2009-05-12 07:45:00 CEST
2009-05-12 07:46:08 CEST
REGULATED INFORMATION
CapMan - Interim report (Q1 and Q3)
CapMan Plc Group Interim Report 1 January - 31 March 2009
CapMan Plc, Stock Exchange Release 12 May 2009 at 8.45 a.m.
CapMan Plc Group Interim Report 1 January - 31 March 2009
Performance and main events during the review period:
- The Group's turnover totalled MEUR 8.3 (January-March 2008: MEUR
7.2).
- The Group posted an operating loss of MEUR 4.7 (operating profit of
MEUR 0.4) as a result of negative change in the fair value of fund
investments.
- Profit/loss before taxes was MEUR -4.6 (MEUR 0.7) and profit/loss
after taxes was MEUR -3.7 (MEUR 0.5).
- Profit/loss attributable to owners of the parent company was MEUR
-3.8 (MEUR 0.5). Earnings per share were -5.5 cents (0.6 cents).
- Cash flow before financing was MEUR 1.3 (MEUR -4.9).
- Liquid assets on 31 March totalled MEUR 33.7 (MEUR 12.1).
- Capital under management increased from year-end to MEUR 3,434.4
(MEUR 3,407.5 on 31 December 2008 and MEUR 3,016.7 on 31 March 2008).
- The size of CapMan's hybrid bond issue increased to MEUR 28 during
the review period (MEUR 20 on 31 December 2008).
- CapMan has adopted Management company business and Fund investment
business operating segments in the Group's financial reporting as of
1 January 2009. Private Equity and Real Estate activities are
reported separately under the Management company business.
- In the review period, the management company business recorded
profit/loss of MEUR 0.0 (MEUR 0.4) and the fund investment business
recorded profit/loss of MEUR -3.7 (MEUR 0.1).
- CapMan's objective is to invest in its future funds 1-5% of their
original capital depending on the fund's demand and CapMan's own
investment capacity.
CEO Heikki Westerlund comments on the events of the review period and
on future prospects:"CapMan's operating environment has been even more challenging in
early 2009. Fundraising as well as M&A and real estate activity have
practically been in a standstill throughout the first quarter. We are
eagerly awaiting market developments over the following 12-18 months.
If the real economy gradually starts to recover during 2010 and the
market simultaneously sees forced sales, it will create a highly
attractive investment landscape for private equity investors.
The businesses of our portfolio companies and real estate assets have
continued to develop moderately in spite of the difficult
environment. Our most challenging investments are in those sectors
that are undergoing intense structural change, such as the automobile
industry. The slowdown of the global economy has been clearly
reflected in other sectors, but for example the debt servicing
capabilities of our portfolio companies haven't in general been
endangered. There have also been positive developments in the funds'
portfolios, for example the opening of the Skanssi shopping center
near Turku and the positive share price development of Public Market
Fund's first portfolio company Nobia. We are in a good position to
continue our investment operations and to support our current
portfolio companies as our funds have approx. EUR one billion in
capital for making new and add-on investments. One of our key
priorities has been to upgrade cooperation with Nordic banks.
The management company business has reported breakeven, since our new
buyout fund will start to pay management fees in the second quarter
subsequent to closing of the fund's first investment. The
profitability level of the management company business remains good.
At the moment there is no proper exit market in place; however we
believe that some companies that have developed very well could be
exited during this year. The decline in the fair value of our fund
investments continued, reflecting the fall in valuations of peer
companies and the expected weak year-on-year performance across
portfolio companies. The fair value changes have no impact on Group's
cash flows and CapMan has a good cash position after issuing hybrid
bond on the markets.
Business operations
CapMan is an alternative asset manager, which also makes investments
in its own funds. The guiding principle for investment activities of
the funds managed by the Group is to work actively and directly
towards increasing the value of investments.
The Group has two operating segments: Management Company Business and
Fund Investment Business. The Management Company Business is further
subdivided into two business areas, which are CapMan Private Equity
(manages funds that invest in portfolio companies) and CapMan Real
Estate (manages funds that invest in real estate and provides real
estate consulting). Income from the management company business is
derived from management fees paid by funds, from carried interest
received from funds and from income generated by real estate
consulting.
The Fund Investment Business comprises fund investments made from
CapMan Plc's own balance sheet, including investments in Maneq funds.
Income from the fund investment business is derived from realised
returns on fund investments and from changes in the fair value of
investments.
There may be considerable quarterly fluctuation in carried interest
as well as in the fair value of fund investments. For this reason the
Group's financial performance should be analysed over a longer time
span than the quarterly cycle.
Group turnover and result in January-March 2009
The Group's turnover in January-March 2009 increased from the
comparable period and was MEUR 8.3 (January-March 2008: MEUR 7.2).
Fair value changes related to fund investments were MEUR -4.6 (MEUR
-0.1), and operating expenses amounted to MEUR 8.4 (MEUR 6.7). The
expenses have increased after the comparison period as a result of
the new CapMan Russia and CapMan Public Market investment areas and
the impact of the CapMan Hotels RE fund's expenses made in full from
March 2008.
The Group's operating profit/loss totalled MEUR -4.7 (MEUR 0.4).
Financial income and expenses amounted to MEUR -0.5 (MEUR 0.3), and
the share of the associated companies' result was MEUR 0.6 (MEUR
0.1). Profit/loss before taxes was MEUR -4.6 (MEUR 0.7) and
profit/loss after taxes was MEUR -3.7 (MEUR 0.5).
Profit/loss attributable to the owners of the parent company was MEUR
-3.8 (MEUR 0.5). Earnings per share were -5.5 cents (0.6 cents).
The quarterly breakdown of turnover and profit, as well as turnover,
operating profit/loss and profit/loss by segment for the review
period, is presented in the tables section of the Interim Report.
Management Company Business
Turnover generated by the management company business in
January-March 2009 totalled MEUR 8.1 (MEUR 7.2). The amount of
management fees grew compared to the comparable period and amounted
to MEUR 7.4 (MEUR 6.4). The increase in management fees was
attributable to establishment of the CapMan Hotels RE, CapMan Public
Market and CapMan Russia funds in 2008. CapMan Buyout IX fund will
start to pay management fees after the review period.
Income from real estate consulting was maintained at the level of the
comparable period and totalled MEUR 0.6 (MEUR 0.7). The aggregate
total of management fees and income from real estate consulting was
MEUR 8.0 (MEUR 7.0).
