Interim Statement Q1 2025
1 January-
Continuing earnings from
January-March 2025
-
Continuing earnings decreased by 9.0% to
EUR 9.3 (10.2) million. The Private Asset Management segment's continuing earnings grew by 3.6% toEUR 6.2 (6.0) million, and the Garantia segment's continuing earnings decreased by 23.0% toEUR 3.0 (3.9) million. -
Performance fees were
EUR 0.0 (0.0) million, and net income from investment operations wasEUR -1.2 (6.3) million. -
Revenue decreased by 49.5% to
EUR 8.6 (17.0) million. -
Operating profit was
EUR 0.5 (9.6) million, corresponding to 5.3% (56.2) of revenue.
-
The assets under management in the Private Asset Management segment remained at the level of the tuof the year at
EUR 2.7 (31 December 2024 : 2.7) billion. -
Earnings per share were
EUR 0.02 (0.26).On
4 April 2025 ,Taaleri announced that it had changed its financial reporting as of1 January 2025 .Taaleri has changed the number and composition of the reported segments by transferring direct investments and project development activities reported under the Private Asset Management segment as well as non-strategic investments reported under the Other group to be reported under the new Investments segment. In addition to the number and composition of the segments,Taaleri has changed their income composition.Taaleri has also updated the structure and presentation of its Consolidated Income Statement and Consolidated Balance Sheet. The restructuring of the income statement does not impact the profit for the period or earnings per share, and the structure change of the balance sheet does not affect the Group's equity capital. The data for the corresponding period has been adjusted accordingly in this report. The changes are described in more detail under the accounting policies of the Interim Statement on pages 18-19.This Interim Statement has not been prepared in accordance with IAS 34. The information presented is unaudited. Unless otherwise stated, the figures in parentheses in the Interim Statement refer to the corresponding period of the previous year. The key figures regarding the Consolidated Income Statement presented in the explanatory part of this Interim Statement have been calculated on the basis of the Group's segment reporting, unless otherwise stated. See pages 18-19 for further information of the accounting policies of this Interim Statement.
(Q1 2024: 10.4) (Q1 2024: 17.0) (Q1 2024: 56.2)(31.12.2024: 2.7)
Group key figures
1-3/2025
1-3/2024
Change, %
1-12/2024
Earnings key figures
Continuing earnings, MEUR
9.3
10.2
-9.0
40.4
Revenue, MEUR
8.6
17.0
-49.5
70.5
Operating profit, MEUR
0.5
9.6
-95.2
38.0
Operating profit, %
5.3
56.2
53.9
Profit for the period, MEUR
0.8
7.5
-90.0
32.5
Retuon equity, annualised %
1.4
14.2
15.3
Balance sheet key figures
Equity ratio, %
74.0
69.1
73.8
Other key figures
FTE (full-time equivalents), at the end of the period
128
126
1.8
129
Assets under management in Private Asset Management segment, BEUR
2.7
2.6
2.7
Guarantee insurance portfolio, BEUR
1.6
1.7
1.7
In the first quarter of 2025, continuing earnings from the renewable energy business were stronger than in the corresponding period. Garantia strengthened its market position in the first months of the year. However, the overall result in the first quarter of the year fell below the strong corresponding period, mainly due to lower investment income. The key underlying factor was the recent market turbulence.
Taaleri Group's revenue wasEUR 8.6 million in the first quarter of the year, a decrease of 49.5% from the corresponding period'sEUR 17.0 million . This drop is explained by investment income that was lower compared to the corresponding period. Continuing earnings fell by 9% toEUR 9.3 million . The Group's operating profit wasEUR 0.5 million , resulting in a modest operating profit margin of 5.3%.At the beginning of the year, we updated our financial reporting to clarify the Group's income formation and the role of direct investments in
Taaleri's business.Taaleri's business consists of three reported segments: Private Asset Management, Investments and Garantia. In the Private Asset Management segment, continuing earnings grew by 3.6% toEUR 6.2 million , thanks to new commitments raised for theTaaleri SolarWind III Fund after the corresponding period. The revenue of the Private Asset Management segment remained at the level of the corresponding period, amounting toEUR 6.5 million .The renewable energy business continued the fundraising for
Taaleri SolarWind III Fund . The fund is already at its current size the largest infrastructure-focused private equity fund inFinland , although we will likely fall short of our initial target size given the current market. The project development portfolio owned by the fund facilitates quick deployment of capital. The Taaleri Wind II, Taaleri Wind III and Taaleri SolarWind Funds are in the exit phase, and we are actively engaged in sales negotiations.The bioindustry business focused on value creation from existing investments in the
Taaleri Bioindustry I Fund and actively identifying new investment opportunities. Early in the year,Taaleri's real estate business agreed on a strategic partnership with a large Finnish pension insurer with the aim of investing in build-to-rent real estate.Taaleri is actively pursuing potential targets according to its mandate.The Investments segment consists of
Taaleri's direct investments, development projects and non-strategic investments. Revenue from the segment decreased toEUR -0.6 million , mainly as a result of changes in exchange rates related to our renewable energy projects inthe United States . However, we advanced our direct investments and projects in the first quarter of the year. The production plant in Joensuu produced its first batches of torrefied biomass and has secured the initial test batch orders from customers. The operating volumes ofTaaleri's associated company Fintoil's biorefinery in Hamina are growing and the financial development for 2025 seems promising.In the first quarter of the year, Garantia's insurance revenue was
EUR 4.7 million , which was 7.5% lower than in the corresponding period. The recovery of the housing market has an actuarially delayed effect on Garantia's insurance revenue. Garantia's market position has become stronger in the first quarter of the year and the share of residential mortgage guarantees issued by Garantia for new mortgages inFinland has grown. The turmoil in the investment market early in the year was reflected in Garantia's net income from investment operations measured at fair value through profit or loss, which wasEUR -0.6 million in the first quarter of the year. Investment income still exceeded the basic allocation benchmark index. Garantia has continued the development of guarantee solutions for its corporate customers. In the first quarter of the year, Garantia prepared a guarantee for a multi-issuer bond worthEUR 62.5 million for four Finnish companies. The multi-issuer bond was issued in April, and it is fully guaranteed by Garantia.Taaleri's strategy review is on track. In line with the new segment reporting, our business operations focus on Private Asset Management, Investments and Garantia. We will refine the role of these segments further in our strategy.The first-quarter development has not met our expectations, reflecting the challenging market environment. However, the fundaments of our operations, such as comprehensive expertise and capacity to identify attractive investment opportunities in the market, remain solid, and in support of our objective of offering our customers profitable solutions also in the future.
Taaleri's business outlook for the current financial year is described below. The outlook is based onTaaleri's understanding of business developments during the current financial year and in relation to the corresponding period.Private Asset Management
The growth in continuing earnings from the renewable energy business for 2025 will be clarified as the final size of the
Taaleri SolarWind III Fund and the final exit timings for the Taaleri Wind II and Taaleri Wind III Funds become clear. The operating profit for 2025 will depend, among other factors, on the clarification of the estimated performance fees for the funds in the exit phase or their final amount and timing of the exits.Taaleri's bioindustry, real estate and other fund businesses focus on developing new products, which burdens the profitability of Other private asset management. The operating profit for 2025 is expected to remain negative in Other private asset management, but to develop positively compared to the previous period.Investments
The operating profit for 2025 will depend, among other factors, on changes in the fair value of direct investments and non-strategic investments and final exits in particular.
Garantia
Garantia's continuing earnings are expected to remain slightly below the comparison period due to, in particular, the prolonged weak development of the Finnish housing market, which is reflected in the company's results with a delay. In a market environment in line with expectations, Garantia's net income from investment operations is expected to decrease compared to the exceptionally strong comparison period.
