2013: Azimut widens its Asian presence with a JV in the distribution business in Taiwan
On 27th June 2013 AZ International Holdings S.A.
AZ International Holdings
(“AIH”) and An Ping Investment (later renamed
(2010)
AZ Sinopro Financial Planning), a Taiwanese
holding controlling the entire capital of Sinopro
Financial Planning Taiwan Limited (“Sinopro”),
signed an investment and shareholders
agreement to start a partnership in the
51% AZ Sinopro FP distribution of asset management products in
(2013)
Taiwan.
In particular, Azimut purchased 51% of An Ping
Investment’s capital from its existing shareholders
for an investment of ca. € 3mn to finance the
100%
AZ Sinopro Investment business development activities, and has also
Planning Ltd (2013) call/put option rights.
100%
The partnership increases Azimut presence in the
Asian market together with a strong and
AZ Sinopro Insurance dedicated financial planning and distribution
Planning Ltd (2015)
partner, which will contribute in developing the
financial knowledge and will respond to planning
and financial consulting needs of Taiwanese
investors
48International expansion – Singapore
2013: Azimut signs a JV with a Singapore based asset management company
On 2nd October 2013 Azimut and Athenaeum Ltd, a
Singapore independent asset management
company, have signed an investment and
shareholders agreement to start a partnership in
AZ International the local market.
Holdings S.A. (2010) Azimut initially purchased 55% of Athenaeum’s
corporate capital through a capital increase,
which was employed to finance the business plan.
Through this partnership, Azimut and Athenaeum
will aim at maximising the potential of Athenaeum’s
100% AZ Investment existing funds and develop an internal sales
Management
Singapore (2013) structure to service institutional and HNWI investors
in South East Asia. In addition, the partners will work
to leverage these asset management
competences via Azimut international presence
and clients.
In January 2016 Azimut acquired the remaining 45%
to extract stronger commercial synergies and
operational efficiencies abroad.
The local partners agreed to continue working
together over the long term to grow the business in
Singapore and focus on managing the local
products as well as cultivating relationships with
family offices and HNWI in the region.
Based on a US$/€ exchange rate of 1:0,74 49International expansion – Australia
2014: Azimut signs an agreement to enter the Australian asset management market
AZ International Holdings S.A.
(2010) On November 3rd, 2014, Azimut acquired a 93%
stake in Next Generation Advisory (“NGA”), an
100% AZ Sestante
Australian based newco established with the
(2015) purpose of consolidating financial planning
businesses providing asset allocation and advisory
services to local retail, HNW and institutional clients.
58% AZ Next Generation
The business plan targets to reach AUD 7.6bn of
Advisory (2014)
All 100% consolidated AuM (ca. €5.3bn) in the next 12 years
The Australian wealth management industry is the
➢ Eureka Whittaker ➢ Empowered ➢ Wealthmed (2017)
Macnaught (2015) Financial largest market in the Asia Pacific region and the 4th
➢ FHM (2017)
Partners (2016)
➢ Pride Advice (2015) largest in the world. Australia has one of the world’s
➢ McKinley Plowman
➢ Wealthwise (2016)
➢ Lifestyle Financial (2018) leading pension system (Superannuation), which
Planning ➢ Priority Advisory has underpinned the growth of the Australian asset
➢ Spencer Fuller &
Services (2015) Group (2016)
Associates (2019) management industry.
➢ Financial Lifestyle ➢ Sterling Planners
➢ Matthew Steers In August 2015, a majority stake (76%, later
Partners (2015) (2016)
(2020)
➢ Wise Planners ➢ Logiro (2016) increased to 100%) was acquired in Ironbark Funds
➢ Henderson Matusch
(2015)
➢ On-Track (2016) (2021) Management (RE) Ltd (renamed AZ Sestante), a
➢ Harvest Wealth company operating as trustee and manager of
➢ MTP (2017) ➢ Blue Harbour (2021)
(2015)
➢ PnP (2017) Australian mutual funds, necessary to launch and
➢ RI Toowoomba
(2016) offer funds locally.
