Amundi: Third Quarter & 9 Months 2023 Results
Amundi: Third Quarter & 9 Months 2023
Results
High net inflows of +€14bn and net
income2,3
up Q3/Q3 to €290m
|
High inflows & increase in assets
under management |
|
Q3 net inflows: +€13.7bn, in MLT
assets1, Treasury products and
JVs
- In
both client segments, Retail and Institutional
- Continued
success of new solutions adapted to the market backdrop:
structured products, fixed income (Buy & Watch) and Treasury
products
- Healthy net
inflows in active management fixed income funds:
+€6bn
Despite a risk-off environment: weak flows in the
European asset management market1 Assets under management
of €1,973bn at 30 September 2023, up
+4.1% YoY, up +0.6% QoQ |
|
|
|
|
|
Profitability maintained at a high level |
|
Q3 2023: Adjusted net
income2,3
of €290m, +3% Q3/Q3
- thanks to a
diversified profile and operational efficiency
- cost/income ratio of
54.4%3, despite inflation and the market environment
9M 2023: Adjusted net
income2,3
of €910m, +4.0% 9M/9M
-
cost/income ratio of 53.4%3 over nine months
|
|
|
|
|
|
Continued development in our strategic
priorities |
|
Passive management - Q3 inflows: +€10.8bn
Asia - Q3 inflows: +€3.4bn, with continued
development in India, stabilisation in China Responsible
Investment - extension of the range
- launch of an
infrastructure fund to invest in renewable energy production4
-
extended range of products aligned with a Net Zero trajectory, and
of Responsible Investment ETFs (32%5 as at 30 September 2023)
|
Paris, 27 October 2023
Amundi’s Board of Directors, chaired by Philippe
Brassac, convened on 26 October 2023 to review the financial
statements for the third quarter and first nine months of 2023.
Valérie Baudson, Chief Executive
Officer, said:
“Amundi posted a good performance in terms of
both business activity and financial results in the third quarter
of 2023.
Our solutions, adapted to the high-interest-rate
and high-inflation environment, continued to attract many clients
against a backdrop of uncertainty, still characterised by
significant risk aversion. Amundi generated high inflows of +€14bn,
driven by our two strategic development priorities, passive
management and Asia.
Net income was high, reflecting Amundi’s good
operational efficiency and diversified profile. Quarter after
quarter, these results confirm the Group's effective positioning on
long-term growth trends and the relevance of our strategic
plan.”
* * *
Continued risk aversion
Bond markets6
have been relatively stable since the beginning of the year.
However, they were down -4.5% quarter-on-quarter (on an average
basis), with long-term rates7 increasing by +120 basis points on
average between these two periods. The equity
markets8 experienced a sharp decline at
the end of the third quarter, breaking with the growth seen since
the fourth quarter of 2022; their rise was limited to +2.0% on
average in the third quarter of 2023 compared to the previous
quarter, and they have gained +13.6% year-on-year.
The market effect was virtually neutral in the
third quarter compared to the previous quarter, and positive
year-on-year. These fluctuations have not reduced the risk aversion
that has prevailed for several quarters now.
Investors remain cautious and this resulted in
low inflows on the asset management market in
Europe, with slightly positive inflows in open-ended
funds9 (+€36bn in the third quarter). It was higher than in the
previous quarter (+€23bn) but it remained mainly driven by treasury
products (+€47bn) and passive management (+€47bn), while
medium/long-term active management saw its outflows accelerate over
the quarter (-€59bn vs. -€24bn in the second quarter).
-
Business activity
High inflows, positive in
MLT10 assets, Treasury products
and JVs
Amundi’s assets under management at 30
September 2023 were up +4.1% year on year (compared with
end-September 2022) and up +0.6% this quarter (compared with the
end of June 2023), at €1,973bn. The market effect
was virtually neutral during the quarter (-€1.7bn) and positive
year-on-year (+€56.8bn).
Amundi generated high net inflows of
+€13.7bn, positive in both MLT assets10 and
treasury products, in the Retail, Institutional and JV
segments.
- +€7.8bn in
MLT assets10,11, thanks in particular to two institutional
mandates, and driven by passive management (+€10.8bn, including
+€3.6bn in ETFs); like in the European market as a whole, active
management recorded outflows (-€3.0bn), continuing the rotation of
previous quarters, with withdrawals from Multi-Asset and Equity
funds, partially offset by bond inflows;
- +€3.5bn in
treasury products11, driven mainly by the
return of Retail clients to this asset class (+€2.7bn), reflecting
risk aversion and the attractiveness of yields at the short end of
the yield curve;
- Lastly, the
JVs12 posted net inflows of
+€2.4bn, thanks to the continued development of the Indian
JV SBI MF (+€2.0bn, of which +€3.4bn in MLT assets10) and the
stabilisation of the Chinese JV ABC-CA (at breakeven overall, but
with inflows of +€0.3bn excluding the outflows in the Channel
Business, a low-margin activity that is in run-off); the other JVs
also posted positive net inflows (+€0.4bn).
