Amundi: First Half & Second Quarter 2024 results
Amundi: First Half & Second Quarter
2024 results
Strong Net
income1 growth of
+9.4%2 and high net
inflows of +€15bn in Q2
|
Robust growth for net income and
revenues |
|
Q2 2024: Adjusted net
income1,3
of €350m, demonstrating strong growth: +9.4%
Q2/Q2
- Thanks to
revenue growth (+7.7%) and a positive jaws
effect
- Cost-income
ratio improved vs. Q2 2023 and Q1 2024, at
51.9%3
H1 2024: adjusted net
income1,3
of €668m, up +7.7% H1/H1 |
|
|
|
|
Dynamic
and diversified
net inflows |
|
Q2 2024: net inflows of +€15.5bn, including
+€15.1bn in MLT
assets4,5
- Positive momentum in
both active5 (+€8.0bn)
and passive
management5 (+€6.0bn)
- Further development on
Third-Party distributors: +€5.4bn
- Strong business
momentum in Employee savings schemes in France:
+€3.8bn
- Seasonal outflows in
Treasury5 (-€11.2bn)
Assets under management up +10% year-on-year,
reaching an all-time high of €2,156bn as of 30
June 2024 |
|
|
|
|
Progress
in our strategic priorities |
|
Strong growth in Asia: €451bn in assets under
management, +€15.4bn net inflows in Q2, with contributions from all
countries
- Strong net inflows in
India (+€9.4bn), positive flows in the 2
Chinese JVs
2 external operations signed since the start of the
year: Alpha Associates and partnership with Victory
Capital |
Paris, 26 July 2024
Amundi's Board of Directors, chaired by Philippe
Brassac, met on 25 July 2024 and approved the financial statements
for the first half and the second quarter of 2024.
Valérie Baudson, Chief Executive
Officer, stated:
“Amundi achieved very good performance in the second quarter of
2024, both in terms of activity, with net inflows of over +€15bn,
and financial results, with a net income up
+9%1 compared to the same period in
2023.
Since the beginning of the year, the
momentum of inflows has been particularly significant with our
Third-Party distributor clients as well as in Asia. The breadth of
our offering has been a major asset to meet the different needs of
our clients, whether through our active management solutions, in
particular fixed income, our structured products, or our passive
management funds.
Our assets under management reached a new
all-time high, at €2,156bn at end-June 2024.”
* * *
New strides in development
in line with the priorities of our 2025 Ambitions
plan
During the quarter, Amundi continued to
implement its 2025 Ambitions development plan, in accordance with
its strategic objectives:
- in
Asia, assets under management (AuM) increased by
+19% year-on-year, to €451bn, quadrupling from the time of Amundi's
listing in 2015; these assets under management now include nearly
€100bn in direct distribution, alongside the success of the JVs; H1
net inflows reached +€22bn, 10% of AuM annualised, distributed
between JVs at +€16bn and direct distribution at +€6bn. Amundi has
operations in most major countries in the region, and all of its
countries made positive contributions to H1 net inflows: India
(+€12bn), China (+€2bn), Hong Kong (+€3bn), South Korea (+€2bn),
Singapore (+€2bn) or Japan (+€2bn), to name the largest
contributors. Sales and marketing performance relies on major
distribution partnerships with top-tier local banks6 and
on trusting relationships with major institutions on the continent;
Amundi is rolling out its comprehensive range of expertise in both
active and passive solutions (including ETFs), as well as its
technology offering, with a first client signed in China;
- In
Third-Party Distribution, assets under management
grew by +18% year-on-year, to €359bn, now representing 55% of the
Retail segment (versus less than 20% at the time of listing in
2015, 40% in 2020). Despite risk aversion, net inflows exceeded
+€12bn over the half year (8% of annualised AuM), including
+€9bn in passive management and the return to positive net
inflows in active management. Net inflows were positive for all
markets: France, Italy, Germany, United Kingdom, Asia, United
States and the rest of the world;
- in real
assets, the closing the acquisition of Alpha Associates on
2 April made it possible to create Amundi-Alpha Associates, a
business line covering the Group's entire multi-asset range, and to
roll out this offering to institutional distribution teams; new
strategies are also being launched;
- in passive
management, assets grew by +23% year-on-year to €382bn, in
part thanks to net inflows of +€8.5bn in H1, of which +€9.5bn in
ETFs; the business line launched fixed maturity bond ETFs this
quarter and continues its development in fixed income ETFs (+€3.5bn
net inflows during H1), particularly the “Euro sovereign debt” ETF,
which collected +€2.2bn since its creation in June 2023, of which
+€0.7bn in the first half of 2024;
- Amundi
Technology benefited from accelerating investments,
bolstering its development; revenues grew by +22% H1/H1, and seven
new clients were signed over the halfyear;
- New
responsible investment funds have been added to
the broad range available, with the launch of an SRI ETF in
partnership with the Fondo Latinoamericano de Reservas (FLAR), and
the “Amundi Private Equity Just Transition7” impact fund
with Banque des Territoires.
- Finally, the
definitive agreement to establish a strategic partnership with
Victory Capital, a US asset manager, was signed on
8 July. The closing of the transaction is expected in early 2025;
it aims at creating a larger US investment platform to serve the
clients of both companies; Amundi would thus have a greater number
of US and global management expertise to offer its clients. The
transaction, which involves no disbursement of cash, is expected to
bring a low single-digit accretion for Amundi shareholders, with an
increase in the contribution of our US operations to the adjusted
net income and EPS.
