Operating income of the
The Group's comparable operating income increased by 29% year-on-year, and the Group achieved the planned cost savings. As a result, the Group achieved its best net result ever (
The Group's solvency calculated based on the new regulation was 165.1% (157.5%).
The Board of Directors proposes that profit for the financial year 2021 is distributed as dividends in the amount of
The figures presented in the stock exchange release are unaudited.
Financial performance of the Group in January-
- Operating income increased by 19% to approximately
EUR 22.2 million (EUR 18.7 million ). -
Comparable net operating income** increased by 29% to approximately
EUR 21.9 million (EUR 16.9 million ). -
Operating profit increased by 384% to approximately
EUR 2.9 million (EUR 0.6 million ). -
The result for the period increased by 733% to approximately
EUR 2.1 million (EUR 0.3 million ). - Reported solvency of the Consolidation Group*** calculated based on the new regulation was 165.1% (157.5%).
The amount of assets under management and insurance assets, including investment commitments to private equity funds, increased by 15% to
Financial performance of the Group in July-
- Operating income increased by 17% to approximately
EUR 11.7 million (EUR 10.0 million ). -
Comparable net operating income** increased by 29 % to approximately
EUR 11.5 million (EUR 8.9 million ). -
Operating profit increased by 25% to approximately
EUR 1.7 million (EUR 1.4 million ). -
The result for the period grew by 31%, amounting to approximately
EUR 1.3 million (EUR 1.0 million ).
Group's key figures in brief (more detailed information is provided in the notes)
Group's key figures | July- | July- | January- | January- |
Operating income, EUR million | 11.7 | 10.0 | 22.2 | 18.7 |
Operating profit*, EUR million | 1.7 | 1.4 | 2.9 | 0.6 |
Operating profit, percentage of operating income | 14.7 | 13.7 | 12.8 | 3.2 |
Result for the period, EUR million | 1.3 | 1.0 | 2.1 | 0.3 |
Result for the period, percentage of operating income | 11.3 | 10.1 | 9.6 | 1.4 |
Earnings per share, diluted, EUR | 0.09 | 0.07 | 0.15 | 0.02 |
Comprehensive earnings per share, diluted, EUR | 0.09 | 0.07 | 0.15 | 0.02 |
Alternative performance measures | July- | July- | January- | January- |
Comparable operating income**, EUR million | 11.5 | 8.9 | 21.9 | 16.9 |
Adjusted earnings per share****, diluted, EUR | 0.09 | 0.07 | 0.15 | 0.02 |
Adjusted comprehensive earnings per share****, diluted, EUR | 0.09 | 0.07 | 0.15 | 0.02 |
*) IAS 1 Presentation of Financial Statements does not define the concept of operating profit. The Group has defined it as follows: the operating profit is the net sum remaining after employee benefit expenses, other administrative expenses, depreciation and impairment losses, other operating expenses and impairment losses on receivables have been deducted from the net turnover. The operating profit also includes the share of the profit or loss of associates.
**) For funds managed on behalf of external partners, comparable operating income is based on net fees, while reported operating income describes gross fees.
***) The Group reports its solvency to the
****) Adjusted earnings per share are based on the number of outstanding shares.
At the end of the period, the Group had 89 (88) employees, of whom 17 (24) worked for the parent company and 72 (64) worked for a subsidiary. All in all, the Group had 111 (109) employees and tied agents at the end of the period.
THE GROUP'S OUTLOOK FOR 2022
Given that the favorable market environment is retained, we estimate that the net profit percentage for 2022 will be clearly positive. If market conditions would deteriorate significantly, the company will re-evaluate the estimate. The estimate is based on the current operations. Acquisitions or other major changes in operations might have an impact on the outlook.
The second renewable energy private equity fund and the third real estate development fund, launched early in the year, were among the key newcomers to our product range. Both funds made their first investments at the end of the year. The acquisition of investment commitments has been going well and will continue in early 2022. At the end of the year, we also launched a completely new type of venture capital activity through EAB Private Equity, where investments are raised on a target-by-target basis for one new investment at a time. The transparency of this concept differs significantly from the traditional fund-type investment operations, in which the fund's assets are raised before the actual investment targets are known to the investors.
The investment performance and sales of traditional UCITS funds were also good this year. Their investment capital increased by around
In the investment business, ESG integration progressed during the year, with a deeper sustainable investment process and positive screening now covering not only our UCITS funds, but also our infrastructure and real estate funds. During the year, we also published our first fund-specific sustainability reports, which provide reference data on the funds' investment objects. These and other measures, as well as our next steps, are discussed in our annual report for 2022.
Our strategy is clear, and we are making steady progress towards our goals. Our product range has been streamlined, and the current organisation effectively supports the products. Profitability is developing in line with our targets, and the venture capital business is well on its way to becoming a solid pillar of our operations. Together with the Board of Directors I would like to thank all the employees for their excellent work.
Board of Directors
Further information:
+358 50 569 3416
daniel.pasternack@eabgroup.fi
+358 40 544 2502
therese.cedercreutz@miltton.com
Elite Alfred Berg offers responsible investment and asset management services for private investors, institutions, and professional investors. Elite Alfred Berg is the marketing name of the
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APPENDIX:
EAB Group Plc Financial Statements Bulletin 1.1.-
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