1. business and industrial
2. company
3. earnings

04.05.2015
Agasti Holding ASA
1st quarter 2015
Oslo, May 5th 2015
Jørgen Pleym Ulvness, Chief Executive Officer
Christian Dovland, Chief Financial Officer
Disclaimer: Unaudited Q1 figures. This presentation contains certain forward-looking statements that involve risks and
uncertainties. All statements other than statements of historical facts are forward-looking statements and must not be
understood as guarantees for the future.
Continued positive development
• Jørgen Pleym Ulvness, Chief Executive Officer
2
1
04.05.2015
04.05.2015
Highlights 1Q15
• EBIT of MNOK 20 and EBITDA of MNOK 23 in 1Q15
• High level of activity within both business areas resulting in increased
management fees and transaction fees
• Positive effects of the restructuring process carried out in 2014 are being
observed
• An asset management-based organisation with integrated corporate
finance has been established and has strengthened the group’s dynamic
management model
• Winding up of old activities according to plan, good progress in settlement
process
• High appetite for yielding real-estate due to the current low interest rate
environment.
• Agasti is well positioned to take advantage of this given our attractive
portfolio under management
3
04.05.2015
Sound and stable underlying profit
2014
1Q*
2Q*
3Q*
4Q*
2014*
1Q15
EBITDA
14
18
13
15
59
23
EBIT
10
14
9
11
44
20
* EBITDA/EBIT adjusted for restructuring and settlement costs and in 2014
4
2
04.05.2015
04.05.2015
Obligo-centric business model
Real estate
AUM 35 BNOK
1
Energy and Maritime
AUM 5 BNOK
Investment management
2
Private Equity & Infra
AUM 6 BNOK
Corp Finance incorporated
in Obligo
Energy/
Shipping
PE + Infra
3
Secondary market to
support Obligo
Real Estate
Investment Management
Asset Mgmt, Fund Admin, Accounting & IR
Corporate Finance & Project Finance
5
04.05.2015
Revenues up – costs down
• Like-for-like recurring
revenues increased by
13% adjusted for WM
related revenues
• Transaction revenues
67
70
60
80
59
1Q14*
1Q15*
50
66
70
60
1Q14**
1Q15
50
Recurring
revenues
increased by 133%
74
Fixed costs
• Fixed cost reduced by
12%
• Activity based costs
reduced by 42%
40
30
20
10
0
33
14
1Q14
1Q15
Transaction
revenues
20
15
10
5
0
17
10
1Q14
1Q15
Activity based
costs
* Figures adjusted for WM related recurring revenues of 32 MNOK in 1Q14 and 2 MNOK in 1Q15
** Excluding one-off provisions of 3 MNOK in 1Q14
6
3
04.05.2015
04.05.2015
Real assets in demand
• Agasti well positioned
• On-going bidding process in
BUH III, with other financial
investors interested as well
Real
assets
Return (yield)
increasing demand in low
interest rate economy
High
• Real assets experiencing
Stock
Market
• Positive for clients invested in
Fixed
Income
Low
Agasti managed funds.
Low
• 2,300 MNOK in 2015 in
proposed dividends /
payments to clients
Risk
High
Source: Illustration purposes only
7
04/05/2015
Interim financial statements
• Christian Dovland, Chief Financial Officer
8
4
04.05.2015
04.05.2015
Revenue model
Two main sources of income
- Management fees, derived from investment management, asset
management and fund administration
- Transaction fees from corporate finance and brokerage
Segment
Investment
Management
Segment
Investor-services fee
Capital Markets
• Management fees
• Refinancing & ancillary fees
• Corporate fees
• Brokerage fees
Assets Under
Management
Transactions
9
04.05.2015
Segments
• EBIT in 1Q of 20
SEGMENT INFORMATION (MNOK)
MNOK
• EBIT improved in both
operational segments
compared to 1Q14
Capital Markets
Investment
Management
Other 1)
Agasti Group
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
1Q15
1Q14
Transaction revenues
19.7
9.3
13.0
2.9
0.6
2.1
33.4
14.3
Recurring revenues
21.6
1.2
47.0
26.1
0.0
64.1
68.7
91.4
Total operating revenues
41.3
10.5
60.1
29.0
0.6
66.2
102.0
105.7
Operating earnings (EBIT)
10.9
-1.9
18.5
5.9
-9.7
2.6
19.8
6.6
1)
Includes eliminations
• Capital Markets
– Transaction revenues represents corporate finance and brokerage fees
– Recurring revenues represents remuneration for investor services on behalf of shareholders in
Obligo Investment Management managed structures (AUM based)
• Investments Management
– Transaction revenues represents fees from refinancing etc.
