Updated strategy in practise
Solidium’s equity holdings’ return for the period 1.1–30.6.2024 was 7.0 percent. The total return is highlighted by the favorable price development of a few large holdings, such as Nokia and Metso, during the review period. The return on Solidium’s equity holdings over the past twelve months 1.7.2023-30.6.2024 was 1.7 percent. The value of Solidium’s equity holdings was approximately 7.1 billion euros on 30.6.2024.
Thru the partial demerger of Sampo plc in autumn 2023 Mandatum became an independent listed company and did not fulfil Solidium’s investment criteria of national importance. Thus, during the review period Solidium sold all its Mandatum shares for approximately 131 million euros.
During the review period Solidium also sold its remaining Kemira shares for approximately 125 million euros. Oras Invest had already for a long time been serving as a Finnish anchor owner in Kemira, and it was natural that through the sale Solidium released capital for other needs.
Solidium invested part of the sale proceeds in the satellite imaging company ICEYE. Solidium acted as the lead investor in the financing round signed on 15.4.2024 for ICEYE, a Finnish SAR satellite imaging company. Solidium’s share was half of the financing round of over 80 million euros, amounting to about 40 million euros. New investors participated in the convertible bond round on the same commercial terms as Solidium, along with the company’s previous owners.
– As an investment, ICEYE fits perfectly into our updated strategy. ICEYE is a globally recognized high-tech company in a rapidly growing industry and has clear potential to grow into a nationally significant publicly traded company. Through this, ICEYE is also building broader technological expertise and a sector cluster in Finland, says Solidium’s CEO Reima Rytsölä.
Solidium’s fiscal year changes to the calendar year
The current fiscal year is 18 months long, starting on 1.7.2023 and ending on 31.12.2024, as a result of which the next Solidium financial statements will be completed at the beginning of 2025. The aim of the change in the fiscal year is to clarify Solidium’s communication and other administration.
Further information:
CEO Reima Rytsölä, call-back requests, Jaana Lahti, tel. +358 50 339 8801
Attachments:
Solidium’s half-year report 1.1.-30.6.2024
Solidium is a limited liability company wholly owned by the State of Finland. Its mission is to strengthen and stabilise Finnish ownership in nationally important companies and increase the value of its holdings in the long term. The market value of Solidium’s total investments is approximately 7.6 billion euros. Further information: www.solidium.fi/en.
