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2004 First Half Results 02004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
2004 First Half Results
2004, September 14
2004 First Half Results 12004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Overview
Highlights
Competitive position
Financial Review and Summary
Outlook
2004 First Half Results 22004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Differing from the market – 1H04
•All the competitors are affiliated to large groups
• 23,35% tied-up into a strong Shareholders’ Agreement among Promotori, Management and Employees
Shareholders
-2.77%Lost on avg. by the first 20 major competitors (Assoreti)
+11.28%Number of Promotori
-4,744 mln €(Assogestioni)
+625 mln €(relative only to mutual funds)
Growth in Fund Sector (net inflows)
SectorAZIMUT
2004 First Half Results 32004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
• The major competitors have been changing their fund pricing
• Pricing Model never changed since 1993 consistent with our Active Management Style• Change of the pricing of management fees only after the issue, if any, of new rules by Bank Italy
Fund Pricing
• Total Equity underlying assets is 24%
• Total Equity underlying assets is 52%• Fund Performance vs Risk Free
Active Management Style
SectorAZIMUT
Differing from the market – 1H04
2004 First Half Results 42004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Relevant growth of net inflows of Net Managed Asset (+ 65.4% vs 1H03) and AuM (+11.3% vs 31.12.2003)
Steady monthly net inflows in uncertain markets
Launch of AZ LIFE (May 2004)
Growth of Promotori Finanziari (+11.3%)and clients (+4.7%)
Increase in revenues (+13.5%)
Highlights
2004 First Half Results 52004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
(1) Relative to Net Managed Asset(2) Source: Assogestioni. Market share relative only to mutual funds(3) Commission income plus other income
Financial Highlights
1H’04 1H’03 % 2003AuM (Euro m) 7,790 6,389 21.9% 7,001Net Inflows (Euro m)
(1)597 361 65.4% 718
Market Share(2) 1.45% 1.22% 18.8% 1.31%
Revenues (3) (Euro m) 80.1 70.6 13.5% 155.7Operating Profit (Euro m) 22.3 20.1 10.7% 55.5
Operating Cash Flow (Euro m) 26.7 15.9 67.3% 53.2
Promotori finanziari 868 744 16.6% 780Clients 106K 99K 7.1% 101K
Continuing with the positive track record of operating results and growth despite the market uncertainty in 1H’04
2004 First Half Results 62004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Growth for all main figures
NET INFLOWS
361
1H’03
597
1H0’’4AUM
PROMOTORI
7,001
2003
7,790
1H’04
CUSTOMERS
101K 106K
2003 1H’04
780868
+ 11%
2003 1H’04
+ 5%
+ 65% + 11%
Data mln €
Growth generated by both existing and new clients
2004 First Half Results 72004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Net Inflows
Source: Company Data
Net Inflows Net InflowsNet Inflows1H04 2003ABSOLUTE %1H03
Azimut Funds 494 347 147 42.4 462
AZ Funds 131 21 110 523.8 310
Funds of funds 177 0 177 n.a. 196
Individual managed portfolios
-220 -60 -160 266.7 -293
Pension funds 0 0 0 n.a. 3
AZ Life 37 - 37 n.a. 0
Investing inGroup’s funds
-22 -53 -75 -141.5 40
Total net managed assets
597 361 236 65.4 718
