High level of earnings | Q2 2023: Adjusted net income2,3 of €320m, +19% Q2/Q2, thanks to top line growth and very good cost control
| |
Positive inflows | In a risk-averse environment, the asset management market in Positive inflows for
| |
Continued development | Amundi Technology: 3 new clients in Q2, 7 in H1, of which 6 abroad, revenue +31% Q2/Q2 Continued development of the SBI MF JV in |
"
We were able to adapt our offer to meet the needs of investors, who are still predominantly risk-averse. This resulted in robust sales momentum, with positive inflows in both medium- and long-term assets and treasury products.
At the same time, we continued our development, gaining new clients for Amundi Technology and expanding our
* * *
Persistent risk aversion
Bond markets6 have stabilised for the last three quarters, but were down -6.4% on average in the second quarter of 2023 compared to the same quarter last year. The equity markets7 have recovered since the fourth quarter of 2022, gaining +4.2% on average year-on-year. However, this recovery is filled with uncertainty and has not reduced the risk aversion prevailing for the last several quarters.
Investors maintained a cautious approach, resulting in weak inflows on the asset management market in
Results
A high level of income in the second quarter
Adjusted data9
In the second quarter of 2023, adjusted net income9 reached €320m, up +19.0% versus Q2 2022, and +6.7% compared to Q1 2023.
This high level of profitability stems from an increase in revenues, despite the context of risk aversion, and a further improvement in operating efficiency, resulting in a more moderate increase in expenses than in revenues, despite an inflationary environment.
Adjusted net revenues9 rose to €823m, up +9.2% compared to Q2 2022, and +3.7% compared to Q1 2023.
- Net management fees increased year-on-year : €744m, up +1.6% year-on-year, compared to a decline in average assets under management excluding JVs of -1.6% over the same period, reflecting an improvement in the margin on assets under management thanks to the favourable client mix effect; it thus increased from 17.8 basis points (excluding performance fees) over full year 2022 to 17.9 basis points in the first half of 2023;
- At €16m, Amundi Technology's revenues continued to grow strongly (+31% compared to Q2 2022), following the trend of previous quarters and confirming the development of this activity;
- Performance fees (€51m) more than doubled compared to Q2 2022 (€24m), which was impacted by a particularly unfavourable market environment (fall in equities and increase in rates); they also increased compared to Q1 2023 (€28m) due to the higher level of crystallisation10 in the second quarter;
- Finally, financial and other income was positive (€13m), thanks to the restoration of positive rates of return on the investment of net cash; financial and other income was negative in Q2 2022 (-€15m), the last quarter before short rates returned to positive territory in the eurozone, and in an unfavourable market environment for the investment portfolio.
Very strong control of operating expenses9 (€430 million) resulted in an increase of just +2.1% in costs compared to the second quarter of 2022, much lower than the increase in revenues. The same can be said compared to the first quarter of 2023, with an increase in expenses of +1.2% (vs. +3.7% for revenues).
As in previous quarters, inflation (at 5.5% year-on-year in the eurozone11 for example) and development investments were largely absorbed by productivity gains and the continued synergies generated by Lyxor's integration.
In the second quarter, on an annual basis, more than 80% of the final target of €60m in synergies were achieved, ahead of schedule announced at the time of the acquisition.
In addition to synergies, cost control continued to reflect
Adjusted gross operating income9 (GOI) reached €393m, up +18.3% compared to Q2 2022 and +6.6% compared to Q1 2023.
Income from equity-accounted companies, which reflects
Accounting data for the second quarter of 2023
Accounting net income Group share amounted to €305m and post the amortisation of intangible assets (client contracts related to the acquisition of Lyxor and distribution agreements related to previous transactions), for -€15m after tax in the second quarter of 2023. Lyxor integration costs were fully recognised in 2022, therefore with no effect on the financial statements in 2023.
Net earnings per share in the second quarter 2023 reached €1.50.
