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Yes, I can hear you. Okay, good. Welcome to this place as well as to the line. My name is Jouko Pölönen, the first executive director of the EU. We also have here with us the executive director of the Varaohoito EU, Tero Estovirta, and then also the executive director of the EU, Antti Lyytikäinen. But let's briefly go through the just published report. Our opening figures, the event of the year of review. Of course, the exchange rate dropped so much in the fall and September, as well as the last quarter, Q3. Of course, the drop in Q3 is already getting smaller. In that sense, Q3, the balance sheet figures were already very stable for us. But of course, especially on the corporate finance side, success rates have not been achieved at all in the beginning of the year. Our turnover of 19.4 million euros is 30% less than a year earlier, and it comes through all of our business areas, both in retail, corporate finance and also in investment operations. The net profit per month is 7.6 million euros, 20% lower than a year earlier. The profitability is still good, considering the net profit level in relation to the exchange rate and the cost-benefit ratio, even though it rose over 50-54.6% at the consumer level, so it's quite OK. Our management fees Without the reporting service, the 10.2 million euros were slightly less than in the year change. According to the reporting services, the increase was 13.7 million euros. What was positive was that we raised over 225 million euros in our private equity and housing funds. In that sense, we especially want to grow in terms of private equity in the future. Especially next year, we will have a lot of private equity products for sale. Advium and Consign's own investment operations suffered from a difficult business environment. The activity in the business organization market as well as in the real estate markets is still in the middle and bottom of the long term. Fortunately, it looks like the corporate market and the IFO market will start to thrive. Hopefully, the development of the economy and the market will support it in the future. I started my first nine years as the executive director of the European Commission. It's very nice to be part of a group of entrepreneurs with professional skills. At the beginning of the year, we will of course get to know our own professionals, our products, services and customers. But then also strategic work. We have been doing this for a long time, especially in the field of resource management and business operations. The goal of brightening the strategy is to continue this in the end of the year and then to publish it. Our strategy and economic goals are now in the release of schedule information, which is on the 3rd of February. Our Consen's profit margin was 19.4 million euros, which was 8.2 million euros lower last year. And as you can see from this, it came down somewhat for all business segments. Perhaps the biggest drop comes from the corporate finance side. In that respect, we have a lot of to carry the cases forward, but when will they be received? When will they go to the finish line? Of course, there are big changes taking place every quarter and every year. And, of course, the business activity is based on the long-term success rate. When the cases are received to the finish line, we will receive a business exchange and a business victory. During the beginning of the year, there was one case that went to the finish line. The success rate has been determined, but it's not a public case. Of course, the shareholding sector has dropped 3 million euros. First of all, the shareholding sector still received a fixed salary. But our shareholding business is going quite well according to the plan. We have also estimated our budgets for this year. And we are looking forward to the fact that the construction market will slowly start to hope that the base contact will start to be, at least in Urho, very close already. And now the volumes of construction at the moment, especially in the housing construction side, have already been so low. The beginnings here in the last couple of years, so to speak, the demand-supply balance starts to be found there and also I still believe that urbanization and also the change of land will continue. When we are here in Katkokeskus, in the real estate and real estate business, there should be a positive outlook for the future. The investment side really suffered. Meillä on omia sijoituksia, niin tietysti meidän omissa rahastoissa, niin private equity kuin kiinteistöpuolella, oikeastaan asuntorahastoihin liittyen alaskirjaus tuossa alkupuolesta tehtiin, ja sitten dollariheikkeleminen tietenkin heijastuu sitten myöskin näihin sijoituksiin, niin se oli miinuksella myöskin tuon alkuvuoden aikana. Kun katsoo meidän pitkän aikavälin kehitystä, niin tietysti Eekullahan on ollut erittäinkin vahva, hieno kasvutarina taustalla, Now, quite a long time after the Russian invasion, there was also a significant rise in inflation and interest rates, and of course, the real estate sector and the market were highlighted. It has been there for the last three years in a rather challenging situation, but we believe that it will slowly level out, and then, of course, the strategy and prepare how we will return to a strong growth career. Our balance sheet is strong. Fortunately, this is the main source of light business activity that we have focused on. In terms of our property rights, we have 317% of liability claims. We do not use taxes at all in our business. The interest rate is zero. and our liquid reserves were 22 million euros. Of course, in October, we paid out another part of it. Our own real estate investments, which we have made to our own funds, are 16.4 million euros. When we go to the stock market, the stock market, of course, as well as the trade, as well as the trade, came down. Let's take a look at the January-September or June three numbers. But when we still look at the cost-effectiveness, we can say that this is at a very good level. 