SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 Under
the Securities Exchange Act of 1934
For the month of April, 2007
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Commission File Number 001-13908
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AMVESCAP PLC
------------------------------------------------
(Translation of registrant's name into English)
30 Finsbury Square, London EC2A 1AG, ENGLAND
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
----- -----
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
------
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
------
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- N/A
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Description of document filed: AMVESCAP REPORTS RESULTS FOR THREE MONTHS ENDED
MARCH 31, 2007
------------------------------------------------
For Immediate Release
Contact: Aaron Uhde Michael Perman
Phone: +1 404 479 2956 +44 (0) 207 065 3942
--------------------------------------------------------------------------------
AMVESCAP REPORTS RESULTS FOR THREE MONTHS ENDED MARCH 31, 2007
London, April 26, 2007 - AMVESCAP (NYSE: AVZ) reported that operating profit
increased by 27.1% for the three months ended March 31, 2007 to $237.2 million
(three months ended March 31, 2006: $186.6 million). Diluted earnings per share
was $0.19 for the three months ended March 31, 2007 (three months ended March
31, 2006: $0.13). Operating profit decreased 5.2% from the three months ended
December 31, 2006; the three months ended December 31, 2006 included the benefit
of $21.8 million of insurance recoveries.
"With first-quarter operating profits rising to $237.2 million, a 27.1% increase
over the same period last year, higher margins, positive net fund flows, and
record assets under management, AMVESCAP is making good progress in our
multi-year strategic plan for the company," said AMVESCAP President and CEO
Martin L. Flanagan. "Actions we continue to take to strengthen our business and
work more effectively as a single, global organization will allow us to continue
to build on this solid momentum."
--------------------------------------------------------------------------------
Results for Three Months Ended
-----------------------------------------------------------
March 31, December 31, % March 31, %
2007 2006 Change 2006 Change
-----------------------------------------------------------
Assets under
management $471.2b $462.6b 1.9% $410.9b 14.7%
Net revenues(a) $670.7m $655.3m 2.4% $584.1m 14.8%
Operating expenses $433.5m $405.0m 7.0% $397.5m 9.1%
Operating profit $237.2m $250.3m (5.2)% $186.6m 27.1%
Net operating
margin(b) 35.4% 38.2% N/A 31.9% N/A
Profit before tax $232.7m $248.2m (6.2)% $171.7m 35.5%
Earnings per share:
--basic $0.19 $0.21 N/A $0.14 N/A
--diluted $0.19 $0.20 N/A $0.13 N/A
--------------------------------------------------------------------------------
(a) Net revenues represent total revenues less third-party distribution, service
and advisory fees.
(b) Net operating margin is equal to operating profit divided by net revenues.
Quarterly Earnings Summary
Net revenues for the three months ended March 31, 2007 were $670.7 million
(three months ended December 31, 2006: $655.3 million; three months ended March
31, 2006: $584.1 million). Net revenues for the three months ended March 31,
2007 included performance fees of $18.8 million (three months ended December 31,
2006: $25.9 million; three months ended March 31, 2006: $33.2 million).
Operating expenses totaled $433.5 million for the three months ended March 31,
2007 (three months ended December 31, 2006: $405.0 million; three months ended
March 31, 2006: $397.5 million). Operating expenses for the fourth quarter of
2006 included the benefit of $21.8 million of insurance recoveries.
Net Debt and Cash Flow
Net debt (total debt of $1,294.1 million, less cash and cash equivalents of
$775.7 million, which excludes client cash of $3.3 million) as of March 31, 2007
was $518.4 million compared to $486.5 million as of December 31, 2006, and
$861.1 million as of March 31, 2006.
On January 15, 2007, the company repaid $300.0 million of 5.9% senior notes.
Subsequent to the end of the quarter, on April 17, 2007, the company issued
$300.0 million five-year 5.625% senior notes. The net proceeds from the offering
will be used to repay amounts outstanding under our credit facility and for
general corporate purposes.
Assets Under Management
Assets under management (AUM) at March 31, 2007, were $471.2 billion (December
31, 2006: $462.6 million; March 31, 2006: $410.9 million). Average AUM during
the first quarter of 2007 were $466.9 billion, compared to $452.7 billion for
the fourth quarter of 2006 and $401.3 billion for the first quarter of 2006.
Long-term net inflows for the three months ended March 31, 2007 were $0.7
billion, with inflows of $30.4 billion and outflows of $29.7 billion. For the
three months ended December 31, 2006, long-term net outflows were $4.5 billion.