Rising markets, but continued risk
aversion
The quarter was characterised by stabilisation
of the equity
markets8, down -0.7% between
the end of March and the end of June, following their rally during
the three previous quarters. Average equity market
levels8 thus grew by +16.2% year-on-year in Q2 2024
compared with the same quarter in 2023, and by +4.6% compared with
Q1 2024. Bond
markets9, on
the other hand, remained at the same levels,
continuing their roughly year-long stabilisation following the
swift paradigm shift and steep rise in rates that marked 2022 and
early 2023.
In comparison to the 2021 averages, which served
as a reference point for the 2025 Ambitions plan, the market effect
on revenues and net income is close to neutral.
The European asset management
market experienced a gradual recovery. The low volumes in
open-ended funds10, +€128bn in the second quarter,
continued to be driven by treasury products (+€39bn) and passive
management (+€71bn). The second quarter was nevertheless marked by
a return to slightly positive flows in MLT active management
(+€19bn).
Activity
High net inflows in MLT
assets11, in Asia and
for Third -Party Distributors
Amundi's assets under management at 30
June 2024 rose +9.9% year-on-year
(compared to end-June 2023) and +1.9%
quarter-on-quarter (compared to end-March 2024), to
€2,156bn, a historic high.
In the second quarter of 2024, the market and
forex effect amounted to +€16.6bn (+€141.6bn year-on-year),
with the integration of Alpha Associates on 2 April adding +€8bn in
assets under management and Amundi generating positive net
inflows of +€15.5bn, of which:
- strong
inflows of +€15.1bn in MLT
assets11,12,
relatively balanced between active management (+€8.0bn), structured
products and real and alternative assets (+€1.0bn) and passive
management (+€6.0bn including +€4.5bn in ETFs); active management
continued to record strong interest in fixed income strategies
(+€8.1bn), while active management solutions in equities and
multi-assets were close to flat;
- seasonal
outflows, -€11.2bn, in treasury
products12, with the second
quarter recording every year redemptions from corporate clients
related to the payment of their dividends;
- finally,
JVs13
continued their solid sales momentum, with net inflows of
+€11.6bn, reflecting a positive contribution from all
countries: India (SBI MF, +€9.4bn), but also China this quarter
(ABC-CA, +€2.0bn excluding Channel Business), and South Korea
(NH-Amundi, +€0.5bn) for the main players.
With regard to the JVs, it should be noted that
the EPFO pension fund mandate did not result in any outflows in the
second quarter; the request for proposals announced during the
publication of the first-quarter results has been, in our
understanding, postponed indefinitely.
By client segment,
Retail recorded net inflows of +€2.2bn, of
which +€1.7bn in MLT
assets14,
with contrasting developments from one sub-segment to
another:
- A very good quarter
for Third-Party Distributors, with total net
inflows (+€5.4bn), concentrated in passive strategies and treasury
products; active management also recorded slightly positive inflows
for the second quarter in a row;
-
French (-€2.4bn) and International
Networks excluding Amundi BOC WM (-€1.2bn), on the other
hand, saw their activity levels affected by risk aversion from
their clients, particularly due to competition from other savings
products with a low risk profile: regulated savings (Livret A) and
the return to attractive levels of returns for traditional life
insurance products in France, and the new government bond issues in
Italy (BTP Valore, €11bn issued in June, i.e. €29bn since the start
of the year); the Sabadell network, however, continued its positive
momentum (+€0.6bn);
- in
China, Amundi BOC WM posted positive net
inflows this quarter (+€0.4bn), thanks to an acceleration in
subscriptions to open-ended funds.
The Institutional segment also
recorded very positive net inflows in MLT
Assets14
(+€13.4bn) in all sub-segments: Employee
Savings plan (+€3.6bn), thanks to employee share ownership
transactions, CA & SG Insurers’ Mandates,
with +€3.4bn thanks to the turnaround of the traditional
life/Euro contracts market, and above all, Institutionals
& Sovereigns for +€6.3bn, including the acquisition of
an institutional mandate in multi-assets (+€6bn). On the other
hand, treasury products experienced strong
seasonal outflows (-€11.7bn), traditionally linked
to the dividend payment period resulting in a need for cash among
companies.
It should be noted that the Institutional
segment should be losing a large European insurance mandate by the
end of the year. This mandate of approximately €12bn generates low
revenues.
Results
Sustained growth in net income, which
reached a high level in both Q2 and H1
Adjusted
data15
In the second quarter of 2024, adjusted
net income15 reached
€350m, up +9.4% compared to the second quarter of 2023,
and +10.2% compared to the first quarter of 2024. This incorporates
for the first time Alpha Associates, the acquisition of which
was finalised in early April.
The rise in net income is essentially due to the
organic growth of revenues, amplified by operational efficiency,
which helped generate a positive jaws effect, and by the very
strong momentum of the Asian JVs. However, these results were
achieved in a context of continued risk aversion and inflation.
Adjusted net
revenues15 rose to
€887m, up +7.7% compared to the second quarter of 2023, and +7.7%
as well compared to the first quarter of 2024.
- Sustained growth
for net management fees, up +6.7% year-on-year to
€794m, reflect the positive business momentum and the growth of
average assets under management excluding JVs (+8.1% over the same
period);
- Performance
fees (€50m) were nearly unchanged compared to the Q2 2023
(€51m); they increased compared to Q1 2024 (€18m) due to the higher
level of crystallisation16 in the second quarter;
- At €17m,
Amundi Technology's revenues continued to grow
strongly (+10.1% compared to Q2 2023), confirming the development
of this activity;
- Finally,
net financial and other
income17 doubled to €26m
thanks to the positive effect of the rise in short-term rates for
the investment of net cash and the payment of dividends generated
by the investment portfolio.
