CapMan Group's Interim Report for 1 January - 30 June 2014

CapMan Plc Interim Report - 7 August 2014 at 8:30 a.m. EEST

CapMan Group's Interim Report for 1 January - 30 June 2014

Performance and main events during the review period:         

Group turnover totalled MEUR 15.0 (January-June 2013: MEUR 16.5).Operating profit was MEUR 2.8 (MEUR 4.0).Profit before taxes was MEUR 2.2 (MEUR 4.3) and profit after taxes was MEUR 1.9 (MEUR 4.3).Earnings per share for the review period were 1.7 cents (3.7 cents).Capital under management as of 30 June 2014 totalled MEUR 3,066.8 (30 June 2013: MEUR 3,270.2).Funds managed by CapMan were active during the review period and made nine new investments in totalOur financing position remained strong and we increased the maturity of our loan portfolio.The size of the CapMan Nordic Real Estate fund increased by MEUR 93.5 after the review period, bringing the total fund size to MEUR 166.0. 

This stock exchange release is a summary of CapMan Plc's January-June 2014 Interim Report. The complete interim report is available in pdf-format as an attachment to this release, and on the company's website at http://www.capman.com/capman-group/earnings-model-and-financials/result.

Key figures

 1-6/141-6/13 Turnover, MEUR 15.0 16.5 Operating profit, MEUR 2.8 4.0 Profit before taxes, MEUR 2.2 4.3 Profit for the period, MEUR 1.9 4.3 Earnings / share, cents 1.7 3.7 Diluted earnings / share, cents 1.7 3.7     1-6/141-6/13 Return on equity, % p.a. 5.9 10.5 Return on investment,% p.a. 5.6 9.1 Equity ratio, % 57.4 67.5 Net gearing, % 26.7 9.4

 

Heikki Westerlund, CEO:

"The size of our Nordic real estate fund grew by almost MEUR 100 in July. In total the fund has already invested in five new properties located in Denmark and Sweden. The fund is also a good example of a successful internationalisation of our investor base.

We exited from Yrjönkatu 17 property, Finlayson and the minority holding in LUMENE Oy. These exits had a favourable impact on our carried interest income.

The slow development of the Finnish and Russian economies still continues to affect the fair values of our own fund investments. However, the action programmes in the most challenging portfolio companies are being advanced.

Our financing position is good and our fee income and operational expenses are in balance. Moreover, we increased the maturity of our own financing by participating in a multi-issuer bond guaranteed by Garantia Insurance Company Ltd with MEUR 10 share.

More extensive fundraising rounds of our basic business operations will end this year. We are now preparing for the next steps in fundraising and in ensuring our competitiveness. In fundraising we aim to further broaden and internationalise our investor base."

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, 7 August 2014

CAPMAN PLC

Board of Directors

 

Further information:

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

Distribution:

NASDAQ OMX Helsinki

Principal media

www.capman.com

 

CapMan www.capman.com
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 Interim Report Q2 2014


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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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