Taaleri Oyj : Half-Year Financial Report presentation H1 2021 (pdf)

TAALERI Q2 2021

C E O R O B I N L I N D A H L

C F O M I N N A S M E D S T E N 1 9 . 8 . 2 0 2 1

THE DIFFERENCES BETWEEN IFRS REPORTING AND SEGMENT REPORTING

• On April 30, 2021, Taaleri completed the sale of its wealth management operations to Aktia. Taaleri applies the requirements of IFRS 5 Non- current Assets Held for Sale and Discontinued Operations in the classification, presentation, and recognition of sale of the wealth management operations.
• There are differences in the figures in the Group's consolidated income statement and segment reporting due to the application of IFRS 5. In the consolidated income statement, intra-group income and expenses between discontinued and continuing operations have been eliminated. In segment reporting, income and expenses between discontinued and continuing operations are presented as transactions outside the Group. The earnings figures in the explanatory section in this half year financial statement represents the Group's continuing operations according to segment reporting, unless otherwise stated. The chosen presentation will improve the comparability of segment reporting in the coming years.

Taaleri Q2 2021

HIGHLIGHTS DURING APRIL - JUNE

A RECORD RESULT DUE TO THE SALE OF THE WEALTH MANAGEMENT OPERATIONS

STRONG GROWTH IN CONTINUING EARNINGS

FINAL CLOSING OF SOLARWIND II

REAL ESTATE BUSINESS EXPANDED TO EXTERNAL MANDATES

INFRASTRUCTURE BUSINESS

LAUNCHED FIRST FUND

ONCE AGAIN A STRONG RESULT FROM GARANTIA

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Taaleri completed the sale of its wealth management operations to Aktia and recognized a tax-free gain of EUR 111.1 million on the transaction.

Continuing earnings grew 27.2% and the assets under management of Private Asset Management segment grew by 27.5% to EUR 2.1 billion.

SolarWind II fund reached total investment commitments of EUR 354 million in its final closing.

The real estate business expanded to external portfolio management mandates as Aktia outsourced its portfolio management and property management functions to Taaleri.

The infrastructure team transferred to Taaleri in connection with the Aktia transaction launched its first fund during the review period. Taaleri Infra I invests in local and regional infrastructure projects.

Garantia's insurance premium income grew by 17.7% and claims incurred remained low.

Taaleri Q2 2021

APR IL- JUNE 2021

• The income in accordance with segment reporting grew by 10.4% to EUR 14.3 (13.0) million.
• Continuing earnings grew by 27.2% to EUR 11.2 (8.8) million.
• Performance fees were EUR 0.0 (0.0) million and investment operations generated EUR 3.2 (4.2) million.
• The operating profit in accordance with segment reporting was EUR 4.4 (5.9) million, corresponding to 30.9% (45.2) of income.
• Earnings per share were EUR 0.08 (0.17) for continuing operations, EUR 3.95 (0.07) for discontinued operations and EUR 4.03 (0.25) for the result of the period.
• As of June 17, 2021, Tero Saarno, Director of Taaleri's Bioindustry business, and Siri Markula, who is responsible for the Group's
  Communications, Investor Relations, Sustainability and Marketing, were appointed to the Group's Executive Management Team.
• The Extraordinary General Meeting decided on 28 May 2021 to pay an additional distribution of assets of EUR 1.00 per share.

Taaleri Q2 2021

GROUP'S INCOME AND OPERATING PROFIT

				INCOME, MEUR						OPERATING PROFIT, MEUR
20.0								7.0	45.2 %	40.7 %			37.4 %			50.00%
									6.0				37.1 %
														30.9 %		40.00%
15.0								5.0
						5.8		3.2
		4.2			4.8	4.0										30.00%
		3.3
10.0																	Long term target,
									3.0	5.9		5.8					operating profit >25%
									5.0		5.1	4.4		20.00%
5.0							11.2	2.0
8.8	8.8		9.8	8.9									10.00%
		1.0
0.0								0.0										0.00%
	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021		Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021
		Continuing earnings		Other than continuing earnings					Operating profit		Operating profit, %

Taaleri Q2 2021