The increase in operating
expenses17, +7.0% compared to
the second quarter of 2023 to €461m, remained below revenue growth
(+7.7%) over the same period; this increase is mainly attributable
to:
- the first-time
consolidation of Alpha Associates;
- provisions for
individual variable compensation, in line with the growth of
operating income;
- and finally,
accelerated investment in development initiatives in accordance
with the growth drivers of the 2025 Ambitions Plan, particularly
technology.
The residual increase in expenses following
these items is in line with observed inflation.
The positive jaws effect is reflected in the
improved cost-income ratio, still the best in the sector:
51.9% in adjusted data17, which benefited from
the seasonal effect on performance fees mentioned above, as it does
in every Q2.
Adjusted gross operating
income17 (GOI) reached
€426m, up +8.5% compared to Q2 2023 and
+10.8% compared to Q1 2024.
The share of net income of
equity-accounted companies, reflecting Amundi's share in
the net income of minority JVs in India (SBI MF), China (ABC-CA),
South Korea (NH-Amundi), and Morocco (Wafa Gestion), was up
+20.3% relative to Q2 2023, at €33m,
amount representing over 9% of adjusted net income, reflecting a
healthy level of activity in India and South Korea.
Adjusted net earnings per
share17 in the second
quarter of 2024 reached €1.71, an
increase of +9.0%.
Accounting data for the second
quarter of 2024
Net income, Group share amounted to
€333m and includes non-cash charges relating to
acquisitions, particularly the amortisation of intangible assets
related to distribution agreements and client contracts (-€24m
before tax, including new corresponding charges relating to Alpha
Associates; see details on p. 11), bringing the total to -€17m
after tax in Q2 2024.
Net earnings per share in the second
quarter of 2024 reached €1.63.
In the first half of 2024,
adjusted net income18
amounted to €668m, up +7.7%, reflecting the same
trends as in the second quarter:
- adjusted
net revenues18 increased by
+5.8% compared with H1 2023 to €1,711m, a reflection in both H1 and
Q2 of the sustained growth in net management fees and the sharp
rise in revenues for Amundi Technology (€35m, +21.7%) and net
financial and other income18 (€50m, +70.7%); performance
fees, on the other hand, were down -15.0% to €67m;
- the +5.3% growth of
net management fees is just below that of average assets under
management excluding JVs (+7.0%), reflecting a slight decline in
margins of 17.6 basis points in H1 2024, versus
17.7 basis points for the whole of the year 2023; this
erosion is attributable to unfavourable changes in the product mix,
in a context of risk aversion from clients;
- like for the
quarter, adjusted
expenses18 were under
stringent control and generated a positive jaws effect, with a
growth rate of +5.2% compared to H1 2023, versus +5.8% for adjusted
revenues18, at €900m; the adjusted cost-income
ratio18 was
52.6%.
Adjusted gross operating
income18 totalled
€811m, up +6.5% compared to the first half of
2023.
The share of net income of
equity-accounted companies is up +24.7% compared to the
first half of 2023 at €61m.
Adjusted net earnings per
share18 in the first
half of 2024 reached €3.26, up +7.3%
compared to the first half of 2023.
Accounting data for H1
2024
Net income, Group share stood at
€636m and includes non-cash charges relating to
acquisitions, particularly the amortisation of intangible assets
related to distribution agreements and client contracts (for the
first half, -€44m before tax, including new corresponding charges
relating to Alpha Associates; see details on p. 11), bringing
the total to -€32m after tax in the first half of 2024.
Net earnings per share in the first half
of 2024 amounted to €3.11.
-
A solid financial structure
Tangible shareholders’ equity19
amounted to €3.9bn at 30 June 2024, down slightly compared to
end-2023 given the payment of dividends (-€0.84bn) for FY 2023 and
the additional deduction from tangible shareholders’ equity of
goodwill and intangible assets related to the initial consolidation
of Alpha Associates (-€0.35bn), partially offset by net income for
the first half of the year.
Note: Fitch Ratings gave Amundi an A+ rating
with a stable outlook, the best in the sector.
