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Tervetuloa kaikille, ketkä täällä on paikalla ja myös siellä linjojen takana. Meillä VT-toimitusjohtaja Janne Larma oli estynyt osallistumaan, mutta pidän tämän EKU Q1 tilaisuuden. Olen siis kaikille, jos en ole ennestään tuttu, niin EKU-konsernin talousjohtaja Antti Lyytikään ja meillä on täällä myös I'm the executive director of the ECU budget, Tero Estovirta. If you have any questions regarding the budget, Tero will be happy to answer them.

We'll see about that. Let's start with the traditional case of the concert numbers.

The ECU Q1 net turnover was 14 million. in the previous year was 15%. The net profit was 5.8 million, and there was a 34% decline. The net profit was 11 cents. What affected the negative profit changes in the first quarter was the investment segment, where negative value changes were written to housing funds. On the other hand, Anvium made also negative results on the first chart.

These had a negative effect on the concern's results.

In the future, if we look at the net turnover, 12 months, 63 million. The turnover for HEMA is 32 million. When we look at the other segments, kuin varainhoito, eli ARMA-palkki, corporate finance sijoitukset.

Niiden osuus on tässä viimeisinä kvartaaleina vielä pienentynyt.

Kotterin taseissa oli kvartaalin lopussa likviidejä varoja 26,5 miljoonaa. Meillä oli osinko vielä tässä. In the case of the end of March without paying, as we have now been using it for another year, the share is paid in two periods. So the first period of 33 cents was paid in August, and the second period of another 33 cents will be paid in October. The share-related debt can be seen in other bonds, so that's why the debt is There is a total of 27 million euros in net income. However, it is a strong and stable position. It is very good. Let's take a closer look at our segments. Let's start with retail management. The net profit of retail management was 14.4 million euros in the first quarter. In the previous year, it fell by 105%. In practice, it comes from the real estate tax. It fell by 800,000. The profit was 7.9 million. In the previous year, it fell by 11%. The cost-effectiveness is at an excellent level, 45.3%. As you can see, the change in revenue in the first quarter... As I said, the revenue of the real estate management came down to €800,000. On the private equity side, the revenue of the development management has been positive. The revenue of the management has increased by €300,000. The revenue of the private equity has dropped by €200,000. So, there is an increase in the rate of return. and this year we have the estimate that 4.4 million will be the balance sheet for this year. The traditional asset management, or let's say the stocks and interest rates, as we have changed the term a bit, so in terms of the asset and interest rate management, we were basically flat, so there was no change from last year. The salary income has been calculated in a slightly different way. The management salary was 4% and the income from the previous year was 19%. When we look at the stocks and interest rates, the share share ratio was 16%, and the private equity stocks were almost the same. The private equity share ratio in the first quarter was 40% and the stocks were 44%. In the past 12 months, net turnover of about 58 million euros and net profit of 33 million euros. The change in managed assets was negative 200 million euros in the first quarter, when we look at managed assets without reporting services. The change comes from the stock price side. The development has been positive in terms of private equity. The managed assets remain at the exchange rate level for the year.

Let's take a closer look at our investment areas.

As we may remember, in the past few years, the operating environment for Kosovo Revenue Funds was challenging, and perhaps also financially challenging. We tried to get used to the comparison index a little less. This year, the situation is went in the right direction. In the first quarter, 54% of our self-managed funds won the comparison index. In the three-year period, we are in the same position, and in the five-year period, the situation is still excellent. That is, 85% of the EQ-managed funds have won the comparison index, and only two funds have lost the index. We could start with the real estate funds. We have seen a positive turnaround in the first quarter. In terms of the real estate funds, the profit turned out to be positive. The first quarter's profit was 0.8%. In terms of the capital, In the previous quarter, the profit was about 0.5%. That was the first quarter's profit. Another good thing is that, in the year-on-year situation, there was no liquidity in the fund to pay the announced losses. Most of the losses will be paid by the end of the year. Asuntorahastojen osalta meillä on aiemmin perustettu Asunnot 1 ja Asunnot 2 rahastot. Siellä näiden rahastojen pääomarakennetta vahvistetaan siten, että nämä rahastot tullaan siirtämään Asunnot 3 rahastoon, johon on tässä vaiheessa kerätty 37 miljoonaa. Siellä varainkeruun jatkuu edelleen. Taustalla tässä on the strengthening of the capital structure. First of all, the rise in strong interest rates, which we saw here, and that we can get the money to work economically well, there is a need to strengthen the capital structure there. The revenue from Päivätekniikki has gone well. The first closing of the 17-year-old fund was 115 million euros in January. In the closing of the new month, we have collected 168 million dollars. We will continue to receive revenue at the end of this year.

