9 february 2015 - binckbank...9 february 2015 vincent germyns ceo (a.i.) evert-jan kooistra cfro 2...

Fourth quarter results 2014 9 February 2015

Vincent Germyns CEO (a.i.) Evert-Jan Kooistra CFRO

2

Agenda

I. Update FY14 Q4 II. Financial position III. Outlook 2015 IV. Q&A

Part I

Update FY14 Q4

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Business highlights FY14 Q4

• FY14 Q4: Best quarter of 2014 Adjusted EPS FY14 Q4: € 12.7 million / € 0.18 per share FY14 Q3: € 24.6 million / € 0.35* per share

*€ 0.13 due to business operation and € 0.22 to the sale of our stake in BeFrank

• 23% growth in transactions; growth across all four markets (NL/BE/FR/IT)

Number of transactions 2.3 million (FY14 Q3: 1.9 million)

• Alex Asset Management:

Disappointing results since the second half of 2014, due to non trending markets

Total AuM end of FY14 Q4: € 1.952 billion (FY14 Q3: € 2.274 billion)

Decrease AuM FY14 Q4 € 323 million (decrease AuM FY14 Q3 € 242 million)

Negative publicity in December/January • Decision regarding payment of capital surplus postponed

Business highlights FY14 Q4

• Binck turbos: Good start in 2014 Small spread Extended opening hours Market share in terms of turnover: 53%

• Fundcoach:

FY14 Q4 AuM: € 538 million (FY14 Q3: € 473 million)

• Sales process Able aborted: BlackFin Capital Partners and BinckBank agreed to terminate the

letter of intent signed on 18 July 2014 The services to the BPO clients will be integrated into the Retail

organisation Appointment of a new director in Reeuwijk, Able B.V.: renewed

focus on the sale of software licenses

5

Highlights FY14 Q4: Retail business unit NL • Number of transactions 26% to 1.5 million (FY14 Q3: 1.2 million) • Number of brokerage accounts up to 318,444 (FY14 Q3: 317,744) • Assets under administration at brokerage accounts € 9.1 billion end FY14 Q4

(FY14 Q3: € 9.1 billion) • Average net income per transaction € 11.23 (FY14 Q3: € 11.47) • FY14: 3% growth in transactions / 6% growth in net fee & commission income

Number of transactions (in million) Number of brokerage accounts

6

1.27

1.60

1.14 1.19

1.50

1,0

1,1

1,2

1,3

1,4

1,5

1,6

FY13 Q4 FY14 Q1 FY14 Q2 FY14 Q3 FY14 Q4

289,668 291,557

315,687 317,744 318,444

260,000

270,000

280,000

290,000

300,000

310,000

320,000

330,000


Highlights FY14 Q4: Retail business unit Belgium • Number of transactions 19% to 219,729 (FY14 Q3: 185,079) • Number of brokerage accounts 59,940 end FY14 Q4 (FY14 Q3: 59,412) • Assets under administration: € 1.9 billion (FY14 Q3: € 1.8 billion) • Average net income per transaction € 10.07 (FY14 Q3: € 10.16) • FY14: 6% growth in transactions / 14% growth in net fee & commission income

Number of transactions Number of brokerage accounts

7

185,380

247,026

181,892 185,079

219,729

100,000

120,000

140,000

160,000

180,000

200,000

220,000

240,000

260,000


56,721 58,038 58,816 59,412 59,940

25,000

30,000

35,000

40,000

45,000

50,000

55,000

60,000

65,000


Highlights FY14 Q4: Retail business unit France • Number of transactions 20% to 308,094 (FY14 Q3: 256,242) • Number of brokerage accounts up to 50,002 (FY14 Q3: 49,547) • Assets under administration € 686 million (FY14 Q3: € 694 million) • Average net income per transaction € 5.20 (FY14 Q3: € 5.53) • FY14: 3% growth in transactions / 7% growth in net fee & commission income


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313,010

411,297

292,962

256,242

308,094

200,000

250,000

300,000

350,000

400,000

450,000


47,839 48,668 49,271 49,547 50,002

35,000

40,000

45,000

50,000

55,000


Highlights FY14 Q4: Retail business unit Italy • Number of transactions 13% up to 109,774 (FY14 Q3: 97,212) • Number of accounts 7% to 4,206 (FY14 Q3: 3,918) • Assets under administration 5% to € 453 million (FY14 Q3: € 432 million) • Average net income per transaction € 3.58 (FY14 Q3: € 2.38) • FY14: 96% growth in transactions / 126% growth in net fee & commission income


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69,933

100,685 89,671

97,212 109,774

0,000

20,000

40,000

60,000

80,000

100,000

120,000


2,698

3,199 3,600

3,918 4,206

0,000

0,500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500


Highlights FY14 Q4: Retail business unit

Segmentation of transaction-related net fee & commission income by country

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FY14 Q4 Retail total Netherlands Belgium France Italy Net fee and commission income (in € 1,000) 21,083 16,876 2,213 1,601 393 Number of transactions 2,140,149 1,502,552 219,729 308,094 109,774 Average net fee and com. income (in €) 9.85 11.23 10.07 5.20 3.58 FY14 Q3 Retail total Netherlands Belgium France Italy Net fee and commission income (in € 1,000) 17,198 13,668 1,881 1,418 231 Number of transactions 1,729,802 1,191,269 185,079 256,242 97,212 Average net fee and com. income (in €) 9.94 11.47 10.16 5.53 2.38* *Price per transaction decrease in FY14 Q3 approximately due to catch up payment for exchange & clearing costs from local service providers (delayed billing)

