Assets under management increased by 10.4% to EUR 5.4 billion at the end of 2020. The operating income (excluding extraordinary results) increased by 4.6% to EUR 47.0 million (2019: EUR 44.9 million).

Expenses in 2020 increased by 2.8% to EUR 38.1 million (2019: EUR 37.0 million), primarily because of higher co-worker related costs following an increase in FTE, higher costs for housing and costs related to complying with increased regulation. At the same time, the cost increase was dampened due to lower than anticipated travel expenses following COVID-19 restrictions and because planned change initiatives could not move forward as a result of the pandemic.

Taking corporate income tax, financial income and cost into consideration the net result over 2020 amounts to EUR 6.7 million (2019: EUR 12.2 million). This decrease of the net result compared to the previous year is mainly the result of a one-off positive effect of EUR 5.3 million in 2019, following the sale of a participation in Centenary Bank in Uganda, leading to a higher net result in that year. Compared to other years the net result over 2020 is in line with expectations and can even be considered as very good taking into account the increase in costs compared to last year and the challenging environment due to COVID-19.

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