***
Financial Communication
Calendar
- Publication of Q3
and 9M 2024 results: 30 October 2024
***
APPENDICES
Income statement for the first half of
the year
|
(€M) |
|
H1 2024 |
H1 2023 |
% chg
H1/H1 |
| |
|
|
|
|
|
Net revenue - Adjusted |
|
1,711 |
1,617 |
+5.8% |
|
Management fees |
|
1,560 |
1,481 |
+5.3% |
|
Performance fees |
|
67 |
79 |
-15.0% |
|
Technology |
|
35 |
29 |
+21.7% |
|
Net financial & other net income |
|
50 |
29 |
+70.7% |
|
Operating expenses - Adjusted |
|
(900) |
(856) |
+5.2% |
|
Cost income ratio - Adjusted (%) |
|
52.6% |
52.9% |
-0.3pp |
|
Gross operating income - Adjusted |
|
811 |
762 |
+6.5% |
|
Cost of risk & other |
|
(5) |
(3) |
+87.7% |
|
Equity-accounted companies |
|
61 |
49 |
+24.7% |
|
Income before tax - Adjusted |
|
868 |
808 |
+7.4% |
|
Corporate tax |
|
(201) |
(190) |
+6.0% |
|
Non-controlling interests |
|
1 |
2 |
-26.5% |
|
Net income, Group share - Adjusted |
|
668 |
620 |
+7.7% |
|
Amortisation of intangible assets after tax |
|
(32) |
(29) |
+8.5% |
|
Integration costs net of tax |
|
- |
- |
NM |
|
Net income, Group share |
|
636 |
591 |
+7.7% |
|
Earnings per share (€) |
|
3.11 |
2.90 |
+7.2% |
|
Earnings per share - Adjusted (€) |
|
3.26 |
3.04 |
+7.3% |
Second quarter income
statement
|
(€M) |
|
Q2 2024 |
Q2 2023 |
% chg
Q2/Q2 |
|
Q1 2024 |
% chg
Q2/Q1 |
| |
|
|
|
|
|
|
|
|
Net revenue - Adjusted |
|
887 |
823 |
+7.7% |
|
824 |
+7.7% |
|
Management fees |
|
794 |
744 |
+6.7% |
|
766 |
+3.7% |
|
Performance fees |
|
50 |
51 |
-1.8% |
|
18 |
NM |
|
Technology |
|
17 |
16 |
+10.1% |
|
18 |
-1.7% |
|
Net financial & other net income |
|
26 |
13 |
NM |
|
23 |
+13.0% |
|
Operating expenses - Adjusted |
|
(461) |
(430) |
+7.0% |
|
(439) |
+4.9% |
|
Cost income ratio - Adjusted (%) |
|
51.9% |
52.3% |
-0.3pp |
|
53.3% |
-1.4pp |
|
Gross operating income - Adjusted |
|
426 |
393 |
+8.5% |
|
385 |
+10.8% |
|
Cost of risk & other |
|
(5) |
(2) |
NM |
|
(0) |
NM |
|
Equity-accounted companies |
|
33 |
27 |
+20.3% |
|
29 |
+14.5% |
|
Income before tax - Adjusted |
|
454 |
418 |
+8.7% |
|
413 |
+9.9% |
|
Corporate tax |
|
(105) |
(99) |
+5.8% |
|
(97) |
+8.3% |
|
Non-controlling interests |
|
0 |
1 |
-62.2% |
|
1 |
-58.7% |
|
Net income, Group share - Adjusted |
|
350 |
320 |
+9.4% |
|
318 |
+10.2% |
|
Amortisation of intangible assets after tax |
|
(17) |
(15) |
+17.0% |
|
(15) |
+16.7% |
|
Integration costs net of tax |
|
- |
- |
NM |
|
- |
NM |
|
Net income, Group share |
|
333 |
305 |
+9.0% |
|
303 |
+9.9% |
|
Earnings per share (€) |
|
1.63 |
1.50 |
+8.6% |
|
1.48 |
+9.9% |
|
Earnings per share - Adjusted (€) |
|
1.71 |
1.57 |
+9.0% |
|
1.55 |
+10.2% |
Change in assets under management from
end-2020 to end-June
202420
|
(€bn) |
Assets under management |
Net
inflows |
Market &
forex effect |
Scope effect |
|
Change in AuM vs. previous quarter |
|
As of 31/12/2020 |
1,729 |
|
|
|
/ |
+4.0% |
|
Q1 2021 |
|
-12.7 |
+39.3 |
|
/ |
|
|
As of 31/03/2021 |
1,755 |
|
|
|
/ |
+1.5% |
|
Q2 2021 |
|
+7.2 |
+31.4 |
|
/ |
|
|
As of 30/06/2021 |
1,794 |
|
|
|
/ |
+2.2% |
|
Q3 2021 |
|
+0.2 |
+17.0 |
|
/ |
|
|
As of 30/09/2021 |
1,811 |
|
|
|
/ |
+1.0% |
|
Q4 2021 |
|
+65.6 |
+39.1 |
|
+14821 |
|
|
As of 31/12/2021 |
2,064 |
|
|
|
/ |
+14% |
|
Q1 2022 |
|
+3.2 |
-46.4 |
|
/ |
|
|
As of 31/03/2022 |
2,021 |
|
|
|
/ |
-2.1% |
|
Q2 2022 |
|
+1.8 |
-97.75 |
|
/ |
|
|
As of 30/06/2022 |
1,925 |
|
|
|
/ |
-4.8% |
|
Q3 2022 |
|
-12.9 |
-16.3 |
|
/ |
|
|
As of 30/09/2022 |
1,895 |
|
|
|
/ |
-1.6% |
|
Q4 2022 |
|
+15.0 |
-6.2 |
|
/ |
|
|
As of 31/12/2022 |
1,904 |
|
|
|
/ |
+0.5% |
|
Q1 2023 |
|
-11.1 |
+40.9 |
|
/ |
|
|
As of 31/03/2023 |
1,934 |
|
|
|
/ |
+1.6% |
|
Q2 2023 |
|
+3.7 |
+23.8 |
|
/ |
|
|
As of 31/06/2023 |
1,961 |
|
|
|
/ |
+1.4% |
|
Q3 2023 |
|
+13.7 |
-1.7 |
|
/ |
|
|
