CapMan - Financial Statement Release

CapMan Group's Financial Statements Bulletin for 1 January - 31 December 2015

CapMan Plc   Financial Statements Bulletin   4 February 2016 at 8.30 a.m.



CapMan Group's Financial Statements Bulletin for 1 January - 31 December 2015

Performance and main events for the financial year:

  * Group turnover totalled MEUR 31.8 (2014: MEUR 39.5).
  * Operating profit was MEUR 9.3 (MEUR 6.3).
  * Profit before taxes was MEUR 6.4 (MEUR 4.9).
  * Profit after taxes was MEUR 6.1 (MEUR 4.0).
  * Earnings per share for the review period were 5.9 cents (3.4 cents) and
    diluted earnings per share were 5.8 cents (3.4 cents).
  * Cash flow to CapMan from exits was MEUR 20.7 (MEUR 26.5).
  * The Board of Directors will propose a dividend of EUR 0.07 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
2015 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

                                    1-12/15    1-12/14

 Turnover, MEUR                        31.8       39.5

 Operating profit, MEUR                 9.3        6.3

 Profit before taxes, MEUR              6.4        4.9

 Profit for the period, MEUR            6.1        4.0

 Earnings / share, cents                5.9        3.4

 Diluted earnings / share, cents        5.8        3.4



                                 31.12.2015 31.12.2014

 Return on equity, % p.a.               9.3        6.1

 Return on investment,% p.a.            8.0        7.0

 Equity ratio, %                       43.7       57.8

 Net gearing, %                        72.9        5.0




Heikki Westerlund, CEO:

"Our earnings per share for 2015 improved in line with our guidance. The
baseline profit of our overall fee income (management fees and other fees) has
developed in the right direction. The earnings impact of Norvestia was good and
attributable especially to the fair value development of growth equity. Our
carried interest income was below the previous year's level and our target, but
we expect to realise the potential from the funds in the future. The fair value
development of our own funds improved from last year, but did not yet meet our
target level.

Services became an increasingly important part of our business during the year.
In the beginning of 2016, CapMan launched Scala Fund Advisory with its roots in
the extensive international fundraising experience of the team. Scala offers
fund advisory services to private equity fund managers and institutional
investors and has already several external mandates. We have also signed the
first contracts for private equity fund management. Our service offering
includes e.g. reporting, valuation and fund compliance. We believe that services
have significant long term growth potential and play an integral role in
smoothing out the fluctuation of our earnings.

The development of our funds' portfolio companies and real estate was generally
positive in 2015, but the decrease in oil prices and the development of the
Norwegian krona and the rouble had a negative impact on the valuation of some
portfolio companies. In addition, the weakness of the Finnish economy has slowed
down the development of some investments. The value development of the CapMan
Nordic Real Estate fund was particularly favourable and strengthens our belief
in the growth potential of real estate as an investment area. The fair value
development of investments into CapMan's own funds fell below target in 2015
partially due to the depreciation in the CapMan Mezzanine IV fund.

Our focus areas for 2016 are the fair value development of our own fund
portfolio, the utilisation of growth opportunities by for example raising new
capital for real estate and credit funds, the growth of our service business and
the acceleration of growth investments through our ownership in Norvestia. We
proceed on our current strategic path with an objective to improve our earnings
per share."



Outlook for 2016

CapMan has updated its guidance policy. In line with the new policy, CapMan
typically provides general descriptive statements related to the general outlook
of its business and its sources of income in lieu of estimates. CapMan's full
disclosure policy is available here: http://www.capman.com/capman-
group/governance/disclosure.

The Management Company and Services business is profitable before carried
interest income and any possible non-recurring expenses related to acquisitions
or larger development projects. CapMan expects fees from services to continue
growing and to constitute a larger share of overall fee income in 2016 compared
to 2015.

A significant component contributing to CapMan's result is carried interest
income. 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. The current portfolio holds several investments, which
are in exit process, although the exact timing of such exits may fluctuate.

The fair value development of CapMan's investments have a substantial impact on
CapMan's overall result. The development of industries and local economies,
inflation development, valuation multiples of peer companies, exchange rates and
various other factors outside of CapMan's control influence fair value
development in addition to company and real estate specific development, and the
fair value development of the overall portfolio depends on the interplay of
these factors. For a future outlook on Norvestia, CapMan refers to the
assessment published by Norvestia in its own reports. As a consequence, CapMan
refrains from providing projections related to the fair value development of its
investments.



Press and analyst conference today at 12.00 p.m. EET

Heikki Westerlund, CEO, will present the result for the financial year to press
and analysts and review the market situation in a press conference to be held at
12.00 p.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, 4 February 2016
CAPMAN PLC
Board of Directors



Further information:
Niko Haavisto, CFO, tel. +358 50 465 4125



Distribution:
NASDAQ 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.


[HUG#1983625]

Attachments:

CapMan Plc Financial Statements Bulletin 2015.pdf