– Recurring revenues represents management fees from Obligo managed portfolios, net of
remuneration to Capital Markets
• Other
– Agasti Holding and former Wealth Management activities (Navigea Securities, Acta
Kapitalforvaltning AS, Acta Asset Management
10
5
04.05.2015
04/05/2015
Revenue/cost ratios and EBIT
Recurring revenues / fixed and activity-based costs
EBIT in MNOK
120%
20
15
100%
10
5
80%
3
7
15
0
0
22
-12
-5
60%
10
10
14
9
13
1
9
12
-3
-3
-10
40%
20
35
-24
-12
-15
11
11
-20
20%
-25
-24
-30
0%
3Q13
4Q13*
EBIT
1Q14*
2Q14*
3Q14*
4Q15*
1Q15
Restructuring and settlement costs
• Recurring revenues Vs fixed and activity-based costs declining in 1Q15 –
refocusing on cost saving initiatives
• The group operates with stable and satisfactory underlying profit
11
* Figures adjusted for restructuring costs, goodwill write-downs and settlements
Key financial data
MNOK
Transaction revenues
Recurring revenues
1Q
2015
1Q
2014
Year
2014
33
69
14
91
88
324
102
106
412
Variable operating costs
Activity based costs
Fixed costs
Operating costs
4
10
66
79
1
17
77
95
22
114
282
418
EBITDA
23
11
-6
Depreciation a.o.
EBIT
3
20
4
7
19
-25
Net income before tax
23
4
-23
Net income
17
3
-17
0.06
30%
0.01
6%
-0.06
-8%
Total revenues
EPS
ROE* - annualised
• Adjusted for discontinued business
in WM segment recurring
revenues increased by 13%
compared to 1Q14
• Good traction in transaction
revenue
• Impact of cost related to old
business significantly reduced
• Additional cost reductions
underway related to outsourcing,
staff and offices
• Very limited capex, reducing
depreciation over time
12
6
04.05.2015
Balance sheet
MNOK
31.03.15
31.12.14
44
14
47
105
44
16
54
113
Fixed assets
Financial assets
Total tangible assets
5
20
26
5
19
24
Financial current assets
Trade receivables
Other receivables
Bank deposits
Total assets
47
72
51
91
390
45
53
42
106
383
Equity
Long term debt
Accounts payable
Taxes payable
Overdraft facility
Other taxes and duties payable
Salaries/commissions payable
Other short term debt
Total debt
230
17
11
0
0
10
37
85
160
215
19
13
1
0
15
26
94
168
Total equity and debt
390
383
Goodwill
Other intangible assets
Deferred tax asset
Total intangible assets
• The Agasti Group has a robust
financial position
• Bank deposits of 91 MNOK
• Total assets as at 31 March 2015
were MNOK 390
13
04.05.2015
Outlook
• Increasing interest for
yielding real assets
• Agasti is a major
player with an
attractive portfolio and
critical mass
Listed on Oslo Stock Exchange
AUM of NOK 50 billion
• Agasti is an attractive
partner for financial
investors, giving an
interesting opportunity
set going forward
Capital Markets
Investment
Management
Sales
Asset Management
Corporate Finance
oil service, other RE
Corporate Finance,
OIM real estate
Investor relations
Other business
Navigea Securities
Acta Asset
Management
Acta
Kapitalforvaltning
Fund administration
14
7
04.05.2015
04.05.2015
Improved valuations and strong developement in dividend
•
•
•
•
•
Refinancing / Restructuring / Improved investment management:
Focus on creating return, improved liquidity and dividends to our clients
700 MNOK in 2013 in dividends / payments to clients
2,000 MNOK in 2014 in dividends / payments to clients
2,300 MNOK in 2015 in proposed dividends / payments to clients *
MNOK
2,000
2,300
2014
2015*
700
2013
15
* 12-months rolling figures
04.05.2015
Real estate portfolio overview
Sweden
Finland
Norway
43%
USA
0.1%
9%
UK
Latvia
4%
1%
0.5%
8%
35%
Poland
0.1%
1%
France
Germany
Slovakia
16
8
04.05.2015
Q&A
Contact information:
•
•
•
•
Head of IR, Jo-Inge Fisketjøn
Phone: +47 21 00 33 49
E-mail: [email protected]
www.agasti.no
Agasti Holding ASA
Bolette Brygge 1
0252 Oslo
Norway
Switch: +47 21 00 10 00
www.agasti.no
9