Meitav Dash Investments LTD Investors Presentation Q3 2019
I.D. Meitav Dash Total Bond Shareholders Assets Under Rating Equity Management 135 135 858 858 A1 Shares BRM, NIS Million NIS Billion held by 29% the public, 40% As at 30/9/19 As at 30/9/19 Zvi Stepak, 28% Other In the Market Dividend TA-125 Index Value Distribution Policy 125 125 50 50% As at 30/9/2019 960 960 At least NIS Million of net profit As at 14/11/2019 2
Range of Products and Services Asset Management Activities 55.4 55.4 19.6 19.6 58.2 58.2 Portfolio Provident, Study Mutual Funds& and Pension Funds Management ETFs AUM as at 30/9/19 in NIS Billion Additional activities • Peninsula - SME Credit • Meitav Dash Trade • Insurance Agencies • Meitav Dash Brokerage • Meitav Dash Loans • Meitav Dash Global Markets • Alternative Investments 3
AUM UM Other Portfolio 1.8 Management 19.6 Provident Funds, 135 Study Funds and Pension Funds 55.4 Mutual Funds NIS 35.4 Billion ETFs 22.8 As at 30/9/19 Other = Mutual Funds under hosting and distribution arrangements 4
Selected Financial Data Q3 2019 Revenues Normalized EBITDA SME Other Credit- 5% Other Peninsula SME Credit - 6% Peninsula Trade & Trade & 9% 17% Brokerage Brokerage 13% 67 11% 223 Long Term Long Term NIS Savings NIS Savings (LTS) (LTS) Million 36% Million Short Term 22% Savings (STS) 38% Short Term Savings (STS) 43% Other = Insurance Agencies, Global Markets, Meitav Dash Loans, Alternative Investments, Nostro and other activities 5
Selected Financial Data Q3 Q2 Q1 Q3 2018 2019 2019 2019 2018 Revenues* 223 233 246 231 887 Expenses 173 173 181 175 688 EBITDA 65 78 80 67 235 Normalized EBITDA 65 67 79 80 235 Profit for the period 25 27 23 32 77 Profit attributed to the shareholders 22 19 29 22 67 EBITDA Q3 2019 Profit before tax 38 Depreciation and amortization 24 Financing expenses, net 3 EBITDA 65 *Including Nostro. In NIS Million 6
Dividend Distributions 45 45 49 45 NIS NIS NIS NIS Million Million Million Million 16 15 15 15 15 15 Q1 14 14 Q2 12 Q3 10 10 10 10 10 10 10 10 10 10 10 10 10 10 Q4 Annual 8 6 4 2 0 2015 2016 2017 2018 2019 7
Long Term Vision Increased Diversification 14% 23% 26% 40% 2020- 2015 2018 2017 2022 60% 77% 74% 86% Revenue from Asset Management activities Revenue from Credit, Insurance, Trade, Brokerage, Alternative Investments and others 8
Revolution Meitav Dash Pension Funds Over 10,000 new employers* Annual deposits of over AUM over NIS 11.2 Billion NIS 2 Billion International Reinsurers Over 300K customers as at 30/9/2019 *Since chosen the second time as an MOF “selected pension fund” 9
Peninsula - SME Credit provides credit to small and medium sized companies in Israel 60 Revenue Net Profit 43.2 40.8 34 25.9 24.2 15.6 13.4 10.2 5.6 Q1-Q3 2015 Q1-Q3 2016 Q1-Q3 2017 Q1-Q3 2018 Q1-Q3 2019 10
Expanding Abroad - Credit Lotus Investment Group: Lotus manages credit portfolios for SMEs (Small & Medium Enterprises) in the fields of real estate entrepreneurship and investments. Lotus was established in Ireland and has been operating there for about 6 years. Lotus manages for investors collateralized loan portfolios of € 115 million. The credit portfolios consist mostly of real estate developers' loans, alongside some smaller bridging loans to finance built-up real estate assets. The loans are typically given for average periods of 12-24 months. Meitav Dash holds 45% of Lotus' capital acquired for € 5.4 million . Meitav Dash has pledged to invest up to € 16.8 million in the Lotus credit portfolio . 11