No exits were made from funds in carry during the review period and
therefore no carried interest income was generated. There was no
carried interest income also in the comparable period.
Operating profit/loss for the management company business was MEUR
-0.2 (MEUR 0.6) and profit/loss for the period was MEUR 0.0 (MEUR
0.4).
The status of funds managed by CapMan is presented in more detail in
Appendix 1.
Fund Investment Business
Turnover generated by the fund investment business in January-March
2009 amounted to MEUR 0.2 (MEUR 0.0), as a result of realised returns
on fund investments.
Fair value changes related to fund investments were MEUR -4.6 (MEUR
-0.1), which represents an 8.4% decrease in the value of investments
during the review period. The negative development in fair value was
mainly attributable to the general market situation and its impact on
the multiples of portfolio companies' listed peers used in company
valuations. The fall in fair value was also attributable to a
weakening in result prospects of certain portfolio companies. There
were also positive fair value developments within the portfolio. The
aggregate fair value of fund investments on 31 March 2009 amounted to
MEUR 51.0 (MEUR 53.5 on 31 March 2008).
Operating profit/loss for the fund investment business was MEUR -4.4
(MEUR -0.2) and profit/loss for the period was MEUR -3.7 (MEUR 0.1).
During the review period CapMan made new investments in its own funds
to the amount of MEUR 2.5 (MEUR 10.8). Investments were made in
CapMan Buyout VIII and CapMan Russia funds, among others. CapMan did
not give any new investment commitments to its funds during the
review period. On 31 March 2009 the amount of remaining commitments
was MEUR 75.3 (MEUR 50.9), and the aggregate fair value of existing
investments and remaining commitments was MEUR 126.3 (MEUR 104.4 on
31 March 2008). CapMan's objective is to invest in its future funds
1-5% of their original capital depending on the fund's demand and
CapMan's own investment capacity.
Investments in portfolio companies are valued at fair value in
accordance with the International Private Equity and Venture Capital
Valuation Guidelines (IPEVG) and real estate assets are valued in
accordance with the value appraisements of external experts, as
detailed in Appendix 1. The fair value changes have no impact on
Group's cash flows.
Investments at fair value and remaining investment capacity by
investment area are presented in the tables section of the Interim
Report.
Hybrid bond
The size of the hybrid bond issued by CapMan Plc in December 2008 was
increased to MEUR 28 during the review period. The bond is directed
to Finnish institutional investors. The issue will strengthen the
Group's capital structure and finance the Group's investments in the
funds managed by CapMan in line with Group strategy.
The coupon rate for the bond is 11.25% p.a. and it is payable
semi-annually. The interest payable on the bond is deducted from
equity on the interest payment date. The bond has no maturity date
but the Company may call the bond after five years. The size of the
hybrid bond was increased to MEUR 29 in April after the review
period, and it may be increased to at most MEUR 30.
Balance sheet and financial position on 31 March 2009
CapMan's balance sheet total increased during the review period to
MEUR 144.5 (MEUR 121.8 on 31 March 2008). Non-current assets remained
stable during the review period and amounted to MEUR 99.6 (MEUR 88.9
on 31 March 2008). The carrying amount of goodwill was adjusted by
MEUR 0.7 to MEUR 11.0 following the final purchase price for the
Norum acquisition. Long-term receivables amounted to MEUR 24.6 (MEUR
20.3), of which MEUR 21.7 (MEUR 16.1) were loan receivables from the
Maneq funds. In addition to CapMan Plc, CapMan personnel are
investors in the Maneq funds. The expected returns from CapMan's
Maneq investments are broadly in line with the return expectations
for CapMan's other own fund investments. Maneq funds pay market rate
interest on loans they receive from CapMan Plc.
Current assets amounted to MEUR 44.8 (MEUR 32.9). Liquid assets (cash
in hand and at banks, plus other financial assets at fair value
through profit and loss) amounted to MEUR 34.6 (MEUR 19.4). Liquid
assets include the hybrid bond issued on 18 December 2008, which had
a size of MEUR 28 as 31 March 2009.
Equity in the balance sheet includes the hybrid bond issued on 18
December 2008, which has been entered under 'Other reserves'. At 31
March 2009 CapMan Plc had a bank financing package of MEUR 60 (MEUR
22.0) available, of which MEUR 46.0 (MEUR 22.0) was in use. There
were no significant changes in the amount of interest-bearing
liabilities during the review period. The amount of trade and other
payables was MEUR 21.9 (MEUR 43.0). The Group's interest-bearing net
debts amounted to MEUR 11.4 (MEUR -0.4).
Key figures
CapMan's equity ratio on 31 March 2009 was 52.4% (47.6% on 31 March
2008). Return on equity was -5.3% (0.8%) and return on investment was
-3.0% (1.6%). The target level for the equity ratio is at least 50%
and for return on equity at least 25%.
31.3.2009 31.3.2008 31.12.08
Earnings per share, cents* -5.5 0.6 -10.2
Diluted, cents* -5.5 0.6 -10.2
Shareholders' equity per share,
cents** 89.5 69.1 86.1
Share issue adjusted number of
shares 81 322 921 79 968 818 80 432 600
Number of shares at end of period 81 458 424 79 968 818 81 458 424
Number of shares outstanding 81 322 921 79 968 818 81 322 921
Own shares held by the Company at
end of period 135 503 0 135 503
Return on equity, % -5.3 0.8 -11.8
Return on investment, % -3.0 1.6 -6.3
Equity ratio, % 52.4 47.6 50.3
Net gearing, % 15.7 -0.7 30.0
* In line with IFRS standards, interest payable on the hybrid bond
has been taken into consideration when calculating earnings per
share.
** In line with IFRS standards, the hybrid bond has been included in
equity also when calculating equity per share.
Fundraising and capital under management on 31 March 2009
Capital under management refers to funds' remaining investment
capacity and capital already invested at acquisition cost. CapMan's
target is to increase the capital under management by an average 15%
per year. Fundraising for CapMan Hotels RE, CapMan Russia, CapMan
Public Market and CapMan Buyout IX funds continued during the review
period. CapMan Hotels RE fund's investment capacity grew by MEUR
27.6, but due to the challenging market situation new capital was not
raised to other funds. New capital amounting to MEUR 18 was raised to
the CapMan Buyout IX fund in April after the review period, and the
fund's size was increased to MEUR 221.
