• Amundi: H1 2022 results

    Источник: Nasdaq GlobeNewswire / 29 июл 2022 00:00:00   America/Chicago

    H1 2022 results

    Resilient earnings in an unfavourable market environment

    A high level of net income1: €593m in H1

    Resilient business activity: +€5bn inflows in H1

    Results H1 2022: high level of net income and continued operational efficiency

    • Significant increase in net management fees (+12% vs. H1 2021 and +4.6% on a like-for-like basis2)
    • Operational efficiency maintained (53% cost/income ratio1)
    • High level of adjusted net income1: €593m
     

    A resilient Q2
    • Resilient net management fees in an unfavourable environment
    • Lower performance fees, in line with market conditions
    • Stable operating expenses1
    • Adjusted net income1 of €269m
    Business activity

          		A good 1st half: inflows3 of +€5.0bn, and +€11.0bn in MLT ex JVs4

    • Strong momentum in Retail (+€13.4bn in MLT assets4, 5)
    • Limited outflows with Institutional clients: -€2.4bn in MLT assets4,5
    • Outflows in treasury products4 (-€27.6bn)
    • Buoyant net inflows in the Asian JVs (+€21.5bn)
     

    Q2: positive inflows3 of +€1.8bn

    • Retail: resilient activity (-€0.9bn in MLT assets4,5),
    • Institutionals: outflows of -€9.1bn (MLT assets4,5), against a backdrop of derisking
    • Almost stable activity in treasury products4 (-€1.3bn)
    • Strong business momentum in JVs (+€13.1bn)
     

    Assets under management of €1,925bn at 30/06/2022

    Paris, 29 July 2022

    Amundi’s Board of Directors, chaired by Yves Perrier, convened on 28 July 2022 to review the financial statements for the first half of 2022.

    Commenting on the figures, Valérie Baudson, CEO, said:

    “In an unfavourable environment, Amundi maintained a good level of profitability and operational efficiency, demonstrating the robustness of its diversified model.

    Total inflows were positive in Q2, thanks to the resilience of the Retail business, the strength of our Asian joint ventures and the good performance of our growth drivers. Amundi Technology continued to develop and saw its revenues increase sharply.”

    I.   Business activity held up well, in unfavourable market conditions

    Amundi’s assets under management totalled €1,925bn at 30 June 2022, up +7.3% year-on-year and down -4.8% vs. the end of March 2022, with a negative market effect of -€98bn in Q2.

    Business activity in Q2 2022

    The second quarter was characterised by unfavourable market conditions:

    • equity markets dropped sharply: in Q2, the EuroStoxx decreased by -12%6 ; in average, markets fell by -7.3% vs. Q2 2021 and -7.6% vs. Q1 20227;
    • bond markets also declined (-7% between 31/03/2022 and 30/06/20228), with rates up around 100bp between 31/03/2022 and 30/06/2022;
    • a general environment of increased risk aversion.

    This unfavourable environment was illustrated by the significant outflows observed across the entire European asset management market.

    Against this backdrop, Amundi’s business activity held up particularly well, with positive inflows of +€1.8bn.

    • In Retail, activity held up well in medium/long-term assets9 (-€0.9bn). Inflows from third-party distributors (+€1.6bn) were positive in the main European markets (France, Italy, Germany). In the French networks, activity was positive in MLT assets (+€0.6bn), but was offset by outflows (before maturity) from structured products (-€0.9bn). In the international networks (excluding the Amundi BOC WM subsidiary in China), flows were stable (-€0.1bn); business activity remained robust in Italy, in unit-linked and thematic funds (as illustrated by the success of CPR Hydrogen). For the Chinese subsidiary Amundi BOC WM, the slowdown in activity can be explained by the maturities of the funds launched in 2021, and by the market environment and sanitary situation in China.
    • For institutional clients, MLT assets posted outflows of -€9.1bn, due to the derisking strategy of some clients, particularly in the Institutional and Sovereign segment. In the Employee Savings segment, inflows were positive (+€2.9bn) due to the seasonal effect. The Insurers segment recorded moderate outflows (-€1.5bn), in connection with the sale of a subsidiary by CA Assurances.
    • Activity in treasury products was virtually stable (-€1.3bn excluding JVs) with seasonal outflows from corporate clients (dividend payments), partially offset by inflows related to derisking by institutional clients.
    • Activity in the JVs saw solid levels of inflows (+€13.1bn). The Indian JV SBI MF maintained its leading position in the Indian market10 with +€8.9bn in inflows, particularly from pension funds. In China (ABC-CA), business activity was good, with flows remaining solid at +€3.7bn, particularly in Institutionals, and with -€1.3bn of outflows from low-margin products (Channel Business). In Korea, flows remained positive (+€1.9bn, mainly in treasury products).

