2009-10-30 07:45:00 CET
2009-10-30 07:53:22 CET
REGULATED INFORMATION
CapMan - Interim report (Q1 and Q3)
CapMan Plc Group's Interim Report 1 January - 30 September 2009
CapMan Plc Stock Exchange Release 30 October 2009 at 8.45 a.m.
CapMan Plc Group's Interim Report 1 January - 30 September 2009
Performance and main events during the review period:
- Group turnover totalled MEUR 26.3 (January-September 2008: MEUR
27.0).
- Group's operating profit for the third quarter was MEUR 2.0 (MEUR
-0.4).
- The Group posted an operating loss of MEUR -2.2 (MEUR 3.3) in
January-September, as a result of changes in the fair value of fund
investments.
- The Management Company business recorded an operating profit of
MEUR 2.2 (MEUR 5.9) and the Fund Investment business recorded an
operating loss of MEUR -4.4 (MEUR -2.7).
- Profit/loss before taxes was MEUR -3.4 (MEUR 2.7) and profit/loss
after taxes was MEUR -3.0 (MEUR 1.9).
- Profit/loss attributable to the owners of the parent company was
MEUR -3.2 (MEUR 1.8). Earnings per share were -6.6 cents (2.2 cents).
- Liquid assets as of 30 September 2009 totalled MEUR 30.7 (MEUR
7.7).
- Capital under management increased to MEUR 3,504.1 (MEUR 3,407.5 as
of 31 December 2008 and MEUR 3,174.9 as of 30 September 2008).
- CapMan incorporated its Fund Investment business in a new company,
to which it transferred part of its fund investments and investment
commitments on 30 June 2009.
- CapMan's own investment commitments were reduced by a total of MEUR
21.6 following CapMan's sale of investment commitments totalling MEUR
13.6 to the Belgian-based private equity firm Gimv and a reduction of
MEUR 8.0 in the investment commitment in the CapMan Public Market
fund.
CEO Heikki Westerlund comments on the events of the review period and
on future prospects:"Our operating result has returned to a satisfactory level, following
the sharp fall in fair values that took place around the end of last
year. This positive development gives us a promising foundation for
the future. Although activity on the M&A and real estate markets
continues to be low, there are clear signs of opportunities for
making exits from investments that have developed well. Overall, the
development of our result is tied to the general economic situation.
With an investment capacity of more than EUR 1 billion, we are
well-placed to make new investments. The number of potential
investment opportunities is particularly good in respect of Russia
and our Public Market fund.
The portfolios of our funds have developed as expected over recent
months. In developing our portfolio companies, our aim is to make
maximum use of our extensive investment capacity and the
consolidation opportunities that exist in the sectors in which these
companies operate.
We have strengthened our financial position significantly through the
sale of our investment commitments and fund investments at fair value
to the Belgian private equity firm, Gimv, and a Finnish institution.
Together with the hybrid loan that we secured earlier, we now have a
clearly stronger financial position."
Business operations
CapMan is an alternative asset manager, which also makes investments
in its own funds. The guiding principle for the 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: the Management Company business
and Fund Investments. The Management Company business is subdivided
into two business areas: CapMan Private Equity, which manages funds
that invest in portfolio companies, and CapMan Real Estate, which
manages funds that invest in real estate and provides real estate
consulting. Income from the Management Company business is derivedfrom management fees paid by funds, carried interest received from
funds, and income generated by real estate consulting.
The Fund Investment business comprises fund investments made from
CapMan Plc's balance sheet and investments in Maneq funds. Income
from the Fund Investment business is derived from realised returns on
fund investments and changes in the fair value of investments.
There may be considerable quarterly fluctuation in carried interest
and the fair value of fund investments. As a result, the Group's
financial performance should be analysed over a longer time span than
the quarterly cycle.
Incorporation of Fund Investment business and sale of investments and
commitments
CapMan established a new company, CapMan Fund Investments SICAV SIF,
during the review period, which operates as a feeder fund for funds
managed by the Group. Part of CapMan's own investment commitments and
fund investments were transferred to the feeder fund on 30 June 2009,
and CapMan aims at transferring its remaining investments and
commitments by the end of the first quarter of 2010. These transfers
will affect the parent company's distributable assets, and the size
of this impact will depend on the fair value of the investments on
the date of transfer. The impact of transfers made as of the end of
June was MEUR -1.8.
CapMan announced on 7 August 2009 that it would sell investment
commitments totalling MEUR 13.6 and fund investments totalling MEUR
3.4 to Belgian-based private equity firm Gimv. The transactions were
completed on 9 September 2009. The commitments and investments sold
to Gimv targeted the CapMan Technology 2007, CapMan Russia, and
CapMan Public Market funds. The direct impact of the transaction on
the Group's cash flow in 2009 is approx. MEUR 3.4. It will not have
an impact on the Group's result for 2009, as the transactions were
executed at fair value. As a result, Gimv has become the second
investor in the feeder fund. Fund investments and commitments made by
Gimv will not be consolidated in CapMan Plc Group's figures. The
feeder fund could acquire other new investors in the future.
Incorporation of the Fund Investment business will clarify the
distinction between the Group's Management Company business and its
Fund Investments. The sale of investment commitments will reduce
CapMan Plc's capital calls in the future and strengthen the Group's
financial position.
