Amundi : Q3 and 9M 2020 results
Q3 and 9M 2020 results
Inflows of €35bn in Q3 2020, and net
income1 of €235m, i.e. +2.3% vs Q3
2019
Ambitious targets for Asia, thanks in
particular to the new subsidiary in China with BoC2
Business activity |
AuM3 of €1,662bn at 30 September
2020, an increase of +6.4% year-on-year (+4.4% vs. the end
of June 2020) High inflows of +€34.7bn in Q3, fuelled by
all segments: +€22.0bn4 in
treasury products +€4.7bn in MLT assets3,
5 Sustained momentum in the JVs (+€8.1bn)
|
Results |
Solid results: In Q3:
adjusted net income1 still high: €235m (+2.3% vs. Q3 2019
and +1.0% vs. Q2 2020) cost/income ratio of
51.2%1, stable Over the first nine months of the
year, adjusted net income1 of €674m (-8.3% vs. 9M 2019), virtually
stable excluding financial income (impacted by the market
downturn) |
Asia |
Positions that are already strong across the entire
region (€303bn in AuM6), thanks to a pragmatic
approach combining JVs and subsidiaries The new
subsidiary with BoC WM has significantly enhanced the potential for
growth in China Ambitious targets for
2025: For Amundi BoC WM: more than €60bn in AuM
and more than €50m in net income7 In Asia, an AuM
target of €500bn |
Paris, 30 October 2020
Amundi’s Board of Directors, chaired by Xavier
Musca, convened on 29 October 2020 to review the financial
statements for the third quarter and first nine months of 2020.
Commenting on the figures, Yves Perrier, CEO,
said:
“In the third quarter of 2020, Amundi posted
solid operating performance both in terms of
business activity and results.
The high level of inflows (+€35bn) was driven by all client
segments, and net income1 (€235m) increased +2.3% compared to Q3
2019.
Thanks to its diversified business model and its
operating efficiency, Amundi is therefore confirming its
ability to combine growth and profitability, in spite of a market
environment, which remains fragile due to the Covid-19
crisis.
Asia is a major focus of Amundi’s expansion
strategy. In the space of five years, Amundi’s Asian AuM
tripled, reaching more than €300bn. The launch of the new
subsidiary in China with BoC give Amundi a unique position in this
fast-developing market. Thanks to this new growth driver and the
favourable momentum of its other activities in Asia, Amundi is
targeting AuM of €500bn in the region by
2025.”
I A high level of inflows: +€35bn
in Q3, driven by all segments
Assets under management at €1,662bn, an
increase of +6.4% year-on-year.
Amundi’s assets under management
totalled €1,662bn at 30 September 2020, an increase of +6.4%
year-on-year and +4.4% vs. the end of June 2020. This rise in
assets under management is due to a high level of inflows (+€35bn),
the integration of the assets under management of Sabadell
AM on 1 July 2020 (+€21bn) and a positive market
effect (+€15bn).
A market environment that is still
uncertain
Overall, the market environment remains
lacklustre:
After the major shock in March due to the
Covid-19 epidemic, the Equity markets still look weak to us (-2.7%
between 30/06 and 30/09/2020 for the CAC 40 and a flat Stoxx 600),
against an uncertain macroeconomic and health backdrop.
Equity market averages in Q3 2020 (4,967 pts for
the CAC 40) recovered but remain significantly lower compared to Q3
2019 (5,512 pts, i.e. down 10%).
Furthermore, against a backdrop of lingering
risk aversion by savers and investors, the European asset
management industry has staged a partial recovery. Although inflows
returned to positive territory beginning in Q2 2020, year-to-date
cumulated inflows have been due almost exclusively to treasury
products8.
A high level of net inflows in Q3
2020
In Q3 2020, Amundi reported a high level of net
inflows (+€34.7bn) across all segments, driven by the recovery in
treasury products (+€22.0bn), resilient activity in MLT products
(+€4.7bn) and the continuing good trend in the JVs (+€8.1bn).
