-
Solid investment performance across all time periods, with 63%, 60%
and 81% of assets under management (“AUM”) outperforming benchmarks on
a 1, 3 and 5 year basis, respectively, as at 30 September 2018
-
AUM of US$378.1 billion, up 2% compared to the prior quarter, as
positive market impacts were partially offset by net outflows of
US$4.3 billion
-
On track to achieve targeted cost synergies of US$125 million by end
of 2018, significantly ahead of schedule
-
Completed US$50 million of share buybacks during the quarter
-
Board declared quarterly dividend of US$0.36 per share
LONDON--(BUSINESS WIRE)--
Janus Henderson Group plc (NYSE/ASX: JHG; “JHG,” “the Group”) published
its third quarter results for the three month period ended 30 September
2018.
Third Quarter 2018 Earnings Results
Third quarter 2018 net income attributable to JHG was US$111.2 million
compared to US$140.6 million in the second quarter 2018 and US$99.5
million in the third quarter 2017. Adjusted net income attributable to
JHG, adjusted for one-off and acquisition and transaction related costs,
of US$138.6 million declined 8% compared to US$149.9 million in the
second quarter 2018 and improved 21% compared to US$114.2 million in the
third quarter 2017.
Third quarter 2018 diluted earnings per share was US$0.55 compared to
US$0.70 in the second quarter 2018 and US$0.49 in the third quarter
2017. Adjusted diluted earnings per share of US$0.69 declined 7%
compared to US$0.74 in the second quarter 2018 and improved 23% versus
US$0.56 in the third quarter 2017.
As at 30 September 2018, the Group had achieved US$119 million of
annualised run rate pre-tax net cost synergies. The Group expects it
will be able to realise recurring annual run rate pre-tax net cost
synergies of US$125 million by the end of 2018, which is significantly
ahead of the original target date of May 2020.
Dick Weil, Chief Executive Officer of Janus Henderson Group plc,
stated:
“Our third quarter financial results continue to be
strong with year-over-year revenue growth and margin expansion of 150
basis points, demonstrating the firm’s enhanced effectiveness of
converting higher revenues into higher profits. We are on track to
achieve our targeted cost synergies of US$125 million by the end of 2018
– nearly a year and a half ahead of schedule, a testament to the hard
work and commitment of our employees.
“While net flows and recent investment performance are not where we
expect them to be, it is also true that we are seeing many areas in our
business that are doing well. Our US Intermediary business is gaining
market share, exceeding the industry’s organic growth this quarter, and
our global Institutional pipeline is seeing a growing number of
opportunities across Australia, the Middle East, Asia and the US.
“We recognize short-term performance and flow challenges gain particular
attention in a quarterly reporting cycle; however, they do not define
our long-term value proposition or derail our plans to achieve organic
growth. Going forward, we remain committed to our goals of growing
market share profitably in each of our key markets and delivering an
exceptional client experience.”
________________
The Group presents its financial results in US$
and in accordance with accounting principles generally accepted in the
United States of America (“US GAAP” or “GAAP”). However, in the opinion
of Management, the profitability of the Group and its ongoing operations
is best evaluated using additional non-GAAP financial measures on an
adjusted basis. See adjusted statements of income reconciliation for
additional information.
SUMMARY OF FINANCIAL RESULTS (unaudited, in US$ millions,
except per share data or as noted)
|
|
| Three months ended |
| | | 30 Sept |
|
| 30 Jun |
|
| 30 Sept |
| | | 2018 | | | 2018 | | | 2017 |
US GAAP basis: | | | | | | | | | | | | |
|
Revenue
| | |
581.2
| | | |
592.4
| | | |
566.9
| |
|
Operating expenses
| | |
432.9
| | | |
417.1
| | | |
428.7
| |
|
Operating income
| | |
148.3
| | | |
175.3
| | | |
138.2
| |
|
Operating margin
| | |
25.5
|
%
| | |
29.6
|
%
| | |
24.4
|
%
|
|
Net income attributable to JHG
| | |
111.2
| | | |
140.6
| | | |
99.5
| |
|
Diluted earnings per share
| | |
0.55
| | | |
0.70
| | | |
0.49
| |
| | | |
|
| | | Three months ended |
| | | 30 Sept
2018 | | | 30 Jun
2018 | | | 30 Sept
2017 |
Adjusted basis1: | | | | | | | | | | | | |
|
Revenue
| | |
468.9
| | | |
477.7
| | | |
454.6
| |
|
Operating expenses
| | |
288.4
| | | |
286.3
| | | |
286.2
| |
|
Operating income
| | |
180.5
| | | |
191.4
| | | |
168.4
| |
|
Operating margin
| | |
38.5
|
%
| | |
40.1
|
%
| | |
37.0
|
%
|
|
Net income attributable to JHG
| | |
138.6
| | | |
149.9
| | | |
114.2
| |
|
Diluted earnings per share
| | |
0.69
| | | |
0.74
| | | |
0.56
| |
|
________________
|
| 1 |
|
See adjusted statements of income reconciliation for additional
information.
