Investors Presentation Q1 2019 I.D. Meitav Dash Total Bond - - PowerPoint PPT Presentation
Meitav Dash Investments LTD Investors Presentation Q1 2019 I.D. Meitav Dash Total Bond Shareholders Assets Under Rating Equity Management 131 131 839 839 A1 Shares BRM, NIS Million NIS Billion held by 29.33% the public, 39.80%
Meitav Dash Investments LTD
At least
Dividend Distribution Policy
NIS Billion
Total Assets Under Management
As at 31/3/19
NIS Million
Shareholders Equity
As at 31/3/19
Bond Rating
NIS Million
Market Value In the TA-125 Index
BRM, 29.33% Zvi Stepak, 28.38% Shares held by the public, 39.80%
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As at 31/3/19 As at 31/3/19
Asset Management Activities
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Mutual Funds
ETFs
Provident, Study and Pension Funds
Portfolio Management
Additional activities
AUM as at 31/3/19 in NIS Billion
Provident Funds, Study Funds and Pension Funds 53.5 ETFs 22.1 Mutual Funds 35.2 Portfolio Management 18.4 Other 1.8
NIS Billion
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As at 31/3/19 Other = Mutual funds under hosting and distribution arrangements
SME Credit- Peninsula 7% Provident Funds, Study Funds and Pension Funds 32% Mutual Funds & Portfolio Management 24% ETFs 11% Trade & Brokerage 13% Other 13% SME Credit - Peninsula 12% Provident Funds, Study Funds and Pension Funds 15% Mutual Funds & Portfolio Management 24% ETFs 12% Trade & Brokerage 14% Other 23%
Other = Insurance Agencies, Global Markets, Meitav Dash Loans, Alternative Investments, Nostro and other activities
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NIS Million
NIS Million
Revenue Normalized EBITDA
EBITDA Q1 2019 49 Profit before tax 26 Depreciation and amortization 5 Financing expenses, net 80 EBITDA FFO Q1 2019 32 Profit for the period 26 Depreciation and amortization 1 Deferred taxes (4) Revaluation of debentures (12) Other 43 FFO
Effective January 2019, the Company applies the provisions of IFRS 16, which sets guidelines for the accounting treatment of leases, and records amortization and financing expenses in lieu of rent and car leasing expenses. After neutralizing the implementation of the Standard, the normalized EBITDA in the first quarter of 2019 amounts to NIS 75 million
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2018 Q1 2018 Q4 2018 Q1 2019 Revenue* 887 217 217 246 Expenses 688 169 175 181 EBITDA 235 58 50 80 Normalized EBITDA 235 57 52 80 FFO 152 36 40 43 Profit for the period 77 23 14 32 Profit attributed to the shareholders 67 20 12 29
*Including Nostro. In NIS Million
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10 10 10 10 15 10 10 10 10 10 10 15 10 15 15 14 15 2 4 6 8 10 12 14 16 Q1 Q2 Q3 Q4 NIS Million
45
NIS Million
45
NIS Million
45
NIS Million
49
NIS Million
Long Term Vision
Decreasing Dependence on the Financial Markets
Revenue from Credit, Insurance, Trade, Brokerage, Alternative Investments and others
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Revenue from Asset Management activities
14% 86%
2015
23% 77%
2017
40% 60%
2020- 2022
26% 74%
2018
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Annual deposits of over NIS 1.9 Billion AUM NIS 10 Billion Thousands of new employers joined the fund in 2017-19 Over 300 thousand customers International reinsurer First place in the Ministry of Finance Index of Service and Recommendation by Pension Customers in 2018
as at 20/5/19
2.1 2.3 4.4 4.8 7 8.4 10.2 13.4 14 18.5 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019
Revenue Net Profit
provides credit to small and medium sized companies in Israel
Liquidity Capital
Pagaya
Fund which specializes in the acquisition of future revenues
Fund which specializes in retail credit in the US Fund is engaged in the acquisition and management of real estate in the US, in cooperation with Harbor Group
Real Estate Fund
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tender for the second time
houses, with assets of NIS 9.9 billion and annual deposits of over NIS 1.9 billion
Q1 2019 Q4 2018 Q1 2018 2018 53.5 50.9 50.6 50.9 AUM in NIS Billion 79 79 81 320 Revenue in NIS Million 0.60% 0.61% 0.64% 0.62% Annualized Management Fees 10 10 13 42 Operating Profit in NIS Million As at 31/3/19
NIS Billion
21.9 21.9
Provident Funds Study Funds Pension Funds
AUM Market Share
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21.7 21.7 9.9 9.9
As at 31/3/19
(included in mutual fund assets) with annual revenues of over NIS 10 million
the introduction of Amendment 28
merger of Meitav Dash Mutual Funds and Tachlit Indices has been completed