44.8% in September and 40.5% in Q3. Here you can see the strategy in September, for example, in other expenses of the business. The plan and the market calculations that have been made have resulted in a 1.5 million euro once-in-a-lifetime sum, which was already written in the Q2 figures. The change in our salary returns can be seen on the real estate side, that it comes a long way from the cash side, 2 million euros, that is, 10% of the government salaries down. You could say that private equity stocks are in a very good line. Previously, private equities were paid a little less than they were a year ago. Government salaries were 0.4 million euros higher. In that sense, we are also guided by the results. We expect the prizes of the private equity sector to increase in relation to last year, but then again, the financial side, that they will decrease from last year. Our share of the prize money, if you look at it, These are already balanced. For example, the real estate side has come down a bit. The real estate side has 43%, the private equity 41%, and the stocks and stocks have 15% of the revenue. When you look at the revenue, it is very much a very stable management revenue. And of course, the revenue from these payments is now more from the private equity segment. And that's what we've been doing for the last couple of years. But now the segment is also starting to be realized as a cash flow. Our private equity returns have been very good, as well as U3 returns. as well as annual and long-term returns. In that sense, we have succeeded in choosing the best private equity funds to invest in. And now the first returns, the cash flows, are expected to come at the end of the year, and especially next year, more of these funds will have to come at the return rate stage. And that is expected, of course, are positive in the coming years in the development of our fleet. As you can see in the consignee, the health insurance is a significant part of the consignee. In the last three years, we have come down, and the growth has been very strong. We are now looking for strategic lines to turn this back to the gas sector. Our managed assets are divided so that the interest rate on the share side is still strong and we want to remain strong. It is 41%, but of course it is a listed market and a very competitive market. The amount of paid salaries is much lower as a basis point. Even though the salary output is about 15%, it is 41% for management and customer service. Dequity 41% is also from our discounted shares and then the total of 18%. The results of the stock exchange interest rates have been good for us. If we look at the longer term, of course, the investment business should look at the longer term, but if we look at the interest rates, how they manage in terms of benchmarks, at the beginning of the year, 54% of the interest rates exceeded. Benchmarks exceeded 69% in three years, and 77% in five years. Benchmark returns. The total amount of funds is 2.2 billion euros, which is 1.4 billion euros in stocks and 0.8 billion euros in bonds. Our securities funds. We are a very large investor in Finland. We are the fourth largest. Kiinteistösijoittaja Kojaamon satoja Ilmarisen jälkeen. Meillä on kiinteistörahastoista, joista on paljonkin uutisoitu viime vuosina, erityisesti avoimista kiinteistörahastoista ja niihin liittyvistä haasteista, niin meillä on käytännössä avoimia kiinteistörahastoja kaksi. Suomen suurin kiinteistörahasto, EQ, yhteiskuntakiinteistöt, joka sijoittaa ennen kaikkea moneneihin hoivoja yhteiskuntakiinteistöihin ja muun muassa nytten tässä viimeisimmäksi julkaistiin rakennetaan yksi koulukiinteistö Espoose ja sitten sen sijoitettu pääoma on noin 1,7 miljardia euroa ja oma pääoma on siitä yli miljardi. low to value, 39.3%. And revenue from the beginning of the year, 1.4% plus. And revenue from the foundation, 59% plus. And then the business assets. Another big challenge. The investment capital is 924 million euros. The capital is 1.5 billion euros, and the value is 43.5%. Of course, we use the pension fund in that sense, but it is a fairly moderate pension fund in these open funds, in the social and business sectors. The profit of business sectors in the beginning is unfortunately negative. minus 3.4 %, and the yield is 3.6 % per annum. Lack of use is, of course, too big at the moment, and especially lack of use in certain business facilities is the cause of the challenge. The business market in Finland is probably one of the most remote working markets in the world. In that sense, it causes business challenges. Pikkuhiljaa, of course, we hope that the employment will improve. As soon as Finland starts to grow, the employment will improve, and the level of employment in real estate will also rise. Asunnot3 fund was founded this year. We then combined Asunnot1 and Asunnot2 funds. It is a closed fund, it is only meant for professional investors, which has invested about 1400 euros in housing. Kasvukeskuksissa, eli Pääkaupunkiseudulla, Tampereen seudulla ja Turun seudulla. Siihen rahastoon on nyt kerätty lisää pääomia, 49 miljoonaa euroa. Sitä varankeruuta edelleen jatketaan, jonkun verran vielä tämän vuoden loppuun mennessä pääsee mukaan. Ne ketkä ammattimaiset sijoittajat siihen haluaa tulla. Se kiinteistövarallisuus on noin 280 miljoonaa euroa siellä. Mutta siinä mielessä avointen kiinteistörahastojen tietysti viime vuosina siellä on ollut netto, Now it is very far from plus or minus zero. Of course, we still have a bit of a lot of losses related to social and business enterprises. Of course, we are waiting for the market transaction market to start to rise and then at reasonable levels we will also be able to realize enterprises and then return these losses to customers. Private equity