Assets held in Custody 140 100 40 40.0 137
TOTAL NET INFLOWS 737 461 276 59.9 855
CHANGE VS 1H’03Data mln €
Strong growth of net inflows in managed assets (+65.4%)
2004 First Half Results 82004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Assets under management
Source: Company Data
AUM AUMAUM30/06/2004 31/12/2003ABSOLUTE %30/06/2003
Azimut Funds 6,861 6,188673 10.95,841
AZ Funds 756 604152 25.2297
Funds of funds 381 197184 93.40
Individual managed portfolios 670 867-197 -22.71,067
Pension funds 9 81 12.56
AZ Life 33 -33 n.a. 0
Investing inGroup’s funds -920 -863-57 6.6-822
Assets under management 7,790 7,001789 11.36,389
Assets held in custody 323 188135 71.8179
TOTAL ASSETS 8,113 7,189924 12.96,568
CHANGE VS 31/12/03
Data mln €
Significant growth of AUM (+11.3%), esp. for AZ Funds (+25.2%) vs 31.12.03
2004 First Half Results 92004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Funds Net Inflows: Azimut vs. the market
-2,50%
-2,00%
-1,50%
-1,00%
-0,50%
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
-3,00%
-2,50%
-2,00%
-1,50%
-1,00%
-0,50%
0,00%
0,50%
1,00%
1,50%
2,00%
2,50%
3,00%
Fund IndustryAzimut
1H’01 2H’01 1H’02 2H’02 1H’03 2H’03 1H’04
Source:Assogestioni
Outperforming the sector in 1H04 (6 months Positive Azimut Inflows vs. 2 of the industry)
2004 First Half Results 102004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Funds Breakdown by Category
Source: Company / Assogestioni
Net Inflows (Euro m)
-3,127.3
-5,086.8
-1,527.3
4,470.2
18,7
-5,000.00
-3,000.00
-1,000.00
1,000.00
3,000.00
5,000.00
56
96
338
223
84
0
50
100
150
200
250
300
350
400
Italian Funds Industry
Azimut
Net Inflows 1H’04(€m)
5,992.00
15,468.00
10,691.90
-5,759.00
-1,240.40
-7,000.00
-2,000.00
3,000.00
8,000.00
13,000.00
18,000.00
214.37
-66.42
428.93
385.41
-1.61
-100
0
100
200
300
400
500
Net Inflows 2003(€m)
Italian Funds Industry
Azimut
Monetary
Bond
Balanced
Flexible
Equity
Balanced and Flexible funds confirm their value in the asset allocation
2004 First Half Results 112004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Funds Breakdown by Category
Source: Company / Assogestioni
6%
21%
46%
20%
7%
20%
3%
28%
27%22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AuM 31.12.03 (%)
Italian Funds Industry Azimut
45%
19%
7%
22%
4%
27%
23% 26%
6%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
AuM 30.06.04 (%)
Italian Funds Industry Azimut
20%
Monetary
Bond
Balanced
Flexible
Equity
Equity underlying the funds is greater than 50%
2004 First Half Results 122004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Note: Data as of 30 June 2004. Past performances are not indicative of future returnsSource: Money Mate and Azimut(1) Includes Formula 1 Anno
Funds performance
Number of Azimut Funds in Top Quartiles as % of Total
1H’04 1 Year 5 Years
Equity & Balanced (1) 68.75% 63.16% 84.21%
Bonds 42.86% 50.00% 70.00%
1H’04 1 Year 5 Years
Equity & Balanced (1) 43.75% 42.11% 63.16%
% 1
stan
d 2
nd
qu
art
ile
% 1
stq
uart
ile
Mantaining the performance
2004 First Half Results 132004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Source: Company Data
In May Azimut Promotori began the placement ofAZ LIFE first Unit Linked single premium: Cassiopea
