2015-05-07 08:40:00 CEST
2015-05-07 08:40:02 CEST
REGULATED INFORMATION
eQ Oyj - Interim report (Q1 and Q3)
eQ PLC’S INTERIM REPORT 1 JANUARY TO 31 MARCH 2015 – eQ CONTINUED ITS GROWTH – PROFIT TRIPLED
eQ Plc Stock Exchange Release
7 May 2015 at 09:40 a.m.
eQ PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2015 - eQ CONTINUED ITS GROWTH -
PROFIT TRIPLED
January to March 2015 in brief
-- During the period under review, the Group's net revenue totalled EUR 6.5
million (EUR 4.4 million from 1 Jan. to 31 March 2014).
-- The Group's net fee and commission income totalled EUR 6.2 million (EUR 4.5
million).
-- The Group's net investment income from own investment operations was EUR
0.4 million (EUR -0.1 million).
-- The operating profit of client operations (Asset Management and Corporate
Finance) was EUR 2.7 million (EUR 1.5 million).
-- The Group's operating profit was EUR 2.5 million (EUR 0.9 million).
-- Earnings per share were EUR 0.05 (EUR 0.02).
-- The assets under management totalled EUR 7.5 billion at the end of the
period (EUR 7.5 billion on 31 Dec. 2014).
-- The net cash flow from own investment operations was EUR 1.5 million (EUR
1.9 million from 1 Jan. to 31 March 2014) and the change in fair value was
EUR 0.7 million (EUR 1.1 million).
Key ratios 1-3/201 1-3/201 Change 1-12/201
5 4 % 4
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Net revenue, Group, MEUR 6.5 4.4 49% 24.4-------------------------------------------- ---------
Net revenue, Asset Management, MEUR 5.4 3.3 62% 17.6
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Net revenue, Corporate Finance, MEUR 0.9 1.3 -30% 6.3
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Net revenue, Investments, MEUR 0.3 -0.2 259% 0.5
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Net revenue, Group administration
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and eliminations, MEUR 0.0 0.0 0% 0.0
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Operating profit, Group, MEUR 2.5 0.9 190% 9.0
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Operating profit, Asset Management, MEUR 2.4 1.0 146% 7.1
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Operating profit, Corporate Finance, MEUR 0.3 0.5 -43% 2.9
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Operating profit, Investments, MEUR 0.3 -0.2 259% 0.5
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Operating profit, Group administration, -0.4 -0.4 0% -1.5
MEUR
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Profit for the period, MEUR 2.0 0.7 205% 7.1
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Earnings per share, EUR 0.05 0.02 150% 0.20
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Equity per share, EUR 1.68 1.87 -10% 2.11
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Liquid assets and interest-bearing 26.9 14.5 85% 21.3
liabilities, MEUR
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Private equity investments, MEUR 26.9 29.7 -9% 27.3
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Interest-bearing liabilities, MEUR 0.0 0.0 0% 0.0
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Assets under management, EUR billion 7.5 6.8 12% 7.5
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Janne Larma, CEO
Low interest rates and ample liquidity combined with an improved profit outlook
have contributed to the rising share prices during the first months of the
year. The MSCI World Index rose by 15.3 per cent during the three-month period,
Helsinki Stock Exchange (OMXH Cap) rose by 18.4 per cent and the emerging
markets (MSCI) gave a 15.2 per cent return.
The business operations of eQ Asset Management developed in an excellent
manner. The net subscriptions in our two real estate funds totalled EUR 53
million. The interest in the eQ Care and eQ Finnish Real Estate Funds has grown
owing to the attractive risk return ratio that they offer. At the end of March,
the assets in these two funds totalled EUR 216 million. In private equity asset
management, we held the first close of the eQ PE VII US Fund on USD 50 million.
The final close of the fund will be held in the second quarter of 2015, the
overall target being USD 75 million. The fund makes investments in other
private equity funds in the US. Our local partner RCP Advisors is responsible
for the fund's investment operations.
The low interest rates and good availability of financing have contributed to
growing activity in corporate and real estate transactions. During the
three-month period, Advium acted as advisor in two transactions and issued one
fairness opinion. Advium acted as advisor to the seller, e.g. when the NV
Property Fund I Ky managed by NV Kiinteistösijoitus Oy sold three car dealers'
premises to the Swedish listed company AB Sagax.
The profit of client operations increased from the first quarter of 2014. Above
all the profit of the Asset Management segment developed in an excellent
manner. The net revenue of the Asset Management segment increased by more than
60 percent, and operating profit grew to EUR 2.4 million from last year's EUR
1.0 million. The improvement of the result is mainly due to the growth in real
estate and private equity management fees as well as performance fees. The net
sales of the Corporate Finance segment fell by 30 per cent from last year, the
operating profit being EUR 0.3 million, as compared with EUR 0.5 million in
2014. The operating profit of the Investments segment grew considerably from
last year to EUR 0.3 million, compared with a loss of EUR 0.2 million last
year.
The Group's balance sheet is in excellent shape. At the end of March, the
Group's liquid assets and financial securities totalled EUR 26.9 million, and
the balance sheet value of the private equity investments was EUR 26.9 million.
***
eQ's interim report 1 January to 31 March 2015 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 9 6817 8920
Distribution: NASDAQ Helsinki, www.eQ.fi, media
eQ Group is a Finnish group of companies specialising in asset management and
corporate finance business. eQ Asset Management offers a wide range of asset
management services (including private equity funds and real estate asset
management) for institutions and individuals. The assets managed by the Group
total approximately EUR 7.5 billion. Advium Corporate Finance, 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.
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