Q4 2018 Amundi SA Earnings Call Transcript
Okay. So thank you to be here for this presentation of the results. I will make a short introduction to these results, and then Nicolas will detail the figures for you. We are really satisfied with these results and for 3 reasons.
The first reason is the fact that when you look at the results, they are in line, roughly, of what we have announced in our 3 years' business plan, which has been presented here at the beginning of 2018, in line with the net income, slightly above. We announced in the plan, an average increase of the net income of 7% per year, and we are at 9%, in line with the cost-to-income ratio, we had said under 53% [in roughly Q1]. And just a little bit under relating the target of AUM, it was EUR 50 billion, and we have registered EUR 42 billion this year. And the fact that we have been able to be in line in the context of a difficult market, difficult environment, which was marked by 2 main features: a decrease on the valuation of all asset classes or nearly all asset classes during this year. 2018 has been the mirror of 2017. 2017, all
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