Retail: recovery of inflows (+€5.2bn in Q3 2020
vs. -€4.5bn in Q2 2020)
Inflows in Medium/Long-Term Assets
turned positive (+€2.4bn), driven by Third-party
distributors (+€2.8bn). The French and International Networks
are still feeling the effects of a widespread wait-and-see attitude
by clients, with inflows concentrated in treasury products
(+€2.8bn).
Institutionals: sharp rebound in activity
(+€21.4bn in Q3 2020 vs. +€0.6bn in Q2 2020)
This quarter was marked by a significant
turnaround in treasury product flows (+€19.2bn) especially
in the Institutionals & Corporates segments. As for MLT assets,
inflows of +€2.2bn were driven by all client segments.
JVs: continued growth trend with a high level of
inflows (+€8.1bn), particularly in China (+€7.2bn) in India
(+€1.8bn).
Expertises: MLT flows driven by ETF/index and
real assets9
The trend was driven by successful
growth drivers and product innovation:
Passive management, ETFs10
and smart beta had a good third quarter with +€3.2bn in net
inflows, bringing AuM to €138bn at end-September 2020.
With inflows of +€2.3bn in Q3 2020 in ETFs, Amundi is the number
five provider in Europe11. In total, ETF assets totalled €57bn at
30 September 2020 (ranked fifth in Europe10). The success of the
Amundi Prime ETF range (launched in March 2019 at very competitive
prices) with more than €2bn in AuM, illustrates the ability to
develop products that are tuned to the market.
The trend in Real and Structured Assets
continued, with +€1.0bn in net inflows in Q3 2020
(bringing AuM to more than €90bn at end-September 2020).
Private Equity and Private Debt expertises posted
solid net inflows of +€0.8bn (i.e. €16bn in AuM at
end-September 2020).
Gradual recovery in business activity in
the first nine months of 2020
Overall, in the first nine months of the
year, the high level of inflows (+€30.7bn) was primarily
driven by the continuing growth trend in the JVs (+€20.8bn),
institutionals (+€6.7bn) and in Retail excluding JV (+€3.2bn). To
be noted was the resilient activity in the French networks
(+€3.8bn) and Third-party distributors (+€2.3bn).
The trend was positive for
Medium/Long-Term assets (+€22.1bn) driven by Joint Ventures and
Retail; inflows in treasury products (+€8.6bn) were mostly
attributable to flows in the Institutional and Sovereign
segments.
II Solid results
In Q3 2020, high level of adjusted net
income12: €235m (+2.3% vs. Q3 2019 and +1.0% vs. Q2
2020)
Cost/income ratio11 of 51.2%,
stable
A strengthened financial
structure
Amundi's results remained high,
confirming its business model is solid. The impact of the market
downturn on revenues was countered by the reduction in operating
expenses, which kept the cost/income ratio low and profitability
high.
Solid results in the 3rd quarter of
202012
Total net revenue (€630m) was down compared to
Q3 2019 (-4.1%) but higher vs. Q2 2020 (+0.8%); these differences
were attributable in large part to the market situation.
As such, net management fees were:
down compared to Q3 2019 in light of the decline
in average market levels (CAC 40 down 10% Q3/Q3) and the pressure
on margins (change in the product/client mix), in line with
previous quarters;
up compared to Q2 2020 thanks to the integration
of Sabadell AM and rising market averages (+7% for the CAC 40 Q3/Q2
average).
Performance fees were
maintained at a good level (€30m vs. €25m in Q3 2019).
Operating expenses were down
markedly (€323m or -3.8% vs Q3 2019), thanks to continuing
cost-cutting efforts, lower travel and marketing expenses due to
the pandemic and the adjustment of variable remuneration. The
slight rise relative to Q2 2020 is due to the full consolidation of
Sabadell AM.
The operating expenses to average AuM ratio
(excl. JVs) remains one of the lowest in the industry at 9.2bp.
Consequently, the cost/income ratio
stood at 51.2%, stable compared to Q3 2019.
