F&C Interim Results
16 8월 2004 - 7:15PM
UK Regulatory
RNS Number:9840B
ISIS Asset Management PLC
16 August 2004
This announcement and the information contained herein are not for release,
publication or distribution in whole or in part in or into the United States,
Canada, Australia or Japan
16 August 2004
F&C Group (Holdings) Limited
F&C results for the six months to 30 June 2004
Financial highlights
* Operating profits (before exceptional items and long term incentive costs)
increased by 31% to #20.8 million (H1 2003: #15.9 million)
* Underlying net revenue increased by 6%
* Underlying yield on average assets increased to 23.4bps (H1 2003: 22.6bps)
* Administrative expenses (before exceptional items and long term incentive
costs) fell by 7% to #45.1 million (H1 2003: #48.2 million)
* Operating margin increased to 31.6% (H1 2003: 24.8%)
* Assets under management broadly unchanged at #54.9 billion
Financial performance
First half net revenues increased 3% to #65.9 million. Growth in revenues,
coupled with a 7% reduction in the cost base, resulted in a strong increase in
operating profits (before exceptional items and long term incentive costs) of
31% in the first half of 2004 compared to the same period in 2003. The
reduction in the cost base of 7% reflected both the continued efficiencies
flowing from prior integration initiatives as well as early stage savings
relating to F&C's institutional outsourcing arrangements implemented in Q4 2003.
It is expected that further savings from the outsourcing arrangements will
have a beneficial impact on full year 2004 costs.
Net revenues include compensation payments from Activest, HVB's mutual funds
subsidiary. These payments relate to early termination of a number of
sub-advisory contracts and have now ceased. Excluding these payments from both
2003 and 2004 revenues gives an increase in underlying net revenues of 6%.
New business
F&C has experienced strong and growing inflows and business wins in the six
months ended 30 June 2004, offset by outflows arising largely from underlying
client activity within its pension and insurance portfolios. Overall, assets
under management decreased by #1.5 billion (3%) from #56.4 billion to #54.9
billion during the first half of 2004. However, new business inflows were #4.2
billion, despite challenging market conditions and included a number of
consultant-driven mandate wins in the UK and Continental Europe.
Outlook
Asset inflows (including mandate wins post the 2 July 2004 merger announcement)
have continued into the second half of the year, albeit still offset by
outflows, mainly from multi-asset mandate reallocations. The opportunity for
performance fees in the fourth quarter should result in the skewing of
profitability to the second half of 2004 as was the case in both 2002 and 2003.
Despite difficult market conditions, F&C achieved operating earnings growth of
67% and 16% in 2002 and 2003 respectively and is confident that 2004 will again
deliver solid progress.
Summary profit and loss account
Data in # million H1 2004 H1 2003 Full year H1 2004 /
H1 2003 growth
2003
Total AUM (# billion) 54.9 55.1 56.4 0%
Underlying net revenue 65.1 61.3 131.9 6%
Activest compensation payments 0.8 2.8 5.2 n/a
Total net revenue 65.9 64.1 137.1 3%
Administrative expenses (1) (37.6) (40.7) (75.2)
Bonus (7.5) (7.5) (16.8)
Total operating costs (45.1) (48.2) (92.0) (7%)
Operating profit (1) 20.8 15.9 45.1 31%
Operating margin (1) 31.6% 24.8% 32.9%
Yield on average assets 23.4bps 22.6bps 25.0bps 4%
(1) Excluding exceptional items and long term incentive costs.
Movement in assets under management
Data in # billion H1 2004 H1 2003 Full year
2003
Opening AUM 56.4 53.4 53.4
Inflows 4.2 2.0 4.2
Outflows (1) (4.7) (5.2) (8.6)
Net fund flows (0.5) (3.2) (4.5)
Market / exchange rate movements (1.0) 4.9 7.5
Closing AUM 54.9 55.1 56.4
(1) Outflows in 2003 include #2.6 billion of funds from Activest, HVB's mutual
funds subsidiary, that were transferred back to HVB pursuant to the agreement
when Eureko acquired F&C from HVB. #2.0 billion of these were in H1 2003.