Other group
The cost level of Group operations is expected to remain at approximately the level of the corresponding period.
Long-term targets
Taaleri has set itself targets related to growth, retuon invested capital and dividend payout.Taaleri's long-term targets are: -
Growth in Group's continuing earnings and performance fees at least 15 percent
-
Retuon equity at least 15 percent
-
Dividend payout at least 50 percent of the FY profit.
The optimism of early 2025 disappeared by the end of the first quarter as the market slid into uncertainty. The European and American markets developed in different directions: In Europe, the eased monetary policy supported the stock market, whereas the increase in interest rates and inflationary pressures in
The uncertainty of capital markets is reflected in private capital as investors are reluctant to commit to illiquid assets. The transaction market has shown signs of recovery, but distributions of capital to investors are still scarce, which hampers new commitments. In fundraising, the current challenges are expected to continue throughout this year. On a positive note, according to a survey conducted by Preqin, half of investors intend to invest more in private markets in both the short and long term.
Renewable energy
The gradual decrease in the interest level in the operating environment for renewable energy has reduced the costs of construction and project operation, improving investment prospects. The global transition towards renewable energy continues and supports the growth of the business. The war in
A general decrease in electricity prices has reduced uncertainty related to electricity price regulation and increased discussion on new support mechanisms aimed at increasing investments in renewable energy in
Bioindustry
Incentives through regulation and emissions trading play a crucial role in driving the commercialisation of bioindustry projects and enhancing their competitiveness. In the end of the first quarter of 2025, the average prices of emission allowances in the EU Emissions Trading System (ETS) remained unchanged from 2024. The price development of replaceable raw materials and raw
materials used in production influences the demand for bioindustry products. The average price of coal futures declined in the first quarter of 2025 compared to the 2024 average. The increase in the price of wood levelled off in the first quarter.
The downward pressure on raw material prices presents opportunities for expanding the production of
Real estate
Real estate transaction volumes are predicted to grow in 2025 following a historically quiet year. In
Garantia
As a result of subdued economic activity and the increased threat of trade war, companies' willingness to invest remained low
and the number of bankruptcies initiated continued on an upward trend. Demand for corporate financing remained modest. However, the creditworthiness of the corporate counterparties of Garantia's guarantee insurance portfolio mostly remained stable.
The market conditions for Garantia's investment operations became more challenging in the first quarter of the year due to
heightened geopolitical tensions and the threat of trade war.
|
Group, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
9.3 |
10.2 |
-9.0% |
40.4 |
|
Private Asset Management |
6.2 |
6.0 |
3.6% |
25.5 |
|
Investments |
0.0 |
0.1 |
-84.5% |
0.1 |
|
Garantia |
3.0 |
3.9 |
-23.0% |
13.6 |
|
Other |
0.1 |
0.3 |
-71.9% |
1.1 |
|
Revenue |
8.6 |
17.0 |
-49.5% |
70.5 |
|
Private Asset Management |
6.5 |
6.5 |
-0.3% |
29.4 |
|
Investments |
-0.6 |
0.9 |
n/a |
13.6 |
|
Garantia |
2.4 |
8.7 |
-72.8% |
25.5 |
|
Other |
0.3 |
0.9 |
-60.7% |
2.0 |
|
Operating profit |
0.5 |
9.6 |
-95.2% |
38.0 |
|
Private Asset Management |
1.4 |
1.1 |
27.5% |
7.4 |
|
Investments |
-0.9 |
0.9 |
n/a |
12.0 |
|
Garantia |
2.1 |
8.5 |
-75.3% |
24.3 |
|
Other |
-2.1 |
-0.9 |
134.6% |
-5.7 |
Segment revenue also includes the Group's share of profit from associated companies. In addition, the segment revenue excludes transit items that have no impact on the result for the reporting period. Segment information and the reconciliation to the IFRS Income Statement are presented on page 28.
January-March 2025
The Group's continuing earnings fell in the first quarter by 9.0% to
The sharp turns in the stock market in the first quarter burdened
The Group's operating expenses totalled
In the Group's Consolidated IFRS Income Statement, revenue fell by 45.7% to
The balance sheet total of
At the end of the review period, the Group's accrued income included unrealised performance fees, based on management estimates, totalling
At the end of the review period,
strengthened to 74.0% (31.12.2024: 73.8), but the annualised retuon equity fell to 1.4% (14.2).
At the end of the review period, the Group's long-term liabilities amounted to
On
In addition to their number and composition of its segments,
In the future, the costs of Group activities will be fully presented in the Other group. Only the direct costs of the businesses will be presented in the business segments. Previously,
The comparative period has been restated accordingly. The segment-specific income statements are presented on page 28.
In reporting, the Private Asset Management segment is divided into Renewable energy and Other private asset management.
Renewable energy business develops and manages private equity funds that invest in industrial-scale wind and solar power projects and energy storage systems. It also manages investments throughout their lifecycle.
Other private asset management include
|
Private Asset Management, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
6.2 |
6.0 |
3.6% |
25.5 |
|
Performance fees |
- |
- |
- |
1.8 |
|
Investment operations |
-0.0 |
0.0 |
n/a |
0.0 |
|
Other income |
0.3 |
0.6 |
-40.9% |
2.1 |
|
Revenue |
6.5 |
6.5 |
-0.3% |
29.4 |
|
Personnel costs |
-2.9 |
-2.8 |
2.0% |
-10.9 |
|
Other costs |
-2.3 |
-2.6 |
-14.2% |
-11.1 |
|
Operating profit |
1.4 |
1.1 |
27.5% |
7.4 |
|
FTE, at the end of the period |
86 |
86 |
-0.2% |
86 |
|
Renewable energy, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
4.9 |
4.5 |
8.2% |
19.8 |
|
Performance fees |
- |
- |
- |
1.8 |
|
Investment operations |
-0.0 |
-0.0 |
53.9% |
-0.0 |
|
Other income |
0.3 |
0.5 |
-46.6% |
1.7 |
|
Revenue |
5.2 |
5.0 |
2.5% |
23.3 |
|
Personnel costs |
-1.8 |
-1.6 |
9.4% |
-6.6 |
|
Other costs |
-1.7 |
-1.9 |
-13.7% |
-7.8 |
|
Operating profit |
1.7 |
1.5 |
16.0% |
8.9 |
|
FTE, at the end of the period |
51 |
48 |
7.5% |
49 |
|
Assets under management, EUR billion |
1.7 |
1.6 |
1.7 |
January-March 2025
Continuing earnings of the renewable energy business grew in the first quarter by 8.2% to
Operating expenses in the review period totalled
The renewable energy business continued fundraising for
|
Other private asset management, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
1.3 |
1.5 |
-10.6% |
5.7 |
|
Performance fees |
- |
- |
- |