|
| |
|
As a result of revenue recognition accounting guidance that came into
effect in 2018, the Group’s presentation of distribution expenses under
US GAAP is now reported on a gross basis. As a consequence, the Group
reclassified prior year amounts to conform to the 2018 presentation. The
change in presentation does not affect the Group’s reporting on an
adjusted basis as distribution expenses are netted against revenue.
Third quarter 2018 adjusted revenue of US$468.9 million decreased from
the second quarter 2018 result of US$477.7 million as a decrease in
performance fees was partially offset by an increase in management fees.
Performance fees declined from second quarter 2018 levels primarily due
to a decrease in SICAV and UK OEICs and Unit Trusts performance fees
from a decline in performance of several large European equity
strategies and absolute return products and a decrease in mutual fund
performance fees. Third quarter 2018 adjusted operating income of
US$180.5 million decreased from US$191.4 million in the second quarter
2018, with lower adjusted revenue and a slight increase in adjusted
operating expenses due to a number of non-significant items.
Compared to the third quarter 2017, adjusted revenue improved 3% in the
third quarter of 2018. Average AUM increased by 7% over the same time
period, positively affecting management fees; these increases were
partially offset by lower performance fees. Adjusted operating income in
the third quarter 2018 improved 7% compared to the third quarter 2017.
DIVIDEND AND SHARE BUYBACK
On 31 October 2018, the Board declared a third quarter dividend in
respect of the three months ended 30 September 2018 of US$0.36 per
share. Shareholders on the register on the record date of 12 November
2018 will be paid the dividend on 30 November 2018. Janus Henderson does
not offer a dividend reinvestment plan.
During the third quarter, JHG commenced a share buyback programme
purchasing approximately 1.8 million in aggregate of its ordinary shares
on the New York Stock Exchange and its CHESS Depositary Interests on the
Australian Securities Exchange (“ASX”) for a total outlay of US$50
million. An additional US$50 million of shares may be purchased under
the existing programme.
Net tangible assets per share |
|
|
| US$ |
|
| 30 Sep 2018 |
|
| 31 Dec 2017 |
|
Net tangible assets per ordinary share
| | |
1.29
| | |
0.68
|
| | | | | |
|
Net tangible assets are defined by the ASX as being total assets less
intangible assets less total liabilities ranking ahead of, or equally
with, claims of ordinary shares.