In the first half of 2023, adjusted net income12 amounted to €620m, up +4.5%, reflecting the same trends as in the second quarter:
- adjusted net revenues12 increased +1.8% versus the first half of 2022 to €1,617m, driven like in the second quarter by financial and other income (€29m vs. -€27m in H1 2022) and Amundi Technology revenues (+33.0% to €29m), while net management fees and performance fees were down (-1.2% and -17.0% respectively); however, the decrease in management fees was less significant than that of average AuM excluding JVs: -1.2% vs. -3.7%, reflecting the improvement in margins already mentioned in the comments on the second quarter;
- adjusted expenses12 were well under control, at €856m, i.e. +1.3% compared to the first half of 2022, increasing less than revenues despite the inflationary environment; the adjusted cost/income ratio12 was 52.9%.
Adjusted gross operating income12 totalled €762m, up +2.3% compared to the first half of 2022.
Accounting data for H1 2023
Accounting net income Group share amounted to €591m post the amortisation of intangible assets (client contracts related to the acquisition of Lyxor and distribution agreements related to previous transactions), for -€29m after tax in the first half of 2023. No integration costs related to Lyxor were recognised in the first half of 2023.
Net earnings per share in the first half of 2023 amounted to €2.90.
Activity
Positive inflows, both in MLT13 and
In the second quarter, the European asset management market was impacted by the risk-off environment, posting very modest total inflows, and also by outflows from active management. Against this backdrop,
In total, inflows amounted to +€3.7bn, of which:
- +€2.2bn in MLT assets13,14, despite -€2.4bn in redemptions on mandates with CA & SG Insurers, associated with outflows incurred by insurers on their “euro contracts” (traditional life policies) in
France ; inflows this quarter were driven by ETFs (+€2.5bn), active bond management (+€3.2bn), structured products (+€2.0bn) and real assets (+€0.6bn), which more than offset redemptions in multi-assets (-€4.3bn) and index products excluding ETFs (-€2.2bn); - +€2.4bn in treasury products14, despite the fact that each year the second quarter records redemptions from corporate clients related to the payment of their dividends; reflecting the risk aversion and prudence applied to portfolios, most segments saw positive inflows for these products, for which
Amundi boasts a recognised, differentiating and profitable expertise; - Finally, the JVs15 posted outflows of -€0.9bn, due entirely, like in the first quarter, to redemptions by large institutions at ABC-CA (
China , outflows of -€5.5bn), while the Indian JV SBI MF posted again a very robust level of activity (+€3.6bn) on a very wide range of expertise (in active and passive management) as well as clients (particularly retail outside the SBI network), and the other JVs also recorded positive net inflows.
By client segment, Retail posted positive inflows of +€2.1bn, reflecting the particularly high level of risk aversion for this client base, resulting in:
- a high level of inflows in treasury products, at +€1.9bn, especially from third-party distributors; MLT13 inflows were positive but close to breakeven, at +€0.2bn:
- persistently strong activity in structured products (+€2.2bn), offering capital protection and returns, and Buy & Watch bond funds (+€2.7bn) internationally;
- strong competition from direct investment in Italian government bonds (e.g. +€18bn raised in June by BTP Valore), leading to outflows on the asset management market in
Italy since the beginning of the year, and explaining the net outflows in MLT assets in international networks (excluding Amundi BOC WM), at -€0.9bn; - in
China , Amundi BOC WM was flat this quarter (+€0.0bn to be precise), with fixed-term funds reaching maturity offset by the ramp-up of the product offering, particularly the new open-ended fund offering.
The Institutional segment also posted positive inflows, at +€2.4bn, including MLT Assets13 (+€1.9bn), driven by a record quarter in Employee Savings (+€3.4bn vs. +€2.9bn in MLT Assets in Q2 2022). The very strong performance in this business line can be attributed to a combination of the acquisition of new corporate clients, higher corporate profits and an interest in developing value-sharing mechanisms with employees (e.g. employee savings plans).
Continuation of development initiatives
- Amundi Technology saw its revenues increase by more than 30% in the quarter and the half-year compared to the same periods last year, gaining 3 new clients over the quarter (in
Europe outsideFrance ) and 7 over the half-year (including 6 outsideFrance ); - In
India , the SBI MF JV maintained very strong development, with a high level of inflows and net income over the quarter; - In
Responsible Investment , the range of funds in line with the Net Zero16 trajectory now covers five asset classes, with the objective of achieving a comprehensive range by 2025, and the share of ESG ETFs reached 30% of the range17, compared to 27% at the end of 2022 and on track to achieve the 40% target by 2025.