0.1 |
|
Investment operations |
0.0 |
0.0 |
-92.7% |
0.0 |
|
Other income |
0.1 |
0.0 |
39.0% |
0.3 |
|
Revenue |
1.4 |
1.5 |
-9.6% |
6.1 |
|
Personnel costs |
-1.1 |
-1.2 |
-8.2% |
-4.3 |
|
Other costs |
-0.6 |
-0.7 |
-15.4% |
-3.3 |
|
Operating profit |
-0.3 |
-0.4 |
-15.8% |
-1.5 |
|
FTE, at the end of the period |
34 |
38 |
-10.0% |
36 |
|
Assets under management, EUR billion |
1.0 |
1.0 |
1.0 |
January-March 2025
Continuing earnings of
Operating expenses in
The bioindustry business sharpened the priorities and value creation objectives for the investee companies of
The real estate business advanced its strategy in the first quarter of the year. The business announced its strategic partnership with
|
Renewable energy, EUR million |
Founded |
Product |
Business area |
AUM Q1 2025 |
Stage of the fund |
|
Taaleri Wind Fund II Ky |
2014 |
Private equity fund |
Renewable energy |
319 |
Invested |
|
Taaleri Wind Fund III Ky |
2016 |
Private equity fund |
Renewable energy |
52 |
Invested |
|
Taaleri SolarWind I Ky |
2016 |
Private equity fund |
Renewable energy |
171 |
Invested |
|
Taaleri SolarWind II Feeder Fund Ky |
2019 |
Feeder fund |
Renewable energy |
185 |
Invested |
|
Taaleri Wind Fund IV Ky |
2019 |
Co-investment fund |
Renewable energy |
193 |
Invested |
|
Taaleri SolarWind II |
2019 |
Private equity fund |
Renewable energy |
291 |
Invested |
|
Taaleri SolarWind III1 |
2023 |
Private equity fund |
Renewable energy |
439 |
Fundraising |
|
Managed accounts |
2019- |
Managed accounts |
Renewable energy |
54 |
Invested |
|
Renewable energy total |
1,705 |
||||
|
Other private asset management, EUR million |
Founded |
Product |
Business area |
AUM Q1 2025 |
Stage of the fund |
|
Taaleri Real Estate Development Fund Ky |
2015 |
Private equity fund |
Real estate |
11 |
Invested |
|
Taaleri Multifunctional Properties Ky |
2018 |
Private equity fund |
Real estate |
43 |
Invested |
|
Taaleri Property Fund I Ky |
2015 |
Private equity fund |
Real estate |
36 |
Invested |
|
Taaleri Property Fund II Ky |
2016 |
Private equity fund |
Real estate |
2 |
Invested |
|
Taaleri Rental Home Ky |
2016 |
Private equity fund |
Real estate |
170 |
Invested |
|
Taaleri Housing Fund VIII Ky |
2021 |
Private equity fund |
Real estate |
96 |
Investing period |
|
Managed accounts |
2021- |
Managed accounts |
Real estate |
321 |
Investing period |
|
Real estate total |
679 |
||||
|
Taaleri Biorefinery Ky |
2020 |
Co-investment |
Bioindustry |
42 |
Invested |
|
Joensuu Biocoal |
2021 |
Co-investment |
Bioindustry |
16 |
Invested |
|
Taaleri Bioindustry I Ky |
2021 |
Private equity fund |
Bioindustry |
107 |
Investing period |
|
Bioindustry total |
164 |
||||
|
Other funds total |
136 |
||||
|
Other private asset management total |
980 |
||||
|
|
2,685 |
||||
The assets under management of the Private Asset Management segment reported by
1On
|
Investments, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
0.0 |
0.1 |
-84.5% |
0.1 |
|
Performance fees |
- |
- |
- |
- |
|
Investment operations |
-0.6 |
0.9 |
n/a |
13.5 |
|
Other income |
- |
- |
- |
0.0 |
|
Revenue |
-0.6 |
0.9 |
n/a |
13.6 |
|
Personnel costs |
-0.2 |
-0.1 |
75.8% |
-0.4 |
|
Other expenses |
-0.1 |
0.1 |
n/a |
-1.2 |
|
Operating profit |
-0.9 |
0.9 |
n/a |
12.0 |
|
FTE, at the end of the period |
2 |
1 |
100.0% |
2 |
|
Investments, EUR million |
|
|
Change, % |
|
Direct investments and development projects, fair value |
36.6 |
36.1 |
1.4% |
|
Renewable energy |
19.2 |
19.1 |
0.3% |
|
Bioindustry |
17.4 |
16.9 |
2.7% |
|
Non-strategic investments, fair value |
16.2 |
18.7 |
-13.7% |
|
Real estate development |
12.8 |
12.8 |
-0.4% |
|
Other investments |
3.4 |
5.9 |
-42.5% |
January-March 2025
In the first quarter of the year, revenue of the Investments segment was primarily based on net income from investment operations, which amounted to
In the review period,
The production volumes of
Garantia is a non-life insurance company specialised in credit risk insurance. The company was founded in 1993. Garantia offers easy and cost-effective guarantee and credit risk insurance solutions for consumers, corporates and lenders. The company's business consists of insurance and investment operations.
|
Garantia, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Insurance service result |
3.2 |
4.0 |
-20.6% |
14.2 |
|
Insurance revenue |
4.7 |
5.1 |
-7.5% |
18.9 |
|
Insurance service expenses |
-1.5 |
-1.0 |
51.7% |
-4.3 |
|
Net expenses from reinsurance contracts |
-0.0 |
-0.1 |
-76.0% |
-0.4 |
|
Net finance income and expense |
-0.2 |
-0.1 |
75.4% |
-0.6 |
|
Net income from investment operations |
-0.6 |
4.8 |
n/a |
11.9 |
|
Other income |
0.0 |
0.0 |
-99.8% |
0.0 |
|
Revenue |
2.4 |
8.7 |
-72.8% |
25.5 |
|
Personnel costs |
-0.3 |
-0.2 |
31.1% |
-1.1 |
|
Other costs |
-0.0 |
-0.0 |
-17.7% |
-0.1 |
|
Operating profit |
2.1 |
8.5 |
-75.3% |
24.3 |
|
FTE, at the end of the period |
21 |
20 |
5.0% |
21 |
|
Garantia |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Claims ratio (IFRS), % |
5.9% |
-3.0% |
8.9%-p. |
-0.9% |
|
Expense ratio (IFRS), % |
26.2% |
22.6% |
3.6%-p. |
23.8% |
|
Reinsurance ratio (IFRS), % |
0.5% |
1.9% |
-1.4%-p. |
2.0% |
|
Combined ratio (IFRS), % |
32.6% |
21.5% |
11.1%-p. |
24.9% |
|
Retuon investments at fair value, % |
0.1% |
3.3% |
-3.1%-p. |
10.3% |
|
Net income from investment operations |
||||
|
Recognised in in PL, MEUR |
-0.6 |
4.8 |
n/a |
11.9 |
|
Recognised in OCI, MEUR |
0.8 |
0.3 |
204.2% |
3.6 |
|
Total net income from investment operations, MEUR |
0.2 |
5.1 |
-96.2% |
15.5 |
The total returns on Garantia's investment portfolio are recorded partly in the profit and loss and partly in other comprehensive income. The majority of changes in the fair value of the portfolio's debt instruments are recorded in other comprehensive income, while some are recognised through profit or loss. Changes in the fair value of fund investments, interest and dividend income, as well as realised gains and losses on disposals, are recognised through profit or loss.
|
Garantia |
|
|
Change, % |
|
Investment portfolio, fair value including accrued interest2, MEUR |
151.6 |
158.1 |
-4.1% |
|
Shares and funds |
30.9 |
27.7 |
11.6% |
|
Private equity funds |
4.7 |
5.0 |
-6.8% |
|
Real estate property funds |
2.5 |
2.4 |
3.2% |
|
Debt instruments, fair value through PL |
20.1 |
27.5 |
-26.7% |
|
Debt instruments, fair value through OCI |
92.3 |
94.1 |
-1.9% |
|
Cash and cash equivalents |
1.1 |
1.4 |
-25.9% |
|
Guarantee insurance portfolio, MEUR |
1,629 |
1,679 |
-3.0% |
|
Solvency ratio, % |
259.9% |
262.7% |
-2.8%-p. |
|
Credit rating (S&P) |
A- |
A- |
- |
January-March 2025
Garantia's revenue in the first quarter was
Insurance service result decreased 20.6% from the period of comparison and stood at
2In
the same level as in the comparison period. Combined ratio weakened to 32.6% (21.5) in the first quarter as a result of increased insurance service expenses and decreased insurance revenue.
