Amundi: Q4 and full year 2019 results

    Amundi: Q4 and full year 2019 results 

 

Annual results up again (+12.2%1)

 Strong business activity

 

An excellent Q4 2019	AuM2 of €1,653bn at 31 December 2019, an increase of +16% vs. the end of 2018Record net inflows2 of +€76.8bn, mainly driven by MLT assets3: Net flows (excl. JVs) of +€15.7bn3 Net inflows of +€66.7bn3 in the JVs, driven by institutional clients in India  Accounting net income1 of €262m, up by +36.5% vs. Q4 2018
A year in line with targets	Net inflows of +€107.7bn (of which +€74.2bn from institutional clients in India)Outside the JVs, inflows of +€23.8bn, driven by all customer segments and by MLT assets  Good financial performance in line with targets: Net revenues4 up sharply (+4.9% vs. 2018) A cost/income ratio5 of 50.9%, an improvement of 0.7 points over 2018 Adjusted net income5 of €1,009m, up by +6.6% vs. 2018 Accounting net income of €959m, up by +12.2% vs. 2018
Two new strategic partnerships	New stages of development in Spain and China with: A new long-term distribution agreement in Spain with Banco Sabadell and acquisition of Sabadell AM  Authorisation to create a new management company, with a majority stake, in China with BOC
Dividend	Dividend proposed at the General Meeting: €3.10 per share (+6.9% vs. 2018)

Paris, 12 February 2020

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 11 February 2020 to approve the financial statements for 2019.

Commenting on the figures, Yves Perrier, CEO, said:

“Since its creation in 2010, and for the tenth year in a row, Amundi saw growth in its net income. Adjusted net income has risen above one billion euros, in line with the targets announced in the 2018-2022 plan.

These excellent results are driven by high business activity and by greater operational efficiency: The cost-to-income ratio improved further, to 50.9%. 

Amundi enjoys a strong development dynamic. This dynamic will be amplified with two strategic initiatives: the signing of a partnership in Spain with Banco Sabadell, which strengthens our leadership in Europe, and the creation of a new subsidiary in China, in partnership with Bank of China.

In accordance with the goals stated in 2018, Amundi has implemented its ESG plan. This plan particularly aims to incorporate ESG factors into all actively managed open-ended funds.”

                                                                              I.        An excellent fourth quarter

Record net inflows of +€76.8bn, and results up +36.5%6

A high level of activity

The fourth quarter of 2019 saw record inflows of +€76.8bn, driven by MLT assets (+€82.4bn), as the risk aversion level gradually returned to normal. These inflows include a new institutional mandate (pension fund) for +€59.6bn  in the Indian JV. Given a positive market effect (+€13.7bn), assets under management reached €1,653bn as at 31 December 2019, up +5.8% compared to the end of September 2019 and +16% since the end of 2018.

In the Retail segment (excl. JVs), the recovery in net inflows7 (+€3.2bn) is confirmed, driven by all customer segments. To be noted:

• The activity of the French networks is up slightly due to unit-linked products. In the French market, their weight in gross inflows has grown: 37% in Q4 20198 vs. 24% over the first nine months.
• Inflows from international networks (mainly Italy) became positive again in Q4.

Flows7 (+€12.5bn) in the institutional segment have picked up, driven in particular by Institutional & Sovereign clients as well as by Corporate and Employee Savings clients.

The JVs once again posted very good inflows (+€66.7bn), particularly in India (including +€59.6bn from a new pension fund mandate), but also in Korea and China, the latter returning to positive flows (+€5.9bn).

Sharp improvement in results

In the fourth quarter of 2019, Amundi’s income rose sharply (+15.9%) due to solid net management fees and a very high level of performance fees (€85m). The increase in expenses (+10.8%) is partly due to the increase in variable compensation (due to good investment performance) and partly due to costs stemming from strategic projects (Spain, China). As a result of this positive jaw effect, the cost/income ratio improved (50.3%, a 2.3-point improvement compared to Q4 2018).

Overall, Amundi posted its best quarterly result ever, with €262m in accounting net income (+36.5% vs. Q4 2018) and €274m in adjusted net income (+21.8% vs. Q4 2018).