A solid financial structure
Tangible shareholders' equity18 amounted to €3.7bn at
The CET1 ratio stood at 20.2% at the end of
Note: FitchRatings gave
Success of the capital increase reserved for employees
The "We Share Amundi" capital increase reserved for employees (announced last June) was successfully completed on
More than 2,000 employees, present in 15 countries, subscribed for this capital increase, for a total of more than €30m.
This operation, falling within the scope of the existing legal authorisations approved by the General Meeting of
The impact of the capital increase on Net Earnings per Share is very limited: the number of shares created was 787,503 (i.e. 0.4% of the share capital before the increase). The number of shares comprising
Employees now hold around 1.5% of
***
Financial Communication Calendar
- Publication of Q3 and 9M 2023 results:
27 October 2023 - Publication of Q4 and 2023 results:
7 February 2024 - Publication of Q1 2024 results:
26 April 2024 - Annual General Meeting:
24 May 2024 - Publication of H1 2024 results:
26 July 2024 - Publication of 9M 2024 results:
30 October 2024
***
APPENDICES
Income statement for the first half of the year
(€M) | H1 2023 | H1 2022 | % chg H1/H1 | |
Net revenues - Adjusted | 1,617 | 1,589 | +1.8% | |
Management fees | 1,481 | 1,499 | -1.2% | |
Performance fees | 79 | 95 | -17.0% | |
Technology | 29 | 22 | +33.0% | |
Financial income & other income | 29 | (27) | NM | |
Operating expenses - Adjusted | (856) | (844) | +1.3% | |
Cost/income ratio - Adjusted (%) | 52.9% | 53.1% | -0.2pp | |
Gross operating income - Adjusted | 762 | 744 | +2.3% | |
Cost of risk & other | (3) | (4) | -26.2% | |
Equity accounted companies | 49 | 41 | +20.6% | |
Pre-tax income - Adjusted | 808 | 781 | +3.4% | |
Corporate tax | (190) | (187) | +1.6% | |
Non-controlling interests | 2 | (1) | NM | |
Net income Group share - Adjusted | 620 | 593 | +4.5% | |
Amortization of intangible assets after tax | (29) | (29) | +0.1% | |
Integration costs net of tax | 0 | (37) | NM | |
Net income Group share | 591 | 527 | +12.2% | |
Earnings per share - Adjusted (€) | 3.04 | 2.92 | +4.1% |
Second quarter income statement
(€M) | Q2 2023 | Q2 2022 | % chg Q2/Q2 | Q1 2023 | % chg Q2/Q1 | ||
Net revenues - Adjusted | 823 | 754 | +9.2% | 794 | +3.7% | ||
Management fees | 744 | 733 | +1.6% | 736 | +1.1% | ||
Performance fees | 51 | 24 | NM | 28 | +78.1% | ||
Technology | 16 | 12 | +31.4% | 13 | +21.2% | ||
Financial income & other income | 13 | (15) | NM | 16 | -21.5% | ||
Operating expenses - Adjusted | (430) | (422) | +2.1% | (425) | +1.2% | ||
Cost/income ratio - Adjusted (%) | 52.3% | 55.9% | -3.7pp | 53.6% | -1.3pp | ||
Gross operating income - Adjusted | 393 | 332 | +18.3% | 369 | +6.6% | ||
Cost of risk & other | (2) | (0) | NM | (1) | NM | ||
Equity accounted companies | 27 | 21 | +29.5% | 22 | +24.0% | ||
Pre-tax income - Adjusted | 418 | 353 | +18.4% | 390 | +7.2% | ||