AUM AND FLOWS
Total Group comparative AUM and flows |
|
|
|
|
| Three months ended |
| (in US$ billions) | | | 30 Sep
2018 |
|
| 30 Jun
2018 |
|
| 30 Sep
2017 |
| Opening AUM | | | 370.1 | | | | 371.9 | | | | 344.9 | |
|
Sales
| | |
17.7
| | | |
17.1
| | | |
18.3
| |
|
Redemptions
| | |
(22.0
|
)
| | |
(19.8
|
)
| | |
(17.6
|
)
|
|
Net sales/(redemptions)
| | |
(4.3
|
)
| | |
(2.7
|
)
| | |
0.7
| |
|
Market/FX
| | |
12.3
|
| | |
0.9
|
| | |
14.9
|
|
| Total AUM | | | 378.1 |
| | | 370.1 |
| | | 360.5 |
|
| | | | | | | | | | | |
|
Third quarter 2018 AUM and flows by capability |
|
|
| (in US$ billions) |
|
| Equities |
|
| Fixed
Income |
|
| Quantitative
Equities |
|
| Multi-Asset |
|
| Alternatives |
|
| Total |
| 30 Jun 2018 | | | 193.3 | | | | 76.5 | | | | 50.1 | | | | 32.6 | | | | 17.6 | | | | 370.1 | |
|
Sales
| | |
6.8
| | | |
6.0
| | | |
1.3
| | | |
2.2
| | | |
1.4
| | | |
17.7
| |
|
Redemptions
| | |
(9.9
|
)
| | |
(7.6
|
)
| | |
(1.3
|
)
| | |
(1.3
|
)
| | |
(1.9
|
)
| | |
(22.0
|
)
|
|
Net sales/(redemptions)
| | |
(3.1
|
)
| | |
(1.6
|
)
| | |
(0.0
|
)
| | |
0.9
| | | |
(0.5
|
)
| | |
(4.3
|
)
|
|
Market/FX
| | |
9.0
|
| | |
(0.4
|
)
| | |
2.8
|
| | |
1.1
|
| | |
(0.2
|
)
| | |
12.3
|
|
| 30 Sep 2018 | | | 199.2 |
| | | 74.5 |
| | | 52.9 |
| | | 34.6 |
| | | 16.9 |
| | | 378.1 |
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Average AUM |
|
|
|
|
| Three months ended |
| (in US$ billions) | | | 30 Sep
2018 |
|
| 30 Jun
2018 |
|
| 30 Sep
2017 |
| Average AUM: | | | | | | | | | |
|
Equities
| | |
197.8
| | |
191.0
| | |
178.2
|
|
Fixed Income
| | |
75.9
| | |
77.9
| | |
78.5
|
| Quantitative Equities | | |
52.1
| | |
50.0
| | |
47.8
|
|
Multi-Asset
| | |
33.7
| | |
31.9
| | |
29.1
|
|
Alternatives
| | |
17.3
| | |
18.3
| | |
19.1
|
| Total | | | 376.8 | | | 369.1 | | | 352.7 |
________________
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (as at 30 Sep 2018) |
|
| |
|
| |
|
| |
|
| |
| Capability | | | 1 year | | | 3 years | | | 5 years |
|
Equities
| | |
61
|
%
| | |
56
|
%
| | |
75
|
%
|
|
Fixed Income
| | |
79
|
%
| | |
92
|
%
| | |
94
|
%
|
| Quantitative Equities | | |
21
|
%
| | |
8
|
%
| | |
83
|
%
|
|
Multi-Asset
| | |
89
|
%
| | |
89
|
%
| | |
90
|
%
|
|
Alternatives
| | |
99
|
%
| | |
73
|
%
| | |
100
|
%
|
| Total | | |
63
|
%
| | |
60
|
%
| | |
81
|
%
|
| | | | | | | | | |
|
% of mutual fund AUM in top 2 Morningstar quartiles (as at 30
Sep 2018) |
| | | | | | | | | |
|
| Capability | | | 1 year | | | 3 years | | | 5 years |
|
Equities
| | |
72
|
%
| | |
65
|
%
| | |
86
|
%
|
|
Fixed Income
| | |
63
|
%
| | |
36
|
%
| | |
66
|
%
|
| Quantitative Equities | | |
59
|
%
| | |
5
|
%
| | |
55
|
%
|
|
Multi-Asset
| | |
86
|
%
| | |
88
|
%
| | |
88
|
%
|
|
Alternatives
| | |
54
|
%
| | |
26
|
%
| | |
53
|
%
|
| Total | | |
71
|
%
| | |
60
|
%
| | |
81
|
%
|
Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based),
Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and
Australian Managed Investment Schemes. The top two Morningstar quartiles
represent funds in the top half of their category based on total return.
On an asset-weighted basis, 82%, 73%, 67%, 74% and 84% of total mutual
fund AUM were in the top 2 Morningstar quartiles for the 10-year periods
ended 30 Sep 2017, 31 Dec 2017, 31 Mar 2018, 30 Jun 2018 and 30 Sep 2018
respectively. For the 1-, 3-, 5- and 10-year periods ending 30 Sep 2018,
55%, 50%, 60% and 64% of the 214, 202, 181 and 145 total mutual funds,
respectively, were in the top 2 Morningstar quartiles.
Analysis based on “primary” share class (Class I Shares, Institutional
Shares or share class with longest history for US Trusts; Class A Shares
or share class with longest history for Dublin based; primary share
class as defined by Morningstar for other funds). Performance may vary
by share class.
ETFs and funds not ranked by Morningstar are excluded from the analysis.
