eQ Oyj

It's better now. Can someone answer or listen? No, it's a rewind, damn it. It's really hard to go through the same text. I'm convinced that it's not the same text. Yes, welcome everyone. Sorry for being late. I haven't pressed the mic yet. Or I haven't pressed the mic yet. But this is a matter of course. Listen. Let's briefly go through what... what has happened in the last six months. Net profit is 17% and net profit is 35%, and net profit is 36%. In terms of numbers, the net profit of 6 million euros is very large. It has to be divided into parts, and it's roughly like this. It's more than 2 million euros, and from that comes 2 million euros in interest. from the investments and 2 billion from the withdrawals. The withdrawal comes from the fact that the market situation on the exit side is very bad. We know anyway that even for a year, the income will change, because it is quite dependent on a few large transactions, and they have not yet gone to the target. One transaction was in the second half of the month, so we don't know exactly what it was. In the investments, this 2 billion thing, there are downloads. asuntopuolelta ja sitten myös USD vaikutusta, mikä johti siihen, parin millin tappioon siellä. Ja sitten varainhoito, se kaksi milliä, niin kuin siellä lehtissä lukee, niin puoli milliä on kertakustannuksia strategiamarkkinaselvityksistä, ja sitten sielläkin USD-alla on vaikutusta private equity rahastojen kautta, eli meidän Jenkki private equity rahastoja, kun ne konvertoidaan euroiksi, and the impact of those 90% years on it. Of course, after that, there is also some kind of a minus, but that minus is not that big of a deal. Well, let's take a closer look at the discounted PADAT, 10 billion free reporting services. It's amazing that in stocks and interest rates, The first half of the year, 9% of the capital was better than the index. In the same three years and five years, the figure was even higher. The new capital was collected, over 200 million. The private equity capital received about 2 million euros. So, there was a gap of 17 million to 17 million. And then 18 million. euro to our secondary fund, which was re-opened. And then 37 million was invested in the third fund. So, in our opinion, this is an excellent performance on the market, because on the private equity side, the exit market in general has been quite nimble. If we can get this amount collected here, we are satisfied with it at this point. And as already stated, Jouta Pölönen will start

vajankuulainen päästökohtaisen toimitusjohtajan. No, rullaava.

Tässä ei ole kauheasti ehkä sen enempää kommentoitavaa. Tämä on vain taustamateriaalia teille, mutta pitää näkee, että alaspäin ollaan ylhäältä tultu. Samalla kuitenkin tuo on a good level. In any case, there is nothing new for you. There is no tax liability, the court's position is good. As for the housing management, which of course is the most important one, there the net profit fell by 5%, so quite a bit, in all, less than 2 million euros, and the net profit then is about 2 million euros. As I said earlier, there are about half a million cost-effectiveness costs. We have also placed some more people here. The costs have remained very good at the same level as before. The cost-effectiveness is below 90-50%. on all sides. And where does this come from, this change in the tax rate and interest rates? There was a drop in Hive, a few hundred tons in the tax reduction, which was not the case when the market was weaker, so there is nothing more to it. On the real estate side, as soon as the value of the property decreases, our tax returns will decrease there, so this year it is 1.5 billion compared to the previous one. On the private equity side, So, the discounted salaries increased by half a million, but this installment, the SLF installment that we have, it wasn't there with the previous three. And at the same level, of course, now throughout the year, it dropped by half a million last year. These are the same numbers as before. In the lower left corner, we can see that private equity and real estate are getting closer to each other. Now, 41% is private equity, 44% is real estate, and the share prices are 15%. Of course, it's good that the real estate discount rates are coming down, but the fact that private equity discount rates are increasing is very important for us, and we are I'm glad that this has happened. In terms of risk, the more balanced the pie chart is, the better it would be in terms of risk share. We will pay the revenue tax before the end of the year. A rolling turnover of 0.7 million net turnover and 31.5 million net turnover. In the lower interest rates, it was a little bit lower than 1 billion. As you can see from the private equity side, the dollar's impact is visible. The private equity prices, even though the low prices in the US have gone up well, In the first six months, the 11% drop was so big that there was not such a big uplift.

As for the real interest rates, just to see for a moment, hopefully it's easy to explain.