By client segment,
Retail recorded positive net inflows of
+€2.0bn, characterised as in previous quarters by
a high level of risk aversion. It reflects strong inflows in
treasury products (+€2.7bn) and conversely limited outflows in MLT
assets10 (-€0.7bn), broken down by type of client:
- Third-Party
Distributors (+€2.1bn) recorded strong activity in
ETFs/index funds as well as treasury products;
- the Partner
Networks excluding Amundi BOC WM (+€0.3bn) continued to
capitalise on the success of structured products and recorded a
renewed interest in treasury products;
- in
China, Amundi BOC WM experienced outflows
(-€0.5bn), as the confirmed ramp-up of the new open-ended fund
offering was unable to offset the maturity of term funds this
quarter.
Lastly, the Institutionals
segment recorded strong net
inflows, at +€9.3bn, especially in MLT Assets10
(+€8.5bn), including two large, low-margin mandates with
institutional investors, one in equity index solutions and another
one in bond solutions. On the other hand, CA & SG Insurers
continued their redemptions (-€3.1bn), linked, as in previous
quarters, to the withdrawals of traditional life insurance policies
by their clients. Profit-taking in the Employee & Retirement
Savings business (net outflows of -€0.9bn) was also noteworthy, as
employees of issuers whose shares had risen significantly in
previous months sold their employee share ownership funds.
-
Results
Profitability maintained at a high level
in the third quarter
Adjusted
data13
In the third quarter of 2023, adjusted
net income13 reached
€290m, up +3.0% on the third quarter of 2022. This result
was achieved thanks to a further increase in revenues, in
particular due to the resilience of management fees despite the
risk-off environment, and operational efficiency, which enabled a
smaller annual increase in expenses than revenues, despite the
inflationary environment.
Adjusted net
revenues13 amounted to €780m, up
+2.9% compared to the third quarter of 2022.
- Net
management fees held up well over one year, at €737m, down
-1.4% compared to the third quarter of 2022, which had benefited
from non-recurring items;
- Performance
fees totalled €10m, compared to €13m in the third quarter
of 2022 and €51m in the second quarter of 2023. This was due to the
adoption of a prudent investment policy in uncertain markets; in
addition, the number of fund anniversary dates, and therefore
performance fee bookings, is traditionally lower in the third
quarter;
- Amundi
Technology’s revenues, at €14m, continued to grow: +13%
compared to the third quarter 2022;
- Finally,
net financial and other income amounted to €19m,
thanks to positive rates of return on the investment of net cash;
this compares to negative revenues in the third quarter of 2022
(-€13m), a quarter that was marked by still negative short-term
rates in the eurozone and a market environment that was
unfavourable to the investment portfolio (decline in the equity and
fixed income markets).
The very good control of operating
expenses13 (€424m) helped to contain the
increase in costs below that of revenues, at only
+2.3% compared to the third quarter of 2022. As in
previous quarters, the impact of inflation, which stands at 4.3%
year-on-year in the eurozone14, and development investments were
largely absorbed by productivity gains and synergies generated by
the integration of Lyxor, which have now been almost entirely
realised.
This good cost control, which was confirmed
again this quarter, reflects Amundi's agility in adjusting its cost
base, and the Group has the best cost/income
ratio13 in the sector at
54.4%, a slight improvement compared to the third quarter
of 2022 (54.7%).
Adjusted gross operating
income13 (GOI) came to
€356m, up +3.6% compared to the third
quarter of 2022.
Income from associates, which
reflects Amundi’s share of the net income of the minority JVs in
India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco
(Wafa Gestion), was up +2.0% compared to the third
quarter of 2022, at €24m, reflecting continued
strong growth in India and Korea, which was partially offset by
China, whose contribution remains positive but down compared to
previous quarters.
Adjusted net earnings per
share13 was €1.42 in the
third quarter of 2023.
Accounting data for third quarter
2023
Accounting net income Group share came to
€276m. This amount includes the amortisation of
intangible assets (client contracts linked to the acquisition of
Lyxor and distribution agreements related to previous
acquisitions), representing -€15m after tax. The end of the
integration costs relating to Lyxor were recognised in 2022, and
therefore had no effect on the 2023 accounts.
Accounting net earnings per
share stood at €1.35 for the third quarter of
2023.
Over the first nine months of
2023, adjusted net income amounted to
€910m, up +4.0%, reflecting the same trends as in the
third quarter:
- adjusted
net revenue13 increased by +2.2% compared
to the first nine months of 2022, to €2,397m, driven as in the
third quarter by net financial and other income (€49m vs. -€40m in
the first nine months of 2022) and Amundi Technology’s revenues
(+25.8% to €42m). Net management fees were down slightly but not as
much as average assets under management excluding JVs, at -1.3% vs.
