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CapMan Oyj: CapMan Group's Interim Report for 1 January - 31 March 2014

CapMan Plc Interim Report - 8 May 2014 at 8:30 a.m. EEST

CapMan Group's Interim Report for 1 January - 31 March 2014

Performance and main events during the review period:

* Group turnover totalled MEUR 7.0 (January-March 2013: MEUR 6.8).
* Operating profit was MEUR 1.7 (MEUR 2.0).
* Profit before taxes was MEUR 1.2 (MEUR 2.7) and profit after taxes was MEUR
1.2 (MEUR 2.6).
* Earnings per share for the review period were 1.1 cents (2.3 cents).
* Capital under management as of 31 March 2014 totalled MEUR 3,084.6 (31
March 2013: MEUR 3,250.1).
* CapMan's financing position remained strong.
* The size of the CapMan Buyout X and CapMan Nordic Real Estate funds
increased by approx. 14% due to new fund commitments.

This stock exchange release is a summary of CapMan Plc's January-March 2014
Interim Report. The complete interim report is available in pdf-format as an
attachment to this release, in addition to on the company's website

Key figures

| 1-3/14 1-3/13 |
|Turnover, MEUR 7.0 6.8 |
|Operating profit, MEUR 1.7 2.0 |
|Profit before taxes, MEUR 1.2 2.7 |
|Profit for the period, MEUR 1.2 2.6 |
|Earnings / share, cents 1.1 2.3 |
|Diluted earnings / share, cents 1.1 2.3 |
| |
| 1-3/14 1-3/13 |
|Return on equity, % p.a. 7.3 12.6 |
|Return on investment,% p.a. 6.9 10.7 |
|Equity ratio, % 56.8 63.0 |
|Net gearing, % 17.3 26.7 |

Heikki Westerlund, CEO:

"Our development was positive in the early part of 2014. Slower than
anticipated growth in Europe, however, is still reflected as caution in many
sectors. There are also clear differences in the market mood between the
Nordic countries, as Finland continues to develop at a slower pace than
Sweden and Norway. The crisis in the Ukraine has slowed down some projects in
our Russia investment area. However, interesting opportunities are created by
decreasing competition. Investors' interest in real estate and debt
investments generating a steady cash flow based return has increased.

We continued active value creation work in our portfolio companies. We
successfully achieved our goal of developing the Norwegian-based Espira to
become a market leader in its sector. Our exit from the company, when
complete, will bring a good cash flow to the fund investors, including CapMan
itself. Action programmes in the more challenging portfolio companies have
slowly started to bear fruit, and we are expecting a clear improvement in
their performance in the next 12 months.

There are currently many interesting investment opportunities in the market
that we have already been monitoring for a long time, and our funds have been
active on the investment front in the beginning of the year. Our latest
Buyout investment Harvia is a good example of cooperation between
family-owned companies and private equity investors that generates growth
opportunities. Our Nordic Real Estate fund has also continued investment
activities in line with its strategy, especially in Sweden and Denmark.

Our strong financial position creates a good basis for strategy

CapMan maintains its outlook estimate for 2014:

We estimate our earnings per share to improve significantly from the level
achieved in 2013 primarily due to increasing operating profit.

Basis for outlook:

Our fees will cover our expenses before possible non-recurring expenses
related to acquisitions or larger development projects.

CapMan receives carried interest income from funds as a result of a completed
exit in the event that the fund already is in carry or will enter carry due
to the exit. Our current portfolio holds several investments, which we are
ready to exit during 2014.

The fair value development of our own fund investments will have a substantial
impact on our overall result in 2014. We expect disparity in the development
of individual portfolio companies and real estate also during 2014 depending
on their industry and geographical location. In addition, our portfolio
companies and real estate are also influenced by various other factors, among
others the general development of industries and local economies, valuation
multiples of peer companies, and exchange rates.

Helsinki, 8 May 2014


Board of Directors

Further information:

Niko Haavisto, CFO, tel. +358 50 465 4125



Principal media




CapMan Group is one of the leading private equity firms in the Nordic
countries and Russia, with assets under management of approximately €3.1
billion. CapMan has five investment partnerships - CapMan Buyout, CapMan
Russia, CapMan Credit, CapMan Public Market, and CapMan Real Estate - each of
which has its own dedicated investment team and funds. Altogether, CapMan
employs approx.100 people in Helsinki, Stockholm, Oslo, Moscow and
Luxembourg. CapMan was established in 1989 and has been listed on the
Helsinki Stock Exchange since 2001.

CapMan Plc Interim Report Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CapMan Oyj via Globenewswire


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