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.