Capabilities defined by JHG. © 2018 Morningstar, Inc. All Rights
Reserved.
2018 FOURTH QUARTER AND FULL-YEAR RESULTS
Janus Henderson intends to publish its 2018 fourth quarter and full-year
results on 5 February 2019.
THIRD QUARTER 2018 EARNINGS CALL INFORMATION
Chief Executive Officer, Dick Weil, and Chief Financial Officer, Roger
Thompson, will present these results on 1 November 2018 on a conference
call and webcast to be held at 8am EDT, 12pm GMT, 11pm AEDT.
Those wishing to participate should call:
|
|
|
|
| United Kingdom |
|
|
0800 358 6377 (toll free)
|
| | | |
US & Canada | | |
800 239 9838 (toll free)
|
| | | | Australia | | |
1 800 573 793 (toll free)
|
| | | |
All other countries:
| | |
+1 323 794 2551 (this is not a toll free number)
|
| | | | Conference ID: | | | 8366656 |
Access to the webcast and accompanying slides will be available via the
investor relations section of Janus Henderson’s website (www.janushenderson.com/IR).
About Janus Henderson Group plc
Janus Henderson Group is a leading global active asset manager dedicated
to helping investors achieve long-term financial goals through a broad
range of investment solutions, including equities, fixed income,
quantitative equities, multi-asset and alternative asset class
strategies.
As at 30 September 2018, JHG had approximately US$378 billion in AUM,
more than 2,000 employees, and offices in 28 cities worldwide.
Headquartered in London, the company is listed on the New York Stock
Exchange (NYSE) and the Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
| JANUS HENDERSON GROUP PLC |
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED) |
|
|
|
|
| Three months ended |
| (in US$ millions, except per share data or as noted) | | | 30 Sep
2018 |
|
| 30 Jun
2018 |
|
| 30 Sep
2017 |
| Revenue: | | | | | | | | | |
|
Management fees
| | |
498.7
| | | |
493.5
| | | |
481.8
| |
|
Performance fees
| | |
(6.0
|
)
| | |
13.5
| | | |
(2.1
|
)
|
|
Shareowner servicing fees
| | |
33.1
| | | |
31.8
| | | |
30.2
| |
|
Other revenue
| | |
55.4
|
| | |
53.6
|
| | |
57.0
|
|
| Total revenue | | | 581.2 |
| | | 592.4 |
| | | 566.9 |
|
| | | | | | | | |
|
| Operating expenses: | | | | | | | | | |
|
Employee compensation and benefits
| | |
159.5
| | | |
151.0
| | | |
176.7
| |
|
Long-term incentive plans
| | |
61.1
| | | |
55.2
| | | |
50.9
| |
|
Distribution expenses
| | |
112.3
| | | |
114.7
| | | |
112.3
| |
|
Investment administration
| | |
12.2
| | | |
11.7
| | | |
11.7
| |
|
Marketing
| | |
7.1
| | | |
9.5
| | | |
8.1
| |
|
General, administrative and occupancy
| | |
59.9
| | | |
59.2
| | | |
54.2
| |
|
Depreciation and amortisation
| | |
20.8
|
| | |
15.8
|
| | |
14.8
|
|
| Total operating expenses | | | 432.9 |
| | | 417.1 |
| | | 428.7 |
|
| | | | | | | | |
|
| Operating income | | | 148.3 | | | | 175.3 | | | | 138.2 | |
| | | | | | | | |
|
|
Interest expense
| | |
(4.0
|
)
| | |
(3.9
|
)
| | |
(4.7
|
)
|
|
Investment gains (losses), net
| | |
(8.3
|
)
| | |
(16.6
|
)
| | |
6.1
| |
|
Other non-operating income, net
| | |
2.3
|
| | |
13.9
|
| | |
8.7
|
|
|
Income before taxes
| | |
138.3
| | | |
168.7
| | | |
148.3
| |
|
Income tax provision
| | |
(33.2
|
)
| | |
(38.2
|
)
| | |
(46.1
|
)
|
|
Net income
| | |
105.1
| | | |
130.5
| | | |
102.2
| |
|
Net loss (income) attributable to noncontrolling interests
| | |
6.1
|
| | |
10.1
|
| | |
(2.7
|
)
|
| Net income attributable to JHG | | | 111.2 | | | | 140.6 | | | | 99.5 | |
|
Less: allocation of earnings to participating stock-based awards
| | |
(3.0
|
)
| | |
(3.8
|
)
| | |
(2.8
|
)
|
| Net income attributable to JHG common shareholders | | | 108.2 |
| | | 136.8 |
| | | 96.7 |
|
| | | | | | | | |
|
|
Basic weighted-average shares outstanding (in millions) | | |
195.2
| | | |
195.8
| | | |
196.5
| |
|
Diluted weighted-average shares outstanding (in millions) | | |
195.9
| | | |
196.6
| | | |
198.2
| |
| | | | | | | | |
|
| Diluted earnings per share (in US$) | | | 0.55 | | | | 0.70 | | | | 0.49 | |
________________
Adjusted statements of income
The following are reconciliations of US GAAP basis revenues, operating
income, net income attributable to JHG and diluted earnings per share to
adjusted revenues, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
|
|
| Three months ended |
| (in US$ millions, except per share data or as noted) | | | 30 Sep
2018 |
|
| 30 Jun
2018 |
|
| 30 Sep
2017 |
| Reconciliation of revenue to adjusted revenue | | | | | | | | | |
| Revenue | | | 581.2 | | | | 592.4 | | | | 566.9 | |
|
Distribution expenses1 | | |
(112.3
|
)
| | |
(114.7
|
)
| | |
(112.3
|
)
|
| Adjusted revenue | | | 468.9 |
| | | 477.7 |
| | | 454.6 |
|
| | | | | | | | |
|
| Reconciliation of operating income to adjusted operating income | | | | | | | | | |
| Operating income | | | 148.3 | | | | 175.3 | | | | 138.2 | |
|
Employee compensation and benefits2 | | |
8.1
| | | |
6.0
| | | |
15.3
| |
|
Long-term incentive plans2 | | |
10.0
| | | |
0.7
| | | |
2.8
| |
|
Investment administration2 | | |
-
| | | |
0.7
| | | |
-
| |
|
Marketing2 | | |
-
| | | |
(0.2
|
)
| | |
0.7
| |
|
General, administration and occupancy2 | | |
1.3
| | | |
1.5
| | | |
4.4
| |
|
Depreciation and amortisation3 | | |
12.8
|
| | |
7.4
|
| | |
7.0
|
|
| Adjusted operating income | | | 180.5 |
| | | 191.4 |
| | | 168.4 |
|
| | | | | | | | |
|
|
Operating margin
| | |
25.5
|
%
| | |
29.6
|
%
| | |
24.4
|
%
|
|
Adjusted operating margin
| | |
38.5
|
%
| | |
40.1
|
%
| | |
37.0
|
%
|
| | | | | | | | |
|
| Reconciliation of net income attributable to JHG to adjusted net
income attributable to JHG |
| Net income attributable to JHG | | | 111.2 | | | | 140.6 | | | | 99.5 | |
|
Employee compensation and benefits2 | | |
8.1
| | | |
6.0
| | | |
15.3
| |
|
Long-term incentive plans2 | | |
10.0
| | | |
0.7
| | | |
2.8
| |
|
Investment administration2 | | |
-
| | | |
0.7
| | | |
-
| |
|
Marketing2 | | |
-
| | | |
(0.2
|
)
| | |
0.7
| |
|
General, administration and occupancy2 | | |
1.3
| | | |
1.5
| | | |
4.4
| |
|
Depreciation and amortisation3 | | |
12.8
| | | |
7.4
| | | |
7.0
| |
|
Interest expense4 | | |
0.8
| | | |
0.7
| | | |
1.3
| |
|
Other non-operating income (expenses), net4 | | |
2.5
| | | |
(4.0
|
)
| | |
(12.7
|
)
|
|
Income tax provision5 | | |
(8.1
|
)
| | |
(3.5
|
)
| | |
(4.1
|
)
|
| Adjusted net income attributable to JHG | | | 138.6 |
| | | 149.9 |
| | | 114.2 |
|
|
Less: allocation of earnings to participating stock-based awards
| | |
(3.7
|
)
| | |
(4.1
|
)
| | |
(3.2
|
)
|
| Adjusted net income attributable to JHG common shareholders | | | 134.9 |
| | | 145.8 |
| | | 111.0 |
|
|
Weighted average common shares outstanding – diluted (two class) (in
millions) | | |
195.9
| | | |
196.6
| | | |
198.2
| |
| Diluted earnings per share (two class) (in US$) | | | 0.55 | | | | 0.70 | | | | 0.49 | |
| Adjusted diluted earnings per share (two class) (in US$) | | | 0.69 | | | | 0.74 | | | | 0.56 | |
________________
|
| 1 |
|
Distribution expenses are paid to financial intermediaries for the
distribution of JHG’s investment products. JHG management believes
that the deduction of third-party distribution, service and advisory
expenses from revenue in the computation of net revenue reflects the
nature of these expenses, as these costs are passed through to
external parties that perform functions on behalf of, and
distribute, the Group’s managed AUM.
|
| 2 | |
Adjustments primarily represent deal and integration costs in
relation to the Merger. The costs primarily represent severance
costs, legal costs and consulting fees. JHG management believes
these costs do not represent the ongoing operations of the Group.
|
| 3 | |
Investment management contracts have been identified as a separately
identifiable intangible asset arising on the acquisition of
subsidiaries and businesses. Such contracts are recognised at the
net present value of the expected future cash flows arising from the
contracts at the date of acquisition. For segregated mandate
contracts, the intangible asset is amortised on a straight-line
basis over the expected life of the contracts. JHG management
believes these non-cash and acquisition-related costs do not
represent the ongoing operations of the Group.
|
| 4 | |
Adjustments primarily represent fair value movements on options
issued to Dai-ichi and deferred consideration costs associated with
acquisitions. JHG management believes these costs do not represent
the ongoing operations of the Group. The options issued to Dai-ichi
expired on 3 October 2018.
|
| 5 | |
The tax impact of the adjustments is calculated based on the US or
foreign statutory tax rate as they relate to each adjustment.
Certain adjustments are either not taxable or not tax-deductible.
|
|
|
| |
|
Balance sheet
| JANUS HENDERSON GROUP PLC |
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
|
|
|
|
| 30 Sep |
|
| 30 Jun |
|
| 31 Dec |
| (in US$ millions) | | | 2018 | | | 2018 | | | 2017 |
| Assets | | | | | | | | | |
|
Cash and cash equivalents
| | |
754.8
| | |
669.8
| | |
760.1
|
|
Investment securities
| | |
310.3
| | |
313.4
| | |
280.4
|
|
Property, equipment and software, net
| | |
65.0
| | |
65.0
| | |
70.6
|
|
Intangible assets and goodwill, net
| | |
4,641.3
| | |
4,672.5
| | |
4,738.7
|
|
Assets of consolidated variable interest entities
| | |
355.2
| | |
395.3
| | |
466.7
|
|
Other assets
| | |
796.9
| | |
807.4
| | |
956.2
|
| Total assets | | | 6,923.5 | | | 6,923.4 | | | 7,272.7 |
| | | | | | | | |
|
| Liabilities, redeemable noncontrolling interests and equity | | | | | | | | | |
|
Debt
| | |
319.8
| | |
330.0
| | |
379.2
|
|
Deferred tax liabilities, net
| | |
744.8
| | |
748.1
| | |
752.6
|
|
Liabilities of consolidated variable interest entities
| | |
15.0
| | |
10.3
| | |
21.5
|
|
Other liabilities
| | |
806.2
| | |
748.3
| | |
1,053.6
|
|
Redeemable noncontrolling interests
| | |
139.2
| | |
177.8
| | |
190.3
|
|
Total equity
| | |
4,898.5
| | |
4,908.9
| | |
4,875.5
|
| Total liabilities, redeemable noncontrolling interests and equity | | | 6,923.5 | | | 6,923.4 | | | 7,272.7 |
| | | | | | | | |
|
Cash flow
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
|
|
|
|
| Three months ended |
| (in US$ millions) | | | 30 Sep
2018 |
|
| 30 Jun
2018 |
|
| 30 Sep
2017 |
| Cash provided by (used for) | | | | | | | | | |
|
Operating activities
| | |
246.6
| | | |
119.2
| | | |
156.6
| |
|
Investing activities
| | |
31.9
| | | |
44.4
| | | |
(45.3
|
)
|
|
Financing activities
| | |
(182.4
|
)
| | |
(98.4
|
)
| | |
(93.3
|
)
|
|
Effect of foreign exchange rate changes
| | |
(3.8
|
)
| | |
(26.8
|
)
| | |
(2.0
|
)
|
| Net change during period | | | 92.3 |
| | | 38.4 |
| | | 16.0 |
|
| | | | | | | | | | | |
|
AUM
| (in US$ billions) |
|
| Equities |
|
| Fixed
Income |
|
| Quantitative
Equities |
|
| Multi-Asset |
|
| Alternatives |
|
| Total |
| 30 Sep 2017 | | | 182.3 | | | | 79.4 | | | | 49.0 | | | | 30.2 | | | | 19.6 | | | | 360.5 | |
|
Sales
| | |
10.8
| | | |
5.2
| | | |
0.7
| | | |
1.1
| | | |
2.2
| | | |
20.0
| |
|
Redemptions1 | | |
(11.5
|
)
| | |
(5.0
|
)
| | |
(2.3
|
)
| | |
(1.3
|
)
| | |
(2.8
|
)
| | |
(22.9
|
)
|
|
Net sales/(redemptions)
| | |
(0.7
|
)
| | |
0.2
| | | |
(1.6
|
)
| | |
(0.2
|
)
| | |
(0.6
|
)
| | |
(2.9
|
)
|
|
Market/FX
| | |
8.1
|
| | |
0.5
|
| | |
2.5
|
| | |
1.6
|
| | |
0.5
|
| | |
13.2
|
|
| 31 Dec 2017 | | | 189.7 | | | | 80.1 | | | | 49.9 | | | | 31.6 | | | | 19.5 | | | | 370.8 | |
|
Sales
| | |
9.9
| | | |
5.3
| | | |
1.7
| | | |
1.3
| | | |
1.5
| | | |
19.7
| |
|
Redemptions1 | | |
(11.7
|
)
| | |
(5.6
|
)
| | |
(1.4
|
)
| | |
(1.2
|
)
| | |
(2.5
|
)
| | |
(22.4
|
)
|
|
Net sales/(redemptions)
| | |
(1.8
|
)
| | |
(0.3
|
)
| | |
0.3
| | | |
0.1
| | | |
(1.0
|
)
| | |
(2.7
|
)
|
|
Market/FX
| | |
2.8
|
| | |
0.2
|
| | |
0.2
|
| | |
0.1
|
| | |
0.5
|
| | |
3.8
|
|
| 31 Mar 2018 | | | 190.7 | | | | 80.0 | | | | 50.4 | | | | 31.8 | | | | 19.0 | | | | 371.9 | |
|
Sales
| | |
8.5
| | | |
5.0
| | | |
0.4
| | | |
1.8
| | | |
1.4
| | | |
17.1
| |
|
Redemptions1 | | |
(9.6
|
)
| | |
(5.6
|
)
| | |
(1.2
|
)
| | |
(1.3
|
)
| | |
(2.1
|
)
| | |
(19.8
|
)
|
|
Net sales/(redemptions)
| | |
(1.1
|
)
| | |
(0.6
|
)
| | |
(0.8
|
)
| | |
0.5
| | | |
(0.7
|
)
| | |
(2.7
|
)
|
|
Market/FX
| | |
3.7
|
| | |
(2.9
|
)
| | |
0.5
|
| | |
0.3
|
| | |
(0.7
|
)
| | |
0.9
|
|
| 30 Jun 2018 | | | 193.3 | | | | 76.5 | | | | 50.1 | | | | 32.6 | | | | 17.6 | | | | 370.1 | |
|
Sales
| | |
6.8
| | | |
6.0
| | | |
1.3
| | | |
2.2
| | | |
1.4
| | | |
17.7
| |
|
Redemptions1 | | |
(9.9
|
)
| | |
(7.6
|
)
| | |
(1.3
|
)
| | |
(1.3
|
)
| | |
(1.9
|
)
| | |
(22.0
|
)
|
|
Net sales/(redemptions)
| | |
(3.1
|
)
| | |
(1.6
|
)
| | |
(0.0
|
)
| | |
0.9
| | | |
(0.5
|
)
| | |
(4.3
|
)
|
|
Market/FX
| | |
9.0
|
| | |
(0.4
|
)
| | |
2.8
|
| | |
1.1
|
| | |
(0.2
|
)
| | |
12.3
|
|
| 30 Sep 2018 | | | 199.2 | | | | 74.5 | | | | 52.9 | | | | 34.6 | | | | 16.9 | | | | 378.1 | |
|
________________
|
|
Note: FX reflects movement in AUM resulting from changes in foreign
currency rates as non-USD denominated AUM is translated into USD.