FY14 Q4: Development Alex Asset Management

• Total AuM end FY14 Q4: 14% to € 1,952 million (FY14 Q3: € 2,274 million) • Recurring revenues FY14 Q4: € 15.8 million (FY14 Q3: € 18.5 million) Development AuM Recurring revenues

11

02468

10121416182022

2010 2011 2012 2013 2014

X €

mill

ion

4.5 5.3

8.0

17.3 15.8

Highlights FY14 Q4: Professional Services (ZV) • Number of transactions: 183,761 (FY14 Q3: 157,328) • Number of brokerage accounts: 24,588 (FY14 Q3: 24,391) • Assets under administration € 6.1 billion (FY14 Q3: € 6.0 billion)

Number of transactions Number of accounts

12

161,260 172,804 172,750

157,328

020000400006000080000

100000120000140000160000180000200000


183,761 23,259 23,441

23,871 24,391 24,588

19000

20000

21000

22000

23000

24000

25000


Part II

Financial position

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in € million FY14 Q4 FY14 Q3 FY13 Q4

Net interest income 6.7 6.6 7.5

Net fee & commission income 32.2 28.0 48.6

Other operating income 3.2 3.0 3.0

Results on investments & impairment losses on fin. instr. (0.2) - -

Total net revenues 41.9 37.6 59.1

Employee expenses (14.7) (13.5) (13.5)

Depreciation & amortisation (6.8) (6.9) (7.6)

Other operating expenses (14.1) (12.8) (15.3)

Total operating expenses (35.6) (33.2) (36.4)

Profit (loss) from operations 6.3 4.4 22.7

Tax expense - (1.4) (5.8)

Share in profit / (loss) of associates and joint ventures (0.2) 15.2 (1.1)

Net profit 6.1 18.2 5.8

Net profit to minority shareholders 0.1 - 0.3

Net profit to shareholders BinckBank 6.2 18.2 6.1

Adjusted net profit 12.7 24.6 22.7

Profit & Loss quarterly comparison

Operating expenses FY14 Q4

• Operating expenses in FY14 Q4 up to € 35.6 million (FY14 Q3: € 33.2 million)

• Marketing costs for FY14 Q4: € 2.3 million (FY14 Q3: € 3.5 million)

Total operating expenses Marketing expenses

15

4.2 4.5

2.7

3.5

2.3

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

5,0


€ m

illio

n 13.5

14.1 14.2 13.5

14.7

15.3 16.5

13.8 12.8 14.1

7.6 7.0 6.9 6.9 6.8

0

5

10

15

20

25

30

35

40


€ m

illio

n

Employee expenses Other operating costs

Depreciation and amortisation

36.4 37.6 34.9

33.2 35.6

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Financial position BinckBank FY14 Q4 • Solid equity position end FY14 Q4: € 440 million (FY14 Q3: € 435 million) • Capital ratio end FY14 Q4: 37.1% (FY14 Q3: 32.8%) • Postponement of decision to distribute capital implies an increase in Tier I

equity of € 25,9 million to € 225,9 million (FY14 Q3: € 200 million) Capital requirements

*Based on Basel II **Based on Basel III

Overview investment portfolio FY14 Q4

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• Size of investment portfolio FY14 Q4: € 1.9 billion (FY14 Q3: € 1.9 billion) • Average duration of the portfolio FY14 Q4: 1.40 (FY14 Q3: 1.55) • Yield on investment portfolio end FY14 Q4: 0.61% (FY14 Q3: 0.64%)

Allocation funds entrusted per country

Allocation funds entrusted per rating

AAA 33%

AA+ 13%

AA 7%

AA- 8%

A+ 5%

A 6%

A- 1%

NR 1%

BBB+ 1%

Col. lending 12%

Cash 8%

Deposits 5%

Germany 64%

Netherlands 7%

Great Britain 3%

France 4%

Belgium 3%

Sweden 5%

Norway 0.5%

Finland 1%

Canada 4%

United States 4%

Switzerland 2%

Italy 1%

Austria 0.5%

Europe 1%

Part III

Outlook

Medium & long term targets 2018

Outlook 2015 • Alex Asset Management:

AuM end of January 2015: € 1,907 Transfer of client assets January 2015: € 126 million Positive results over January for clients € 81 million

• BinckBank CEO stepped down on 1 January 2015. The supervisory board will be

convening in the coming period to consider the final composition of the new executive board

• Resignation two supervisory board members during the AGM 2015

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Part IV

Q&A

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Contact details

Harmen van der Schoor [email protected] +31 (0)20 522 0378 +31 (0)6 10117363 www.binck.com

Address Barbara Strozzilaan 310 1083 HN Amsterdam The Netherlands

http://www.binck.com/

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Cautionary Statement regarding Forward-Looking Statements

This presentation may contain forward-looking statements. Forward-looking statements are statements that are

not historical facts, including statements about our beliefs and expectations. Any statement in this document that expresses or implies our intentions, beliefs, expectations, forecasts, estimates or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections, as they are currently available to the management of BinckBank N.V. Forward-looking statements therefore speak only as of the date they are made, and we take no obligation to update publicly any of them in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties. A number of important factors could

therefore cause actual future results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, without limitation, the conditions in the financial markets, the reliability of our risk management policies, procedures, systems and methods.

The forward-looking statements contained in this announcement are made as of the date hereof, and we

assume no obligation to update any of the forward-looking statements contained in this document.

9 february 2015 - binckbank...9 february 2015 vincent germyns ceo (a.i.) evert-jan kooistra cfro 2...

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