Taking into consideration the improved
contribution to €17m from equity-accounted entities (primarily the
Asian joint ventures) and the tax charge, adjusted net
income, Group share, totalled €235m (+2.3% vs. Q3 2019 and
+1.0% vs. Q2 2020).
First nine months of
202012
Total revenues were €1,866m (-6.2%) primarily
due to the market slump’s strong negative effect on financial
earnings, which fell from €34m (9M 2019) to -€46m (9M 2020). The
trend in net asset management fees stemmed from lower average
equity market levels and a less-favourable client/product
mix. Performance fees increased (€106m, +24% vs. 9M
2019).
With operating expenses down (-4.4%),
the cost/income ratio came to 52.0%, and Gross Operating
Income was €895m.
After the contribution from equity-accounted
entities (primarily the Asian joint ventures), which increased
sharply (+39.5% vs. 2019) and tax expenses, adjusted net
income, Group share was maintained at a solid level at
€674m (-8.3% vs. end-September 2019). Excluding the
financial income (impacted by the market downturn), it was
comparable to that of the first nine months of 2019.
A strengthened financial
structure
At 30 September 2020, Amundi's tangible
equity13 stood at €2.9bn, compared to
€2.7bn at 31 December 2019. The CET 1 ratio came out to 18.6% at 30
September 2020, factoring in the acquisition of Sabadell AM on 30
June 2020 for €430m and no dividend payment in May 2020 in respect
of 2019.
Amundi benefits from surplus capital estimated
at around €1bn compared to a minimum “managerial” level of 10% of
CET 1 capital.
As a reminder, in May 2020, rating
agency Fitch confirmed Amundi’s A+ rating, the best in the
sector.
III Asia, a growth
driver
In Asia, a rapidly developing area, Amundi has
benefitted for years from solid positions across the
region’s major markets (€303bn in AuM14)
with a pragmatic strategy that combines two approaches: JVs with
major retail banks15 (leaders in their markets) and wholly owned
subsidiaries.
As an example, SBI FM, the joint venture in
partnership with the No. 1 Indian bank, has itself become No. 1 on
the market (assets under management of €136bn13, up substantially
since 2018) with successful growth in Retail and well-established
franchise with institutionals.
With the creation of the new subsidiary
in partnership with BoC Wealth Management, Amundi will now have a
unique position in China. Amundi covers all segments of
the Chinese Asset Management market thanks to partnerships with two
large banks: ABC (No. 3 in the country with over 400 million Retail
clients and 23,000 branches) and BoC (No. 4 in the country with 300
million Retail clients and 11,000 branches).
The new subsidiary in which Amundi has a 55%
ownership interest will be the first company in China with majority
foreign capital to offer Wealth Management products. The
implementation of this project took place in accordance with the
announced schedule: approval from the regulator was obtained in
September, the teams and the infrastructures are in place and
operational start-up is expected in Q4 2020 with the launch of the
first products intended primarily for the BoC network.
The subsidiary, which should break even
financially by the end of 2021, is aiming at €60bn in AuM and more
than €50m in net income16 by 2025.
For Asia as a whole, the Amundi Group has set an
AuM objective of €500bn by 2025.
Change in Amundi’s assets under
management in Asia from 2010 to end-September 2020 and the 2025
target
Compounded annual growth rate from 2010 to
September 2020 : 22%
AuM in €bn
2010 |
42 |
2014 |
76 |
2015 |
118 |
2016 |
153 |
2017 |
177 |
2018 |
200 |
2019 |
300 |
30/09/2020 |
303 |
|
|
2025e |
500 |
IV Responsible
Investing
Amundi is continuing to implement its ESG plan:
AuM rose to €345bn at end-September 2020, driven by a high level of
inflows of +€9bn in Q3 2020( +€16bn for the 9 months of 2020).
This trend is being fuelled by product
innovation and ESG solutions:
Climate change: launch of a fixed incom fund
dedicated to green projects in emerging countries and the Climate
Change Investment Framework, the preferred tool for investors to
help them assess the risks linked to climate change in line with
the objectives of the Paris Agreement in partnership with
AIIB17.
