Slide 1: Half Year Financial Report 2017 Taaleri Plc
HALF YEAR FINANCIAL REPORT 2017 TAALERI PLC CEO JUHANI ELOMAA 22 AUGUST 2017 TAALERI GROUP l HALF YEAR REPORT
Slide 2: Taaleri Plc - Passion
TAALERI PLC - PASSION TAALERI GROUP l HALF YEAR REPORT 2
Slide 3: Taaleri Group
TAALERI PLC TAALERI GROUP • Taaleri is a Finnish financial group founded in 2007. Taaleri Plc, the parent company, is listed on ASSETS UNDER MANAGEMENT the Nasdaq Helsinki stock exchange. Members of the Board of Directors and employees own directly or indirectly over 50 per cent of the company’s sha
Slide 4: Taaleri's Structure
TAALERI PLC TAALERI’S STRUCTURE WEALTH FINANCING ENERGY MANAGEMENT TAALERI WEALTH TAALERI MANAGEMENT GARANTIA ENERGIA LTD LTD TAALERI PRIVATE EQUITY FUNDS LTD TAALERI GROUP l HALF YEAR REPORT 4
Slide 5: Group Performance Overview H1 2017
TAALERI PLC GROUP PERFORMANCE OVERVIEW H1 2017 • Continuing earnings increased by 46.7 per • Investment operations have been successful in cent to 31.5 million euro (1–6/2016: 21.5) both mutual funds and private equity funds • Income increased by 15.0 per cent to 38.7 • Strong growth in premiums wri
Slide 6: Growth in Operating Profit and Total Income
TAALERI PLC GROWTH IN OPERATING PROFIT AND TOTAL INCOME 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 6
Slide 7: Other Milestones in the First Half of 2017
TAALERI PLC OTHER MILESTONES IN THE FIRST HALF OF 2017 • Solar Wind Fund, focusing on renewable energy, raised over 87 million euro in equity • Africa II private equity fund established, over 60 million euro funds raised • Income of 2.5 million euro from sale of co- investment item Mattiovi • 400 ne
Slide 8: Taaleri Key Figures
TAALERI PLC TAALERI KEY FIGURES TAALERI H1 2017 H1 2016 Change % FY 2016 EUR million Income 38.7 33.7 15.0 60.6 Expenses -23.1 -22.0 5.5 -44.2 Operating profit 15.6 11.7 32.8 16.3 Net profit for the period 12.5 9.2 36.5 12.8 Return on equity, % 26.2 19.9 13.4 Assets under management, EUR billion 5.3
Slide 9: Excellent Results and Growth Continues
TAALERI PLC EXCELLENT RESULTS AND GROWTH CONTINUES Y E A R O N Y E A R C O M PA R I S O N 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 9
Slide 10: Financial Performance
TAALERI PLC FINANCIAL PERFORMANCE P E R C E N TA G E C O M PA R I S O N Financial Objectives in 2017 * Adjusted 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 10
Slide 11: Operating Profit by Segments, MEUR
TAALERI PLC OPERATING PROFIT BY SEGMENTS, MEUR 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 11
Slide 12: Wealth Management Segment H1 2017
W E A LT H M A N A G E M E N T S E G M E N T H1 2017 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 12
Slide 13: Wealth Management H1 2017
WEALTH MANAGEMENT SEGMENT WEALTH MANAGEMENT H1 2017 • Income grew by 36 per cent to 23.9 million • Strong growth in assets under euro, continuing earnings by 32 per cent management in mutual funds and to 18.1 million euro and performance fees discretionary wealth management by 51 per cent to 5.7 mil
Slide 14: Continued Success of Our Mutual Funds
WEALTH MANAGEMENT SEGMENT CONTINUED SUCCESS OF OUR MUTUAL FUNDS • Nearly all Taaleri mutual funds (16/18) beat their indices during the first half of the year. • Morningstar ratings of Taaleri’s best funds: Taaleri Allocation 25 Taaleri Micro Markka Taaleri Allocation 50 Taaleri Fixed Income Allocat
Slide 15: Wealth Management Key Figures
WEALTH MANAGEMENT SEGMENT WEALTH MANAGEMENT KEY FIGURES 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 15
Slide 16: Development of Assets Under Management
WEALTH MANAGEMENT SEGMENT DEVELOPMENT OF ASSETS UNDER MANAGEMENT 12/2016 20% Private equity funds 19% 19% Mutual funds 18% 32% Discretionary wealth management 31% 30% Advisory wealth management 32% 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 16
Slide 17: Financing Segment H1 2017
FINANCING SEGMENT H1 2017 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 17
Slide 18: Financing H1 2017
FINANCING SEGMENT FINANCING H1 2017 • Financing segment includes Garantia FINANCING H1 2017 H1 2016 Insurance Company Ltd. EUR million Net income from guaranty insurance operations 5.3 4.2 • Premiums written increased by 34 per cent Net income from investment operations 6.4 1.6 to 7.4 million euro (
Slide 19: Garantia Key Figures