-1.9%, reflecting resilient margins thanks to a favourable client
mix. Meanwhile, performance fees were down much more sharply, at
-17.2% (€89m vs. €108m), reflecting the prudent investment policy
in risky assets;
- adjusted
expenses15 remained under control, at
€1,280m, up +1.7% compared to the first nine months of 2022, a
slower growth than that of revenues, despite the inflationary
environment; the adjusted cost/income
ratio15 as 53.4%,
compared to 53.7% over the first nine months of 2022.
Adjusted gross operating
income15 came to
€1,117m, up +2.7% compared to the first nine
months of 2022.
Income from equity-accounted
companies, at €73m, was up sharply by
+13.8% compared to the first nine months of 2022,
mainly driven by the JV in India.
Adjusted net earnings per
share15 were €4.46 for
the first nine months of 2023.
Accounting data for the first nine
months of 2023
Accounting net income, Group share came to
€866m. This amount includes the amortisation of
intangible assets (client contracts linked to the acquisition of
Lyxor and distribution agreements related to previous
acquisitions), representing -€44m after tax for the first nine
months of 2023. No integration costs were recorded for Lyxor during
the year.
Accounting net earnings per share for
the first nine months 2023 reached
€4.25.
-
Continued growth initiatives
Amundi is continuing its Ambitions 2025
strategic plan:
- Passive
management recorded strong inflows this quarter of
+€10.8bn, in index/smart beta products (+€7.2bn) and in ETFs
(+€3.6bn);
- In
Asia, inflows reached +€3.4bn, driven by the JV in India,
the start of stabilisation of JVs in China and strong activity in
Singapore (+€0.7bn), Japan (+€0.6bn) and Taiwan (+€0.3bn);
- In
Responsible Investment, Amundi Transition
Energétique16, in association with several Crédit Agricole Regional
banks, launched in September a new infrastructure fund to finance
local production and consumption of renewable energies in the
French regions; it is the third fund of this type in the Alba 2
investment programme. In addition, the range of funds that are part
of the Net Zero trajectory17 now covers five asset classes and
includes new funds this quarter, the objective being to achieve a
full range by 2025Finally, the share of ETFs tracking responsible
invertment indices has reached 32% of the range18, compared with
27% at the end of 2022 and on track to reach the target of 40% by
2025.
-
A solid financial structure
Tangible equity19 amounted to €4.1bn at 30
September 2023, up slightly compared to end-2022 (+€0.2bn) due to
the net income since the beginning of 2023 (+€0.9bn), and the
payment of dividends (-€0.8bn) last May for 2022.
On 19 September, FitchRatings confirmed
Amundi’s long-term rating of A+ with a stable outlook, which is the
best in the sector.
***
Financial disclosure schedule
- Investor &
Analyst Fixed income workshop in London: 15 December 2023
- Publication of Q4
and 2023 results: 7 February 2024
- Publication of Q1
2024 results: 26 April 2024
- General Meeting: 24
May 2024
- Publication of Q2
and H1 2024 results: 26 July 2024
- Publication of Q3
and 9M 2024 results: 30 October 2024
***
APPENDICES
Change in assets under management from
end-2019 to end-September 202320