Launch of the “ESG Improvers” range, an approach
that selects companies demonstrating long-term improvement in ESG
criteria.
Amundi’s contribution to international
initiatives continues, with the publication in September
2020 of a report on “Responsible Capitalism: An Opportunity For
Europe”, by the Institut Montaigne and Comité Médicis, a think tank
supported by Amundi.
Furthermore, in connection with the
annual PRI assessment18 in September 2020, Amundi was
awarded an A+ (the highest score) across all the categories in
which it competed, confirming the deployment of our ESG plan in our
different asset classes.
V Other information
Capital increase reserved for
employees
The issue of share capital reserved for
employees is underway. It will be completed on 17 November2020.
This operation, meant to strengthen employees’ sense of belonging,
is carried out in the context of existing powers as approved by the
General Shareholders’ Meeting of May 2019.
The impact of this operation on net earnings per
share should be negligible. The maximum number of securities to be
created will be 0.5 million (i.e. 0.2% of capital and voting
rights).
Financial disclosure
schedule
10 February 2021:
Publication of 2020 annual results
29 April 2021:
Publication of Q1 2021 results
***
Income statements
(in
€m) |
|
Q3 2020 |
|
Q2 2020 |
|
Q3/Q2 chg. |
|
Q3 2019 |
|
Q3/Q3 chg. |
|
9M 2020 |
|
9M 2019 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue |
|
630 |
|
625 |
|
0,8% |
|
657 |
|
-4,1% |
|
1
866 |
|
1
989 |
|
-6,2% |
Net
AM revenue |
|
631 |
|
608 |
|
3,8% |
|
656 |
|
-3,9% |
|
1
912 |
|
1
955 |
|
-2,2% |
o/w net management fees |
|
601 |
|
573 |
|
4,8% |
|
631 |
|
-4,8% |
|
1
806 |
|
1
870 |
|
-3,4% |
o/w performance fees |
|
30 |
|
34 |
|
-13,7% |
|
25 |
|
18,7% |
|
106 |
|
85 |
|
24,4% |
Net
financial income and other net income |
|
(1) |
|
17 |
|
NS |
|
1 |
|
NS |
|
(46) |
|
34 |
|
NS |
Operating expenses |
|
(323) |
|
(318) |
|
1,5% |
|
(335) |
|
-3,8% |
|
(971) |
|
(1
016) |
|
-4,4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross operating income |
|
307 |
|
307 |
|
0,1% |
|
321 |
|
-4,5% |
|
895 |
|
973 |
|
-8,1% |
Adjusted cost/income ratio |
|
51,2% |
|
50,9% |
|
+0,3
pt |
|
51,1% |
|
+0,2
pt |
|
52,0% |
|
51,1% |
|
+ 1
pt |
Cost of risk & Other |
|
(3) |
|
(4) |
|
NS |
|
(9) |
|
NS |
|
(20) |
|
(7) |
|
NS |
Equity-accounted entities |
|
17 |
|
15 |
|
10,9% |
|
8 |
|
NS |
|
46 |
|
33 |
|
39,5% |
Adjusted income before taxes |
|
321 |
|
318 |
|
1,1% |
|
320 |
|
0,4% |
|
921 |
|
999 |
|
-7,8% |
Taxes |
|
(86) |
|
(85) |
|
1,2% |
|
(90) |
|
-4,7% |
|
(247) |
|
(264) |
|
-6,7% |
Adjusted net income, Group share |
|
235 |
|
233 |
|
1,0% |
|
230 |
|
2,3% |
|
674 |
|
735 |
|
-8,3% |
Amortisation of distribution contracts after tax |
|
(15) |
|
(12) |
|
16,4% |
|
(13) |
|
16,4% |
|
(40) |
|
(38) |
|
5,3% |
Net
income, Group share |
|
221 |
|
221 |
|
0,1% |
|
218 |
|
1,5% |
|
634 |
|
697 |
|
-9,0% |
Adjusted data: excluding amortisation of
distribution contracts.
