Amundi: First Quarter 2024 Results
Amundi: First Quarter 2024
Results
Assets under management at an all-time
highHealthy inflows of +€17bn, net
income1,2
up +6% Q1/Q1
|
Net income Growth |
|
High level of adjusted net
income1,2
Q1 2024: €318m, +5.9% Q1/Q1
- Driven by the growth
of net management fees: +4.0% Q1/Q1
- Combined with cost
control
-
Cost-income ratio of 53.3%2, at
the best level in the industry
|
|
|
|
|
|
High & Diversified Net
inflows |
|
Record level assets under management: €2,116bn as
of 31 March 2024, +9.4% year-on-yearNet
inflows Q1 2024: +€16.6bn
-
Balanced by main client segments, expertise and
geographies
-
Positive in active management, driven by bond
solutions
|
|
|
|
|
|
Continuing Development |
|
Development in line with the priorities of the 2025
Strategic Ambitions plan:
- Third party
Distribution: net inflows +€7bn
- Passive
management: +€5.0bn of inflows in ETFs
- Asia:
AuM of €422bn, +6% over the quarter, very diversified inflows
between the main countries of the zone
-
Technology & services: Amundi Technology
revenue +36% Q1/Q1, 61 clients (+4 in Q1)
|
|
|
|
|
|
Two Value-creating
Operations |
|
Closing on 2 April, ahead of schedule, of the
acquisition of Alpha Associates, a specialist in
the multi-management of private assets (private debt,
infrastructures, private equity)Signing on April
15 of a strategic partnership memorandum of
understanding3 in the US with Victory
Capital |
Paris, 26 April 2024
The Board of Directors of Amundi met on
25 April 2024 under the chairmanship of Philippe Brassac and
approved the financial statements for the first quarter of
2024.
Valérie Baudson, Chief Executive
Officer, stated:
“We had a particularly intense start to the
year, both in terms of sales momentum and the development according
to our strategic priorities. We were able to combine organic and
external growth, in line with our 2025 Strategic Ambitions
plan.
Our net inflows, which reached +€17 billion, are
very balanced across the main client segments, expertise and
geographies. This shows the good positioning of our range of
solutions, which allows us to respond effectively to the needs of
our clients. Our assets under management reached their highest
level ever, at more than €2,100bn.
This activity is also reflected in our
profitability: the net income1,2 for the first quarter, at €318m,
is up +6% year-on-year, driven by the increase of our net
management fees and the control of our costs.
Finally, two external growth operations that are
significant for our future development mark the beginning of the
year. The acquisition of Alpha Associates is now finalised, three
months ahead of schedule. Starting in the second quarter, our
clients will therefore benefit from new high-performance solutions
in the multi-management of private assets. Secondly, the
partnership3 with the US manager Victory Capital will strengthen
our presence in the United States and our US asset management
expertise. It also brings strong value creation for our clients and
our shareholders.
These initiatives, combined with our sustained
organic investments, are promising for our future business and
results.”
Highlights of the First Quarter of
2024
Rising markets, but a European asset
management market that is still slowing down
Since the beginning of 2024, both
equity4 and
bond5 markets extended
their rally of the end of 2023. Year-on-year, they gained +14.5%
and +4.2% respectively in average value for Q1 2024, compared to
the same quarter last year.
However, investors remain strongly risk-averse
in the asset management market in Europe, which is
reflected by an idling of inflows in open-ended funds6, at +€90bn
in the first quarter, down slightly compared to Q4 2023 (+€104bn).
As in the previous quarter, net inflows were mainly driven by
treasury products (+€28bn) and passive management (+€68bn), while
net flows in medium-long term active management remained negative
(-€6bn).
Amundi continues its development, both
organic and through value-creating external operations
The beginning of the year was marked by two
important external operations:
- The acquisition of
Alpha Associates, announced7 at the publication of
the annual results in early February, was finalised on 2 April.