Breakdown by client type - H1 2004
Closing AUM Inflows / Net
(#bn) (Outflows) Revenues
(#bn) (#m)
Insurance Funds 18.7 0.6 17.8
Institutions 27.2 (1.1) 26.4
Investment Trusts 3.6 - 9.1
Unit Trusts / OEICs 0.4 - 2.5
SICAVs / Mutual Funds 0.4 - 1.7
Sub-Advisory 4.6 - 8.4
Total 54.9 (0.5) 65.9
Breakdown by client type - Full year 2003
Closing AUM Inflows / Net
(#bn) (Outflows) Revenues
(#bn) (#m)
Insurance Funds 18.4 - 35.7
Institutions 28.9 (1.3) 55.5
Investment Trusts 3.5 - 17.4
Unit Trusts / OEICs 0.4 - 4.8
SICAVs / Mutual Funds 0.4 - 4.5
Sub-Advisory 4.8 (3.2) 19.2
Total 56.4 (4.5) 137.1
Breakdown by client location - H1 2004
Closing AUM (%) Net (%)
(#bn) Revenues
(#m)
Netherlands 27.4 50 26.7 41
United Kingdom 9.8 18 16.4 25
Portugal 11.8 21 11.4 17
Germany 1.6 3 4.6 7
Ireland 2.9 5 2.5 4
France 0.3 1 0.2 0
Other 1.1 2 4.1 6
Total 54.9 100 65.9 100
Breakdown by client location - Full year 2003
Closing AUM (%) Net (%)
(#bn) Revenues
(#m)
Netherlands 28.1 50 52.1 38
United Kingdom 10.4 18 31.7 23
Portugal 12.1 21 22.0 16
Germany 1.5 3 16.8 12
Ireland 2.8 5 4.3 3
France 0.3 1 0.5 1
Other 1.2 2 9.7 7
Total 56.4 100 137.1 100
Breakdown by client source - H1 2004
Closing AUM (%) Net (%)
(#bn) Revenues
(#m)
Eureko 13.5 25 13.8 21
BCP 11.8 21 11.4 17
Third Party 29.6 54 40.7 62
Total 54.9 100 65.9 100
Breakdown by client source - Full year 2003
Closing AUM (%) Net (%)
(#bn) Revenues
(#m)
Eureko 13.2 23 23.0 17
BCP 12.1 22 22.0 16
Third Party 31.1 55 92.1 67
Total 56.4 100 137.1 100
Breakdown by asset class - H1 2004 and Full year 2003
H1 2004 (%) 2003 (%)
Closing AUM Closing AUM
(#bn) (#bn)
Fixed Interest 31.4 57 31.5 56
UK Equities 3.2 6 3.4 6
Overseas Equities 16.9 31 17.5 31
Property 1.4 3 1.5 3
Other alternative Investments 0.9 1 0.9 1
Liquidity 1.1 2 1.6 3
Total 54.9 100 56.4 100
In view of the recent merger announcement with ISIS Asset Management PLC, and
the forthcoming publication of Listing Particulars (expected in September 2004)
for the enlarged group, F&C is making available on its website, (www.fandc.com),
later today its three year unaudited financial statements.
The contents of this announcement, which have been prepared by and are the sole
responsibility of F&C Group (Holdings) Limited, have been approved by F&C
Management Limited of Exchange House, Primrose Street, London EC2A 2NY solely
for the purposes of section 21(2)(b) of the Financial Services and Markets Act
2000. F&C Management Limited is acting for F&C Group (Holdings) Limited in
connection with the contents of this announcement and no-one else and will not
be responsible to anyone other than F&C Group (Holdings) Limited for providing
the protections offered to clients of F&C Management Limited nor for providing
advice in relation to the contents of this announcement.
This announcement and the information contained herein are not for publication
or distribution in and shall not constitute or form any part of any offer or
invitation to subscribe for, underwrite or otherwise acquire, or any
solicitation of any offer to purchase or subscribe for, securities including in
the United States, Canada, Australia, Japan or any other jurisdiction where such
activity is unlawful.
This announcement and the information contained herein do not constitute an
offer of securities for sale in the United States of America. Neither this
announcement nor any copy of it may be taken or distributed into the United
States of America or distributed or published, directly or indirectly, in the
United States of America. Any failure to comply with this restriction may
constitute a violation of US securities law. The securities referred to herein
have not been and will not be registered under the US Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered or sold in the United
States unless they are registered under the Securities Act or pursuant to an
available exemption therefrom. No public offering of securities is being made in
the United States.
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