Fintech PR
EQT AB (publ) Year-end report 2023
STOCKHOLM, Jan. 18, 2024 /PRNewswire/ —
Investment activity reaccelerated in uncertain markets
“In 2023, EQT cemented our global position through the successful integration of BPEA in Asia, delivered on our strategic objective to offer investment strategies tailored for individual investors, and invested with confidence into what we think is an attractive market. We enter our fourth decade primed to build on the first thirty years, continuing to leverage our leadership in areas like sustainability, AI and digitalization for the best of our portfolio, our clients and our shareholders.”
Christian Sinding,
CEO and Managing Partner
Highlights for the period Jan-Dec 2023 (Jan-Dec 2022)
Financial
- In 2023, EQT delivered a significant uplift in management fees based on strong fundraising and the full-year effect of the combination with BPEA, whereas carried interest was lower due to slower realizations and largely flat fund valuations. Adjusted margins increased through operational efficiency and scaling effects
- Total revenue (adjusted*) amounted to EUR 2,131m (EUR 1,536m), an increase of 39%. Total revenue (according to IFRS) was EUR 2,084m (EUR 1,497m). Management fees increased by 48%, driven by Private Capital and Infrastructure as well as the full-year contribution of BPEA
- Carried interest and investment income (adjusted*) amounted to EUR 165m (EUR 208m), a decrease of 21%. IFRS carried interest and investment income amounted to EUR 118m (EUR 169m), a decrease of 30%
- EBITDA (adjusted*) amounted to EUR 1,226m (EUR 829m), corresponding to an adjusted margin of 58% (54%). EBITDA (according to IFRS) was EUR 693m (EUR 506m), corresponding to a margin of 33% (34%)
- Fee-related EBITDA (adjusted*) amounted to EUR 1,062m (EUR 621m), corresponding to an adjusted margin of 54% (47%)
- Net income (adjusted*) from continuing operations amounted to EUR 1,019m (EUR 654m). Net income from continuing operations (according to IFRS) was EUR 139m (EUR 176m)
- Basic earnings per share (adjusted*) for continued operations amounted to EUR 0.860 (EUR 0.634). Diluted earnings per share (adjusted*) for continued operations amounted to EUR 0.859 (EUR 0.634). Reported basic earnings per share for continued operations amounted to EUR 0.117 (EUR 0.171). Diluted earnings per share for continued operations amounted to EUR 0.117 (EUR 0.171)
Strategic
- The integration with BPEA, including the alignment of investment teams and processes, was completed. As of year-end 2023, BPEA EQT was rebranded “EQT Private Capital Asia”, enhancing EQT’s global brand reach
- EQT launched its first semi-liquid products, EQT Nexus and EQRT. EQT Nexus and EQRT represent a new distribution channel for EQT by providing access for individuals to invest in private markets. EQT Nexus provides access to a diversified portfolio of EQT’s funds, and EQRT focuses on direct investments in commercial real estate
- EQT laid the groundwork for a healthcare growth strategy by making strategic hires for its Private Capital Healthcare advisory team, enhancing its expertise in early-stage healthcare investments
Fundraising
- FAUM increased to EUR 130bn (EUR 113bn). Total AUM was EUR 232bn (EUR 210bn). Gross inflows were primarily driven by closed out commitments from EQT X and EQT Infrastructure VI and amounted to EUR 24bn (EUR 55bn, of which over EUR 20bn following the combination with EQT Private Capital Asia)
- EQT Exeter Industrial Value Fund VI held its final close at USD 4.9bn of fee-generating commitments, exceeding its target size of USD 4.0bn
- Fundraising continued for EQT X with fee-generating commitments of EUR 20.1bn as of year-end. EQT X is expected to close at its hard cap in Q1 2024
- As of year-end, EQT Infrastructure VI had fee-generating commitments of EUR 13.7bn. As of today (18 January), the fund has secured commitments of close to EUR 14.5bn. Fundraising is set to continue well into 2024, and the fund is expected to reach its target fund size
- Fundraising continued for EQT Future, EQT Exeter US Multifamily Value II, EQT Exeter Europe Logistics Core-Plus II and EQT Active Core Infrastructure, with fundraisings generally taking longer in the current fundraising environment
- Fundraising continued for BPEA EQT Mid Market Growth, and the hard cap was increased to USD 1.4bn
Investment and exit activity1
- Total investments by the EQT funds during the period amounted to EUR 19bn (EUR 12bn), as EQT reaccelerated the pace of investments to seize opportunities supported by long-term secular growth trends. Infrastructure had its most active investment year ever with EUR 9bn of investments, Private Capital announced investments close to EUR 9bn, and investment volumes in EQT Exeter picked up towards the end of the year with almost EUR 2bn of investments in total for the year
- Investments were primarily made in sectors such as healthcare, technology, and digital. Examples of investments include Dechra Pharmaceuticals, a global developer, manufacturer and supplier of products relating to pets (EQT X), Zeus, a leading supplier of custom polymer components to the world’s most innovative medical device and industrial companies (EQT X), Heritage Environmental Services, a leading provider of industrial waste management (EQT Infrastructure VI), and Indira IVF, India’s largest chain of fertility clinics (BPEA VIII)
- Total gross fund exits announced during the period amounted to EUR 6bn (EUR 11bn)
Investment performance
- All key funds continued to perform On plan or Above plan
- Key fund valuations were for the most part flat on a Gross MOIC basis, and in aggregate, the key fund valuations were up. The portfolio continued to develop well, but with some pockets of underperformance. Revenue growth slowed in Private Equity, offset by margin improvements which drove higher EBITDA growth, and the Infrastructure portfolio remained resilient. Listed companies in EQT’s key funds were down on average