Alpha will be integrated starting in the second quarter, with
assets under management reaching €9 billion at the end of
March 2024; this operation strengthens our expertise and creates a
European leader in the field of multi-management of private assets,
whose solutions can be distributed to Amundi’s large institutional
client base and adapted to the needs of Retail clients. The
revenue synergies related to this acquisition are expected to
exceed €20 million in the fifth year; the operation should
generate a return on investment of more than 13% after 3
years.
- A memorandum
of3understanding7 was signed on 15 April with Victory
Capital, a US asset manager, to establish a strategic
partnership aimed at combining Amundi’s activities in the United
States into Victory Capital, in exchange for a 26.1% economic stake
for Amundi in Victory Capital and 15-year reciprocal international
distribution agreements ; the merger of Amundi US and Victory
Capital would create a larger US investment platform serving the
clients of both companies; Amundi would thus have a greater number
of US and global management expertise to offer its clients, while
Victory Capital would expand its capacities to distribute its
products outside the United States. The transaction is expected to
be accretive for Amundi shareholders, with an increase of the
adjusted net income and EPS.
These operations aim to accelerate the
Group’s organic development, which reached new milestones
in the first quarter:
- In
Asia, assets under management increased sharply, by +6% in
the quarter alone, reaching €422bn, with net inflows of
+€6.8bn from Asian JVs (+€4.4bn, in particular in
India and Korea), and also from the other countries where Amundi is
located (China, Hong Kong, Singapore, Japan) for +€2.4bn;
- Contrary to the
trend in the European fund market, Amundi’s active
management8 showed positive inflows in the first quarter,
at +€1.3bn, excluding JVs, thanks to a very good sales momentum in
bond strategies: +€12.0bn, excluding JVs, in particular on Target
Maturity funds (+€3.5bn);
- Passive
management recorded strong net inflows in ETFs
(+€5.0bn), bringing assets under management to €227bn at the end of
March 2024, with, once again, good net inflows in fixed income ETFs
(+€1.6bn);
- Third-party
Distribution recorded its highest level of activity in two
years, with net inflows of +€7.0bn, with assets under management
now reaching €345bn, i.e., more than 53% of the Retail segment;
- Amundi
Technology saw its revenues increase by +35.7%
year-on-year, with 61 clients at the end of March
2024 (+4 in Q1);
- Lastly, in
Responsible Investment, Amundi’s subsidiary CPR AM
launched the first thematic strategy on biodiversity with major
institutional players; this first fund will allow the roll-out in
2024 of new strategies on this theme for retail clients; Amundi
also launched, with IFC, a World Bank subsidiary, a fund for the
development of Sustainable Bonds markets in emerging countries:
nearly €0.5bn was mobilised with major institutional clients; this
initiative confirms Amundi’s position as one of the world’s leaders
in blended finance projects on post-project transition issues
carried out with supranational agencies, IFC, EIB or AIIB.
-
Activity
High and diversified inflows, by main
client segments, geographies and types of management
As of 31 March 2024,
assets managed by Amundi reached their highest
level ever, at €2.116 trillion, up +9.4%
year-on-year (compared with the end of March 2023) and up
+3.9% over the quarter. They are driven by market dynamics, a
positive foreign exchange effect, as well as net
inflows, which reached +€53.5bn over 12
months to the end of March 2024.
In Q1 2024, Amundi generated
high net inflows of +€16.6bn, balanced by
main client segments, by expertise and by geography, a
sign of the success of Amundi’s expertise across its whole range of
solutions.
By client segments, net inflows
reached +€6.5bn for Retail, +€5.6bn for the Institutional segment
and + €4.5bn for JVs.
