CapMan - Interim report (Q1 and Q3)

CapMan Group's Interim Report for 1 January-30 September 2015

CapMan Plc Interim Report 5 November 2015 at 8:30 a.m. EET

CapMan Group's Interim Report for 1 January-30 September 2015

Performance and main events for the review period:

  * Group turnover totalled MEUR 24.7 (January-September 2014: MEUR 23.1).
  * Operating profit was MEUR 4.2 (MEUR 2.2).
  * Profit before taxes was MEUR 2.5 (MEUR 1.1).
  * Profit after taxes was MEUR 2.0 (MEUR 0.7).
  * Earnings per share for the review period were 1.5 cents (0.0 cents).
  * Cash flow to CapMan from exits was MEUR 17.7 (MEUR 13.6).

This stock exchange release is a summary of CapMan Plc's Interim Report for 1
January-30 September 2015. 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

                                 1-9/15 1-9/14

 Turnover, MEUR                    24.7   23.1

 Operating profit, MEUR             4.2    2.2

 Profit before taxes, MEUR          2.5    1.1

 Profit for the period, MEUR        2.0    0.7

 Earnings / share, cents            1.5    0.0

 Diluted earnings / share, cents    1.5    0.0



                                 1-9/15 1-9/14

 Return on equity, % p.a.           4.2    1.4

 Return on investment,% p.a.        5.6    3.5

 Equity ratio, %                   44.3   56.7

 Net gearing, %                    49.1   17.6




Heikki Westerlund, CEO:"Our turnover increased by seven per cent compared to last year and our profit
doubled. Our operative cash flow was similarly at a good level. The negative
stock market development in the third quarter was mainly reflected in the
valuation of our associated company Norvestia and to some extent also in the
fair value development of our own fund investments. The decrease in net asset
value was moderate compared to the general development in the Nordic stock
markets.

Norvestia's Board of Directors approved the new investment strategy as a result
of the company's strategy process. Over the coming years, the company's
objective is to invest MEUR 100 in growth equity, which includes direct minority
investments, activist stakes in growth-oriented public companies and Venture and
Buyout funds. The return target of growth equity portfolio is at least 15% p.a.

The development of our service business and new investment products, e.g.
mandates tailored according to client specifications provide an additional boost
to our growth. We have also initiated a program with the objective to save
approximately one million euros in expenses by for example renewing lease
agreements for our offices.

We received carried interest income from the repayment of a high yield vendor
loan provided in conjunction with the exit from Inflight Service. Moreover, the
completion of the exit from Cederroth resulted in significant cash flow to both
fund investors and CapMan. Funds at the end of their life cycle still hold
companies with notable return potential, of which the recent exits from Swereco
by the CapMan Life Science IV fund and ÅF AB by the CapMan Public Market fund
are good examples."



CapMan maintains its outlook estimate for 2015:

We estimate our earnings per share to improve from the level achieved in 2014.

Specified basis for outlook:

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 are in exit
process. In case the exits will be completed at the end of the year, the carried
interest income can be accounted for either in 2015 or 2016, which could impact
our operating profit and the achievement of our outlook estimate for 2015.

The fair value development of our own fund investments and that of Norvestia
will have a substantial impact on our overall result in 2015. We expect
disparity in the development of individual portfolio companies and real estate
also during 2015 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, inflation development, valuation multiples of peer companies, and
exchange rates.

We estimate other fees to increase clearly alongside the management fees. Our
fees as a whole will exceed our expenses before possible non-recurring expenses
related to acquisitions or larger development projects.

Press and analyst conference today at 10.00 a.m. EET

Heikki Westerlund, CEO, will present the result for the review period to press
and analysts and review the market situation in a press conference to be held at
10.00 a.m. EET at CapMan's head office in Helsinki, address Korkeavuorenkatu
32, 00130 Helsinki. The press and analyst conference will be held in Finnish.
The presentation material is available at CapMan Group's website or can be
ordered either by phone +358 50 374 1267 or by email hanna.shkurov@capman.com
after the event has begun. There is no webcast available. To join the
conference, please register with linda.tierala@capman.com. Welcome!



Helsinki, 5 November 2015
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 is one of the European leaders in the private equity industry. For more
than 25 years, we have been developing companies and real estate and supporting
their sustainable growth. We are committed to understanding the needs of our
customers in an ever-changing market environment. Our objective is to provide
attractive returns and innovative solutions for our investors and value adding
services for professional investment partnerships, growth-oriented companies and
tenants. Our independent investment partnerships - Buyout, Real Estate, Russia
and Credit - as well as our associated company Norvestia are responsible for
investment activities and value creation. CapMan's service business offering
includes fundraising advisory services, purchasing activities and fund
management services to both internal and external customers. CapMan has 100
private equity professionals and assets under management of €2.8 billion.


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Priedai:

CapMan Plc Interim Report Q3 2015.pdf