We can go to the Arvium side, the corporate finance segment.

The operating environment has been challenging. In the first quarter, one transaction was decided at the beginning of January. The real estate management side has an AMF project. But in practice, the success rate related to it was awarded in 2024, so the project submitted at the end was not seen in the success rate of the first quarter. Deandrium had a calculation of 100,000 euros in the first quarter, and the net profit was negative 800,000 euros. In general, the net profit

Viimeiset 12 kuukautta 4,5 miljoonaa ja liikevoitto 600 000 euro.

Kuitenkin niin kuin sanottiin tuossa, että toimeksiantokanta on Adviumin osalta hyvä. Tällainen markkinaepävarmuus sitten heijastuu siihen, että miten niitä saadaan projekteja siellä maaliin. The income in the investment segment was negative 600,000 euros in the first quarter. As we can see, the return-effective value changes are about 700,000 euros. Our own investments are reflected in the housing funds, i.e. the housing funds 1 and 2. The value changes related to them led to the fact that Segment's income was negative in the first quarter. The net cash flow was negative at 800,000 euros. The three funds that were called, one million euros, were called during the first quarter, and that was the main reason for the negative cash flow.

The market value at the end of the quarter was about 440 million.

The exchange rate may have shrunk a bit towards the end of the quarter. There are no changes in the largest shareholders. The number of shareholders has dropped slightly from the beginning of the year. There have been no changes in terms of visibility. As we have said, the prices for real estate and real estate management will continue to drop this year. Due to this challenging market situation, the prices for private equity stocks are growing, and in terms of traditional stock exchange stocks, There is a lot of dependence on market development. After the end of the first quarter, we saw that in the stock markets and in the high-end markets, the biggest ups and downs related to the fire hazard.

Siinä lyhyt yhteenveto. Puolivuosikatsaus julkaistaan elokuun alussa.

Ehkä nyt voidaan ottaa kysymyksiä, jos on täällä paikan päällä. Tai sitten linjoilla. Sauli. Yes, Sauli. Minä sieltä lunastusten määrän tuolla pykissä. Sä et varmaan sitä tarkkautta meiltä halua sanoo. Me on kerrottu, että 75 % nyt maksetaan ulos niistä vuodenvaihteen. We haven't commented on the annual revenue and the amount of euros. Of course, the remaining 25% is still something that will come to life, but most of the annual revenue has been paid in the near future.

Let's ask this. You had an annual revenue increase of 10 million euros. Let's look at the facts. You sold it for 7 million euros to a couple of schools. that the profit was 20,000. If you had sold a significant amount of real estate, would you have been informed about it? You haven't been able to inform, but you have been informed about it.

Yes, probably a bit of a case by case. Especially the larger portfolio markets, we have been informed about them when such things have been done.

Kyllä. Voin vielä täydentää, että kyllä ne kaikki semmoiset kaunat, joilla oikeasti on merkitystä, niin jollain tavalla markkinaan tiedoksi tulee se, että onko se meidän kautta tai sitten joku myyjä tai joku brokeri, niin kyllä se siellä on esillä, mitä me ollaan tehty. Siinä mielessä tuon tiedon varassa, mitä sä nyt tuosta mainitsit, niin ei ole lisätietoa niiden osalta.

Sitten tuo asunto-oma. Oletteko teetene muutoksia palkkiorakenteeseen? Onko edelleen se 0,4 Gavi?

Se peruspalkkiorakenne on siellä... Voisko sanoa ennallaan, mutta tietysti vaikuttaa sitten se, että saa se arvo siellä, millä niitä on arvostettu.

Lähden Excel-teknisesti, kun tuosta ylennäilee yhteen tuon uuden kolmosen, niin onko se hyvä proxy käyttää niitä ykkösen ja kakkosen FIIT-asioita?

