CapMan - Financial Statement Release

CORRECTION: CapMan Group's Financial Statements Bulletin for 1 January - 31 December 2013

CapMan Plc Financial Statements Bulletin 6 February 2014 at 10:45 a.m. EET

CORRECTION: CapMan Group's Financial Statements Bulletin for 1 January - 31
December 2013

As a correction to the fifth bullet point in the stock exchange release issued
on 6 February 2014 at 8:30 a.m. EET, CapMan announces that the capital under
management as of 31 December 2012 was MEUR 3,126.7 and not MEUR 2,126.7, as was
previously stated. The corrected release follows.

Performance and main events for the financial year 2013

  * Group turnover totalled MEUR 29.8 (January - December 2012: MEUR 27.3).
  * The Group's operating profit was MEUR 3.3 (MEUR 2.6).
  * Profit before taxes was MEUR 2.0 (MEUR 3.3) and profit after taxes was MEUR
    1.5 (MEUR 2.7).
  * Earnings per share for the financial year were -1.2 cents (0.3 cents).
  * Capital under management as of 31 December 2013 totalled MEUR 3,098.2 (31
    December 2012: MEUR 3,126.7).
  * The funds managed by CapMan exited 11 portfolio companies in total during
    the financial year and as a result CapMan received a total of MEUR 19.2
    (MEUR 9.2) in cash flow from funds.
  * The Group's fees and expenses were in balance in the second half of the
    year. Fees grew by 5.5% compared to the previous year.
  * CapMan repaid its MEUR 29 hybrid bond and issued a new package of debt
    securities with 40% lower financing costs.
  * The Board of Directors of CapMan Plc will propose a dividend of EUR 0.04 per
    share.








This stock exchange release is a summary of CapMan Plc's financial statements
bulletin. The complete financial statements bulletin for the financial year
2013 is available in pdf-format as an attachment to this release, in addition to
on the company's website at http://www.capman.com/capman-group/earnings-model-
and-financials/result.

Key figures

                                1-12/13 1-12/12

Turnover, MEUR                     29.8    27.3

Operating profit, MEUR              3.3     2.6

Profit before taxes, MEUR           2.0     3.3

Profit for the period, MEUR         1.5     2.7

Earnings / share, cents            -1.2     0.3

Diluted earnings / share, cents    -1.2     0.3



                                1-12/13 1-12/12

Return on equity, % p.a.            2.0     3.2

Return on investment,% p.a.         3.5     4.3

Equity ratio, %                    58.9    61.9

Net gearing, %                     22.3    32.2




Heikki Westerlund, CEO:"We succeeded in significantly improving the profitability of our Management
Company business. In addition to balancing our fees and expenses, we also
accomplished a good financing position and flexibility in our capital structure.
The lower financing costs as a result of the repayment of the 2008 hybrid bond
will be reflected in our earnings per share starting from 2014.

The general market outlook was more positive in the Nordic countries as well as
in Europe at large. However, the economic slowdown in some of our home markets,
namely Finland and Russia, had a negative impact especially on the fair value
changes of our own fund investments in the second half of 2013. Different
sectors also continued their diverging development. The weakest development was
seen in companies linked to industrial production, where the ongoing structural
changes have had the most impact. Many of these investments were made before the
onset of the financial crisis and therefore the completion of the value creation
work in these companies is taking longer than expected.

We were active in the exit market during 2013, although the exits we aimed to
complete by the end of last year have been postponed to this year. Further
realised exits would result in excellent positive cash flow through
distributions from our own fund investments."



Estimate for 2014:

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

Outlook for 2014:

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, 6 February 2014
CAPMAN PLC
Board of Directors



Distribution:
NASDAQ OMX Helsinki
Principal media
www.capman.com



Further information:
Heikki Westerlund, CEO, tel. +358 207 207 504 or +358 50 559 6580
Niko Haavisto, CFO, tel. +358 207 207 583 or +358 50 465 4125
Jerome Bouix, Head of Business Development and Investor Relations, tel.
+358 20 720 7558 or +358 40 820 8541



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.


[HUG#1759740]

Attachments:

CapMan_Plc_2013_Financial_Statements_Bulletin_06022014.pdf