Corporate tax | (99) | (84) | +17.7% | (91) | +8.7% | ||
Non-controlling interests | 1 | 0 | NM | 1 | +31.4% | ||
Net income Group share - Adjusted | 320 | 269 | +19.0% | 300 | +6.7% | ||
Amortization of intangible assets after tax | (15) | (15) | -0.0% | (15) | -0.2% | ||
Integration costs net of tax | 0 | (30) | NM | 0 | NM | ||
Net income Group share | 305 | 224 | +36.1% | 285 | +7.1% | ||
Earnings per share - Adjusted (€) | 1.57 | 1.33 | 18.5% | 1.47 | +6.7% |
Change in assets under management from end-2019 to
(€bn) | Assets under management | Net inflows | Market and forex effect | Scope effect | Change in AuM vs. previous quarter | ||
At | 1,653 | +5.8% | |||||
Q1 2020 | -3.2 | -122.7 | / | ||||
At | 1,527 | / | -7.6% | ||||
Q2 2020 | -0.8 | +64.9 | / | ||||
At | 1,592 | / | +4.2% | ||||
Q3 2020 | +34.7 | +15.2 | +20.720 | ||||
At | 1,662 | / | +4.4% | ||||
Q4 2020 | +14.4 | +52.1 | / | ||||
At | 1,729 | / | +4.0% | ||||
Q1 2021 | -12.7 | +39.3 | / | ||||
At | 1,755 | / | +1.5% | ||||
Q2 2021 | +7.2 | +31.4 | / | ||||
At | 1,794 | / | +2.2% | ||||
Q3 2021 | +0.2 | +17.0 | / | ||||
At | 1,811 | / | +1.0% | ||||
Q4 2021 | +65.6 | +39.1 | +14821 | ||||
At | 2,064 | / | +14% | ||||
Q1 2022 | +3.2 | -46.4 | / | ||||
At | 2,021 | / | -2.1% | ||||
Q2 2022 | +1.8 | -97.75 | / | ||||
At | 1,925 | / | -4.8% | ||||
Q3 2022 | -12.9 | -16.3 | / | ||||
At | 1,895 | / | -1.6% | ||||
Q4 2022 | +15.0 | -6.2 | / | ||||
At | 1,904 | / | +0.5% | ||||
Q1 2023 | -11.1 | +40.9 | / | ||||
At | 1,934 | / | +1.6% | ||||
Q2 2023 | +3.7 | +23.8 | / | ||||
At 30/062023 | 1,961 | / | +1.4% |
Total, one year, between
- Net inflows -€5.4bn
- Market & foreign exchange effects +€42.2bn
Breakdown of AuM and net inflows by client segment22
(€bn) | AuM | AuM | % chg vs. | Q2 2023 inflows | Q2 2022 inflows | H1 2023 inflows | H1 2022 inflows | ||
French Networks | 127 | 115 | +10.1% | +1.1 | -1.3 | +3.8 | -2.6 | ||
International networks | 158 | 160 | -0.9% | -0.6 | -1.9 | -2.2 | +1.6 | ||
O/w Amundi BOC WM | 4 | 12 | -66.0% | +0.0 | -2.1 | -2.8 | +0.3 | ||
Third-party distributors | 305 | 298 | +2.3% | +1.6 | +1.0 | +2.0 | +12.9 | ||
Retail | 590 | 573 | +3.0% | +2.1 | -2.3 | +3.6 | +11.9 | ||
Institutionals & Sovereigns (*) | 473 | 448 | +5.5% | -4.5 | -7.8 | -3.5 | -10.7 | ||
Corporates | 101 | 86 | +18.0% | +4.3 | -5.5 | -3.6 | -18.9 | ||
Employee savings plans | 83 | 74 | +12.1% | +4.1 | +3.4 | +3.6 | +2.0 | ||
CA & SG insurers | 416 | 435 | -4.4% | -1.5 | +0.9 | -5.7 | -0.8 | ||
Institutionals | 1,073 | 1,042 | +3.0% | +2.4 | -9.1 | -9.3 | -28.5 | ||
JVs | 298 | 308 | -3.5% | -0.9 | +13.1 | -1.7 | +21.5 | ||
Total | 1,961 | 1,925 | +1.9% | +3.7 | +1.8 | -7.4 | +5.0 |
(*) including funds of funds
Breakdown of assets under management and net inflows by asset class22
(€bn) | AuM | AuM | % chg vs. | Q2 2023 inflows | Q2 2022 inflows | H1 2023 inflows | H1 2022 inflows | ||
Equities | 439 | 398 | +10.4% | -2.1 | +3.2 | -5.0 | +11.5 | ||