|
(€bn) |
Assets under management |
Net inflows |
Market and forex effect |
Scope effect |
|
Change in AuM vs. previous quarter |
|
At 31/12/2019 |
1,653 |
|
|
|
|
+5.8% |
|
Q1 2020 |
|
-3.2 |
-122.7 |
|
/ |
|
|
At 31/03/2020 |
1,527 |
|
|
|
/ |
-7.6% |
|
Q2 2020 |
|
-0.8 |
+64.9 |
|
/ |
|
|
At 30/06/2020 |
1,592 |
|
|
|
/ |
+4.2% |
|
Q3 2020 |
|
+34.7 |
+15.2 |
|
+20.721 |
|
|
At 30/09/2020 |
1,662 |
|
|
|
/ |
+4.4% |
|
Q4 2020 |
|
+14.4 |
+52.1 |
|
/ |
|
|
At 31/12/2020 |
1,729 |
|
|
|
/ |
+4.0% |
|
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
|
At 31/03/2021 |
1,755 |
|
|
|
/ |
+1.5% |
|
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
|
At 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
|
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
|
At 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
|
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14822 |
|
|
At 31/12/2021 |
2,064 |
|
|
|
/ |
+14% |
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
|
|
At 31/03/2022 |
2,021 |
|
|
|
/ |
-2.1% |
|
Q2 2022 |
|
+1.8 |
-97.75 |
|
/ |
|
|
At 30/06/2022 |
1,925 |
|
|
|
/ |
-4.8% |
|
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
|
At 30/09/2022 |
1,895 |
|
|
|
/ |
-1.6% |
|
Q4 2022 |
|
+15.0 |
-6.2 |
|
/ |
|
|
At 31/12/2022 |
1,904 |
|
|
|
/ |
+0.5% |
|
Q1 2023 |
|
-11.1 |
+40.9 |
|
/ |
|
|
At 31/03/2023 |
1,934 |
|
|
|
/ |
+1.6% |
|
Q2 2023 |
|
+3.7 |
+23.8 |
|
/ |
|
|
At 30/06/2023 |
1,961 |
|
|
|
/ |
+1.4% |
|
Q3 2023 |
|
+13.7 |
-1.7 |
|
/ |
|
|
At 30/09/2023 |
1,973 |
|
|
|
/ |
+0.6% |
Total, one year, between 30 September 2022
and 30 September 2023: +4.1%
- Net inflows
+€22.2bn
- Market and foreign exchange
effects +€57.0bn
Breakdown of AuM and net inflows by
client segment23
|
(€bn)
|
AuM 30/09/2023 |
AuM 30/09/2022 |
% change vs. 30/09/2022 |
Q3 2023Inflows |
Q3 2022Inflows |
9M 2023Inflows |
9M 2022Inflows |
|
French networks |
126 |
114 |
+10.8% |
+0.9 |
+0.9 |
+4.6 |
-1.8 |
|
International networks |
156 |
156 |
-0.1% |
-1.0 |
-0.3 |
-3.2 |
+1.3 |
|
o/w Amundi BOC WM |
4 |
10 |
-63.8% |
-0.5 |
-1.8 |
-3.3 |
-1.5 |
|
Third-party distributors |
305 |
292 |
+4.3% |
+2.1 |
-3.3 |
+4.1 |
+9.6 |
| |
|
|
|
|
|
|
|
|
Retail |
587 |
562 |
+4.4% |
+2.0 |
-2.8 |
+5.6 |
+9.1 |
|
Institutional & Sovereigns (*) |
489 |
438 |
+11.6% |
+17.9 |
-4.7 |
+14.4 |
-15.5 |
|
Corporates |
97 |
84 |
+15.5% |
-3.8 |
-1.7 |
-7.4 |
-20.6 |
|
Employee savings plans |
84 |
71 |
+17.5% |
-0.9 |
-0.2 |
+2.6 |
+1.8 |
|
CA & SG insurers |
406 |
420 |
-3.1% |
-3.9 |
-2.2 |
-9.6 |
-3.0 |
| |
|
|
|
|
|
|
|
|
Institutionals |
1,076 |
1,013 |
+6.3% |
+9.3 |
-8.8 |
+0.0 |
-37.2 |
|
JVs |
310 |
319 |
-3.0% |
+2.4 |
-1.3 |
+0.7 |
+20.2 |
|
Total |
1,973 |
1,895 |
+4.1% |
+13.7 |
-12.9 |
+6.3 |
-8.0 |
(*) Including funds of funds.
Breakdown of AuM and net inflows by
asset class23
|
(€bn)
|
AuM 30/09/2023 |
AuM 30/09/2022 |
% change vs. 30/09/2022 |
Q3 2023Inflows |
Q3 2022Inflows |
9M 2023Inflows |
9M 2022Inflows |
|
Equities |
443 |
387 |
+14.6% |
+7.0 |
-2.3 |
+2.0 |
+9.0 |
|
Multi-assets |
274 |
287 |
-4.6% |
-5.9 |
-4.2 |
-17.0 |
+0.6 |
|
Bonds |
624 |
612 |
+2.1% |
+7.7 |
+3.7 |
+10.1 |
-1.4 |
|
Real, alternative and structured |
124 |
126 |
-1.1% |
-1.1 |
