09.05.2018
Taaleri records a loss of about EUR 2.5 million from a German geothermal projectTAALERI PLC STOCK EXCHANGE RELEASE 9 May 2018 12:15 EET Taaleri records a loss of about EUR 2.5 million from a German geothermal project Taaleri Investments Ltd, part of the Taaleri Group, acquired the majority shareholding in Erdwärme Oberland GmbH (86.42% of shares and votes) from the Italian energy-company Enel on March 12, 2018. Taaleri Investments Ltd.’s purpose is to invest in electricity and district heating projects which are utilizing geothermal energy production located in the federal state Bavaria in Germany. Erdwärme Oberland GmbH controls one of the projects. Unfortunately, the tests on the first geothermic production site have proven that the project on the site in question is not commercially doable and, Taaleri Investments Ltd records hence a loss of approximately EUR 2.5 million, visible in Taaleri Groups half year results 2018. The project in question does not cause a loss to Taaleri's customers that have invested in Taaleri Georahasto I or in the co-investment Taaleri Geoenergia. Taaleri’s long-term financial targets remain unchanged. Taaleri Additional information: Juhani Elomaa, CEO, Taaleri Plc, 358 40 778 9020, juhani.elomaa@taaleri.com Taaleri in brief Taaleri is a Finnish financial service company, whose parent company Taaleri Plc is listed on Nasdaq Helsinki's main market. The Taaleri Group comprises three business areas: Wealth Management, Financing, and Energy. Taaleri provides services to institutional investors, companies and private individuals. The Group’s operational subsidiaries are: Taaleri Wealth Management Ltd and its subsidiaries, Taaleri Private Equity Funds Group, Taaleri Investments Group, Taaleri Energia Oy Group and Garantia Insurance Company Ltd. In addition, Taaleri has associated companies Fellow Finance Plc, which offers peer-to-peer lending services and Ficolo Oy developing data centers. At the end of December 2017, Taaleri had assets under management totaling 5.6 billion euro and 4,400 wealth management customers. Taaleri Plc has some 3,900 shareholders. Taaleri's operations are supervised by the Finnish Financial Supervisory Authority. More information about our company and services: www.taaleri.com/en Sophie Jolly, Head of Communications and IR, sophie.jolly@taaleri.com, tel. 358 40 828 7317 |