                                                                               II.        A year in line with targets

Record net inflows, and growing net income

For the tenth year in a row, Amundi saw growth in its net income. This reflects both strong business activity and serious cost control. The cost/income ratio was 50.9%, an improvement of 0.7pt compared to 2018. Net income and adjusted net income increased respectively by +12.2% and +6.6%.

Record activity

In a more favourable market environment, against a backdrop of gradual recovery in inflows in the European asset management market, Amundi posted its best ever net inflows of +€107.7bn. These flows include two new institutional mandates worth €74.2bn from the Indian JV. Excluding the JVs, inflows were +€23.8bn (vs. +€15.7bn in 2018), and are made up primarily of MLT assets.

The net flows in the Retail segment (excluding the JVs) were +€6.1bn9 (vs. +€0.5bn in 2018), owing to sustained business from third-party distributors and international networks.  

In the institutional segment, net inflows increased to +€18.9bn9 (vs +€15.2bn in 2018), driven by all segments.

This strong business activity primarily benefited from two factors:

• The success of growth drivers and product innovation: passive management, ETFs, and Smart Beta collected +€16.2bn, bringing AuM to €133bn. In ETFs, Amundi gained market share, with the 4th-largest inflows in Europe10 with +€8.9bn in net inflows (x2 vs. 2018) and is the 5th largest player10 with €56bn in AuM. Furthermore, the trend for real and alternative assets continued, with +€5.7bn in flows (particularly in real estate), bringing AuM to €53bn.
• Solid, regular investment performance: almost 80% of assets in open-ended funds are in the top two quartiles over five years11. Overall, 195 Amundi funds have a 4- or 5-star Morningstar rating.

The JVs posted strong inflows (+€83.9bn), particularly in India (+€84.6bn) which accelerated in the institutional segment, as well as in Korea (+€6.7bn). In China, flows were negative (-€9.8bn including treasury products) in businesses affected by regulatory changes; however, inflows were positive for other businesses (+€2.3bn).

+12% growth in net income

Amundi’s net income grew in 2019, thanks to an increase in revenue and control of operating expenses.

• Net revenues12 reached €2,707m, up a substantial +4.9% from 2018. Net asset management revenue rose +2.2%, owing in particular to the very high level of performance fees, which reached €171m (+49% vs. 2018); while on the other hand net management fees are nearly stable (+0.1%). The average margin13 on assets under management eroded slightly, to 18.4 basis points of AuM (compared to 18.8bp in 2018), particularly due to the increased proportion of institutional clients. Additionally, financial income was high in 2019 (€44m, vs -€24m in 2018).
• Operating expenses were contained (+3.5% vs 2018), despite an unfavourable foreign exchange effect and an increase in variable compensation (stemming from better performance). Investments in growing business (particularly targeted hiring) and costs stemming from strategic projects (in China and in Spain) were offset by the continuation of Pioneer-related synergies (which reached 94% of the €175m target).
• This led to a cost/income ratio of 50.9%, an improvement of 0.7pt vs. 2018. The operating expenses to average AuM ratio (excl. JVs) remains one of the lowest in the industry at 10.1bp.
• The contribution of equity-accounted entities (mainly Asian joint ventures) was €46m compared to €50m in 2018 and reflects two opposite movements: continued growth in India and Korea, and a decline in China.

After taxes and cost of risk, adjusted net income14 was €1,009m (+6.6%), in line with the stated targets.

Accounting net income15 for fiscal year 2019 was €959m, or +12.2% compared to 2018.

Accounting EPS was €4.75, a sharp +12.1% increase compared with 2018.

  

        III.        2010-2019, a decade of successful transformation to create the European leader

Financial year 2019 is in line with Amundi’s transformation trajectory since it was created. The European leader in asset management, Amundi is now among the Top 10 worldwide.

a.     Assets under management (€1,653bn) have risen 2.5x since 2010 and 1.7x since the initial public offering in 2015. This increase was achieved mainly through organic growth, which was supplemented by targeted acquisitions, particularly that of Pioneer in 2017.            This development has been driven by the significant diversification of Amundi’s customer base since its creation. The assets managed on behalf of clients outside the Group16 now account for nearly 75% of total assets.            The decade was also marked by the Internationalisation of the business: assets managed outside France now account for nearly 2/3 of our total assets (excluding Insurer mandates). 