-0.8 |
+2.4 |
-0.8 |
| |
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,465 |
1,411 |
+3.8% |
+7.8 |
-3.5 |
-2.4 |
+7.5 |
|
Treasury Products excl. JVs |
198 |
165 |
+20.3% |
+3.5 |
-8.1 |
+8.0 |
-35.6 |
| |
|
|
|
|
|
|
|
|
Assets excl. JVs |
1,663 |
1,576 |
+5.6% |
+11.3 |
-11.6 |
+5.6 |
-28.2 |
|
JVs |
310 |
319 |
-3.0% |
+2.4 |
-1.3 |
+0.7 |
+20.2 |
|
TOTAL |
1,973 |
1,895 |
+4.1% |
+13.7 |
-12.9 |
+6.3 |
-8.0 |
|
o/w MLT assets |
1,745 |
1,698 |
+2.7% |
+11.3 |
-1.4 |
-0.7 |
+30.2 |
|
o/w Treasury products |
229 |
197 |
+16.1% |
+2.5 |
-11.6 |
+7.1 |
-38.2 |
Breakdown of AuM and net inflows by
geographic area24
|
(€bn)
|
AuM 30/09/2023 |
AuM 30/09/2022 |
% change vs. 30/09/2022 |
Q3 2023Inflows |
Q3 2022Inflows |
9M 2023Inflows |
9M 2022Inflows |
|
France |
903 |
858 |
+5.2% |
+4.1 |
-7.2 |
-1.2 |
-30.0 |
|
Italy |
197 |
190 |
+3.3% |
-1.5 |
+1.6 |
-2.2 |
+6.3 |
|
Europe excl. France & Italy |
353 |
319 |
+10.6% |
-0.8 |
-2.7 |
+6.0 |
-1.3 |
|
Asia |
391 |
403 |
-3.0% |
+3.4 |
-2.6 |
-0.4 |
+23.4 |
|
Rest of the world |
130 |
125 |
+4.1% |
+8.5 |
-2.1 |
+4.1 |
-6.4 |
| |
|
|
|
|
|
|
|
|
TOTAL |
1,973 |
1,895 |
+4.1% |
+13.7 |
-12.9 |
+6.3 |
-8.0 |
|
TOTAL outside France |
1,070 |
1,037 |
+3.2% |
-9.6 |
-5.7 |
+7.5 |
+22.0 |
Breakdown of AuM and net inflows by type
of management and asset class24
|
(€bn) |
AuM 30/09/2023 |
AuM 30/09/2022 |
% change vs. 30/09/2022 |
Q3 2023Inflows |
Q3 2022Inflows |
9M 2023Inflows |
9M 2022Inflows |
|
Active management |
1,022 |
1,011 |
+1.1% |
-1.9 |
+1.1 |
-15.6 |
+0.7 |
|
Equities |
187 |
167 |
+11.6% |
-1.6 |
+2.0 |
-2.5 |
+4.9 |
|
Multi-assets |
265 |
280 |
-5.4% |
-6.3 |
-4.3 |
-18.2 |
+0.5 |
|
Bonds |
570 |
563 |
+1.3% |
+6.1 |
+3.4 |
+5.1 |
-4.8 |
| |
|
|
|
|
|
|
|
|
Structured products |
35 |
28 |
+27.6% |
-0.2 |
+0.0 |
+2.9 |
-2.8 |
|
Passive management |
319 |
275 |
+16.1% |
+10.8 |
-3.8 |
+10.8 |
+7.5 |
|
ETF & ETC |
192 |
167 |
+14.7% |
+3.6 |
-4.8 |
+8.0 |
+4.6 |
|
Index & Smart Beta |
127 |
107 |
+18.4% |
+7.2 |
+1.0 |
+2.8 |
+2.9 |
| |
|
|
|
|
|
|
|
|
Real and Alternative assets |
89 |
98 |
-9.3% |
-0.9 |
-0.8 |
-0.5 |
+2.1 |
|
Real assets |
63 |
66 |
-4.2% |
-0.3 |
+0.3 |
+0.2 |
+3.0 |
|
Alternative assets |
25 |
32 |
-19.8% |
-0.6 |
-1.1 |
-0.7 |
-1.0 |
| |
|
|
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,465 |
1,411 |
+3.8% |
+7.8 |
-3.5 |
-2.4 |
+7.5 |
|
Treasury Products excl. JVs |
198 |
165 |
+20.3% |
+3.5 |
-8.1 |
+8.0 |
-35.6 |
| |
|
|
|
|
|
|
|
|
TOTAL ASSETS excl. JVs |
1,663 |
1,576 |
+5.6% |
+11.3 |
-11.6 |
+5.6 |
-28.2 |
|
JVs |
310 |
319 |
-3.0% |
+2.4 |
-1.3 |
+0.7 |
+20.2 |
|
TOTAL |
1,973 |
1,895 |
+4.1% |
+13.7 |
-12.9 |
+6.3 |
-8.0 |
|
o/w MLT assets |
1,745 |
1,698 |
+2.7% |
+11.3 |
-1.4 |
-0.7 |
+30.2 |
|
o/w Treasury products |
229 |
197 |
+16.1% |
+2.5 |
-11.6 |
+7.1 |
-38.2 |
Income statement for the first nine
months of the year
|
(€M) |
|
9M 2023 |
9M 2022 |
% chg.9M/9M |
| |
|
|
|
|
|
Net revenues - Adjusted |
|
2,397 |
2,347 |
+2.2% |
|
Management fees |
|
2,217 |
2,245 |
-1.3% |
|
Performance fees |
|
89 |
108 |
-17.2% |
|
Technology |
|
42 |
34 |
+25.8% |
|
Net financial & other income |
|
49 |
(40) |
NM |
|
Operating expenses - Adjusted |
|
(1,280) |
(1,259) |
+1.7% |
|