AZ FUND Management started two new funds dedicatedto Cassiopea and managed with a long term horizon- AZ FUND Long Term Bond- AZ FUND Long Term Equity
Margin expansion as existing and new customers switch to life insurance
Launch of AZ LIFE
2004 First Half Results 142004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
In less than two months Cassiopea gathered a portfolioof 37 Mln € deriving both from new investments (16%)and switches from other products (84%)
86% of Cassiopea assets are invested in longand medium term profiles
AZ LIFE: delivering results
In August AZ LIFE technical reserves were 57 mln €
Source: Company Data
2004 First Half Results 152004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Top level ranking amongst networks
-
2.000,00
4.000,00
6.000,00
8.000,00
10.000,00
12.000,00
14.000,00
16.000,00
-200,00 -100,00 0 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
CreditSuisse
Finanza & Futuro
BNL Investimenti
Banca 121
Fideuram
SPInvest
Rasbank
Fineco
Generali
Euromobiliare
Bipielle Network
Credem
Mediolanum
BPUMediosim
XelionSella
Axa
1H04 net inflows/ Promotori (€ 000)
-
2.000,00
4.000,00
6.000,00
8.000,00
10.000,00
12.000,00
14.000,00
16.000,00
-200,00 -100,00 0 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
CreditSuisse
Finanza & Futuro
BNL Investimenti
Banca 121
Fideuram
SPInvest
Rasbank
Fineco
Generali
Euromobiliare
Bipielle Network
Credem
Mediolanum
BPUMediosim
XelionSella
Axa
Promotori (€ 000)
AuM/ Promotori(€ 000) as at 30.06.04AuM/ Promotori(€ 000) as at 30.06.04
Source: Company derived from Assoreti Data – sample of the first 19 Network by AUM
Improving the productivity of the Promotori
2004 First Half Results 162004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Mln di €
11,53
9,09
7,66
6,52
5,69
3,27
2,36 2,29 2,232,00 1,97
1,520,93
0,31
14,50
4,69 4,583,94 3,803,85
-
2,00
4,00
6,00
8,00
10,00
12,00
14,00
16,00
valore medio pro capite 4,66 mln €
Average AuM of the sample per PF 4.66 mln € as at 30.06.04
Network effectiveness: Aum per pf
Confirming the positioning vs. competitors
CR
ED
IT S
UIS
SE
(ITA
LY
)
B.
FID
EU
RA
M
AZ
IMU
T
B.
EU
RO
MO
B.
S. P
AO
LO
IN
V.
FIN
. &
FU
TU
RO
B.
GEN
ER
ALI
BN
L I
NV
ES
T
MED
IOLA
NU
M
RA
SB
AN
K
XELIO
N B
.
SELLA
SIM
MED
IOS
IMB
. D
ELLA
RETE
BP
L N
ETW
OR
K
AX
A S
IM
B.
FIN
EC
O
BP
U S
IM
CR
ED
EM
B.
12
1
SIM
GEN
IA S
IM
Source: Company derived from Assoreti Data – sample of the first 20 Network by AUM
2004 First Half Results 172004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
466,07443,46
329,17 318,25
260,08
87,56
45,53 42,81 37,68 33,72
118,36 111,48151,06
189,85195,91
710,39
-18,56 -69,75 -116,45 -124,30
-140,00
-40,00
60,00
160,00
260,00
360,00
460,00
560,00
660,00
760,00Network effectiveness: net inflows per Pf
Outstanding Net Inflows per Promotore in the 1H’04
Euro 000
CR
ED
IT S
UIS
SE
(ITA
LY
)
BN
L I
NV
ES
T
AZ
IMU
T
MED
IOS
IMB
. D
ELLA
RETE
BP
U S
IM
XELIO
N B
.
SELLA
SIM
AX
A S
IM
CR
ED
EM
MED
IOLA
NU
M
BP
L N
ETW
OR
K
B.
GEN
ER
ALI
B.
EU
RO
MO
B.
B.
FIN
EC
O
B.
FID
EU
RA
M
S. P
AO
LO
IN
V.
RA
SB
AN
K
SIM
GEN
IA S
IM
Source: Company derived from Assoreti Data sample of the first 20 Network by AUM
B.
12
1
FIN
. &
FU
T.