- The Retail
segment benefits from the strong sales momentum of
Third-Party Distributors, at
+€7.0bn, including + €5.0bn in MLT Assets, driven
by ETFs and actively-managed bond solutions. The French
Networks also records positive net flows of +€1.5bn,
thanks to treasury products. Conversely, the net outflows in
International Retail Networks (-€1.9bn) are due to
withdrawals on the Italian networks, in line with market trends,
and despite good net inflows in Sabadell network in Spain.
- The
Institutional segment is also diversified: net
inflows are driven by treasury products (+€3.9bn), despite the
seasonal outflows of Corporates, and it is also positive for MLT
Assets (+€1.7bn). In this category, net inflows reached +€3.4bn for
the Institutionals & Sovereigns segment, despite the exit on a
low margin index mandate for -€5bn.
-
JVs continue to show a high level of overall net
inflows thanks to India (SBI MF, +€2.9bn), and South Korea
(NH-Amundi +€1.5bn). Our JV in China with ABC (ABC-CA -€0.1bn)
confirms its stabilisation and returns to balance.
By major asset classes and excluding
JVs, treasury products (+€8.7bn) benefit
from the attraction of high short-term interest rates. MLT
Assets9 (+€3.4bn) also
experienced a good level of inflows, balanced by types of
management:
- Passive
management (+€2.5bn) benefited from the good momentum on
ETFs (+€5.0bn); inflows in index and smart beta products were also
satisfactory, but recorded a negative quarter due to the exit on
the index mandate mentioned above;
- Active
management, structured products, real and alternative assets
(+€0.9bn) resisted well, in a European open-ended fund
market showing net outflows; as in previous quarters, fixed income
expertise (+€12.0bn) and structured products (+€0.6bn) were
favoured by investors, while equities, multi-assets, real estate
and liquid alternative funds registered net outflows.
Finally, by geography, Europe
collected net inflows of +€12.8bn, Asia +€6.8bn and the Americas
+€1.0bn.
-
First Quarter 2024 Results
Net
Income10,,11
up +6% Q1/Q1 to €318m
Profitability at a high level in
Q1
Adjusted
data11
In Q1 2024, the adjusted net
income11 reached €318m, up +5.9% compared
to Q1 2023. This growth was fuelled by a significant
increase in revenues, up +3.8% compared to Q1 2023, to
€824m:
- Net
management fees experienced a high growth of +4.0%
compared to Q1 2023, driven by the increase in average assets under
management (excluding JVs) of +5.9%, in a context of market
appreciation; net inflows were nevertheless concentrated on less
risky products;
- Performance
fees went down to €18m;
- Technology
revenues, up +35.7% to
€18m, benefited from the addition of new clients over the past
year (+10), and the increase in license fees;
- finally,
net financial income rose very
strongly, by +43.1% to €23m, driven by the
increase in short term rates, which gained +130bp12 between Q1 2023
and Q1 2024.
Operating
expenses11 (€439m) remained controlled,
at +3.3% compared to Q1 2024, below the growth in revenues over the
same period (+3.8%), thus giving rise to a positive jaws effect.
The continuous productivity efforts have absorbed the acceleration
in investments for the development of Amundi Technology.
This jaws effect results in an improvement in
the cost-income ratio, at the best level in the sector at
53.3%11.
It also translates into an acceleration in the
growth of Adjusted Gross Operating
Income11 (GOI), up
+4.4% compared to Q1 2023, to
€385m.
Income from equity-accounted companies,
at €29m, also increased, by +30.2%
compared to Q1 2023, mainly thanks to the continued strong growth
of our JV in India.
Adjusted Net Earnings per
Share11 reached €1.55 in
Q1 2024.
Accounting data for Q1 2024
Net income, Group share, amounted to
€303m and included the amortisation of intangible
assets (client contracts related to the Lyxor acquisition and
distribution contracts related to previous operations), i.e. -€15m
after tax.
Accounting Net Earnings per Share in Q1
2024 reached €1.47.