Last year it was almost 70% of the interest rate, and today it's better. As you can see, there are really big differences in the comparison index. If you look at the investment grade, 84% of the vertical index is 60 basis points, so the third is higher than the vertical index, which is a really great thing. The same amount of small companies, 5% of the euro-vertical index. Small companies in Europe, 8% or less than 8%. In Europe, 6% is very good. Asiakkaillamme on tänä vuonna on tuotettu olleet, mikä on totta kai meille aivan olennainen osa, jotta me pärjätään, jotta me pystytään, jotta me saadaan pidettyä asiakkaita, saadaan uusia johdonkuteltuja, ne saa olla erinomaiset tuotot ja erinomainen asiakaspalvelu. Tämä on totta kai hieno. Kolme ja viisi vuotta näkyy myöskin, tuossa oli 69 ja 85, eli tällä puolella oma periaate on aivan so it's good. As we have seen, the market hasn't changed much. What has changed is that in the first half, the market activity has increased significantly, but it hasn't been close to the average for a long time. and there were a few larger warehouses on the apartment side that raised it. But it's good that it's rising. It's a bit of a requirement for us to rise so that we can get there. In the social housing complex, the profit was just a little over the brussels. The room fell down in the first quarter. The running yield remains at the same level. As you can see, the net yield is 59%. It was the same as after the first quarter. has not increased the value of the industry, which led to the fact that the yield remained low, but there are no signs that it would have pushed upwards. In terms of the business industry, the yield was a bit of a minus, it was still visible in the determined industries. If we look at the year 2006-2002, it hasn't changed that much. There were a few places where the average hasn't changed, but there were some places where it did. In terms of social care, all the expenses for the end of last year have been paid. They were paid for in Q1 and now in Q2. So they have been paid, but there is no quality of life for them. And they have been sold. Also, in the summer and the end of the year, they have been sold. In 2003, during the TECA quarter, we collected about 7 million euros. And then we built the main building.

Tässä ei varmaan kauheasti ole sen enempää uutta.

Viimeisimmät on toinen, kun käytiin läpi Pohjois-Amerikka, 17 rahasto, 78, ja vielä jotain sinne raha, ja samaan aikaan avattiin tuo SF-hioinen, missä nyt on 103 miljoonaa.

Oliko jotain varahoidosta, mitä Moronin sanoitte?

On the corporate finance side, these transactions have been seen before. There was one transaction on February 2, which was seen on the Netto Live. The share price on February 2 was 0.5 plus minus 0. But still, in the quarter-month period, there were fewer minuses. And, as we also noted in the share, the cash flow is good, but the prices are just long. and uncertainties, but... The details when the stock exchange rates rise are quite big. The market has been activated, and it has always been related to stock exchange rates and financing. Especially in Western Europe, interest rates have gone down. Credit has come in, and financing is available. It is advisable that the H2 policy liquidation is better, but in the case of the global economy, it is better. In investments, the net cash flow was 7,000 euros minus. Perhaps the biggest impact on that was the investment of 1 million euros in housing in the third. which led to a negative comparison with the internet, so on the B side, it was positive. The value of the price changed somewhat due to the change in the value of the price, and it was close due to the change in the value of the price.

That also led to a decrease in the value of the price. Here are the views.

The views have changed. We didn't write the text, but we updated it. I'm sorry, that's what we wrote in February back then. Maybe we should emphasize what I just said, or at least what we wrote. I haven't said it yet. I'll give it to the staff in the morning. The survival of the real estate market is largely dependent on foreign capital. Our goal is that there is not so much capital and interest in the domestic market that would raise the market, and the US requires it. If we look at the market, we have received quite a lot of global capital all year round. We have received a lot of global capital from other countries, but we need the global capital to be enough for that. Although it will probably increase in some way, the liquidity in Sweden has improved, but when the capital starts to come from there, the liquidity will also improve. that the prices will start to improve. Let's make sure that the prices will drop this year, and that the prices for private equity will rise. We also want to make sure that next year, the prices for private equity will increase. We want to make sure that the prices for private equity will rise. We want to make sure that the prices for private equity will rise. We want to make sure that the prices for private equity will rise. We want to make sure that the prices for private equity will rise.

We want to make sure that the prices for private equity will rise. This is almost... I'll put it this way.

On the first or second page, it says that Jouko Pelänen helped the first nine. The first ten are new friends. Or three new friends. Good question. Antti Lyyntikäinen. I don't think he'll be there, but you can ask him. Antti Lyytikäinen from CFO also has some questions. I'm sure there are also those who are answering. Let's start with the questions. If you have any questions, you can put them in the Q&A mode.

Antti will put them in.

Antti will put them in. All right.

