In This Article:
eQ Plc financial statements release
4 February 2025 at 8:00 AM
January to December 2024 in brief
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During the period under review, the Group's net revenue totalled EUR 65.6 million (EUR 70.9 million from 1 Jan. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 63.8 million (EUR 70.8 million).
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The Group’s operating profit fell by 13% to EUR 34.5 million (EUR 39.7 million).
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The Group’s profit was EUR 27.4 million (EUR 31.5 million).
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The consolidated earnings per share were EUR 0.66 (EUR 0.78).
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The net revenue of the Asset Management segment decreased by 13% to EUR 58.5 million (EUR 66.9 million) and the operating profit by 19% to EUR 33.7 million (EUR 41.4 million). The management fees of the Asset Management segment fell by 10% to EUR 55.6 million (EUR 62.0 million) and the performance fees fell by 35% to EUR 3.6 million (EUR 5.4 million). During the review period, the assets managed by eQ Asset Management grew by 4% to EUR 13.4 billion (EUR 12.9 billion on 31 Dec. 2023).
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The net revenue of the Corporate Finance segment was EUR 5.3 million (EUR 3.9 million) and the operating profit was EUR 1.5 million (EUR 0.7 million).
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The operating profit of the Investments segment was EUR 1.1 million (EUR -0.6 million).
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The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR 0.8 million (EUR -0.1 million).
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The proposed dividend is EUR 0.66 (EUR 0.80) per share.
October to December 2024 in brief
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In the last quarter, the Group’s net revenue totalled EUR 14.8 million (EUR 18.5 million from 1 Oct. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 14.0 million (EUR 19.3 million).
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The Group’s operating profit fell by 29% to EUR 6.9 million (EUR 9.8 million).
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The Group’s profit was EUR 5.5 million (EUR 7.8 million).
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The consolidated earnings per share were EUR 0.13 (EUR 0.19).
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In the final quarter the net revenue of the Asset Management segment decreased by 22% to EUR 13.0 million (EUR 16.6 million) and the operating profit by 29% to EUR 6.9 million (EUR 9.7 million). The decrease in operating profit in the final quarter of the year was affected by the write-down of one Private Equity fund's accrued performance fee (EUR 1.8 million).
| Key ratios | 1-12/24 | 1-12/23 | Change | 10-12/24 | 10-12/23 | Change |
| Net revenue, Group, MEUR | 65,6 | 70,9 | -7 % | 14,8 | 18,5 | -20 % |
| Net revenue, Asset Management, MEUR | 58,5 | 66,9 | -13 % | 13,0 | 16,6 | -22 % |
| Net revenue, Corporate Finance, MEUR | 5,3 | 3,9 | 34 % | 1,0 | 2,7 | -63% |
| Net revenue, Investments, MEUR | 1,1 | -0,6 | 287 % | 0,6 | -1,0 | 164 % |
| Net revenue, Group administration and eliminations |
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| Net revenue, MEUR | 0,8 | 0,6 |
| 0,1 | 0,2 |
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| Operating profit, Group, MEUR | 34,5 | 39,7 | -13 % | 6,9 | 9,8 | -29% |
| Operating profit, Asset Management, MEUR | 33,7 | 41,4 | -19 % | 6,9 | 9,7 | -29% |
| Operating profit, Corporate Finance, MEUR | 1,5 | 0,7 | 125 % | 0,0 | 1,6 | -97 % |
| Operating profit, Investments, MEUR | 1,1 | -0,6 | 287 % | 0,6 | -1,0 | 164 % |
| Operating profit, Group administration, MEUR | -1,8 | -1,7 |
| -0,6 | -0,5 |
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| Profit for the period, MEUR | 27,4 | 31,5 | -13 % | 5,5 | 7,8 | -29% |
| Key ratios | 1-12/24 | 1-12/23 | Change | 10-12/24 | 10-12/23 | Change |
| Earnings per share, EUR | 0,66 | 0,78 | -14 % | 0,13 | 0,19 | -30% |
| Proposed dividend per share, EUR | 0,66 | 0,80 | -18% |
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| Equity per share, EUR | 1,77 | 1,85 | -4 % | 1,77 | 1,85 | -4 % |
| Cost/income ratio, Group, % | 47,4 | 43,8 | 8 % | 53,3 | 47,1 | 13 % |
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| Liquid assets, MEUR | 17,0 | 33,4 | -49 % | 17,0 | 33,4 | -49 % |
| Private equity and real estate fund investments, MEUR | 17,0 | 16,6 | 3 % | 17,0 | 16,6 | 3 % |
| Interest-bearing loans, MEUR | 0,0 | 0,0 | 0 % | 0,0 | 0,0 | 0 % |
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| Assets under management excluding reporting services, EUR billion | 10,4 | 10,0 | 4 % | 10,4 | 10,0 | 4 % |
| Assets under management, EUR billion | 13,4 | 12,9 | 4 % | 13,4 | 12,9 | 4 % |
Acting CEO Janne Larma
The global economy has been rather sluggish during 2024, and economic growth in the euro area in particular has been modest. During the year, the European Central Bank cut its key interest and deposit rates four times, with the deposit rate standing at 3.0% at the end of the year. Europe's core inflation and inflation outlook have fallen, and the European economy is expected to recover rather slowly, leading markets to expect deposit rates to fall to around 2% in 2025. On the other hand, in the US, the economy is growing and performing well, and inflation is not expected to fall significantly. For these reasons, interest rates in the US are significantly higher than in Europe.