1. This strong business growth was accompanied by a regular increase in net income. Net income has risen 2.7x over 10 years and has nearly doubled since the IPO. 
2. Since the IPO in November 2015, the market capitalization has doubled (from €7.5bn to €15.3bn17). The Amundi share price has significantly outperformed it reference index (SBF 120). 
3. Responsible Investment 

Since its creation, Amundi had defined Responsible Investment as one of its founding pillars. This commitment was confirmed in October 2018 by the announcement of a three-year plan to expand the scope of its ambitions. Since then, Amundi has been implementing this plan.

Total Responsible Investment assets rose from €276bn at the end of 2018 to €323bn at the end of 2019, €12bn of which (compared to €10bn at the end of 2018) related to specific initiatives (energy transition, etc.) and €257m (compared to €219m at the end of 2018) dedicated to the Finance and Solidarity Fund.

This growth in AuM benefited from the continuation of Amundi’s policy to actively develop Responsible Investment, as shown by the participation in new initiatives promoting “sustainable finance”, and by innovations in products and solutions:

• launch of a new $500m climate bond fund, intended to fund infrastructure in emerging countries, in partnership with the AIIB (Asian Infrastructure Investment Bank);
• launch of the Green Credit Continuum programme with the EIB (European Investment Bank): an investment solution designed to promote the green debt market (beyond existing green bonds), in particular through the funding of SMEs;
• launch of new ESG18 investment solutions, in various asset categories: Amundi Funds Multi-Asset Sustainable Future (Multi Asset), CPR Invest Climate Action (Global equities), CPR Invest Smart Beta Credit ESG (euro bonds), expansion of the range of SRI ETFs (passive management).

The engagement policy was updated, with two major priorities regarding dialogue with issuers and the voting policy:

• contribution to the energy transition;
• contribution to social cohesion.

This engagement policy is illustrated by Amundi's recent participation in two initiatives:

• Participation in July 2019 (with seven other global asset managers) in the One Planet Sovereign Wealth Fund Asset Manager initiative, designed to support sovereign funds in incorporating climate change into their investment management.
• Participation in the TCFD19 Consortium in Japan, created in May 2019 under the auspices of the Japanese Ministries of the Economy and the Environment and focused on improving issuers' reporting on environmental issues.

                                                           IV.        Strategic initiatives in Spain and China

In accordance with its international development strategy, Amundi recently announced two significant initiatives that will enable it to step up its expansion in Europe and in Asia:

• Spain: on 21 January 2020, Banco Sabadell and Amundi announced a 10-year strategic partnership relating to the distribution of Amundi products in Banco Sabadell’s networks in Spain. This strategic alliance also includes Amundi’s acquisition of Sabadell Asset Management, a leading asset manager in Spain, with €22bn under management. The acquisition price is €430m20 and will be exclusively financed by Amundi’s existing financial resources. Amundi will benefit from Banco Sabadell's regional footprint, through its network of over 1,900 branches, which will become a new partner network in Spain. With the acquisition of Sabadell Asset Management21, Amundi will become the fourth-largest player in Spain (a major savings market in Europe), thereby strengthening its European leadership.
• China: on 20 December 2019, the Chinese regulator approved the creation of an asset management joint venture between Amundi and Bank of China Wealth Management. The goal is to launch this new joint venture (in which Amundi will be the majority partner) in the second half of 2020. Amundi, which is the first foreign company to have received such permission, will thereby benefit from a strong partnership with China's fourth-largest bank, supplementing its existing agreement with ABC, the 3rd-largest Chinese bank (€68bn in AuM in the Fund Management joint venture). Amundi will have a solid position to benefit from the potential and depth of the Chinese market.

                                                                     V.        Dividend and financial structure

 

 

An attractive dividend policy

The Board of Directors has decided to propose a cash dividend of €3.10 per share at the General Meeting to be held on 12 May 2020, i.e. an increase of +6.9% vs. 2018.

