TAALERI OYJ CEO Peter Ramsay
CFO Ilkka Laurila
7 May 2024
Q1 2023: €9.8 million
Continuing earnings €40.3 million
(LTM)
Taaleri Q1 2024
Q1 2023: €9.3 million
Income €74.1 million
(LTM)
Q1 2023: €1.6 million
Operating profit €39.9 million
(LTM)
31.12.2023: €2.6 billion
85% of the assets under management by Taaleri are sustainable fund products classified in accordance with Article 8 and 9 of the EU SFDR Regulation.
The Group's continuing earnings grew to
EUR 10.3 million, mainly driven by the Private Asset Management segment. Income increased to EUR 17.0 million as a result of growth in continuing earnings and a strong net investment income.
We will develop new products and services for the real estate business and aim to launch them on the market this year. In accordance with the new strategy, the focus of operations will shift more strongly to the structuring of new investment products, as well as to the investment activities themselves.
Taaleri Q1 2024
In addition, the focus of renewable energy business was on the active development of the fund's project development portfolio and operation of projects already in production of Taaleri SolarWind II Fund.
Insurance service result increased to EUR 4.0 million. Garantia's net income from investment operations increased to EUR 4.8 million as a result of the strong development of the stock market and the stabilisation of the interest rate environment.
The business continued supporting the growth and profitability of the portfolio companies of Taaleri Bioindustry I Fund, mapping potential investees for the fund and provisional fundraising for the venture capital fund.
Our optimism is boosted by for example the stabilisation of the interest rate environment, the pick-up of the investment and fundraising markets, and, especially from an international perspective and the better-than-expected momentum of general economic development in early 2024.
- The projects of the Taaleri SolarWind III Fund are mainly based on the project development portfolio acquired from Taaleri Energia, several of the projects of which were promoted towards a construction decision during the period. At the end of the review period, one of the fund's projects was already in the construction phase.
- The Taaleri SolarWind II Fund focused on the high-quality and efficient operation of projects already in production.
- In addition, preparations continued to exit the Taaleri Wind II and Taaleri Wind III Funds, which are at the end of their lifecycle.
Continuing earnings | 4.6 | 3.9 | 16.0% | ||
Performance fees | - | - | - | ||
Investment operations | 0.8 | -0.3 | n/a | ||
Income | 5.3 | 3.6 | 47.4% | ||
Personnel costs | -1.7 | -1.8 | -9.4% | ||
Other costs | -2.3 | -2.1 | 10.6% | ||
Operating profit | 1.4 | -0.3 | n/a | ||
FTE, at the end of the period | 48 | 46 | 3.2% | ||
Assets under management, EUR billion | 1.6 | 1.4 | |||
Taaleri Q1 2024
- The real estate business focused on updating the business strategy. In addition, the business completed the sale of Taaleri Housing Fund IV Ky during the review period by selling the fund's only investment.
- The bioindustry business continued to support the investees of the Taaleri Bioindustry I Fund in promoting growth and profitability and in sustainability work. In addition to the preparations for the new venture capital fund and its provisional fundraising, the business continued the construction work of the torrefied biomass plant being built in Joensuu.
Continuing earnings | 1.3 | 1.6 | -17.7% | ||
Performance fees | - | - | - | ||
Investment operations | 0.0 | -0.0 | n/a | ||
Income | 1.4 | 1.6 | -15.0% | ||
Personnel costs | -1.2 | -1.1 | 8.7% | ||
Other costs | -1.0 | -1.0 | 6.5% | ||
Operating profit | -0.9 | -0.5 | 80.1% | ||
FTE, at the end of the period | 38 | 35 | 8.6% | ||
Assets under management, EUR billion | 1.0 | 1.2 | |||
Taaleri Q1 2024
- Garantia's insurance service result increased to EUR 4.0 million as insurance service expenses decreased and the combined ratio improved to 21.5%.
- Garantia's net income from investment operations increased to EUR 4.8 million as a result of the strong development of the stock market and the stabilisation of the interest rate environment.
- The risk level in investment operations was consciously increased from very low level by increasing the allocation to equity. At the end of the review period, fixed-income investments made up 77.9% (86.6) of the investment portfolio.
Insurance service result | 4.0 | 3.8 | 4.9% | ||
Net income and expense from insurance | -0.1 | 0.0 | n/a | ||
Other income | 0.0 | 0.0 | 5.3% | ||
Net income from investment operations | 4.8 | 0.9 | >100.0% | ||
Income | 8.7 | 4.8 | 82.0% | ||
Personnel costs | -0.2 | -0.4 | -50.5% | ||
Other costs | -0.0 | -0.0 | 55.2% | ||
Operating profit | 8.5 | 4.4 | 93.8% | ||
FTE, at the end of the period | 20 | 20 | 0.0% | ||
Guaranty insurance portfolio, EUR billion | 1.7 | 1.7 | |||
Taaleri Q1 2024
60 | 55% | |||||||||||
50 | ||||||||||||
37% | ||||||||||||
40 | ||||||||||||
35% | ||||||||||||
30 | 43 | 26% | 29% | 22% | ||||||||
3 | ||||||||||||
4 | ||||||||||||
2 | ||||||||||||
20 | 36 | |||||||||||
33 | 22 | |||||||||||
10 | 21 | 23 | ||||||||||
10 | 2 | 2 | 2 | 5 | ||||||||
0 | ||||||||||||
-3 | ||||||||||||
-10 | ||||||||||||
2019* | 2020* | 2021* | 2022 | 2023 | Q1 2024 | |||||||
Reinsurance ratio (IFRS), % | Expense ratio (IFRS), % | Claims ratio (IFRS), % | ||||||||||
*) The key figures for 2019-2021 have been calculated in accordance with the previous standard on insurance contracts, IFRS 4.
- On 31 March 2024, Taaleri's non-strategic investments totalled EUR 18.9
(31 December 2023: 26.4) million. At the beginning of the year, Taaleri received the purchase price receivable of a real estate project located in Canada that was part of non-strategic investments, which is why the non-strategic portfolio decreased by EUR -8.6 million. The payment of the purchase price receivable had no effect on the result. In addition, among others, a total of EUR 0.7 million was recorded from the change in the value of Turun Toriparkki Oy. - The net income from investment operations in Other group mainly consisted of the result of Taaleri's associate company Turun Toriparkki Oy, which is consolidated using the equity method, and which included non-recurring items.
Continuing earnings | 0.5 | 0.4 | 14.1% | ||
Performance fees | - | - | - | ||
Investment operations | 0.6 | -0.5 | n/a | ||
Income | 1.1 | -0.1 | n/a | ||
Personnel costs | -0.8 | -1.0 | -17.1% | ||
Other costs | -0.2 | -0.3 | -31.9% | ||
Operating profit | 0.0 | -1.4 | n/a | ||
FTE, at the end of the period | 20 | 20 | 1.3% | ||
Non-strategic investments | 18.9 | 26.4 | -28.4% | ||
Real estate | 15.0 | 22.7 | -34.0% | ||
Other | 3.9 | 3.7 | 5.8% | ||
Taaleri Q1 2024
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Taaleri Oyj published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 05:10:07 UTC.
