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Consolidated Interim Financial Report at 31 March 2019 Azimut Holding S.P.A

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Consolidated Interim Financial Report at 31 March 2019 Azimut Holding S.P.A Azimut Holding S.p.A. Consolidated interim financial report at 31 March 2019 Consolidated interim financial report at 31 March 2019 Azimut Holding S.p.A. 4 Gruppo Azimut Contents Company bodies 7 Azimut Group's highlights and indicators 9 Management report 11 Consolidated financial statements 23 Basis of preparation 37 Statement pursuant to article 154-bis, paragraph 2 of the Consolidated Law on Finance 49 Consolidated interim financial report at 31 March 2019 5 6 Gruppo Azimut Company bodies Board of Directors Pietro Giuliani Chairman Paolo Martini Chief Executive Officer and Managing director Gabriele Blei Chief Executive Officer Massimo Guiati Chief Executive Officer Giorgio Medda Chief Executive Officer Alessandro Zambotti Chief Executive Officer Mirella Pardi (*) Director Ambra Zironi (*) Director Anna Maria Bortolotti Director Antonio Colavito Director Antonio Andrea Monari Director Raffaella Pagani Director Board of Statutory Auditors Vittorio Rocchetti Chairman Costanza Bonelli Standing Auditor Daniele Carlo Trivi Standing Auditor Maria Catalano Alternate Auditor Federico Strada Alternate Auditor (*) in office for one year (2019) Consolidated interim financial report at 31 March 2019 7 Azimut Group's highlights and indicators Azimut Group's structure The Azimut Group operates globally in 17 countries and is comprised of the parent company, Azimut Holding S.p.A., and 87 subsidiaries. Azimut Holding (Listed:AZM.IM) AZ Fund(4) AZ International (1999) Holdings(6) (2010) (100%) (100%) Luxembourg Luxembourg Azimut Capital AZ Brasil Holdings An Zhong (AZ) IM AZ IM Singapore Katarsis CA Management (2013) (2011) (2013) (2011) (2004) (100%) (100%) (100%) (100%) (100%) Italy Brazil Hong Kong Singapore Switzerland Azimut Financial AZ Quest AZ IM HK Sigma Fund Mgmt New Horizon CM Eskatos CM Insurance (2015) (2011) (2016) (2017) (2011) (2015) (100%) (65%) (100%) (67%) (100%) (100%) Italy Brazil Hong Kong Australia United Arab Emirates Luxembourg (5) AZ Life AZ Swiss AZ Sestante AZ IM AZ Brasil Holdings AZ US Holding (2003) (2012) (2015) (2011) (2013) (2015) (100%) (51%) (100%) (100%) (100%) (100%) Ireland Switzerland Australia China Brazil USA Azimut Enterprises Azimut Portföy CGM Azimut Azimut Brasil WM AZ Apice LLC (2014) (2011) Monaco Holding(1) (2016) (2011) (2015) (100%) (100%) (100%) (96%) (70%) Italy Turkey Monaco Brazil USA Azimut Global AZ Sinopro FP AZ Mèxico Holdings Counseling (2013) S.a. de CV (2013) (2014) (100%) (51%) (96%) Italy Taiwan Mexico Azimut Libera AZ Sinopro IP(2) Màs Fondos S.A. Impresa SGR (2013) (2014) Source: company figures updated to 31 March 2019 Asset management (2014) Note (1): controls the distribution companies M&O Consultoria, FuturaInvest and Azimut Brasil (100%) (100%) (100%) Distribution Wealth Management. Italy Taiwan Mexico Life Insurance Note (2): controls AZ Sinopro Insurance Planning. Note (3): controls 100% of CGM Italia SGR. Alternatives AZ Andes Spa AZ NGA Note (4): 30% held by Azimut Capital Management and (2015) (2014) 19% by Azimut Financial Insurance, both wholly owned by Azimut Holding. (100%) (57%) Note (5): controls SDB Financial Solutions. Chile Australia Note (6): Only the companies with the highest majority shares are represented. 8 Gruppo Azimut Azimut Group - Highlights at 31 March 2019 1989 Year of incorporation 2004 Year of flotation 54.3 Total assets 17 countries Geographical coverage 1.3 Inflows for the first quarter of 2019 1,773 Financial advisors 247 million Revenues for the first quarter of 2019 91 million Net profit for the first quarter of 2019 930 Employees 15.15 Share price Consolidated interim financial report at 31 March 2019 9 Azimut Group - Indicators Financial indicators Change (millions of euro) First quarter First quarter Absolute % 2018 of 2019 of 2018 Total income: 247 182 65 36% 748 of which fixed management fees 170 156 14 8% 629 EBIT 101 39 62 61% 193 Net profit for the period 91 26 65 71% 122 Net inflows 1.3 0.4 0.9 225% 4.4 (billions of euro) Operating indicators 31/03/2019 31/12/2018 31/03/2018 Financial advisors 1,773 1,747 1,656 AUM, net 42.2 39.8 40 (billions of euro) Breakdown of assets 12% 3% 64% 21% at 31 March 2019 Mutual funds Discretionary portfolio AZ Life Insurance Advisory 10 Gruppo Azimut Management report This consolidated interim financial report at 31 March 2019 has been prepared Introduction pursuant to Article 154-ter (Interim Reports) of Italian Legislative Decree no. 58/1998 (Consolidated Law on Finance), introduced by Italian Legislative Decree no. 195/2007, implementing EU Directive 2004/109/EC (known as the Transparency Directive) as amended. Azimut Holding S.p.A.'s consolidated interim financial report specifically focuses on the highlights of the quarter, simplifying