    Continued development of Amundi Technology

    Amundi Technology continues its development with the acquisition of Savity, an Austrian fintech offering a robo advisor white label solution for the retail market, available in Austria and Germany.

    AG2R, an insurance client with AuM of €120bn, successfully migrated to ALTO Investments.

    Sabadell Bank chose Amundi Technology and its ALTO W&D product to develop a new solution for its private banking business, with a robo advisor solution for its new online banking offer.

    Business activity in H1 2022

    Overall, the first half of the year, Amundi posted positive flows of +€5.0bn.

    Flows in MLT assets ex JVs were brisk (+€11.0bn), with notably a good momentum in Retail (+€13.4bn in MLT, mainly with third-party distributors); for Institutional clients, outflows were limited (-€2.4 in MLT) in a “derisking” context.

    • Active management: in sharply declining markets, Amundi's inflows were still even; investment performance remained at a good level, with more than 68% of open-ended fund AuM in the top two quartiles, according to Morningstar11, and more than 78% based over five-years. With 298 funds rated 4 and 5 stars, Amundi is the third largest player in Europe by the number of funds. The success of the Multi Asset strategies, ESG mandates and OCIO12 solutions was also noteworthy.
    • Activity in Real Assets was strong, with +€2.8bn in inflows, particularly in Private Equity, Real Estate and Private Debt, bringing assets under management to €66bn at 30/06/2022.
    • Passive management, ETFs and smart beta had a good first half of the year with +€11.4bn in net inflows, bringing AuM to €284bn at end-June 2022. This performance is remarkable in the context of the merger with Lyxor, whose advantages are confirmed. While Amundi ETFs had a particularly solid first quarter, inflows were affected in the second quarter by the wait-and-see attitude of some clients looking to reduce risk in their portfolios.

    In ETFs, by recording the second highest inflows in the market in the first half of the year, Amundi consolidated its position as the number two player in Europe and leading European ETF manager with a market share of around 14%13.

    In Asian JVs, business activity was high, at +€21.5bn, notably in India and China.

    II.   Continued high level of profitability

    First half of 2022

    Note: figures reported for the first half of 2021 did not include Lyxor. The reported and combined H1 2021 income statements (on a like-for-like basis, with Lyxor) are presented in the notes.

    Adjusted data14

    Stable revenues excluding financial income (€1,615m vs. €1,623m in H1 2021):

    • Net management fees15 rose significantly by +12.0%, thanks to the acquisition of Lyxor and the strong inlfows over 12 months. On a like-for-like basis16 the increase was +4.6%. The average margin was stable (17.5bp) compared to H1 202117 thanks to a favourable mix effect.
    • As expected, performance fees (€95m) were lower than the exceptional level seen in H1 2021 (€266m).
    • Amundi Technology's revenues continued to grow to €22m (+15.5%).

    Operating expenses increased to €844m due to the acquisition of Lyxor, but were stable on a like-for-like basis. Amundi demonstrated its ability to maintain its operational efficiency, even in a difficult market environment. Its cost/income ratio stood at 53.1%, one of the best in the industry.

    The contribution to net income from equity-accounted entities (mainly joint ventures in Asia) increased by +6.5% vs. H1 2021, to €41m, with a notable increase in the Indian JV (SBI FM), whose contribution increased from €21m to €25m, thanks to business momentum.