For the three months ended March 31, 2006, long-term net inflows were $1.5
billion. Money market net outflows in the three months ended March 31, 2007 were
$0.8 billion (not included in long-term flows above). Further analysis of AUM is
included in the supplemental schedules to this release.
AMVESCAP is a leading independent global investment manager, dedicated to
helping people worldwide build their financial security. Operating under the
AIM, INVESCO, AIM Trimark, Atlantic Trust, Invesco Perpetual, PowerShares and WL
Ross brands, AMVESCAP strives to deliver outstanding products and services
through a comprehensive array of enduring investment solutions for our retail,
institutional and private wealth management clients around the world. The
company is listed on the London, New York and Toronto stock exchanges with the
symbol "AVZ." Additional information is available at www.amvescap.com.
Members of the investment community and general public are invited to listen to
the conference call today, Thursday, April 26, 2007, at 2:30 p.m. BST (9:30 a.m.
EDT), by dialing one of the following numbers: 1-517-268-4676 or 1-888-455-2053
for U.S. callers. An audio replay of the conference call will be available until
Friday, May 4, 2007, at 10:00 p.m. BST (5:00pm EDT) by calling 1-203-369-3286 or
1-800-469-5420 for U.S. callers. The presentation slides that will be reviewed
during the conference call will be available on AMVESCAP's Web site at
www.amvescap.com.
# # #
This release may include statements that constitute "forward-looking statements"
under the United States securities laws. Forward-looking statements include
information concerning possible or assumed future results of our operations,
earnings, liquidity, cash flow and capital expenditures, industry or market
conditions, assets under management, acquisition activities and the effect of
completed acquisitions, debt levels and the ability to obtain additional
financing or make payments on our debt, regulatory developments, demand for and
pricing of our products and other aspects of our business or general economic
conditions. In addition, when used in this release, words such as "believes,"
"expects," "anticipates," "intends," "plans," "estimates," "projects" and future
or conditional verbs such as "will," "may," "could," "should," and "would" and
any other statement that necessarily depends on future events, are intended to
identify forward-looking statements.
Forward-looking statements are not guarantees of performance. They involve
risks, uncertainties and assumptions. Although we make such statements based on
assumptions that we believe to be reasonable, there can be no assurance that
actual results will not differ materially from our expectations. We caution
investors not to rely unduly on any forward-looking statements. In connection
with any forward-looking statements, you should carefully consider the areas of
risk described in our most recent Annual Report on Form 20-F, as filed with the
United States Securities and Exchange Commission ("SEC"). You may obtain these
reports from the SEC's Web site at www.sec.gov.
AMVESCAP PLC
Consolidated Income Statement
(Unaudited, in millions, other than per share amounts and headcount)
Q107 Q406 % Change Q106 % Change
------ ------ ---------- ------ -----------
Revenues
Management $737.1 $722.0 2.1% $620.1 18.9%
Service and distribution 143.4 135.5 5.8% 135.6 5.8%
Other 24.2 21.3 13.6% 27.3 (11.4)%
------ ------ ---------- ------ -----------
Total revenues 904.7 878.8 2.9% 783.0 15.5%
Third-party distribution,
service and advisory fees (234.0) (223.5) 4.7% (198.9) 17.6%
------ ------ ---------- ------ -----------
Net revenues 670.7 655.3 2.4% 584.1 14.8%
------ ------ ---------- ------ -----------
Operating expenses
Compensation 283.7 268.6 5.6% 253.4 12.0%
Marketing 37.2 37.2 0.0% 36.2 2.8%
Property and off 29.5 28.6 3.1% 27.0 9.3%
Technology and
telecommunications 28.2 30.5 (7.5)% 32.1 (12.1)%
General and administrative 54.9 40.1 36.9% 48.8 12.5%
------ ------ ---------- ------ -----------
Total operating expenses 433.5 405.0 7.0% 397.5 9.1%
------ ------ ---------- ------ -----------
Operating profit 237.2 250.3 (5.2)% 186.6 27.1%
Interest income 10.3 10.1 2.0% 5.1 102.0%
Other realized gains 8.5 14.4 (41.0)% 0.9 844.4%
Other realized losses (0.7) (1.6) (56.3)% (3.6) (80.6)%
Interest expense (22.6) (25.0) (9.6)% (17.3) 30.6%
------ ------ ---------- ------ -----------