CapMan's intention to incorporate its own fund investments and to
have third party investors in the possible new vehicle to be formed
was announced for the first time in the Interim Report published on
30 October 2008.
Group turnover and result in January-September 2009
The Group's turnover in January-September 2009, at MEUR 26.3, was
lower than during January-September 2008 (MEUR 27.0). Fair value
changes related to fund investments totalled MEUR -4.2 (MEUR -2.5)
and operating expenses amounted to MEUR 24.4 (MEUR 21.2). On a
quarterly level, operating expenses decreased during the review
period. Expenses have increased on the comparable period,
particularly as a result of the establishment of new investment areas
CapMan Russia and CapMan Public Market and the impact of CapMan
Hotels RE fund's expenses, which have been booked in full since March
2008.
The Group's operating profit/loss totalled MEUR -2.2 (MEUR 3.3). A
goodwill write-down of MEUR 0.7 related to the life science
operations acquired in 2002 was made during the review period.
Financial income and expenses amounted to MEUR -0.4 (MEUR -0.6) and
CapMan's share of the associated companies' result was MEUR -0.9
(MEUR 0.1). Profit/loss before taxes was MEUR -3.4 (MEUR 2.7) and
profit/loss after taxes was MEUR -3.0 (MEUR 1.9).
Profit/loss attributable to the owners of the parent company was MEUR
-3.2 (MEUR 1.8). Earnings per share were -6.6 cents (2.2 cents).
The quarterly breakdown of turnover and profit, together with
turnover, operating profit/loss, and profit/loss by segment for the
review period, are presented in the tables section of the Interim
Report.
Management Company business
Turnover generated by the Management Company business in
January-September 2009 totalled MEUR 26.3 (MEUR 27.0). Management
fees rose substantially from the comparable period and amounted to
MEUR 24.6 in January-September 2009 (MEUR 20.9). This increase was
attributable to the establishment of the CapMan Hotels RE, CapMan
Public Market, CapMan Russia, and CapMan Buyout IX funds in 2008.
Income from real estate consulting fell from the comparable period
and totalled MEUR 1.3 (MEUR 1.7). The aggregate total of management
fees and income from real estate consulting was MEUR 25.9 (MEUR
22.6).
No substantial exits were made from funds in carry during the review
period and no carried interest income was generated. Carried interest
income totalling MEUR 4.1 was generated as a result of the StaffPoint
exit during the comparable period.
The Management Company business recorded an operating profit of MEUR
2.2 (MEUR 5.9) and a profit for the period of MEUR 3.4 (MEUR 5.8).
The status of funds managed by CapMan is presented in more detail in
Appendix 1.
Fund Investment business
Fair value changes related to fund investments were MEUR -4.2 (MEUR
-2.5), of which approximately MEUR 1.0 million (MEUR 0.0) was
attributable to realised losses related to the sale of CapMan's own
fund investments. The fair value changes of fund investments
represent a 7.3% reduction in value during the review period. The
change in the fair value of fund investments during the third quarter
was MEUR 0.4, equivalent to a 0.9% increase in value. The negative
development in fair value has mainly been attributable to a weakening
in the result prospects of certain portfolio companies in 2009. As a
whole, the results of portfolio companies in 2009 are expected to be
below those recorded in 2008, although fund portfolios also include
companies that are developing strongly. The aggregate fair value of
fund investments as of 30 September 2009 was MEUR 53.9 (MEUR 59.8 as
of 30 September 2008).
Operating profit/loss for the Fund Investment business was MEUR -4.4(MEUR -2.7), and the profit/loss for the period was MEUR -6.3 (MEUR
-3.9).
CapMan made new investments in its own funds totalling MEUR 9.2 (MEUR
21.4) during the review period. Investments were made in funds
including CapMan Buyout VIII, CapMan Buyout IX, CapMan Russia, and
CapMan Public Market. CapMan did not give any new investment
commitments to its funds during the review period.
The amount of remaining commitments was significantly lower compared
to the same period last year and totalled MEUR 47.6 (MEUR 69.0) as of
30 September 2009. The aggregate fair value of existing investments
and remaining commitments as of 30 September 2009 was MEUR 101.6
(MEUR 128.8). 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), while real estate assets are valued in
accordance with the value appraisals of external experts, as detailed
in Appendix 1. Fair value changes have no impact on the 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.
Balance sheet and financial position as of 30 September 2009
CapMan's balance sheet total increased to MEUR 142.9 during the
review period (MEUR 129.4 as of 30 September 2008). Non-current
assets were lower and amounted to MEUR 101.6 (MEUR 112.6 as of 30
September 2008). Goodwill was MEUR 10.2 as of 30 September 2009. The
carrying amount of goodwill was adjusted during the review period by
MEUR 0.7 following the reduction of the final purchase price for the
Norum acquisition, and by MEUR 0.7 as a result of the write-down on
life science operations. Fund investments booked at fair value fell
to MEUR 53.9 (MEUR 59.8). Long-term receivables amounted to MEUR 24.0
(MEUR 30.0), of which MEUR 22.0 (MEUR 25.2) were loan receivables
from Maneq funds. In addition to CapMan Plc, CapMan personnel are
investors in Maneq funds.
The expected returns from CapMan's Maneq investments are broadly in
line with the return expectations for CapMan's other investments in
its own funds. Maneq funds pay market rate interest on loans they
receive from CapMan Plc.
Current assets amounted to MEUR 41.3 (MEUR 16.8). Liquid assets (cash
in hand and at banks, plus other financial assets at fair value
through profit and loss) amounted to MEUR 30.7 (MEUR 7.7). Liquid
assets mainly include the remaining proceeds of the hybrid bond used
to finance CapMan's investments in its own funds. The size of the
hybrid bond rose to MEUR 29 (MEUR 20 as of 31 December 2008), and can
be increased to a maximum of MEUR 30.