    Adjusted net income remained high at €593m. On a normalised basis18, this result was up +8.1% compared to H1 2021, and +5.6% on a like-for-like basis19.

    Accounting data

    Accounting net income (Group share) amounted to €527m. It includes the usual amortisation of intangible assets, as well as integration costs related to Lyxor.

    Note: as a reminder, H1 2021 also included an exceptional tax gain (with no impact on cash flow) of +€114m, linked to the application of the “Affrancamento” scheme in Italy.

    Second quarter 2022

    Adjusted data

    Amundi’s quarterly adjusted net income remained high at €269m. Its change compared to the first quarter of 2022 can be explained by the sharp drop of the markets and of performance fees.

    Net revenues excluding financial income were €769m:

    • Net management fees (excluding Amundi Technology’s revenues) held up well at €733m; their evolution      (-4.3% vs. Q1 2022) is more moderate than the markets overall (-7,6%20).
    • The normalisation of performance fees was accentuated by the market environment; they amounted to €24m compared to a quarterly average of €42m between 2017 and 2020.
    • Amundi Technology’s revenues rose 24.5% vs. Q1 2022 to €12m.

    Operating expenses were stable (€422m), despite continued IT investments, and included in particular an exceptional (non-cash) accounting expense of -€4m (IFRS 2), related to the capital increase reserved for employees (see Section IV). Excluding this one-off expense, operating expenses would have been down slightly vs. Q1 2022.

    As a result, the cost/income ratio was 55.9% vs. 50.6% in Q1 2022 (51.8% on a normalised basis21), in line with the decline in revenues linked to the market effect.

    The contribution to income from equity-accounted entities (mainly Asian joint ventures) increased by +6.3% vs. Q1 2022, to €21m.

    Accounting data

    Accounting net income (Group share) amounted to €224m. It includes the usual amortisation of intangible assets, as well as integration costs related to Lyxor (€40m before tax and €30m after tax), including the charges provisioned for employee departures plans.   

    Note: as a reminder, Q2 2021 also included an exceptional tax gain (with no impact on cash flow) of +€114m, linked to the application of the “Affrancamento” scheme in Italy.

    III.   Continued commitment to Responsible Investment 

    Amundi continued to implement its 2025 action plan.

    Responsible Investment assets under management were €793bn at 30 June 2022, stable compared with 30 June 2021. The change from 31 December 2021 (€847bn in assets under management) is linked to a negative market effect, partially offset by the continued integration of ESG criteria into investment management, and sustained inflows (+€8.8bn in MLT22 in H1), mostly in active management.

    H1 2022 highlights:

    • Good momentum for Climate and Environment solutions, ESG fixed-income funds, and the Equity thematic funds;
    • Continued product innovation, in particular with the launch of the Amundi Euro Corporate Short Term Green Bond fund, as well as the CPR Blue Economy thematic fund (a global equity fund to support marine economic ecosystems and protect sustainably the oceans).

    In addition, Amundi continues to align its internal policy with its commitments: Amundi was the first asset manager in the world to present a “Say on Climate” resolution to a shareholder vote (AGM held on 18th of May 2022). Almost 98% of shareholders approved this resolution.

    IV.   A solid financial structure

    Tangible equity23 amounted to €3.3bn at 30 June 2022, down slightly compared to end-2021 due to the payment of dividends (€0.8bn) for the 2021 financial year.

    The CET1 ratio was 17.9% at the end of June 2022, well above regulatory requirements, to be compared with 16.1% at end 2021.

    Note: in May 2022, rating agency Fitch confirmed Amundi’s A+ rating with a stable outlook, one of the best in the sector.

    V.   Other information

    Successful capital increase reserved to employees

    The “We Share Amundi” capital increase reserved to employees (announced on 20 June) was successfully completed on 26 July 2022: over one in three employees worldwide, and over half of employees in France, participated to the capital increase, which, for the fifth consecutive year, offered a share subscription with a discount. Nearly 2,000 employees present in 15 countries subscribed to this capital increase for a total amount of nearly €29m.