***
APPENDICES
Change in assets under management from
the end of 2020 to the end of December
202313
|
(€bn) |
Assets under management |
NetInflows |
Market and foreign
exchangeeffect |
Scope effect |
|
Variation 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 |
|
+14814 |
|
|
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 30/06/2023 |
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 |
|
-20.0 |
|
|
As of 31/12/2023 |
2,037 |
|
|
|
/ |
+3.2% |
|
Q1 2024 |
|
+16.6 |
+63.0 |
|
/ |
|
|
As of 31/03/2024 |
2,116 |
|
|
|
/ |
+3.9% |
Total one year between 31 March 2023 and 31
March 2024: +9.4%
- Net
inflows +€53.5bn
- Market & foreign exchange
effects
+€148.8 bn
- Scope
effect -€20.0bn
(sale of Lyxor Inc)
Breakdown of AuM & net inflows by
client segments15
|
(€bn) |
AuM as of 31/03/2024 |
AuM as of 31/03/2023 |
% var./ 31/03/2023 |
Inflows Q1 2024 |
Inflows Q1 2023 |
|
French networks |
137 |
124 |
+10.1% |
+1.5 |
+2.7 |
|
International networks |
165 |
157 |
+4.8% |
-2.0 |
-1.6 |
|
o/w Amundi BOC WM |
3 |
4 |
-29.6% |
-0.2 |
-2.8 |
|
Third-party distributors |
345 |
296 |
+16.5% |
+7.0 |
+0.4 |
| |
|
|
|
|
|
|
Retail |
647 |
578 |
+11.9% |
+6.5 |
+1.5 |
|
Institutional & Sovereigns (*) |
511 |
472 |
+8.2% |
+9.7 |
+1.0 |
|
Corporates |
108 |
96 |
+12.4% |
-4.2 |
-7.9 |
|
Employee savings plans |
90 |
79 |
+14.2% |
-0.9 |
-0.6 |
|
CA & SG insurers |
427 |
416 |
+2.7% |
+1.0 |
-4.3 |
| |
|
|
|
|
|
|
Institutional investors |
1,137 |
1,064 |
+6.9% |
+5.6 |
-11.7 |
|
JVs |
332 |
292 |
+13.7% |
+4.5 |
-0.8 |
|
Total |
2,116 |
1,934 |
+9.4% |
+16.6 |
-11.1 |
(*) Including funds of funds
Breakdown of assets & net inflows by
asset classes15
|
(€bn) |
AuM as of 31/03/2024 |
AuM as of 31/03/2023 |
% var./ 31/03/2023 |
Inflows Q1 2024 |
Inflows Q1 2023 |
|
Equities |
505 |
425 |
+18.7% |
-2.6 |
-2.9 |
|
Multi-assets |
280 |
286 |
-2.2% |
-7.6 |
-7.2 |
|
Bonds16 |
700 |
616 |
+13.6% |
+13.9 |
-3.2 |
|
Real, alternative, and structured assets |
107 |
125 |
-15.1% |
-0.3 |
+0.9 |
| |
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,591 |
1,453 |
+9.5% |
+3.4 |
-12.4 |
|
Treasury products excl.