This dividend represents a payout ratio of 65% of the Group's share of net income (based on the number of shares at end-2019), and a 4.1% yield based on the share price on 6 February 2020 (at market close). Shares will be designated ex-dividend on 20 May 2020 and dividend will be paid out as from 22 May 2020.

 

A strengthened financial structure

A strengthened financial structure in 2019:  tangible equity22 amounted to €2.7bn, a +€0.4m increase compared with end-2018. The CET1 was 15.9% at end 2019 (vs. 13.2% at the end of 2018), which is well above regulatory requirements.

Note that as of 1 January 2020, Amundi no longer has any supplementary capital requirements under the SREP23. Amundi will continue to manage its balance sheet to maintain a CET1 ratio greater than its regulatory requirements.

As a reminder, in June 2019, rating agency Fitch reiterated Amundi’s A+ rating with a stable outlook, the best in the sector.

***

Financial disclosure schedule

• Publication of Q1 2020 results:                        30 April 2020
• AGM for the 2019 financial year:           12 May 2020
• Publication of H1 2020 results:                         31 July 2020
• Publication of 9M 2020 results:                        30 October 2020

***

 

APPENDICES

 

Income statements (annual and Q4)

(in €m)		2019	2018	Change		Q4 2019	Q4 2018	Change
Adjusted net revenue		2,707	2,582	+4.9%		719	620	+15.9%
Net asset management revenue		2,663	2,606	+2.2%		708	638	+11.0%
o/w net management fees		2,493	2,491	+0.1%		623	617	+0.9%
o/w performance fees		171	115	+49.0%		85	21	x4
Net financial income and other net income		44	(24)	NS		10	(18)	NS
Adjusted operating expenses		(1,377)	(1,331)	+3.5%		(361)	(326)	+10.8%
Adjusted gross operating income		1,331	1,251	+6.4%		357	294	+21.4%
Adjusted cost/income ratio		50.9%	51.5%	-0.7pt		50.3%	52.5%	-2.3 pts
Cost of risk & Other		(11)	(11)	=		(4)	(13)	-72.4%
Equity-accounted entities		46	50	-6.8%		14	12	+15.3%
Adjusted income before taxes		1,336	1,289	+6.0%		367	293	+25.4%
Taxes		(357)	(343)	+4.0%		(93)	(68)	+37.1%
Adjusted net income, Group share		1,009	946	+6.6%		274	225	+21.8%
Amortisation of distribution contracts after tax		(50)	(50)	=		(13)	(12)	+0.7%
Pioneer integration costs after tax		0	(42)	NS		0	(21)	NS
Net income, Group share		959	855	+12.2%		262	192	+36.5%

Notes:

Adjusted data: Excluding amortisation of distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer.

Change in assets under management

	(Md€)	AuM			Net inflows		Market and FX effect	Change of AuM vs previous quarter
At 30/09/2018			1 475
Flows Q4 2018				-6,5		-43,7
At 31/12/2018			1425					-3,4%
Flows Q1 2019				-6,9		+58,3
At 30/06/2019			1 476					+3,6%
Flows Q2 2019				-4,8		+15,1
At 30/06/2019			1 487					+0,7%
Flows Q3 2019				+42,7		+33,5
At 31/12/2019			1 563					+5,1%
Flows Q4 2019				+76,8		+13,7
At 31/12/2019			1 653					+5,8%

Details of assets under management and net inflows by client segment

	AuM	AuM	% chg.	Inflows	Inflows	Inflows	Inflows	Inflows
(€bn)	31/12/2019	31/12/2018	vs. 31/12/2018	Q4 2019	Q3 2019	Q4 2018	2019	2018
French networks	111	104	+6.6%	-0.71	+0.4	+0.5	-3.01	+2.9
International networks	128	116	+9.9%	+1.0	-0.6	-0.8	+2.7	+4.6
Third-party distributors	194	170	+14.0%	+3.1	+4.0	-1.8	+5.7	-3.13
Retail exc. JVs	432	390	+10.8%	+3.3	+3.8	-2.1	+5.4	+4.4
Institutionals2 and sovereigns	376	354	+6.3%	-4.4	+4.0	-10.4	-8.84	+12.5
Corporates	79	67	+17.9%	+1.9	+11.2	+1.8	+4.9	-3.6
Employee Savings	66	54	+22.4%	+2.8	-0.2	-0.1	+4.8	+2.7
CA & SG insurers	465	417	+11.3%	+1.4	+9.9	+1.7	+17.6	-0.3
Institutionals	987	893	+10.5%	+1.7	+24.9	-7.0	+18.5	+11.4
JVs	234	142	+64.9%	+71.75	+14.05	+2.6	+83.95	+26.3
TOTAL	1,653	1,425	+16.0%	+76.85	+42.75	-6.5	+107.74, 5	+42.03