Change in assets under management1 from
end-December 2018 to end-September 2020
|
(€bn) |
AuM |
Net inflows |
Market and foreign exchange effect |
Scope effect |
|
Change in AuM vs. previous quarter |
At
31/12/2018 |
1,425 |
|
|
|
/ |
-3.4% |
Q1 2019 |
|
-6.9 |
+58.3 |
|
/ |
|
At
31/03/2019 |
1,476 |
|
|
|
|
+3.6% |
Q2 2019 |
|
-4.8 |
+15.1 |
|
/ |
|
At 30/06/2019 |
1,487 |
|
|
|
|
+0.7% |
Q3 2019 |
|
+42.7 |
+33.5 |
|
/ |
|
At 30/09/2019 |
1,563 |
|
|
|
|
+5.1% |
Q4 2019 |
|
+76.8 |
+13.7 |
|
/ |
|
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 |
|
+20.7 |
|
At 30/09/2020 |
1,662 |
|
|
|
|
+4.4% |
1. Assets under management and net inflows
including Sabadell AM as of Q3 2020 and including 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. vs. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30/09/2020 |
30/09/2019 |
30/09/2019 |
Q3 2020 |
Q3 2019 |
9M 2020 |
9M 2019 |
French networks |
109 |
110 |
-0.9% |
+2.52 |
+0.4 |
+3.8 |
-2.3 |
International networks |
138 |
125 |
+10.8% |
-0.2 |
-0.6 |
-2.9 |
+1.7 |
Third-party distributors |
180 |
189 |
-5.0% |
+2.9 |
+4.0 |
+2.3 |
+2.6 |
Retail (excl. JVs) |
426 |
423 |
+0.7% |
+5.2 |
+3.8 |
+3.2 |
+2.1 |
Institutionals2 and sovereigns |
389 |
376 |
+3.4% |
+9.3 |
+4.0 |
+7.8 |
-4.4 |
Corporates |
79 |
79 |
-1.0% |
+10.2 |
+11.2 |
+1.7 |
+3.0 |
Employee Savings |
62 |
62 |
-1.0% |
+0.5 |
-0.2 |
+3.4 |
+2.0 |
CA & SG insurers |
458 |
459 |
-0.3% |
+1.4 |
+9.9 |
-6.2 |
+16.2 |
Institutionals |
987 |
977 |
+1.0% |
+21.4 |
+24.9 |
+6.7 |
+16.7 |
JVs |
249 |
163 |
+53.1% |
+8.1 |
+14.0 |
+20.8 |
+12.2 |
|
|
|
|
|
|
|
|
TOTAL |
1,662 |
1,563 |
+6.4% |
+34.7 |
+42.7 |
+30.7 |
+31.0 |
Average 9M AuM (excl. JVs) |
1,381 |
1,340 |
+3.1% |
/ |
/ |
/ |
/ |
1. Assets under management and net inflows
including Sabadell AM as of Q3 2020 and including 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. vs. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30/09/2020 |
30/09/2019 |
30/09/2019 |
Q3 2020 |
Q3 2019 |
9M 2020 |
9M 2019 |
Equities |
243 |
234 |
+3.9% |
+3.3 |
+0.7 |
9.9 |
-2.3 |
Multi-asset |
251 |
245 |
+2.1% |
+1.3 |
-1.1 |
-4.0 |
-8.7 |
Bonds |
625 |
633 |
-1.3% |
-0.9 |
+7.5 |
-10.2 |
+14.9 |
Real, alternative and structured assets |
90 |
82 |
+9.8% |
+1.0 |
+1.7 |
+3.6 |
+5.4 |
MLT ASSETS excl. JVs |
1,208 |
1,194 |
+1.2% |
+4.7 |
+8.9 |
-0.8 |
+9.3 |
Treasury products excl. JVs |
205 |
206 |
-0.6% |
+22.0 |
+19.8 |
+10.7 |
+9.5 |
ASSETS excl. JVs |
1,413 |
1,400 |
+0.9% |
+26.7 |
+28.7 |
+9.9 |
+18.8 |
JVs |
249 |
163 |
+53.1% |
+8.1 |
+14.0 |
+20.8 |
+12.2 |
TOTAL |
1,662 |
1,563 |
+6.4% |
+34.7 |
+42.7 |
+30.7 |
+31.0 |
o/w MLT Assets |
1,429 |
1,330 |
+7.5% |
+15.9 |
+25.3 |
+22.1 |
+27.0 |
o/w Treasury products |
233 |
233 |
+0.0% |
+18.8 |
+17.4 |
+8.6 |
+4.0 |
1. Assets under management and net inflows
including Sabadell AM as of Q3 2020 and including 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 region1
