Assets under management increased by 16.8% to EUR 6.4 billion at the end of 2021.

The net inflow of funds was 11.0%. The investment funds overall gained 5.8% of their value following stock exchange movements in 2021. The operating income increased by 11.3% to EUR 52.3 million (2020: EUR 47.0 million).

Expenses in 2021 increased by 14.4% to EUR 43.6 million (2020: EUR 38.1 million), primarily because of higher co-worker related costs following an increase in FTE and changes in the Collective Labour Agreement, increasing costs for market data following our increase in volumes, costs related to complying with increased regulation and higher costs for Group activities. At the same time, the cost increase was dampened due to lower than anticipated travel expenses following COVID-19 restrictions, just like in 2020.

Taking corporate income tax, financial income and costs into consideration the net result over 2021 amounts to EUR 6.5 million (2020: EUR 6.7 million). Due to a potential tax obligation, a provision for the amount of EUR 2.2m has been made for the carried interest amount received in 2019 in relation to the sale by Hivos-Triodos Fund Foundation of the equity investment in Centenary Bank, Uganda.

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