JVs16 |
193 |
189 |
+2.3% |
+8.7 |
+2.1 |
| |
|
|
|
|
|
|
Assets excl. JVs |
1,784 |
1,642 |
+8.7% |
+12.1 |
-10.3 |
|
JVs |
332 |
292 |
+13.7% |
+4.5 |
-0.8 |
|
TOTAL |
2,116 |
1,934 |
+9.4% |
+16.6 |
-11.1 |
|
o/w MLT assets |
1,892 |
1,716 |
+10.2% |
+7.7 |
-11.3 |
|
o/w Treasury products |
224 |
218 |
+3.2% |
+8.9 |
+0.3 |
Breakdown of AuM & net inflows by
type of management and asset
classes17
|
(€bn) |
AuM as of 31/03/2024 |
AuM as of 31/03/2023 |
% var./ 31/03/2023 |
Inflows Q1 2024 |
Inflows Q1 2023 |
|
Active management |
1,117 |
1,027 |
+ 8.7% |
+1.3 |
-13.1 |
|
Equities |
209 |
183 |
+13.9% |
-2.8 |
-1.3 |
|
Multi-assets |
270 |
278 |
-3.1% |
-8.0 |
-7.6 |
|
Bonds18 |
639 |
566 |
+12.8% |
+12.0 |
-4.2 |
| |
|
|
|
|
|
|
Structured products |
41 |
33 |
+22.0% |
+0.6 |
+1.1 |
|
Passive management |
368 |
301 |
+22.4% |
+2.5 |
-0.2 |
|
ETF & ETC |
227 |
181 |
+25.5% |
+5.0 |
+1.9 |
|
Index & Smart beta |
140 |
119 |
+17.6% |
-2.5 |
-2.2 |
| |
|
|
|
|
|
|
Real and Alternative assets |
66 |
92 |
-28.6% |
-0.9 |
-0.1 |
|
Real assets |
61 |
66 |
-7.3% |
-0.2 |
-0.1 |
|
Alternative assets |
4 |
26 |
-82.7% |
-0.7 |
-0.0 |
| |
|
|
|
|
|
|
MLT ASSETS excl. JVs |
1,591 |
1,453 |
+9.5% |
+3.4 |
-12.4 |
|
Treasury products excl.
JVs18 |
193 |
189 |
+2.3% |
+8.7 |
-2.1 |
| |
|
|
|
|
|
|
TOTAL ASSETS excluding JVs |
1,784 |
1,642 |
+8.7% |
+12.1 |
-10.3 |
|
JVs |
332 |
292 |
+13.7% |
+4.5 |
-0.8 |
|
TOTAL |
2,116 |
1,934 |
+9.4% |
+16.6 |
-11.1 |
|
o/w MLT assets |
1,892 |
1,716 |
+10.2% |
+7.7 |
-11.3 |
|
o/w Treasury products |
224 |
218 |
+3.2% |
+8.9 |
+0.3 |
Breakdown of AuM & net inflows by
geographic areas17
|
(€bn) |
AuM as of 31/03/2024 |
AuM as of 31/03/2023 |
% var./ 31/03/2023 |
Inflows Q1 2024 |
Inflows Q1 2023 |
|
France |
978 |
903 |
+8.3% |
+10.0 |
-2.4 |
|
Italy |
208 |
197 |
+5.1% |
-1.1 |
-0.7 |
|
Europe excl. France & Italy |
391 |
343 |
+14.2% |
+4.0 |
+0.3 |
|
Asia |
422 |
371 |
+13.8% |
+6.8 |
-4.8 |
|
Rest of world |
117 |
120 |
-2.3% |
-3.0 |
-3.4 |
| |
|
|
|
|
|
|
TOTAL |
2,116 |
1,934 |
+9.4% |
+16.6 |
-11.1 |
|
TOTAL excl. France |
1,138 |
1,031 |
+10.4% |
+6.6 |
-8.6 |
Adjusted income
statement19 for the First Quarter
2024
|
(€M) |
|
Q1 2024 |
Q1 2023 |
% var.Q1/Q1 |
|
Q4 2023 |
% var.Q1/Q4 |
| |
|
|
|
|
|
|
|
|
Adjusted net revenues |
|
824 |
794 |
+3.8% |
|
806 |
+2.2% |
|
Net management fees |
|
766 |
736 |
+4.0% |
|
723 |
+5.9% |
|
Performance fees |
|
18 |
28 |
-38.3% |
|
34 |
-48.7% |
|
Technology |
|
18 |
13 |
+35.7% |
|
18 |
-0.1% |
|
Financial income & other income |
|
23 |
16 |
+43.1% |
|
32 |
-27.2% |
|
Adjusted operating expenses |
|
(439) |
(425) |
+3.3% |
|
(426) |
+3.1% |
|
Adjusted cost-income ratio (%) |
|
53.3% |
53.6% |
-0.3pp |
|
52.8% |
+0.5pp |
|
