CapMan - Interim report (Q1 and Q3)

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

CapMan Plc Interim Report 6 August 2015 at 8:15 a.m. EEST

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

Performance and main events for the review period:

  * Group turnover totalled MEUR 15.7 (January-June 2014: MEUR 15.0).
  * Operating profit was MEUR 3.0 (MEUR 2.8).
  * Profit before taxes was MEUR 2.6 (MEUR 2.2).
  * Profit after taxes was MEUR 2.2 (MEUR 1.9).
  * Earnings per share for the review period were 2.0 cents (1.7 cents).
  * CapMan acquired 28.7% of investment company Norvestia.

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

                                 1-6/15 1-6/14

 Turnover, MEUR                    15.7   15.0

 Operating profit, MEUR             3.0    2.8

 Profit before taxes, MEUR          2.6    2.2

 Profit for the period, MEUR        2.2    1.9

 Earnings / share, cents            2.0    1.7

 Diluted earnings / share, cents    2.0    1.7



                                 1-6/15 1-6/14

 Return on equity, % p.a.           7.3    5.9

 Return on investment,% p.a.        6.8    5.6

 Equity ratio, %                   41.5   57.4

 Net gearing, %                    74.5   26.7




Heikki Westerlund, CEO:"The first six months of the year progressed mostly according to plan. The fair
value development of our investments, including Norvestia, and the timing of
ongoing exit processes have a profound impact on the result for the second half
of the year.

CapMan became an anchor owner of Norvestia following the acquisition of shares
in May. The transaction supports our long term strategy, which is to be an
active and versatile private equity player. Norvestia's expertise in private
equity is based on minority investments mainly in Nordic entrepreneurial
companies.

The exit from Swedish Silex Microsystems is an excellent example that also funds
at the end of their life cycle include companies, which may provide material
carried interest to CapMan. In addition, our Nordic Real Estate fund agreed on
its first exit, which was an office building north of Stockholm. The CapMan Real
Estate team was successful in executing their value added strategy ahead of
their original schedule."

CapMan maintains its outlook estimate for 2015:

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

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 we expect to
exit during 2015. The most significant exits are expected to be completed
towards the end of 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

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
12.00 p.m. EEST at CapMan's head office in Helsinki, address Korkeavuorenkatu
32, 00130 Helsinki. The press conference will be held in Finnish. The
presentation material is available on CapMan's website after the press
conference has begun. To join the conference, please register with
linda.tierala@capman.com. Welcome!



Helsinki, 6 August 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 €3.0 billion.


[HUG#1944021]

Attachments:

CapMan Group Interim Report January - June 2015.pdf