    The deal, which was executed under existing legal authorisations approved by the General Shareholders’ Meeting on 18 May 2022, reflects Amundi's ambition to involve its employees not only in the company's growth but also in economic value creation. It also allows to increase employees’ feelings of belonging.

    The impact of this capital increase on net earnings per share is negligible: 785,480 shares were created (representing 0.4% of capital before the shares issuance). This issuance brings the number of shares making up Amundi's share capital to 203,860,131 on 27 July 2022.

    Employees now hold more than 1% of Amundi’s share capital, compared with 0.8% before the capital increase.

    Launch of a share buyback programme as part of performance shares plans

    After obtaining the necessary regulatory approval, Amundi announces the launch of a share buyback programme limited to a maximum of €60m, or a maximum of 1 million shares, representing around 0.5% of the share capital. This programme is intended to cover the performance shares plans already awarded.

    In order to avoid dilution for existing shares shareholders, Amundi has decided not to issue any new shares, but to buy back the shares that will be delivered to beneficiaries starting in 2023 (following a vesting period and subject to performance and presence conditions24).

    See appendix for further details.

    Financial disclosure schedule

    • Publication of Q3 and 9M 2022 results:                 28 October 2022
    • Publication of Q4 and FY 2022 results:                 8 February 2023
    • Publication of Q1 2023 results:                         28 April 2023
    • Publication of H1 2023 results:                         28 July 2023
    • Publication of 9M 2023 results:                         27 October 2023

    ***

    Reminder of sensitivities to markets variations

    • Changes in the equity markets :         +/- 10%         →        +/- €125m in net revenues
    • Changes in interest rates :                 +/- 100 bps         →        -/+ €50m in net revenues

    Sensitivity on run-rate net management fees (excluding performance fees).

    Market sensitivities do not take into account potential impact of market movements on flows.

    Income Statements

        H1 2022   H1 2021
    new presentation     		  Chg.
    H1 2022 /
    H1 2021 new presentation     		    Chg.
    H1 2022 /
    H1 2021 like-for-like
                       
    Adjusted net revenue   1,589   1,619   -1.9%     -7.4%
    Net asset management revenue   1,594   1,604   -0.6%     -6.4%
    o/w net management fees   1,499   1,338   12.0%     4.6%
    o/w performance fees   95   266   -     -
    Technology   22   19   15.5%     15.5%
    Net financial income and other net income   (27)   (4)   -     -
    Operating expenses   (844)   (764)   10.5%     0.8%
                       
    Adjusted gross operating income   744   855   -13.0%     -15.2%
    Adjusted cost/income ratio   53.1%   47.2%   6 pts     4.3 pts
    Cost of risk & Other   (4)   (20)   -     -
    Equity-accounted entities   41   38   6.5%     6.5%
    Adjusted income before taxes   781   874   -10.5%     -12.7%
    Adjusted corporate tax   (187)   (223)   -16.3%     -18.9%
    Minority interests   (1)   4   -     -
    Adjusted net income, Group share   593   654   -9.3%     -11.2%
    Amortisation of intangible assets after tax   (29)   (24)   20.5%     27.4%
    Integration costs net of tax   (37)   0   -     -
    Net income, Group share   527   630   -16.4%     -18.4%
    Impact of Affrancamento   0   114   -     -
    Net income, Group share including Affrancamento   527   744   -28,7%     -30,2%


        Q2 2022   Q2 2021
    new presentation     		  Chg.
    Q2 2022 / Q2 2021     		    Chg.
    Q2 2022 /
    Q2 2021
    like-for-like     		  Q1 2022   Chg.
    Q2 2022 /
    Q1 2022
                               
