We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amundi | EU:AMUN | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.05 | 2.97% | 71.00 | 70.20 | 71.10 | 71.00 | 69.15 | 69.20 | 255,238 | 02:01:08 |
Amundi: First quarter 2023 results
A high net income1,2 at €300 million
Results | Adjusted net income1,2 of €300 million, thanks to a diversified profile and operational efficiency
| |
Activity | Healthy inflows for Retail and the JVs in India and Korea
| |
Continued development initiatives | Amundi Technology: 4 new clients in Q1Fund Channel: closing of the transaction with CACEIS, which acquires 33.33% of FC’s capital to develop fund execution and offer an integrated service to distributorsResponsible investment: €822 billion in assets under management as at 31 March 2023, extension of the range of funds aligned to a Net Zero trajectory4 |
Paris, 28 April 2023
The Amundi Board of Directors meeting of 27 April 2023, chaired by Yves Perrier, approved the financial statements for Q1 2023.
CEO Valérie Baudson stated:
“Amundi delivered a good performance in the first quarter of 2023, in an uncertain market environment.
Our adjusted net income remained stable at €300 million compared to the fourth quarter of 2022, thanks to the resilience of our revenues and good cost control. The productivity gains and continued synergies generated by the integration of Lyxor have enabled us to absorb the effects of inflation while continuing to invest.
I would also like to underline the healthy inflows of our Retail activities over the quarter, whether for our partner networks in France and abroad or for our third-party distributors”.
* * *
A market context remaining uncertain
Over one year, the equity and bond markets5 were down -5% and -12% respectively. Despite a rebound during the first quarter (+9% on average for the quarter compared to Q4 2022), the equity markets remain volatile.
A healthy financial performance for the first quarter
Adjusted data6
Adjusted net income6 reached €300 million in Q1 2023, essentially stable compared to Q4 2022, and down -7.5% from Q1 2022, in line with the unfavourable evolution of the market.
This strong performance is explained by the diversification of Amundi's activities and its operational efficiency, and is reflected in revenue resilience and good cost control.
Net revenue5 amounted to €794 million, down -4.9% from Q1 2022 but stable (+0.4%) relative to Q4 2022.
Operating costs5 were well under control at €425 million, an increase of only +0.6% compared to Q1 2022, in a context of high inflation.
Inflation, development investments, and the unfavourable exchange rate effect were largely absorbed by productivity gains and the pursuit of synergies generated by the integration of Lyxor.
In this context, the very moderate increase in costs over one year, well below the inflation rates seen in most of the countries where Amundi operates, reflects the agility Amundi’s to adjust its cost base, delivering the best cost/income ratio in the sector again this quarter: 53.6%6.
Gross operating income5 (GOI) amounted to €369 million, down -10.5% from Q1 2022 and -2.5% from Q4 2022.
The share of net income of equity-accounted companies, reflecting Amundi's share in the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi), and Morocco (Wafa Gestion), was up +11.2% relative to Q1 2022, at €22 million.
Accounting data
Net accounting income (group share) was €285 million in the first quarter, including the amortisation of the intangible assets (customer contracts related to the acquisition of Lyxor and the distribution contracts related to previous transactions), ie -€15m after tax in Q1 2023.
Accounting earnings per share was €1.40.
Healthy Retail inflows and favourable business mix
The assets managed by Amundi as of 31 March 2023 were down -4.3% over one year, but up +1.6% compared to end-2022, at €1,934 billion.
Retail recorded satisfactory inflows: +€4.3 billion excluding the Chinese subsidiary Amundi BOC WM. As in 2022, inflows mainly came from MLT assets, +€4.2 billion, driven by all segments:
The strong performance for Retail is more than offset, however, by MLT asset outflows in very low margin segments or products, as well as outflows in China, where the asset management market still shows net redemptions in MLT assets; this latter factor also explains the net outflows at our JVs:
Excluding the Chinese JV, inflows in the other JVs were very satisfactory, particularly in India (+€2.8 billion) and Korea (+€1.6 billion), both continuing to benefit from strong activity, particularly in MLT assets.
Total net inflows for the quarter were negative at -€11.1 billion.