Profit before taxation 232.7 248.2 (6.2)% 171.7 35.5%
Taxation - U.K. (26.0) (20.2) 28.7% (18.0) 44.4%
Taxation - outside of the U.K. (54.3) (65.1) (16.6)% (45.4) 19.6%
------ ------ ---------- ------ -----------
Profit after taxation 152.4 162.9 (6.4)% 108.3 40.7%
Profit attributable to minority
interests (0.6) 0.6 N/A (0.7) N/A
------ ------ ---------- ------ -----------
Profit attributable to equity
holders of the parent $151.8 $163.5 (7.2)% $107.6 41.1%
====== ====== ========== ====== ===========
Earnings per share:
---basic $0.19 $0.21 $0.14
---diluted $0.19 $0.20 $0.13
Average shares outstanding:
---basic 797.8 795.8 790.8
---diluted 820.0 816.3 810.3
Ending Headcount 5,432 5,574 5,586
AMVESCAP PLC
Consolidated Balance Sheet
(Unaudited, in millions)
March 31, 2007 December 31, 2006 March 31, 2006
-------------- ----------------- --------------
Non-current assets
Goodwill $5,014.8 $5,006.6 $4,218.0
Intangible assets 191.8 196.7 94.6
Property and equipment 160.0 165.8 177.9
Deferred sales commissions 54.1 55.9 72.1
Deferred tax assets 204.9 212.1 155.6
Investments 166.7 158.1 162.4
------------- ------------------ --------------
5,792.3 5,795.2 4,880.6
Current assets
Trade and other receivables 1,538.0 997.4 1,297.8
Investments 131.6 134.9 72.5
Cash and cash equivalents 779.0 789.6 466.4
Assets held for policyholders 1,707.9 1,574.9 1,287.9
------------- ----------------- ---------------
4,156.5 3,496.8 3,124.6
Total assets 9,948.8 9,292.0 8,005.2
Non-current liabilities
Long-term debt (1,294.1) (972.7) (873.0)
Provisions (463.5) (461.8) (166.3)
-------------- ----------------- ---------------
(1,757.6) (1,434.5) (1,039.3)
Current liabilities
Current maturities of
long-term debt -- (300.0) (309.6)
Trade and other payables (1,765.3) (1,384.3) (1,602.8)
Taxation (113.5) (95.4) (70.8)
Provisions (227.6) (227.8) (69.4)
Policyholder liabilities (1,707.9) (1,574.9) (1,287.9)
-------------- ----------------- ---------------
(3,814.3) (3,582.4) (3,340.5)
Total liabilities (5,571.9) (5,016.9) (4,379.8)
Net assets $4,376.9 $4,275.1 $3,625.4
============== ================= ===============
Equity
Share capital $83.8 $83.2 $82.2
Share premium 263.1 205.1 106.9
Shares held by employee
trusts (715.9) (601.7) (570.3)
Exchangeable shares 362.1 377.4 430.7
Retained earnings 1,233.9 1,054.9 772.1
Other reserves 3,144.2 3,151.2 2,799.7
--------------- ----------------- ---------------
Equity attributable to
equity holders
of the parent 4,371.2 4,270.1 3,621.3
Minority interests 5.7 5.0 4.1
-------------- ------------------ ---------------
Total equity $4,376.9 $4,275.1 $3,625.4
============== ================== ===============
AMVESCAP PLC
Consolidated Statement of Changes in Equity
(Unaudited, in millions)
Shares
Share Held by Exchange-
Capital Share Employee able Retained Other Minority
Shares Premium Trusts Share Earnings Reserves Interests Total
-------------------------------------------------------------------------------
Jan 1, 2007 83.2 205.1 (601.7) 377.4 1,054.9 3,151.2 5.0 4,275.1
--------------------------------------------------------------------------------
Profit
attributable
to equity
holders of
the parent -- -- -- -- 151.8 -- -- 151.8
Currency trans-
lation dif-
ferences on
investments in
overseas
subsidiaries -- -- -- -- 2.4 6.4 0.1 8.9
Net movement
on available-
for-sale
reserve -- -- -- -- -- (7.2) -- (7.2)
--------------------------------------------------------------------------------
Total recognized
income and
expense attri-
butable to
equity holders
of the parent -- -- -- -- 154.2 (0.8) 0.1 153.5
--------------------------------------------------------------------------------
Total equity
before trans-
actions with
owners 83.2 205.1 (601.7) 377.4 1,209.1 3,150.4 5.1 4,428.6
Employee
share plans:
Share-based
compensation
credit -- -- -- -- 24.8 -- -- 24.8
Exercise of
options 0.5 42.8 -- -- -- -- -- 43.3
Increase in
shares held
by employee
share owner-
ship trusts -- -- (114.2) -- -- -- -- (114.2)
Tax taken to/
recycled from
equity -- -- -- -- -- (6.2) -- (6.2)
Conversion of
exchangeable
shares into
ordinary
shares 0.1 15.2 -- (15.3) -- -- -- --
Total amounts
attributable
to minority
interests -- -- -- -- -- -- 0.6 0.6
--------------------------------------------------------------------------------
Mar 31, 2007 83.8 263.1 (715.9) 362.1 1,233.9 3,144.2 5.7 4,376.9
================================================================================
--------------------------------------------------------------------------------