Multi-assets | 284 | 300 | -5.3% | -3.9 | -6.1 | -11.1 | +4.8 | ||
Bonds | 621 | 619 | +0.4% | +5.7 | -5.8 | +2.4 | -5.3 | ||
Real, alternative and structured | 127 | 125 | +1.3% | +2.5 | -1.3 | +3.5 | +0.1 | ||
MLT ASSETS excl. JVs | 1,471 | 1,444 | +1.9% | +2.2 | -10.0 | -10.2 | +11.0 | ||
Treasury Products excl. JVs | 192 | 173 | +11.4% | +2.4 | -1.3 | +4.5 | -27.6 | ||
Assets excl. JVs | 1,664 | 1,616 | +2.9% | +4.6 | -11.3 | -5.7 | -16.6 | ||
JVs | 298 | 308 | -3.5% | -0.9 | +13.1 | -1.7 | +21.5 | ||
TOTAL | 1,961 | 1,925 | +1.9% | +3.7 | +1.8 | -7.4 | +5.0 | ||
O/w MLT assets | 1.738 | 1,716 | +1.3% | -0.7 | +1.3 | -12.0 | +31.6 | ||
O/w treasury products | 223 | 208 | +7.2% | +4.4 | +0.5 | +4.6 | -26.7 |
Breakdown of assets under management and net inflows by geographic area23
(€bn) | AuM | AuM | % chg vs. | Q2 2023 inflows | Q2 2022 inflows | H1 2023 inflows | H1 2022 inflows | ||
907 | 887 | +2.2% | -2.9 | +0.0 | -5.3 | -22.8 | |||
200 | 194 | +3.3% | +0.0 | +0.9 | -0.7 | +4.8 | |||
356 | 326 | +9.4% | +6.5 | -7.3 | +6.8 | +1.3 | |||
376 | 393 | -4.3% | +0.9 | +11.8 | -3.8 | +26.0 | |||
Rest of the world | 121 | 124 | -2.6% | -1.0 | -3.6 | -4.4 | -4.3 | ||
TOTAL | 1,961 | 1,925 | +1.9% | +3.7 | +1.8 | -7.4 | +5.0 | ||
TOTAL outside | 1,054 | 1,037 | +1.6% | +6.6 | +1.8 | -2.1 | +27.8 |
Breakdown of assets under management and net inflows by type of management and asset class23
(€bn) | AuM | AuM | % chg vs. | Q2 2023 inflows | Q2 2022 inflows | H1 2023 inflows | H1 2022 inflows | ||
Active management | 1,033 | 1,034 | -0.1% | -0.6 | -9.5 | -13.7 | -0.4 | ||
Equities | 189 | 170 | +11.2% | +0.4 | +3.6 | -0.9 | +2.9 | ||
Multi-assets | 276 | 293 | -5.9% | -4.3 | -6.1 | -11.8 | +4.9 | ||
Bonds | 569 | 572 | -0.5% | +3.2 | -7.0 | -1.0 | -8.2 | ||
Structured products | 36 | 28 | +26.0% | +2.0 | -1.6 | +3.1 | -2.9 | ||
Passive management | 311 | 284 | +9.6% | +0.3 | +0.8 | +0.0 | +11.2 | ||
ETFs & ETCs | 190 | 176 | +8.4% | +2.5 | -0.1 | +4.4 | +9.2 | ||
Index & Smart Beta | 121 | 108 | +11.6% | -2.2 | +0.7 | -4.4 | +1.9 | ||
Real assets and Alternatives | 91 | 97 | -6.0% | +0.5 | +0.3 | +0.4 | +2.9 | ||
Real assets | 66 | 66 | -0.4% | +0.6 | +0.6 | +0.5 | +2.8 | ||
Alternative assets | 25 | 31 | -17.9% | -0.1 | -0.3 | -0.1 | +0.1 | ||
MLT ASSETS excl. JVs | 1,471 | 1,444 | +1.9% | +2.2 | -10.0 | -10.2 | +10.8 | ||
Treasury Products excl. JVs | 192 | 173 | +11.4% | +2.4 | -1.3 | +4.5 | -27.3 | ||
TOTAL ASSETS excl. JVs | 1,664 | 1,616 | +2.9% | +4.6 | -11.3 | -5.7 | -16.6 | ||
JVs | 298 | 308 | -3.5% | -0.9 | +13.1 | -1.7 | +21.5 | ||
TOTAL | 1,961 | 1,925 | +1.9% | +3.7 | +1.8 | -7.4 | +5.0 | ||
O/w MLT assets | 1,738 | 1,716 | +1.3% | -0.7 | +1.3 | -12.0 | +31.6 | ||
O/w Treasury products | 223 | 208 | +7.2% | +4.4 | +0.5 | +4.6 | -26.7 |
Methodology appendix
Accounting and adjusted data
- Accounting data - include the amortisation of intangible assets and, in 2022, Lyxor integration costs.