Several important milestones of the Ambitions 2025 development plan were reached during the first quarter:
***
Amundi's Annual General Meeting will take place on 12 May at 10am CET. As announced on 8 February upon the publication of the results for 2022, the Board of Directors will propose to the General Meeting a cash dividend of €4.10 per share, stable relative to the dividend paid for 2021. This dividend represents a payout ratio of approximately 75% of net accounting income (Group share) in 2022, excluding integration costs, and a yield of 7% based on the closing share price on 25 April 2023.
Financial disclosure schedule
Dividend schedule (€4.10 per share proposed to the General Meeting of 12 May 2023)
***
APPENDICES
Quarterly Statement of income
(€M) | Q1 2023 | Q1 2022 | % YoY ch. | Q4 2022 | % QoQ ch. | |
Net revenue - Adjusted | 794 | 835 | -4.9% | 790 | +0.4% | |
Net management fees | 736 | 766 | -3.9% | 720 | +2.3% | |
Performance fees | 28 | 71 | -60.0% | 63 | -55.0% | |
Technology | 13 | 10 | +35.0% | 15 | -12.7% | |
Net financial income & other net income | 16 | (12) | NM | (7) | NM | |
Operating expenses - Adjusted | (425) | (423) | +0.6% | (412) | +3.2% | |
Cost income ratio - Adjusted | 53.6% | 50.6% | +2.9pp | 52.1% | +1.4pp | |
Gross operating income - Adjusted | 369 | 412 | -10.5% | 378 | -2.5% | |
Cost of risk and others | (1) | (4) | -85.0% | (4) | -87.2% | |
Share of net income of equity accounted companies | 22 | 20 | +11.2% | 24 | -8.1% | |
Income before tax - Adjusted | 390 | 428 | -8.9% | 398 | -2.0% | |
Corporate tax - Adjusted | (91) | (103) | -11.6% | (96) | -5.0% | |
Non-controlling interests | 1 | (1) | NM | 0 | +75.2% | |
Net income group share - Adjusted | 300 | 324 | -7.5% | 303 | -1.0% | |
Amortisation of intangible assets (net of tax) | (15) | (15) | +0.2% | (15) | +0.2% | |
Integration costs (net of tax) | 0 | (8) | NM | (2) | NM | |
Net income group share | 285 | 302 | -5.6% | 286 | -0.4% | |
Earnings per share (€) | 1.40 | 1.49 | -5.9% | 1.41 | -0.4% |
Change in assets under management from end-2019 to end-March 2023
(€bn) | Assets under management | Net inflows | Market & Forex effects | Scopeeffect | % ch. In AuM vs previous quarter | |||
As at 31/12/2019 | 1,653 | +5.8% | ||||||
Q1 2020 | -3.2 | -122.7 | / | |||||
As at 31/03/2020 | 1,527 | / | -7.6% | |||||
Q2 2020 | -0.8 | +64.9 | / | |||||
As at 30/06/2020 | 1,592 | / | +4.2% | |||||
Q3 2020 | +34.7 | +15.2 | +20.78 | |||||
As at 30/09/2020 | 1,662 | / | +4.4% | |||||
Q4 2020 | +14.4 | +52.1 | / | |||||
As at 31/12/2020 | 1,729 | / | +4.0% | |||||
Q1 2021 | -12.7 | +39.3 | / | |||||
As at 31/03/2021 | 1,755 | / | +1.5% | |||||
Q2 2021 | +7.2 | +31.4 | / | |||||
As at 30/06/2021 | 1,794 | / | +2.2% | |||||
Q3 2021 | +0.2 | +17.0 | / | |||||
As at 30/09/2021 | 1,811 | / | +1.0% | |||||
Q4 2021 | +65.6 | +39.1 | +1489 | |||||
As at 31/12/2021 | 2,064 | / | +14% | |||||
Q1 2022 | +3.2 | -46.4 | / | |||||
As at 31/03/2022 | 2,021 | / | -2.1% | |||||
Q2 2022 | +1.8 | -97.75 | / | |||||
As at 30/06/2022 | 1,925 | / | -4.8% | |||||
Q3 2022 | -12.9 | -16.3 | / | |||||
As at 30/09/2022 | 1,895 | / | -1.6% | |||||
Q4 2022 | +15.0 | -6.2 | / | |||||
As at 31/12/2022 | 1,904 | / | +0.5% | |||||