Se on hyvä arvio. When you think about the whole thing, the importance of housing funds in terms of the whole real estate sector is very small in terms of revenue. So, if we have 200 million in the first fund and 100 million in the second fund, it is typical for housing funds to have a salary structure. osuus tuosta kiinteistövarainhoidon kokonaisansainnosta, niin... Erisentoidaanko tuotantomarkkiokompanette tässä välissä?

Lähtee kolmonen nollista liikenteeseen, niin sanotusti.

No voin kommentoida, ei se lähde, mutta tietysti se, että kun meillä on siellä suurin osa on kuitenkin sitä vanhaa sijoittajakantaa ja niitten ne alkuperäiset sijoitukset, niin kyllähän se on ihan selvää, että niitten osalta tuottosijoittajana sitä Arvoisten tuottoarvon, niin onhan selvä, että sieltä tuottosidonnaisten saaminen on erittäin haasteellista, tai pitäisi markkinan muuttua kyllä todella paljon. Se on näin, mutta sitten taas uuden rahan osalta se on sitten markkinaehtoinen.

Tuotto-odotus sille uudelle rahalle, mitä on kerätty, niin se on tietysti ihan houkutteleva, ja uusille sijoittajille se asunto kolmen rahasto näyttää But of course, the old investors suffer from this market panic, and it can be seen in the final results.

Could you tell us a little bit more about how this happened?

How did this happen with these apartments? For example, years ago, they had quite different feelings and so on. I'm sure a lot of them have come from the customer's point of view. a little bit. Yes, you can say that there is no secret to it, so the apartments are fundamentally such that they are quite differently divided than, for example, our special investment apartments. There we are on a different level. And then all these investments in practice and the connections that were made to the locations, they were made before this year 22 and the interest rates rose and the attack started. Of course, the market has changed. Pricing has changed in housing and other things like that. Otherwise, the conditions are the same. There are new conditions, models and conditions in good places. They have good rents. But the capital structure has changed in this way. Of course, when we talk about something new, raha-ajat ja pitkäaikaista lainotusta sinne, niin siinähän tulee vaan tilanne, jossa lainotusta ei euromäärällisesti enää pystytä saamaan niin paljon kuin mitä se oli aikaisemmin. Siitä se joutuu, että siitä sitten pääomitettiin nyt sitten uudestaan ja sitä pääomarakennetta täytyy muuttaa. Mutta nyt kaikki on, tilanne on semmoinen, että pystytään toteuttamaan.

Se on, jos katsoo niitä perustamisvuosia, niin se on ihan tyypilliseen pääomarakenteeseen tehty, että ei We haven't changed the market in any way, or taken a stronger view of the balance sheet or anything else. They are typical for the capital structure that housing funds have been made for at the moment in the market. Good, good. How is the movement?

It has increased from 70% in the summer to 50% in the summer.

We'll have another round before you're back, of course. But last time I went a little bit over the top. Why is the situation different now than it was then? Let's mark it now.

The market is getting better and better. Of course, the trade market is in a worse situation than it was then.

It's a completely different situation. Let's go back to the year 2022. It was just temporary. We have such large funds and so many loan components in euro amounts, that it has been divided into many facilities for many years. But of course, if we look back at the end of 2022, you can imagine that it wasn't the best time And then there was, of course, the bond market, which was here, and the bond market was in practice completely closed at that time. Now it's a completely different situation. And when you think about what the employees have done, the employees have paid off loans. The LTV levels have been lowered and different activities have been done, so it's clear that the financing market is quite different. what it used to be. Last fall, we did that in the social insurance companies, the one that was published, so there was also the Deutsche Bank with it, which, in a way, has already opened up the market in a completely different way. Now we are in a pretty normal state of finance as it is now. And then, of course, the procedures that have been done in these funds, of course, those funds are clearly also I have expected such confidence that we have, after all, always done activities. If you look at how we have tried in the market, for example, to see how actively active these social and business entities have been, this is one example that the benefits of social and business entities are paid as much as we have liquidity as possible to pay. And let's also go to the fact that it is quite clear that they are being managed there. But the rate is completely different. I have a question about the prices. Back then, you had to take in the money at the price of the year. How is that? Is there a need to negotiate the whole thing and get it... Wouldn't it be nice to have a roundabout rate? It's only for a short period of time. We don't have the expensive rates anymore. It was just a short period of time when we were doing operations, which were different depending on the market. Of course, we didn't want to do anything long-term at that point, because we knew that at some point it would calm down, and now it has calmed down. It was just a short period of time, a few months,

in an abnormal market situation, but that's not the case anymore. Can you give us a minute?