- Adjusted data - in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortisation of distribution agreements with Bawag, UniCredit and
Banco Sabadell and the intangible asset representing Lyxor's client contracts, recognised as a deduction from net revenues, and restatement of Lyxor's integration costs in 2022.
In accounting data, amortisation of distribution agreements and intangible assets representing Lyxor's client contracts:
- Q2 2022: -€20M before tax and -€15m after tax
- H1 2022: -€41m before tax and -€29m after tax
- Q1 2023: -€20M before tax and -€15m after tax
- Q2 2023: -€20M before tax and -€15m after tax
- H1 2023: -€41m before tax and -€29m after tax
Acquisition of Lyxor
- In accordance with IFRS 3, recognition in
Amundi's balance sheet at 31/12/2021:- of goodwill amounting to €652m;
- of an intangible asset (representing client contracts) of -€40m before tax (-€30m after tax), which will be amortised on a straight-line basis over 3 years;
- In the Group's income statement, the net tax impact of this amortisation is -€10m over a full year (i.e. -€13m before tax).
This amortisation is recognised as a deduction from net revenues and is added to the existing amortisation of distribution agreements.
In Q2 2022, Q1 and Q2 2023, the amortisation expense for this intangible asset after tax was -€2m (i.e. -€3m before tax); in H1 2022 and H1 2023, it was -€5m (i.e. -€7m before tax). - Integration costs were fully recognised in 2022 and 2021, for a total of €77m before tax and €57m after tax, o/w €40m before tax (€30m after tax) in Q2 2022 and €51m before tax (€37m after tax) in H1 2022. No integration costs recognised in 2023.
Alternative Performance Indicators24
In order to present an income statement that is closer to economic reality,
Adjusted, standardised data reconciles with accounting data as follows :
= accounting data |
= adjusted data |
(€m) | H1 2023 | H1 2022 | Q2 2023 | Q2 2022 | Q1 2023 | |||
Net revenues (a) | 1,577 | 1,548 | 803 | 734 | 773 | |||
- Amortisation of intangible assets before tax | (41) | (41) | (20) | (20) | (20) | |||
Net revenues - Adjusted (b) | 1,617 | 1,589 | 823 | 754 | 794 | |||
Operating expenses (c) | (856) | (895) | (430) | (462) | (425) | |||
- Integration costs before tax | 0 | (51) | 0 | (40) | 0 | |||
Operating expenses - Adjusted (d) | (856) | (844) | (430) | (422) | (425) | |||
Gross operating income (e) = a) + (c) | 721 | 653 | 373 | 271 | 348 | |||
Gross operating income - Adjusted (f) = (b) + (d) | 762 | 744 | 393 | 332 | 369 | |||
Cost/income ratio (%) -(d)/(b) | 54.3% | 57.8% | 53.6% | 63.0% | 55.0% | |||
Cost/income ratio - Adjusted (%) -(d)/(b) | 52.9% | 53.1% | 52.3% | 55.9% | 53.6% | |||
Cost of risk & other (g) | (3) | (4) | (2) | (0) | (1) | |||
Equity-accounted companies (h) | 49 | 41 | 27 | 21 | 22 | |||
Income before tax (i) = (e) + (g) + (h) | 767 | 690 | 398 | 292 | 370 | |||
Income before tax - Adjusted (j) = (f) + (g) + (h) | 808 | 781 | 418 | 353 | 390 | |||
Income tax (k) | (178) | (162) | (93) | (68) | (85) | |||
Income tax - Adjusted (l) | (190) | (187) | (99) | (84) | (91) | |||
Non-controlling interests (m) | 2 | (1) | 1 | 0 | 1 | |||
Net income Group share (o) = (i)+(k)+(m) | 591 | 527 | 305 | 224 | 285 | |||
Net income Group share - Adjusted (p) = (j)+(l)+(m) | 620 | 593 | 320 | 269 | 300 |
Shareholder structure
Number of shares | % of share capital | Number of shares | % of share capital | Number of shares | % of share capital | |
Crédit | 141,057,399 | 69.46% | 141,057,399 | 69.19% | 141,057,399 | 69.19% |
Employees | 1,527,064 | 0.75% | 2,279,907 | 1.12% | 2,319,318 | 1.14% |
255,745 | 0.13% | 1,343,479 | 0.66% | 1,315,690 | 0.65% | |
Free float | 60,234,443 | 29.66% | 59,179,346 | 29.03% | 59,167,724 | 29.02% |
Number of shares at end of period | 203,074,651 | 100.0% | 203,860,131 | 100.0% | 203,860,131 | 100.0% |
Average number of shares during the period | 202,793,482 | - | 203,414,667 | - | 203,860,131 | - |
- Average number of shares prorata temporis.
