(Finance) – The Board of Directors of AMCO – Asset Management Company – meeting today under the Chairmanship of Dr. Giuseppe Maresca, approved the results for the 2023 financial year and the new Strategic Plan 2024-2028 “We produce value”, confirming the GSSE Sustainability Strategy.
“We launch an ambitious four-year plan to produce value from the existing credit portfolio, thanks to greater operational efficiency and the industrialization of processes. The Plan outlines new projects for the management of impaired loans and focuses on our systemic role in the sector, to facilitate the financial rebalancing of families and businesses. AMCO will generate profits in all years of the Plan and will release capital in the public interest“, explains Andrea Munari, CEO of AMCO.
With the 2024-2028 Plan AMCO focuses on creating value from the existing portfolio, optimizing recovery performance thanks to greater efficiency of the operating machine. AMCO works to facilitate the financial rebalancing of families and businesses, focusing its systemic role on the management of impaired loans, in the public interest.
The 2024-2028 Plan is divided into 3 pillar that intersect the GSSE Sustainability Strategy: Producing value from the existing portfolio with greater operational efficiency achieved through the evolution of the portfolio management model in a data-driven logic, greater specialization in in-house management and outsourcing and the strengthening of IT infrastructure and internal processes; Support for families and businesses also with innovative projects, to facilitate their financial rebalancing. The planned initiatives are: the launch of multi-originator funds dedicated to specific sectors and/or geographies to encourage their relaunch; restructuring and industrial relaunch operations, through new finance, of positions already present in the portfolio and also not currently under management (single name) relating to medium-large companies; the RE.Perform project to accompany retail mortgage customers in returning to performing status; Systemic role in the management of impaired loans in the public interest. To this end, both a structure for the management of loans with state guarantees and new initiatives for the management of impaired loans in synergy with other partners are being defined.
AMCO continues the path traced with the GSSE Sustainability Strategy: 2025 targets confirmed and outlined new evolutionary lines to 2028.
Main financial targets 2026-2028
Collection rate increasing to 6.7% in 2026 (with gradual normalization to 5% in 2028) due to the strengthening of the operating model; Profit generation in all years of the Plan: 50 million in 2026, 51 million in 2028; Assets under management (AuM) decreasing to 32.3 billion in 2026 and 28.5 billion in 2028 with an on-balance component of 39% in 2028 (52% in 2023); Solid capital structure with excess capital of 1.8 billion at the end of 2028 (0.8 billion at the end of 2023); the new capital light model will create value in the public interest: AMCO will eliminate financial debt in place and will free up capital.
Results 2023
EBITDA – equal to 311.1 million – grew by 2% y/y compared to 304.1 million in 2022. The trend reflects the increase in revenues linked, mainly, to higher interests. The EBITDA margin is at 64.2%.
Credit adjustments, which amount to 524 million due to the revision of portfolio recovery estimates, based on a challenging macroeconomic context, lead to a net result of -388 million.
The net financial position (NFP)5 is -2,710 million, improving from -3,377 million at the end of 2022, thanks to the solid ability of the business to generate cash.