Alternative Investments Liquidity Capital Fund which specializes in the acquisition of future revenues of growing technology companies with recurring revenues Pagaya Fund which specializes in retail credit in the US Real Estate Fund Fund which is engaged in the acquisition and management of real estate in the US, in cooperation with Harbor Group Reigo Specializes in providing collateralized loans for the purchase of US real estate properties using a unique big data algorithm to minimize risk 12
Segment Analysis 13
Long-Term Savings (LTS) Market Share AUM 8.5% 8.5 22.1 22.1 55.4 55.4 Study Funds Provident Funds 22.1 22.1 NIS Billion 11.2 11.2 As at 30/9/19 Pension Funds • One of the selected pension funds in MOF Q3 2019 Q2 2019 Q1 2019 Q3 2018 2018 tender for the second time 53.5 • The largest pension fund among investment AUM in NIS Billion 55.4 54.7 52.6 50.9 houses, with assets of over NIS 11.2 billion and 79 Revenue in NIS Million 79 79 80 320 annual deposits of over NIS 2 billion Annualized Management 0.6 0 % 0.57% 0.58% 0.61% 0.62% Fees Operating Profit 10 11 17 8 42 in NIS Million 14
Short-Term Savings (STS) AUM AUM AUM Portfolio Mutual Funds ETFs Management 19.6 19.6 35.5 35.5 22.8 22.8 NIS Billion NIS Billion NIS Billion • Wide range of products including tracking funds with Q3 Q2 Q1 Q3 2018 2019 2019 2019 2018 annual revenues of over NIS 12 million • Commencing the second quarter of 2019, the AUM in NIS Billion 77.8 77.3 75.7 76.7 72.4 merger of Meitav Dash Mutual Funds and Tachlit Revenue in NIS Million 85 86 86 96 336 Indices has been completed and is presented together with portfolio management in the short-term Operating Profit 30 30 31 40 117 savings segment in NIS Million • Meitav Dash Manager - Digital Portfolio As at 30/9/19 Management (“ Robo Advisor”) from NIS 25,000 15
Trade & Brokerage Of the trading Customer Assets 15.9 15.9 8.2% 8.2 turnover in shares and bonds on the Tel Aviv Stock Exchange NIS Billion • The leading non-bank TASE member Q3 2019 Q2 2019 Q1 2019 Q3 2018 2018 • Constant growth in recruiting new customers Revenue in NIS Million 24 25 31 25 105 • New trading system and mobile app for opening a digital account enabling a quick and efficient Operating Profit 9 8 11 6 33 onboarding process as well as advanced trading tools 16
Financial Statements 17
Balance Sheet (In NIS Million) As at As at As at As at 30/9/19 31/12/18 30/9/19 31/12/18 Credit from banks and others 634 573 Cash and short-term investments 524 460 Other current assets 1,038 973 Liabilities for short sale of securities 51 10 Total current assets 1,562 1,433 Trade and other payables 251 389 Total current liabilities 936 972 Long term investments 260 200 Loans from banks 90 97 Fixed assets and intangible assets 1,337 1,211 Debentures 770 669 Deferred taxes 15 20 Other long term liabilities 317 176 Total assets 3,174 2,864 Equity 858 825 Non-controlling interests 203 125 Total liabilities and equity 3,174 2,864 Net debt Net Debt to EBITDA excluding excluding Peninsula Peninsula 1.2 X 297 18 Amounts in respect of ETNs
Profit and Loss Q2 201 9 Q1 201 9 Q3 2019 Q3 2018 2018 209 217 216 Revenue from management fees, commissions and other 206 829 21 18 15 Revenue from Peninsula 21 61 230 235 231 Total revenue 227 890 General and administrative expenses, marketing, sales, and financing expenses from non 173 181 175 173 688 bank credit 57 54 56 Operating income 54 202 Profit (loss ) from securities held for investment purposes in nostro portfolio 3 - (4) 11 (3) ( 17 ) ( 8 ) Financing expenses, net (3) (5) (36) ( 10 ) ( 8 ) Other expenses, net (11) (12) (33) 2 1 Company's share in earnings in equity accounted investees 2 1 3 35 49 41 Profit before taxes on income 38 133 12 17 16 Taxes on income 11 56 23 32 25 Profit for the period 27 77 19 29 22 Profit attributed to the shareholders 22 67 19
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