Q1 2023 | -11.1 | +40.9 | / | |||||
As at 31/03/2023 | 1,934 | / | +1.6% | |||||
Total one year between 31 March 2022 and 31 March 2023: - 4.3%
Breakdown of assets under management & net inflows by client segment10
(Md€) | AuM31.03.2023 | AuM31.03.2022 | % ch. /31.03.2022 | Net inflows Q1 2023 | Net inflows Q1 2022 | ||
French networks | 124 | 122 | +1.7% | +2.7 | -1.3 | ||
International networks | 157 | 172 | -8.6% | -1.6 | +3.5 | ||
o/w Amundi BOC WM | 4 | 13 | -68.7% | -2.8 | +2.3 | ||
Third-party distributors | 296 | 322 | -8.2% | +0.4 | +11.9 | ||
Retail | 578 | 617 | -6.4% | +1.5 | +14.1 | ||
Institutionals & Sovereigns (*) | 472 | 476 | -0.8% | +1.0 | -3.0 | ||
Corporates | 96 | 95 | +1.9% | -7.9 | -13.4 | ||
Employee savings | 79 | 75 | +4.9% | -0.6 | -1.3 | ||
CA & SG Insurers | 416 | 462 | -9.9% | -4.3 | -1.7 | ||
Institutionals | 1,064 | 1,108 | -4.0% | -11.7 | -19.4 | ||
JVs | 292 | 296 | -1.1% | -0.8 | +8.4 | ||
TOTAL | 1,934 | 2,021 | -4.3% | -11.1 | +3.2 |
(*) including funds of funds
Breakdown of assets under management & net inflows by asset class10
(€bn) | AuM31.03.2023 | AuM31.03.2022 | % ch. /31.03.2022 | Net inflows Q1 2023 | Net inflows Q1 2022 | ||
Equities | 425 | 435 | -2.3% | -2.9 | +8.2 | ||
Multi-asset | 286 | 328 | -12.9% | -7.2 | +10.9 | ||
Bonds | 616 | 661 | -6.8% | -3.2 | +0.5 | ||
Real, alternative & Structured assets | 125 | 125 | +0.6% | +0.9 | +1.4 | ||
MLT ASSETS excl. JVs | 1,453 | 1,549 | -6.2% | -12.4 | +21.0 | ||
Treasury products excl. JVs | 189 | 176 | +7.4% | +2.1 | -26.3 | ||
TOTAL ASSETS excl. JVs | 1,642 | 1,725 | -4.8% | -10.3 | -5.2 | ||
JVs | 292 | 296 | -1.1% | -0.8 | +8.4 | ||
TOTAL | 1,934 | 2,021 | -4.3% | -11.1 | +3.2 | ||
o/w MLT assets | 1,716 | 1,812 | -5.3% | -11.3 | +30.2 | ||
o/w treasury products | 218 | 209 | +4.3% | +0.3 | -27.0 |
Breakdown of assets under management & net inflows by geographic area10
(€bn) | Encours31.03.2023 | Encours31.03.2022 | % var. /31.03.2022 | Net inflows Q1 2023 | Net inflows Q1 2022 | ||
France | 903 | 948 | -4.8% | -2.4 | -22.8 | ||
Italy | 197 | 209 | -5.4% | -0.7 | +3.8 | ||
Europe outside France & Italy | 343 | 350 | -2.0% | +0.3 | +8.7 | ||
Asia | 371 | 386 | -4.0% | -4.8 | +14.2 | ||
Rest of the world | 120 | 128 | -5.9% | -3.4 | -0.7 | ||
TOTAL | 1,934 | 2,021 | -4.3% | -11.1 | +3.2 | ||
TOTAL outside France | 1,031 | 1,072 | -3.8% | -8.6 | +26.0 |
Breakdown of assets under management & net inflows by management type and asset class11
(Md€) | AuM31.03.2023 | AuM31.03.2022 | % ch. /31.03.2022 | Net inflows T1 2023 | Net inflows T1 2022 | ||
Active management | 1,027 | 1,117 | -8.1% | -13.1 | +9.1 | ||
Equities | 183 | 183 | -0.2% | -1.3 | -0.7 | ||
Multi-asset | 278 | 321 | -13.5% | -7.6 | +11.0 | ||
Bonds | 566 | 612 | -7.6% | -4.2 | -1.2 | ||
Structured products | 33 | 32 | +6.0% | +1.1 | -1.2 | ||
Passive management | 301 | 307 | -2.2% | -0.2 | +10.6 | ||
ETF & ETC | 181 | 190 | -4.6% | +1.9 | +9.3 | ||
Index & Smart beta | 119 | 117 | +1.6% | -2.2 | +1.2 | ||
Real assets & Alternatives | 92 | 93 | -1.2% | -0.1 | +2.6 | ||
Real assets | 66 | 66 | -0.4% | -0,1 | +2,2 | ||
Alternatives | 26 | 27 | -3.4% | -0.0 | +0,4 | ||
MLT ASSETS excl. JVs | 1,453 | 1,549 | -6.2% | -12.4 | +21.0 | ||