The final close of CapMan Russia fund was held at MEUR 118.1 at the
end of the review period. Following the final closing, CapMan Plc's
share of the possible carried interest to be generated by the fund
was also determined. CapMan Plc will receive 3.4% of the fund's cash
flows if the fund is in carry. The relatively lower carried interest
share results from the fact that part of the fund had already been
raised before its transfer under CapMan's management.
Capital under management on 31 March 2009 totalled MEUR 3,434.4 (MEUR
3,016.7 on 31 March 2008). Of this, MEUR 1,765.3 (MEUR 1,386.2) was
in funds making investments in portfolio companies and MEUR 1,668.1
(MEUR 1,630.5) in real estate funds.
The funds under management and their investment activities are
presented in more detail in Appendices 1 and 2.
Personnel
On 31 March 2009 CapMan employed altogether 147 people (119 people on
31 March 2008), of whom 106 (94) worked in Finland and the remainder
worked in other Nordic countries or Russia. In particular, the
establishment of the CapMan Russia and CapMan Public Market teams
both contributed to growth in the number of personnel. A breakdown of
personnel by country and by team is presented in the tables section
of the Interim Report.
Shares and share capital
There were no changes in CapMan Plc's share capital or number of
shares during the review period. The share capital on 31 March 2009
was EUR 771,586.98 (EUR 771,586.98 on 31 March 2008). There are
75,458,424 listed CapMan Plc B shares and 6,000,000 unlisted A shares
in total. The Company's B shares entitle one vote per share and the
Company's A shares 10 votes per share.
Shareholders
CapMan Plc had 4,529 shareholders on 31 March 2009 (4,490 on 31 March
2008). No flagging notices were issued during the review period.
Own shares
On 31 March 2009 the Company held altogether 135,503 CapMan Plc B
shares. There were no purchases of own shares during the review
period. After the review period 109,204 of the shares were used as a
part payment in the additional purchase price of the Norum
acquisition. Following the transaction, the Company held altogether
26,299 CapMan Plc B shares.
Stock option programs
As at 31 March 2009 CapMan Plc had two stock option programs, Option
Program 2003 and Option Program 2008, as part of the incentive and
commitment program for the key personnel. The 2003B options are
traded on the options list of the OMX Nordic Exchange in Helsinki. A
total of 625,000 B shares may be subscribed for with 2003B options,
for which the subscription period ends on 31 October 2009. No shares
were subscribed for with 2003B options during the review period. The
maximum number of stock options issued within the Option Program 2008
will be 4,270,000, which will carry entitlement to subscribe for a
maximum of altogether 4,270,000 new B shares. The subscription period
for 2008A options starts on 1 May 2011 and for 2008B options on 1 May
2012. Receivables from shares subscribed for with options are entered
in the Company's invested unrestricted shareholders' equity.
Trading and market capitalisation
The exceptional market climate and the steep decline in global stock
markets continued in the first quarter of 2009 and were reflected in
the trading volumes and prices of CapMan Plc shares. On 31 March 2009
the closing price of CapMan Plc B shares was EUR 0.80 (EUR 2.55 on 31
March 2008). The average price during the review period was EUR 0.92
(EUR 2.79). The highest price was EUR 1.10 (EUR 3.40) and the lowest
EUR 0.79 (EUR 2.40). Trading of the Company's shares declined clearly
with respect to the comparable period, in terms of both volume and
value. Altogether 3.4 million (4.2 million) CapMan Plc B shares were
traded in the review period for a total value of MEUR 3.1 (MEUR
11.6).
The market capitalisation of CapMan Plc B shares on 31 March 2009 was
MEUR 60.4 (MEUR 188.6). The market capitalisation of all shares,
whereby A shares are valued at the closing price of B shares for the
review period, was MEUR 65.2 (MEUR 203.9).
Events after the review period
Changes in Group management
On 3 April 2009 Head of CapMan Life Science, Senior Partner Mr Jan
Lundahl, B.Sc. (Econ.) resigned from CapMan Plc Group and left its
Management Group. Partner Dr Johan Bennarsten, M.Sc. (Eng.), M.D.,
who had previously acted as Deputy Head of CapMan Life Science, was
appointed Head of CapMan Life Science effective 6 April 2009.
Annual General Meeting
CapMan Plc's Annual General Meeting (AGM) was held in Helsinki,
Finland on 7 April 2009. The AGM confirmed the financial statements
and granted discharge from liability to the members of the Board of
Directors and CEO for the 2008 fiscal year. In addition, the AGM
resolved to adopt the proposal by the Board of Directors that no
dividend shall be paid for 2008.
The AGM resolved that the Board of Directors shall consist of six
members. Ms Sari Baldauf, Mr Tapio Hintikka, Mr Lennart Jacobsson, Mr
Conny Karlsson, Mr Teuvo Salminen and Mr Ari Tolppanen were
re-elected to the Board for a continuing term. Mr Ari Tolppanen was
elected Chairman and Mr Teuvo Salminen was elected Deputy Chairman at
the Board's organisation meeting after the AGM.
The AGM re-elected PricewaterhouseCoopers Oy, Authorised Public
Accountants, as the auditor of the Company with Authorised Public
Accountant Mr Jan Holmberg as the auditor in charge and Authorised
Public Accountant Ms Terja Artimo as the deputy auditor.
Authorisations granted by the Annual General Meeting
The AGM authorised the Board of Directors to resolve to repurchase
the Company's B shares and to accept them as pledge. The
authorisation amounts to a maximum of 8,000,000 B shares in the
Company and is in force until 30 June 2010. In addition the AGM
authorised the Board of Directors to resolve to issue either newly
issued shares or to reissue existing B shares in the Company, as well
as to issue stock options and other entitlements to B shares referred
to in the Finnish Companies Act chapter 10, paragraph 1. The
authorisation amounts to a maximum of 20,000,000 B shares in the
Company and is in force until 30 June 2010. The authorisations are
described in more detail in the stock exchange release published 7
April 2009 on the decisions adopted by the AGM.
Norum acquisition
Following the final closing of the CapMan Russia fund, the purchase
price of the Norum acquisition announced in May 2008 decreased from
MEUR 8 to MEUR 7.3. The original purchase price was based on an
estimated final fund size of MEUR 150. CapMan Plc had paid MEUR 3.4
to the sellers in August 2008, when 51% of Norum was transferred to
the ownership of CapMan Plc. The additional purchase price to be paid
for this stake was MEUR 0.3. On 7 April 2009 CapMan Plc's Board of
Directors decided that the additional purchase price would be paid to
the sellers half in cash and half in CapMan Plc shares owned by the
Company. According to the original transaction terms the value of
each B share in the transaction was EUR 2.43, whereby altogether
109,204 B shares were used as part payment of the additional purchase
price.