|
AuM |
AuM |
%
chg. vs. |
Inflows |
Inflows |
Inflows |
Inflows |
(€bn) |
30/09/2020 |
30/09/2019 |
30/09/2019 |
Q3 2020 |
Q3 2019 |
9M 2020 |
9M 2019 |
France3 |
8922 |
886 |
+0.7% |
+17.3 |
+20.8 |
+13.2 |
+17.3 |
Italy |
171 |
174 |
-1.5% |
-0.4 |
-1.2 |
-2.7 |
-5.7 |
Europe excl. France and Italy |
201 |
176 |
+14.2% |
+10.6 |
+6.1 |
+12.1 |
+5.6 |
Asia |
303 |
225 |
+35.1% |
+8.6 |
+15.6 |
+14.2 |
+9.1 |
Rest of world4 |
94 |
102 |
-7.9% |
-1.3 |
+1.3 |
-6.1 |
+4.7 |
TOTAL |
1,662 |
1,563 |
+6.4% |
+34.7 |
+42.7 |
+30.7 |
+31.0 |
TOTAL excl. France |
770 |
677 |
+13.7% |
+17.4 |
+21.9 |
+17.6 |
+13.7 |
1. Assets under management and net inflows
including Sabadell AM as of Q3 2020 and including 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. Of which €439bn for CA & SG insurers. 3. France: net inflows
on medium/long-term assets: +€2.0bn in Q3 2020; +€4.4bn in Q3 2019.
4. Mostly the United States.
Methodological appendix
Income statements (9M and Q3 2020 &
2019)
Accounting
data:
At 9M 2020 and 2019, information corresponds to
data after amortisation of distribution contracts.
Adjusted data
To present an income statement that is closer to
the economic reality, adjustments have been made: restatement of
amortisation of distribution contracts (deducted from net revenues)
with SG, Bawag, UniCredit and Banco Sabadell.
Amortisation of distribution
contracts:
Q3 2019: €18m before tax and €13m after
tax Q3 2020: €21m before tax and €15m after tax
9M 2019: €53m before tax and €38m after
tax 9M 2020: €56m before tax and €40m after tax
Reminder of amortisation of distribution
contracts with Banco Sabadell
When Sabadell AM was acquired, a 10-year
distribution contract was entered into with the Banco Sabadell
networks in Spain; this contract's gross valuation is €108m (posted
to the balance sheet under Intangible Assets). At the same time, a
Deferred Tax Liability of €27m was recognised. Thus the net amount
is €81m which is amortised using the straight-line method over 10
years, as from 1 July 2020. In the Group's income statement, the
net tax impact of this amortisation is €8m over a full year (or
€11m before tax), posted under “Other revenues”, and is added to
existing amortisations of the distribution contracts:
with SG in the amount of €10m after tax over a
full year (€14m before tax);
with Bawag in the amount of €2m after tax over a
full year (€3m before tax);
with Unicredit in the amount of €38m after tax
over a full year (€55m before tax).
NB: the SG contract will no longer be
amortised as of 1 November 2020
Alternative
Performance Indicators19
To present an income statement that is closer to
the economic reality, Amundi publishes adjusted data which excludes
amortisation of the distribution contracts with SG, Bawag,
UniCredit and Banco Sabadell since 1 July 2020 (see above).