As of 30/09/2023 |
1,973 |
|
|
|
/ |
+0.6% |
|
Q4 2023 |
|
+19.5 |
+63.8 |
|
-20 |
|
|
As of 31/12/2023 |
2,037 |
|
|
|
/ |
+3.2% |
|
Q1 2024 |
|
+16.6 |
+63.0 |
|
/ |
|
|
As of 31/03/2024 |
2,116 |
|
|
|
/ |
+3.9% |
|
Q2 2024 |
|
+15.5 |
+16.6 |
|
+8 |
|
|
30/06/2024 |
2,156 |
|
|
|
|
+1.9% |
Total, one year, between 30 June 2023 and
30 June 2024: +9.9%
- Net inflows
+€65.3bn
- Market & foreign exchange
effects +€141.6bn
- Scope
effects -€12bn
(sale of Lyxor Inc. in Q4 2023, first-time consolidation of
Alpha Associates in Q2 2024)
Breakdown of Assets under management
& Net inflows by client
segments22
|
(€bn) |
AuM
30/06/2024 |
AuM
30/06/2023 |
% chg. vs. 30/06/2023 |
Q2 2024
inflows |
Q2 2023
inflows |
H1 2024
inflows |
H1 2023
inflows |
|
French networks |
133 |
127 |
+5.1% |
-2.4 |
+1.1 |
-0.9 |
+3.8 |
|
International networks |
165 |
158 |
+4.5% |
-0.8 |
-0.6 |
-2.8 |
-2.2 |
|
o/w Amundi BOC WM |
3 |
4 |
-15.9% |
+0.4 |
+0.0 |
+0.1 |
-2.8 |
|
Third-party distributors |
359 |
305 |
+17.6% |
+5.4 |
+1.6 |
+12.4 |
+2.0 |
|
Retail |
658 |
590 |
+11.4% |
+2.2 |
+2.1 |
+8.7 |
+3.6 |
|
Institutionals & Sovereigns (*) |
520 |
473 |
+10.0% |
+1.1 |
-4.5 |
+10.7 |
-3.5 |
|
Corporates |
108 |
101 |
+6.5% |
-3.9 |
+4.3 |
-8.1 |
-3.6 |
|
Employee savings plans |
90 |
83 |
+7.5% |
+3.8 |
+4.1 |
+2.9 |
+3.6 |
|
CA & SG insurers |
424 |
416 |
+2.0% |
+0.8 |
-1.5 |
+1.7 |
-5.7 |
|
Institutionals |
1,142 |
1,073 |
+6.4% |
+1.7 |
+2.4 |
+7.3 |
-9.3 |
|
JVs |
356 |
298 |
+19.8% |
+11.6 |
-0.9 |
+16.1 |
-1.7 |
|
Total |
2,156 |
1,961 |
+9.9% |
+15.5 |
+3.7 |
+32.1 |
-7.4 |
(*) including funds of funds
Breakdown of Assets under management
& Net inflows by asset
classes22
|
(€bn) |
AuM
30/06/2024 |
AuM
30/06/2023 |
% chg. vs. 30/06/2023 |
Q2 2024
inflows |
Q2 2023
inflows |
H1 2024
inflows |
H1 2023
inflows |
|
Equity |
515 |
439 |
+17.2% |
+3.2 |
-2.1 |
+0.7 |
-5.0 |
|
Multi-assets |
282 |
284 |
-0.6% |
+0.7 |
-3.9 |
-6.9 |
-11.1 |
|
Bonds |
706 |
621 |
+13.7% |
+10.1 |
+5.7 |
+24.0 |
+2.4 |
|
Real, alternative, and structured assets |
112 |
127 |
-11.4% |
+1.0 |
+2.5 |
+0.7 |
+3.5 |
|
MLT ASSETS excl. JVs |
1,616 |
1,471 |
+9.8% |
+15.1 |
+2.2 |
+18.5 |
-10.2 |
|
Treasury products excl. JVs |
184 |
192 |
-4.6% |
-11.2 |
+2.4 |
-2.5 |
+4.5 |
|
Assets excl. JVs |
1,800 |
1,664 |
+8.2% |
+3.9 |
+4.6 |
+16.0 |
-5.7 |
|
JVs |
356 |
298 |
+19.8% |
+11.6 |
-0.9 |
+16.1 |
-1.7 |
|
TOTAL |
2,156 |
1,961 |
+9.9% |
+15.5 |
+3.7 |
+32.1 |
-7.4 |
|
o/w MLT assets |
1,938 |
1,738 |
+11.5% |
+23.7 |
-0.7 |
+31.5 |
-12.0 |
|
o/w Treasury products |
218 |
223 |
-2.1% |
-8.3 |
+4.4 |
+0.6 |
+4.6 |
Breakdown of Assets under management
& Net inflows by types of management & asset
classes23
|
(€bn) |
AuM
30/06/2024 |
AuM
30/06/2023 |
% chg. vs. 30/06/2023 |
Q2 2024
flows |
Q2 2023
flows |
H1 2024
flows |
H1 2023
flows |
|
Active management |
1,122 |
1,033 |
+8.6% |
+8.0 |
-0.6 |
+9.3 |
-13.7 |
|
Equity |
207 |
189 |
+9.5% |
-0.4 |
+0.4 |
-3.1 |
-0.9 |
|
Multi-assets |
272 |
276 |
-1.4% |
+0.3 |
-4.3 |
-7.7 |
-11.8 |
|
Bonds |
643 |
569 |
+13.1% |
+8.1 |
+3.2 |
+20.2 |
-1.0 |
|
Structured products |
42 |
36 |
+16.0% |
+1.3 |
+2.0 |
+1.9 |
+3.1 |
|
Passive management |
382 |
311 |
+22.7% |
+6.0 |
+0.3 |
+8.5 |
+0.0 |
|
ETF & ETC |
237 |
190 |
+24.7% |
+4.5 |
+2.5 |
+9.5 |
+4.4 |
|
Index & Smart Beta |
144 |
121 |
+19.7% |
+1.5 |
-2.2 |
-1.0 |
-4.4 |
|
Real & alternative assets |
71 |
91 |
-22.1% |
-0.3 |
+0.5 |
-1.2 |
+0.4 |
|
Real assets |
67 |
66 |
+1.3% |
-0.1 |
+0.6 |
-0.3 |
+0.5 |
|
Alternative assets |
4 |
25 |
-83.0% |
-0.2 |
-0.1 |
-1.0 |
-0.1 |
|
MLT ASSETS excl. JVs |
1,616 |
1,471 |
+9.8% |
+15.1 |
+2.2 |
+18.5 |
-10.2 |
|
Treasury products excl. JVs |
184 |
192 |
-4.6% |
-11.2 |
+2.4 |
-2.5 |
+4.5 |
|
TOTAL ASSETS excl. JVs |
1,800 |
1,664 |
