Résultats annuels pour la période se terminant le 31 décembre 2021

A milestone year with the completion of the IPO in April, and the delivery of robust performance underpinned by continued investment in technology and international expansion

Amsterdam/Madrid/Londres – Allfunds Group plc (AMS : ALLFG), l'une des principales plateformes B2B WealthTech au monde mettant en relation les Sociétés d’Asset Management et les distributeurs, a le plaisir d'annoncer ses résultats préliminaires non audités pour l'exercice clos le 31 décembre 2021.


Faits marquants

  • Actifs sous administration (« AuA ») en hausse de 29% depuis le 31 décembre 2020, volume qui atteint à ce jour 1,5 trillion d'euros.
  • Flux organiques nets (hors performance du marché) de 151 milliards d'euros soit 20 %1 de plus que les actifs sous administration en début de période, y compris des migrations d'actifs sous administration record de la part de nouveaux clients.
  • Chiffre d'affaires net de 506 millions d'euros ce qui représente une augmentation de 37% par rapport à l'exercice précédent sur une base pro forma2
  • EBITDA ajusté de 367 millions d'euros, soit une marge d'EBITDA ajusté de 73%.
  • 169 nouvelles Sociétés d’Asset Management incluses à la plateforme et 85 nouveaux distributeurs
  • Des résultats supérieurs à nos prévisions évoquées lors de notre l'introduction en bourse et de solides perspectives pour l’exercice 2022 malgré la volatilité actuelle du marché
  • De plus, aujourd'hui, nous souhaitons également vous annoncer la nomination de notre nouveau directeur financier, Álvaro Perera


Juan Alcaraz, directeur général et fondateur, a déclaré:

“2021 fut une année charnière pour Allfunds, définie par le succès de notre introduction en bourse sur Euronext Amsterdam, ainsi que par la réalisation de solides performances financières et la croissance sur nos principaux marchés internationaux. Je suis fier du rôle qu'Allfunds continue de jouer en proposant des solutions innovantes et leaders sur le marché de la distribution de fonds, étant une source de rendements indispensable dans un contexte de marché de plus en plus complexe.

Depuis notre introduction en bourse en avril, nous avons continué à intégrer de nouveaux clients, à renforcer notre offre de produits, à intégrer efficacement de nouvelles sociétés de financement et à poursuivre nos efforts pour attirer et retenir les meilleurs professionnels du secteur.

Outre les recrutements de cadres supérieurs effectués au sein de l'entreprise en 2021, je suis très fier de vous annoncer la nomination d'Álvaro Perera au poste de directeur financier. Álvaro est notre actuel Responsable de la planification et du contrôle financiers ainsi que de l’identification des potentielles fusions et acquisitions et a joué un rôle déterminant dans l'introduction en bourse d'Allfunds ainsi que dans sa stratégie de croissance externe. Avant de nous rejoindre définitivement en 2017, Allfunds et Alvaro entretenaient une étroite relation depuis de nombreuses années dans la mesure où Alvaro a réalisé la majeure partie de sa carrière dans le secteur des services financiers. Par cette promotion, Allfunds s'engage à identifier et à développer les professionnels en interne et Álvaro en est un véritable témoignage. Il apporte une solide connaissance Allfunds et du secteur dans lequel nous opérons. Álvaro constituera un élément important de notre équipe de direction et renforcera notre engagement à fournir de solides performances financières aux clients et aux actionnaires.

Je voudrais également profiter de cette occasion pour remercier Amaury pour sa précieuse contribution au développement et au renforcement d'Allfunds au cours des 18 derniers mois, pendant lesquels Amaury et Álvaro ont travaillé en étroite collaboration. Amaury restera dans l'entreprise jusqu'au 31 mars afin d'assurer une transition souple et efficace.”


Business Highlights

Allfunds’ market position strengthens year-on-year, supported by its innovative approach to client service, and continued investment in proprietary technologies and solutions. The Company continues to deliver strong operational performance in line with the compelling building blocks of growth established at the IPO.

The Company keeps on winning market share, accelerating the flywheel effect3:

  • Record year of migrations and distributors onboarded (85). The Company has managed to gain roughly half of the new clients from direct competitors, which signals the strong value proposition offered, and to attract clients from potential growth markets such as Asia and LatAm.
  • In terms of fund houses added to the platform (169), this year represents another landmark year with a predominance of fund houses coming from expansion markets such as France, Sweden and Asia.

The Company continues to capitalise on new business initiatives and continued digital product enhancements to meet evolving needs of clients and their end customers. During the period, Allfunds has strengthened its customer proposition with continued investments to develop its proprietary technologies through its digital ecosystem, Allfunds Connect:

  • Continued evolution of Telemetrics tool, to deliver comprehensive market data and intelligence resources to support clients’ new business growth and meet the increasingly data-driven needs of clients in the current market environment.
  • Upgrade of Nextportfolio, the only portfolio monitoring and reporting tool in the market with the capacity to deliver discretionary portfolios at scale, to facilitate optimisation by asset allocation and the analysis of fund performance contribution.