Cost/income ratio - Adjusted (%) |
|
53.4% |
53.7% |
-0.3pp |
| |
|
|
|
|
|
Gross operating income - Adjusted |
|
1,117 |
1,088 |
+2.7% |
|
Cost of risk & other |
|
(5) |
(4) |
+35.9% |
|
Equity-accounted companies |
|
73 |
64 |
+13.8% |
|
Pre-tax income - Adjusted |
|
1,185 |
1,148 |
+3.2% |
|
Corporate tax |
|
(277) |
(272) |
+2.0% |
|
Non-controlling interests |
|
3 |
(1) |
NM |
|
Net income Group share - Adjusted |
|
910 |
875 |
+4.0% |
|
Earnings per share - Adjusted (€) |
|
4.46 |
4.31 |
+3.6% |
Third-quarter income
statement
|
(€M) |
|
Q3 2023 |
Q3 2022 |
% chg.Q3/Q3 |
|
Q2 2023 |
% chg.Q3/Q2 |
| |
|
|
|
|
|
|
|
|
Net revenues - Adjusted |
|
780 |
758 |
+2.9% |
|
823 |
-5.3% |
|
Management fees |
|
737 |
747 |
-1.4% |
|
744 |
-1.1% |
|
Performance fees |
|
10 |
13 |
-18.7% |
|
51 |
-79.6% |
|
Technology |
|
14 |
12 |
+13.0% |
|
16 |
-12.3% |
|
Net financial & other income |
|
19 |
(13) |
NM |
|
13 |
+52.0% |
|
Operating expenses - Adjusted |
|
(424) |
(415) |
+2.3% |
|
(430) |
-1.4% |
|
Cost/income ratio - Adjusted (%) |
|
54.4% |
54.7% |
-0.3pp |
|
52.3% |
+2.1pp |
| |
|
|
|
|
|
|
|
|
Gross operating income - Adjusted |
|
356 |
343 |
+3.6% |
|
393 |
-9.5% |
|
Cost of risk & other |
|
(3) |
(0) |
NM |
|
(2) |
+30.1% |
|
Equity-accounted companies |
|
24 |
24 |
+2.0% |
|
27 |
-12.0% |
|
Pre-tax income - Adjusted |
|
377 |
366 |
+2.8% |
|
418 |
-9.9% |
|
Corporate tax |
|
(88) |
(85) |
+2.8% |
|
(99) |
-11.5% |
|
Non-controlling interests |
|
1 |
0 |
NM |
|
1 |
+26.5% |
|
Net income Group share - Adjusted |
|
290 |
282 |
+3.0% |
|
320 |
-9.3% |
|
Earnings per share - Adjusted (€) |
|
1.42 |
1.38 |
+2.6% |
|
1.57 |
-9.6% |
Methodology appendix
Accounting and adjusted
data
- Accounting
data – this includes amortisation of intangible assets
and, in 2022, Lyxor integration costs.
- Adjusted
data – in order to present an income statement closer to
economic reality, the following adjustments are made: restatement
of the amortisation of distribution agreements with Bawag,
UniCredit and Banco Sabadell and the intangible asset representing
Lyxor's client contracts, recognised as a deduction from net
revenues, and restatement of Lyxor's integration costs in
2022.
The amortisation of distribution
agreements and intangible assets representing Lyxor's client
contracts had the following impact on accounting data:
- Q3 2022: -€20m
before tax and -€15m after tax
- 9M 2022: -€61m
before tax and -€44m after tax
- Q2 2023: -€20m
before tax and -€15m after tax
- Q3 2023: -€20m
before tax and -€15m after tax
- 9M 2023: -€61m
before tax and -€44m after tax
Acquisition of Lyxor
- In accordance with
IFRS 3, recognition in Amundi’s balance sheet as of 31/12/2021:
- of goodwill
amounting to €652m;
- of 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’s
income statement, the net tax impact of this amortisation of the
intangible asset is -€10m over a full year (i.e. -€13m before
tax). This
amortisation is recognised as a deduction from net revenues and is
added to the existing amortisation of distribution
agreements. In Q3
2022, Q2 and Q3 2023, the amortisation expense for this intangible
asset after tax was -€2m (i.e. -€3m before tax); in 9M 2022 and 9M
2023 it was -€6m (i.e. -€8m before tax).
