How should this be interpreted correctly? If the performance fees from the sale are adjusted for, is the result a loss?
Performance fees received from funds increased significantly. This was primarily driven by the sale of partnership interests and forest assets of the forest fund UB Nordic Forest Fund II Ky to the German company MEAG. Of the performance fee earned by United Bankers’ subsidiary UB Nordic Forest Management Oy from the sale, EUR 10.6 million was recorded in United Bankers’ net income for the reporting period.
The Group’s operating profit for the reporting period was EUR 13.5 million (EUR 7.0 million 1-6/2023), an increase of 93.2%, and the profit for the reporting period was EUR 10.5 million (EUR 5.4 million 1-6/2023), an increase of 93.5%.
The figures in the release are unaudited.
January–June 2024 in brief
The Group's revenue (income from operations) for the reporting period was EUR 33.0 million (EUR 24.7 million 1-6/2023), an increase of 33.5%.
The Group's operational EBITDA was EUR 15.0 million (EUR 8.0 million 1-6/2023), an increase of 86.5%, and operational operating profit was EUR 13.8 million (EUR 7.0 million 1-6/2023), an increase of 97.6%.
The Group's operating profit for the reporting period was EUR 13.5 million (EUR 7.0 million 1-6/2023), an increase of 93.2%, and the profit for the reporting period was EUR 10.5 million (EUR 5.4 million 1-6/2023), an increase of 93.5%.
The Group's earnings per share were EUR 0.96 (EUR 0.50 1-6/2023), an increase of 91.2%.
Asset management fee income grew by 31.5% during the reporting period and amounted to EUR 30.9 million (EUR 23.5 million 1-6/2023). Capital markets services fee income was EUR 0.6 million (EUR 0.1 million 1-6/2023), an increase of 452.7%.
The Group's assets under management rose to EUR 4.8 billion (EUR 4.6 billion 31 Dec 2023), an increase of 4.3% from the turn of the year.
Performance fees received from funds increased significantly. This was primarily driven by the sale of partnership interests and forest assets of the forest fund UB Nordic Forest Fund II Ky to the German company MEAG. Of the performance fee earned by United Bankers' subsidiary UB Nordic Forest Management Oy from the sale, EUR 10.6 million was recorded in United Bankers' net income for the reporting period.
The EBITDA of the asset management business for the reporting period was EUR 15.3 million (EUR 8.8 million 1-6/2023), an increase of 73.5%. The EBITDA of the Group's capital markets services business was EUR 0.1 million (EUR -0.4 million 1-6/2023).
The cost-to-income ratio was 0.59 (0.71).
The company reiterates its updated guidance for 2024 dated 4 March 2024: The company estimates its operational operating profit will grow significantly from the 2023 level.