The hybrid bond is included in 'Other reserves' under equity in the
balance sheet. The interest on the bond is payable semi-annually and
was deducted from equity at the end of June. Following repayments,
CapMan Plc had a bank financing package of MEUR 56.9 (MEUR 60)
available as of 30 September 2009, of which MEUR 46.9 (MEUR 44.0) was
in use. There were no significant changes in the amount of
interest-bearing liabilities during the review period.
Trade and other payables totalled MEUR 17.7 (MEUR 17.9). The Group's
interest-bearing net debts amounted to MEUR 16.2 (MEUR 36.3).
The Group's cash flow before financing was MEUR -6.2 (MEUR -23.0).
Income from management fees received from funds is paid
semi-annually, in January and July, and is shown under working
capital in the cash flow statement. Cash flow from investments is
primarily related to fund investments.
Key figures
CapMan's equity ratio as of 30 September 2009 was 55.3% (47.7% as of
30 September 2008). Return on equity was -4.1% (3.1%) and return on
investment was -1.5% (5.0%). The target level for the company's
equity ratio is at least 50% and for return on equity at least 25%.
30.9.09 30.9.08 31.12.08
Earnings per share, cents -6.6 2.2 -10.2
Diluted, cents -6.6 2.2 -10.2
Shareholders' equity per share,
cents* 91.3 73.4 86.1
Share issue adjusted number of
shares 82,257,824 80,081,859 80,432,600
Number of shares at end of period 83,674,965 80,990,171 81,458,424
Number of shares outstanding 83,648,666 80,890,268 81,322,921
Own shares held by the Company at
end of period 26,299 99,903 135,503
Return on equity, % -4.1 3.1 -11.8
Return on investment, % -1.5 5.0 -6.3
Equity ratio, % 55.3 47.7 50.3
Net gearing, % 21.4 61.8 30.3
* In line with IFRS standards, the hybrid bond has been included in
equity, also when calculating equity per share.
Fundraising and capital under management as of 30 September 2009
Capital under management refers to the remaining investment capacity
of funds and capital already invested at acquisition cost. CapMan's
target is to increase its capital under management by an average of
15% a year.
Fundraising for the CapMan Buyout IX, CapMan Hotels RE, CapMan Public
Market, and CapMan Russia funds took place during the review period.
New capital totalling MEUR 42 was raised for the CapMan Buyout IX
fund, increasing the size of the fund to MEUR 263. Fundraising is
continuing.
CapMan Hotels RE and CapMan Public Market funds held final closings
in July. The investment capacity of the CapMan Hotels RE fund
totalled MEUR 872.5, of which MEUR 332.5 comprises equity while the
balance is senior debt. The CapMan Hotels RE fund invests in existing
hotel properties and new hotel projects, primarily in Finland and
Sweden. CapMan Hotels RE Oy, which is 80%-owned by CapMan Plc, acts
as the fund's management company, and has committed MEUR 5 in the
fund. CapMan Plc's share of the fund's cash flows if the fund is in
carry will be 12% and the investment team responsible for the fund
will receive 8%.
CapMan Public Market fund, which invests in listed Nordic companies,
held its final close at MEUR 138.0. CapMan Plc's investment
commitment in the fund fell from MEUR 15 to MEUR 7 during the review
period, as new capital totalling MEUR 40 million was raised during
the final round of fundraising, of which MEUR 8 was used to reduce
CapMan's investment commitment. CapMan Plc's share of the fund's cash
flows if the fund is in carry will be 10% and the investment team
responsible for the fund will receive 10%.
The final close of the CapMan Russia fund, which invests primarily in
medium-sized companies in Russia, was held at MEUR 118.1 in April.
Following this, 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. This
relatively lower carried interest share results from the fact that
part of the fund had already been raised before its transfer to
CapMan's management.
Capital under management totalled MEUR 3,504.1 as of 30 September
2009 (MEUR 3,174.9 as of 30 September 2008). Of this, MEUR 1,845.0
(MEUR 1,534.4) was in funds making investments in portfolio companies
and MEUR 1,659.1 (MEUR 1,640.5) in real estate funds.
Funds under management and their investment activities are presented
in more detail in Appendices 1 and 2.
Personnel
CapMan employed a total of 147 people as of 30 September 2009 (141 as
of 30 September 2008), of whom 106 (104) worked in Finland and the
remainder in other Nordic countries or Russia. The establishment of
the CapMan Russia and CapMan Public Market teams have both
contributed to a growth in the number of personnel. A breakdown of
personnel by country and 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 during the review
period. Share capital as of 30 September 2009 totalled EUR 771,586.98
(EUR 771,586.98 as of 30 September 2008). The number of listed CapMan
Plc B shares increased to 77,674,965 following the issue of 2,216,541
new CapMan B shares by CapMan Plc in connection with the directed
issue related to the Norum acquisition. There were no changes in the
number of unlisted CapMan Plc A shares, which totalled 6,000,000
shares as of 30 September 2009. The Company's B shares entitle
holders to one vote per share and its A shares to 10 votes per share.
Shareholders
CapMan Plc had 4,729 shareholders as of 30 September 2009 (4,475 as
of 30 September 2008). CapMan issued a flagging notice on 24
September 2009 when the holding of GIMV N.V. exceeded one-twentieth
(1/20) of the company's shares following a share transaction
concluded on 23 September 2009.
Company shares
A total of 109,204 of CapMan's own shares were used as part payment
for the additional purchase price in the Norum acquisition. As of 30
September 2009, CapMan Plc held a total of 26,299 CapMan Plc B
shares. CapMan made no purchases of its own shares during the review
period.