funds. We have been doing this for a long time. The EU is the market leader in this sector in Finland. Our private equity funds are focused on small and medium-sized companies. In that segment, which is currently the most functional market. Large buyout funds have had big challenges in recent years. The exit market has been in a tight spot for a long time. Also, the new stock purchase market, the stock market, has been very challenging. Globally. But in the P&C sector, of course, many people see that, first of all, the purchase prices, when you enter the company, are lower. There are much more value-added opportunities. You can grow, consolidate, and make a lot of add-on investments. The exit market is also significantly more diverse. You can make it for commercial buyers, private equity investors, and of course, for the IPO market, when you need them. In North America, This year, the private equity of 17 US dollars, which is 182 million dollars, has been collected. It is still somewhat open. Next year, there will be quite a lot of European-based funds. to bring to the sale and to the retail phase. There is also the intention to have the first direct fund also in Finland. The product family here, we have succeeded very well. I believe that there will also be a lot of questions in the future. If we look at, for example, the long-term investment results of pension investors in the last 20 years, what property class is the best which is above that in Finland, is in practice a list-free market, i.e. a private equity market. And its returns are almost double compared to the listed stock market in the last 20 years. Of course, this is of course interesting not only to pensioners, but also to other institutions, and certainly more and more also to wealthy individuals, in what way they would be able to invest in this market precisely. The corporate finance side, indeed, We haven't been able to publish any of the transactions this year. But there have been a lot of cases. We've been working on them all the time. The cases have been closed, of course. That's how we got the net profit report. Unfortunately, the result is 1.3 million euros minus in January and September. because the net turnover is only one million euros, and of course, the costs are running all the time because the case is being worked on. We have made such offers as well as we have won those contracts quite well, but then they are realized for this year at a stage when both the MT deal and the Kiitex deal go to the ground. Our investments We invest more in what new funds are made, so a small, about a million, ticket for this side. Of course, this is reported separately, so we can see what this looks like. In total, the market value is 16.4 million euros. There are still connections. Above all, our PE half of the funds is 5.4 million euros. But our income, actually, which can be found in the field. Here, the minus 1.1 million euros is related to the housing funds in the first year, and also to the US dollar's decline. The dollar has declined by about 14% to the euro. That has a big impact here, because the yen doesn't measure any currency protection in the funds. The largest shareholder has not made any major changes. Of course, I myself had the opportunity to join in as a shareholder. I bought a million shares from three of the largest shareholders. I strongly believe that the ECU will turn this into a strong growth. Of course, it is an amazing thing that the owners, the management's operating management, as well as the individual's interests. How do we increase the value of the best products and products for our customers, and also increase the value of good shareholding for the shareholders? And of course, the individual also gets a good return on investment. In terms of visibility, I could say Tietenkin talousnäkymät on edelleenkin aika epävarmat. Tullikiistat on huhtikuun jälkeen aika tavalla elänyt. The Liberation Day and the news related to it, after that, they are, I would say, quite a lot of disbanded and packed, but again, the last week's messages from between the USA and China, I would say, the trade war situation, of course, creates uncertainty in the whole of this geo- and trade policy situation. I hope that the gas situation will clear up soon, and that Ukraine's war will be over soon, and that there will be a ceasefire and peace in the end. Of course, we believe that this will have a positive impact on Europe and Finland's economy. But here, we are actually giving two central lines. We are estimating the amount of grants, salaries and salaries. compared to last year, and on the other hand, we estimate that the salaries of the EU's private equity old-age companies are increasing compared to last year, even though we were a little lower in September and September, when the income-saving salaries were less repeated. I believe that in the whole year, these would be the largest. And of course, the income-saving salaries are already coming very quickly. to be realized. In that sense, we strongly believe that the cash flow will also come from there. On the other hand, of course, the salary growth is a long-term factor in the market development and what happens there.

We will answer any questions you may have. Yes, Sauli-Mille Ninderström. In the next year, we have been waiting for some year. Now the year is nearing its end and the market has evolved a little, at least in Europe.

Has your visibility improved at all? It has improved, of course. That's why we're hoping that the first private equity fund will be released at the end of this year. There's a lot of activity going on. We can see that the first fund should be released. There will be several funds next year. We've been doing private equity funds for a long time, and we follow them closely. millä tavalla sitten eksittäjä tehdään, mihin tuottotasoihin siellä sitten nämä rahastot pääsee ja paljonko siitä sitten jaksuttuu.