+8.2% |
+3.9 |
+4.6 |
+16.0 |
-5.7 |
|
JVs |
356 |
298 |
+19.8% |
+11.6 |
-0.9 |
+16.1 |
-1.7 |
|
TOTAL |
2,156 |
1,961 |
+9.9% |
+15.5 |
+3.7 |
+32.1 |
-7.4 |
|
o/w MLT assets |
1,938 |
1,738 |
+11.5% |
+23.7 |
-0.7 |
+31.5 |
-12.0 |
|
o/w Treasury products |
218 |
223 |
-2.1% |
-8.3 |
+4.4 |
+0.6 |
+4.6 |
Breakdown of Assets under management
& Net inflows by geographic
areas23
|
(€bn) |
AuM
30/06/2024 |
AuM
30/06/2023 |
% chg. vs. 30/06/2023 |
Q2 2024
flows |
Q2 2023
flows |
H1 2024
flows |
H1 2023
flows |
|
France |
971 |
907 |
+7.1% |
+0.0 |
-2.9 |
+10.0 |
-5.3 |
|
Italy |
207 |
200 |
+3.4% |
-1.8 |
+0.0 |
-2.9 |
-0.7 |
|
Europe excl. France & Italy |
406 |
356 |
+14.0% |
+0.1 |
+6.5 |
+4.1 |
+6.8 |
|
Asia |
451 |
377 |
+19.4% |
+15.4 |
+1.0 |
+22.3 |
-3.7 |
|
Rest of world |
121 |
120 |
+0.5% |
+1.7 |
-1.0 |
-1.3 |
-4.5 |
|
TOTAL |
2,156 |
1,961 |
+9.9% |
+15.5 |
+3.7 |
+32.1 |
-7.4 |
|
TOTAL outside France |
1,185 |
1,054 |
+12.4% |
+15.5 |
+6.6 |
+22.1 |
-2.1 |
Methodology Appendix
Accounting & adjusted
data
Accounting data - This
includes amortisation of intangible assets, booked under “other
revenues”, and since Q2 2024, other non-cash charges spread out
according to the payment schedule for the price adjustment up to
end-2029; these expenses are recognised as deductions from net
revenues, as financial expenses.
The aggregate amounts of these items are as
follows for the different fiscal years under review:
- Q1
2023: -€20m before tax and -€15m after tax
- Q2
2023: -€20m before tax and -€15m after tax
- H1
2023: -€41m before tax and -€29m after tax
-
2023: -€82M before tax and -€59m after tax
- Q1
2024: -€20M before tax and -€15m after tax
- Q2
2024: -€24m before tax and -€17m after tax
- H1
2024: -€44m before tax and -€32m after tax
No integration costs of any significant amount
were recognised in the second quarter, following the acquisition of
Alpha Associates
Adjusted data - To present
an income statement that more closely reflects the economic
reality, the following adjustments have been made: restatement of
amortisation relating to the distribution contracts with Bawag,
UniCredit and Banco Sabadell, the intangible assets corresponding
to the client contracts of Lyxor and, as from the second quarter of
2024, of Alpha Associates, as well as other non-cash charges
relating to the acquisition of Alpha Associates; these
amortisations and non-cash charges are recognised as a deduction
from net revenues.
Acquisition of Alpha
Associates
In accordance with IFRS 3, recognition in
Amundi’s balance sheet as of 01/04/2024:
- of goodwill
amounting to €290m;
- of an intangible
asset of €50m representing client contracts, which can be amortised
on a straight-line basis until end-2030;
- of a liability
representing an as-yet-unpaid conditional price adjustment of €160m
before tax, including an actuarial discount of -€30m, which will be
amortised over six years.
The recognition in the Group's income
statement:
- of amortisation of
the intangible asset for an expense of -€7.6m over a full year
(-€6.1m after tax)
- of other non-cash
charges spread out according to the payment schedule for the price
adjustment up to end-2029; these expenses are recognised as
deductions from net revenues, as financial expenses.
In Q2 2024, amortisation of the intangible asset
was -€1.9m before tax (-€1.5m after tax) and non-cash charges were
-€1.4m before tax (-€1.1m after tax). These expenses are the same
in H1 2024, as they did not come about until Q2.
Alternative Performance
Measures24
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data
excluding the amortisation of intangible assets and, as from the
second quarter of 2024, of Alpha Associates, as well as other
non-cash charges relating to the acquisition of Alpha
Associates.
