eQ Oyj - Interim report (Q1 and Q3)

eQ PLC’S INTERIM REPORT 1 JANUARY TO 31 MARCH 2013

eQ PLC                                                                         
  STOCK EXCHANGE RELEASE 



8 May 2013, at 12:00 noon







eQ PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2013





January to March 2013 in brief



  -- In the first quarter of the year, the Group's net revenue totalled EUR 5.7
     million (EUR 3.4 million
from 1 Jan. to 31 March 2012). 
     -- The Group's net fee and commission income totalled EUR 3.5 million (EUR
        2.5 million).
     -- The Group's net investment income from own investment operations was EUR
        2.3 million (EUR 1.0 million).
  -- The Group's operating profit was EUR 2.2 million (EUR 0.9 million).
  -- Earnings per share were EUR 0.04 (EUR 0.02). 
  -- The assets under management increased by about 3.5 per cent during the
     period under review
and totalled EUR 6.5 billion (EUR 6.3 billion on 31 Dec. 2012) at the end
     of the period.
  -- The interim report contains as comparison information the Icecapital asset
     management
companies acquired during the financial year 2012 from 20 November 2012.
     The comparison figures presented in the interim report are therefore not
     comparable.







Key ratios                                          1-3/2013  1-3/2012  1-12/201
                                                                               2
--------------------------------------------------------------------------------
Net revenue, EUR million                                 5.7       3.4      16.3
Operating profit, EUR million                            2.2       0.9       4.7
Profit before taxes, EUR million                         2.2       0.9       4.7
Profit for the period, EUR million                       1.5       0.8       3.4
Earnings per share, EUR                                 0.04      0.02      0.10
Equity per share, EUR                                   1.89      1.98      2.03
Interest-bearing liabilities, EUR million                4.0         -       4.0
Dividend debt, EUR million                               4.4         -         -
Liquid assets and interest-bearing receivables,         14.3       7.7      10.7
 EUR million                                                                    
Assets under management , EUR billion                    6.5       3.6       6.3





Janne Larma, CEO



The first months of the year have been a good period for investors in general.
Share prices have risen, and in the US, for instance, stock exchange indices
reached an all-time-high in April. At the moment, investors seem to be
confident and believe that we have seen the worst of the debt crisis in the
eurozone. 



The profit of the Group increased from the corresponding period 2012 and was,
as a whole, in line with expectations. The net sales of the Asset Management
segment have increased from last year's EUR 2.1 million to EUR 3.2 million
owing to the acquisition of Icecapital's asset management business. The
operating profit of the Asset Management segment was EUR 0.5 million, which is
somewhat higher that last year, and we anticipate that the synergy benefits
related to the acquisition will be realised at annual level according to our
previous assessment. The result of the Corporate Finance segment was marginally
positive and almost at the same level as last year. The number of assignments
is higher than last year, but it has continued to be extremely challenging to
complete transactions. The Investments segment made once more an excellent
result with an operating profit of EUR 2.2 million. The net cash flow from
investments was EUR 3.8 million during the period under review. 



The balance sheet of the Group is in excellent shape. At the end of March, the
balance sheet contained EUR 4.0 million of interest-bearing liabilities, while
liquid assets and interest-bearing receivables totalled EUR 14.3 million. The
balance sheet value of the private equity investments was EUR 34.9 million. 



eQ Asset Management's investment  view has been good. We have had an overweight
in shares since May 2012, but in April we went over to neutral weight. Among
our funds,  eQ Emerging Markets Dividend and eQ Emerging Asia have, for
instance, developed in an excellent manner, both among the best-yielding funds
in their categories in the first quarter. Above all the eQ Emerging Markets
Dividend Fund has grown briskly, and its assets totalled EUR 111.7 million at
the end of March. As the fund was established only two years ago, the assets
have grown rapidly. New capital has also flown to our other funds and asset
management business during the spring. The assets managed by eQ increased to
EUR 6.5 billion during the period under review. We strongly believe that eQ's
successful investment operations, wide product range and active and
professional sales staff create good preconditions for eQ's success in future
as well. 





***



According to the new Securities Markets Act, which came into force at the
beginning of 2013, a company is no longer liable to present an outlook in its
interim reports and financial statements release. eQ decided to give up its
previous practice of issuing an outlook in its interim reports. In future, an
outlook will be presented in the financial statements release and in the report
by the Board of Directors, as required by the Accounting Act. 



***

eQ's interim report for the period 1 January to 31 March 2013 is enclosed to
this release and it will also be available on the company website at www.eQ.fi. 





Additional information: Janne Larma, CEO, tel. +358 40 500 4366



Distribution: NASDAQ OMX Helsinki, www.eQ.fi





eQ Group is a Finnish listed company specialising in asset management and
corporate finance business. eQ Asset Management offers a wide range of asset
management services (including private equity funds) for institutions and
individuals. The assets managed by the Group total approximately EUR 6.5
billion. Advium Corporate Finance Ltd, which is part of the Group, offers
services related to mergers and acquisitions, real estate transactions and
equity capital markets. 



More information about the Group is available on our website at www.eQ.fi.

Attachments:

eQ Plc Interim report Q1 2013.pdf