By: GZ on Giovedì 22 Maggio 2003 12:04
Stock:
Man Group,
Mediolanum
^Man Group#^ a Londra continua a macinare risultati, 300 milioni di sterline quest'anno di utile.
E' l'opposto di Mediolanum o Fideuram o Fineco. E' una società quotata che è un broker e società di gestione, ma quando le borse vanno male guadagna allo stesso modo di quando vanno bene.
Specula sui derivati di tutto il mondo (sulle azioni opera poco) con dei trading systems computerizzati di sua proprietà. Non ha una vera rete di venditori di fondi e piazza i suoi prodotti solo sulla base dei risultati, che sono molto buoni da 20 anni. Ma dato che in pratica è una società di speculazione non ha multipli elevati.
Chissà quando qualcuno anche in italia si deciderà ad andare su questa strada, cioè non dedicare il 95% delle risorse alla vendita e puntare sui risultati invece
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DJ Man Group/FY -3: Sees Strong Start To Current Year
LONDON (Dow Jones)--Man Group said Thursday that full year pretax profit was GBP296.9 million (2001: GBP193.1 million).
Chief Executive, Stanley Fink, said: "The current year has seen a strong start to asset raising and good product performance. The Man Group is strongly positioned for the year ahead.
"This has been a most successful year for the Man Group. Net management fees are up 54%, performance fees have more than doubled and Brokerage income is up 26%.
"The integration of the two strategic acquisitions, RMF in Asset Management and GNI in Brokerage, has gone to plan and they are both contributing at or in excess of our expectations."
The positive momentum in the business has continued into the new financial year.
Man Multi-Strategy Series 5 closed for subscription in April having raised the equivalent of $725 million, a record amount for any Man global product offering.
Together with other joint venture and institutional sales and positive fund performance overall funds under management are currently estimated to be $28bn,
with a full pipeline of regional and global offerings going forward.
The Brokerage business has also had a good start to the year.
In Asset Management, they began selling structured products in the U.S. in the last quarter of this financial year and anticipate that U.S. sales will represent a growing share of their private client sales during the coming years as their intermediary network there develops.
The net change in funds under management from movements in the value of underlying investments (after performance and management fees) for the year was a positive $1,701 million. The one, three and five year performance records have continued to be strong.
Since its acquisition there has been no degradation in any of the major income streams of the GNI business. Indeed, some areas, most notably financial futures, energy and metals have seen a sharp increase in their revenue streams since they were merged with existing Man Financial units. At the time of acquiring GNI they
announced that the acquisition was likely to generate cost savings of at least GBP8 million per annum. Most of these cost savings have already been identified and by the time the integration of the business is complete the total cost
savings are likely to achieve or exceed their target.
There was a net cash inflow of GBP181.9 million in the year before
acquisitions. The acquisitions of RMF, GNI and some other small businesses accounted for a cash outflow of GBP291.3 million. Net Group cash outflow for the year after acquisitions was GBP109.4 million.
Cash generated from net operating profits was GBP323.6 million before charging depreciation of GBP12.7 million and goodwill amortisation of GBP34.8 million.
Working capital requirements increased by GBP10.4 million. This reflects an inflow of GBP108.6 million from a reduction in the level of loans to funds in the year, an increase in the level of Asset Management's investment in its managers (including the new manager initiative) and unamortised sales commissions.
The most significant movements on the Group's balance sheet have been as a result of the acquisitions of RMF and GNI. Goodwill has increased by GBP455.1 million as a result of acquisitions in the year. The futures and stock lending businesses in GNI have had the effect of grossing up both current assets and short-term creditors by GBP1.6 billion. In addition, there has been a GBP122.7 million increase in the level of Asset Management's investment in its managers, reflecting both the growth in funds under management and the expansion of the new manager initiative. Loans to funds were GBP108.6 million lower at GBP310.6 million.
At Mar. 31, 2003, shareholders' equity was up 83% at GBP970.8 million, and net debt was GBP15.3 million, giving gearing of 2% (2002: 8%). Including balances with counterparties whereby commodities are
DJ Man Group/FY -2: Table Of Financial Result
Year to 31/03
()=Loss/Debit
Figs in GBP'million, unless otherwise stated
2003 2002
Operating income 640.7 406.1
Pre-items profit 348.1 213.2
Goodwill/exceptionals (51.2) (20.1)
Pretax profit 296.9 193.1
Funds under management 16.5billion 7.5billion
EPS 80.0pence 58.8pence
EPS diluted 75.8pence 56.8pence
EPS pre-items 96.3pence 65.5pence
EPS diluted pre-items 91.0pence 63.2pence
EPS underlying 63.8pence 47.3pence
EPS underlying diluted 60.7pence 45.7pence
Final dividend 14.1pence 13.1pence
Total dividend 23.2pence 18.6pence