Stock option programmes
As of 30 September 2009, CapMan Plc had two stock option programmes
in place, Option Program 2003 and Option Program 2008, as part of the
incentive and commitment programme for key personnel. The 2003B
options are traded on the options list of NASDAQ OMX 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. A total of
40,500 of CapMan's B shares were subscribed with 2003B stock options
during the review period and they were entered in the Trade Register
after the review period on 16 October 2009.
The maximum number of stock options issued within the Option Program
2008 will be 4,270,000, which will carry an entitlement to subscribe
to a maximum of 4,270,000 new B shares. The subscription period for
2008A options will start on 1 May 2011 and for 2008B options on 1 May
2012. Receivables from shares subscribed using options are entered in
the Company's invested unrestricted shareholders' equity.
Trading and market capitalisation
The exceptional market climate and global stock market situation that
has continued during 2009 were reflected in the trading volumes and
prices of CapMan Plc shares. The company's B shares closed at EUR
1.31 on 30 September 2009 (EUR 1.85 on 30 September 2008). The
average price during the review period was EUR 1.02 (EUR 2.59). The
highest price was EUR 1.63 (EUR 3.40) and the lowest EUR 0.77 (EUR
1.75). A total of 12.9 million (8.2 million) CapMan Plc B shares were
traded during the review period, valued at a total of MEUR 14.1 (MEUR
21.2).
The market capitalisation of CapMan Plc B shares as of 30 September
2009 was MEUR 101.8 (MEUR 138.7). The market capitalisation of all
shares, with A shares valued at the closing price of B shares for the
review period, was MEUR 109.6 (MEUR 149.8).
Changes in Group management
CapMan Plc announced changes in the Company's management and
Management Group on 3 September 2009. Senior Partner and Head of
Investor Services, Jerome Bouix, was appointed Deputy CEO of CapMan
Plc, principally responsible for investments made from CapMan's
balance sheet in the funds managed by the Group, fundraising for
funds managed by the Group, business development, and the Group's
finances and administration. Partner Göran Barsby and Senior Partner
Hans Christian Dall Nygård were appointed new members of the
Management Group. All the above changes became effective as of 1
October 2009.
The Head of CapMan Life Science, Senior Partner Jan Lundahl, B.Sc.
(Econ.) resigned from the CapMan Plc Group on 3 April 2009 and left
the 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.
Board authorisations
By decision of the Annual General Meeting, CapMan Plc's Board of
Directors is authorised to purchase the Company's own shares and to
accept them as a pledge, to decide on a share issue and to issue
stock options and other entitlements to shares. The authorisations
are in force until 30 June 2010, and the terms and conditions
attached to them were specified in more detail in the Stock Exchange
release issued on 7 April 2009.
Norum acquisition
The purchase price of the Norum acquisition that was announced in May
2008 and in which CapMan acquired a 51% stake in Norum decreased to
MEUR 7.3. The Board of Directors of CapMan Plc decided that the
additional purchase price of MEUR 0.3 would be paid to the sellers in
cash and in CapMan Plc shares owned by the Company. Furthermore
CapMan Plc acquired the remaining 49% Norum shares in April. 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 Norum acquisition was specified in more detail in the Stock
Exchange releases issued on 26 May 2008, 27 August 2008, 7 April 2009
and 20 April 2009 and available on CapMan's website at
www.capman.com/En/Media/Releases/.
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 level of
uncertainty involved in 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 the fair value of
investments has further weakened exit opportunities to a significant
extent. This may result in the postponement of exits and delays in
carried interest income as a result. The economic climate may impact
tenants' operations in the real estate market, affecting the vacancy
rate and rental income of investment properties. CapMan believes that
fundraising will continue to be challenging, which might affect the
end-result of ongoing fundraising activities and management fees over
the next few years.
Business environment
The prospects for growth in the demand for alternative assets will
remain good over the long term. The downturn in economy and the steep
decline in the market valuations of other asset classes, however, are
clearly slowing 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, the 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 have gained an established share of
institutional investors' investment allocations.
The EU legislative initiative on regulation for alternative asset
managers and funds, when passed, will stipulate an operating license
for participants, as well as other significant requirements,
including fund investor and authority reporting. The new regulation
will place a burden on smaller players in particular and may also
impact the number of players in the field. Thanks to its organisation
and operating model, CapMan is in a good position to meet the new
regulation.
The CapMan funds investing in portfolio companies will continue to
implement their investment strategies. The crisis in the debt market
has also been reflected in CapMan's operating area. We believe that
bank financing for buyouts, mergers & acquisitions, and real estate
investments will gradually recover. We have not yet 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 CapMan's
Public Market and Russia funds. The exit market has come to a
standstill, but there are signs that it is beginning to start up
again as we move towards 2010.
The slowdown in the growth of the underlying economy has been
reflected in our portfolio companies, in those sectors linked to
industrial manufacturing and the automotive industry, for example.
The result prospects for portfolio companies have weakened since the
spring, but this negative fair value development was offset by a
favourable development in the multiples of listed peers in most
cases. We plan to keep enough reserves in our funds to support our
companies' growth and financing. Long-term cooperation with the
Nordic banks is particularly important for us, and has worked well.
In the real estate sector, the debt market crisis has depressed the
volume of real estate transactions. The number of foreign players, in
particular, has fallen significantly. Weakening property demand and
rising yield expectations have lowered property valuation levels. We
anticipate transaction volumes to remain low, but expect deals to
pick up as we move towards 2010. The use of equity for financing real
estate transactions has increased. Demand for prime real estate
remains good. Occupancy rates and demand for office and retail
premises are at a satisfactory level. The vacancy rates for office
premises are expected to rise in Greater Helsinki, however, which
will result in a downward pressure on rent levels. The demand for
real estate consulting has remained stable.
