CapMan Plc Financial Statements Bulletin 5 February 2015 at 8:30 a.m. EET
CapMan Group's Financial Statements Bulletin for 1 January - 31 December 2014
Performance and main events for the financial year 2014:
* Group turnover totalled MEUR 39.5 (January-December 2013: MEUR 29.8).
* Operating profit was MEUR 6.4 (MEUR 3.3).
* Profit before taxes was MEUR 4.9 (MEUR 2.0) and profit after taxes was MEUR
4.0 (MEUR 1.5).
* Earnings per share for the financial year were 3.4 cents (-1.2 cents).
* CapMan's service business to external customers is estimated to increase the
company's fee income significantly in the long-term.
* Net debt decreased to MEUR 3.3 (MEUR 14.5) and the cash in hand amounted to
MEUR 29.0 (MEUR 17.4) during the financial year.
* The Board of Directors of CapMan Plc will propose a dividend of EUR 0.06 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
2014 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
1-12/14 1-12/13
Turnover, MEUR 39.5 29.8
Operating profit, MEUR 6.4 3.3
Profit before taxes, MEUR 4.9 2.0
Profit for the period, MEUR 4.0 1.5
Earnings / share, cents 3.4 -1.2
Diluted earnings / share, cents 3.4 -1.2
1-12/14 1-12/13
Return on equity, % p.a. 6.1 2.0
Return on investment,% p.a. 7.0 3.5
Equity ratio, % 57.8 58.9
Net gearing, % 5.0 22.3
Heikki Westerlund, CEO:
"We returned to growth path in 2014, improving both our turnover and profit.
Concurrently, we further strengthened our financing position and launched
strategic initiatives that will create a good foundation for profitable growth
in the future.
We succeeded to raise over EUR 600 million in our three latest funds. Out of
these, the size of our Nordic Real Estate fund grew to MEUR 266 at the end of
the year and the fund has made several new investments in the Stockholm and
Copenhagen regions. CapMan Collection, a non-UCITS fund launched by our
collaboration partner Elite Asset Management is an example of how private equity
is further opening up to smaller investors.
Our goal is to develop a service business alongside our Management Company
business. The service business will enable us to more effectively utilise our
expertise in fundraising and fund management, for example. Growing fee income
will create a stronger foundation for our profit.
Our funds completed 12 exits during the year, generating a significant amount of
carried interest income and several funds transferred to carry. The fair value
development, on the other hand, was negative. This was impacted by the weaker
than anticipated financial development of certain portfolio companies and
towards the end of the year, by the weakening of rouble. Value creation in our
portfolio companies and real estate will continue to be one of our top
priorities in 2015.
Our strong cash position gives us an opportunity to implement selective
strategic actions and, for example, repay the hybrid bond at the end of the
year. Our strong cash position gives us an opportunity to implement selective
strategic actions and, for example, repay the hybrid bond at the end of the
year."
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 during
the second half of 2015.
The fair value development of our own fund investments 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.
Helsinki, 5 February 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 Group is one of the leading private equity firms in the Nordic countries
and Russia, with assets under management of €3.0 billion. CapMan has five key
investment partnerships - CapMan Buyout, CapMan Real Estate, CapMan Russia,
CapMan Credit and CapMan Public Market - each of which has its own dedicated
investment team and funds. Altogether, CapMan employs approx. 100 people in
Helsinki, Stockholm, Moscow, Luxembourg and London. CapMan was established in
1989 and has been listed on the Helsinki Stock Exchange since 2001.
[HUG#1892055]