Total net income from investment operations decreased from the period of comparison and amounted to
The personnel costs not recognised in insurance service result amounted to
Operating profit amounted to
Insurance operations
Garantia's insurance revenue decreased and amounted to
Insurance service expenses increased to
Net expenses from reinsurance contracts amounted to
Garantia's combined ratio weakened from the corresponding period and was 32.6% (21.5) in the first quarter. However, the profitability of insurance operations remained very strong.
Of the total guarantee insurance exposure,
Most of the consumer exposure is made up of the residential mortgage guarantee portfolio, which saw no material changes with regards to its risk position in the first quarter. The portfolio is well-diversified with respect to counterparties, geographical location of collateral properties and time of underwriting. In addition, the creditworthiness of the counterparties in the portfolio is very good on average. The credit risks of the portfolio are also limited with an excess-of-loss portfolio reinsurance arrangement. Decreased purchasing power of consumers, a weakened economy and increased unemployment have in general put a strain on the debt service capacity of mortgage borrowers. Housing prices have also come down during the last two years. Despite the challenging environment, claims have not materially increased, thanks to the good underlying creditworthiness of the borrowers.
The creditworthiness of the corporate counterparties in the guarantee insurance portfolio has remained good on average, although the weakened economic environment has had an impact on the creditworthiness of individual counterparties. The share of corporate exposures with investment grade ratings of AAA…BBB- amounted to 35.1% (31.12.2024: 37.0), and the share of exposures rated BB+...BB- made up 31.5% (31.12.2024: 30.2) of all rated corporate exposures. The share of exposures with weak ratings of C+ or lower came down to 1.9% (31.12.2024: 2.1).
The principal industry sectors in the corporate portfolio were waste collection and water supply at 18.5% (31.12.2024: 17.2), manufacturing at 18.0% (31.12.2024: 17.3), wholesale trade at 14.6% (31.12.2024: 14.6), financial and insurance services at 13.6%
(31.12.2024: 12.7) and construction at 13.5% (31.12.2024: 13.9). The shares of other industry sectors were all less than 10%.
Investment operations
Total net income from investment operations in the first quarter stood at
The market environment of investment operations became challenging during the first quarter as geopolitical tensions and trade war concerns picked up. Stock prices started to decline especially in the US market where the S&P 500 Index declined by 4.4% during the first quarter. The weakening of US Dollar also deteriorated the Euro returns of US equity market. Fixed income investment returns were satisfactory during the first quarter as the interest rate expectations started to fall. Especially financial sector bond returns, and high-yield bond returns were good as the spreads narrowed. The 12-month Euribor rate, commonly used as a reference rate for mortgages in
At the end of the review period, the fair value of Garantia's investment portfolio was
Credit rating
On
The Other group is used to present
|
Other, EUR million |
1-3/2025 |
1-3/2024 |
Change, % |
1-12/2024 |
|
Continuing earnings |
0.1 |
0.3 |
-71.9% |
1.1 |
|
Performance fees |
- |
- |
- |
- |
|
Investment operations |
0.1 |
0.6 |
-83.9% |
0.6 |
|
Other income |
0.2 |
- |
100.0% |
0.3 |
|
Revenue |
0.3 |
0.9 |
-60.7% |
2.0 |
|
Personnel costs |
-1.6 |
-0.8 |
101.2% |
-2.9 |
|
Other costs |
-0.9 |
-1.0 |
-10.3% |
-4.8 |
|
Operating profit |
-2.1 |
-0.9 |
134.6% |
-5.7 |
|
FTE, at the end of the period |
19 |
19 |
2.6% |
20 |
January-March 2025
Revenue from the Other group was
|
Focus areas in 2025
|
Progress Q1/2025
|
In the first quarter of the year, we updated the double materiality analysis serving as the basis for our sustainability report. The analysis describes the impacts of
3The credit rating concerns the company's Issuer Credit Rating (ICR), Financial Strength Rating (FSR) and Financial Enhancement Rating (FER).
Sustainability priorities
Our sustainability work has three main themes, which have been defined based on the double materiality analysis. These priorities guide our sustainability work in practice and our reporting:
-
Change mitigation and energy production in the value chain
We aim to avoid and reduce greenhouse gas emissions and promote the production of renewable energy in our value chain. Our objective is to generate more detailed emissions data, define and validate climate goals and seek longterm decarbonisation solutions.
-
Well-being and experience
We develop training and recruitment practices and conduct regular employee surveys to reinforce well-being and positive employee experiences.
-
Stronger corporate culture
Sustainability is an important part of
Taaleri's corporate culture. We promote sustainability by offering products and investments that comply with sustainability criteria, Articles 8 and 9 of the EU's Sustainable Finance Disclosure Regulation (SFDR) and the EU taxonomy. We manage our sustainability impacts, risks and opportunities and ensure that our operations are compliant with relevant laws and commitments.Taaleri Group's Executive Management Team monitors the progress of our sustainability work based on these three themes. We report on our progress on a regular basis. FromMarch 2025 ,Taaleri's sustainability work falls under the responsibility of a group-level director who is also responsible for investor relations, sustainability and communications.Sustainability data from 2024 was published
In the first quarter, we published multiple sustainability reports at Group, business and fund levels:
-
Taaleri Plc's 2024 annual report contained an optional sustainability report based on GRI standards. -
The renewable energy business published an extensive sustainability report and a separate TCFD report focusing on financial risks and opportunities related to climate and biodiversity.
-
The Bioindustry Fund and the majority of the renewable energy and real estate funds published reports according to Article 8 or 9 of the SFDR.
-
All reports are available in the document archive on
On
On
During the review period,
The Group's number of employees measured in full-time equivalents (FTE) at the end of the review period was 128 (126). The number of employees was 86 (86) in the Private Asset Management segment, 2 (1) in the Investments segment and 21 (20) in the Garantia segment. The number of employees in the Other group was 19 (19). Of the personnel, 96% (96%) were employed in
At the end of the review period,
The objective of the plans is to align the interests of the employees and
Further information on share-based incentive schemes can be found in Note 41 on pages 143-146 of
Financial Statements included in the Annual Report 2024 and from the Remuneration section on the website.
|
1.1.- |
No of shares traded |
Total value EUR |
High EUR |
Low EUR |
Average EUR* |
Last EUR |
|
TAALA |
1,306,155 |
10,190,503 |
8.43 |
7.51 |
7.80 |
7.61 |
* Volume weighted average
On
During the review period, there were no changes in shareholdings requiring flagging notifications.
The chart represents the price development of
Market risks
Geopolitical and trade policy-related risks and tensions have intensified, creating uncertainty in the operating environment, in the development of the prices and availability of raw materials, in supply chains, and in the investment appetite of companies and investors. The unpredictability of sustainability regulation also adds to the uncertainty in the operating environment.
The monetary policy easing implemented by central banks over the past year has increased consumer confidence and supported economic growth. Inflation remains above target levels. Prolonged inflation and rising raw material costs impact project development expenses and cost base of the funds' investees. Exchange rate fluctuations may impact the valuation of some investments. At the same time, the risk of a global recession is increasing. Monetary policy measures may slow down economic recovery and thus make investment activities and project development more difficult.
Risks related to Private Asset Management segment
The result of Private Asset Management segment is influenced by the development of assets under management, which depends, among other things, on the progress of private equity fund projects, the development of capital markets, the success of own fundraising and the success of the distribution cooperation with Aktia. The success of fundraising is influenced, among other things, by launching products that meet investor demand and competitiveness in the fundraising market. The segment's profit development is also affected by the realisation of performance fees, which are linked to the value development of the assets and exit prospects.
