CapMan Plc Interim Report 7 May 2015 at 8:30 a.m. EEST
CapMan Group`s Interim Report for 1 January-31 March 2015
Performance and main events for the review period:
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Group turnover totalled MEUR 7.3 (January-March 2014: MEUR 7.0).
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Operating profit was MEUR 0.9 (MEUR 1.7).
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Profit before and after taxes was MEUR 0.5 (MEUR 1.2).
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Earnings per share for the review period were 0.3 cents (1.1 cents).
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Interest bearing net debt decreased to MEUR 0.1 (MEUR 11.0).
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The CapMan Nordic Real Estate fund closed at MEUR 273.
This stock exchange release is a summary of CapMan Plc`s Interim Report for 1 January-31 March 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
| 1-3/15 | 1-3/14 | |
| Turnover, MEUR | 7.3 | 7.0 |
| Operating profit, MEUR | 0.9 | 1.7 |
| Profit before taxes, MEUR | 0.5 | 1.2 |
| Profit for the period, MEUR | 0.5 | 1.2 |
| Earnings / share, cents | 0.3 | 1.1 |
| Diluted earnings / share, cents | 0.3 | 1.1 |
| 1-3/15 | 1-3/14 | |
| Return on equity, % p.a. | 3.1 | 7.3 |
| Return on investment,% p.a. | 4.2 | 6.9 |
| Equity ratio, % | 54.3 | 56.8 |
| Net gearing, % | 0.2 | 17.3 |
Heikki Westerlund, CEO:
"The CapMan Nordic Real Estate fund exceeded its original target size and we believe that the investment area will demonstrate significant growth potential in the future. The fund has been especially active in Denmark, where it has already completed five investments. Our service business has started to grow and will become a major business area together with management fees within the next two years.
The first quarter results reflect the fact that three months is a very short time frame in private equity. The overall development of our funds` portfolio companies and real estate was slightly positive.
We expect our full year cash flow to remain robust due to already announced exits. The cash position will strengthen our ability to make strategic moves. As such, we continue to evaluate options for growth either organically or by selective M&A."
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 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.