Treasury products excl. JVs | 189 | 176 | +7.4% | +2.1 | -26.3 | ||
TOTAL ASSETS excl. JVs | 1,642 | 1,725 | -4.8% | -10.3 | -5.2 | ||
JVs | 292 | 296 | -1.1% | -0.8 | +8.4 | ||
TOTAL | 1,934 | 2,021 | -4.3% | -11.1 | +3.2 | ||
o/w MLT assets | 1,716 | 1,812 | -5.3% | -11.3 | +30.2 | ||
o/w treasury products | 218 | 209 | +4.3% | +0.3 | -27.0 |
Methodology & Alternative Performance Measures (APM)
Accounting and adjusted data
In the accounting data, amortisation of distribution contracts:
Acquisition de Lyxor
Alternative Performance Measures12
To present the most economically accurate income statement, Amundi publishes adjusted data which excludes amortisation of intangible assets and the impact of Affrancamento (see above).
These adjusted and normalised data are reconciled with accounting data as follows:
= Accounting data |
= Adjusted data |
(€m) | T1 2023 | T1 2022 | %Var. T1/T1 | T4 2022 | %Var. T1/T4 | |||||
Net revenue (a) | 773 | 814 | -5.0% | 770 | +0.5% | |||||
- Amortisation of intangible assets (bef. Tax) | -20 | -20 | +0% | -20 | +0.0% | |||||
Net revenue - Adjusted (b) | 794 | 835 | -4.9% | 790 | +0.5% | |||||
Operating expenses (c) | -425 | -433 | -1.7% | -414 | +2.6% | |||||
- Integration costs (before tax) | 0 | -10 | / | -2 | / | |||||
Operating expenses - Adjusted (d) | -425 | -423 | +0.6% | -412 | +3.2% | |||||
Gross operating income (e) = (a) + (c) | 348 | 382 | -8.7% | 356 | -2.0% | |||||
Gross operating income - Adjusted (f) = (b) + (d) | 369 | 412 | -10.5% | 378 | -2.5% | |||||
Cost income ratio (%) (c) / (a) | 55.0% | 53.1% | +1.8pp | 53.8% | +1.2pp | |||||
Cost income ratio - Adjusted (d) / (b) | 53.6% | 50.6% | +1.4pp | 52.1% | +1.4pp | |||||
Cost of risk & others (g) | -1 | -4 | -85% | -4 | -87.2% | |||||
Share of net income of equity accounted companies (h) | 22 | 20 | +11.2% | 24 | -8.1% | |||||
Income before tax (i) = (e) + (g) + (h) | 370 | 398 | -7.1% | 375 | -1.5% | |||||
Income before tax - Adjusted (j) = (f) + (g) + (h) | 390 | 428 | -8.9% | 398 | -2.0% | |||||
Corporate tax (k) | -85 | -94 | -9.8% | -89 | -4.6% | |||||
Corporate tax - Adjusted (l) | -91 | -103 | -11.6% | -96 | -5.0% | |||||
Non-controlling interests (m) | 1 | -1 | / | 0 | / | |||||
Net income group share (o) = (i)+(k)+(m) | 285 | 302 | -5.6% | 286 | -0.4% | |||||
Net income group share - Adjusted (p) = (j)+(l)+(m) | 300 | 324 | -7.5% | 303 | -1.0% |
Shareholder structure
31 December 2021 | 31 December 2022 | 31 March 2023 | ||||
Number of shares | % capital | Number of shares | % capital | Number of shares | % capital | |
Crédit Agricole Group | 141,057,399 | 69.46 % | 141,057,399 | 69.19 % | 141,057,399 | 69.19 % |
Employees | 1,527,064 | 0.75 % | 2,279,907 | 1.12 % | 2,238,508 | 1.10 % |
Treasury shares | 255,745 | 0.13 % | 1,343,479 | 0.66 % | 1,331,680 | 0.65 % |
Free float | 60,234,443 | 29.66 % | 59,179,346 | 29.03 % | 59,232,544 | 29.06 % |
Number of shares at end of period | 203,074,651 | 100.0 % | 203,860,131 | 100.0 % | 203,860,131 | 100.0 % |
Average number of shares for the period | 202,793,482 | 202,793,482 | 203,414,667 | / | 203,860,131 | / |
About Amundi
Amundi, the leading European asset manager, ranking among the top 10 global players13, offers its 100 million clients - retail, institutional and corporate - a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €1.9 trillion of assets14.