1 French networks: net inflows on medium/long-term assets of -€0.1bn in 2019 and +€0.5bn in Q4 2019. 2 Including Funds of funds.3 Including the -€6.5bn in assets reinternalised by Fineco in Q3 2018. 4 Including the reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019. 5 Including 2 new mandates for the JV in India for +€14.6bn in Q3 2019 and +€59.4bn in Q4 2019.

Details of assets under management and net inflows by asset class

	AuM	AuM	% chg. vs.	Inflows	Inflows	Inflows	Inflows	Inflows
(€bn)	31/12/2019	31/12/2018	31/12/2018	Q4 2019	Q3 2019	Q4 2018	2019	2018
Equities	252	201	+25.4%	+6.9	+0.7	-3.4	+4.6	+8.2
Multi-asset	250	235	+6.2%	+2.0	-1.1	-1.6	-6.71	+7.32
Bonds	636	577	+10.3%	+4.5	+7.5	-7.1	+19.4	-4.9
Real, alternative and structured assets	86	73	+17.2%	+2.3	+1.7	+1.4	+7.7	+5.1
MLT ASSETS excl. JVs	1,224	1,086	+12.7%	+15.7	+8.9	-10.7	+25.0	+15.7
Treasury products exc. JVs	195	197	-0.9%	-10.7	+19.8	+1.7	-1.2	+0.0
ASSETS exc. JVs	1,419	1,283	+10.6%	+5.0	+28.7	-9.1	+23.8	+15.7
JVs	234	142	+64.9%	+71.73	+14.03	+2.6	+83.93	+26.3
TOTAL	1,653	1,425	+16.0%	+76.8 3	+42.73	-6.2	+107.71, 3	+42.02

1. Including the reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019. 2. Including the -€6.5bn in assets reinternalised by Fineco in Q3 2018. 3. Including 2 new mandates for the JV in India for +€14.6bn in Q3 2019 and +€59.4bn in Q4 2019.

Details of assets under management and net inflows by region

	AuM	AuM	% chg. vs.	Inflows	Inflows	Inflows	Inflows	Inflows
(€bn)	31/12/2019	31/12/2018	31/12/2018	Q4 2019	Q3 2019	Q4 2018	2019	2018
France	8901	812	+9.5%	-3.7	+20.8	-5.0	+13.6	-2.9
Italy	177	167	+5.7%	+2.1	-1.2	-1.0	-3.62	+1.63
Europe exc. France and Italy	184	161	+14.3%	+4.2	+6.1	+5.5	+9.8	+15.5
Asia	300	200	+49.9%	+74.84	+15.64	-4.0	+83.84	+26.8
Rest of world	103	85	+21.8%	-0.6	+1.3	-1.9	+4.0	+0.9
TOTAL	1,653	1,425	+16.0%	+76.84	+42.74	-6.5	+107.72,4	+42.03
TOTAL exc. France	764	613	+24.6%	+80.44	+21.94	-1.5	+94.12,4	+44.93

1 Of which €446 bn for CA & SG insurers.    2  Including the reinternalisation of an Italian institutional mandate for -€6.3bn in Q1 2019.               3Including the €6.5bn in assets reinternalised by Fineco in Q3 2018.    4 Including 2 new mandates for the JV in India for +€14.6bn in Q3 2019 and +€59.6bn in Q4 2019.