Go ahead, Antti. Hello everyone. Antti Saari from OOP. The first thing that comes to mind is that... There has been a strategy review of the costs for Q2. Is there any co-operation? Or will you be opening up more at some point?

Where do we go in this regard? I'm sure there will be some co-operation when the costs have come. It's still within the firm. It's clear that when we had a ten-year period of growth, koronan ja tämän pinteistöromaduksien tai laan tai mikä se mahtaisi tolka-arvojen lasku- ja kiinnostuksen laskun jälkeen, jolla on menty alaspäin, niin etsitään se tapa, että millä me päästään takaskaan puuralle. Ja pääosin sitä työtä hän tekee sitten varainhoitoeroehtovirran johdolla. Ja siinä yhteistyössä sitten mun johdon kanssa ja hallituksen kanssa mietitään, mitkä on ne parhaat tavat, millä me pystytään pääsemään siihen kasvu-uralle. Ja kun Joukko-Pelen aloittaa 1.9., niin on aika luonnollista, että hän myöskin haluaa paineltua siihen, että mitä ajatuksia on ja mitä on tehty, mutta työ on hyvässä vaiheessa ja pyritään löytämään eri tapoja, millä pystytään kasvamaan joko nykyasiakaskunnassa tai uudessa asiakaskunnassa tai uusilla tuotteilla tai uusilla alueilla. Se on kyllä aika selvää, mitkä eri vaihtoehdot on, mutta myöskin rajalliset verot, joihinkin se pitää keskittyä tai muutamiin hankkeisiin laittaa sitä panostusta. They are already being done, and there are some that are already moving forward. But it always requires the customer's question and the team to deal with it. And when we're there, we tell them that we don't know how to get there, and whether we'll get there in a bigger way, because the market is also changing quite a lot, and, as I said, the interests of the customers are dependent, even if we had a good idea. In our opinion, if the customers don't agree, they won't be allowed to go there.

As I said, initially, and through discussion, they will be allowed to go there. Yes, yes. On the other hand, when we paid the last year's rents in two parts, ymmärrän oikein merkinnät, niin onko se nyt sitten käytännössä siinä kalvolla, missä näkyy nettomerkinnät, niin onko se niin, että 75 prosenttia näkyy siinä Q1 ja 25 prosenttia Q2 näistä lunastuksista?

Tuo on, tuota, joo, ehkä nyt mä editin tämän. Tuli hyvä kysymys, koska siitä tuli tavallaan mun yksi juttu, minkä mä totta kai kokonaan unohdin sanoa, eli tämä yhteiskuntakiinteistöihin varmaan tekemän sijoitus and the collection of real estate funds, I will answer the question you asked first. We are very pleased that we were able to do a transaction with Oiva, with which they joined the community of real estate funds and we bought real estate from them. As you remember, we have also done a transaction with Vastaavanlai and Ilmarinen, and now we also have Suomi's largest investor, an airline company, to produce investors, which is extremely important to us, because it is a proof that this fund is very well managed, is interesting and meets all the criteria that these large investors set for it. Then it goes just as you said, that in Q2, In the table, you can see the net figures, and here you can see a certain mark, divided by the losses that have been paid. Well, now this, like, ECU-cryptology is such that, if I remember correctly, we have not been told how much we paid in Q2 and how much we paid in Q1.

25% of those annual losses are in Q2, and 75%, which you can see there, 4.96 million, that would be the number in the Q1.

The numbers are net numbers in the winter.

11 million was in the Q2. The marks are positive. That's probably the mark we're making. 9.9 million.

That's pretty good, knowing that it's 75.25 million. That's a good answer. Another question from Detskup. With Advium, the 0.9 milli cost of Q2, is that the same as with Q1? If there are no bonuses, then it's the same class per quarter.

That's right.

Just like that. If I remember correctly, last year there were some options for us. The comparison number is a bit wrong in English, but this year it's quite correct.

I was just thinking that when you had, for example, 23 years, you had at least 0.5 million costs in Q3. Now I don't remember if it was something but you can assume that it won't go below 0.9, right?

In June and March, we'll have our own salary statements in June. It's a bit smaller. The individual quarter is a bad comparison. In the same way, this year in June and March, we'll have... Seimenteissä kiinteät henkilöstökulut pienemmät johtaa siitä, että heinä kun on lomakuukausia, siellä niitä tehtyjä lomapalkkavarauksia puretaan.

Okei, okei. Mutta tästä, joo, hei kiitos tässä toistakseen itsellä tänne kaikkiin.