    Adjusted net revenue   754   849   -11.2%     -16.4%   835   -9.7%
    Net asset management revenue   757   835   -9.3%     -14.7%   837   -9.5%
    o/w net management fees   733   679   7.9%     0.2%   766   -4.3%
    o/w performance fees   24   155   -     -   71   -65.9%
    Technology   12   12   2.2%     2.2%   10   24.5%
    Net financial income and other adjusted net income   (15)   3   -     -   (12)   30.3%
    Adjusted operating expenses   (422)   (388)   8.6%     -1.7%   (423)   -0.2%
    Adjusted gross operating income   332   461   -27.9%     -29.8%   412   -19.4%
    Adjusted cost/income ratio   55.9%   45.7%   10.2 pts     8.4 pts   50.6%   5.3 pts
    Cost of risk & Other   (0)   (18)   -     -   (4)    
    Equity-accounted entities   21   21   2.1%     2.1%   20   6.3%
    Adjusted income before taxes   353   464   -23.9%     -25.7%   428   -17.6%
    Corporate tax 1 2   (84)   (120)   -29.8%     -32.1%   (103)   -18.3%
    Minority interests   0   1   -     -   (1)   -
    Adjusted net income, Group share   269   345   -22.1%     -23.7%   324   -17.0%
    Amortisation of intangible assets after tax   (15)   (12)   20.5%     29.9%   (15)   0.0%
    Integration costs net of tax   (30)   0   -     -   (8)   -
    Net income, Group share   224   333   -32.6%     -34.2%   302   -25.7%
    Impact of Affrancamento   0   114   -     -   0   -
    Net income, Group share including Affrancamento   224   446   -49.7%     -50.6%   303   -26.0%

    Adjusted data: excluding amortisation of intangible assets, Lyxor integration costs, and, in Q2 and H1 2021, excluding the impact of Affrancamento.

    New presentation of revenues with Amundi Technology revenues presented on a separated line

    Constant scope: with Lyxor

    The accounting net income for Q2 2021 includes a net one-time tax gain (net of a substitution tax) of +€114m (no cash flow impact): “Affrancamento” mechanism of the Italian Budget Law for 2021 (Law no. 178/2020), resulting in the recognition of Deferred Tax Assets on intangible assets (goodwill); this was excluded from Adjusted Net Income.

    Change in assets under management1 from end-December 2020 to end-June 2022

      (€bn) Assets
    under management     		Net
    inflows     		Market and foreign exchange
    effect     		Scope
    effect     		  Change in AuM vs. previous quarter
    As of 31/12/2020 1,729         +4.0%  
    Q1 2021   -12.7 +39.3   /    
    As of 31/03/2021 1,755         +1.5%  
    Q2 2021   +7.2 +31.4   /    
    As of 30/06/2021 1,794       / +2.2%  
    Q3 2021   +0.2 +17.0   /    
    As of 30/09/2021 1,811       / +1.0%  
    Q4 2021   +65.6 +39.1   +14825    
    As of 31/12/2021 2,064       /                         
    Q1 2022   +3.2 -46.4   / -2.1%  
    As of 31/03/2022 2,021       /                         
    Q2 2022   +1.8 - 97.8   /  
    As of 30/06/2022 1,925         -4.8%

    1. AuM (including Lyxor from 31/12/2021) and net inflows (including Lyxor from 2022) include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis

    Assets under management and net inflows by client segment1

      AuM AuM % chg. Inflows Inflows Inflows Inflows
    (€bn) 30/06/2022 30/06/2021 vs. 30/06/2021 H1 2022 Q2 2022 Q1 2022 Q2 2021
    French networks 115 122 -5.7% -2.6 -1.3 -1.3 -1.7
    International networks 160 160 0.1% 1.6 -1.9 3.5 5.7
    o/w Amundi BOC WM                  12 4 x3 0.3 -2.1 2.3 2,5
    Third-party distributors 298 206 44.5% 12.9 1.0 11.9 3.6
    Retail (excl. JVs) 573 488 17.4% 11.9 -2.3 14.1 7.6
    Institutionals2 & sovereigns 448 423 5.8% -10.7 -7.8 -3.0 0.4
    Corporates 86 86 0.5% -18.9 -5.5 -13.4 -3.8
    Employee Savings 74 75 -1.0% 2.0 3.4 -1.3 2.8
    CA & SG insurers 435 468 -7.0% -0.8 0.9 -1.7 -2.2
    Institutionals 1,043 1,052 -0.8% -28.5 -9.1 -19.4 -2.9
    JVs 308 254 21.4% 21.5 13.1 8.4 2.6
                   
