TAALERI PLC STOCK EXCHANGE RELEASE
January–March 2024
- Continuing earnings grew by 4.5% to
EUR 10.3 (9.8) million. The Private Asset Management segment’s continuing earnings grew by 6.2% toEUR 5.9 (5.6) million, and the Strategic Investments segment’s continuing earnings grew by 1.0% toEUR 3.9 (3.9) million. -
Performance fees were
EUR 0.0 (0.0) million, and net income from investment operations wasEUR 6.8 (-0.6) million. -
Income increased by 84.2% to
EUR 17.0 (9.3) million. -
Operating profit was
EUR 9.6 (1.6) million, corresponding to 56.2% of income. -
The assets under management in the Private Asset Management segment remained at the level of the turn of the year at
EUR 2.6 (31 December 2023 : 2.6) billion. -
Earnings per share were
EUR 0.26 (0.02).
The Interim Statement has not been prepared in accordance with IAS 34. Unless otherwise stated, the figures in parentheses in the Interim Statement refer to the corresponding period of the previous year. See page 18 of the Interim Statement for further information of the accounting policies of the Interim Statement.
Review by CEO
In the first quarter of 2024, we continued to promote our strategy that focuses on renewable energy, bioindustry and real estate. In the strategy update published at the end of last year, we put direct investments at the core of our strategy. During the first quarter, we built them a dedicated strategy and organisation, in addition to which we revised the strategy of our real estate business.
Taaleri Group’s net income developed positively in the first quarter. The Group’s continuing earnings grew to
The Private Asset Management segment’s continuing earnings grew to
During the first quarter, the renewable energy business continued the active fundraising for
The new strategy for the real estate business was completed in the review period. According to the strategy, 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 of the real estate business, the focus of operations will shift more strongly to the structuring of new investment products, as well as to the investment activities themselves.
In the bioindustry business, we continued to support the investees of the
In the Strategic Investments segment, Garantia’s insurance service result increased to
The year 2024 started at
Key figures
Group key figures | 1–3/2024 | 1–3/2023 | Change, % | 1–12/2023 |
Earnings key figures |
|
|
|
|
Continuing earnings, MEUR | 10.3 | 9.8 | 4.5 | 39.9 |
Income, MEUR | 17.0 | 9.3 | 84.2 | 66.3 |
Operating profit, MEUR | 9.6 | 1.6 | >100.0 | 31.9 |
Operating profit, % | 56.2 | 16.8 |
| 48.1 |
Profit for the period, MEUR | 7.5 | 0.6 | >100.0 | 26.5 |
Return on equity, annualised % | 14.2 | 1.2 |
| 13.0 |
Balance sheet key figures |
|
|
|
|
Equity ratio, % | 69.1 | 65.7 |
| 67.8 |
Other key figures |
|
|
|
|
Cost/income ratio, % | 45.8 | 86.1 |
| 52.8 |
FTE (full-time equivalents), at the end of the period | 126 | 121 | 3,9 | 118 |
Assets under management in Private Asset Management segment, BEUR | 2.6 | 2.5 |
| 2.6 |
Guaranty insurance portfolio, BEUR | 1.7 | 1.8 |
| 1.7 |
Outlook and financial targets
Taaleri’s business outlook for the current financial year is described below. The outlook is based on Taaleri’s understanding of business developments during the current financial year and in relation to the corresponding period.
Private Asset Management
Continuing earnings from the renewable energy business are expected to develop positively during the financial year 2024. The operating profit for 2024 will depend on the revision of the estimated performance fees of the exit-phase funds Taaleri Wind II and Taaleri Wind III Funds, or their final amount, and on the timing of exits.
According to Taaleri’s updated strategy, strong international growth is sought in Taaleri’s bioindustry, real estate and other businesses, which is reflected in the profitability of Other private asset management and the increase in the number of employees. Operating profit in Other private asset management is expected to be negative for 2024.
Strategic Investments
Garantia’s continuing earnings are expected to fall slightly from the level of the corresponding period, in particular due to the development of the Finnish housing market. In an interest rate environment in line with market expectations, Garantia’s net income from investment operations is expected to develop positively compared to the corresponding period.
Other group
The income from the Other group in 2024 is heavily dependent on changes in the fair value of non-strategic investments, and final exits in particular. The cost level of Group operations is expected to remain at approximately the level of the corresponding period.
Long-term targets
- Growth in Group’s continuing earnings and performance fees at least 15 percent
- Return on equity at least 15 percent
- Dividend payout at least 50 percent of the FY profit.
Webcast presentation for analysts, investors and media
An analyst, investor and media conference will be held in English by CEO
Board of Directors
For further information, please contact:
CEO
CFO
Distribution:
Nasdaq
Key media
www.taaleri.com
www.taaleri.com
CFO
Attachments
Taaleri Interim Statement Q1 2024.pdf
© STT Info Finland, source