Trends in AuM and accounting net income from 2010 to 2019

	AuM in €bn	Accounting net income in €m
31/12/2009	670	355
31/12/2010	705	413
31/12/2011	671	423
31/12/2012	749	427
31/12/2013	792	451
31/12/2014	878	490
31/12/2015	985	519
31/12/2016	1 083	568
31/12/2017	1 426	681
31/12/2018	1 425	855
31/12/2019	1 653	959

Detail of net inflows by quarter in 2019

€bn	Q1 2019	Q2 2019	Q3 2019	Q4 2019
MLT net inbflows	2,1	-0,4	25,3	82,4
ow Retail (ex-JVs)	1,6	-1,5	2,8	3,2
ow Institutionnals	-0,3	0,6	6,1	12,5
ow JVs	0,8	0,4	16,4	66,7
Treasury products	-9	-4,4	17,4	-5,7
Total net inflows	-6,9	-4,8	42,7	76,8

Detail of net inflows  between 2015 et 2019

€bn	2015	2016	2017	2018	2019
Retail ex-JVs	10,2	6,6	31,8	4,4	5,4
Institutionnals	38,3	28,9	21	11,4	18,5
JVs	31,3	24,8	17,8	26,3	83,9
Total net inflows	79,9	60,4	70,6	42	107,7

 

Methodological appendix

 

1. Income statement  
2. Accounting data

In FY 2019 and Q4 2019, information corresponds to data after amortisation of distribution contracts.In FY 2018 and Q4 2018, information corresponds to data after amortisation of distribution contracts and after integration costs related to Pioneer.

2.      Adjusted dataTo present an income statement that is closer to the economic reality, the following adjustments have been made:

• In FY 2019 and Q4 2019: restatement of amortisation of distribution contracts (deducted from net revenues) with SG, Bawag and UniCredit.
• In FY 2018 and Q4 2018: restatement of Pioneer-related integration costs and amortisation of distribution contracts (deducted from net revenues) with SG, Bawag and UniCredit.

Note on accounting data:

Costs associated with the integration of Pioneer Investments:

• 2018: €56m before tax and €42m after tax.
• Q4 2018: €27m before tax and €21m after tax.

Amortisation of distribution contracts:

• 2018: €71m before tax and €50m after tax.
• 2019: €71m before tax and €50m after tax.
• Q4 2018: €18m before tax and €12m after tax.
• Q4 2019: €18m before tax and €13m after tax.

   II.       Amortisation of distribution contracts with UniCredit

When Pioneer was acquired, 10-year distribution contracts were entered into with UniCredit networks in Italy, Germany, Austria, and the Czech Republic; the gross valuation of these contracts came to €546m (posted to the balance sheet under Intangible Assets). At the same time, a Deferred Tax Liability of €161m was recognised. Thus the net amount is €385m which is amortised using the straight-line method over 10 years, as from 1 July 2017.In the Group's income statement, the net tax impact of this amortisation is €38m over a full year (or €55m before tax), posted under “Other revenues”, and is added to existing amortisations of the SG and Bawag distribution contracts of €12m after tax over a full year (€17m before tax).

 III.       Alternative Performance Indicator

Adjusted net incomeIn order to present a performance indicator that is closer to economic reality, Amundi publishes adjusted net income, which is reconciled with accounting net income, Group share in the following manner:                                       

€m	2019	2018	Q4 2019	Q4 2018
Net revenues (a)	2,636	2,510	701	602
+ Amortisation of distribution contracts before tax	71	71	18	18
Adjusted net revenues (b)	2,707	2,582	719	620
Operating expenses  (c)	-1,377	-1,387	-361	-326
+ Pioneer integration costs before tax	0	56	0	27
Adjusted operating expenses  (d)	-1,377	-1,331	-361	-326
Gross operating income (e) = (a)+(c)	1,259	1,123	340	250
Adjusted gross operating income (f) = (b)+(d)	1,331	1,251	357	294
Cost/income ratio  (c)/(a)	52.2%	55.3%	51.5%	58.6%
Adjusted cost/income ratio (d)/(b)	50.9%	51.5%	50.3%	52.5%
Cost of risk & Other  (g)	-11	-11	-4	-13
Equity-accounted entities (h)	46	50	14	12
Income before tax  (i) = (e)+(g)+(h)	1,295	1,162	349	248
Adjusted income before tax (j) = (f)+(g)+(h)	1,366	1,289	367	293
Taxes (k)	-336	-307	-87	-56
Adjusted taxes  (l)	-357	-343	-93	-68
Net income, Group share  (i)+(k)	959	855	262	192
Adjusted net income, Group share  (j)+(l)	1,009	946	274	225