Based on a AUD/€ exchange rate of 1:0,6948
Note: the AZ NGA controlling structure is a summarized 50
representationInternational expansion – Monaco
2011: Entered the Monaco market with (initially) a 51% stake
On 10th May 2011 Azimut through its subsidiary
AZ International Holdings S.A. (“AIH”) signed a
binding frame agreement with CGM
AZ International Holdings
(Compagnie de Gestion privée Monegasque);
(2010)
the acquisition of a 51% stake has been
completed on 30th December 2011.
The partnership added new competences to
100% CGM-Azimut Monaco Azimut Group targeting UHNWI also thanks to
(Asset management) CGM’s operating subsidiary in Italy.
100%
Current CGM management entered Azimut’s
shareholders’ agreement.
CGM Italia SIM
(2011)
In 2016, Azimut reached an agreement to
acquire the remaining 49% as of 31/12/2017
51Azimut’s shareholder base
Total shares issued: 143.3m Timone: a strong agreement for l/t commitment
Timone Fiduciaria represents the shares of over Participants
Advisors, employees and management
2,000 individual shareholders (FAs, employees, organised in separate areas
managers working for Azimut) tied up in a strong
3 years automatically renewed unless the
shareholders’ agreement. absolute majority of the voting rights refuses.
Duration
In June 2018, more than 1,200 participants of the Already renewed in 2016 and 2019
shareholders agreement invested a total of € 100
Part of each participant’s shares are locked
million in Azimut shares, thereby further increasing
following a table based on the tenure
it’s partnership stake, now at 21% of share capital within the Agreement. The residual can be
sold at any time but subject to pre-emption
right amongst other participants. The price
for this transfer is a 30 days rolling average.
3,5%
Years matured(1) % of locked
Share lock-up
21,8% shares
9 25%
75% Timone Fiduciaria
Free Float A share trust includes 100% of the voting
rights of the participants.
Governance A committee is responsible for managing
and monitoring the participants’ obligations
and rights under the agreement
Source: Azimut, Jun. 2021
Note (1): since receiving the shares
52The 2018 Timone Leveraged Buy-Out
In June 2018 completed the most significant investment in Azimut Holding stock since the IPO
✓ Timone strengthened it’s stake in Azimut Holding Key Metrics
from 15.8% to 20.7% at €14.4 avg share price
✓ Participation of more than 1,200 colleagues from
14 countries worldwide
Debt
Total Investment: €155m
Transaction ✓ LBO: financed 50% through equity raised by
Timone: €100m
Summary Timone members and 50% through bank debt,
secured by a pledge on shares acquired and a
€50m
̴7 mln Azimut shares
̴5
cash collateral
✓ Peninsula joined the deal acquiring at % stake acquired
settlement ca. 3.8m shares (2.7% of share Equity
capital) €50m
✓ Strengthen and provide additional stability to
̴ 3.8mln Azimut shares
Peninsula
Azimut governance with strong and renewed
commitment to the market €55m
Strategic
✓ Provide additional levered upside to existing
(younger) Timone members, considering the
̴ 2.7% stake acquired
Rationale stock is significantly undervalued
Shareholding structure:
✓ Messages reinforced by the involvement of a
leading financial investor (Peninsula) sharing the Pre (10 May 2018) Post (10 May 2018)
same view
9%
15.8%
15%
20.7% 23.3%
✓ January 2018: Transaction announced
✓ June 2018: Transaction completed
Timeline ✓ February 2020: fully repaid debt financing at 75%
76% 75%
Timone level through an ABB @ €23.7 per share
(2x virtual return) with the remaining shares fully
locked-in
Source: Company data 53One step ahead: Azimut initiatives in context
Undisputed leader in corporate and product innovation thanks to a unique business model
Banca Generali,
Banca Fideuram,
FinecoBank
International
2010 2017
expansion
FinecoBank
Integrated Asset
Management & 1989 2017
Distribution model
Banca Mediolanum
Private Markets &
Corporate 2014 2017
Finance
Banca Mediolanum
Blockchain and 2015 2017
new technologies
… who’s next?