Risks related to Investments segment
The result of the Investments segment is impacted by changes in the fair value of investments, gains or losses recognised in connection with investment disposals, and returns from granted loans. As a result, the segment's revenue and profit may vary significantly between reporting periods. Additionally, the segment's performance is affected by the success of project development. Progress and commercialisation of projects depend on the initiation of industrial processes, the functionality of regulatory frameworks and support mechanisms, as well as customers' attitudes and priorities regarding sustainability themes.
Risks related to Garantia segment
With regard to Garantia's guarantee insurance operations, the key short term risk is related to the weakened economic situation and the increase in unemployment in
Garantia's guarantee insurance business and investment activities have a major impact on
In Garantia's guarantee insurance operations, credit risk refers to the risk of the guaranteed counterparty being unable to meet its contractual obligations towards the beneficiary of the guarantee. The amount of credit risk is mainly dependent on the creditworthiness of the guaranteed counterparties and the amount of any counter-collateral. The market risks regarding investment operations consist of interest, equity, property, currency, and counterparty credit risks affecting the value and retuof investment assets.
Operational risks
The AGM resolved, in accordance with the Board's proposal, to distribute a dividend of
On
On
Board of Directors
CEO
Interim CFO
Head of Investor Relations, Communications and Sustainability Linda Tierala, +358 40 571 7895, [email protected]
An analyst, investor and media conference will be held in English on
The accounting policies of the Interim Statement are substantially the same as those presented in
Change in the Presentation of the Income Statement and the Balance Sheet
As of
The changes in the presentation of the consolidated income statement and balance sheet have been made in accordance with IAS 1. Comparative information presented in the financial statements has been adjusted accordingly.
Change in segment reporting
Previously, the Group's reportable segments were Private Asset Management and Garantia. The change in segment reporting was made to clarify the role of direct investments in
Operating segments are reported in a way which is consistent with internal reporting to the chief operating decision maker. The Group's Executive Management Team has been designated as the chief operating decision maker, which is responsible for the allocation of resources to operating segments and the evaluation of their results. The management monitors in segment reporting only Group's external income and expenses, which have been allocated to segments in accordance with the accrual principle. The costs arising from Group functions are presented in full under the Other group. The profitability and result of the segments are assessed at Operating profit -level. Assets and liabilities are not monitored on a segment level and are therefore not presented in the Group financial statements.
Segment reporting follows the
consolidated income statement. In connection with segment reporting, reconciliation calculations are presented for the differences between segment reporting and the consolidated income statement.
Private Asset Management segment
In reporting, the Private Asset Management segment is divided into Renewable energy and Other private asset management.
The renewable energy business develops and manages private equity funds that invest in industrial-scale wind and solar power projects and energy storage systems. It also manages investments throughout their lifecycle.
Other private asset management include
The renewable energy business includes
Continuing management fee income and more non-recurring performance fees from private equity funds are the most significant types of income in the Private Asset Management segment. The renewable energy business also includes wind farm operation and maintenance services, which provide annual fees, and other private asset management businesses also include mandate-based fee income. The expenses of the Private Asset Management segment mainly consist of personnel expenses, fee and commission expenses as well as other operating expenses.
Investments segment
As part of the Investments segment, the project development activities involve identifying, designing, and preparing new projects either for
As a result, the revenue and result of the Investments segment may vary significantly between reporting periods.
Garantia segment
Garantia segment includes
Other group
The group Other is used to present
Unless otherwise stated, the key figures regarding the Consolidated Income Statement presented in the table below have been calculated on the basis of the Group's Consolidated Income Statement, which applies IFRS standards. The key figures regarding the Consolidated Income Statement presented in the explanatory part of this Interim Statement have been calculated on the basis of the Group's segment reporting, unless otherwise stated.
|
1-3/2025 |
1-3/2024 |
1-12/2024 |
|
|
Revenue, |
9,309 |
17,152 |
72,579 |
|
Operating profit (-loss), |
485 |
9,607 |
38,110 |
|
- as percentage of income |
5.2% |
56.0% |
52.5% |
|
Net profit for the period, |
755 |
7,519 |
32,486 |
|
- as percentage of income |
8.1% |
43.8% |
44.8% |
|
Basic earnings per share, EUR |
0.02 |
0.26 |
1.00 |
|
Diluted earnings per share, EUR |
0.02 |
0.26 |
0.97 |
|
Basic total comprehensive income earnings per share, EUR |
0.05 |
0.28 |
1.10 |
|
Retuon equity % (ROE) 1) |
1.4% |
14.2% |
15.3% |
|
Retuon equity at fair value % (ROE) 1) |
2.8% |
15.3% |
16.7% |
|
Retuon assets % (ROA) 1) |
1.0% |
9.7% |
10.8% |
|
Price/earnings (P/E) 1) |
92.9 |
9.9 |
8.1 |
|
FTE (full-time equivalents), at the end of the period |
128 |
126 |
129 |
|
Equity ratio -% |
74.0% |
69.1% |
73.8% |
|
Net gearing -% |
-12.8% |
-18.8% |
-9.1% |
|
Equity/share, EUR |
7.46 |
7.57 |
7.40 |
|
Dividend or distribution of funds /share, EUR |
- |
- |
0.50 |
|
Dividend or distribution of funds / earnings, % |
- |
- |
50.2% |
|
Effective dividend yield, % |
- |
- |
6.2% |
|
Number of shares at the end of period 2) |
28,196,253 |
28,196,253 |
28,196,253 |
|
Average number of shares 2) |
28,196,253 |
28,217,704 |
28,201,586 |
|
Share average price, EUR |
7.80 |
9.77 |
9.07 |
|
- highest price, EUR |
8.43 |
10.38 |
10.90 |
|
- lowest price, EUR |
7.51 |
8.91 |
7.85 |
|
- closing price, EUR |
7.61 |
10.34 |
8.03 |
|
Market capitalisation, |
214,573 |
291,549 |
226,416 |
|
Shares traded, thousands |
1,306 |
1,550 |
6,341 |
|
Shares traded, % |
5% |
5% |
22% |
-
Annualised
-
Reduced by own shares acquired
has been consolidated from
|
|
1-3/2025 |
1-3/2024 |
1-12/2024 |
|
Insurance service result |
3,178 |
4,002 |
14,198 |
|
Insurance revenue |
4,713 |
5,097 |
18,902 |
|
Insurance service expenses |
-1,512 |
-996 |
-4,328 |
|
- of which incurred claims |
-349 |
-450 |
-841 |
|
- of which other insurance administrative expenses |
-912 |
-955 |
-3,646 |
|
- of which losses on onerous contracts |
74 |
-14 |
98 |
|
- of which changes in liability of incurred claims |
-2 |
619 |
915 |
|
- of which insurance acquisition costs |
-322 |
-196 |
-856 |
|
Net expenses from reinsurance contracts |
-24 |
-98 |
-375 |
|
Net finance income and expense from insurance |
-173 |
-99 |
-614 |
|
Net income from investment operations |
-636 |
4,789 |
11,875 |
|
Other income |
10 |
45 |
|
|
Revenue |
2,368 |
8,702 |
25,505 |
|
Personnel costs |
-251 |
-192 |
-1,140 |
|
Other expenses |
-20 |
-25 |
-82 |
|
Operating profit |
2,096 |
8,486 |
24,283 |
|
Claims ratio (IFRS), % |
5.9% |
-3.0% |
-0.9% |
|
Expense ratio (IFRS), % |
26.2% |
22.6% |
23.8% |
|
Reinsurance ratio (IFRS), % |
0.5% |
1.9% |
2.0% |
|
Combined ratio (IFRS), % |
32.6% |
21.5% |
24.9% |
|
Retuon investments at fair value, % |
0.1% |
3.3% |
10.3% |
|
Investment portfolio, fair value, EUR million |
152 |
155 |
158 |
|
Insurance exposure, EUR million |
1,629 |
1,737 |
1,679 |
|
Solvency ratio (S2), % 1) |
259.9% |
243.1% |
262.7% |
1) The key figures based on the Solvency II regulations do not fall within the sphere of statutory auditing under the Insurance Companies Act.