                                                                 

             

Shareholder structure

	31 December 2017		31 December 2018		31 December 2019
	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital
Crédit Agricole Group	141,057,399	70.0%	141,057,399	69.9%	141,057,399	69.8%
Employees	426,085	0.2%	602,329	0.3%	969,190	0.5%
Free float	59,985,943	29.8%	59,230,545	29.4%	58,802,752	29.1%
Treasury shares	41,135	0.0%	814,081	0.4%	1,333,964	0.7%
Number of shares at end of period	201,510,562	100.0%	201,704,354	100.0%	202,163,305	100.0%
Average number of shares for the period	192,401,181	/	201,591,264	/	201,765,967	/

• Employee ownership raised due to the capital increase reserved to employees on 14 November 2019 
• Average number of shares on a pro-rata basis

About Amundi

Amundi is the European largest asset manager by assets under management1 and ranks in the top 10 globally24. It manages 1,653 billion 25euros of assets across six main investment hubs26 Amundi offers its clients in Europe, Asia-Pacific, the Middle East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Clients also have access to a complete set of services and tools. Headquartered in Paris, Amundi was listed in November 2015.

Thanks to its unique research capabilities and the skills of close to 4,500 team members and market experts based in nearly 40 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles

Amundi. Confidence must be earned.

Visit www.amundi.com for more information or to find an Amundi office near you.

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Press contact:	Investor contacts:
Natacha Andermahr	Anthony Mellor  Thomas Lapeyre
Tel. [phone]	Tel. [phone]  Tel. [phone]
[e-mail]	[e-mail]  [e-mail]

 

DISCLAIMER:

 

This document may contain projections concerning Amundi's financial situation and results. The figures given do not constitute a “forecast” as defined in Article 2.10 of Commission Regulation (EC) No. 809/2004 of 29 April 2004.

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 and applicable as of this date. Statutory auditors are carrying out audit procedures on the consolidated financial statements for 2019.

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.

1 Accounting net income: after amortisation of distribution contracts and, in 2018, integration costs.

2 Inflows include assets under management and under advisory and assets sold and take into account 100% of the Asian JVs’ inflows and assets under management. For Wafa in Morocco, assets are reported on a proportional consolidation basis. 

3 Medium-Long-Term (MLT) Assets: excluding treasury products

4 Adjusted data: excluding amortisation of distribution contracts.

5 Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding integration costs.

6 Accounting net income: after amortisation of distribution contracts and, in 2018, integration costs.

7 MLT assets

8 Source: Fédération Française de l’Assurance

9 MLT assets

10 Source ETF GI at end December 2019.

11 Source: Morningstar Direct, open-ended funds and ETFs, global scope, excluding feeder funds, end of December 2019. 678 funds, i.e. €438bn

12 Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag).

13 Average margin: net asset management revenue (excluding performance fees)/average assets under management excluding JVs.

14 Excluding amortisation of distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer.

15 Accounting income includes amortisation of distribution contracts and, in 2018, costs associated with the integration of Pioneer.

16 Assets managed outside the Group: assets managed in 2010 excluding the Crédit Agricole and SG networks in France and abroad and excluding CA and SG insurer mandates; in 2019: excluding Crédit Agricole only.

17 At 06/02/2020 at close

18 ESG criteria: Environmental, Social, and Governance. 

19 Task Force on Climate-related Financial Disclosure

20 Plus an additional €30m earn-out payable in 2024, based on the business’ future performance.

21 The deal is subject to regulatory approval, and is expected to be finalised in the third quarter of 2020.

 [22] Equity excluding goodwill and intangible assets.

23 Supervisory Review and Evaluation Process.

24 Source IPE “Top 400 asset managers” published in June 2019 and based on AUM as of end December 2018

25 Amundi figures as of December 31, 2019

26 Investment hubs: Boston, Dublin, London, Milan, Paris and Tokyo

 

 

Attachment

• PR Amundi 2019 results