Furthermore after the review period in April the minority
shareholders of Norum, who retained 49% of the company's shares,
decided to exercise the put option to sell their remaining holding to
CapMan Plc. The purchase price for the remaining shares was MEUR 3.6,
of which CapMan Plc paid approx. MEUR 1.8 in cash and approx. MEUR
1.8 through a directed issue to the sellers. The value of each B
share in the transaction was approx. EUR 0.81 corresponding to the
volume weighted average trading price of CapMan Plc B shares between
14 March 2009 and 14 April 2009. On 20 April 2009 CapMan Plc's Board
of Directors decided to issue a total of 2,216,541 new CapMan Plc B
shares for this purpose, and the issued shares were registered to the
Trade Register on 24 April 2009. Following the directed issue, there
was an increase in the number of CapMan B shares to 77,674,965 in
total.
Significant risks and short-term uncertainties
CapMan Plc's management company business is profitable on a yearly
basis, but the prevailing market climate has increased the
uncertainty attached to forecasting the Company's financial
performance. The combination of an almost total standstill in the M&A
market, a credit squeeze and a sharp decline in fair values of
investments has appreciably further weakened exit opportunities. This
may result in postponement of exits, and consequently therefore of
carried interest income. In the real estate market, the economic
climate may impact tenants' operations, and thereby the vacancy rate
and rental income of investment properties. CapMan believes that
fundraising will also continue to be challenging, which might affect
the end result of ongoing fundraising activities and, through that,
management fees over the next few years. CapMan Plc's financial
position was further strengthened during and after the review period
by increasing the size of the hybrid bond issue to MEUR 29.
Business environment
The prospects for growth in the demand for alternative assets still
remain good over the long term. The financial crisis and the steep
decline in market valuations of other asset classes, however, are
clearly slowing the growth in the alternative asset class. Private
equity has consolidated its position in financing M&A and growth, and
continues to focus typically on consolidation in various sectors,
family successions, privatisation of public services and functions,
and the commercialisation of R&D in the technology and life science
sectors. Increased entrepreneurial activity has also boosted growth.
Real estate funds, for their part, have gained an established share
of institutional investors' investment allocations.
The EU legislative initiative on regulation for alternative asset
managers and funds will stipulate, when passed, an operating license
for participants as well as other significant requirements including
fund investor and authority reporting, among others. The new
regulations will burden the smaller players in particular and may
also impact on the number of players to be registered. CapMan, due to
the Company's organisation and operating model, is in a good position
to meet the new regulations.
The CapMan funds investing in portfolio companies will continue to
implement their investment strategies. The deep crisis in the debt
market has been reflected, however, in CapMan's operating area also.
At present the M&A market is still waiting for the positive impact of
banking sector bail-out plans to materialise. The banks have focused
their lending on large corporations in particular which has delayed
the positive impact on other companies. We believe that bank
financing for buyouts, mergers & acquisitions and real estate
investments will gradually recover during the next 12-18 months. The
market looks promising for new investments both in the Nordic
countries and Russia. We haven't yet, however, seen forced sales, as
price elasticity has been lower in the private equity market than in
public markets. The number of new potential portfolio companies has
remained at a good level especially for the Public Market and Russia
funds. The exit market has at present come to a standstill.
The slowdown in growth of the real economy has been seen in our
portfolio companies, especially in those sectors that are linked, for
instance, to consumer demand or the automobile industry. Generally
our portfolio companies' development hasn't significantly weakened,
but forecasting for 2009 is difficult. A steep decline in listed
market valuations has been reflected in the fair value of our
investments. We plan to keep enough reserves in our funds to support
our companies' growth and financing in this market situation.
Long-term cooperation with Nordic banks is particularly important to
us.
In the real estate sector, instability in debt markets hasappreciably depressed the volume of real estate transactions. Tighter
bank credit will continue to affect both competition and the
valuation levels in the real estate sector, and we expect to see
increased use of equity for the financing of real estate
transactions. Demand for prime real estate is still at a good level
and the changed market situation could well open up good investment
opportunities. The challenging market has boosted demand for real
estate consulting. On the leasing market, the occupancy rate and
demand for office and retail premises remain at a good level. Vacancy
rates for office premises, however, are expected to rise in the
Helsinki metropolitan area.
All CapMan's investment teams are in a good position and have
adequate resources to implement their investment strategies in the
Nordic countries and Russia. The funds investing in portfolio
companies have some MEUR 836 for making new and follow-on
investments, while the real estate funds have approx. MEUR 347
investment capacity for identifying new investment targets and
developing the existing portfolio.
Future outlook
CapMan's strategy is to exploit growth opportunities within the
alternative asset class. Having expanded our operations into Russia
and into investments in public markets last year, we will now focus
on fully exploiting the potential of our existing business portfolio.
In line with the long-term strategy process we are also investigating
the optimal product portfolio for the needs of our fund investors in
the future. The analysis includes the position of life science as an
independent team in particular. Fundraising for CapMan Hotels RE,
CapMan Public Market and CapMan Buyout IX funds still continues.
CapMan will invest in its future funds 1-5% of their original capital
depending on the fund's demand and CapMan's own investment capacity.
We are exploring possibilities for incorporating CapMan's own fund
investments and we are still looking into the possibility for having
third party investors in the possible new vehicle to be formed.
CapMan has strengthened its financial position in early 2009 by
increasing the size of the hybrid bond.
Management fees and income from real estate consulting will cover
CapMan's fixed expenses in 2009. Income from carried interest will
depend on developments in the exit market. Despite the slowdown in
the exit market, the funds still have portfolio companies ready to
enter the exit process. We expect the CapMan Equity VII A, B and
Sweden funds as well as the Finnmezzanine III A and B funds to
transfer to carry during 2009-2010. The fair value of CapMan Plc's
fund investments has developed negatively in early 2009, and this
development may continue during the year. The Group's overall result
for 2009 will mainly depend on whether new exits are made by funds
already generating carried interest, and on how the value of
investments develops in those funds in which CapMan is a substantial
investor.
CapMan Plc's Interim Report for January-June 2009 will be published
on Friday 7 August 2009.
Helsinki, Finland, 12 May 2009
CAPMAN PLC
Board of Directors
Press conference:
A press conference for analysts and the media will be held today at
12.00 noon in CapMan's offices at Korkeavuorenkatu 32, Helsinki,
Finland. CapMan's CEO Heikki Westerlund will present the result for
the first three months of the year and review the market situation. A
light lunch will be served at the event.
