Market: Milan Symbol: AZM ISIN: IT0003261697 Industry: Financial Services
Azimut Group's international presence
Foreign business accounts for 47% of total assets
Note: Presence related only to majority holding ownerships.
Key figures
€94bn
Total Assets under Management & Custody/Advisory
€6.9bn
Total 2023 Net Inflows
€454mln
2023 FY Adjusted Net Profit
>650k
clients
18
countries
200+
investment professionals
>2200
Sales force worldwide
22%
employee-owned

Corporate Profile

Azimut is an independent, global group in the asset management, wealth management, investment banking and fintech space, serving private and corporate clients. A public company listed on the Milan Stock Exchange (AZM.IM), the group is a leader in Italy and active in 18 countries around the world, with a focus on emerging markets. The shareholder structure includes around 2,000 managers, employees and financial advisors bound by a shareholders’ agreement that controls ca. 22% of the company. The remaining is free float. The Group comprises various companies active in the sale, management, and distribution of financial and insurance products, with registered offices in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey, UAE, and USA. In Italy, Azimut Capital Management SGR sells and manages Italian mutual funds, Italian alternative investment funds, as well as being active in the discretionary management of individual investment portfolios. Furthermore, Azimut Capital Management SGR distributes Group and third-party products in Italy via a network of financial advisors while Azimut Libera Impresa focuses on the alternatives business. The main foreign companies are Azimut Investments SA (founded in Luxembourg in 1999), which manages the multi strategy funds AZ Fund 1 and AZ Multi Asset, and the Irish Azimut Life DAC, which offers life insurance products.

Currency: EUR
Previous Close 23.25
Number of Shares 143,254,497
Market Cap 3,330,667,055
Financial Highlights
Income Statement:
   
€/000 FY 2023 FY 2022
Entry commission income
12,162 11,329
Recurring fees 1,138,307 1,097,924
Variable fees
18,208 45,774
Other income 32,358 38,239
Insurance revenues 110,981 96,313
Total Revenues 1,312,016

1,289,579

Distribution costs (388,954) (420,972)
Personnell and SG&A
(310,196) (278,014)
Depreciation, amort./provisions
(25,470) (39,234)
Total costs
(724,620)
(738,220)
Operating Profit
587,396
551,359
Interest income 60,865 7,731
Net non operating costs (14,565) 10,958
Interest expenses (8,633) (10,345)
Profit Before Taxation 625,065 559,704
Income taxation (160,954)
(138,745)
Deferred taxation
(6,096)
6,043
Net Profit 458,013 427,001
Minorities 203,446 20,540
Consolidated Net Profit 434,567 406,461
Adjusted Net Profit 453,988 402,371

Note:
1. 2022: Restated for the adoption of IFRS 17.
2. To better reflect the underlying net profit, anticipated FY 2023 adjusted net profit excludes the € 19.4 million one-off charge related to a tax settlement with the Italian Revenue Agency for the tax periods from 2016 to 2021 and the € 0.1 million (FY 2022: € 4.1 million) accounting impact of the implementation of the IFRS 17 standard (insurance contracts).

Net Financial Position:
€/000 31/12/2023 30/06/2023 31/12/2022
Bank loan (222) (255) (288)
Securities issued (496,982) (500,874) (497,916)
Total debt (497,204) (501,129) (498,204)
Cash and cash equivalents 889,416 755,755 791,262
Net Financial Position 392,212 254,626 293,058

Earnings per share:
2023 2022
Basic earnings per share 3.14 2.92
Average number of outstanding shares (*) 138,454,284 139,226,158

Note:
* Outstanding shares are calculated net of treasury shares held by Azimut Holding S.p.A. at the reporting date.

Fitch Ratings
Long term BBB
Short term F3
Outlook Stable

Reporting date as of 03-Jul-2024