Adjusted gross operating income |
|
385 |
369 |
+4.4% |
|
381 |
+1.1% |
|
Cost of risk & others |
|
(0) |
(1) |
-75.8% |
|
(2) |
-93.9% |
|
Equity-accounted companies |
|
29 |
22 |
+30.2% |
|
29 |
-0.9% |
|
Adjusted income before tax |
|
413 |
390 |
+5.9% |
|
407 |
+1.5% |
|
Corporate tax |
|
(97) |
(91) |
+6.2% |
|
(96) |
+0.1% |
|
Non-controlling interests |
|
1 |
1 |
+20.4% |
|
2 |
-65.0% |
|
Adjusted Net Income Group Share |
|
318 |
300 |
+5.9% |
|
313 |
+1.4% |
|
Adjusted earnings per share (€) |
|
1.55 |
1.47 |
+5.5% |
|
1.53 |
+1.4% |
Methodology Appendix
Accounting and adjusted
data
- Accounting
data - this includes the amortisation of intangible
assets.
- Adjusted
data - in order to present a profit and loss account
closer to the economic reality, the following adjustments are made:
restatement of the amortisation of the distribution contracts with
Bawag, UniCredit and Banco Sabadell, and of the intangible asset
representing Lyxor’s client contracts, recorded as a deduction from
net income.
In the accounting data, amortisation of
distribution contracts and intangible assets representing Lyxor’s
client contracts:
- Q1 2023: -€20m
before tax and -€15m after tax
- Q4 2023: -€20m
before tax and -€15m after tax
- 2023: -€82m before
tax and -€59m after tax
- Q1 2024: -€20m
before tax and -€15m after tax
Alternative Performance
Indicators20
In order to present a profit and loss account
closer to the economic reality, Amundi publishes adjusted data that
excludes the amortisation of intangible assets.The adjusted,
normalised data is reconciled with the accounting data as
follows:
|
(€m) |
|
Q1 2024 |
Q1 2023 |
|
Q4 2023 |
| |
|
|
|
|
|
|
Net revenues (a) |
|
804 |
773 |
|
786 |
|
- Amortisation of intangible assets before tax |
|
(20) |
(20) |
|
(20) |
|
Adjusted net revenues (b) |
|
824 |
794 |
|
806 |
| |
|
|
|
|
|
|
Operating expenses (c) |
|
(439) |
(425) |
|
(426) |
|
- Pre-tax integration costs |
|
0 |
0 |
|
0 |
|
Adjusted operating expenses (d) |
|
(439) |
(425) |
|
(426) |
| |
|
|
|
|
|
|
Gross Operating income (e) = (a) + (c) |
|
364 |
348 |
|
360 |
|
Adjusted gross operating income (f) = (b) +
(d) |
|
385 |
369 |
|
381 |
| |
|
|
|
|
|
|
Cost-income ratio (%) -(a)/(c) |
|
54.6% |
55.0% |
|
54.2% |
|
Adjusted cost-income ratio (%) -(d)/(b) |
|
53.3% |
53.6% |
|
52.8% |
| |
|
|
|
|
|
|
Cost of risk & others (g) |
|
(0) |
(1) |
|
(2) |
|
Equity-accounted companies (h) |
|
29 |
22 |
|
29 |
|
Income before tax (i) = (e) + (g) +
(h) |
|
393 |
370 |
|
387 |
|
Adjusted income before tax (j) = (f) + (g) +
(h) |
|
413 |
390 |
|
407 |
|
Income tax (k) |
|
(91) |
(85) |
|
(91) |
|
Adjusted income tax (l) |
|
(97) |
(91) |
|
(96) |
|
Non-controlling interests (m) |
|
1 |
1 |
|
2 |
|
