EQT AB (publ) Year-end report 2019
"As part of the vision “to be the most reputable investor and owner”, EQT aims to take the lead in ensuring that investments made today contribute to a cleaner, more inclusive and more resilient tomorrow. We believe that the business community in general and the private equity industry in particular, has a unique ability to drive positive change and thus needs to be part of the solution to the challenges that society is facing."
Christian Sinding, CEO EQT AB
Good investment and exit activity during the year
Highlights for Jan-Dec 2019 (Jan-Dec 2018)
- Good investment activity with total investments by the EQT funds in the period of EUR 11.9bn (EUR 8.6bn) and total gross fund exits of EUR 8.0bn (EUR 5.1bn)
- Fee-generating AUM increased to EUR 39.9bn as of December 31, 2019 (EUR 36.6bn), primarily driven by the final closing of EQT Infrastructure IV
- Number of full-time equivalent employees and on-site consultants (FTE plus) amounted to 706 (601) at the end of the period, of which FTEs amounted to 645 (527)
- Adjusted total revenue of EUR 606m (EUR 393m), corresponding to an increase of 54% compared to 2018. Total revenue of EUR 600m (EUR 393m). The increase in revenue was primarily driven by a full-year effect of management fees from EQT Infrastructure IV and EQT VIII
- Adjusted EBITDA of EUR 275m (EUR 156m), corresponding to a margin of 45% (40%). EBITDA of EUR 208m (EUR 149m), corresponding to a margin of 35% (38%)
- Adjusted net income of EUR 213m (EUR 127m). Net income EUR 160m (EUR 121m)
- Reported basic earnings per share of EUR 0.188 (EUR 0.195). Diluted earnings per share of EUR 0.187 (EUR 0.195)
EVENTS AFTER THE REPORTING PERIOD
- Investment level in key funds as of February 12, 2020 were 70-75% in EQT VIII and 70-75% in EQT Infrastructure IV
- The target size for the EQT IX fund has been set at EUR 14.75bn
- Given the pace of investments in EQT Infrastructure IV, work has been initiated to ensure that sufficient capital is available for EQT Infrastructure IV to continue to make investments, either by bridging or extending the existing fund or by using the secondary market
- EQT has initiated a review of strategic options for the business segment Credit
- A one-off provision of EUR 32m has been taken in 2019 due to the VAT ruling announced by the Supreme Administrative Court of Sweden on January 27, 2020. The ruling is not expected to have a material impact on EQT AB Group’s future results or its financial position
- Elevated societal ambitions within three dimensions: Transparency & Accountability, Diversity & Upskilling and Clean & Conscious
- The Board of Directors proposes a dividend per share of SEK 2.20, to be paid in two installments, SEK 1.10 in June, 2020 and SEK 1.10 in December, 2020
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Åsa Riisberg, Partner & Head of Shareholder Relations, +46 8 506 55 342
Nina Nornholm, Head of Communications, +46 70 855 03 56
Pawel Wyszynski, Shareholder Relations Officer, +46 72 987 36 44
EQT Press Office, firstname.lastname@example.org, +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 person set out above, at 07:00 CET on February 12, 2020
EQT is a differentiated global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors and strategies. With strong values and a distinct corporate culture, EQT manages and advises funds and vehicles that invest across the world with the mission to generate attractive returns to the fund investors.
EQT’s talent base and network allow it to pursue a unique value creation approach and thematic investment strategy, with the aim of future-proofing the companies which EQT invests in, creating superior returns and making a positive impact with everything EQT does.
EQT has more than EUR 62 billion in raised capital since inception, currently around EUR 41 billion in assets under management across 19 active funds within three business segments – Private Capital, Real Assets and Credit. EQT is a thought leader within the private markets industry with deep expertise in responsible and long-term ownership, corporate governance, operational excellence, digitalization and sustainability. EQT has offices in 16 countries across Europe, Asia Pacific and North America with more than 700 employees.
The EQT AB group comprises EQT AB (publ) and its direct and indirect subsidiaries, which includes general partners and fund managers of EQT funds as well as entities advising EQT funds.