Q3 2024 Taaleri Oyj Earnings Call Transcript
Key Points
- Taaleri PLC (FRA:295) reported a significant increase in income to EUR 21.6 million, up from EUR 13 million a year ago, primarily driven by investment income.
- The operating profit for the third quarter was EUR 14.7 million, a substantial increase from EUR 5.7 million a year ago.
- The renewable energy segment saw a 90% increase in income to EUR 13.2 million, with an operating profit of EUR 9.7 million compared to EUR 2.8 million a year ago.
- Garantia's investment operations performed strongly, yielding EUR 3.5 million, with a combined ratio of 25.8% for the third quarter.
- Taaleri PLC (FRA:295) has successfully attracted tier-one international investors into its Solar Wind Three fund, reaching commitments of EUR 470 million.
- Continuing earnings for the third quarter declined by almost 6% to EUR 9.7 million from EUR 10.3 million a year ago.
- The fundraising environment remains challenging, with the average time for fundraising increasing from 14 months in 2019 to 29 months currently.
- The bioindustry fund did not secure a strong anchor investor, leading to the postponement of its venture capital fund launch.
- The real estate market, particularly in Finland, is experiencing low transaction volumes, impacting related business activities.
- The exit of the Wind Two and Wind Three funds might be postponed to 2025, affecting the timing of potential performance fees.
Good morning and a warm welcome to Taaleri's presentation of the third quarter of 2024. My name is Linda Tierala, and I am Heading Investor Relations at Taaleri. Presenting today, we have our CEO Peter Ramsey and our Chief Financial Officer Ilkka Laurila. The presentation today will be followed by a Q&A session, and with these formalities underway am happy to welcome Peter to the stage. Welcome.
Thank you, Linda, and welcome to the third quarter numbers. The results were good, but they were driven by investment income and the underlying trends are hopefully slowly improving, although that's not really visible in the volumes yet in our business, but we have continued determinately to advance our strategy. If we look at the key figures, you can see that our continuing earnings were EUR9.7 million for the third quarter. That is a decline of almost 6% from a year ago when they were EUR 10.3 million. Our income totaled EUR21.6 million and that's a huge increase
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