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Q1 2019 Q4 2018 Q1 2018 2018 22.1 21.1 26.2 21.1 AUM in NIS Billion 27 22 21 113 Revenue in NIS Million 0.51% 0.37% 0.30% 0.44% Annualized Management Fees 9 4 4 41 Operating Profit in NIS Million
NIS Billion
Market Share AUM
As at 31/3/19
NIS Billion 23.0 23.0 7.6 7.6 4.6 4.6
Funds AUM
Portfolio Management from NIS 25,000
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Q1 2019 Q4 2018 Q1 2018 2018 35.2 33.7 29.2 33.7 AUM Mutual Funds in NIS Billion 18.4 17.6 17.6 17.6 AUM Portfolio Management in NIS Billion 59 58 54 223 Revenue in NIS Million 0.85% 0.86% 0.87% 0.86% Annualized management fees from traditional funds* 0.16% 0.15% 0.15% 0.15% Annualized management fees from money market funds 0.32% 0.33% 0.33% 0.33% Annualized management fees from portfolio management 22 18 19 76 Operating Profit in NIS Million
NIS Billion
Money Market Funds Traditional Funds Tracking Funds
* Excluding tracking funds.
AUM Portfolio Management Market Share Mutual Funds AUM Mutual Funds
As at 31/3/2019
digital account enabling a quick and efficient
tools
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Q1 2019 Q4 2018 Q1 2018 2018 31 29 25 105 Revenue 11 11 7 33
Operating Profit
NIS Million As at 31/3/19
Of the trading turnover in shares and bonds on the Tel Aviv Stock Exchange
NIS Billion Customer Assets
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As at 31/3/19 As at 31/12/18 519 460 Cash and short-term investments 849 973 Other current assets 1,368 1,433 Total current assets 225 200 Long term investments 1,368 1,211 Fixed assets and intangible assets 20 20 Deferred taxes 2,981 2,864 Total assets Net Debt to EBITDA excluding Peninsula Net debt excluding Peninsula 1.0 283 As at 31/3/19 As at 31/12/18 625 573 Credit from banks and others 21 10 Liabilities for short sale of securities 314 389 Trade and other payables 960 972 Total current liabilities 94 97 Loans from banks 638 669 Debentures 328 176 Other long term liabilities 839 825 Equity 122 125 Non-controlling interests 2,981 2,864 Total liabilities and equity
Amounts in respect of ETNs
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Q1 2019 Q4 2018 Q1 2018 2018 217 204 202 829 Revenue from management fees, commissions and other 18 18 14 61 Revenue from Peninsula 235 222 216 890 Total revenue 181 175 169 688 General and administrative expenses, marketing, sales, and financing expenses from Peninsula 54 47 47 202 Operating income 11 (5) 1 (3) Profit (loss( from securities held for investment purposes in nostro portfolio (5) (8) (6) (36) Financing expenses, net (12) (9) (7) (33) Other expenses, net 1 1 1 3 Company's share in earnings in equity accounted investees 49 26 36 133 Profit before taxes on income 17 12 13 56 Taxes on income 32 14 23 77 Profit for the period 29 12 20 67 Profit attributed to the shareholders
investors only. This presentation does not comprise an opinion, suggestion, recommendation, or advice / marketing for purchase and / or holding and /or sale of securities and / or financial assets (including securities of the Company and / or financial assets issued by Companies in the Meitav Dash Group). The presentation is not a substitute for advice / investment marketing or counseling / pension marketing that takes into consideration the special needs of each person.
reports published by the Company to the public. That shown is the opinion of the authors alone and reflects their understanding at the date of the
and / or future matters whose occurrence is uncertain and is not controlled by the Company. Information in connection with a forecast of revenues and profitability, are all forward-looking statements as defined in the Securities Law, 1968, that is based on the subjective assessments of the Company’s management based on data and information held by the Company at the date of preparation of the presentation. Realization or non-realization of forward-looking statements will be affected by, among other things, risk factors characterizing the activity of the Company and, developments in the general environment and external factors affecting the activity of the Company, which cannot be estimated in advance and are not under the control of the Company. The Company’s operating results may differ materially from estimated or implicit results stated in the presentation.
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MEITAV DASH INVESTMENTS LTD www.meitavdash.co.il
Champion Tower, 30 Sheshet Hayamim, Bnei Brak Phone: 972-3-7903000 Fax: 972-3-7778001