54Summarized Azimut product offering
A balanced and complete product offering, focused on innovation and performance
Water &
Momentum
Brazil
HIGHER RISK
Italian Equity
Renewable
Resources Trend Food &
Agriculture Commodity Commodity Japan
European Equity Egypt Alpha
CEEMEA
European Real Plus
Global Quality Trend Absolute Asia Absolute
Equity Options
Equity Options New World Opportunities
Global Environmental
Small Cap Growth FoF Target Funds Azimut Turkey
Income Opportunities
Europe FoF China Long Term
Global Income Sukuk
European
America Borletti Global Multistrategy AZ Eltif –
US Short Inflation Dynamic Long/short Ophelia
Term Bond Linked
Balanced Europe AZ Eltif – Capital
Alternative – Capital Global Italian Global Macro Solutions
Enhanced Green & Infrastructure Excellence Conservative RMB Funds
Hybrid Bonds
Social Global Funds Smart Risk
Aggressive Premia
Bond Target Arbitrage
Conservative Euro Aggregate
Short Term
Funds Macro Volatility
Global Core Brands
Income Conservative Sustainable
LOWER RISK
Dynamic Cat Bond Fund
Allocation Global Equity Plus
Eskatos
US Municipal
CLASSIC INNOVATIVE
Fixed Income Alternative Equity Balanced Commodity
Note: for illustrative purposes only, may not be not exhaustive.
Does not include FOF, Multiasset, Private Markets. Note*: Including 55
QBond, Qinternational. Source: Azimut as of 30/06/2021Strong, consistent growth trends
Continuous growth throughout the decade in different market cycles
Total Assets (€bn) Net Inflows (€bn)
59.1 60.4 6.7 6.5 6.8
50.4 50.8
5.6
43.6
36.7 4.4 4.6 4.5
30.0
3.2
24.0
19.6
16.5 16.5 1.9
13.9 15.7 13.0 15.8 1.5 1.6 1.5
11.6 1.2 1.2
7.2 8.7 0.9 1.1
0.5
0.1
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Clients ('000) Financial Advisors
218 220 220 1,791
208 1,7471,788
198 1,6371,638
187 1,576
1,524
1,477
173 1,396
1,3791,390
160 163
154 156 1,2551,289
148 145 149 1,205
135 1,117
120 947
109 881
101 780
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: Company data. 562010-2021 A beta stock with a strong P&L
Solid financial performance (€mln)
Rec. Margin Var. Fees
Rec. Fees Var. Fees SG&A Other Costs
240 150
200 135
160 120
120 105
80 90
40 75
-
60
45
-40
30
-80
15
-120
0
-160
Source: Company data as of 30/6/2021
57
Note: 2014, 2017 and 2018 Net Profit excludes one-offsContacts & Corporate calendar
Investor Relations Contacts Upcoming events
Vittorio Pracca ➢ 11 November 2021: Board of Directors approval of
Tel. +39.02.8898.5853 9M 2021 Results
Email: vittorio.pracca@azimut.it
Galeazzo Cornetto Bourlot
Tel. +39.02.8898.5066
Email: galeazzo.cornetto@azimut.it
www.azimut-group.com
Disclaimer – Safe harbour statement
This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information
contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are
accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, or other third
parties.
Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or
employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting
on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in
connection therewith.
The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These
forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other
things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and
assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.
Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly,
actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and/or investment products mentioned and no
part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you
agree to be bound by the foregoing limitations.
The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Alessandro Zambotti (CFO), declares according to art.154bis co.2 D.lgs.
58/98 of the Consolidated Law of Finance, that the financial information herein included, corresponds to the records in the company’s books.
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