Allfunds’ subscription-based business continues its positive trend and has achieved 45% growth in revenues in 2021, to €20m. The number of average monthly users of Connect has also increased 32% to almost 7,200, reflecting the strong additional potential of this tool to enhance customer engagement.

Additionally, Allfunds has further extended its product offering:

  • The launch of Allsolutions, a B2B sub-advisory platform providing fund of fund managers and discretionary portfolio managers with solutions to optimise their portfolios and deliver greater efficiencies for fund transfers.
  • Unique access to private capital markets, where Allfunds  clients will have a one-stop-shop offering for both liquid and illiquid investment solutions.
  • Relevant progress with Allfunds Blockchain through i) the successful execution of the first orders of a new tokenized fund on the Spanish Regulatory Sandbox initiative and ii) launching “FAST” in Spain and Italy, the innovative solution to deliver efficiencies in investment fund transfers using Allfunds’ unique blockchain technology.
  • ESG value-added rating at fund and portfolio level, with SFDR4 fund categorisation.

The creation of a sustainable business model remains a priority for Allfunds. In 2021, the Company has reinforced its commitment to this endeavour and has embedded ESG in its strategy, actively promoting stakeholder engagement and aligning with major ESG International standards such as Global Compact and Principles for Responsible Investment (PRI).

Allfunds’ network of international partnerships remains a strategic differentiator for the business. During 2021, Allfunds activated partnerships with world-leading service providers, with the goal of attracting new clients, creating efficiencies and revenue synergies for existing clients and their end-customers, and underpinning the Company’s future value creation. One such strategic partnership provides the Company s global network of distributors with access to private market investment opportunities.

The Company has pursued opportunities to expand its international footprint in key global markets through the appointment of senior talent to lead growth initiatives overseas. Over the period, Allfunds has made strategic executive hires in France, Hong Kong and Iberia. Attracting and retaining senior talent is a critical step in furthering the Company’s growth ambitions, and strengthening the overall service provided to clients in key regions. Additionally, Allfunds received Board approval to operate a WOFE (Wholly Owned Foreign Enterprise) in Shanghai, which will allow the sale of its digital capabilities in Mainland China further bolstering its global expansion.


Financial Highlights

The financial year 2021 was defined by strong client activity which translated into further growth and a record financial performance for the Company.

The Company has delivered an excellent financial performance, with net revenues up 37%, from 2020 Pro-Forma5 €370m to €506m, and high profitability with Adjusted EBITDA increasing by 40%, from 2020 Pro-Forma5 €263m to €367m, implying an Adjusted EBITDA margin of 71% and 73% respectively. The strong performance was primarily due to an exceptional growth of AuA, positive net platform revenue margin evolution partially supported by the contribution from transaction revenues, and variable costs under control despite higher level of activity.

Net platform revenues for the period were up 36% to €485m (2020 PF: €356m). These net platform revenues which are recurring fees represented 96% of total net revenues and the net subscription and other revenues accounted for 4% of total net revenues. The net platform revenues are split into commission revenue and transaction revenue. The commission revenue has experienced an increase of 37% driven by a higher volume of AuA. As a result, net platform revenue margin stood at 3.6 bps up from 3.0 bps in 2020. This margin expansion can be explained by several positive factors: i) positive mix effects as a result of the faster growth of Allfunds Traditional platform service s AuA perimeter, ii) strong transaction related revenues in the year and iii) fund house harmonization programme. These were partially compensated by the onboarding of new clients in new regions at lower platform margins and the incorporation of AuA coming from BNPP assets transfer at lower margin.

Net subscription revenues increased by 45% to €20m (2020 PF: €14m) thanks to the effort in selling membership fees and add-on services, in line with expectations.

Total Adjusted Expenses increased by 30% to €145m (2020 PF: €112m), showing we have invested meaningfully in the future growth of the company. Most of this increase is related to the additional hiring in senior roles, combined with increases seniority in key roles. We have also the impact of the BNPP transaction, the higher bonus pool and the set-up of the Long-Term Incentive plan for key employees as anticipated. Total headcount6 grew from 884 employees as of December 2020 to 907 employees as of December 2021.

Adjusted EBITDA rose to €367m (2020 PF: €263m), an increase of 40% compared with Pro-Forma numbers of the prior period, and our Adjusted EBITDA margin increased to 73% (2020 PF: 71%).

In 2021, Allfunds decided to opt for a tax-step up regime in Italy as a result of the acquisition of BNPP Banca Corrispondente business by which, in exchange for a substitute tax (paid as an up-front amount), Allfunds is entitled to amortise the relevant stepped-asset for tax purposes. On 7 June 2021, the Italian tax authorities confirmed Allfunds Bank Milan Branch ’s entitlement to apply for the step-up rules in a positive answer to a ruling application filed in March 2021.

Adjusted Profit after tax, including the impact of the above-mentioned tax step-up, stood at €192m (2020: €169m), an increase of 14% compared with the prior period.