- Employee share ownership increased at
31 December 2022 in particular due to the capital increase reserved for employees on26 July 2022 (0.8 million shares created). - The 2023 capital increase reserved for employees "We Share Amundi" was successfully implemented on
27 July 2023 . The number of shares created is 787,503 shares (~0.4% of the capital before the transaction). Employees now hold approx. 1.5% of Amundi’s capital, compared to 1.14% before the transaction.
About
As the leading European asset manager, ranking among the top 10 global players25,
Its six international asset management platforms27, financial and non-financial research capabilities, and long-standing commitment to responsible investment make it a leading player in the asset management landscape.
www.amundi.com
Press contact:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Investor contacts:
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
DISCLAIMER:
This press release may contain forward-looking information concerning
These data do not represent forecasts within the meaning of Delegated Regulation (EU) 2019/980.
This forward-looking information includes projections and financial estimates derived from scenarios based on a number of economic assumptions in a given competitive and regulatory environment, project considerations, objectives and expectations related to future events and operations, products and services, and assumptions in terms of future performance and synergies. These assumptions are, by nature, subject to random factors liable to result in the failure to achieve the forward-looking statements. Consequently, no guarantee can be given as to the achievement of these projections and estimates, and
The figures presented have been prepared in accordance with IFRS as adopted by the
Unless otherwise stated, the sources of rankings and market positions are internal. The information contained in this press release, to the extent that it relates to parties other than
The sum of the values presented in the tables and analyses may differ slightly from the total reported due to rounding.
1 Adjusted net attributable profit in the second quarter of 2023 compared to the second quarter 2022 (see note p. 8 for the detail of adjustments)
2 Net income Group share
3 Adjusted data: excluding amortisation of intangible assets and Lyxor integration costs in 2022 (see note p. 8)
4 Medium/Long-Term Assets excl. JVs
5 In number of ETFs
6 Quarterly averages, Bloomberg Euro Aggregate for bond markets
7 Quarterly averages, composite index 50%
8 Sources: Morningstar FundFile, ETFGI. European & Cross-border open-ended funds (excluding mandates and dedicated funds). Data at
9 Adjusted data: excluding amortisation of intangible assets and Lyxor integration costs in 2022 (see note p. 8)
10 Fund anniversary dates triggering the recognition of these fees
11 Source: Eurostat, 6.8% in core inflation
12 Adjusted data: excluding amortisation of intangible assets and Lyxor integration costs in 2022 (see note p. 8)
13 Medium/Long-Term Assets
14 Excluding JVs
15 Net inflows include assets under advisory, marketed assets and funds of funds, including 100% of the net inflows of the Asian JVs; for
16 All passively managed Net Zero Ambition funds meet EU CTB/PAB criteria
17 As a percentage of the number of ETFs managed
18 Shareholders' equity minus goodwill and intangible assets
19 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and including 100% of the Asian JVs' net inflows and assets under management. For
20 Sabadell AM
21 Lyxor, consolidated at
22 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and take into account 100% of the Asian JVs' net inflows and assets under management. For
23 Assets under management and net inflows, including assets under advisory, marketed assets and funds of funds, and take into account 100% of the Asian JVs' net inflows and assets under management. For
24 See also Section 4.3 of the 2022 Universal Registration Document filed with the AMF on
25 Source: IPE "Top 500 Asset Managers" published in
26
27
Attachment
- Amundi PR results Q2&H1 2023
© OMX, source