Kiitoksia. Mä voin jatkaa.

Mites toi kätelönäkymätalon jenkkifanin myyntiin?

It has gone quite well so far. It has gone quite well, yes. Maybe we can say, even though we are out of time, that we still have a positive net cash flow from our funds to investors. So, this small and medium-sized capital, exit market works. It doesn't work as well as it did five years ago, but it works, which is due to the fact that these exits happen primarily either to the retail sector or to a larger private equity. It is much less, a very small number of lists. And it means that if we think of a customer who would just do through us then the interest in these products has probably been quite the same from year to year. Maybe not entirely due to the fact that it is still a little less than it used to be, but a large number of customers also make other funds, and when there is no exit, it affects the interest in such a way that before the big head exit market is completely open, They won't be able to get to those, or at least that's what I think, that it's difficult to get to that amount of money that they had back then. When that market opens up, then again, this will come. I can tell you, for example, that you have investors who say, hey, now I want this exposure faster, so they want to come to the secondary auto industry faster and come with me faster. We haven't estimated it yet, but maybe this will somehow give us an idea of what it could be.

Do you want to give us an idea? Well, actually, I think you said it a little bit longer, but we're not going to start as big as the previous ones, but not much smaller. Our goals, in any case, are quite significant.

And then it also goes to the point where, as it is at the time of decision-making, the stock markets have an impact, because quite often it has been decided what the whole balance of the private equity exposure is. If your balance drops by 10% or goes up by 20%, then of course you have that space there. And it affects, and now again it's a night situation, and when we're two weeks away, there's still no crystal ball in the air. There was a long story that your company's PE Expo was very low, and it was supported. How is it now?

You have been here for years, and at the same time, the PE Expo doesn't want as much as the zero-wage period, when they can't even afford it.

Do you still see that there will be support? It probably was like this when the high school came. usually a year and a half or even a year and a half. Back then, it was definitely the tax thing, but it has been reflected in the mind that 2% of the interest rates and then the interest rate, which is 3.0 or something in a five-year state, is still a little bit different. It's more that the investors want to see that there will also be money coming out. especially in North America, where a few big companies have stated that they have committed too much and are selling them to the secondary sector. Of course, those messages are also carried here, but they are in a completely different world in terms of their percentages and their allocation compared to where we are in Finland. We believe that they will raise those allocations, but then you want even more proof of evidence that they will really succeed. And as I said, We're not exactly where we thought we were, but we're in a much better position than the large cap.

Thank you, Jens, for pointing that out.

I was just thinking that there wouldn't be any money there. If I'm not mistaken, there would be a bit of ad hoc money in here.

Basically, there would be, but that was from the customer's point of view. It's not decided yet that there will be an additional K2. You have a few options. I think we've had a few exits, and now we want money at the same time. Instead, you have a long-term view, but some people still go along with it. Now I want more. The market has also been able to buy quite well on good terms.

and it has made it really nice. What is your opinion? Yes, I can say that it was already in the final close, but it was still there. So it was easy for us to open it. It was useful. And when we had a discussion about the customer question, it was just right for this market.

. . . . .

. We don't have to do anything else, we can actually do it. It's a tragedy when you start to have big fans and you can't do anything about it. I'd like to ask a few questions before we start. Let's talk about 2-1 and these things. I don't have many examples, because the first four years have been the same as these, but both 6 and 7, so 10 and 12 years and 9 years have passed. But yes, it is clear that some years have had an impact on the bridge. What is your opinion on the last of the three? What did you produce in the last year? You were a bit like, it could be this year, and so on. You were a bit like, we don't know, but it's not... It's not visible in the map.

It's not visible in the map.

It's not visible in the map. It's not visible in the map. It's not visible in the map. It's not visible in the map. It's not visible in the map. It's not visible in the map.

It's not visible in the map. It's not visible in the map. What about private equity?

It's where the funds are. It was below 50% on the quarter level. Will the dollar come in? We have a number of contracts.

Some of the contracts have been moved to the reporting side. The contracts have also been renewed. There have been some completely new agreements. It comes from the fact that certain agreements have been decided, and they have been moved to the reporting field. Some agreements have been renewed. The agreement may have been a little smaller, but there have also been completely new agreements.

But isn't it so that the dark gray here is just USD?

Yes, there is Amanda 3 in Canada. 100 million came in the end of the working period. 100 million came in the end of the working period. Otherwise, in practice, it comes in the end of the working period.