Net income Group share (n) = (i)+(k)+(m) |
|
303 |
285 |
|
299 |
|
Adjusted net income Group Share (o) =
(i)+(k)+(m) |
|
318 |
300 |
|
313 |
| |
|
|
|
|
|
|
Earnings per share (€) |
|
1.48 |
1.40 |
|
1.46 |
|
Adjusted earnings per share (€) |
|
1.55 |
1.47 |
|
1.53 |
Shareholder structure
|
|
31/12/2022 |
31/03/2023 |
31/12/2023 |
31/03/2024 |
|
|
Number of shares |
% of capital |
Number of shares |
% of capital |
Number of shares |
% of capital |
Number of shares |
% of capital |
|
Crédit Agricole Group |
141,057,399 |
69.19% |
141,057,399 |
69.19% |
141,057,399 |
68.93% |
141,057,399 |
68.93% |
|
Employees |
2,279,907 |
1.12% |
2,238,508 |
1.10% |
2,918,391 |
1.43% |
2,869,026 |
1.40% |
|
Treasury shares |
1,343,479 |
0.66% |
1,331,680 |
0.65% |
1,247,998 |
0.61% |
1,259,079 |
0.62% |
|
Free float |
59,179,346 |
29.03% |
59,232,544 |
29.06% |
59,423,846 |
29.04% |
59,462,130 |
29.06% |
|
Number of shares at end of period |
203,860,131 |
100.0% |
203,860,131 |
100.0% |
204,647,634 |
100.0% |
204,647,634 |
100.0% |
|
Average number of shares since the beginning of the year |
203,414,667 |
- |
203,860,131 |
- |
204,201,023 |
- |
204,647,634 |
- |
|
Average number of shares since the beginning of the quarter |
203,860,131 |
- |
203,860,131 |
- |
204,647,634 |
- |
204,647,634 |
- |
Average number of shares prorata temporis.
- The capital
increase reserved for employees in 2023 was carried out on 27 July
2023. 787,503 securities (approximately 0.4% of the capital before
the operation) were created, bringing the employee share of the
capital to 1.47%, compared to 1.14% before the operation. As of 31
March 2024, this share is 1.40%.
- The average number
of shares was unchanged between Q4 2023 and Q1 2024 and increased
by +0.4% between Q1 2023 and Q1 2024.
***
Financial Communication
Schedule
- General Meeting:
24/05/2024
- Publication of Q2
and first half-year results for 2024: 26 July 2024
- Publication of Q3
and first nine-month results for 2024: 30 October 2024
Dividend Schedule
- Ex-date: Monday, 3
June 2024
- Payment date: from
Wednesday, 5 June 2024.
***
About Amundi
Amundi, the leading European asset manager,
ranking among the top 10 global players21, 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 €2.1 trillion in
assets22.
With its six international investment hubs23,
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
05natacha.andermahr@amundi.com
Corentin HenryTel. +33 1 76 36 26
96corentin.henry@amundi.com
Investor contacts:Cyril Meilland,
CFATel. +33 1 76 32 62
67cyril.meilland@amundi.com
Thomas LapeyreTel. +33 1 76 33 70
54thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
DISCLAIMER:
This document may contain forward-looking
information concerning Amundi's financial situation and results.
