STOCKHOLM, July 22, 2021 /PRNewswire/ -- "EQT delivered
healthy performance during the first six months of 2021 and made
good progress in key strategic areas, all in alignment with our
thematic and purpose-driven philosophy. We strengthened our market
position and accelerated our wider societal ambitions. The
combination with Exeter Property Group was completed, which
positions EQT among the largest value-add real estate investment
managers in the world. Furthermore, we continued to expand the
palette of investment strategies, both within Private Capital and
Real Assets, introducing longer-hold strategies to further align
interests with value-driven investors and to enable impact at
scale. EQT offers active ownership strategies to support businesses
throughout all stages of a company's lifecycle.
In terms of deal activity, EQT continued to leverage favorable
market conditions, its thematic approach and strong investment
capacity. As a result, we increased the investment activity, but we
had an even more notable rise in exits. Our fundraising efforts
also developed well.
EQT is the first private equity firm in the world to issue a
sustainability-linked bond. The bond will increase our flexibility
and is yet another example of how EQT integrates sustainability
across our business. To ensure we continue to perform and deliver
on our high ambitions within sustainability and ESG, we have
strengthened our team with additional expertise and appointed
Bahare Haghshenas to assume the overall responsibility for
sustainability, as Global Head of Sustainable Transformation.
It's been a busy time for our staff. We continue to invest in
talent and nurture our culture while adding people to support our
growth journey."
Christian Sinding, CEO and
Managing Partner
Please note that all figures refer to continued operations,
excluding Credit, unless stated otherwise. Exeter's contribution to
financials are included as of time of closing i.e. 1 April 2021.
Highlights for the period Jan-Jun
2021 (Jan-Jun 2020)
- Adjusted total revenue amounted to EUR
711m (EUR 261m), corresponding
to an increase of 172% compared to H1 2020. Total revenue
(according to IFRS) was EUR 709m
(EUR 264m). The increase was driven
by management fees (including so called retroactive fees) from EQT
IX and EQT Infrastructure V, the combination with Exeter as well as
an increase in carried interest and investment income
- Adjusted EBITDA amounted to EUR
492m (EUR 80m), corresponding
to a margin of 69% (31%). EBITDA was EUR
437m (EUR 79m), corresponding
to a margin of 62% (30%)
- Adjusted net income amounted to EUR
433m (EUR 60m). Net income
(according to IFRS) was EUR 361m
(EUR 59m)
- Reported basic earnings per share of EUR
0.372 (EUR 0.062). Diluted
earnings per share of EUR 0.372
(EUR 0.062)
- Net debt amounted to EUR
113m
- EQT completed the combination with Exeter Property Group, which
is now integrated with EQT Real Estate under a joint EQT Exeter
brand. The combination positions EQT among the largest value-add
real estate investment managers in the world
- EQT Private Capital introduced a longer-hold impact at scale
strategy, with Anticimex as its first investment
- EQT, as the first private equity firm in the world, issued a
sustainability-linked bond, raising EUR
500m
- Assets under management (AUM) increased to EUR 71.3bn (EUR
36.5bn), primarily driven by the combination with Exeter
with AUM of EUR 10.4bn and by EQT IX
and EQT Infrastructure V with AUM of EUR
15.6bn and EUR 15.1bn
respectively, as of 30 June 2021
- EQT set the target fund size for EQT Growth at EUR 2.0bn. Fundraising was initiated in Q2 and
the fund started generating management fees at the end of the
period
- Preparations for a longer-hold Infrastructure Core strategy in
EQT's Real Asset segment as well as for EQT's new APAC strategy
continued
- Total investments by the EQT funds amounted to EUR 7.7bn (EUR
1.9bn)
- Total gross fund exits increased to EUR
9.9bn (EUR 0.2bn)
- Private Capital and Real Assets expect to continue to execute
on a strong pipeline of potential investments and exits, should
market conditions remain supportive
- The number of full-time equivalent employees and on-site
consultants (FTE+) increased and amounted to 1,004 (699) at the end
of the period, of which FTEs were 938 (651). Exeter accounted for
229 FTE+, of which FTEs were 222
- EQT strengthened its team by adding further sustainability
expertise through senior appointments
- In order to future-proof EQT and be ready for the continued
growth journey, investments in personnel across investment
strategies and the central functions will increase
Events after the reporting period
- Investment and exit activity after the reporting period
includes the investments in Parexel (EQT IX), Covanta Holding
Corporation, Cypress Creek Renewables, Meine Radiologie Holding,
Blikk Holding (EQT Infrastructure V) and the sale of Igenomix (EQT
VIII), Fertin Pharma (EQT Mid Market Europe), Iver (EQT Mid Market
Europe) and Unilode Aviation Solutions (EQT Infrastructure II)
- Investment level in key funds as of 22
July 2021 were 55-60% in EQT IX and 50-55% in EQT
Infrastructure V
- EQT Exeter Europe Logistics Value Fund IV held final close at
its hard cap with EUR 2.1bn in
fee-generating commitments
Presentation of EQT AB's Half-year Report 2021
Financial analysts and media are invited to participate in a
conference call, including a presentation at 08:30 CEST.
The presentation and a video link to follow the conference call
live can be found here and a recording will be available
afterwards.
To participate by phone, please use the following dial-in
details below, at least 10 minutes in advance.
Sweden: +46 856 642 651
UK: +44 3333000804
USA: +1 6319131422
Confirmation Code: 38004925
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
Kim Henriksson,
CFO, +46 8 506 55 300
Olof Svensson, Head of Shareholder
Relations, +46 72 989 09 15
Nina Nornholm, Head of
Communications, +46 70 855 03 56
EQT Shareholder Relations,
shareholderrelations@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +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 CEST
on 22 July 2021.
About EQT
EQT is a purpose-driven global investment organization
focused on active ownership strategies. With a Nordic heritage and
a global mindset, EQT has a track record of almost three decades of
delivering consistent and attractive returns across multiple
geographies, sectors and strategies. Uniquely, EQT is the only
large private markets firm in the world with investment strategies
covering all phases of a business' development, from start-up to
maturity. EQT today has approximately EUR 71
billion in assets under management across 27 active
funds within two business segments – Private Capital and Real
Assets.
With its roots in the Wallenberg family's entrepreneurial
mindset and philosophy of long-term ownership, EQT is guided by a
set of strong values and a distinct corporate culture. EQT manages
and advises funds and vehicles that invest across the world with
the mission to future-proof companies, generate attractive returns
and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and
indirect subsidiaries, which include general partners and fund
managers of EQT funds as well as entities advising EQT funds. EQT
has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more
than 1,000 employees.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter,
YouTube and Instagram
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/eqt/r/eqt-ab--publ--half-year-report-2021,c3386984
The following files are available for download:
https://mb.cision.com/Main/87/3386984/1447420.pdf
|
EQT AB (publ)
Half-year Report 2021
|
https://news.cision.com/eqt/i/half-year-report-2021,c2937770
|
Half-year Report
2021
|