16.03.2021
TAALERI PLC STOCK EXCHANGE RELEASE 16 MARCH 2021 at 8:20 EET
Taaleri publishes segments’ comparative financial results for 2020 in accordance with its revised strategy
Taaleri publishes segments’ comparative financial results for 2020 in accordance with its revised strategy, announced on 16 March 2021.
On 10 March 2021 Taaleri announced to sell its wealth management operations to Aktia Bank Plc. In connection with the signing of the sales agreement, Taaleri has classified the related operations as held-for-sale assets and reports them according to IFRS 5 as discontinued operations. In its segment reporting, Taaleri reports only continuing operations, which means that wealth management operations are no longer reported.
With effect from 2021, Taaleri’s continuing operations include two reported segments: Private Asset Management, which is divided to Renewable energy and Other private asset management and Strategic Investments, which includes Garantia Insurance Company Ltd. The Other group is used to present the Group’s non-strategic investments, Taaleri Kapitaali and Group operations not included in the business segments. The table below presents the unaudited segments’ financial results for 2020 excluding the divested wealth management operations.
| Continuing operations | ||||||||||||
| 1.1–31.12.2020 MEUR |
PRIVATE ASSET MANAGEMENT | Renewable energy | Other private asset management |
STRATEGIC INVESTMENTS (Garantia) |
OTHER | TOTAL | ||||||
| Continuing earnings | 18.5 | 14.3 | 4.2 | 14.6 | 2.7 | 35.9 | ||||||
| Performance fees | 1.0 | 1.0 | 0.0 | - | - | 1.0 | ||||||
| Investment operations | 2.4 | 2.1 | 0.3 | 2.5 | -1.8 | 3.2 | ||||||
| Total income | 21.9 | 17.4 | 4.5 | 17.2 | 0.9 | 40.0 | ||||||
| Fee and commission expense | -7.0 | -4.3 | -2.7 | -0.2 | -1.0 | -8.2 | ||||||
| Interest expense | 0.0 | 0.0 | 0.0 | - | -3.2 | -3.2 | ||||||
| Personnel costs | -5.5 | -4.3 | -1.2 | -3.3 | -4.5 | -13.3 | ||||||
| Direct expenses | -3.1 | -2.2 | -0.9 | -1.7 | -1.1 | -6.0 | ||||||
| Depreciation, amortisation and impairment | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | ||||||
| Impairment losses on loans | - | - | - | - | -0.1 | -0.1 | ||||||
| Operating profit before allocating the financing expenses | 6.2 | 6.6 | -0.4 | 11.9 | -9.0 | 9.1 | ||||||
| Allocation of financing expenses | -2.5 | -1.7 | -0.8 | -1.7 | 4.2 | - | ||||||
| Operating profit | 3.7 | 4.9 | -1.2 | 10.2 | -4.8 | 9.1 | ||||||
| Operating profit, % | 17% | 28% | -26% | 59% | -524% | 23% | ||||||
| Change in fair value of investments | 0.0 | - | 0.0 | 0.2 | 0.0 | 0.2 | ||||||
| Profit before taxes and non-controlling interests | 3.7 | 4.9 | -1.2 | 10.4 | -4.8 | 9.3 | ||||||
The estimated combined turnover of the divested business in 2020 were reported at EUR 35.5 million and estimated operating profit at EUR 10.1 million. External services related to the transaction and thus related to discontinued operations, of EUR 1.6 million in 2020, have been deducted from the figures in the table above. The completion of the transaction is subject to the approvals issued by Finnish Competition and Consumer Authority and Financial Supervisory Authority (FIN-FSA) which are required by applicable laws and regulation. It is estimated that the transaction will be completed in May 2021, provided that the approvals have been granted and the terms for completing the transaction are fulfilled. The segments’ financial results presented reflect the figures after the completion of the transaction.
Taaleri Plc
For further information please contact:
CFO Minna Smedsten, tel. 358 40 700 1738, minna.smedsten@taaleri.com
Taaleri in brief
Taaleri is a Finnish financial services company, whose parent company, Taaleri Plc, is listed on Nasdaq Helsinki main market. At the end of 2020, Taaleri had assets under management totalling EUR 7.6 billion and over 6,000 wealth management customers. Taaleri Plc has some 6,000 shareholders. Taaleri’s operations are supervised by the Finnish Financial Supervisory Authority.
More information about our company and services:
www.taaleri.com/en
www.taalerivarainhoito.com/en
www.taalerienergia.com
www.taalerikapitaali.com/en
www.garantia.fi/en
Siri Markula, Head of Communications and IR, tel. 358 40 743 2177, siri.markula@taaleri.com