|
Basic earnings per share, EUR |
Profit or loss attributable to ordinary shareholders of the parent company |
|
Weighted average number of ordinary shares outstanding - repurchased own shares |
|
|
Diluted earnings per share, EUR |
Profit or loss attributable to ordinary shareholders of the parent company |
|
Weighted average number of ordinary shares outstanding + dilutive potential ordinary shares - repurchased own shares |
The Alternative Performance Measures (APMs) are presented to illustrate the financial performance of business operations and to improve comparability between reporting periods. They should not be replacements for the performance measures defined in IFRS standards.
|
Basic total comprehensive income earnings per share, EUR |
Total comprehensive income attributable to ordinary shareholders of the parent company |
|
Weighted average number of ordinary shares outstanding - repurchased own shares |
|
|
Retuon equity (ROE), % |
Profit for the period x 100 |
|
Total equity (average of the beginning and end of the year) |
|
|
Retuon equity at fair value (ROE), % |
Total comprehensive income for the period x 100 |
|
Total equity (average of the beginning and end of the year) |
|
Retuon assets (ROA), % |
Profit for the period x 100 |
|
Balance sheet total (average of the beginning and end of the year) |
|
|
Price/Earnings (P/E) |
Price of share at the end of the period |
|
Earnings/share |
|
|
Equity ratio, % |
Total equity x 100 |
|
Balance sheet total |
|
|
Gearing ratio, % |
(Interest-bearing liabilities - cash and cash equivalents) x 100 |
|
Total equity |
|
|
Equity/share, EUR |
Equity attributable to ordinary shareholders of the parent company |
|
Number of shares at end of period - repurchased own shares |
|
|
Dividend/share, EUR |
Dividend payable for the financial period x 100 |
|
Weighted average number of ordinary shares outstanding -repurchased own shares |
|
|
Dividend/earnings, % |
Dividend/share x 100 |
|
Basic earnings per share |
|
|
Effective dividend yield, % |
Dividend/share x 100 |
|
Price of share at the end of the period |
|
|
Market capitalization |
Number of shares at end of financial period, less repurchased own shares, multiplied by stock exchange price at end of financial period |
|
Shares traded, % |
Shares traded during the financial period x 100 |
|
Weighted average number of ordinary shares outstanding |
|
Combined ratio (IFRS), % |
Claims ratio + Expense ratio + Reinsurance ratio |
|
Claims ratio (IFRS), % |
Incurred claims + Losses on onerous contracts + Changes in liability for incurred claims |
|
Insurance revenue |
|
|
Expense ratio (IFRS), % |
Insurance administrative expenses + Insurance acquisition costs |
|
Insurance revenue |
|
|
Reinsurance ratio (IFRS), % |
Net expenses from reinsurance contracts |
|
Insurance revenue |
|
|
Solvency ratio (S2), % |
Basic own funds |
|
Solvency capital requirement (SCR) |
|
|
1.1.- |
1.1.- |
|
Management fees and other continuing earnings |
6,772 |
6,833 |
|
Performance fees |
- |
- |
|
Net result from insurance |
2,368 |
8,693 |
|
Insurance service result |
3,178 |
4,002 |
|
Net finance expenses from insurance contracts |
-173 |
-99 |
|
Net income from investments in insurance operations |
-636 |
4,789 |
|
Net investment income |
-327 |
1,057 |
|
Other operating income |
496 |
569 |
|
Revenue |
9,309 |
17,152 |
|
Fee and commission expense |
-1,714 |
-1,914 |
|
Personnel costs |
-4,957 |
-3,931 |
|
Other operating expenses |
-1,695 |
-2,018 |
|
Depreciation, amortisation and impairment |
-264 |
-239 |
|
Expected credit losses |
23 |
147 |
|
Share of associates' profit or loss |
-217 |
410 |
|
Operating profit |
485 |
9,607 |
|
Interest and other financing expense |
-94 |
-230 |
|
Income tax expense |
364 |
-1,858 |
|
Profit for the period |
755 |
7,519 |
|
|
1.1.- |
1.1.- |
|
Profit for the period |
755 |
7,519 |
|
Other comprehensive income items |
||
|
Items that may be reclassified to profit or loss |
||
|
Translation differences |
-146 |
57 |
|
Changes in the fair value reserve |
827 |
340 |
|
Income tax |
-165 |
-68 |
|
Items that may be reclassified to profit or loss in total |
515 |
329 |
|
Items that may not be reclassified to profit or loss |
||
|
Changes in the fair value reserve |
273 |
310 |
|
Income tax |
-55 |
-62 |
|
Items that may not be reclassified to profit or loss in total |
219 |
248 |
|
Total other comprehensive income items |
734 |
577 |
|
Total comprehensive income for the period |
1,489 |
8,096 |
|
Profit for the period attributable to: |
||
|
Owners of the parent company |
577 |
7,403 |
|
Non-controlling interests |
178 |
115 |
|
Total |
755 |
7,519 |
|
Total comprehensive income for the period attributable to: |
||
|
Owners of the parent company |
1,311 |
7,980 |
|
Non-controlling interests |
178 |
115 |
|
Total |
1,489 |
8,096 |
|
Earnings per share for profit attributable to the shareholders of the parent company |
1.1.- |
1.1.- |
|
Basic earnings per share, profit for the period |
0.02 |
0.26 |
|
Diluted earnings per share, profit for the period |
0.02 |
0.26 |
|
|
Q1 2025 |
Q4 2024 |
Q3 2024 |
Q2 2024 |
Q1 2024 |
|
Management fees and other continuing earnings |
6,772 |
7,850 |
6,952 |
7,229 |
6,833 |
|
Performance fees |
1,845 |
- |
- |
- |
|
|
Net result from insurance |
2,368 |
5,299 |
6,777 |
4,691 |
8,693 |
|
Insurance service result |
3,178 |
3,292 |
3,449 |
3,456 |
4,002 |
|
Net finance expenses from insurance contracts |
-173 |
-217 |
-158 |
-141 |
-99 |
|
Net income from investments in insurance operations |
-636 |
2,224 |
3,486 |
1,376 |
4,789 |
|
Net investment income |
-327 |
-762 |
8,035 |
-77 |
1,057 |
|
Other operating income |
496 |
6,336 |
455 |
798 |
569 |
|
Revenue |
9,309 |
20,568 |
22,220 |
12,640 |
17,152 |
|
Fee and commission expense |
-1,714 |
-1,961 |
-1,866 |
-1,789 |
-1,914 |
|
Personnel costs |
-4,957 |
-4,445 |
-3,673 |
-3,471 |
-3,931 |
|
Other operating expenses |
-1,695 |
-4,426 |
-1,664 |
-2,543 |
-2,018 |
|
Depreciation, amortisation and impairment |
-264 |
-249 |
-224 |
-188 |
-239 |
|