Balance sheet, realization of carried interest and liquidity
- At 31 December 2023, interest bearing liabilities amounted to EUR 2,021m. Cash and cash equivalents amounted to EUR 1,114m, EQT’s EUR 1.5bn revolving credit facility was undrawn, and Net Debt (ND) amounted to EUR 886m. ND/Adjusted EBITDA was 0.7x and ND/Adjusted Fee-related EBITDA 0.8x
- Carried interest (adjusted*) amounted to EUR 142m (EUR 202m). Realized (cash) carried interest amounted to EUR 115m (EUR 190m)
- EQT completed a repurchase of 1.8m shares, with the objective of over time offsetting the dilution impact from EQT’s Incentive Programs
People
- The number of full-time equivalent employees and on-site consultants (FTE+) amounted to 1,838 (1,790), of which 1,777 (1,669) were FTEs
- Suzanne Donohoe joined EQT in January as Chief Commercial Officer to drive EQT’s external commercial activities
- EQT further strengthened its investment organization with senior talent including Francesco Starace, former CEO and General Manager of Enel, joining EQT as a Partner within the EQT Infrastructure Advisory Team, bringing deep experience and expertise in energy and energy-transition related industries
- Maarten de Jong and Mark Braganza joined EQT’s Private Capital Healthcare team as Partners, to bolster the new EQT Healthcare Growth Strategy, focused on early-stage healthcare investments
Future-proofing
- As the first private markets firm to set Science Based Targets, we have supported 29 portfolio companies to get validated science-based targets, and additionally, close to 30 are now in the process of getting there
- EQT published its Net Zero Guidelines and set a target that 100% of the EQT funds’ portfolio companies and real estate assets should be on track to achieve their 1.5°C aligned decarbonization plans by 2040
- EQT expanded Motherbrain across all business lines, enabling investment advisory teams from every corner of the company to leverage EQT’s collective insights and proprietary platform
- EQT continued to drive efficiencies and scalability in its central platform and improving the client experience. For example, EQT reduced the distribution time of fund reports from 52 to 40 business days after quarter close
Other
- EQT opened an office in Seoul, South Korea, and EQT Infrastructure VI acquired SK Shieldus, a leading South Korean integrated security operator
- EQT’s Global Capital Markets team put in place a structure for equity capital market services, similar to its already established practice of providing debt underwriting, in equity and notes offerings related to EQT and its portfolio companies
- Going forward, EQT intends to further increase transparency by providing a combination of metrics related to carried interest. EQT will continue to report carried interest after applying a valuation buffer on the underlying fund valuations (currently defined as adjusted carried interest) as well as cash carried interest. In addition, EQT will provide carried interest based on underlying fund valuations without a discount (mark-to-market). With the revised reporting, EQT will provide a highly transparent carried interest reporting, including the short-term direct impact of fund valuation changes (mark-to-market), a high degree of visibility on expected mid-term cash flows (carried interest post fund valuation buffer), as well as the actual cash flows related to carried interest (cash carried interest)
Events after the reporting period
- Investment levels in EQT key funds as of 18 January 2024, were 30-35% in EQT X, 30-35% in EQT Infrastructure VI and 40-45% in BPEA VIII
- EQT introduced the new Healthcare Growth Strategy, a dedicated healthcare buyout strategy, with the acquisition of life sciences tools company Mabtech
- The Board proposes a dividend per share of SEK 3.60 (SEK 3.00), to be paid in two installments, SEK 1.80 (SEK 1.50) in June 2024 and SEK 1.80 (SEK 1.50) in December 2024
* Adjusted figures. The adjusted metrics are alternative performance metrics for the EQT AB Group.
1) Signed transactions, if not otherwise mentioned
Presentation of EQT AB’s Year-end Report 2023
Financial analysts and media are invited to participate in a conference call, including a presentation at 08:30 CET.
The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.
To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Managing Director, Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:00 CET on 18 January 2024.
The following files are available for download:
EQT AB Year-end report 2023 |
|
EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/eqt-ab-publ-year-end-report-2023-302037921.html
Fintech PR
Invitation to presentation of EQT AB’s Q1 Announcement 2024
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
|
EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
Fintech PR
Kia presents roadmap to lead global electrification era through EVs, HEVs and PBVs
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
Fintech PR
BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
-
Latest News4 days ago
Trakx launches a new product: Trakx USDc Earn CTI powered by OpenTrade
-
Latest News6 days ago
Clayfin Technologies and Jana Small Finance Bank Honored with Prestigious IBSi Digital Banking Award 2024
-
Latest News7 days ago
Nium Expands Regional Footprint in Asia; Signs Partnership MOU with Indonesian Payments Infrastructure Leader, Artajasa
-
Latest News5 days ago
HANDSHAKE SPEAKEASY IN MEXICO CITY NAMED AS THE BEST BAR IN NORTH AMERICA AS RANKING OF NORTH AMERICA’S 50 BEST BARS IS REVEALED AT THIRD ANNUAL AWARDS CEREMONY
-
Latest News5 days ago
SDAX Unveils World’s First Securitised Gold Tokens for Digital Exchange Users
-
Latest News7 days ago
Fortis Digital Solutions secures $20 million Series A funding to expand its presence in the MENA region
-
Latest News5 days ago
BINGHATTI LAUNCHES ITS DEBUT PROJECT ADJACENT TO DUBAI HILLS
-
Latest News6 days ago
Allfunds has partnered with Google Cloud to leverage AI-powered innovation and optimize its infrastructure.