    TOTAL 1,925 1,794 7.3% 5.0 1.8 3.2 7.2
    Average first-half AuM (excl. JVs) 1,715 1,515 13.2% / / / /

    1. AuM (including Lyxor from 31/12/2021) and net inflows (including Lyxor from 2022) include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.    2. Including funds of funds

    Assets under management and net inflows by asset class1

      AuM AuM % chg. Inflows Inflows Inflows Inflows
    (€bn) 30/06/2022 30/06/2021 vs. 30/06/2021 H1 2022 Q2 2022 Q1 2022 Q2 2021
    Active management 1,034 1,074 -3.7% -0.4 -9.5 9.1 18.9
    Equities 170 175 -2.7% 2.9 3.6 -0.7 2.4
    Multi-asset 293 286 2.3% 4.9 -6.1 11.0 12.5
    Bonds 572 613 -6.7% -8.2 -7.0 -1.2 4.0
    Structured products 28 36 -20.1% -2.9 -1.6 -1.2 -2.1
    Passive management 284 184 54.5% 11.4 0.8 10.6 4.0
    ETFs & ETCs 176 77 128.9% 9.4 0.1 9.3 2.3
    Index & Smart Beta 108 107 1.2% 1.9 0.7 1.2 1.7
    Real and alternative assets 97 59 63.7% 2.9 0.3 2.6 0.9
    MLT assets 1,444 1,352 6.7% 11.0 -10.0 21.0 21.7
    Treasury products excl. JVs 173 188 -7.9% -27.6 -1.3 -26.3 -17.0
    JVs 308 254 21.4% 21.5 13.1 8.4 2.6
    TOTAL 1925 1794 7.3% 5.0 1.8 3.2 7.2

    1. AuM (including Lyxor from 31/12/2021) and net inflows (including Lyxor from 2022) include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

    Assets under management and net inflows by geographic segment1

      AuM AuM % chg. Inflows Inflows Inflows Inflows
    (€bn) 30/06/2022 30/06/2021 vs. 30/06/2021 H1 2022 Q2 2022 Q1 2022 Q2 2021
    France 887 928 -4.4% -22.8 0.0 -22.8 -12.5
    Italy 194 191 1.6% 4.8 0.9 3.8 2.8
    Europe excl. France and Italy 326 248 31.4% 1.4 -7.3 8.7 9.4
    Asia 393 323 21.6% 25.9 11.8 14.2 7.2
    Rest of world 124 103 20.3% -4.3 -3.6 -0.7 0.4
    TOTAL 1,925 1,794 7.3% 5.0 1.8 3.2 7.2
    TOTAL excl. France 1,037 865 19.9% 27.8 1.8 26.0 19.7

    1. AuM (including Lyxor from 31/12/2021) and net inflows (including Lyxor from 2022) include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.

    Appendix
    Launch of a share buyback programme
    as part of performance shares incentive plans

    Having obtained the necessary regulatory authorisation, Amundi announces the launch of a share buyback programme, via a mandate agreed with an Investment Services Provider (KeplerCheuvreux)

    In accordance with the authorisation granted by the Ordinary General Meeting of shareholders held on 18 May 2022 and the delegation by the Board of Directors to the Chief Executive Officer, the share buyback programme will have the following features:

    1.   Objective

    The shares will be acquired in the market in order to cover the performance share incentives plans that have already been awarded.

    In order to avoid dilution for existing shareholders, Amundi has decided to not issue any new shares, but to buy back the shares that will be delivered to beneficiaries starting in 2024 (following a vesting period and subject to performance and presence conditions26).