Adjusted, standardized data reconciles with accounting data as
follows:
|
(€M) |
|
H1 2024 |
H1 2023 |
|
Q2 2024 |
Q2 2024 |
|
Q1 2024 |
| |
|
|
|
|
|
|
|
|
|
Net revenues (a) |
|
1,667 |
1,577 |
|
864 |
803 |
|
804 |
|
- Amortisation of intangible assets before tax |
|
(43) |
(41) |
|
(22) |
(20) |
|
(20) |
|
- other non-cash charges relating to Alpha Associates |
|
(1) |
0 |
|
(1) |
0 |
|
0 |
|
Net revenues - Adjusted (b) |
|
1,711 |
1,617 |
|
887 |
823 |
|
824 |
| |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(900) |
(856) |
|
(461) |
(430) |
|
(439) |
|
- Integration costs before tax |
|
- |
- |
|
- |
- |
|
- |
|
Operating expenses - Adjusted (d) |
|
(900) |
(856) |
|
(461) |
(430) |
|
(439) |
| |
|
|
|
|
|
|
|
|
|
Gross operating income (e) = (a) + (c) |
|
767 |
721 |
|
403 |
373 |
|
364 |
|
Gross operating income - Adjusted (f) = (b) +
(d) |
|
811 |
762 |
|
426 |
393 |
|
385 |
|
Cost-income ratio (%) -(c)/(a) |
|
54.0% |
54.3% |
|
53.4% |
53.6% |
|
54.6% |
|
Cost-income ratio - Adjusted (%) -(d)/(b) |
|
52.6% |
52.9% |
|
51.9% |
52.3% |
|
53.3% |
|
Cost of risk & other (g) |
|
(5) |
(3) |
|
(5) |
(2) |
|
(0) |
|
Equity-accounted companies (h) |
|
61 |
49 |
|
33 |
27 |
|
29 |
|
Income before tax (i) = (e) + (g) + (h) |
|
824 |
767 |
|
431 |
398 |
|
393 |
|
Income before tax - Adjusted (j) = (f) + (g) +
(h) |
|
868 |
808 |
|
454 |
418 |
|
413 |
|
Income tax (k) |
|
(189) |
(178) |
|
(98) |
(93) |
|
(91) |
|
Income tax - Adjusted (l) |
|
(201) |
(190) |
|
(105) |
(99) |
|
(97) |
|
Non-controlling interests (m) |
|
1 |
2 |
|
0 |
1 |
|
1 |
|
Net income, Group share (o) = (i)+(k)+(m) |
|
636 |
591 |
|
333 |
305 |
|
303 |
Net income, Group share - Adjusted
(p) = (j)+(l)+(m) |
|
668 |
620 |
|
350 |
320 |
|
318 |
|
|
|
|
|
|
|
|
|
|
|
Bénéfice par action (€) |
|
3.11 |
2.90 |
|
1.63 |
1.50 |
|
1,48 |
|
Bénéfice par action - ajusté (€) |
|
3.26 |
3.04 |
|
1.71 |
1.57 |
|
1.55 |
Shareholding
|
|
30 June 2023 |
31 December 2023 |
30 June 2024 |
|
|
|
|
|
|
|
Number
of shares |
%
capital |
Number
of shares |
%
of share capital |
Number
of shares |
%
of share capital |
|
Crédit Agricole Group |
141,057,399 |
69.19% |
141,057,399 |
68.93% |
141,057,399 |
68.93% |
|
Employees |
2,319,318 |
1.14% |
2,918,391 |
1.43% |
2,879,073 |
1.41% |
|
Treasury shares |
1,315,690 |
0.65% |
1,247,998 |
0.61% |
963,625 |
0.47% |
|
Free float |
59,167,724 |
29.02% |
59,423,846 |
29.04% |
59,747,537 |
29.20% |
|
|
|
|
|
|
|
|
|
Number of shares at end of period |
203,860,131 |
100.0% |
204,647,634 |
100.0% |
204,647,634 |
100.0% |
|
Average number of shares year-to-date |
203,860,131 |
- |
204,201,023 |
- |
204,647,634 |
- |
|
Average number of shares quarter-to-date |
203,860,131 |
- |
204,647,634 |
- |
204,647,634 |
- |
- Average number of
shares on a pro-rata basis.
- The average number
of shares was stable between Q1 2024 and Q2 2024, increased by
+0.4% between Q2 2023 and Q2 2024 as well as between H1 2023 and H1
2024
- A 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. As of 30 June 2024, this
portion was 1.41%.
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players25, 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 €2.15
trillion of assets26.
With its six international investment
hubs27, 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 5,500 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 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 32 26 96
corentin.henry@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
DISCLAIMER:
This document does not constitute an offer or
invitation to sell or purchase, or any solicitation of any offer to
purchase or subscribe for, any securities of Amundi in the United
States of America. Securities may not be offered, subscribed or
sold in the United States of America absent registration under the
U.S. Securities Act of 1933, as amended (the "U.S. Securities
Act"), except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements thereof. The
securities of Amundi have not been and will not be registered under
the U.S. Securities Act and Amundi does not intend to make a public
offer of its securities in the United States of America. This
document does not constitute an offer or invitation to sell or
purchase, or any solicitation of any offer to purchase or subscribe
for, any securities of Amundi in France and Amundi does not intend
to make a public offer of its securities in France.
This document 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.