Jan 1, 2006 81.8 85.0 (413.5) 431.8 638.7 2,789.2 3.3 3,616.3
--------------------------------------------------------------------------------
Profit attri-
butable to
equity
holders of
the parent -- -- -- -- 107.6 -- -- 107.6
Currency
translation
differences
on investments
in overseas
subsidiaries -- -- -- (0.7) 10.6 9.0 0.1 19.0
Net movement
on available-
for-sale
reserve -- -- -- -- -- 1.5 -- 1.5
--------------------------------------------------------------------------------
Total
recognized
income and
expense
attributable
to equity
holders of
the parent -- -- -- (0.7) 118.2 10.5 0.1 128.1
--------------------------------------------------------------------------------
Total equity
before trans-
actions with
owners 81.8 85.0 (413.5) 431.1 756.9 2,799.7 3.4 3,744.4
Employee
share plans:
Share-based
compensation
credit -- -- -- -- 15.2 -- -- 15.2
Exercise of
options 0.4 20.7 -- -- -- -- -- 21.1
Increase in
shares held
by employee
share owner-
ship trusts -- -- (156.8) -- -- -- -- (156.8)
Issuance of
new shares
for acqui-
sition
earn-out -- 0.8 -- -- -- -- -- 0.8
Conversion
of exchange-
able shares
into ordinary
shares -- 0.4 -- (0.4) -- -- -- --
Total amounts
attributable
to minority
interests -- -- -- -- -- -- 0.7 0.7
--------------------------------------------------------------------------------
Mar 31, 2006 82.2 106.9 (570.3) 430.7 772.1 2,799.7 4.1 3,625.4
================================================================================
AMVESCAP PLC
Consolidated Cash Flow Statement
(Unaudited, in millions)
Three Months Ended March 31,
-----------------------------------------
2007 2006
------------------ ------------------
Operating activities:
Profit attributable to equity holders
of the p arent $151.8 $107.6
Adjustments to reconcile profit to
net cash provided by operating
activities:
Amortization, depreciation, and
goodwill impairment 16.3 16.7
Amortization of share-related
compensation 25.7 19.8
Increase in receivables (532.7) (491.6)
Increase in payables 384.2 328.9
Gain on disposal of assets (1.7) (1.2)
Decrease/(increase) in current
investments 6.8 (39.4)
------------------ ------------------
Net cash inflow/(outflow) from
operating activities 50.4 (59.2)
Investing activities:
Capital expenditures, net of sales (8.2) (8.6)
Purchases of long-term investments,
net (12.2) (11.9)
------------------ ------------------
Net cash outflow from investing
activities (20.4) (20.5)
Financing activities:
Purchases of shares held by
employee share ownership trusts (107.0) (153.7)
Net draw/(redemption) on credit
facility 321.1 (40.0)
Repayment of senior notes (300.0) --
Issuance of new shares 43.3 21.0
------------------ ------------------
Net cash outflow from financing
activities (42.6) (172.7)
Decrease in cash and cash equivalents (12.6) (252.4)
Foreign exchange 2.0 3.1
Cash and cash equivalents, beginning
of period 789.6 715.7
------------------ ------------------
Cash and cash equivalents, end of
period $779.0 $466.4
================== ==================
Supplemental Cash Flow Information:
Interest paid $(29.4) $(21.8)
Interest received $10.4 $5.0
Taxes paid $(61.6) $(46.6)
Notes
1. Accounting policies
The accounting policies applied to the information in the earnings release
follow International Financial Reporting Standards (IFRS) in effect as of
the date of this release and are consistent with those applied in the 2006
Annual Report. Refer to the 2006 Annual Report, available at
www.amvescap.com, for a more detailed discussion of these policies. IFRS
comprise standards and interpretations approved by the International
Accounting Standards Board and its predecessors. As of March 31, 2007, all
issued IFRS were also adopted by the European Commission, with the
exception of IFRS 8, "Operating Segments," which is effective for periods
commencing January 1, 2009, but which is not expected to result in changes
to the company's single-segment approach, and the amendment to IAS 23,
"Borrowing Costs," which is also effective for periods commencing January
1, 2009, and which is not expected to have a material impact on the
company's consolidated financial statements. IFRS 7, "Financial
Instruments: Disclosures," and the related amendment to IAS 1,
"Presentation of Financial Statements, Capital Disclosures," are effective
for periods commencing January 1, 2007. The disclosure requirements of
these standards will be reflected in the company's 2007 Annual Report.