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. CapMan's funds investing in portfolio
companies have some MEUR 900 available for making new and follow-on
investments, while real estate funds have approx. MEUR 320 of
investment capacity, mainly for developing the existing portfolio.
Future outlook
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, CapMan's 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 2010-2011. The fair value of CapMan's fund
investments developed negatively during the first half, and progress
during the second half will depend on the general market situation
and the development of portfolio companies.
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 will develop in those funds in which
CapMan is a substantial investor. Without significant positive fair
value changes and carried interest income, the result for the full
year will be loss-making.
CapMan Plc will publish its Financial Statements for 2009 on Friday 5
February 2010.
Helsinki, 30 October 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, at which CapMan's CEO Heikki Westerlund will present the
interim results and review the market situation. A light lunch will
be served. The press conference will continue in the form of a
Capital Markets event between 12.45 and 14.00.
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. The material for the Capital Markets event
will only be available in English.
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 as of 30
September 2009, MEUR
Appendix 2: Operations of CapMan's funds under management, 1 January
- 30 September 2009
Appendix 3: Capital and mandates under management of associated
company, Access Capital Partners, as of 30 September 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) 1-9/09 1-9/08 1-12/08
Turnover 26,349 26,982 36,790
Other operating income 57 5 108
Personnel expenses -14,027 -12,052 -16,867
Depreciation and amortisation -753 -396 -635
Impairment of goodwill -700 0 0
Other operating expenses -8,966 -8,792 -12,321
Fair value gains / losses of
investments -4,190 -2,476 -13,373
Operating profit / loss -2,230 3,271 -6,298
Financial income and expenses -361 -612 -1,994
Share of associated companies'
result -847 46 -2,378
Profit / loss before taxes -3,438 2,705 -10,670
Income taxes 478 -774 2,612
Profit / loss for the period -2,960 1,931 -8,058
Other comprehensive income:
Translation differences 102 -161 -359
Total comprehensive income /
loss -2,858 1,770 -8,417
Profit / loss attributable to:
Equity holders of the company -3,163 1,792 -8,209
Minority interest 203 139 151
Total comprehensive income /
loss attributable to:
Equity holders of the company -3,061 1,631 -8,568
Minority interest 203 139 151
Earnings per share for profit /
loss attributable
to the equity holders of the
Company:
Earnings per share, cents -6.6 2.2 -10.2
Diluted, cents -6.6 2.2 -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) 30.9.09 30.9.08 31.12.08
ASSETS
Non-current assets
Tangible assets 959 1,114 1,064
Goodwill 10,245 11,897 11,762
Other intangible assets 3,016 3,063 3,229
Investments in associated companies 4,310 3,483 1,575
Investments at fair value through profit
and loss
Investments in funds 53,945 59,781 53,147
Other financial assets 737 981 828
Receivables 23,985 28,984 24,451
Deferred income tax assets 4,375 3,261 3,707
101,572 112,564 99,763
Current assets
Trade and other receivables 10,620 9,158 12,965
Other financial assets at fair value
through profit and loss 2,454 1,707 942
Cash and bank 28,221 5,971 24,330
41,295 16,836 38,237
Total assets 142,867 129,400 138,000
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 36,673 5,224 25,829
Translation difference -560 -28 -226
Retained earnings -565 13,673 3,585
75,288 58,609 68,928
Minority interest 268 208 221
Total equity 75,556 58,817 69,149
Non-current liabilities
Deferred income tax liabilities 374 2,959 284
Interest-bearing loans and borrowings 40,625 30,000 43,125
Other liabilities 2,369 5,678 6,600
43,368 38,637 50,009
Current liabilities
Trade and other payables 17,693 17,946 15,751
Interest-bearing loans and borrowings 6,250 14,000 2,875
Current income tax liabilities 0 0 216
23,943 31,946 18,842
Total liabilities 67,311 70,583 68,851
Total equity and liabilities 142,867 129,400 138,000
GROUP STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of the Company
Share Share Other Trans- Retained Total Minority Total
cap- premium reserves lation earnings interest equity
ital account differ-
EUR ('000) ences
Equity on
31 Dec 2007 772 38,968 2,961 133 24,676 67,510 34 67,544
Options 59 59 59
Dividends
paid -12,795 -12,795 -12,795
Share issues 2,392 2,392 2,392
Own shares
purchased -188 -188 -188
Other changes 0 35 35
Comprehensive