These combined and adjusted data are reconciled
with accounting data as follows:
|
accounting data |
|
adjusted data |
€m |
|
9M 2020 |
|
9M 2019 |
|
Q3 2020 |
|
Q3 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
1810 |
|
1935 |
|
609 |
|
639 |
+
Amortisation of distribution contracts before tax |
|
56 |
|
53 |
|
21 |
|
18 |
Adjusted net revenues (b) |
|
1866 |
|
1989 |
|
630 |
|
657 |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
-971 |
|
-1016 |
|
-323 |
|
-335 |
|
|
|
|
|
|
|
|
|
Gross operating income (d) = (a)+(c) |
|
839 |
|
920 |
|
287 |
|
304 |
|
|
|
|
|
|
|
|
|
Adjusted gross operating income (e) = (b)+(c) |
|
895 |
|
973 |
|
307 |
|
321 |
Cost/income ratio (c)/(a) |
|
53.7% |
|
52.5% |
|
53.0% |
|
52.5% |
Adjusted cost/income ratio (c)/(b) |
|
52.0% |
|
51.1% |
|
51.2% |
|
51.1% |
Cost of risk & Other (f) |
|
-20 |
|
-7 |
|
-3 |
|
-9 |
Equity-accounted entities (g) |
|
46 |
|
33 |
|
17 |
|
8 |
Income before tax (h) = (d)+(f)+(g) |
|
865 |
|
946 |
|
301 |
|
302 |
|
|
|
|
|
|
|
|
|
Adjusted income before tax (i) =
(e)+(f)+(g) |
|
921 |
|
999 |
|
321 |
|
320 |
Taxes (j) |
|
-230 |
|
-248 |
|
-80 |
|
-85 |
Adjusted taxes (k) |
|
-247 |
|
-264 |
|
-86 |
|
-90 |
Net income, Group share (h)+(j) |
|
634 |
|
697 |
|
221 |
|
218 |
|
|
|
|
|
|
|
|
|
Adjusted net income, Group share
(i)+(k) |
|
674 |
|
735 |
|
235 |
|
230 |
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players20, 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 hubs21,
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 more than €1.650 trillion of assets22.
Amundi, a trusted partner, working every
day in the interest of its clients and society.
Press contact: |
Investor contacts: |
Natacha Andermahr |
Anthony Mellor Thomas
Lapeyre |
Tel. +33 1 76 37 86 05 |
Tel. +33 1 76 32 17
16 Tel.
+33 1 76 33 70 54 |
natacha.andermahr-sharp@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.
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 Adjusted data: excluding amortisation of
distribution contracts; See page 8 for definitions and methods.
2 Bank of China
3 Assets under management and net inflows
including Sabadell AM as of Q3 2020 and including 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 At 30/09/2020
7 Net contribution at 100%
8 Sources: Broadridge FundFile, ETFGI. European
open-ended & cross-border funds (excluding mandates and
dedicated funds). Data at end-August 2020.
9 Data excluding JVs
10 Data including all Exchange-traded products
(ETF + ETC)
11 Source: Morningstar
12 Adjusted data: excluding amortisation of
distribution contracts.
13 Equity excluding goodwill and other
intangibles
14At 30/09/2020
15 JVs with SBI in India (37% stake), with ABC
in China (33% stake), with NH in South Korea (30% stake)
16 Net contribution of 100%
* incl. Amundi BoC Wealth Management
17 AIIB: Asian Infrastructure Investment
Bank
18 PRI: Principles for Responsible Investment,
which Amundi signed when they were drafted in 2006.
19 Please refer to section 4.3 of the 2019
Universal Registration Document filed with the French AMF on
14/04/2020
20 Source: IPE “Top 500 Asset Managers”
published in June 2020, based on assets under management as at
31/12/2019
21 Boston, Dublin, London, Milan, Paris and
Tokyo
22 Amundi data as at 30/09/2020
- Amundi PR Q3 2020 results
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