In terms of underlying capital expenditures, the Company has increased to €27m in 2021, up from €19m in 2020, reflecting it has invested meaningfully in the future growth of the company strengthening its digital proposition and IT requirements.


Non-financial Highlights


Outlook

As data analytics and digital solutions have become more deeply woven into the fabric of financial services, companies have faced significant pressures to meet the evolving needs of clients, shareholders and other stakeholders, whose expectations are aligned to these tech-driven services. Companies have had to adopt enhanced technology frameworks to keep pace with the rest of the industry. For many, harnessing the power of new digital tools has presented challenges.

Allfunds is uniquely positioned to support companies’ transition in the digital age. With a suite of best-in-class tools to facilitate improved market intelligence, portfolio modelling, and efficiencies embedded in blockchain technology, Allfunds empowers companies to compete in an increasingly complex marketplace and capture growth opportunities in line with new industry standards.

The Company continues to capitalise on these secular market growth trends from open-architecture penetration and outsourcing penetration, and to deliver strong operational performance aligned with the principles set out at the IPO.

At the macro-level, the now ever-present Russia-Ukraine conflict and inflation becoming much more conspicuous are impacting meaningfully the markets in these first months of the year. The Company revenue model provides resilience during times of market volatility. The Company remains very positive on the evolution of the business. Allfunds has a robust and very profitable business model, with a track record of delivering strong organic growth and increasing market share.

1: calculé comme la somme des flux des clients existants et des flux des nouveaux clients sur les AuA organiques d'Allfunds seulement en début de période s'élevant à 746 milliards d'euros, excluant les AuA acquis provenant du portefeuille Négociation et Signature seulement (précédemment appelé BNPP Autre portefeuille)

2: PF 2020 en supposant les chiffres annualisés de l'acquisition de la société BNP Banca Corrispondente sur la base des chiffres fournis par un auditeur dans le cadre de l'introduction en bourse (en supposant trois trimestres identiques pour 9 mois de 2020)

3: Allfunds’ large global network and comprehensive offering create a powerful network effect that enables Allfunds to generate value for its clients at both sides of the Allfunds platform. Allfunds  ability to achieve better terms negotiating distribution agreements attracts new distributors to join the Allfunds platform, providing incremental flows to fund houses, thus incentivising more fund houses to join Allfunds to capture increased sales from a growing base of distributors

4: Sustainable Finance Disclosure Regulation

5: 2020 PF assuming annualised figures of BNP Banca Corrispondente business acquisition based on figures provided by an auditor in the context of the IPO (assuming three identical quarters for 9M of 2020)

6: Including Fixed-Term employees and contractors (excluding one-offs)


Contacts

Allfunds Group Plc

For media enquiries:
Katherine Sloan
Head of Marketing and Communications
Tel: +34 691 369 407
katherine.sloan@allfunds.com
For investor enquiries:
Silvia Rios
Head of Investor Relations
Tel: +34 91 272 35 99
Silvia.Rios@allfunds.com

FTI Consulting

Daisy Hall
Tel: +44 (0) 7807 298 568
Daisy.Hall@fticonsulting.com
Jenny Boyd
Tel: +44 (0) 7971 005 577
Jenny.Boyd@fticonsulting.com


Important Legal Information

For the purposes of this disclaimer, Allfunds Group plc and its consolidated subsidiaries are referred to as “Allfunds”.

This press release contains inside information within the meaning of Article 7(1) of Regulation (EU) 596/2014 (Market Abuse Regulation).

This press release does not constitute or form part of, and should not be construed as, an offer of securities nor a solicitation to make such an offer, in any jurisdiction. The press release neither constitutes investment advice or recommendation with respect to any securities of Allfunds, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any purchase of or subscription for securities of Allfunds shall be based solely on each investor’s own analysis of all public information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance shall be placed, and no decision shall be based, on this document.

The distribution of this document in some jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions.

This document is subject to, and should be viewed solely in conjunction with, all the publicly available information provided by the Allfunds. It does not intend to provide, and recipients may not rely on these materials as providing, a complete or comprehensive analysis of Allfunds’ financial or trading position or prospects. The information and opinions contained in this document are provided as at its date and are subject to verification, correction, completion and change without notice. No obligation is undertaken to provide access to any additional information that may arise in connection with it.

Certain statements in this document may be forward-looking. There are a number of risks, uncertainties and other important factors which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the management of Allfunds. Any forward-looking statements contained in this Presentation based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Allfunds does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No undue reliance should be placed in such forward-looking statements.

This document may contain non-IFRS alternative performance measures. Allfunds considers these non-IFRS measures to be useful metrics for our management and investors to compare operating performance between accounting periods, but they should be considered supplemental information to, and are not meant to substitute, IFRS measures. For further details on non-IFRS measures, including its definition or a reconciliation with IFRS measures, please see the initial public offering prospectus of Allfunds available on the corporate website (www.allfunds.com).