market disclosure. This consolidated interim financial report provides: a) a general description of the financial position and results of operations of Azimut Holding S.p.A. and its subsidiaries for the period; b) a description of the main events and transactions of the period and their impact on the financial position of Azimut Holding S.p.A. and its subsidiaries. The Group continued to attract professionals of the banking and the Private Banking 1- Azimut Group's sectors in Italy, increasing the number of financial advisors by an additional 26 performance for the first resources compared to 31 December 2018. quarter of 2019 Consolidated interim financial report at 31 March 2019 11 Net inflows The Group's inflows for the first quarter of 2019 is positive at 1,324 million euro. Change Figures in millions of euro First quarter First quarter Absolute % 2018 of 2019 of 2018 Funds 789 329 460 139.8% 918 Discretionary portfolio management and other 33 288 -255 -88.5% 1,385 AZ Life insurance -83 91 -174 -191.2% -440 Advisory 13 70 -57 -81.4% 341 Double counting -107 -347 240 -69.2% 135 Total net inflows - Assets under management 645 431 214 49.7% 2,339 Securities, third-party funds and c/a 679 443 236 53.3% 2,064 Total net inflows 1,324 874 450 51.5% 4,403 Assets At 31 March 2019, total assets, including assets under custody, reached 54.3 billion euro, of which 42.2 billion euro relates to assets under management. Change Figures in millions of euro 31/03/2019 31/12/2018 31/03/2018 Absolute % Mutual funds 32,946 30,662 31,668 2,284 7.4% Discretionary portfolio management and other 10,626 10,090 9,547 536 5.3% AZ Life insurance 5,892 5,678 6,453 214 3.8% Advisory 1,639 1,507 1,181 132 8.8% Double counting -8,900 -8,154 -8,817 -746 9.1% AUM, net 42,203 39,783 40,032 2,420 6.1% Securities, third-party funds and c/a 12,132 10,989 10,602 1,143 10.4% Total assets 54,335 50,772 50,634 3,563 7.0% 12 Gruppo Azimut In order to provide a more effective representation of the results, the income Reclassified consolidated statement has been reclassified and thus better reflects the content of the items income statement according to operating criteria. The main reclassifications involved the following: • cost recoveries on portfolio management reported under “Fee and commission income” have been reclassified as “Other income” in the reclassified income statement; • net premiums and the corresponding change in the technical reserves, commissions and recovered expenses relating to insurance and investment products issued by AZ Life Dac, reported under “Net premiums”, “Change in technical reserves” and “Fee and commission income”, have been reclassified as “Insurance income”; • commission expenses paid to the distribution network, reported under “Fee and commission expense” are now classed as “Acquisition costs”; the Enasarco/Firr contributions related to these commission expenses and the other trade expenses associated with the distribution network, recognised under “Administrative costs”, have been reclassified as “Acquisition costs”; the amount allocated to the supplementary indemnity reserve for agents (ISC) reported under the item “Provisions for risks and charges” has been reclassified as “Acquisition costs”; • administrative cost recoveries, reported under “Other operating income and costs”, were recognised as a reduction of “Overhead costs/administrative costs”; • interest expenses on loans were reported under “Interest expense” in the reclassified income statement. Consolidated interim financial report at 31 March 2019 13 1Q2019 1Q2018 01/01/18 Euro/000 - 31/12/18 Acquisition fees 1,019 1,764 5,401 Fixed management fees 170,150 156,333 629,198 Variable management fees 57,042 9,588 56,548 Other income 2,456 2,142 8,487 Insurance income 16,796 12,477 48,821 Total income 247,464 182,304 748,454 Acquisition costs (93,151) (90,883) (336,195) Overhead costs/administrative costs (48,257) (48,826) (203,650) Amortisation/depreciation and provisions (4,840) (3,819) (15,763) Total costs (146,248) (143,528) (555,608) EBIT 101,215 38,776 192,846 Net financial income 7,014 (3,943) (23,312) Net non-recurring costs (448) (910) (6,238) Interest expense (2,358) (1,832) (7,414) Pre-tax profit (loss) 105,424 32,091 155,882 Income tax (8,970) (4,804) (24,836) Deferred tax assets/liabilities (1,828) 3,090 9,534 Net profit (loss) 94,626 30,376 140,580 Profit (loss) attributable to minority interests 3,707 3,938 18,434 Group net profit 90,918 26,438 122,146 Consolidated EBIT and consolidated Group net profit for the first quarter of 2019 came to 101 million euro (39 million euro for the first quarter of 2018) and 91 million euro (26 million euro for the first quarter of 2018), respectively. At 31 March 2019, assets managed amounted to 40 billion euro, up by 2.2 billion euro on 31 March 2018, generating fixed management fees of 170 million euro, in addition to variable management fees of 57 million euro.
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