    2.   Maximum number of shares and amount

    The number of shares acquired will not exceed 1 million, representing around 0.5% of the share capital. The total amount allocated to this programme may not exceed €60m.

    3.   Features of the purchased shares

    The Amundi shares in question are those admitted for trading on the Euronext regulated market in Paris under ISIN code FR0004125920.

    4.   Duration of the share buyback programme

    The authorisation of the Ordinary General Shareholders’ Meeting of 18 May 2022 was granted for a period of eighteen months from the date of this Meeting.

    This programme is part of the share buyback programme described in Chapter 1 (pages 42-43) of Amundi's 2021 Universal Registration Document filed with the Autorité des Marchés Financiers on 12 April 2022 under number D.22-0281 and available on Amundi's website: https://legroupe.amundi.com/regulated-information. Any amendment to one of the features of this share buyback programme while it is underway will be disclosed in accordance with the terms and conditions set out in II of Article 241-2 of the General Regulation of the Autorité des Marchés Financiers.

    As a reminder, Amundi already holds 359,468 shares at 30 June 2022 under the liquidity contract entered into with Kepler Cheuvreux and as part of the previous share buyback programmes.

    Methodology appendix

    I. Accounting and adjusted data


    1.     Accounting data:


    For the first six months of 2021 and 2022, data after amortisation of intangible assets (distribution agreements with Bawag, UniCredit and Banco Sabadell; Lyxor client contracts); and after the integration costs related to Lyxor.

    2.     Adjusted data:


    To present an income statement that is closer to the economic reality, the following adjustments have been made: restatement of amortisation of intangible assets (deducted from net revenues); the integration costs related to Lyxor.

    In the accounting data, amortisation of intangible assets:

    • Q2 2021: €17m before tax and €12m after tax
    • Q1 2022: €20m before tax and €15m after tax
    • Q2 2022: €20m before tax and €15m after tax
    • H1 2021: €34m before tax and €24m after tax
    • H1 2022: €41m before tax and €29m after tax

    In the accounting data, integration costs related to Lyxor:

    • Q2 2021: 0
    • Q1 2022: €10m before tax and €8m after tax
    • Q2 2022: €40m before tax and €30m after tax
    • H1 2021: 0
    • H1 2022: €51m before tax and €37m after tax

    II. Acquisition of Lyxor


    In accordance with IFRS 3, recognition on Amundi’s balance sheet as of 31/12/2021 of:

    • goodwill ;
    • an intangible asset, representing client contracts, of €40m before tax (€30m after tax), which will be amortised on a straight-line basis over 3 years;

    In the Group income statement, the above-mentioned intangible asset is amortised on a straight-line basis over 3 years starting in 2022; the full-year impact of this amortisation is €10m net of tax (i.e. €13m before tax). This amortisation is recognised as a deduction from net income and added to the existing amortisation of distribution agreements.

      

    III.  Alternative Performance Indicators27


    To present an income statement that is closer to the economic reality, Amundi publishes adjusted data which excludes amortisation of intangible assets, Lyxor integration costs and the impact of Affrancamento (see above).
    These combined and adjusted data are reconciled with accounting data as follows:
    accounting data
    adjusted data

    €m   6M 2022   6M 2021   Q2 2022   Q1 2022   Q2 2021  
                           
    Net revenues (a)   1,548   1,585   734   814   832  
    + Amortisation of intangible assets before tax   41   34   20   20   17  
    Adjusted net revenues (b)   1,589   1,619   754   835   849  
                           
    Operating expenses (c)   -895   -764   -462   -433   -388  
    + Integration costs before tax   51   0   40   10   0  
    Adjusted operating expenses (d)   -844   -764   -422   -423   -388  
                           
    Gross operating income (e) = (a)+(c)   653   821   271   382   444  
                           
    Adjusted gross operating income (f) = (b)+(d)   744   855   332   412   461  
    Cost/income ratio (c)/(a)   57.8%   48.2%   63.0%   53.1%   46.7%  
    Adjusted cost/income ratio (d)/(b)   53.1%   47.2%   55.9%   50.6%   45.7%  
    Cost of risk & Other (g)   -4   -20   0   -4   -18  
    Equity-accounted entities (h)   41   38   21   20   21  
    Income before tax (i) = (e)+(g)+(h)   690   839   292   398   447  
                           