Presentation material for the press conference will be published in
Finnish and English on CapMan Plc Group's Internet website once the
conference has started.
Further information:
Heikki Westerlund, CEO, tel. +358 207 207 504 or +358 50 559 6580
Kaisa Arovaara, CFO, tel. +358 207 207 583 or +358 50 370 3715
Distribution:
Helsinki Stock Exchange
Principal media
www.capman.com
Appendices (after the tables section):
Appendix 1: CapMan Plc Group's funds under management on 31 March
2009, MEUR
Appendix 2: Operations of CapMan's funds under management, 1 January
- 31 March 2009
Appendix 3: Capital and mandates under management of associated
company Access Capital Partners on 31 March 2009
Accounting principles
The Interim Report has been prepared in accordance with International
Financial Reporting Standards (IFRS). As of 1 January 2009, the Group
has applied the following new and revised standards: IFRS 8 Operating
Segments and IAS 1 Presentation of Financial Statements. In other
regards the accounting principles applied in the Interim Report are
the same as in the financial statements for 2008. The Interim Report
has not been audited.
GROUP STATEMENT OF COMPREHENSIVE INCOME (IFRS)
EUR ('000) 1-3/09 1-3/08 1-12/08
Turnover 8 307 7 181 37 126
Other operating income 0 0 108
Personnel expenses -5 101 -3 790 -16 867
Depreciation and amortisation -247 -121 -635
Other operating expenses -3 066 -2 774 -12 321
Fair value gains / losses of investments -4 546 -119 -13 709
Operating profit / loss -4 653 377 -6 298
Financial income and expenses -526 252 -1 994
Share of associated companies' result 568 76 -2 378
Profit / loss before taxes -4 611 705 -10 670
Income taxes 889 -239 2 612
Profit / loss for the period -3 722 466 -8 058
Other comprehensive income:
Translation differences -88 33 -359
Total comprehensive income / loss -3 810 499 -8 417
Profit / loss attributable to:
Equity holders of the company -3 793 462 -8 209
Minority interest 71 4 151
Total comprehensive income / loss attributable
to:
Equity holders of the company -3 881 495 -8 568
Minority interest 71 4 151
Earnings per share for profit / loss
attributable
to the equity holders of the Company:
Earnings per share, cents -5.5 0.6 -10.2
Diluted, cents -5.5 0.6 -10.2
Accrued interest payable on the hybrid bond has been taken into
consideration when calculating earnings per share.
GROUP BALANCE SHEET (IFRS)
EUR ('000) 31.3.09 31.3.08 31.12.08
ASSETS
Non-current assets
Tangible assets 1 065 809 1 064
Goodwill 10 985 5 305 11 762
Other intangible assets 3 205 1 098 3 229
Investments in associated companies 3 435 3 515 1 575
Investments at fair value through profit and
loss
Investments in funds 50 996 53 496 53 147
Other financial assets 828 825 828
Receivables 24 567 20 296 24 451
Deferred income tax assets 4 568 3 547 3 707
99 649 88 891 99 763
Current assets
Trade and other receivables 10 199 13 487 12 965
Other financial assets at fair value
through profit and loss 936 7 275 942
Cash and bank 33 668 12 100 24 330
44 803 32 862 38 237
Total assets 144 452 121 753 138 000
EQUITY AND LIABILITIES
Capital attributable the Company's
equity holders
Share capital 772 772 772
Share premium account 38 968 38 968 38 968
Other reserves 33 829 2 961 25 829
Translation difference -750 166 -226
Retained earnings -198 12 343 3 585
72 621 55 210 68 928
Minority interest 173 74 221
Total equity 72 794 55 284 69 149
Non-current liabilities
Deferred income tax liabilities 334 3 702 284
Interest-bearing loans and borrowings 43 125 19 000 43 125
Other liabilities 6 096 802 6 600
49 555 23 504 50 009
Current liabilities
Trade and other payables 19 053 42 965 15 751
Interest-bearing loans and borrowings 2 875 0 2 875
Current income tax liabilities 175 0 216
22 103 42 965 18 842
Total liabilities 71 658 66 469 68 851
Total equity and liabilities 144 452 121 753 138 000
GROUP STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of
the Company
Share Share Other Trans- Re- Total Min- Total
capital premium reser- lation tained ority equity
account ves differ- ear- inte-
EUR ('000) ences nings rest
Equity on
31 Dec 2007 772 38 968 2 961 133 24 676 67 510 34 67 544
Dividends
paid -12 795 -12 795 -12 795
Other changes 36 36
Comprehensive
profit / loss 33 462 495 4 499
Equity on
31 Mar 2008 772 38 968 2 961 166 12 343 55 210 74 55 284
Equity on
31 Dec 2008 772 38 968 25 829 -226 3 585 68 928 221 69 149
Options 10 10 10
Hybrid bond 8 000 8 000 8 000
Other changes -436 -436 -119 -555
Comprehensive
profit / loss -88 -3 793 -3 881 71 -3 810
Equity on
31 Mar 2008 772 38 968 33 829 -750 -198 72 621 173 72 794
CASH FLOW STATEMENT
EUR ('000) 1-3/09 1-3/08 1-12/08
Cash flow from operations
Profit / loss for the financial year -3 722 466 -8 058
Adjustments 3 302 252 16 526
Cash flow before change in working capital -420 718 8 468
Change in working capital 5 918 1 523 -4 564
Financing items and taxes -1 168 -571 -10 327
Cash flow from operations 4 330 1 670 -6 423
Cash flow from investments -2 992 -6 550 -20 387
Cash flow before financing 1 338 -4 880 -26 810
Dividends paid 0 -5 794 -18 589
Other net cash flow 8 000 3 033 49 988
Financial cash flow 8 000 -2 761 31 399
Change in cash funds 9 338 -7 641 4 589
Cash funds at start of the period 24 330 19 741 19 741
Cash funds at end of the period 33 668 12 100 24 330
As of 1 January 2009, loans granted to Maneq funds have been
reallocated from financial cash flow to cash flow from investments in
the cash flow statement.