I can continue from the beginning. The financing is one thing, but then the main point of the second question. You still have almost half of the debt, and you haven't paid your last year's rent. Then, when you pay something, the interest rate is quite high, so you probably don't calculate it. which is probably a better decision. Does this take into account the fact that there is some movement towards housing, that you have to put your values down so that someone wants to invest, or so that you can get your business going? But those values have come down.

They have not received any investments. Yes, but it's a good question. When you look at the markets, how much money is collected today? new money. It does not depend on the market.

No, it does not depend on the market, but if you pay all the salaries, is it overvalued?

No, of course, if you think about it like that, of course, there is always a guarantee in the financing. So in practice, every time something is sold, it is part of, of course, as a guarantee, and then some of it goes to the funders. The balance will stay in the balance all the time. In any case, we will not send it to the superiors.

That's for sure. But the thing is, that the balance will grow by paying loans. You don't have to actively do anything.

No, but every time we sell a place, let's say once a year, half of it goes to the loan and the rest goes to the cash.

So you go there faster.

Yes, of course.

Most of the places are insured. Yes, of course.

In any case, if we sell a place, we have to pay off the debt. We don't pay off the debt.

Miten teillä oli mainittu tuossa, että teillä on uudelleenjärjestely, organisaation muutosta ja uusia rekrytointia. Voitteko teillä tästä vähän tietoa?

Joo, lyhyesti voidaan tietysti todeta, että tämä on ihan normaalia tavallaan liiketoimintaa ja liiketoiminnan kehittämistä siinä mielessä, että minäkin tulin tähän varainhoitoon nyt sitten syksyllä toimareiksi, niin me ollaan katsottu vähän uudella silmillä, että miten tämä toiminta play effectively, and are there things that should be done a little differently? What do all the internal services, customer borders and everything else mean? We have of course done this type of work all the time, and it still continues. It is still quite normal operation, but there are new organizations, new roles for people. and we have, for example, a service and technology manager who has paid for the house and things like that. We are now looking at how our infrastructure and all this can also be served when this again turns into growth for us in the best possible way. Of course, it is also good in the organisation that we check and reinvent ourselves. That is the work that has been done here and will continue to be done. In practice, we see that the efficiency remains, but also the quality, the quality of the service and the quality of the internal service and all the systems, processes and others, we check that they are at the right level and effective and that they work in a quality way in every country. That type of operation. If we have a gap in the number of employees,

As Tero said, you can see that this is also partly there. But partly there are people who are older than what they were at the time of the year. There are also similar effects there.

Is the 8.6. good for moving forward, or is there still something to talk about? It's not a massive increase.

Of course, people are in the right places, and we have enough resources to handle the situation. If there are problems, we will deal with them accordingly.

I would like to ask about the assessment. The MT market has certainly been affected by certain questions. When you are having a discussion, what is the stimulus? Will anything happen before the fire is cleared up? Probably a lot of people are already waiting for it before they start moving.

As we said, we have a good level of compliance. On the transaction side, there is an impasse. There is no doubt that this can continue indefinitely. At some point, start to break down and look better. With that in mind, the projects will also start to go well.

It's probably the same as with all the other activities. It's the construction sites, it's the forestry and everything else here. There's a lot of discussion going on there. The question is just that we dare to make those decisions and move forward. It's been so long since we've been in this kind of As we can see, liquidity is needed in all areas. But it will start to move somewhere. The pressure is increasing. We are selling and the pressure is increasing. The pressure is also increasing. We are doing new rounds of operations. Of course, this is not for the entire market. What has happened here was quite an unexpected surprise. Where did this come from? This is the market we are in now.

