The beginning of the year was somewhat weaker than last year for Taaleri. Income totalled EUR 30.9 million and operating profit 6.4 million, corresponding to a margin of 21 per cent. The number of employees was adjusted in the Wealth Management and Financing segments during the spring.
Assets under management grew by more than 15 per cent to EUR 6.6 billion. Taaleri strengthened its position as a forerunner in responsible investments by launching three new private equity funds – Taaleri Solarwind II, Taaleri Daycare Properties and Taaleri Wind IV. In addition, two special mutual funds started their operations. Continuing earnings in Wealth Management decreased 10 per cent during the first half-year due to the challenging market environment at the end of last year. The segment’s continuing earnings are estimated to be back on growth track during the end of this year.
Taaleri signed a funds distribution agreement with Nordnet and is now able to reach more than 200,000 private investors. Taaleri Group’s corporate finance arm, Taaleri Kapitaali Oy, received Certified Adviser status on the First North marketplace. From now on, Taaleri Kapitaali’s service offering will include IPOs both on the stock exchange main list and on the Nasdaq First North marketplace.
Garantia’s income grew 69 per cent to EUR 10.4 million due to the success of the investment operations. Net earned premiums grew 23 per cent to EUR 6.8 million, but net income from guaranty insurance operations declined 6 per cent to EUR 5.5 million as a result of change in claim provisions. Garantia’s return on investments at fair value totalled 5.3 per cent.
Taaleri Energia made its international breakthrough with the launch of Taaleri SolarWind II. The international renewable energy fund Taaleri Solarwind II raised commitments of EUR 220 million during its first closing with a strong institutional investor base. Good progress and international recognition was also seen in the development of the renewable projects in Taaleri Solarwind I. The Texas-based 275-MW Truscott-Gilliland Wind farm project is being enhanced with a new turbine supplier so that electricity production can start 2021.
The prevailing megatrends continue supporting Taaleri’s growth in Renewable Energy, Circular Economy, Real Estate and the related Financial Services. Responsibility is the foundation of our business, and through impact investing we positively influence on the surrounding community and the environment. We will continue creating interesting investment opportunities, and, in addition to economic returns, we want to offer our customers a way to positively impact the surrounding society and the environment.