profit / loss -161 1,792 1,631 139 1,770
Equity on
30 Sep 2008 772 38,968 5,224 -28 13,673 58,609 208 58,817
Equity on
31 Dec 2008 772 38,968 25,829 -226 3,585 68,928 221 69,149
Options 28 28 28
Share
subscriptions
with options 48 48 48
Dividends
paid 0 -46 -46
Share issue 1,796 1,796 1,796
Hybrid bond 9,000 9,000 9,000
Hybrid bond,
interest paid -1,015 -1,015 -1,015
Other changes -436 -436 -110 -546
Comprehensive
profit / loss 102 -3,163 -3,061 203 -2,858
Equity on
30 Sep 2009 772 38,968 36,673 -560 -565 75,288 268 75,556
CASH FLOW STATEMENT
EUR ('000) 1-9/09 1-9/08 1-12/08
Cash flow from operations
Profit / loss for the financial year -2,960 1,931 -8,058
Adjustments 5,636 4,629 16,526
Cash flow before change in working capital 2,676 6,560 8,468
Change in working capital 2,945 -199 -4,564
Financing items and taxes -2,980 -9,600 -10,327
Cash flow from operations 2,641 -3,239 -6,423
Cash flow from investments -8,792 -19,652 -20,387
Cash flow before financing -6,151 -22,891 -26,810
Dividends paid -46 -18,589 -18,589
Other net cash flow 10,088 27,710 49,988
Financial cash flow 10,042 9,121 31,399
Change in cash funds 3,891 -13,770 4,589
Cash funds at start of the period 24,330 19,741 19,741
Cash funds at end of the period 28,221 5,971 24,330
SEGMENT INFORMATION
The Group reports two segments:
Management Company business and Fund
Investments
EUR ('000) 1-9/09 1-9/08 1-12/08
Turnover
Management company business
CapMan Private Equity 20,032 21,366 29,273
CapMan Real Estate 6,317 5,616 7,517
Total turnover 26,349 26,982 36,790
Operating profit / loss
Management company business
CapMan Private Equity 2,194 6,119 7,607
CapMan Real Estate -48 -186 -284
Total 2,146 5,933 7,323
Fund investments -4,376 -2,662 -13,621
Total operating profit / loss -2,230 3,271 -6,298
Profit / loss for the period
Management company business
CapMan Private Equity 3,398 6,214 6,766
CapMan Real Estate -48 -424 -284
Total 3,350 5,790 6,482
Fund investments -6,310 -3,859 -14,540
Profit / loss for the period -2,960 1,931 -8,058
Non-current assets
Management company business
CapMan Private Equity 16,952 19,313 16,763
CapMan Real Estate 1,347 2,372 2,299
Total 18,299 21,685 19,062
Fund investments 83,273 90,879 80,701
Non-current assets total 101,572 112,564 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 MEUR12.8)
Non-current assets
EUR ('000) 30.9.09 30.9.08 31.12.08
Investments in funds at fair value through
profit and loss at 1 Jan 53,147 44,230 44,230
Additions 9,175 21,376 26,326
Distributions -377 -3,102 -3,700
Disposals -3,616 0 0
Fair value gains / losses on investments -4,384 -2,723 -13,709
Investments in funds at fair value through
profit and loss at end of period 53,945 59,781 53,147
Investments in funds at fair value through
profit and loss at end of period
Buyout 31,032 34,140 29,301
Technology 3,504 6,144 5,843
Life Science 2,576 2,711 2,053
Russia 1,144 0 1,919
Public Market 1,734 0
Mezzanine 4,032 3,222 2,570
Other 364 477 340
Real Estate 4,413 5,610 5,088
Access 5,146 7,477 6,033
Total 53,945 59,781 53,147
Transactions with related parties (associated
companies)
EUR ('000) 30.9.09 30.9.08 31.12.08
Receivables - non-current at end of period 21,260 25,551 21,257
Receivables - current at end of period 423 1,743 2,196
Non-current liabilities
EUR ('000) 30.9.09 30.9.08 31.12.08
Interest-bearing loans at end of period 40,625 30,000 43,125
Seasonal nature of business
Carried interest income is accrued on an irregular schedule depending
on the timing of exits. An exit may have an appreciable impact on
CapMan Plc's result for the full financial year.
Personnel
By country 30.9.09 30.9.08 31.12.08
Finland 106 104 102
Denmark 3 3 3
Sweden 18 18 19
Norway 7 6 6
Russia 13 10 11
In total 147 141 141
By team
CapMan Private Equity 58 52 54
CapMan Real Estate 42 43 43
Investor Services 25 26 24
Internal Services 22 20 20
In total 147 141 141
Contingent liabilities
EUR ('000) 30.9.09 30.9.08 31.12.08
Leasing agreements 8,493 9,271 9,087
Securities and other
contingent liabilities 69,814 69,372 69,604
Remaining commitments to
funds 47,616 69,010 77,234
Remaining commitments by
investment area
Buyout 22,667 13,390 26,133
Technology 5,941 13,104 12,226
Life Science 5,338 5,845 5,684
Public Market 4,160 15,000 15,000
Russia 4,101 13,500 11,091
Mezzanine 912 3,490 2,504
Other 586 587 311
Real Estate 1,634 2,109 1,879
Access 2,277 1,985 2,406
In total 47,616 69,010 77,234
Turnover and profit
quarterly
2009
MEUR 1-3/09 4-6/09 7-9/09 1-9/09
Turnover 8.1 8.7 9.5 26.3
Management fees 7.4 8.2 9.0 24.6
Carried interest 0.0 0.0 0.0 0.0
Real Estate
consulting 0.6 0.4 0.3 1.3
Other income 0.1 0.1 0.2 0.4
Other operating
income 0.0 0.1 0.0 0.1
Operating expenses -8.4 -8.1 -7.9 -24.4
Fair value gains /