2004 First Half Results 182004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Consolidated Reclassified Income Statement
Growth of operating profit (+10.7%) vs 1H03
Euro/000 30/06/2004 30/06/2003 31/12/2003
Entry Commission Income 3.360 2.654 6.437Fixed management fees 54.454 42.232 90.304Variable management fees 18.457 22.746 49.886Other income 3.860 2.963 7.068Total Revenues 80.131 70.595 153.695
Distribution Costs -41.123 -33.196 -66.666Commissions on No load products -4.166 -3.360 -6.800Personnel and SG&A -12.039 -13.402 -23.541Depreciation, amortisation/provisions -508 -496 -1.194Operating Costs -57.836 -50.454 -98.201
Operating Profit 22.295 20.141 55.494
2004 First Half Results 192004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Management Fees Trend
Growth in fixed mngt fees (+14%) as a result of increased AUM compensates the decline of variable fees due to underperforming markets in 2Q04
9692 91
42
54
99
55
1999
2000
2001
2002
2003
1H '0
3
1H '0
4
Fixed Management Fees(Euro m)
Variable Management Fees(Euro m)
96
24 25
50
2318
53
1999
2000
2001
2002
2003
1H '0
3
1H '0
4
Average per year:Euro 50m
Average per year:Euro 87m
2004 First Half Results 202004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
High Operating Leverage / Lean Fixed Cost Base
Improving the operating profit excluded variable mngt fees
(1) Entry Fees + Other Income
Revenue Trend (Euro m) Lean Costs (Euro m)
23,513,4 12,0
66,7
33,2 41,1
8,0
3,8
4,7
2003 1H'03 1H'04
90,3
42,254,5
13,5
5,7
49,9
22,7
18,4
2003 1H'03 1H'04
70.6
153.7
7,2
Other(1)Fixed Management Fees Variable Management Fees
50.4
98.2
Distribution CostsPersonnel and G&A No Load Amortisation
80.157.8
61,747,9
2004 First Half Results 212004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Consolidated Reclassified Income Statement
Net Profit ex. Non recurrent costs …
30/06/2004 30/06/2003 31/12/2003Operating Profit 22.295 20.141 55.494Interest income 243 2.170 3.047Goodwill/Trade Mark Amortization -18.950 -18.950 -37.900Non recurring costs -1.229 -1.515 -7.202Interest expenses -10.612 -13.486 -25.883
Profit (loss) before tax -8.253 -11.640 -12.444
Income tax -962 -4.557 -9.770
Profit (loss) after tax -9.215 -16.197 -22.214
Profit (loss) after tax -9.215 -16.197 -22.214Non recurrent costs 1.229 1.515 7.202Goodwill/Trade Mark Amortization 18.950 18.950 37.900Extraord. Gain from financial operations -1.128 -1.128
Effect on taxation: -406 5.496 5.496Non recurrent costs -406 0 0Extraord. Gain from financial operations 443 443Write-downs of advance taxation 5.053 5.053Adjusted Net Profit 10.558 8.636 27.256
2004 First Half Results 222004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Adjusted gross and net profit
Adjusted net equity
30/06/2004 30/06/2003 31/12/2003Adjusted Pre-Tax Profit 11.926 7.697 31,530Taxation -1.368 939 -4.274Adjusted Net Profit 10.558 8.636 27.256
Share capital 22.000 22.000 22.000Share premium 28.500 28.500 28.500Adjusted profit (previous year) 37.472 10.216 10.216Adjusted Net Profit 10.558 8.636 27.256Total 98.530 69.352 87.972
2004 First Half Results 232004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
30.06.04 30.06.03 31.12.03
Net income (loss) (9.215) (16.197) (22.214)Amortisation, Depreciation and other provisions 20.026 20.457 43.144Interest expense 10.617 13.490 25.899No load commissions expense 4.166 3.360 6.788Vat on royalties 600 1.080 2.160 Tax provisions (tax asset uses) 962 4.557 9.391Net change in credit and debt and other funds (447) (10.886) (11.940)Cash flow from operating activities 26.709 15.861 53.228
Increase/(decrease) in other asset (5.654) (315) (811)Increase in investment subsidiaries (600) (750) (4.250)Increase/(decrease) in securities portfolio (2.250) 22.615 14.209Cash flow from investment activities (8.504) 21.550 9.148
Reserve Account 0 2.447 12.228Senior Loan repayment (34.885) (5.615) 4.384Interest on Senior Loan (1.235) (2.603) (4.432)Mezzanine Loan repayment (4.000) (15.000) (52.200)Interest on Mezzanine Loan (112) (4.560) (7.036)Bipop current account (433) 0 0Cash flow from financial activities (40.664) (25.330) (47.056)