IFRIC 11, "Group and Treasury Share Transactions," is effective for annual
periods commencing March 1, 2007, and has provided additional guidance for
accounting for share-based payment transactions upon award vesting between
the parent and its subsidiaries. The application of IFRIC 11 will not have
a material impact on the company's consolidated financial statements.
Certain prior year balance sheet amounts have been reclassified to conform
to the current year presentation of those amounts.
2. Taxation
A significant proportion of the tax charge arose from U.S., U.K., and
Canadian operations. The effective tax rate was 34.5% for the first
quarter of 2007 (first quarter of 2006: 36.9%).
3. Earnings per share
Basic earnings per share is based on the weighted average number of
ordinary and exchangeable shares outstanding during the respective periods,
excluding shares purchased and held by employee share ownership trusts.
Diluted earnings per share takes into account the effect of the potential
issuance of ordinary shares.
Three Months Ended March 31, 2007
-----------------------------------------------
(in millions other than per Profit attributable
share amounts) to equity holders of Number of Per share
parent shares amount
-------------------- --------- ------------
Basic earnings per share $151.8 797.8 $0.19
============
Dilutive effect of
share-based awards -- 22.2
-------------------- --------- ------------
Diluted earnings per share $151.8 820.0 $0.19
==================== ========= ============
Three Months Ended March 31, 2006
-----------------------------------------------
(in millions other than per Profit attributable
share amounts) to equity holders of Number of Per share
parent shares amount
-------------------- --------- ------------
Basic earnings per share $107.6 790.8 $0.14
============
Dilutive effect of
share-based awards -- 19.5
-------------------- --------- ------------
Diluted earnings per share $107.6 810.3 $0.13
==================== ========= ============
4. Long-term debt
On January 15, 2007, $300.0 million of 5.9% senior notes matured. The
company utilized its credit facility to satisfy the maturity and on April
17, 2007 issued $300.0 million of 5.625% senior notes. The notes will
mature on April 17, 2012 and pay interest semi-annually on April 17 and
October 17.
5. Purchases of ordinary shares
The company's global stock plan trust purchased 9.4 million ordinary shares
at a cost of $114.2 million during the first quarter. These shares will be
held to satisfy existing and future employee share awards under share-based
payment programs.
6. Dividends
A final dividend in respect of 2006 of $0.104 per share (approximately
$86.5 million: $84.5 million for ordinary shares and $2.0 million for
exchangeable shares) has been proposed by the Board and will be paid,
subject to shareholder approval, on May 30, 2007. The dividend will be
accrued when approved by shareholders at the Annual General Meeting of
Shareholders on May 23, 2007, and charged to retained earnings at that
time.
7. Statutory financial statements
The financial information shown in this earnings release is unaudited and
does not constitute statutory financial statements. The 2006 Annual
Report, which will be filed with the Registrar of Companies after the
company's annual general meeting of shareholders, includes an unqualified
audit report in accordance with Section 235 of the Companies Act 1985.
This audit report does not contain a statement under section 237(2) or
section 237(3) of the Companies Act 1985.
