Azimut takes off on the Stock Exchange after the publication of the 2018 accounts, but above all after the decision to distribute a dividend of 1,5 euros per share, a figure which for the second consecutive year makes the company chaired by Pietro Giuliani the most generous listed on the Ftse Mib.
The stock managed to gain 4,96% and at 15.30 pm it was up 2,16% to 13,5 euros.
Going into details, Azimut closed 2018 with consolidated revenues down from 810,5 to 748,5 million euro (-7,7%) e a net operating income down from 278,1 million in 2017 to 192,8 on 31 December last year.
THEconsolidated net profit it stood at 122,1 million (from 214,8), while the normalized consolidated net profit was equal to 144,7 million, down from the 220,1 million of the previous year.
At the end of December managed masses amounted to 39,8 billion euro, while directly placed assets administered and managed by third parties amounted to 50,8 billion. There net collection in 2018 was 4,4 billion, of which about half came from the foreign business which today represents 28% of the Group's total assets. In February 2019, the company recorded positive net inflows of €246,8 million, pushing the total since the beginning of 2019 to €800,7 million.
Going back to 2018, the net financial position consolidated income was negative by 31,1 million, an improvement compared to -57,0 million as at 30 June 2018 (it was positive by 134,9 million as at 31 December 2017). Through a note, the company underlines that ordinary dividends were paid out last year for approximately 262 million euros, of which 131 million in cash and 131 million through the allocation of treasury shares. In addition, further tranches of buybacks were executed for a total of 40 million (110 million since the beginning of 2017) and acquisitions were made for 35 million.
"We are closing 2018 with results that reflect the performance of the global financial markets and we are starting 2019 in a strongly positive way, with net inflows in the first two months of over 800 million", explained the chairman Peter Giuliani, “the result derives from Azimut's ability to offer clients a net weighted average performance well above that of the Italian industry: our clients have obtained average returns close to +5%, almost 1,5% more than competitors".
As for the solo fourth quarter of 2018, the intermediation margin is equal to 183 million, a value perfectly in line with analysts' estimates. Operating income stood at 40 million (+3,9% compared to analysts' estimates), while adjusted net profit at 33 million (+49,1% compared to expectations).
For 2019, the last year of the current five-year plan, the group estimates a target of 300 million in profit.
The board of directors, after having approved the accounts, decided to propose to the shareholders' meeting scheduled for 24 April, the distribution of a dividend ordinary total of 1,50 euro per share (equal to a pay-out of 141%) gross of withholding taxes. The coupon will be paid for a minimum of 3/4 in cash and for the remainder in treasury shares held in the company's portfolio. After the maxi dividend of 2 euro paid last year, this year Azimut is once again the most generous company in the Ftse Mib. The detachment is set for May 20th.