Joka paikassa se näkyy just tämmöisenä, että ehkä tuli kuukausi tai kaksi lisää. Yhteiskuntakiinteistös vielä, kun katsoo sen tilinpäätöstä, niin siellä on vuoden lopussa muut velat, 179 miljoonaa. Se on lyhytaikaisessa meloissa merkattu.

I'll open the docker if you want to.

We can go back to that. It's difficult for me to get the data.

I haven't seen any other plans so far. It's nice. Thank you. What do you think about the recovery of the energy market? The prices are lower than we thought. They are, aren't they?

The euro year two is probably going to end soon. The market is still in crickets. What needs to happen in order to make a deal?

What do buyers and buyers think? If we talk about the activity, we have already talked about financing. They are two central elements. When do the transactions start to work? Now they are starting to work. But because you dare to start making a deal, now it was already June 1st. It's a little better than last year's June 1st, in terms of transactions. But the euro rates are still at a fairly low level. But how much of this discussion activity there is, is something else. There are many factors that affect it in a way. Of course, the interest rates were basically the main reason that happened what happened. Because mortgage money has always been part of real estate investment and will always be. and now it's starting to go down to that level, and the operators have put a lot of effort into their own operations, i.e. efficiency has been raised and all kinds of operations. But it's a good question. We know from Markkina that there have been shops that have been discussed, but if we think that earlier the normal operating time of such a retail store was 3-6 months, Now it's 6 to 9. And we all go through it so much more thoroughly. But in any case, if we think about it in a big picture, we also have a lot of financing structures. I'm talking about, for example, fund-raising structures, which haven't been able to exit for two or three years. So, there's starting to be a need. And if we think about valuations, Me, who have made value changes and stayed with it, now they are getting closer. In the past, the sellers didn't want to sell at the levels that the buyers were ready to buy, because the rise in interest rates was so high that they couldn't get there. But now, when the interest rates are slowly rising, not just slowly, but now we have basically halved the rate rate where we were. Now the buyers are starting to get the business going. But now, if we look at it from a bigger picture, the Swedish market is already moving at a good pace. There has been activity, the bond market is open. We have also been doing measurements for the market, for the retail sector and so on. In other countries, there are already signs, but we are always a bit behind. And now when we see where it's going, I can't say what day it is. But let's just say that we're looking forward to it, that it's starting to happen. And then we need those few trades that are so-called normal trades in the market. Then there will be confidence that this is starting to work. But then when we look at the segments, housing has still been in the market all the time, social enterprises have been in the market, In logistics, we have these departments and some other segments, if I'm not mistaken, that are they still at their levels and so on. But it's the same way as in private equity, as in the M&A market, as in the stores, this liquidity is the one that still slows down the start-up. If you had a crystal ball, you would have a good idea of where it came from. But on the other hand, we have been doing it all by ourselves. We are doing it continuously. It's not zero. But it hasn't stopped the business.

We just need more active employees. What about strategic work?

So, let's start with where the process starts, and at what stage, you thought, you would inform us of something. Well, actually, this was the main thing, as we talked about, that first we put the so-called home office in order. So, let's see here what we can do, and how technologically we can work, and whether all the resources are in the right place for us, and now they are. And now let's start looking at what else this has to do with. There's still a lot to do. We'll see about the market. Will there be any new things? If there are, we'll probably talk about them later. But there are many things to consider here. What does the market look like? Where are the customers? What can the products be? And so on. In addition to what we have today.

What about the private equity side?

How has the Jenkki fund-raising gone? It has gone to a completely different situation. But you have a little bit of that, you have a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that, a little bit of that.

I understand that in the beginning there will be instructions, and then it will be marked straight away.

Could you help a little bit with that, Arfi?

I'm sure that if we look at the previous Jänkkirahauston, it would seem that it would be difficult to reach that level on the basis of the fundraising in the beginning. But if the previous JEC fund was 283 million dollars, if I remember correctly, then the level will be challenging for us to get to that level. Is there something in Tervo? First of all, you can see the liquidity there. If we were to get liquidity to the customers, it would probably be easier to get the new in the market?

That's right. It's also clear that it doesn't help that the liquid market is also moving at the same speed as it is now. But it's a matter of course. We can still see in the big picture that the growth of the private market, which is there, needs the liquidity. And when the liquidity starts to come, then probably the growth

The long-term trend hasn't changed at all. There will still be changes in exchange rates, private market products, or whatever you want to call them. Their supply will continue to grow. There hasn't been any change in the trend. Market disorders always cause a change in the stock market.