Expected credit losses |
23 |
-2 |
-2 |
-13 |
147 |
|
Share of associates' profit or loss |
-217 |
-86 |
-95 |
-228 |
410 |
|
Operating profit |
485 |
9,400 |
14,695 |
4,408 |
9,607 |
|
Interest and other financing expense |
-94 |
-250 |
-228 |
-224 |
-230 |
|
Income tax expense |
364 |
-714 |
-1,361 |
-758 |
-1,858 |
|
Profit for the period |
755 |
8,436 |
13,107 |
3,425 |
7,519 |
|
|
Q1 2025 |
Q4 2024 |
Q3 2024 |
Q2 2024 |
Q1 2024 |
|
Profit for the period |
755 |
8,436 |
13,107 |
3,425 |
7,519 |
|
Other comprehensive income items |
|||||
|
Items that may be reclassified to profit or loss |
|||||
|
Translation differences |
-146 |
27 |
27 |
57 |
|
|
Changes in the fair value reserve |
827 |
-444 |
2,691 |
1,056 |
340 |
|
Income tax |
-165 |
89 |
-538 |
-211 |
-68 |
|
Items that may be reclassified to profit or loss in total |
515 |
-328 |
2,153 |
872 |
329 |
|
Items that may not be reclassified to profit or loss |
|||||
|
Changes in the fair value reserve |
273 |
-215 |
-124 |
-46 |
310 |
|
Income tax |
-55 |
43 |
25 |
9 |
-62 |
|
Items that may not be reclassified to profit or loss in total |
219 |
-172 |
-99 |
-37 |
248 |
|
Total other comprehensive income items |
734 |
-500 |
2,054 |
835 |
577 |
|
Total comprehensive income for the period |
1,489 |
7,936 |
15,161 |
4,259 |
8,096 |
|
Profit for the period attributable to: |
|||||
|
Owners of the parent company |
577 |
6,626 |
10,926 |
3,109 |
7,403 |
|
Non-controlling interests |
178 |
1,811 |
2,181 |
315 |
115 |
|
Total |
755 |
8,436 |
13,107 |
3,425 |
7,519 |
|
Total comprehensive income for the period attributable to: |
|||||
|
Owners of the parent company |
1,311 |
6,126 |
12,980 |
3,944 |
7,980 |
|
Non-controlling interests |
178 |
1,811 |
2,181 |
315 |
115 |
|
Total |
1,489 |
7,936 |
15,161 |
4,259 |
8,096 |
|
Assets, |
|
|
|
Non-current assets |
221,989 |
237,282 |
|
Tangible assets |
2,072 |
1,842 |
|
Intangible assets |
582 |
574 |
|
Investments accounted for using the equity method |
12,667 |
12,884 |
|
Investments measured at amortised cost |
3,747 |
3,717 |
|
Investments measured at fair value |
36,822 |
38,797 |
|
Insurance assets |
152,689 |
158,523 |
|
Insurance contract assets |
3,746 |
3,730 |
|
Reinsurance contract assets |
435 |
155 |
|
Investments |
148,507 |
154,638 |
|
Non-current other receivables |
2,928 |
3,031 |
|
Non-current accrued income and prepayments |
2,274 |
10,297 |
|
Deferred tax assets |
8,206 |
7,617 |
|
Current assets |
68,738 |
54,573 |
|
Investments measured at amortised cost |
193 |
211 |
|
Accounts receivable and other current assets |
10,113 |
9,295 |
|
Accrued income and prepayments |
30,982 |
25,444 |
|
Cash and cash equivalents |
27,450 |
19,623 |
|
Total assets |
290,727 |
291,855 |
|
Equity and liabilities, |
|
|
|
Equity |
215,226 |
215,332 |
|
Share capital |
125 |
125 |
|
Reserve for invested unrestricted equity |
18,831 |
18,831 |
|
Fair value reserve |
-7,527 |
-8,407 |
|
Translation difference |
-94 |
52 |
|
Retained earnings |
198,414 |
170,097 |
|
Profit or loss for the period (attributable to owners of the parent company) |
577 |
28,064 |
|
Non-controlling interest |
4,901 |
6,570 |
|
Liabilities |
75,501 |
76,524 |
|
Non-current liabilities |
56,990 |
55,871 |
|
Insurance contract liabilities |
42,466 |
42,676 |
|
Non-current other liabilities |
1,903 |
75 |
|
Non-current accrued expenses and deferred income |
902 |
852 |
|
Deferred tax liabilities |
11,719 |
12,268 |
|
Current liabilities |
18,510 |
20,653 |
|
Accounts payable and other liabilities |
1,983 |
4,163 |
|
Accrued expenses and deferred income |
16,528 |
16,490 |
|
Total equity and liabilities |
290,727 |
291,855 |
|
|
1.1.- |
1.1.- |
|
Cash flow from operating activities: |
||
|
Operating profit (loss) |
485 |
9,607 |
|
Depreciation |
264 |
238 |
|
Change in goodwill |
- |
1 |
|
Other adjustments |
||
|
Changes in fair value of investments |
1,066 |
-4,550 |
|
Other adjustments |
1,975 |
-570 |
|
Interest and other financing expenses |
-81 |
-43 |
|
Cash flow before change in working capital |
3,709 |
4,683 |
|
Change in working capital |
||
|
Increase (-)/decrease (+) in loan receivables |
39 |
-124 |
|
Increase (-)/decrease (+) in current interest-free receivables |
1,514 |
7,962 |
|
Increase (+)/decrease (-) in current interest-free liabilities |
-259 |
-2,437 |
|
Cash flow from operating activities before financial items and taxes |
5,003 |
10,084 |
|
Direct taxes paid (-) |
-2,639 |
-1,539 |
|
Cash flow from operating activities (A) |
2,365 |
8,545 |
|
Cash flow from investing activities: |
||
|
Investments in tangible and intangible assets |
-24 |
-32 |
|
Investments in subsidiaries and associated companies net of cash acquired |
- |
234 |
|
Other investments |
7,349 |
10,543 |
|
Cash flow from investing activities (B) |
7,325 |
10,746 |
|
Cash flow from financing activities: |
||
|
Transactions with non-controlling interests |
5 |
- |
|
Payments to acquire entity's shares |
- |
-833 |
|
Dividends paid and other distribution of profit |
||
|
To parent company shareholders |
- |
- |
|
To non-controlling shareholders |
-1,868 |
-1,366 |
|
Cash flow from financing activities (C) |
-1,863 |
-2,199 |
|
Increase/decrease in cash and cash equivalents (A+B+C) |
7,827 |
17,092 |
|
Cash and cash equivalents at beginning of period |
19,623 |
38,302 |
|
Cash and cash equivalents at end of period |
27,450 |
55,394 |
|
Net change in cash and cash equivalents |
7,827 |
17,092 |
|
2025, |
Share capital |
Reserve for invested unrestricted equity |
Fair value reserve |
Translation differences |
Retained earnings |
Total |
Non-controlling interests |
Equity total |
|
|
125 |
18,831 |
-8,407 |
52 |
198,161 |
208,762 |
6,570 |
215,332 |
|
Total comprehensive income for the financial period |
880 |
-146 |
577 |
1,311 |
178 |
1,489 |
||
|
Earnings for the period |
577 |
577 |
178 |
755 |
||||
|
Other comprehensive income items |
880 |
-146 |
734 |
734 |
||||
|
Distribution of profit |
- |
-1,868 |
-1,868 |
|||||
|
Distribution of profit for subgroup |
- |
-1,868 |
-1,868 |
|||||
|