SEGMENT INFORMATION
The Group reports two segments:
Management Company Business and Fund Investment
Business
EUR ('000) 1-3/09 1-3/08 1-12/08
Turnover
Management company business
CapMan Private Equity 5 920 5 545 29 273
CapMan Real Estate 2 190 1 632 7 517
Total 8 110 7 177 36 790
Fund investments 197 4 336
Total turnover 8 307 7 181 37 126
Operating profit / loss
Management company business
CapMan Private Equity -66 761 7 607
CapMan Real Estate -177 -207 -284
Total -243 554 7 323
Fund investments -4 410 -177 -13 621
Total operating profit / loss -4 653 377 -6 298
Profit / loss for the period
Management company business
CapMan Private Equity 135 599 6 766
CapMan Real Estate -177 -207 -284
Total -42 392 6 482
Fund investments -3 680 74 -14 540
Profit / loss for the period -3 722 466 -8 058
Non-current assets
Management company business
CapMan Private Equity 16 254 7 334 16 763
CapMan Real Estate 2 228 2 008 2 299
Total 18 482 9 342 19 062
Fund investments 81 167 79 549 80 701
Non-current assets total 99 649 88 891 99 763
Income taxes
The Group's tax expenses comprise taxes on taxable income for the
period and deferred taxes. Deferred taxes are calculated on the basis
of all temporary differences between book value and fiscal value.
Dividends
No dividend was paid for the 2008 financial year. (2007: EUR 0.16 per
share representing a total of MEUR 12.8.)
Non-current assets
EUR ('000) 31.3.09 31.3.08 31.12.08
Investments in funds at fair value through
profit and loss at Jan 1 53 147 44 230 44 230
Additions 2 525 10 826 26 326
Disposals -130 -1 441 -3 700
Fair value gains/losses on investments -4 546 -119 -13 709
Investments in funds at fair value through
profit and loss at end of the period 50 996 53 496 53 147
Investments in funds at fair value through
profit and loss at the end of period
Buyout 26 738 29 110 29 301
Technology 4 959 5 436 5 843
Life Science 2 553 2 361 2 053
Russia 2 366 1 919
Mezzanine 2 556 2 926 2 570
Other 339 756 340
Real Estate 5 098 5 328 5 088
Access 6 387 7 579 6 033
Total 50 996 53 496 53 147
Transactions with related parties (associated companies)
€ ('000) 31.3.09 31.3.08 31.12.08
Receivables - non-current at end of review
period 21 676 16 676 21 257
Receivables - current at end of review
period 1 476 1 641 2 196
Non-current liabilities
€ ('000) 31.3.09 31.3.08 31.12.08
Interest bearing loans at end of review
period 43 125 19 000 43 125
Seasonal nature of business
Carried interest income is accrued on an irregular schedule depending
on the timing of exits. One exit may have an appreciable impact on
CapMan Plc's result for the full financial year.
Personnel
By country 31.3.09 31.3.08 31.12.08
Finland 106 94 102
Denmark 3 5 3
Sweden 20 15 19
Norway 6 5 6
Russia 12 0 11
In total 147 119 141
By team
CapMan Private Equity 58 37 54
CapMan Real Estate 43 37 43
Investor Services 25 26 24
Internal Services 21 19 20
In total 147 119 141
Contingent liabilities
€ ('000) 31.3.09 31.3.08 31.12.08
Leasing agreements 8 382 9 784 9 087
Securities and other contingent liabilities 70 573 26 075 69 604
Remaining commitments to funds 75 265 50 863 77 234
Remaining commitments by investment area
Buyout 25 253 21 385 26 133
Technology 12 188 14 546 12 226
Life Science 5 490 6 283 5 684
Public Market 15 000 15 000
Russia 10 509 11 091
Mezzanine 2 239 3 831 2 504
Other 481 364 311
Real Estate 1 718 2 338 1 879
Access 2 387 2 116 2 406
In total 75 265 50 863 77 234
Turnover and profit quarterly
2009
MEUR 1-3/09
Turnover 8.3
Management fees 7.4
Carried interest 0.0
Income of investments
in funds 0.2
Real Estate consulting 0.6
Other income 0.1
Other operating income 0.0
Operating expenses -8.4
Fair value gains / losses of
investments -4.6
Operating profit / loss -4.7
Financial income and expenses -0.5
Share of associated companies'
result 0.6
Profit / loss before taxes -4.6
Profit / loss for the period -3.7
2008
MEUR 1-3/08 4-6/08 7-9/08 10-12/08 1-12/08
Turnover 7.2 12.3 7.7 9.9 37.1
Management fees 6.4 7.2 7.3 8.7 29.6
Carried interest 0.0 4.1 0.0 0.0 4.1
Income of investments
in funds 0.0 0.2 0.0 0.1 0.3
Real Estate consulting 0.7 0.6 0.4 0.7 2.4
Other income 0.2 0.1 0.0 0.4 0.7
Other operating income 0.0 0.0 0.0 0.1 0.1
Operating expenses -6.7 -7.9 -6.6 -8.6 -29.8
Fair value gains / losses of
investments -0.1 -1.2 -1.4 -11.0 -13.7
Operating profit 0.4 3.3 -0.4 -9.6 -6.3
Financial income and expenses 0.3 -0.1 -0.8 -1.4 -2.0
Share of associated companies'
result 0.1 -0.2 0.2 -2.5 -2.4
Profit after financial items 0.7 3.0 -1.0 -13.4 -10.7
Profit for the period 0.5 2.2 -0.8 -10.0 -8.1
APPENDIX 1: CAPMAN PLC GROUP'S FUNDS UNDER MANAGEMENT ON 31 MARCH
2009, MEUR
The tables below show the status of funds managed by CapMan at the
end of the review period. When analysing the schedule for funds to
start generating carried interest, the relationship between
distributed cash flows to investors and paid-in capital should be
compared. When a fund starts generating carried interest the capital
must be returned and an annual preferential return paid on it. The
fair value of a portfolio, including any of the fund's net cash
assets, represents the capital distributable to investors at the end
of the review period.
When assessing the cash flow a fund needs in order to start
generating carried interest, it should be noted that the capital of
some funds has not yet been called and paid in. The percentage figure
in the last column on the right shows CapMan's share of cash flows if
the fund is generating carried interest. After the previous
distribution of profits, any new capital paid in, as well as the
preferential annual return on it, must however be returned to
investors before further carried interest income is paid. Of the
funds already generating carried interest, CapMan Real Estate I fund
is still in the active investment phase and Finnventure V fund can
still make follow-on investments in its current portfolio companies.
The definitions for column headings are presented below the tables.