The figures provided do not constitute a “forecast” as defined in
Commission Delegated Regulation (EU) 2019/980. This forward-looking
information includes projections, and financial estimates are based
on scenarios that employ a number of economic assumptions in a
given competitive and regulatory context, evaluations relating to
plans, objectives and expectations in line with future events,
transactions (including the proposed transaction between Amundi and
Victory Capital), products and services and assumptions in terms of
future performances and synergies. As such, the forward-looking
aspects indicated may not necessarily come to pass due to
unforeseeable circumstances and known and unknown risks, including,
as it relates to the proposed transaction between Amundi and
Victory Capital, the fact that the Memorandum of Understanding is
non-binding and there is no certainty that the negotiations will
result in definitive agreements on the anticipated timeline, if at
all, or that the currently contemplated terms will not change;
risks that conditions to closing will fail to be satisfied and that
the transaction will fail to close on the anticipated timeline, if
at all; risks associated with the expected benefits, or impact on
the Victory Capital’s and Amundi’s respective businesses, of the
proposed transaction, including the ability to achieve any expected
synergies; and other risks and factors relating to Victory’s and
Amundi’s respective businesses contained in their respective public
filings. As a result, no guarantees can be made with regard to
whether or not these projections or estimates will come to
fruition, and Amundi's financial situation and results may differ
significantly from those projected or implied in the
forward-looking information contained in this document. Amundi is
not required, under any circumstances, to publish amendments or
updates to such forward-looking information provided on the date of
this document.
More detailed information on risks that may
affect Amundi's financial situation and results can be reviewed in
the “Risk factors” chapter of our Universal Registration Document
filed with the French Autorité des Marchés Financiers. 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 as adopted by the European Union
and applicable at that date, and with the applicable prudential
regulations in force. Unless otherwise mentioned, the sources for
rankings and market positions are internal. 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 verified by a supervisory authority or, more generally, been
subject to independent verification, 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 decision made,
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.
The sum of the values appearing in the tables
and analyses may differ slightly from the total reported as a
result of rounding.
1
Net income (Group
share)2 Adjusted
data: excluding amortisation of intangible assets (see note p. 8)3
Non-binding
Memorandum of Understanding at this stage, subject to due diligence
and negotiation of final agreements. Final agreements will be
subject to the usual finalisation conditions and regulatory
approvals. There is no guarantee that the parties will reach an
agreement on the final documents and, if they are concluded, that
the transactions will be carried out.4
Composite Index:
50% MSCI World + 50% Eurostoxx 600 for Equity Markets5
Bloomberg Euro
Aggregate for Bond Markets6
Sources:
Morningstar FundFile, ETFGI. European & cross-border open-ended
funds (excluding mandates and dedicated funds). Data as of end of
March 2024.7 For
more details on these operations, please refer to the press
releases and the presentations to investors, available on the
website www.about.amundi.com8
Excluding
structured products, real and alternative assets9
Medium/Long-Term
Assets10 Net income
(Group share)11
Adjusted data:
excluding amortisation of intangible assets (see note p. 8)12
3-month Euribor13
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and taking into account 100% of
the net inflows and assets under management of the JVs in Asia; for
Wafa Gestion in Morocco, assets under management and inflows are
reported in proportion to Amundi’s holding in its capital.14
Lyxor, integrated
as of 31/12/202115
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and taking into account 100% of
the net inflows and assets under management of the JV in Asia; for
Wafa Gestion in Morocco, assets under management and inflows are
reported in proportion to Amundi’s holding in its
capital.16 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 this table.17
Assets under
management and net inflows, including assets under advisory,
marketed assets and funds of funds, and taking into account 100% of
the net inflows and assets under management of the JV in Asia; for
Wafa Gestion in Morocco, assets under management and inflows are
reported in proportion to Amundi’s holding in its
capital.18 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 this table.19
Adjusted data:
excluding amortisation of intangible assets, see Methodology
Appendix below20
See also section
4.3 of the 2023 Universal Registration Document filed with the
French Financial Markets Authority on 18 April 202421
Source: IPE “Top
500 Asset Managers,” published in June 2023, based on assets under
management as of
31/12/202222 Amundi
data as of 31/12/202323
Boston, Dublin,
London, Milan, Paris and Tokyo
- Amundi PR results Q1 2024
Amundi (EU:AMUN)
過去 株価チャート
から 4 2024 まで 5 2024
Amundi (EU:AMUN)
過去 株価チャート
から 5 2023 まで 5 2024