Share-based payments payable as equity |
219 |
219 |
219 |
|||||
|
Other |
34 |
34 |
21 |
55 |
||||
|
|
125 |
18,831 |
-7,527 |
-94 |
198,991 |
210,326 |
4,901 |
215,226 |
|
2024, |
||||||||
|
|
125 |
18,831 |
-11,262 |
-59 |
198,500 |
206,134 |
2,511 |
208,646 |
|
Total comprehensive income for the financial period |
520 |
57 |
7,403 |
7,980 |
115 |
8,096 |
||
|
Earnings for the period |
7,403 |
7,403 |
115 |
7,519 |
||||
|
Other comprehensive income items |
520 |
57 |
577 |
577 |
||||
|
Distribution of profit |
- |
-175 |
-175 |
|||||
|
Distribution of profit for subgroup |
- |
-175 |
-175 |
|||||
|
Purchase of own shares |
-833 |
-833 |
-833 |
|||||
|
Share-based payments payable as equity |
147 |
147 |
147 |
|||||
|
Other |
-62 |
-62 |
-62 |
|||||
|
|
125 |
18,831 |
-10,742 |
-3 |
205,155 |
213,367 |
2,452 |
215,819 |
|
1.1.-31.3.2025, |
Private Asset Management |
Renewable energy |
Other private asset management |
Investments |
Garantia |
Other |
Total |
|
Continuing earnings |
6,209 |
4,903 |
1,306 |
8 |
3,004 |
75 |
9,297 |
|
Performance fees |
- |
- |
- |
- |
- |
- |
- |
|
Investment operations |
-5 |
-6 |
-634 |
-636 |
95 |
-1,180 |
|
|
Other income |
328 |
276 |
52 |
- |
168 |
496 |
|
|
Revenue |
6,532 |
5,173 |
1,359 |
-626 |
2,368 |
339 |
8,613 |
|
Fee and commission expenses |
-1,381 |
-1,038 |
-342 |
- |
- |
-6 |
-1,386 |
|
Personnel costs |
-2,862 |
-1,777 |
-1,084 |
-159 |
-251 |
-1,610 |
-4,881 |
|
Direct expenses |
-885 |
-624 |
-261 |
-101 |
-20 |
-866 |
-1,872 |
|
Depreciation, amortisation and impairment |
-6 |
-2 |
-4 |
- |
- |
-30 |
-36 |
|
Impairment losses on receivables |
- |
- |
- |
-1 |
- |
24 |
23 |
|
Operating profit |
1,399 |
1,732 |
-333 |
-887 |
2,096 |
-2,148 |
461 |
|
Operating profit, % |
21.4% |
33.5% |
neg |
neg |
88.5% |
neg |
5.3% |
|
1.1.-31.3.2024, |
Private Asset Management |
Renewable energy |
Other private asset management |
Investments |
Garantia |
Other |
Total |
|
Continuing earnings |
5,993 |
4,533 |
1,461 |
52 |
3,903 |
268 |
10,216 |
|
Performance fees |
- |
- |
- |
- |
- |
- |
- |
|
Investment operations |
1 |
-4 |
5 |
878 |
4,789 |
595 |
6,264 |
|
Other income |
554 |
517 |
37 |
- |
10 |
- |
564 |
|
Revenue |
6,549 |
5,046 |
1,503 |
930 |
8,702 |
863 |
17,044 |
|
Fee and commission expenses |
-1,485 |
-1,062 |
-423 |
-13 |
- |
-2 |
-1,500 |
|
Personnel costs |
-2,806 |
-1,625 |
-1,181 |
-90 |
-192 |
-800 |
-3,888 |
|
Direct expenses |
-1,158 |
-866 |
-292 |
-56 |
-25 |
-921 |
-2,160 |
|
Depreciation, amortisation and impairment |
-3 |
- |
-3 |
- |
- |
-55 |
-59 |
|
Impairment losses on receivables |
- |
- |
- |
147 |
- |
- |
147 |
|
Operating profit |
1,098 |
1,493 |
-396 |
918 |
8,486 |
-916 |
9,585 |
|
Operating profit, % |
16.8% |
29.6% |
neg |
98.7% |
97.5% |
neg |
56.2% |
|
Reconciliations |
||
|
Reconciliation of revenue, |
1.1.- |
1.1.- |
|
Revenue of segments |
8,613 |
17,044 |
|
Share of associates' profit or loss allocated to revenue of segments |
217 |
-410 |
|
Transit items eliminated in segment reporting |
479 |
517 |
|
Consolidated revenue |
9,309 |
17,152 |
|
Reconciliation of operating profit, |
1.1.- |
1.1.- |
|
Segments' operating profit |
461 |
9,585 |
|
IFRS 16 Leases |
25 |
22 |
|
Consolidated operating profit |
485 |
9,607 |
1)The division of lease expense to depreciation and interest expense according to IFRS 16 Leases -standard is not applied in the segment reporting.
Further information is provided below on
|
Direct investments and development projects, |
Investment type |
Purchase price |
Fair value |
Holding |
|
Renewable energy investments |
||||
|
|
Shares and participations |
10,973 |
10,378 |
7.0% |
|
Taaleri SolarWind II |
Shares and participations |
2,713 |
3,497 |
0.9% |
|
Taaleri SolarWind III |
Shares and participations |
2,463 |
2,467 |
1.1% |
|
Bioindustry investments |
||||
|
|
Shares and participations |
8,069 |
9,870 |
39.6% |
|
|
Shares and participations |
3,650 |
2,761 |
33.7% |
|
|
Loan |
500 |
500 |
- |
|
Taaleri Biocoal Development Ky |
Shares and participations |
2,000 |
1,889 |
12.4% |
|
Other investments |
7,464 |
5,197 |
||
|
Total direct investments and development projects |
37,832 |
36,558 |
||
|
Non-strategic investments, |
Investment type |
Purchase price |
Fair value |
Holding |
|
Real estate development investments |
||||
|
|
Shares and participations |
2,834 |
552 |
30.0% |
|
|
Loan |
2,102 |
2,196 |
- |
|
|
Shares and participations |
8,503 |
8,965 |
39.3% |
|
Other investments |
||||
|
|
Shares and participations |
5,460 |
2,828 |
10.2% |
|
Other investments |
6,437 |
1,632 |
||
|
Total non-strategic investments |
25,336 |
16,173 |
||
Investments in the non-strategic investment portfolio have a project-specific exit plan.
|
Direct investments and development projects, |
Investment type |
Purchase price |
Fair value |
Holding |
|
Renewable energy investments |
||||
|
|
Shares and participations |
10,973 |
10,804 |
7.0% |
|
Taaleri SolarWind II |
Shares and participations |
2,713 |
3,434 |
0.9% |
|
Taaleri SolarWind III |
Shares and participations |
1,975 |
2,012 |
1.1% |
|
Bioindustry investments |
||||
|
|
Shares and participations |
8,069 |
9,870 |
39.6% |
|
|
Shares and participations |
3,650 |
2,902 |
33.7% |
|
|
Loan |
500 |
500 |
- |
|
Taaleri Biocoal Development Ky |
Shares and participations |
1,500 |
1,398 |
12.4% |
|
Other investments |
7,446 |
5,132 |
||
|
Total direct investments and development projects |
36,826 |
36,051 |
||
|
Non-strategic investments |
Investment type |
Purchase price |
Fair value |
Holding |
|
Real estate development investments |
||||
|
|
Shares and participations |
2,834 |
679 |
30.0% |
|
|
Loan |
2,102 |
2,165 |
- |
|
|
Shares and participations |
8,503 |
8,904 |
39.3% |
|
Other investments |
||||
|
|
Shares and participations |
3,092 |
2,776 |
0.4% |
|
|
Shares and participations |
5,460 |
2,553 |
10.2% |
|
Other investments |
6,436 |
1,656 |
||
|
Total non-strategic investments |
28,428 |
18,733 |
||
Taaleri Plc Kasarmikatu 21 B
00130
Attachments
Disclaimer
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