FINANCING SEGMENT GARANTIA KEY FIGURES 7.4 M€ 1.4 Bn € Earned premiums Insurance exposure H1/2017 30.6.2017 103.1 M€ 419.9% Garantia is a Finnish growth company operating in the Own basic assets Solvency ratio 30.6.2017 30.6.2017 finance sector and specialising in guaranty services. Garantia makes i
Slide 20: Insurance Exposure
FINANCING SEGMENT INSURANCE EXPOSURE 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 20
Slide 21: Energy Segment H1 2017
ENERGY SEGMENT H1 2017 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 21
Slide 22: Energy H1 2017
ENERGY SEGMENT ENERGY H1 2017 • Energy segment was established 1 July 2016 • Taaleri is Finland’s second largest wind power producer • Taaleri’s private equity funds have invested International EUR 600 million in renewable energy projects for Solar • Investments of 1.5 billion euro in international
Slide 23: Taaleri Share H1 2017
TA A L E R I S H A R E H1 2017 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 23
Slide 24: Taaleri Share Price Development
TAALERI SHARE TAALERI SHARE PRICE DEVELOPMENT Market cap 30 June 2017: 260 M€ (12/2016: 232) 7.4.2014 Dividend EUR 0.05 Owners 30 June 2017: 8.4.2016 11.12.2013 Dividend 3,200 Return of EUR 0.20 (12/2016:2,700) capital 23.3.2015 (incl. return of capital 0.06 euro) EUR 0.06 Dividend EUR 0.09 30.3.201
Slide 25: Taaleri Shareholders 30 June 2017
TAALERI SHARE TAALERI SHARE HOLDERS 30 JUNE 2017 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 25
Slide 26: Taaleri Group
TA A L E R I G R O U P 22.8.2017 TAALERI GROUP l HALF YEAR REPORT 26
Slide 27: Long-Term Targets for the Group
TAALERI GROUP LONG-TERM TARGETS FOR THE GROUP STRATEGIC TARGETS FINANCIAL TARGETS • Strong but controlled growth • Growth of company’s market cap • Growth in AuM and clientele • >20% profit margin • Profitable growth in insurance premiums • >15% ROE over a long period • Strong growth in investments
Slide 28: Financial Targets and Outlook
TAALERI GROUP FINANCIAL TARGETS AND OUTLOOK • Target for operating profit in H2 2017 at • Target for return on equity over a long least 20 per cent according to the general period is more than 15 per cent guidance • Target for equity ratio is at least 30 per • Wealth Management segment: Growth of mo
Slide 29: Taaleri Consolidated Income Statement
TAALERI GROUP TAALERI CONSOLIDATED INCOME STATEMENT EUR 1,000 H1 2017 H1 2016 FY 2016 Continuing earnings 31,495 21,473 43,486 Performance fees 5,745 3,799 5,781 Sales profits 1,688 8,510 11,471 Total income 38,927 33,782 60,738 Fee and commission expense -2,539 -2,135 -4,323 Interest expense -1,613
Slide 30: Taaleri Consolidated Balance Sheet
TAALERI GROUP TAALERI CONSOLIDATED BALANCE SHEET Assets 30/6/2017 31/12/2016 EUR 1,000 Receivables from credit institutions 36,928 55,148 Receivables from the public and general government 4,776 6,919 Debt securities 100 100 Shares and units 11,788 7,353 Participating interests 4,395 4,185 Derivativ
Slide 31: Taaleri Key Figures
TAALERI GROUP TAALERI KEY FIGURES KEY FIGURES H1 2017 H1 2016 FY 2016 Earnings per share, EUR 0.44 0.32 0.45 Return on equity, % 26.2 19.9 13.4 Return on equity at fair value, % 22.1 20.1 16.5 Return on assets, % 11.9 9.4 5.9 Cost/Income ratio, % 59.9 65.4 73.2 P/E, EUR 10.5 13.6 18.4 Number of empl
Slide 32: Wealth Management – Income and Results
TAALERI WEALTH MANAGEMENT SEGMENT WEALTH MANAGEMENT – INCOME AND RESULTS WEALTH MANAGEMENT FEES H1 2017 H1 2016 Change % FY 2016 EUR million Wealth management fees 18.1 13.8 31.8 28.3 Performance fees 5.7 3.8 51.2 5.8 Sales profits - - 3.0 Total income 23.9 17.6 36.0 37.1 Operating profit 7.9 2.0 28
Slide 33: Wealth Management – Assets Under Management
TAALERI WEALTH MANAGEMENT SEGMENT WEALTH MANAGEMENT – ASSETS UNDER MANAGEMENT ASSETS UNDER H1 2017 FY 2016 Change % MANAGEMENT EUR, million Assets under management 5,173 4,678 10.6 Mutual funds 1,012 857 18.0 Private equity funds 957 880 8.8 Discretionary wealth management 1,653 1,431 15.5 Advisory
Slide 34: Garantia Key Figures, FAS
TAALERI FINANCING SEGMENT GARANTIA KEY FIGURES, FAS EUR million H1 2017 H1 2016 CHANGE % FY 2016 * Reinsurers' share of premiums written, change to provision for unearned premiums and reinsurers' Premiums written 7.4 5.5 34.4 12.2 share of change to provision for unearned premiums. Other items* -2.0
Slide 35: TAALERI GROUP l HALF YEAR REPORT
TAALERI GROUP l HALF YEAR REPORT