TOTAL CASH FLOW GENERATED (ABSORBED) (22.459) 12.081 15.320
Cash at bank and on hand at beginning of period 34.270 18.950 18.950Cash at bank and on hand at the end of period 11.811 31.031 34.270
Consolidated cash flow statement
91 MLN DEBT REPAYMENT SINCE BUY OUT PLUS INTEREST ON SENIOR AND MEZZANINE DEBT
2004 First Half Results 242004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Net consolidated financial position
Due to banks: (226.838) (100.000)
Senior Loan (65.038) (100.000)
Vendor Loan (161.800) 0
Amounts due from financial institutions (101.401) 0
Shareholder Loan (100.368) 0
Mezzanine Loan (1.033) 0
Bond debt (25.000)
Convertible Bond debt (95.900)
Total borrowings (353.239) (195.900)
Cash and securities 49.274 33.811
Net Funding (303.965) (162.089)
Pre-listing balances Post-listing balances
Data as at 7th July 2004
debt
2004 First Half Results 252004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Net shareholders’ equity pre- and post-listingexcl. result for the period
Pre-listing Post-listingShare capital 22,000 31,744Share premium reserve 28,500 163,866Legal reserve 719 719Other reserves (719) (719)Net losses carried forward (45,908) (45,908)TOTAL 4,592 149,702
Data as at 7th July 2004
2004 First Half Results 262004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Outlook
… two months after the IPO (one of
those was holidays) we confirm
our IPO growth strategy…
2004 First Half Results 272004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Growth Potential from Existing and New Operations
Organic Growth
• Recruitment of new promotori, leveraging on proven capability to attract top-class professionals
• Increase in productivity of existing promotori• Widening product range
Development of Third Party Distribution
• Access new customer base• Banks working in partnership with Azimut can widen product range and
rely on a high quality management, assistance and commercial support from Azimut
• Target Institutional and Private clients through direct channel• Azimut perceived independence and high quality of money management as
key selling points• Focus on client requirements and relationship through dedicated resources
• Growth from (i) attractive life insurance sector prospects in Italy and (ii) limited exposure to insurance of Azimut vs. peers (only 1.6% of AUM), allowing for cross-selling
• Margin expansion due to life insurance wrap• Tax benefit from Ireland–based operations/Luxembourg based funds
• Limited contribution to revenue generation, but key component tocomplement product range
• Limited investments required
Development of Other Channels
Life Insurance
Banking Products
2004 First Half Results 282004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
… and keep on growing (update August 2004)
Net Inflows Net Inflows Total AuM % Changein August Yto end of August Yto end of August since BoY
Azimut Funds (*) 59 603 6,894 11.3%
Funds of funds 3 187 387 96.9%
AZ Funds (*) 11 190 806 33.5%
Discretionary Accounts -4 -241 640 -26.2%
AZ Life (Unit Linked) 8 58 57 100.0%
Total net managed assets
77 797 8,784 11.7%
Total net managed assets net of duplication
64 755 7,856 12.2%
Assets held in custody 7 156 337 78.8%
TOTAL NET INFLOWS& AuM
71 911 8,192 14.0%
Data in mln EURO
Not slowing down during the holidays period
2004 First Half Results 292004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Variable Management Fees
The growth of AUM affects the Fixed Management Fees,
while the market conditions affect the Variable Management Fees
1H-2003 22,8 mln Euro 2003 49,9 mln Euro
1H-2004 18,4 mln Euro 2004 ??
2004 First Half Results 302004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Backup
2004 First Half Results 312004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
1H04 net inflows of Companies that distribute through Promotori Finanzari.
The sample is formed by the 20 largest companies by Aum.
The data include Mutual Fund, Individual Managed Portfolios, Life insurance and Pension Funds distributed through Promotori Finanzari.
Assoreti, the source of data, is the association of network-driven Industry.