- Integration
costs were fully recognised in 2022 and 2021, for a total
of €77m before tax and €57m after tax, o/w €40m before tax (€30m
after tax) in Q3 2022 and €51m before tax (€37m after tax) in 9M
2022. No integration costs were recognised in 2023.
Alternative performance
indicators25
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data
excluding the amortisation of intangible assets.Adjusted,
standardised data reconciles with accounting data as follows:
|
(€m) |
|
9M 2023 |
9M 2022 |
|
Q3 2023 |
Q3 2022 |
|
Q2 2023 |
| |
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
2,336 |
2,286 |
|
760 |
738 |
|
803 |
|
- Amortisation of intangible assets before tax |
|
(61) |
(61) |
|
(20) |
(20) |
|
(20) |
|
Net revenues - Adjusted (b) |
|
2,397 |
2,347 |
|
780 |
758 |
|
823 |
| |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(1,280) |
(1.318) |
|
(424) |
(423) |
|
(430) |
|
Integration costs before tax |
|
0 |
(59) |
|
0 |
(9) |
|
0 |
|
Operating expenses - Adjusted (d) |
|
(1,280) |
(1,259) |
|
(424) |
(415) |
|
(430) |
| |
|
|
|
|
|
|
|
|
|
Gross operating income (e) = (a) + (c) |
|
1,056 |
967 |
|
335 |
314 |
|
373 |
|
Gross operating income - Adjusted (f) = (b) +
(d) |
|
1,117 |
1,088 |
|
356 |
343 |
|
393 |
| |
|
|
|
|
|
|
|
|
|
Cost/income ratio (%) – (a)/(c) |
|
54.8% |
57.7% |
|
55.9% |
57.4% |
|
53.6% |
|
Cost/income ratio - Adjusted (%) – (d)/(b) |
|
53.4% |
53.7% |
|
54.4% |
54.7% |
|
52.3% |
| |
|
|
|
|
|
|
|
|
|
Cost of risk & other (g) |
|
(5) |
(4) |
|
(3) |
(0) |
|
(2) |
|
Equity-accounted companies (h) |
|
73 |
64 |
|
24 |
24 |
|
27 |
|
Pre-tax income (i) = (e) + (g) + (h) |
|
1,124 |
1,027 |
|
356 |
337 |
|
398 |
|
Pre-tax income - Adjusted (j) = (f) + (g) +
(h) |
|
1,185 |
1,148 |
|
377 |
366 |
|
418 |
|
Income tax (k) |
|
(260) |
(239) |
|
(82) |
(77) |
|
(93) |
|
Income tax charge - Adjusted (l) |
|
(277) |
(272) |
|
(88) |
(85) |
|
(99) |
|
Non-controlling interests (m) |
|
3 |
(1) |
|
1 |
0 |
|
1 |
|
Net income, Group share (n)= (i)+(k)+(m) |
|
866 |
787 |
|
276 |
261 |
|
305 |
|
Adjusted net income, Group share (o) =
(j)+(l)+(m) |
|
910 |
875 |
|
290 |
282 |
|
320 |
| |
|
|
|
|
|
|
|
|
|
Earnings per share (€) |
|
4.25 |
3.87 |
|
1.35 |
1.28 |
|
1.50 |
|
Earnings per share - Adjusted (€) |
|
4.46 |
4.31 |
|
1.42 |
1.38 |
|
1.57 |
Shareholder structure
|
|
30 September 2022 |
31 December 2022 |
30 June 2023 |
30 September 2023 |
|
|
|
|
|
|
|
|
Number of shares |
% of share capital |
Number of shares |
% of share capital |
Number of shares |
% of share capital |
Number of shares |
% of share capital |
|
Crédit Agricole Group |
141,057,399 |
69.19% |
141,057,399 |
69.19% |
141,057,399 |
69.19% |
141,057,399 |
68.93% |
|
Employees |
2,353,097 |
1.15% |
2,279,907 |
1.12% |
2,314,287 |
1.14% |
3,018,388 |
1.47% |
|
Treasury shares |
1,399,468 |
0.69% |
1,343,479 |
0.66% |
1,315,690 |
0.65% |
1,297,231 |
0.63% |
|
Free float |
59,050,167 |
28.97% |
59,179,346 |
29.03% |
59,172,755 |
29.03% |
59,274,616 |
29.15% |
|
Number of shares at end of period |
203,860,131 |
100.0% |
203,860,131 |
100.0% |
203,860,131 |
100.0% |
204,647,634 |
100.0% |
|
Average number of shares year-to-date |
203,264,547 |
- |
203,414,667 |
- |
203,860,131 |
- |
204,050,516 |
- |
|
Average number of shares quarter-to-date |
203,638,148 |
- |
203,860,131 |
- |
203,860,131 |
- |
204,425,079 |
- |
- Average number of
shares on a pro-rata basis.
- The capital
increase reserved for employees took place on 27 July 2023. 787,503
shares (~0.4% of the capital before the transaction) were created,
bringing the portion of capital owned by employees to 1.47%,
compared to 1.14% before the transaction.
- The average number
of shares increased by 0.3% between Q2 and Q3 2023, by 0.4% between
Q3 2022 and Q3 2023 and by 0.4% between the first nine months of
2022 and the first nine months of 2023.
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players26, 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 €1.95 trillion of
assets27.