With its six international investment hubs15, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.
Amundi clients benefit from the expertise and advice of 5,400 employees in 35 countries.
Amundi, a trusted partner, working every day in the interest of its clients and society.
Press contact: Natacha Andermahr Tel. +33 1 76 37 86 05natacha.andermahr@amundi.com
Investor contacts:Cyril Meilland, CFATel. +33 1 76 32 62 67cyril.meilland@amundi.com
Thomas LapeyreTel. +33 1 76 33 70 54thomas.lapeyre@amundi.com
DISCLAIMER:
This document may contain projections concerning Amundi's financial situation and results. The figures provided do not constitute a “forecast” as defined in Commission Delegated Regulation (EU) 2019/980.
This information is based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context. As such, the projections and results indicated may not necessarily come to pass due to unforeseeable circumstances. The reader should take all of these uncertainties and risks into consideration before forming their own opinion.
The figures presented were prepared in accordance with IFRS guidelines as adopted by the European Union. Data including Lyxor in 2021, before the integration in the accounts as from 1 January 2022, (with assumptions about the restatement of certain activities retained by SG).
The information contained in this presentation, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this presentation or its contents, or anything related to them, or any document or information to which the presentation may refer.
1 Attributable net income2 Adjusted data: excludes amortisation of intangible assets, and in 2022 Lyxor integration costs (see note p. 8)3 MLT: Medium/Long Term4 All Net Zero Ambition passive management funds comply with the EU’s CTB/PAB criteria5 Quarterly averages, Bloomberg Global Aggregate for bonds and 50% MSCI World + 50% Eurostoxx 600 composite index for equities6 Adjusted data: excludes amortisation of intangible assets and in 2022 Lyxor integration costs (see note p. 8)7 All Net Zero Ambition passive management funds comply with the EU’s CTB/PAB criteria8 Sabadell AM9 Lyxor, consolidated on 31/12/202110 Assets under management and net inflows, including assets under advisory and marketed assets, and comprising 100% of net inflows and the assets managed by the Asian JVs. For Wafa Portfolio Management in Morocco, assets under management and inflows are reported on a proportional consolidation basis11 Assets under management and net inflows, including assets under advisory and marketed assets, and comprising 100% of net inflows and the assets managed by the Asian JVs. For Wafa Portfolio Management in Morocco, assets under management and inflows are reported on a proportional consolidation basis12 See also Section 4.3 of the 2022 Universal Registration Document filed with the AMF on 7 April 202313 Source: IPE “Top 500 Asset Managers” published in June 2022, based on assets under management as at 31/12/202114 Amundi data as at 31/03/202315 Boston, Dublin, London, Milan, Paris and Tokyo
Attachment
1 Year Amundi Chart |
1 Month Amundi Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions