/home/grassnews/public_html/wp-content/themes/zox-news/amp-single.php on line 92
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/amp-single.php on line 92
Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/amp-single.php on line 92
Janus Henderson Group plc Reports First Quarter 2019 Diluted EPS of US$0.48, or US$0.56 on an Adjusted Basis
-
Strong investment performance, with 69% and 74% of assets under
management (“AUM”) outperforming relevant benchmarks on a 3 and 5 year
basis, respectively, as at 31 March 2019 -
First quarter net income of US$94.1 million and adjusted net income of
US$110.0 million -
AUM of US$357.3 billion, up 9% compared to the prior quarter,
reflecting positive markets partially offset by net outflows of US$7.4
billion -
Completed US$31 million of share buybacks during March; US$169 million
remains authorised for buybacks in 2019 - 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 first quarter 2019 results for the period ended 31 March 2019.
First quarter 2019 net income attributable to JHG was US$94.1 million
compared to US$106.8 million in the fourth quarter 2018 and US$165.2
million in the first quarter 2018. Adjusted net income attributable to
JHG, adjusted for one-time, acquisition and transaction related costs,
of US$110.0 million declined 6% compared to US$117.5 million in the
fourth quarter 2018 and declined 23% compared to US$143.6 million in the
first quarter 2018.
First quarter 2019 diluted earnings per share was US$0.48 compared to
US$0.54 in the fourth quarter 2018 and US$0.82 in the first quarter
2018. Adjusted diluted earnings per share of US$0.56 declined 5%
compared to US$0.59 in the fourth quarter 2018 and declined 21% versus
US$0.71 in the first quarter 2018.
Dick Weil, Chief Executive Officer of Janus Henderson Group plc,
stated:
“Overall investment performance for the quarter was strong, but we
continue to face pockets of underperformance which are driving
substantial net outflows. That said, we are seeing encouraging results
in several areas of our business, including momentum in the US retail
channel, primarily with our US Equity strategies, ongoing growth in our
Multi-Asset capability, and an improving environment in Continental
Europe.
“We finished the quarter with a 9% increase in assets under management
as strong investment performance and rebounding markets offset outflows.
“We continue to be financially disciplined, remaining focused on
investing in sustainable growth and upholding our commitment to return
cash flow to shareholders, with over US$100 million returned through
dividends and our share buyback programme in the first quarter.”
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions,
except per share data or as noted)
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.
Three months ended | |||||||||
31 Mar | 31 Dec | 31 Mar | |||||||
2019 | 2018 | 2018 | |||||||
GAAP basis: |
|||||||||
Revenue | 519.3 | 545.1 | 587.7 | ||||||
Operating expenses | 394.8 | 395.1 | 411.5 | ||||||
Operating income | 124.5 | 150.0 | 176.2 | ||||||
Operating margin | 24.0% | 27.5% | 30.0% | ||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | ||||||
Diluted earnings per share | 0.48 | 0.54 | 0.82 | ||||||
Three months ended | |||||||||
31 Mar | 31 Dec | 31 Mar | |||||||
2019 | 2018 | 2018 | |||||||
Adjusted basis: |
|||||||||
Revenue | 417.4 | 442.7 | 470.4 | ||||||
Operating expenses | 274.0 | 277.4 | 281.6 | ||||||
Operating income | 143.4 | 165.3 | 188.8 | ||||||
Operating margin | 34.4% | 37.3% | 40.1% | ||||||
Net income attributable to JHG | 110.0 | 117.5 | 143.6 | ||||||
Diluted earnings per share | 0.56 | 0.59 | 0.71 | ||||||
First quarter 2019 adjusted revenue of US$417.4 million decreased from
the fourth quarter 2018 result of US$442.7 million due to a slight
decline in management fee margin, given outflows in higher fee equity
products, and lower performance fees from segregated mandates. First
quarter 2019 adjusted operating income of US$143.4 million decreased
from US$165.3 million in the fourth quarter 2018, with lower adjusted
revenue slightly offset by lower operating expenses.
DIVIDEND AND SHARE BUYBACK
On 1 May 2019, the Board declared a first quarter dividend in respect of
the three months ended 31 March 2019 of US$0.36 per share. Shareholders
on the register on the record date of 13 May 2019 will be paid the
dividend on 29 May 2019. Janus Henderson does not offer a dividend
reinvestment plan.
As part of the US$200 million on-market buyback programme approved by
the Board in February, JHG purchased approximately 1.3 million of its
ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on
the ASX in March, for a total outlay of US$31 million.
During the first quarter, the firm also purchased shares on market for
the annual share grants associated with 2018 variable compensation,
which is not connected with the buyback programme. As a firm policy,
Janus Henderson does not issue new shares to employees as part of its
annual compensation practices.
Net tangible assets per share
US$ | 31 Mar 2019 | 31 Dec 2018 | ||||||
Net tangible assets per ordinary share | 1.31 | 1.32 | ||||||
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 (in US$ billions)
FX reflects movement in AUM resulting from changes in foreign currency
rates as non-USD denominated AUM is translated into USD. Redemptions
include impact of client switches. The reclassification in the fourth
quarter 2018 reflects an operational reclassification of an existing
client’s funds.
Total Group comparative AUM and flows |
||||||||||||||||
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
2019 | 2018 | 2018 | ||||||||||||||
Opening AUM | 328.5 | 378.1 | 370.8 | |||||||||||||
Sales | 15.6 | 16.6 | 19.7 | |||||||||||||
Redemptions | (23.0 | ) | (25.0 | ) | (22.4 | ) | ||||||||||
Net sales / (redemptions) | (7.4 | ) | (8.4 | ) | (2.7 | ) | ||||||||||
Market / FX | 36.2 | (41.2 | ) | 3.8 | ||||||||||||
Closing AUM | 357.3 | 328.5 | 371.9 | |||||||||||||
Quarterly AUM and flows by capability |
||||||||||||||||||||||||||||||
Equities |
Fixed
Income |
Quantitative
Equities |
Multi-Asset | Alternatives | Total | |||||||||||||||||||||||||
AUM 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 | ||||||||||||||||||||||||
Redemptions | (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 | ||||||||||||||||||||||
AUM 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 | ||||||||||||||||||||||
AUM 30 Sep 2018 | 199.2 | 74.5 | 52.9 | 34.6 | 16.9 | 378.1 | ||||||||||||||||||||||||
Sales | 8.6 | 4.7 | 0.3 | 2.3 | 0.7 | 16.6 | ||||||||||||||||||||||||
Redemptions | (12.7 | ) | (6.0 | ) | (1.4 | ) | (2.0 | ) | (2.9 | ) | (25.0 | ) | ||||||||||||||||||
Net sales / (redemptions) | (4.1 | ) | (1.3 | ) | (1.1 | ) | 0.3 | (2.2 | ) | (8.4 | ) | |||||||||||||||||||
Market / FX | (29.2 | ) | (1.3 | ) | (7.5 | ) | (2.5 | ) | (0.7 | ) | (41.2 | ) | ||||||||||||||||||
Reclassification | 1.7 | 0.5 | – | (2.2 | ) | – | – | |||||||||||||||||||||||
AUM 31 Dec 2018 | 167.6 | 72.4 | 44.3 | 30.2 | 14.0 | 328.5 | ||||||||||||||||||||||||
Sales | 6.9 | 4.9 | 0.7 | 2.2 | 0.9 | 15.6 | ||||||||||||||||||||||||
Redemptions | (9.8 | ) | (7.7 | ) | (1.7 | ) | (1.5 | ) | (2.3 | ) | (23.0 | ) | ||||||||||||||||||
Net sales / (redemptions) | (2.9 | ) | (2.8 | ) | (1.0 | ) | 0.7 | (1.4 | ) | (7.4 | ) | |||||||||||||||||||
Market / FX | 24.1 | 2.9 | 6.3 | 2.5 | 0.4 | 36.2 | ||||||||||||||||||||||||
AUM 31 Mar 2019 | 188.8 | 72.5 | 49.6 | 33.4 | 13.0 | 357.3 | ||||||||||||||||||||||||
Average AUM |
|||||||||||||
Three months ended | |||||||||||||
31 Mar
2019 |
31 Dec
2018 |
31 Mar
2018 |
|||||||||||
Equities | 182.8 | 179.5 | 194.6 | ||||||||||
Fixed Income | 73.3 | 73.0 | 79.7 | ||||||||||
Quantitative Equities | 48.3 | 47.6 | 51.4 | ||||||||||
Multi-Asset | 32.1 | 32.2 | 32.1 | ||||||||||
Alternatives | 13.5 | 15.5 | 19.6 | ||||||||||
Total | 350.0 | 347.8 | 377.4 | ||||||||||
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31 Mar 2019)
Capability | 1 year | 3 years | 5 years | ||||||||||
Equities | 64% | 69% | 77% | ||||||||||
Fixed Income | 58% | 92% | 89% | ||||||||||
Quantitative Equities | 15% | 14% | 12% | ||||||||||
Multi-Asset | 88% | 91% | 91% | ||||||||||
Alternatives | 89% | 98% | 100% | ||||||||||
Total | 60% | 69% | 74% |
Note: Outperformance is measured based on composite performance gross of
fees vs primary benchmark, except where a strategy has no benchmark
index or corresponding composite in which case the most relevant metric
is used: (1) composite gross of fees vs zero for absolute return
strategies, (2) fund net of fees vs primary index or (3) fund net of
fees vs Morningstar peer group average or median. Non-discretionary and
separately managed account assets are included with a corresponding
composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and
custom non-discretionary accounts with no corresponding composite are
excluded from the analysis. Excluded assets represent 4% of AUM as at 31
Mar 2019. Capabilities defined by Janus Henderson.
% of mutual fund AUM in top 2 Morningstar quartiles (at 31 Mar 2019)
Capability | 1 year | 3 years | 5 years | ||||||||||
Equities | 78% | 72% | 86% | ||||||||||
Fixed Income | 68% | 42% | 48% | ||||||||||
Quantitative Equities | 63% | 3% | 97% | ||||||||||
Multi-Asset | 84% | 86% | 88% | ||||||||||
Alternatives | 93% | 33% | 94% | ||||||||||
Total | 78% | 67% | 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, 80% of total mutual fund AUM was in the top
2 Morningstar quartiles for the 10-year period ended 31 Mar 2019. For
the 1-, 3-, 5- and 10-year periods ending 31 Mar 2019, 62%, 50%, 62% and
62% of the 205, 195, 181 and 141 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. Rankings may be based, in part, on the performance of a
predecessor fund or share class and are calculated by Morningstar using
a methodology that differs from that used by Janus Henderson.
Methodology differences may have a material effect on the return and
therefore the ranking. When an expense waiver is in effect, it may have
a material effect on the total return, and therefore the ranking for the
period.
ETFs and funds not ranked by Morningstar are excluded from the analysis.
Capabilities defined by JHG. © 2019 Morningstar, Inc. All Rights
Reserved.
SECOND QUARTER 2019 RESULTS
Janus Henderson intends to publish its second quarter 2019 results on 31
July 2019.
FIRST QUARTER 2019 RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer Roger
Thompson will present these results on 2 May 2019 on a conference call
and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.
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: | 6246882 | |||
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
Janus Henderson Group (JHG) 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.
Janus Henderson has approximately US$357 billion in assets under
management (at 31 March 2019), more than 2,000 employees, and offices in
28 cities worldwide. Headquartered in London, the company is listed on
the New York Stock Exchange (NYSE) and the Australian Securities
Exchange (ASX).
FINANCIAL DISCLOSURES
Period ending 31 March 2018 reflects the reclassification of certain
revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’.
Condensed consolidated statements of comprehensive income |
||||||||||||||||
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
(in US$ millions, except per share data or as noted) | 2019 | 2018 | 2018 | |||||||||||||
Revenue: | ||||||||||||||||
Management fees | 441.9 | 452.3 | 502.9 | |||||||||||||
Performance fees | (5.6 | ) | 3.5 | (3.9 | ) | |||||||||||
Shareowner servicing fees | 35.9 | 37.0 | 38.4 | |||||||||||||
Other revenue | 47.1 | 52.3 | 50.3 | |||||||||||||
Total revenue | 519.3 | 545.1 | 587.7 | |||||||||||||
Operating expenses: | ||||||||||||||||
Employee compensation and benefits | 145.0 | 155.8 | 146.7 | |||||||||||||
Long-term incentive plans | 48.4 | 32.3 | 40.0 | |||||||||||||
Distribution expenses | 101.9 | 102.4 | 117.3 | |||||||||||||
Investment administration | 11.8 | 11.6 | 11.4 | |||||||||||||
Marketing | 7.5 | 12.8 | 8.5 | |||||||||||||
General, administrative and occupancy | 65.2 | 62.4 | 72.2 | |||||||||||||
Depreciation and amortisation | 15.0 | 17.8 | 15.4 | |||||||||||||
Total operating expenses | 394.8 | 395.1 | 411.5 | |||||||||||||
Operating income | 124.5 | 150.0 | 176.2 | |||||||||||||
Interest expense | (4.1 | ) | (4.0 | ) | (3.8 | ) | ||||||||||
Investment gains (losses), net | 13.3 | (15.3 | ) | (0.7 | ) | |||||||||||
Other non-operating income (expenses), net | (3.9 | ) | 13.5 | 38.9 | ||||||||||||
Income before taxes | 129.8 | 144.2 | 210.6 | |||||||||||||
Income tax provision | (29.9 | ) | (43.4 | ) | (47.4 | ) | ||||||||||
Net income | 99.9 | 100.8 | 163.2 | |||||||||||||
Net loss (income) attributable to noncontrolling interests | (5.8 | ) | 6.0 | 2.0 | ||||||||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | |||||||||||||
Less: allocation of earnings to participating stock-based awards | (2.4 | ) | (2.8 | ) | (4.2 | ) | ||||||||||
Net income attributable to JHG common shareholders | 91.7 | 104.0 | 161.0 | |||||||||||||
Basic weighted-average shares outstanding (in millions) | 191.8 | 193.3 | 195.9 | |||||||||||||
Diluted weighted-average shares outstanding (in millions) | 192.5 | 194.1 | 196.9 | |||||||||||||
Diluted earnings per share (in US$) | 0.48 | 0.54 | 0.82 | |||||||||||||
Adjusted statements of income (unaudited)
The following are reconciliations of US GAAP basis revenues, operating
income, net income attributable to JHG and diluted earnings per share to
adjusted revenues, adjusted operating income, adjusted net income
attributable to JHG and adjusted diluted earnings per share.
Three months ended | ||||||||||||||||
31 Mar | 31 Dec | 31 Mar | ||||||||||||||
(in US$ millions, except per share data or as noted) | 2019 | 2018 | 2018 | |||||||||||||
Reconciliation of revenue to adjusted revenue | ||||||||||||||||
Revenue | 519.3 | 545.1 | 587.7 | |||||||||||||
Distribution expenses1 | (101.9 | ) | (102.4 | ) | (117.3 | ) | ||||||||||
Adjusted revenue | 417.4 | 442.7 | 470.4 | |||||||||||||
Reconciliation of operating income to adjusted operating income | ||||||||||||||||
Operating income | 124.5 | 150.0 | 176.2 | |||||||||||||
Employee compensation and benefits2,4 | 4.3 | 4.4 | 2.9 | |||||||||||||
Long-term incentive plans2 | (0.2 | ) | (0.2 | ) | 0.1 | |||||||||||
Marketing2 | – | 0.1 | 0.1 | |||||||||||||
General, administration and occupancy2,4 | 7.4 | 1.9 | 2.1 | |||||||||||||
Depreciation and amortisation2,3 | 7.4 | 9.1 | 7.4 | |||||||||||||
Adjusted operating income | 143.4 | 165.3 | 188.8 | |||||||||||||
Operating margin | 24.0 | % | 27.5 | % | 30.0 | % | ||||||||||
Adjusted operating margin | 34.4 | % | 37.3 | % | 40.1 | % | ||||||||||
Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG |
||||||||||||||||
Net income attributable to JHG | 94.1 | 106.8 | 165.2 | |||||||||||||
Employee compensation and benefits2,4 | 4.3 | 4.4 | 2.9 | |||||||||||||
Long-term incentive plans2 | (0.2 | ) | (0.2 | ) | 0.1 | |||||||||||
Marketing2 | – | 0.1 | 0.1 | |||||||||||||
General, administration and occupancy2,4 | 7.4 | 1.9 | 2.1 | |||||||||||||
Depreciation and amortisation2,3 | 7.4 | 9.1 | 7.4 | |||||||||||||
Interest expense4 | 0.9 | 0.9 | 0.7 | |||||||||||||
Other non-operating income (expenses), net4 | 0.4 | 0.3 | (44.8 | ) | ||||||||||||
Income tax provision5 | (4.3 | ) | (5.8 | ) | 9.9 | |||||||||||
Adjusted net income attributable to JHG | 110.0 | 117.5 | 143.6 | |||||||||||||
Less: allocation of earnings to participating stock-based awards | (2.8 | ) | (3.2 | ) | (3.6 | ) | ||||||||||
Adjusted net income attributable to JHG common shareholders | 107.2 | 114.3 | 140.0 | |||||||||||||
Weighted average diluted common shares outstanding – diluted (two class) (in millions) |
192.5 | 194.1 | 196.9 | |||||||||||||
Diluted earnings per share (two class) (in US$) | 0.48 | 0.54 | 0.82 | |||||||||||||
Adjusted diluted earnings per share (two class) (in US$) | 0.56 | 0.59 | 0.71 |
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 integration costs in relation to the Merger, including 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 for the three months ended 31 March 2019 and 31 December 2018 primarily represent increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting and deferred consideration costs associated with acquisitions prior to the Merger. Adjustments for the three months ended 31 March 2018 include the gain on the sale of JHG’s back-office, middle-office and custody function in the US to BNP Paribas, fair value movement on options issued to Dai-ichi in addition to the same adjustments affecting the three-month 2019 period. JHG management believes these costs do not represent the ongoing operations of the Group. |
|
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. |
|
Condensed consolidated balance sheets (unaudited) |
|||||||||
31 Mar | 31 Dec | ||||||||
(in US$ millions) | 2019 | 2018 | |||||||
Assets | |||||||||
Cash and cash equivalents | 717.1 | 880.4 | |||||||
Investment securities | 270.7 | 291.8 | |||||||
Property, equipment and software, net | 72.6 | 69.5 | |||||||
Intangible assets and goodwill, net | 4,619.0 | 4,601.3 | |||||||
Assets of consolidated variable interest entities | 330.0 | 323.9 | |||||||
Other assets | 1,013.7 | 745.0 | |||||||
Total assets | 7,023.1 | 6,911.9 | |||||||
Liabilities, redeemable noncontrolling interests and equity | |||||||||
Debt | 318.4 | 319.1 | |||||||
Deferred tax liabilities, net | 730.7 | 729.9 | |||||||
Liabilities of consolidated variable interest entities | 11.0 | 6.5 | |||||||
Other liabilities | 950.9 | 859.5 | |||||||
Redeemable noncontrolling interests | 137.0 | 136.1 | |||||||
Total equity | 4,875.1 | 4,860.8 | |||||||
Total liabilities, redeemable noncontrolling interests and equity | 7,023.1 | 6,911.9 | |||||||
Condensed consolidated statements of cash flows (unaudited) |
||||||||||||||||
Three months ended | ||||||||||||||||
(in US$ millions) |
31 Mar
2019 |
31 Dec
2018 |
31 Mar
2018 |
|||||||||||||
Cash provided by (used for) | ||||||||||||||||
Operating activities | (34.7 | ) | 243.3 | 61.7 | ||||||||||||
Investing activities | 51.3 | 13.0 | 11.6 | |||||||||||||
Financing activities | (198.3 | ) | (127.8 | ) | (208.2 | ) | ||||||||||
Effect of foreign exchange rate changes | 5.0 | (8.0 | ) | 6.1 | ||||||||||||
Net change during period | (176.7 | ) | 120.5 | (128.8 | ) | |||||||||||
STATUTORY DISCLOSURES
Associates and joint ventures
At 31 March 2019, 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 2018,
on file with the SEC (Commission file no. 001-38103). 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
2018, 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
subsidiaries. © Janus Henderson Group plc.
Contacts
Investor enquiries:
John Groneman
Global Head of
Investor Relations
+44 (0) 20 7818 2106
john.groneman@janushenderson.com
Jim
Kurtz
US Investor Relations Manager
+1 (303) 336 4529
jim.kurtz@janushenderson.com
Melanie
Horton
Non-US Investor Relations Manager
+44 (0) 20 7818 2905
melanie.horton@janushenderson.com
Or
Investor
Relations
investor.relations@janushenderson.com
Media
enquiries:
North America:
Taylor Smith
+1 303
336 5031
taylor.smith@janushenderson.com
EMEA:
Sally
Todd
+44 (0) 20 7818 2244
sally.todd@janushenderson.com
United
Kingdom: FTI Consulting
Tom Blackwell
+ 44 (0) 20 3727 1051
tom.blackwell@FTIConsulting.com
Asia
Pacific: Honner
Michael Mullane
+ 61 28248 3740
michaelmullane@honner.com.au