In terms of liquidity, how big of a risk is it for the market that we will once again be able to get our workers ahead of us, when it will be so difficult for you to get your cash back?

There are many funds, if we look at the budget that we have released over the years, there are many funds, and then there are also

rakenteita, jotka on tulossa sinne voitojaan piiriin.

Niin kuin tuossa näkymässä sanottiin, että se näkymä pidetään ennalla, ettei siinä isommassa kuvassa ole mitään muutosta.

Onko tässä vaikeaa, että silloin helmikuussa kun nähtiin, niin olisiko Janne kommentoinut jotenkin tälleen, että te halusitte parhaan päälle laittaa sen ensi vuoteen, kun sitä ei tiedä kumpaan?

Siellä on ehkä tiettyjä rahastoja, jotka on se ajotuksen tuossa on It's probably more difficult to predict the results. We can model the yield, but whether it will be in Q4 or Q1 is a game of luck. There is a possibility that there will be something in the change of the year. Of course, it depends a lot on how Miten sieltä vielä tuloutuu? Vielä ei olla siinä vaiheessa, että oltaisiin kassavirrallisesti saavutettu sitä haitakorkoa.

Laaditaan kuitenkin sinne niitä eksittejää. Vaikka tulisi kaikki tavaransiirrytys hypoteettisesti varten, tai kaksi eteenpäin, ne on silti tehty. 26 vuodella.

26 vuodella on joka tapauksessa niitä.

What about the PE guide from yesterday? Do you remember how to read it? You said that you have sold more than 300 units, but it doesn't look like it.

It's in AOMI, because there are also the updated program funds. The old buildings have moved to the reporting service, which is not in the stage of investment. The programs have been updated. some new customers to the program fund, and in practice, it goes like this, that if we have a four-year program, then this program will be invested in half of the EQ funds, and half of them are then different types of private equity funds that this building invests in. And that 300 billion rise in the report, so it's actually a transition from the others. That's exactly what it looks like, that in a way, there have been which have been transferred to the report.

Yes. And then at the private equity quarter level, it came down, I mean, marginally. Was it like that, that there were really marginal numbers? Does that explain the fact that there is a catch up?

There is a catch up to explain. We still had at the end of the year, There was a closing for the last year, and of course, the salary will be written there from the first closing, so the catch-up there will affect. And then, of course, the currency exchange rate will also affect on the banknotes side. The currency exchange rate will also affect a bit.

Hey, one last question.

How did you find Anja at the moment? You got her at SMR. You mentioned it before, but what do you think? Do you see that the money has been in high demand?

Of course not. How does the customer feel at the moment? I'd like to say that the negative value was the short-term results. We have customer service and all the reporting. ESG and everything else is at an excellent level. The negative ones were the short-term returns and, above all, the real estate funds' returns that affected the SFR results.

What do you think about customer satisfaction?

There hasn't been any major change. We have the same number of vacancies as yesterday. We see that the discussions have been quite open. When we look at the long series, most of our customers are professional customers, institutions, and they know where we are going. It's just that what our focus has been in product selection, and we have been there for a long time in private market products and their part. Of course, there is no such thing as individuals. To comment briefly on the housing, we have quite a small part of our customers in housing. They are just professional investors. As Antti also mentioned, it is a very small part of the company's overall size and budget, and they can now be brought forward. We sometimes have a bit of a thing that when we go, we are always It feels like we have always done these things ahead of time. Of course, there is something wrong with that, but there is also something to benefit from it. Of course, we also try to do certain things ahead of time. We strongly believe that it has a positive effect in the long run. And then we are more prepared when the market turns. We have to take responsibility for that as well. Our strategy is to be honest and open about what's happening in the market. We want to do it sooner rather than later. We don't want to start from scratch, we just do it. It doesn't lead to anything good. It's good that the gas station is closed. Yes, we could get out of there very soon.

Yes. Are there any more questions from the audience?

If we don't have any more on this topic. Yes. Kiitos kaikille.

Tulosraportoinnin osalta elokuussa tavataan asia. Kiitos kaikille. Hyvää päivää.