AMVESCAP PLC
Quarterly Assets Under Management
--------------------------------------------------------------------------------
(in billions) Q107 Q406 % Change Q106
--------------------------------------------------------------------------------
Beginning Assets $462.6 $440.6 5.0% $386.3
Inflows 30.4 22.9 32.8% 23.1
Outflows (29.7) (27.4) 8.4% (21.6)
----------- ----------- ------------ -----------
Net flows 0.7 (4.5) n/a 1.5
Net flows in money market
funds and other (0.8) (1.5) (46.7)% 7.4
Market gains/reinvestment 8.0 24.0 (66.7)% 15.3
Acquisitions -- 2.6 n/a --
Foreign currency 0.7 1.4 (50.0)% 0.4
----------- ----------- ------------ -----------
Ending Assets $471.2 $462.6 1.9% $410.9
=========== =========== ============ ===========
Average long-term AUM 405.7 391.2 3.7% 348.3
Average institutional money
market AUM 61.2 61.5 (0.5)% 53.0
----------- ----------- ------------ -----------
Average AUM $466.9 $452.7 3.1% $401.3
=========== =========== ============ ===========
Net revenue yield on AUM
(annualized)(a) 57.5bps 57.9bps 58.2bps
Net revenue yield on AUM
before performance
fees (annualized) 55.8bps 55.6bps 54.9bps
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Private Wealth
By channel: (in billions) Total Retail Institutional Management
--------------------------------------------------------------------------------
December 31, 2006 $462.6 $234.0 $211.8 $16.8
Inflows 30.4 21.4 7.8 1.2
Outflows (29.7) (21.4) (6.6) (1.7)
------- ------- -------------- --------------
Net flows 0.7 -- 1.2 (0.5)
Net flows in money market
funds and other (0.8) (0.1) (0.7) --
Market gains/reinvestment 8.0 4.3 3.4 0.3
Foreign currency 0.7 0.2 0.5 --
------- -------- -------------- --------------
March 31, 2007 $471.2 $238.4 $216.2 $16.6
======= ======== ============== ==============
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
By asset class: Fixed Money Stable Alter-
(in billions) Total Equity(c) Income Balanced Market Value natives
--------------------------------------------------------------------------------
December 31,
2006(b) $462.6 $219.1 $59.7 $44.2 $64.2 $46.9 $28.5
Inflows 30.4 17.6 6.9 2.7 0.4 1.8 1.0
Outflows (29.7) (14.5) (8.9) (2.9) (0.5) (1.8) (1.1)
------- --------- ------- --------- ------- ------ -------
Net flows 0.7 3.1 (2.0) (0.2) (0.1) -- (0.1)
Net flows in
money market
funds and
other (0.8) (0.1) 0.7 (0.6) (0.8) -- --
Market gains/
reinvestment 8.0 4.5 1.1 1.0 -- 0.5 0.9
Foreign
currency 0.7 0.5 0.2 -- -- -- --
------- -------- ------- ---------- ------- ------ -------
March 31,
2007 $471.2 $227.1 $59.7 $44.4 $63.3 $47.4 $29.3
======= ======== ======= ========== ======= ====== ========
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
By client
domicile:
(in billions) Total U.S. Canada U.K. Europe Asia
--------------------------------------------------------------------------------
December 31, 2006(b) $462.6 $268.1 $47.1 $74.0 $44.3 $29.1
Inflows 30.4 11.9 2.4 5.0 8.1 3.0
Outflows (29.7) (11.3) (1.7) (2.2) (11.1) (3.4)
------- ------- -------- ------- -------- -----
Net flows 0.7 0.6 0.7 2.8 (3.0) (0.4)
Net flows in money market
funds and other (0.8) 0.7) -- -- -- (0.1)
Market gains/reinvestment 8.0 5.0 1.4 0.4 0.4 0.8
Foreign currency 0.7 -- 0.1 0.1 0.2 0.3
------- -------- -------- ------- -------- -----
March 31, 2007 $471.2 $273.0 $49.3 $77.3 $41.9 29.7
======= ======== ======== ======= ======== =====
--------------------------------------------------------------------------------
(a) Net revenue yield on AUM is equal to net revenue divided by average AUM.
(b) The asset class beginning balances were adjusted to reflect certain asset
reclassifications.
(c) Includes PowerShares's ETF AUM ($9.7 billion at March 31, 2007), which are
primarily invested in equity securities.
AMVESCAP PLC
Additional Income and Expense Information
The quarterly results include the following items:
2007 2006
----------- ----------------------------
$ millions Q107 Q406 Q106
----------- ----------------------------
Operating items:
Management revenues:
- Performance fees 18.8 25.9 33.2
General and administration:
- Legal settlements -- (6.0) --
- Insurance recoveries -- 21.8 --
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMVESCAP PLC
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(Registrant)
Date 27 April, 2007 By /s/ Michael S. Perman
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(Signature)
Michael S. Perman
Company Secretary