CapMan - Interim report (Q1 and Q3)

CapMan Group's Interim Report for 1 January-31 March 2013

CapMan Plc Interim Report - 3 May 2013 at 8.30 a.m. EEST



CapMan Group's Interim Report for 1 January-31 March 2013



Performance and main events for the review period:

·         Group turnover totalled MEUR 6.8 (January - March 2012: MEUR 6.7).
·         The Group's operating profit was MEUR 2.0 (MEUR 2.7).
·         The Management Company business recorded an operating profit/loss of
MEUR 1.4 (loss of MEUR 0.6). The Fund Investment business recorded an operating
profit of MEUR 3.5 (MEUR 3.4).
·         Profit before taxes was MEUR 2.7 (MEUR 3.6) and profit after taxes was
MEUR 2.6 (MEUR 3.1).
·         Profit for the review period was MEUR 2.6 (MEUR 3.1). Earnings per
share were 2.3 cents (2.9 cents).
·         Capital under management as of 31 March 2013 totalled MEUR 3,250.1 (31
March 2012: MEUR 3,034.5).
·         CapMan held first closings of MEUR 50.1 and MEUR 97.2 for the CapMan
Nordic Real Estate and CapMan Russia II funds during the review period.


New disclosure method

CapMan Plc has started to follow the disclosure method by FIN-FSA's Standard
5.2b and distributes its interim report for 1 January-31 March 2013 with this
stock exchange release. CapMan Plc's complete interim report for the period 1
January-31 March 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

                                 1-3/13  1-3/12
-----------------------------------------------
Turnover, MEUR                      6.8     6.7

Operating profit, MEUR              2.0     2.7

Profit before taxes, MEUR           2.7     3.6

Profit for the period, MEUR         2.6     3.1

Earnings / share, cents             2.3     2.9

Diluted earnings / share, cents     2.3     2.9



                                31.3.13 31.3.12
-----------------------------------------------
Return on equity, %                12.3    14.5

Return on investment,%             10.6    13.1

Equity ratio, %                    64.2    61.4

Net gearing, %                     25.5    22.8




*) In line with IFRS standards, the MEUR 29 hybrid bond has been included in
equity, also when calculating equity per share. The interest on the hybrid bond
(net of tax) for the review period has been included when calculating earnings
per share.



Decisions taken by the Annual General Meeting

The Annual General Meeting (AGM) of CapMan Plc was held in Helsinki on 20 March
2013. The AGM approved the annual accounts for the 2012 financial year and
discharged the company's Board of Directors and Chief Executive Officer from
liability. The AGM approved all the proposals presented by the Board of
Directors to the AGM. The AGM decided, in accordance with the proposal of the
Board of Directors, that no dividend will be distributed for the financial year
2012.

The AGM elected six members to the Board of Directors for a term of office
expiring at the end of the next AGM. Koen Dejonckheere, Karri Kaitue, Nora
Kerppola, Claes de Neergaard, and Heikki Westerlund were re-elected, and Ari
Tolppanen was elected as a new member.

PricewaterhouseCoopers Oy, authorized public accountants, was re-elected auditor
of the company, with Mikko Nieminen as responsible auditor.

More details on the decisions taken at the meeting can be found in the stock
exchange release issued on 20 March 2013.



Niko Haavisto, CEO:"We achieved important milestones in our business in the first months of 2013.
In March, we established the CapMan Nordic Real Estate and CapMan Russia II
funds, which provide a good foundation for the future development of our
operations. The timing of the first closings coupled with certain one-time
expenses impacted the profitability of the Management Company business during
the quarter. Management fees are determined based on fund size, and fundraising
for our new funds continues. As investors value established fund managers in an
uncertain economy, we are confident that our more than 20 years of experience
becomes a significant competitive advantage in this environment.

Our funds have been active on the exit front despite a weak M&A market in the
beginning of the year. Our turnover increased from the comparable period last
year as our funds made a complete exit from MQ Retail AB. In April, our funds
agreed to exit Cardinal Foods completely with excellent returns, and the carried
interest totalling MEUR 1.5 for CapMan is accounted for as the transaction
closes. Our funds' portfolio companies have continued to develop well and the
fair value changes of our own fund investments were positive as a result.

As noted already in February, the ongoing structural changes in the financial
markets present us with intriguing M&A opportunities. We are also aiming at
lowering our total financing costs through the repayment of our hybrid bond."



CapMan maintains outlook for 2013:

The development of management fees during 2013 depends on the timing of exits
made from current funds and the size and timing of new funds under
establishment. We are adjusting our operating costs to match the level of
management fees and anticipate that our management fees will cover our expenses
as of the second half of 2013.

Our current portfolio holds several investments, which we are ready to exit
during 2013. The timing of such exits will impact the results of our Management
Company business for 2013 through carried interest income from funds, in the
event that the fund is in carry or about to enter carry as a result of the exit.

The result of our Fund Investment business will mainly depend on the value
development of investments in those funds, in which CapMan is a substantial
investor. We continue our value creation effort in our portfolio companies and
believe that the fair values of our fund investments will develop positively
during the current year.

We estimate our operating profit to increase from the level obtained in 2012.



Helsinki, 3 May 2013



CAPMAN PLC
Board of Directors



Further information:

Niko Haavisto, CEO and 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





Distribution:

NASDAQ OMX Helsinki
Principal media
www.capman.com



CapMan www.capman.com
CapMan Group is one of the leading private equity firms in the Nordic countries
and Russia, with assets under management of approximately €3.3 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 105 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#1698998]

Attachments:

CapMan_Plc_Interim_report_1-3_2013_030513.pdf