FUNDS INVESTING DIRECTLY IN PORTFOLIO COMPANIES
Size Paid- Fund's Net Distributed CapMan's
in current cash cash flow share
capital portfolio as- to in- of
at at sets vestors to man- cash
cost fair agement flow
value company if fund
(carried gene-
interest) rates
carried
interest
Funds
generating
carried
interest
FV II, FV
III 1) and
FM II B in
total 58.6 57.4 3.1 0.1 0.2 180.1 44.2 20-35%
FV V 169.9 164.7 49.0 23.6 1.1 237.7 5.3 20%
Fenno
Program
in total
2) 59.0 59.0 10.7 6.5 0.1 123.3 8.7 10-12%
Total 287.5 281.1 62.8 30.2 1.4 541.1 58.2
Funds
that
are
expected
to
transfer
to carry
during
2009-2010
CME VII A 156.7 135.9 87.2 105.7 0.8 92.4 20%
CME VII B 56.5 54.2 35.1 51.4 1.4 41.9 20%
CME SWE 67.0 58.1 37.3 45.2 0.6 39.8 20%
FM III A 101.4 99.8 32.9 25.4 1.7 103.1 20%
FM III B 20.2 19.8 8.4 10.3 0.5 18.6 20%
Total 401.8 367.8 200.9 238.0 5.0 295.8
Other
funds
not yet
in carry
CME VII C 23.1 16.9 10.0 5.5 0.1 7.0 20%
CMB VIII
1) 440.0 310.0 270.7 201.6 3.7 14%
CM LS IV 54.1 24.5 14.9 12.7 1.0 10%
CMT 2007
1) 142.3 41.9 32.7 27.0 1.3 10%
CMR 118.1 26.2 18.4 18.4 2.3 3%
CMPM 106.0 26.5 21.0 22.3 3.6 10%
CMB IX 203.0 1.2 0.0 0.0 0.0 10%
CMM IV 3) 240.0 134.0 151.6 143.9 -38.8 28.8 15%
Total 1,326.6 581.2 519.3 431.4 -26.3 35.8
Funds
with
no
carried
interest
potential
to CapMan
FM III C,
FV IV,
FV V ET 3)
SWE LS,
SWE Tech
1),
and FM II
A,
C, D 1)
Total 290.8 275.6 82.2 46.0 4.8 187.5
Funds
inves-
ting in
portfolio
companies
,total 2,306.7 1,505.7 865.2 745.6 -15.1 1,060.2 58.2
REAL ESTATE FUNDS
Invest- Paid- Fund's Net Distributed CapMan's
ment in current cash cash flow share
capa capital portfolio as- to in- to man- of
city at at sets vestors agement cash
cost fair company flow
value (carried if fund
interest) gene-
rates
carried
interest
Funds
generating
carried
interest
CMRE I 5)
equity
and
bonds 200.0 189.0 62.7 62.4 187.1 27.4 26%
debt
finan-
cing 300.0 246.1 86.1 86.1
Total 500.0 435.1 148.8 148.5 3.9 187.1 27.4
Other
funds
not yet
in carry
CMRE II
equity 150.0 71.3 73.8 73.6 0.5 12%
debt
finan-
cing 450.0 217.6 216.2 216.2
Total 600.0 288.9 290.0 289.8 -12.8 0.5
CMHRE
equity 332.5 295.3 298.6 275.7 10.8 12%
debt
finan-
cing 540.0 526.0 518.7 518.7
Total 872.5 821.3 817.3 794.4 5.2 10.8
Real
estate
funds
total 1,972.5 1,545.3 1,256.1 1,232.7 -3.7 198.4 27.4
All funds,
total 4,279.2 3,051.0 2,121.3 1,978.3 -18.8 1,258.6 85.6
Abbreviations used to refer to funds:
CMB = CapMan Buyout CMRE = CapMan Real Estate
CME = CapMan Equity CMT 2007 = CapMan Technology 2007
CMLS = CapMan Life Science FM = Finnmezzanine Fund
CMM = CapMan Mezzanine FV = Finnventure Fund
CMHRE = CapMan Hotels RE SWE LS = Swedestart Life Science
CMPM = CapMan Public Market Fund SWE Tech = Swedestart Tech
CMR = CapMan Russia Fund
Size/Investment capacity:
Total capital committed to the fund by investors, i.e. the original
size of the fund. For real estate funds, investment capacity also
includes the share of debt financing used by the fund.
Capital under management by Access Capital Partners is presented
separately in Appendix 3.
Paid-in capital:
Total capital paid into the fund by investors at the end of the
review period.
Fund's current portfolio at fair value:
The funds' investments in portfolio companies are valued at fair
value in accordance with the International Private Equity and Venture
Capital Valuation Guidelines (IPEVG, www.privateequityvaluation.com)
and investments in real estate assets are valued in accordance with
the value appraisements of external experts.
The fair value is the amount for which an asset could be exchanged
between knowledgeable, willing parties in an arm's length
transaction. Due to the nature of private equity investment
activities, the funds' portfolios contain investments with a fair
value that exceeds their acquisition cost as well as investments with
a fair value less than the acquisition cost.
Net cash assets:
When calculating the investors' share, the fund's net cash assets
must be taken into account in addition to the portfolio at fair
value. Net cash assets in the CapMan Mezzanine IV fund may be
negative, due to a credit facility used in the fund. Real estate
funds' shares of debt financing are presented in separate rows in the
table.
CapMan's share of cash flow if the fund generates carried interest:
When a fund has produced for investors the cumulative preferential
return specified in the fund agreements, the management company is
entitled to an agreed share of future cash flows from the fund
(carried interest). Cash flow, in this context, includes both profit
distributed by the funds and repayments of capital. After the
previous distribution of profits, any new capital called in, as well
as any annual preferential returns on it, must however be returned to
investors before the new distribution of profits can be paid.
Footnotes to the table
1) The fund is comprised of two or more legal entities (parallel
funds are presented separately only if their investment focuses or
portfolios differ significantly).
2) The Fenno Rahasto, Skandia I and Skandia II funds together
comprise the Fenno Program, which is managed jointly with Fenno
Management Oy.
3) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 96
bond issued by Leverator Plc. The fund's net cash assets include a
loan facility, with which investments are financed up to the next
bond issue. Distributed cash flow includes payments to both bond
subscribers and to the fund's partners.
4) Currency items are valued at the average exchange rates quoted on
31 March 2009.
5) CapMan Real Estate I: Distributed cash flow includes repayment of
the bonds and cash flow to the fund's partners.
APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 JANUARY
- 31 MARCH 2009
The operations of private equity funds managed by CapMan in the
review period comprised direct investments in portfolio companies
mainly in the Nordic countries and Russia (CapMan Private Equity) as
well as real estate investments mainly in Finland (CapMan Real
Estate). The investment activities of funds making direct investments
in portfolio companies include mid-sized buyout investments in the
manufacturing industry and the service and retail sectors, technology
investments in growth stage and later growth stage technology
companies, life science investments in companies specialising in
medical technology and healthcare services, investments in mid-sized
companies operating in Russia, and investments in significant
minority stakes in listed mid-cap companies.
CAPMAN PRIVATE EQUITY
Investments in portfolio companies in January-March 2009
The CapMan funds made one new investment as well as several follow-on
investments during the review period, investing a total of MEUR 39.4.
The new investment target was Nobia AB and the largest follow-on
investments were in InfoCare AS, Komas Group Oy, Proxima AB and
Metallfabriken Ljunghäll AB. In the comparable period the funds made
three new investments as well as follow-on investments amounting to
MEUR 38.2.
Exits from portfolio companies in January-March 2009
The CapMan funds made no exits during the review period but the
Birdstep Technology ASA shares, which had been received in connection
with the exit from Secgo Software in 2007, were sold. In the
comparable period the funds exited completely from one company and
partially from several others. The exits at acquisition cost during
the comparable period, including repayments of mezzanine loans,
amounted to MEUR 10.7.
Other events in January-March 2009
An investment in the Danish technology company Danfysik ACP A/S was
announced in December 2008. The closing of the transaction is still
uncertain.
Events after the review period
A new investment in Metals and Powders Holding AB was announced by
the funds in April. It is expected that the transaction will be
closed in the second quarter of the year. In addition, the funds
completely exited from XLENT AB in April.
CAPMAN REAL ESTATE
Investments in and commitments to real estate acquisitions and
projects in January-March 2009
The CapMan Real Estate funds made several follow-on investments worth
altogether MEUR 25.5 during the review period. The largest follow-on
investment was made in the Kauppakeskus Skanssi shopping mall project
in Turku. In addition, as at 31 March 2009 the funds had made
commitments to finance real estate acquisitions and projects over the
next few years to the amount of MEUR 69.0. In the comparable period
the funds made new investments in 39 hotel properties and two retail
properties as well as several follow-on investments in other targets
amounting to MEUR 902.0. Commitments to financing new projects
totalled MEUR 233.0 on 31 March 2008.
Exits from real estate investments in January-March 2009
The funds didn't make exits from real estate investments neither
during the review period nor during the comparable period.
Events after the review period
Kauppakeskus Skanssi shopping mall, which is an investment target of
CapMan RE II fund, was completed and opened in April after the review
period.
A new investment in a retail property located in Tuusula was
announced by CapMan Real Estate I fund in April.
FUNDS' INVESTMENT ACTIVITIES IN FIGURES
Funds' investments and exits at acquisition cost, MEUR
1-3/2009 1-3/2008 1-12/2008
New and follow-on investments
Funds investing in portfolio
companies 39.6 38.2 232.6
Buyout 14.4 36.5 190.3
Technology 2.1 -0.6 20.3
Life Science 0.5 2.3 5.2
Russia 1.6 - 16.8
Public Market 21.0 - -
Real estate funds 25.6 902.0 1 070.4
Total 65.2 940.2 1 303.0
Exits*
Funds investing in portfolio
companies 0.2 10.7 39.4
Buyout - 5.1 20.9
Technology 0.2 5.6 14.6
Life Science - - 3.9
Russia - - -
Public Market - - -
Real estate funds - - -
Total 0.2 10.7 39.4
* Including partial exits and repayments of mezzanine loans.
In addition, as at 31 March 2009 the real estate funds had made
commitments to finance real estate acquisitions and projects to the
amount of MEUR 69.
The funds' aggregate combined portfolio* as at 31 March 2009, MEUR
Portfolio at Portfolio Share of
acquisition at fair portfolio (fair
cost value value) %
Funds investing in portfolio
companies 865.2 745.6 37.7
Real estate funds 1,256.1 1,232.7 62.3
Total 2,121.3 1,978.3 100.0
Funds investing in portfolio
companies
Buyout 667.5 609.1 81.7
Technology 118.2 71.6 9.6
Life Science 40.1 24.2 3.2
Russia 18.4 18.4 2.5
Public Market 21.0 22.3 3.0
Total 865.2 745.6 100.0
* Aggregated entity formed of all investments of funds under
management.
Remaining investment capacity
After deduction of actual and estimated expenses, as at 31 March 2009
the funds that invest in portfolio companies had remaining investment
capacity amounting to some MEUR 836 for new and follow-on
investments. Of the remaining capital, some MEUR 464 was earmarked
for buyout investments (incl. mezzanine investments), some MEUR 150
for technology investments, some MEUR 37 for life science
investments, some MEUR 100 for CapMan Russia team's investments and
some MEUR 85 for CapMan Public Market team's investments. The real
estate funds had remaining investment capacity amounting to MEUR 347.
APPENDIX 3: CAPITAL AND MANDATES UNDER MANAGEMENT OF ASSOCIATED
COMPANY ACCESS CAPITAL PARTNERS ON 31 MARCH 2009
CapMan Plc owns a 35% holding in the European company Access Capital
Partners, which manages funds of funds. As at 31 March 2009 Access
Capital Partners had capital under management of approx. EUR 2.5
billion. Further information about the operations of Access Capital
Partners is available on the Internet:
www.access-capital-partners.com.
Fund/Mandates Size, MEUR
Access Capital Fund 1) 250.3
Access Capital Fund II Mid-market buy-out 1) 153.4
Access Capital Fund II Technology 1) 123.5
Access Capital Fund III Mid-market buy-out 1) 307.4
Access Capital Fund III Technology 1) 88.9
Access Capital Fund IV Growth buy-out 1) 425.0
Access Capital Fund IV High Growth Technology Europe 1) 35.0
Private Equity Mandates 1,162.0
Total 2,545.5
1) The fund is comprised of two or more legal entities (parallel
funds are presented separately only if their investment focuses or
portfolios differ significantly).
CapMan Plc Group's share of the carried interest from the Access
funds is: Access Capital Fund: 47.5%, Access Capital Fund II: 45%,
Access Capital Fund III: 25%, Access Capital Fund IV: 25%,
Access/Private Equity Mandates: 25%.
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