Azimut Network effectiveness: net inflows
Source: Company derived from Assoreti Data
Data in Euro/000B. Mediolanum 769,543.41 4,053.5 189.85
Xelion B. 726,314.97 2,206.5 329.17
Azimut 585,359.81 824 710.39
B. Generali 288,094.45 2,434 118.36
Mediosim B. della Rete 196,216.52 421 466.07
Bpu Sim 189,799.8 428 443.46
B. Fideuram 150,939.15 3,315.5 45.52
B. Fineco 140,924.57 1,609.5 87.56
Sella Sim 131,119 412 318.25
Credem 124,500.99 635.5 195.91
Rasbank 123,821.1 3,286 37.68
Axa Sim 102,599.84 394.5 260.08
Bipielle Network 101,211.56 670 151.06
Simgenia Sim 90,342.41 2,679 33.72
B. Euromobiliare 52,059.42 467 111.48
Sanpaolo Invest Sim 47,458.5 1,108.5 42.81
Banca 121 -18,259.23 984 -18.56
Credit Suisse (Italy) -39,589.89 318.5 -124.30
Finanza & Futuro -85,125.72 1,220.5 -69.75
Bnl Investimenti -105,150.34 903 -116.45
Net inflowsManaged assets
1H04
Avg. Number of PF(dec. 03-jun 04)
Net inflowsManaged assets
per PF
2004 First Half Results 322004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Data in Euro/000
Managed assets includesMutual Funds,Individual Managed Portfolios,Life insuranceand Pension Fundsdistributed throughPromotori Finanzari
Azimut Network effectiveness: AuM
Source: Company derived from Assoreti Data
Credit Suisse (Italy) 4,617,956.26 318.5 14,499.08
B. Fideuram 38,226,852.27 3,315.5 11,529.74
Azimut 7,493,725.73 824.0 9,094.33
B. Euromobiliare 3,577,659.10 467.0 7,660.94
Sanpaolo Invest Sim 7,234,188.31 1,108.5 6,526.11
Finanza & Futuro 6,938,734.47 1,220.5 5,685.16
B. Generali 11,415,826.50 2,434.0 4,690.15
Bnl Investimenti 4,136,731.73 903.0 4,581.10
B. Mediolanum 15,972,914.28 4,053.5 3,940.52
Rasbank 12,654,014.00 3,286.0 3,850.89
Xelion B. 8,402,293.76 2,206.5 3,807.97
Sella Sim 1,350,584.00 412.0 3,278.12
Mediosim B. della Rete 997,147.31 421.0 2,368.52
Bipielle Network 1,539,124.69 670.0 2,297.20
Axa Sim 881,766.85 394.5 2,235.15
B. Fineco 3,230,376.33 1,609.5 2,007.07
Bpu Sim 846,563.17 428.0 1,977,95
Credem 961,261.8 635.5 1,512.61
Banca 121 922,612.56 984.0 937.61
Simgenia Sim 838,520.24 2,679.0 313.0
132,238,853.36 28,370.5 4,661.14
N. of PF(avg Jan-Jun 04) AuM per PFAuM
2004 First Half Results 332004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Source: Company / Assogestioni data as at the end of June
Higher gearing towards Equity Markets
Mutual Funds Breakdownby Underlying Assets: Sector
GovernmentBonds56%
Foreign bonds10%
Other7%
Italianequities
5%
Foreignequities
19%Italian bonds3%
Total Equity
24%
Mutual Funds Breakdownby Underlying Assets: Azimut
Foreign bonds0%
Governmentbonds 43%
Other5%
Italianequities
13%
Foreignequities
39%
Italian bonds0%
TotalEquity
52%
2004 First Half Results 342004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Stock performance
Source: Money Mate
2004 First Half Results 352004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
Fabrizio ArmoneInvestor relations manager tel. +39.02.2836.5853
Lidia LommiMarketing and PR manager tel. +39.02.2836.5244
investor.relations@azimut.itwww.azimut.it
Azimut Holding SpAPiazza Durante 11 – 20123 Milano
Contacts
2004 First Half Results 362004, September 14This document is provided to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose
DisclaimerThis document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, third parties and the Company.
Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of their respective members, directors, officers or employees or any other person. None of the Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.
The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.
Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations.
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