Within the 2025 Amco, the Asset Management Company of Tesoro, will invest 7,5 billion euros in purchases of new portfolios balanced between Npl (Non-Performing Loans) and Utp (Unlikely To Pay). Upon completion of the Board of Directors of Amco, led by Navy Christmaswas approved on new three-year plan, with which you aim for a diversified growth strategy, both as an investor and as a servicer: "the focus will move to medium-small tickets to follow the evolution of the credit management market" says a note from the company that manages the credit recovery processnon-performing loans and that he had a important role in the Mps affair. "
Sustainability for Amco it means accompanying companies on a recovery path, with a personalized and customer-respectful approach, oriented towards the search for collaborative and sustainable solutions” he says Christmas. “Amco's Sustainability strategy is based on four pillars, GSE extension: Sustainable Governance, Credit Sustainability, Human Capital Development, Environmental Protection. All this, pursuing profitability objectives for the company”.
Amco: Glam platform will be implemented with 11,1 billion by 2025
Amco, with 36,2 billion NPEs (non-performing exposures, the exposure that banks have towards non-performing loans) pro-forma at the end of September 2022, of which 13,2 billion UTPs, 75% relating to over 41.000 Italian companies, also aims at iimplement the Glam platform (Guaranteed Loans Active Management) for which a contribution is estimated by 2025 overall € 11,1 billion, of which €2,9 billion under management by Amco, in addition to €8,2 billion under management by special servicers.
New projects in partnership: funds for 1,5 billion
Alongside the investment activity, Amco will structure new ones partnership projects with other market participants and who understand the creation of multi-originator funds total of 1,5 billion of AuM (Asset under management) dedicated to specific sectors, geographical areas or specific categories of companies in difficulty, to encourage their relaunch. It is expected the involvement of strategic partners which will support the revitalization of categories of companies in difficulty
Amco: targets for 2025, assets will rise to 38,2 billion, Ebitda +12,4%
Amco predicts that the asset under management (Aum) will grow from 36,5 billion euros at the end of 2022 to 38,2 billion by 2025, or 44,6 billion including the Aum relating to the Glam platform managed by special servicers. The "management" mix will see an increase of volumes managed in outsourcing from 28% at the end of 2022 to 40% at the end of 2025. Il collection rate it is expected to increase from around 4,5% - expected for 2022 - to 7,2% in 2025, including receipts relating to the Glam platform.
Amco also plans to increase revenues by 15,4% annually, up to 545 million euros (from 307 million in 2021) thanks to business expansion projects and greater growth in revenues from servicing.
Ebitda is expected up 12,4% annually in 2021-2025, reaching 297 million euros (186 million in 2021) and incorporates the new IT investments linked to the optimization of systems supporting portfolio management (data analytics), the industrialization of processes and the development of the Glam platform. The Ebitda margin by 2025 will be over 50%.
The plan then calls for solid cash generation with a cash Ebitda at 1 billion euros in 2025, or twice the figure for 2021 (0,5 billion in 2021), supported by the positive dynamics of receipts. “The generation of cash will make it possible to finance new investments and to refinance on the market only a part (about 1 billion euro) of the maturities of the debt” says the note.
Amco it also confirms the capital structure, with a Cet1 ratio at 38,5% at the end of 2025 (37% in September 2022), well above the minimum regulatory level, and a 2025 NFP / Equity ratio of 1,0 times. Finally, during the three-year period Amco points to increase staff reaching 559 units at the end of 2025, compared to 368 at the end of September 2022.