Such forward-looking information includes
projections and financial estimates that are derived from scenarios
based on a number of economic assumptions in a given competitive
and regulatory environment, considerations relating to projects,
objectives and expectations in connection with events and
operations, transactions (including the proposed transaction
between Amundi and Victory Capital), future products and services
and on assumptions in terms of future performance and synergies. By
their very nature, they are therefore subject to known and unknown
risks and uncertainties, which could lead to the non-fulfillment of
the forward-looking items mentioned, including, with regard to the
proposed transaction between Amundi and Victory Capital, risks that
the conditions to completion will not be satisfied and that the
transaction will not be completed on schedule, or at all; risks
relating to the expected benefits or impact of the proposed
transaction on Victory Capital's and Amundi's respective
businesses, including the ability to realize expected synergies;
and other risks and factors relating to Victory's and Amundi's
respective businesses contained in their respective public filings.
Consequently, no assurance can be given that these projections and
estimates will materialize, and Amundi's financial position and
results could differ materially from those projected or implied in
the forward-looking information contained in this press release.
Amundi does not undertake any obligation to publicly update or
revise any forward-looking statements made as of the date of this
document. More detailed information on the risks that could affect
Amundi's financial position and results can be found in the "Risk
Factors" section of our Registration Document filed with the French
Autorité des marchés financiers under number D.24-0302 on 18 April
2024.
Readers are advised to consider all of these
risks and uncertainties before forming their own
judgement.
The figures presented have been subject to a
limited review from the statutory auditors and have been prepared
in accordance with IFRS as adopted by the European Union and
applicable at that date, and with prudential regulations in force
to date. Unless otherwise stated, the sources of the rankings and
market positions are internal. The information contained in this
document, to the extent that it relates to entities other than
Amundi, or is derived from external sources, has not been reviewed
by any supervisory authority, nor more generally been independently
verified, and no representation or undertaking is given as to, and
no reliance should be placed on, the accuracy, truthfulness or
completeness of any information or opinions contained in this
document. Neither Amundi nor its representatives may be held liable
for any decision taken or negligence or for any loss which may
result from the use of this presentation or its contents or
anything relating to them or to any document or information to
which it may refer.
The sum of the values shown in the tables and
analyses may differ slightly from the reported total due to
rounding.
1
Net
income, Group share
2
Growth
of adjusted net income, Group share in Q2 2024 vs. Q2
2023
3
Adjusted
data: excluding amortisation of intangible assets
related to distribution agreements and client contracts,
and other non-cash charges relating to the acquisition of Alpha
Associates, recorded under net financial income (see
note p. 11)
4
Medium/Long-Term
Assets
5
Excluding
JVs
6
SBI in
India, ABC and BOC in China, NH in South Korea,
Resona in Japan, Standard Chartered in 13 Asian and
African countries, DBS in Singapore, etc.
7
Investments
in SMEs offering decarbonisation solutions with a
social inclusion project, with an IRR target of 12% to
14%.
8
Quarterly
averages, composite index (50% MSCI World + 50%
Eurostoxx 600) for equity markets
9
Quarterly
averages, Bloomberg Euro Aggregate for bond markets
10
Sources:
Morningstar FundFile, ETFGI. European &
cross-border open-ended funds (excluding mandates
and dedicated funds). Data as of end of June 2024.
11
Medium/Long-Term
Assets
12
Excluding
JVs
13
Net
inflows, including assets under advisory and marketed assets and
funds of funds, and taking into account 100% of the net inflows of
the JVs in Asia; for Wafa
Gestion in Morocco, the net inflows are reported in proportion
to Amundi’s holding in the capital of the
JV
14
Medium/Long-Term
Assets
15
Adjusted
data: excluding the amortisation of intangible
assets related to distribution agreements and client contracts,
and other non-cash charges relating to the acquisition of
Alpha Associates, recorded under net financial income (see
note p. 11)
16
Fund
anniversary dates resulting in the recognition of these
fees
17
Adjusted
data: excluding the amortisation of intangible
assets related to distribution agreements and client contracts,
and other non-cash charges relating to the acquisition of
Alpha Associates, recorded under net financial income (see note
p. 11)
18
Adjusted
data: excluding amortisation of intangible assets
related to distribution agreements and client contracts, and other
non-cash charges relating to the acquisition of Alpha Associates,
recorded under net financial income (see note p.
11)
19
Shareholders’
equity after deduction of goodwill and intangible assets
20
Assets
under management and net inflows including assets under advisory
and marketed assets and funds of funds, and taking into account
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
Lyxor,
integrated on 31/12/2021
22
Assets
under management and net inflows including assets under advisory
and marketed assets and funds of funds, and taking into account
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; as of 01/01/2024,
reclassification into Bonds of short-term bond strategies (€30bn
in AuM) previously classified as Treasury
products until 31/12/2023; the assets and net flows up to that date
have not been reclassified in these tables
23
Assets
under management and net inflows including assets under advisory
and marketed assets and funds of funds, and taking into account
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; as of 01/01/2024,
reclassification into Bonds of short-term bond strategies (€30bn
in AuM) previously classified as Treasury
products until 31/12/2023; the assets and net flows up to that date
have not been reclassified in these tables
24
See
also section 4.3 of Amundi Group’s 2023 Universal
Registration Document filed with the AMF on 15 April 2024
25 Source:
IPE “Top 500 Asset Managers” published in June
2024, based on assets under management as at
31/12/2023
26 Amundi
data at 30/06/2024
27 Boston,
Dublin, London, Milan, Paris and Tokyo
- Amundi PR results Q2&H1 2024_vdef (3)
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