In practice, if you don't have anything left, you've already run out of it. Yes, exactly.

It's kind of the other way around. Amanda 3, even though it hasn't had any incentives for a long time. but it can be seen in the AUM change.

That's a good question, should there be a fee-paying AUM? What about the traditional side? There was a bit of a difference in the traditional side. It was also in the information. When you look at your PE, or the traditional business model, it's really the same. Of course, it hasn't been good for both parties. But it hasn't grown in the last 10 years. Even if there are good products and services at the same time, I know that in the previous years it wasn't a priority. The sales have been changed. What do you do? You said that you are satisfied with the long-term development of PE, but it hasn't grown. The green ones here look like they are. There was 3 billion, and now it's 4 billion, if I'm not mistaken. Of course, these are a bit of an exaggeration, but to put it bluntly, let's say it has grown so much. If the price has remained the same, it just tells the price pressure.

It's huge.

When you compete, 100, 200 or 300 milliliters, what they are paid for today, compared to what they were paid five years ago, is a huge difference. And that's why sales and those do a lot of work, but then when this is a synergistic business, if you get 100 milliliters more somewhere, you're probably getting it pretty cheap, because it won't cost you anything more. So, yes, there is a drop in the inflation rate. That's what I'm talking about. The prices have increased. Of course, the inflation rate is still quite high, but this is also quite big.

It went up from 1.7 to 2.0. So, it's still quite a big increase.

That's what it is, but it must definitely be. It is extremely important. We are discussing strategies, we are discussing markets, and it supports very well all kinds of new business operations. That is important to us. But if the euro rate would increase very much, we would have to get even more of it.

What about the cash flow?

Hygielunarit ensin. Nythän se markkina, kuten sanotaan, varapunjot, olette kuitenkin, olette kunniakkaat, yrittäneet myydä toisin kuin monet muut tuolla kaupungilla, mutta miettikäämme tässäkin, ettei pystytä niin kuin jälkikäyksessä pääse eroon noista lunareista tuolla. Meidän jännittää, jos me tiedetään, minkä se summa siellä on, mutta tieteestä haluan kertoa, lähinnä siksi Paja-Antti kiinnostaa sen. Joo, me ymmärrämme, että te kiinnostaa varmaan muitakin. Meitikin kiinnostaa se. It's all about marketing. I haven't been in the market before, and I probably won't in the future. It depends on where the limpidity goes and how it can be achieved. It's time to show what the Mokampusen activity looks like. We see it as our job. but at the same time, it must be handled in such a way that it remains in the hands of the authorities, that it does not suffer from it, so it cannot be sold, how to say it, in a significant or even reasonable way to NAVI, but it must be in the hands of NAVI at all times. That's the kind of trade we do, because otherwise it would make it difficult for me to get the money. That's probably why the others have been doing what they've been doing. They've put the funds on hold, and they don't take any marks or benefits. Or they just take a small amount per fund. It's like a marketing strategy for us in the future.

I don't know what the end-of-the-year market will be like. How did the movement come down?

The four-month monthly budget. The trigger was the sales of the products, but it wasn't the funding. The funding package wasn't enough for a lot of people. It would have cost a lot of money. We took a small step forward, but we managed to get the funding. The funding solution was the most important thing for us. At Keskipiskellä, we have a funding system that supports all companies. both from the point of view of knowledge and from the point of view of the margin. We wanted to bring the land value down, and that's why we sold the sites, so that the land value would be lowered, and so that we would get relatively better results than what we've had so far. And then there was my own impact on it, and then there was also a certain amount of investment in the construction sector. But this should be played more so that

It should be better to see it in the future. Has the running field been calculated?

For the size or for those areas that have been calculated differently? The size. That's a good question. I guess it's calculated differently. We have tried it a bit. Uske eteenpäin, että ala määrittelisi sen selkeänä. Teemo tosin sanoi, että se on hyvin selkeä. Kaikki pääsi käteen.

Kaikki muokratulot. Jesu, ole hyvä. Onko muuta vielä siellä linjoilta? Kyllä siellä. Kiitän meidän puolesta ja hyvää loppua. Kesää. Kiitoksia. Kiitos. . . . . . . . .

.

. So if you have a property ownership, for example, the Satami 5, then you don't choose it. Exactly. So it's not the only thing that's really important. If you have a company or something else, then you don't have a property ownership, you have to choose it. It's also important, as you know, to have a better working life. It's also important to be in sales, to be in sales, and then it's also important to have a job.