With its six international investment hubs28,
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.
www.amundi.com
Press contacts:
Natacha
Andermahr Tel. +33 1 76 37 86
05natacha.andermahr@amundi.com
Corentin HenryTel. +33 1 76 36 26
96corentin.henry@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 press release may contain forward-looking
information concerning Amundi's financial position and results.
These data do not represent forecasts within the meaning of
Delegated Regulation (EU) 2019/980.
This forward-looking information includes
projections and financial estimates derived from scenarios based on
a number of economic assumptions in a given competitive and
regulatory environment, project considerations, objectives and
expectations related to future events and operations, products and
services, and assumptions in terms of future performance and
synergies. These assumptions are, by nature, subject to random
factors liable to result in the failure to achieve the
forward-looking statements. Consequently, no guarantee can be given
as to the achievement of these projections and estimates, and
Amundi's financial position and results may differ significantly
from those projected or included in the forward-looking information
contained in this press release. Under no circumstances does Amundi
undertake to publish any changes or updates to this forward-looking
information, which is given as of the date of this press release.
More detailed information on the risks likely to affect Amundi's
financial position and results can be found in the "Risk Factors"
section of our Universal Registration Document filed with the
Autorité des Marchés Financiers. Readers should consider all of
these uncertainty and risk factors before making their own
decisions.
The figures presented have been prepared in
accordance with IFRS as adopted by the European Union and
applicable at that date, and with prudential regulations currently
in force. This financial information does not constitute a set of
financial statements for an interim period as defined by IAS 34
“Interim Financial Reporting” and has not been audited.
Unless otherwise stated, the sources of rankings
and market positions are internal. The information contained in
this press release, to the extent that it relates to parties other
than Amundi, or is derived from external sources, has not been
reviewed by a supervisory authority or has not been subject to
independent verification more generally, and no representation or
warranty has been expressed as to, nor should any reliance be
placed on, the fairness, accuracy, precision or completeness of the
information or opinions contained in this press release. Neither
Amundi nor its representatives may be held liable for any decision
taken or negligence or for any losses that may result from the use
of this press release or its content, or anything relating to them,
or any document or information to which it may refer.
The sum of the values presented in the tables
and analyses may differ slightly from the total reported due to
rounding.
1 Medium/Long-Term
Assets, excluding
JVs2 Net income,
Group
share3 Adjusted
data: excluding the amortisation of intangible assets and Lyxor
integration costs in 2022 (see Note on p. 8).4
As part of the Alba
2 investment programme5
In number of ETFs6
Quarterly averages,
Bloomberg Euro Aggregate for bond markets7
Quarterly averages,
10-year OAT yield8
Quarterly averages,
composite index 50% MSCI World + 50% Eurostoxx 600 for equity
markets9 Sources:
Morningstar FundFile, ETFGI. European open-ended & cross-border
funds (excluding mandates and dedicated funds). Data as of end of
June 2023.10
Medium/Long-Term
Assets11 Excluding
JVs12 Net inflows
include assets under advisory, marketed assets and funds of funds,
including 100% of the net inflows of the Asian JVs; for Wafa
Gestion in Morocco, net inflows are reported for Amundi’s share in
the JV’s
capital.13 Adjusted
data: excluding the amortisation of intangible assets and Lyxor
integration costs in 2022 (see Note on p. 8).14
Source:
Eurostat.15 Adjusted
data: excluding the amortisation of intangible assets and Lyxor
integration costs in 2022 (see Note on p. 8).16
Filiale à 100%
d’Amundi17 All
passively managed Net Zero Ambition funds comply with EU CTB/PAB
requirements.18 As a
percentage of the number of ETFs
managed.19 Shareholders’
equity less goodwill and intangible
assets.20 Assets
under management and net inflows including advised assets and
marketed assets and including 100% of the net inflows and assets
under management of the joint-ventures in Asia; for Wafa Gestion in
Morocco, assets under management and inflows are reported in
proportion to Amundi’s holding.21
Sabadell AM22
Lyxor, integrated
on
31/12/202123 Assets
under management and net inflows including advised assets and
marketed assets and including 100% of the net inflows and assets
under management of the joint-ventures in Asia; for Wafa Gestion in
Morocco, assets under management and inflows are reported in
proportion to Amundi’s
holding.24 Assets
under management and net inflows including advised assets and
marketed assets and including 100% of the net inflows and assets
under management of the joint-ventures in Asia; for Wafa Gestion in
Morocco, assets under management and inflows are reported in
proportion to Amundi’s
holding.25 See also
section 4.3 of Amundi Group’s 2022 Universal Registration Document
filed with the AMF on 7 April
2023.26 Source: IPE
"Top 500 Asset Managers" published in June 2023 based on assets
under management at 31/12/202227
Amundi data as at
30/09/202328
Boston, Dublin,
London, Milan, Paris and Tokyo
- Amundi PR results Q3&9M 2023_EN
Amundi (EU:AMUN)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Amundi (EU:AMUN)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
