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FY 2018: Sharp improvement in annual results

United Kingdom,

Sharp improvement in annual results

Accounting net income[1] of €855m, up 25.5% vs. 2017

 

Successful integration of Pioneer

An acquisition that strengthens Amundi’s business model and its European leadership position

A transaction that creates significant value:

total synergies raised to €175m, vs €150m originally announced

 

Footnotes

 

  1. ^ [1] After integration costs and amortisation of distribution contracts

FY 2018

Annual results in line with stated targets, despite an unfavourable environment

    • Increase in accounting net income1 (to €855m) of +25.5% vs. 2017 and in accounting EPS   of +19.8%
    • Adjusted net income[1] of €946m, up 9% vs 2017 excluding extraordinary financial revenues[2] (vs. a target of +7%3)
    • Net asset management revenues almost stable (-0.7% vs. 2017), despite market conditions
    • A cost/income ratio2 of 51.5%, an improvement of 0.9 pt

Strong net inflows[3] (+€42bn), driven mainly by MLT assets[4] (+€36bn)

In Q4 2018

Quarterly adjusted net income remains high (€225m)

    • Compared with an exceptionally high Q4
    • Excluding financial revenues[5], adjusted net income was stable compared with Q4 2017
    • A cost/income ratio2 of 52.5%, thanks to lower costs

Net outflows of -€6.5bn with a resilient Retail activity (+€0.5bn)

Integration of Pioneer

A successful transaction: 

    • Bolsters Amundi’s business model in three dimensions: distribution, expertise and talent
    • Executed in record time (18 months)
    • Creates significant value:
      • 2018 adjusted EPS2 up 36% vs. 2016 (> accretion target of 30%[6])
      • Total cost synergies raised from €150m to €175m
      • Faster-than-anticipated phasing of synergies

Dividend

Dividend proposed at the General Meeting: €2.90 per share (+16% vs. 2017)

 

Paris, 13 February 2019

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 12 February 2019 to approve the financial statements for 2018.

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

“Despite an unfavourable market environment, Amundi's results increased sharply once again in 2018. There are two factors behind this improvement. First, business momentum remained strong, despite the market context, and benefited from Amundi’s significant international presence, particularly in Asia. Second, the Pioneer integration has been a success, and the acquisition has significantly strengthened Amundi's business model; the integration was executed quickly and competently, and therefore the total amount of synergies has been increased to €175m per year ”.

 

Please find attached below the full press release.

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About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players[1], 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 hubs[2], 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 4,500 employees in nearly 40 countries. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages nearly €1.6 trillion of assets[3].

 

Amundi, a Trusted Partner, working every day in the interest of its clients and society

www.amundi.com    

 

 

 

Footnotes

 

  1. ^ [1] Source: IPE “Top 500 Asset Managers” published in June 2020, based on assets under management as at 31/12/2019
  2. ^ [2] Boston, Dublin, London, Milan, Paris and Tokyo
  3. ^ [3] Amundi data as at 30/06/2020

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