|
| 1 Redemptions include impact of client switches which
could cause a positive balance on occasion.
|
|
|
STATUTORY DISCLOSURES
Associates and joint ventures
As at 30 September 2018, the Group holds interests in the following
associates and joint ventures managed through shareholder agreements
with third party investors, accounted for under the equity method:
- Long Tail Alpha LLC. Ownership 20%
Basis of preparation
In the opinion of management of Janus Henderson Group plc, the condensed
consolidated financial statements contain all normal recurring
adjustments necessary to fairly present the financial position, results
of operations and cash flows of JHG in accordance with US GAAP. Such
financial statements have been prepared in accordance with the
instructions to Form 10-Q pursuant to the rules and regulations of the
SEC. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with GAAP have been
condensed or omitted pursuant to such rules and regulations. The
financial statements should be read in conjunction with the annual
consolidated financial statements and notes presented in Janus Henderson
Group’s Annual Report on Form 10-K for the year ended 31 December 2017,
on file with the SEC (Commission file no. 001-3810). Events subsequent
to the balance sheet date have been evaluated for inclusion in the
financial statements through the issuance date and are included in the
notes to the condensed consolidated financial statements.
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the Group have
been properly maintained, and the Condensed Consolidated Financial
Statements comply with the appropriate accounting standards and give a
true and fair view of the financial position and performance of the
Group. This opinion has been formed on the basis of a sound system of
risk management and internal control which is operating effectively.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Past performance is no guarantee of future results. Investing involves
risk, including the possible loss of principal and fluctuation of value.
This document includes statements concerning potential future events
involving Janus Henderson Group plc that could differ materially from
the events that actually occur. The differences could be caused by a
number of factors including those factors identified in Janus Henderson
Group’s Annual Report on Form 10-K for the fiscal year ended 31 December
2017, on file with the Securities and Exchange Commission (Commission
file no. 001-38103), including those that appear under headings such as
“Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations”. Many of these factors are beyond
the control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such statements
were made. Janus Henderson Group assumes no duty to update them, even if
experience, unexpected events, or future changes make it clear that any
projected results expressed or implied therein will not be realised.
Annualised, pro forma, projected and estimated numbers are used for
illustrative purposes only, are not forecasts and may not reflect actual
results.
The information, statements and opinions contained in this document do
not constitute a public offer under any applicable legislation or an
offer to sell or solicitation of any offer to buy any securities or
financial instruments or any advice or recommendation with respect to
such securities or other financial instruments.
Not all products or services are available in all jurisdictions.
Mutual funds in the US are distributed by Janus Henderson Distributors.
Please consider the charges, risks, expenses and investment
objectives carefully before investing. For a US fund prospectus or, if
available, a summary prospectus containing this and other information,
please contact your investment professional or call 800.668.0434. Read
it carefully before you invest or send money.
Janus Henderson, Janus, Henderson, Intech, Alphagen and Knowledge.
Shared are trademarks of Janus Henderson Group plc or one of its
subsidiary entities. © Janus Henderson Group plc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005259/en/
Janus Henderson Group plc
Investor
enquiries:
John Groneman
Global Head of Investor
Relations
+44 (0) 20 7818 2106
john.groneman@janushenderson.com
or
Jim
Kurtz
US Investor Relations Manager
+1 (303) 336 4529
jim.kurtz@janushenderson.com
or
Melanie
Horton
Non-US Investor Relations Manager
+44 (0) 20 7818 2905
melanie.horton@janushenderson.com
or
Investor
Relations
investor.relations@janushenderson.com
or
Media
enquiries:
North America:
Erin Passan
+1
(303) 394 7681
erin.passan@janushenderson.com
or
EMEA:
Natasha
Moore
+44 (0) 20 7818 3521
natasha.moore@janushenderson.com
or
United
Kingdom: FTI Consulting
Tom Blackwell
+ 44 (0) 20 3727 1051
tom.blackwell@FTIConsulting.com
or
Asia
Pacific: Honner
Michael Mullane
+ 61 28248 3740
michaelmullane@honner.com.au
Source: Janus Henderson Group plc