    Adjusted income before tax (j) = (f)+(g)+(h)   781   874   353   428   464  
    Taxes (k)   -162   -213   -68   -94   -115
    Adjusted taxes (l)   -187   -223   -84   -103   -120
    Minority interests (m)   -1   4   0   -1   1
    Net income, Group share (n)= (i)+(k)+(m)-(p)   527   630   224   302   333  
                           
    Adjusted net income, Group share    (o) = (j)+(l)+(m)   593   654   269   324   345  
                           
    Affrancamento impact (p)   0   114   0   0   114  
    Net income, Group share (n)+(p) including Affrancamento   527   744   224   302   448  

    About Amundi
    Amundi, the leading European asset manager, ranking among the top 10 global players28, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets.

    With its six international investment hubs29, 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. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.9 trillion of assets30.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:   Investor contacts:
    Natacha Andermahr Nathalie Boschat Anthony Mellor        Thomas Lapeyre
    Tel. +33 1 76 37 86 05 Tel. +33 1 76 37 54 96 Tel. +33 1 76 32 17 16        Tel. +33 1 76 33 70 54
    natacha.andermahr@amundi.com nathalie.boschat@amundi.com anthony.mellor@amundi.com                    thomas.lapeyre@amundi.com

    DISCLAIMER:

    This document may contain projections concerning Amundi's financial situation and results. The figures given do not constitute a “forecast” as defined in Delegated Regulation (EU) No. 2019/980 of 14 March 2019.

    This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances. The reader should take all of these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with IFRS guidelines. Audit procedures are currently underway.

    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 independently verified, 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 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.

    1Adjusted data: excluding amortisation of intangible assets and excluding integration costs and, in Q2 2021, excluding the impact of Affrancamento. See page 11 for definitions and methodology.
    2 vs. H1 combined with Lyxor
    3 Assets under management and net inflows including Lyxor AM as of Q1 2022 include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
    4 Excl. JVs
    5 Medium/Long-Term Assets: excluding treasury products
    6 Between 31/03/2022 to 30/06/2022.
    7 Eurostoxx index
    8 Bloomberg Euro Aggregate Index
    9 Medium/Long-Term Assets: excluding treasury products
    10 Source: AMFI.
    11 Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs worldwide, June 2022
    12 Outsourced Chief Investment Officer solutions
    13 Source: ETF GI, end of June 2022
    14Adjusted data: excluding amortisation of intangible assets and excluding integration costs and, in Q2 2021, excluding the impact of Affrancamento. See page 11 for definitions and methodology.
    15 Excluding Amundi Technology’s revenues, which are now reported on a separate line of the income statement
    16 Compared to a combined H1 2021 (with Lyxor)
    17 Margin at constant scope (including Lyxor) and excluding Amundi Technology’s revenues.
    18 Normalised data: data excluding exceptional performance fees (= higher-than-average performance fees per quarter in 2017-2020).
    19 vs. H1 2021 with Lyxor
    20 Decrease of average levels of the EuroStoxx index Q2 2022/Q1 2022
    21 Normalised data: data excluding exceptional performance fees (= higher-than-average performance fees per quarter in 2017-2020).
    22 Excl. CA and SG insurers
    23 Equity excluding goodwill and intangible assets.
    24        The number of shares allocated will therefore only be definitive when they are delivered.  
    25 Lyxor
    26        The number of shares allocated will only be definitive when they are delivered.
    27 Please refer to section 4.3 of the 2020 Universal Registration Document filed with the French AMF on 12/04/2021

    28 Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as at 31/12/2021
    29 Boston, Dublin, London, Milan, Paris and Tokyo
    30 Amundi data including Lyxor as at 30/06/2022

     

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