losses of investments -4.3 -0.3 0.4 -4.2
Operating profit /
loss -4.7 0.5 2.0 -2.2
Financial income and
expenses -0.5 0.3 -0.2 -0.4
Share of associated
companies' result 0.6 -1.8 0.3 -0.9
Profit / loss before
taxes -4.6 -1.0 2.2 -3.4
Profit / loss for the
period -3.7 -1.3 2.0 -3.0
2008
MEUR 1-3/08 4-6/08 7-9/08 1-9/08 10-12/08 1-12/08
Turnover 7.2 12.1 7.7 27.0 9.8 36.8
Management fees 6.4 7.2 7.3 20.9 8.7 29.6
Carried interest 0.0 4.1 0.0 4.1 0.0 4.1
Real Estate
consulting 0.7 0.6 0.4 1.7 0.7 2.4
Other income 0.2 0.1 0.0 0.3 0.4 0.7
Other operating
income 0.0 0.0 0.0 0.0 0.1 0.1
Operating expenses -6.7 -7.9 -6.6 -21.2 -8.6 -29.8
Fair value gains /
losses of investments -0.1 -1.0 -1.4 -2.5 -10.9 -13.4
Operating profit 0.4 3.3 -0.4 3.3 -9.6 -6.3
Financial income and
expenses 0.3 -0.1 -0.8 -0.6 -1.4 -2.0
Share of associated
companies' result 0.1 -0.2 0.2 0.1 -2.5 -2.4
Profit after
financial items 0.7 3.0 -1.0 2.7 -13.4 -10.7
Profit for the period 0.5 2.2 -0.8 1.9 -10.0 -8.1
APPENDIX 1: CAPMAN PLC GROUP'S FUNDS UNDER MANAGEMENT AS OF 30
SEPTEMBER 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-in Fund's Net Distributed CapMan's
capital current cash cash share of
portfolio as- flow cash
at cost at fair sets to in- to man- flow,
value vestors agement if fund
company gene-
(carried rates
interest) carried
interest
Funds
generating
carried
interest
FV II, FV
III 1)
and FM II
B
in total 58.6 57.4 3.1 0.2 0.1 180.1 44.2 20-35%
FV V 169.9 165.1 41.9 24.2 1.2 237.9 5.3 20%
Fenno
Program
in total
2) 59.0 59.0 8.1 6.8 0.1 123.4 8.7 10-12%
Total 287.5 281.5 53.1 31.2 1.4 541.4 58.2
Funds
that are
expected
to
transfer
to carry
during
2010-2011
CME VII A 156.7 141.1 91.7 117.6 0.7 92.7 20%
CME VII B 56.5 54.6 36.5 56.4 0.2 41.9 20%
CME SWE 67.0 60.1 39.2 50.3 0.5 40.0 20%
FM III A 101.4 99.8 32.9 27.2 2.3 103.1 20%
FM III B 20.2 19.9 8.4 10.9 0.9 18.6 20%
Total 401.8 375.5 208.7 262.4 4.6 296.3
Other
funds
not yet
in carry
CME VII C 23.1 17.9 10.9 6.7 0.2 7.2 20%
CMB VIII
1) 440.0 327.7 285.2 235.8 2.2 14%
CM LS IV 54.1 25.4 15.7 13.4 0.4 10%
CMT 2007
1) 142.3 43.9 33.2 30.6 0.5 10%
CMR 118.1 31.3 23.7 23.7 0.5 3.4%
CMPM 138.0 25.3 21.0 48.1 0.5 10%
CMB IX 263.0 16.6 12.3 12.3 1.7 10%
CMM IV 4) 240.0 230.0 164.8 161.5 40.9 29.8 15%
Total 1,418.6 718.1 566.8 532.1 46.9 37.0
Funds with
no carried
interest
potential
to CapMan
FM III C,
FV IV,
FV V ET,
SWE LS 3),
SWE Tech
1), 3)
and FM II
A,
C, D 1)
Total 298.6 283.5 77.0 40.8 4.5 196.0
Funds
investing
in
portfolio
companies,
total 2,406.5 1,658.6 905.6 866.5 57.4 1,070.7 58.2
REAL ESTATE FUNDS
Origi- Paid in Fund's Net Distributed CapMan's
nal cap- current cash cash flow share of
invest- Ital portfolio as- to in- to man- cash
ment at at sets vest- agement flow,
capa- cost fair ors company if fund
city value (car gene-
ried rates
inte- carried
rest) inte-
rest
Funds
generating
carried
interest
CMRE I 5)
equity
and
bonds 200.0 192.5 70.7 59.5 187.1 27.4 26%
debt financing 300.0 277.6 97.6 97.6
Total 500.0 470.1 168.3 157.1 2.9 187.1 27.4
Other funds
not yet
in carry
CMRE II
equity 150.0 75.0 96.6 89.5 0.5 12%
debt financing 450.0 242.2 224.1 224.1
Total 600.0 317.2 320.7 313.6 -1.2 0.5
CMHRE
equity 332.5 295.3 306.0 227.5 10.8 12%
debt financing 540.0 526.0 519.2 519.2
Total 872.5 821.3 825.2 746.7 5.9 10.8
Real estate
funds,
total 1,972.5 1,608.6 1,314.2 1,217.4 7.6 198.4 27.4
All funds,
total 4,379.0 3,267.2 2,219.8 2,083.9 65.0 1,269.1 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 a 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 a fund by investors at the end of the review
period.
Fund's current portfolio at fair value:
Fund 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
appraisals of external experts.
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, fund 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, a fund's net cash assets must
be taken into account in addition to the portfolio at fair value. The
proportion of debt financing in real estate funds is presented in
separate rows in the table.
CapMan's share of cash flow if a 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 comprise the
Fenno Programme, which is managed jointly with Fenno Management Oy.
3) Currency items are valued at the average exchange rates quoted on
30 September 2009.
4) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 192
bond issued by Leverator Plc. Distributed cash flow includes payments
to both bond subscribers and to the fund's partners.
5) CapMan Real Estate I: Distributed cash flow includes repayment of
the bonds and cash flow to the fund's partners. Following previous
distribution of profits, paid-in capital and distributed cash flow to
investors totalled MEUR 67.0 as of 30 September 2009.
APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 JANUARY
- 30 SEPTEMBER 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-September 2009
CapMan funds made three new investments, as well as several follow-on
investments, during the review period, investing MEUR 95.8 in all.
The new investment targets were Nobia AB, Papa John's Russia, and
Metals and Powders Thomas Klier AB. The largest follow-on investments
during the review period were in Anhydro Holding A/S, Avelon Group
Oy, Curato AS, Cargo Partner Group, InfoCare AS, Komas Group Oy,
Metallfabriken Ljunghäll AB, Northern Alliance Oy, Proxima AB, and
ScanJour A/S. In the comparable period in 2008, CapMan funds made
seven new investments, together with follow-on investments, amounting
to MEUR 185.3.
Exits from portfolio companies in January-September 2009
CapMan funds exited completely from XLENT AB and partially from Å&R
Carton AB during the review period. The shares in Birdstep Technology
ASA received in connection with the exit from Secgo Software in 2007
were sold. Final and partial exits at acquisition cost by funds
during the review period totalled MEUR 19.6. During the comparable
period in 2008, funds exited completely from five companies and
partially from several others. The acquisition cost for all of these
exists in the comparable period in 2008 amounted to MEUR 28.9.
Events after the review period
CapMan Public Market Fund invested in Intrum Justitia AB, and the
fund held 4.0 per cent of the outstanding shares and votes in the
company as of 28 October 2009.
In addition, CapMan Technology 2007 fund's Swedish portfolio company
KMW Energi AB filed for financial restructuring in October.
CAPMAN REAL ESTATE
Investments in and commitments to real estate acquisitions and
projects in January-September 2009
CapMan's real estate funds made two new investments during the review
period. The CapMan Real Estate I fund invested in a commercial
property in Tuusula in April and acquired an office property in the
Helsinki suburb of Munkkiniemi in June. New and follow-on investments
totalled MEUR 92.9. The largest follow-on investment was made in the
Kauppakeskus Skanssi shopping mall in Turku, which was completed and
opened to the public in April. In addition, as of 30 September 2009,
funds had made commitments to finance real estate acquisitions and
projects over the next few years amounting to MEUR 50.0. During the
comparable period last year, funds exercised previous investment
commitments and made new and follow-on investments amounting to a
total of MEUR 994.7. Commitments to finance new projects totalled
MEUR 160.5 as of 30 September 2008.
Exits from real estate investments in January-September 2009
An exit by CapMan Real Estate I fund from an office property located
at Ludviginkatu 3-5 in Helsinki took place during the review period.
Funds did not make exits from real estate investments during the
comparable period in 2008.
Events after the review period
The CapMan RE II fund and Finesco Oy signed the final documents
covering the purchase of a site zoned for commercial and residential
use in Hyvinkää, Finland from the city of Hyvinkää, together with a
project agreement covering the site's development, in October after
the review period.
FUNDS' INVESTMENT ACTIVITIES IN FIGURES
Funds' investments and exits at acquisition cost, MEUR
1-9/2009 1-9/2008 1-12/2008
New and follow-on investments
Funds investing in portfolio companies 95.8 185.3 232.6Buyout 59.1 158.5 190.3
Technology 6.9 9.3 20.3
Life Science 1.9 4.1 5.2
Russia 6.9 13.4 16.8
Public Market 21.0 - -
Real estate funds 92.9 994.7 1,070.4
Total 188.7 1,180.0 1,303.0
Exits
Funds investing in portfolio companies 19.6 28.9 39.4
Buyout 16.1 16.5 20.9
Technology 3.5 8.4 14.6
Life Science - 4.0 3.9
Russia - - -
Public Market - - -
Real estate funds 9.1 - -
Total 28.7 28.9 39.4
* Including partial exits and repayments of mezzanine loans.
In addition, as of 30 September 2009, real estate funds had made
commitments to finance real estate acquisitions and projects valued
at MEUR 50.0.
The funds' aggregate combined portfolio* as at 30 September 2009,
MEUR
Portfolio at Portfolio at Share of
acquisition fair value portfolio
cost (fair value) %
Funds investing in portfolio companies 905.6 866.5 41.6
Real estate funds 1,314.2 1,217.4 58.4
Total 2,219.8 2,083.9 100.0
Funds investing in portfolio companies
Buyout 696.1 690.6 79.7
Technology 121.5 78.7 9.1
Life Science 43.3 25.4 2.9
Russia 23.7 23.7 2.7
Public Market 21.0 48.1 5.6
Total 905.6 866.5 100.0
* Aggregated entity formed of all investments of funds under
management.
Remaining investment capacity
After deducting actual and estimated expenses, funds investing in
portfolio companies had a remaining investment capacity amounting to
some MEUR 904 for new and follow-on investments as of 30 September
2009. Of their remaining capital, some MEUR 518 was earmarked for
buyout investments (incl. mezzanine investments), some MEUR 138 for
technology investments, some MEUR 37 for life science investments,
some MEUR 94 for investments by CapMan Russia team, and some MEUR 117
for investments by CapMan Public Market team. Real estate funds had
remaining a investment capacity amounting to some MEUR 316.
APPENDIX 3: CAPITAL AND MANDATES UNDER THE MANAGEMENT OF ASSOCIATED
COMPANY, ACCESS CAPITAL PARTNERS, AS OF 30 SEPTEMBER 2009
CapMan Plc owns a 35% holding in the European fund management
company, Access Capital Partners. As of 30 September 2009 Access
Capital Partners had approx. EUR 2.6 billion of capital under
management. Further information on Access Capital Partners can be
found at 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 1,212.0
Total 2,595.5
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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