Assets under management increased by 18.3% to EUR 5.0 billion at the end of 2019. The operating income (excluding extraordinary results) increased by 14.2% to EUR 44.9 million (2018: EUR 39.3 million). Total income was EUR 53.3 million.

Expenses in 2019 increased by 16.7% to EUR 37.0 million (2018: EUR 31.7 million), primarily because of higher co-worker related costs related to insourcing the financial asset management of our Impact Equities and Bonds proposition, higher ICT costs and costs related to complying with increased regulation.

Taking corporate income tax, financial income and cost in to consideration the net result over 2019 amounts to EUR 12.2 million (2018: EUR 5.9 million). This sharp increase is mainly the result of a one-off positive effect of EUR 5.3 million following the sale of a participation in Centenary Bank in Uganda.

Triodos Investment Management’s balance sheet consists mostly of cash, short term debtors on managed entities and short-term liabilities to Triodos Bank.