CapMan Plc Interim Report 7 November 2013 at 8.15 a.m. EET
CapMan Group`s Interim Report for 1 January - 30 September 2013
Performance and main events for the review period:
· Group turnover totalled MEUR 23.2 (January - September 2012: MEUR 21.3).
· The Group`s operating profit was MEUR 4.2 (MEUR 1.9).
· Profit before taxes was MEUR 3.8 (MEUR 2.7) and profit after taxes was MEUR 3.9 (MEUR 2.3).
· Earnings per share for the review period were 2.4 cents (0.5 cents).
· The Management Company business recorded an operating profit of MEUR 0.7 (loss of MEUR 1.3).
The Fund Investment business recorded an operating profit of MEUR 3.5 (MEUR 3.2).
· Capital under management as of 30 September 2013 totalled MEUR 3,172.6 (30 September 2012: MEUR 2,977.7).
· Funds managed by CapMan completed several new investments and exits during and after the review period.
· CapMan received a total of MEUR 8.7 (MEUR 4.8) in cash flow from repaid capital and carried interest from funds due to exits completed during the review period. Exits after the review period contributed an additional MEUR 6 in cash flow from repaid capital for the Group.
· CapMan redeems its existing hybrid bond by issuing MEUR 30 in debt securities. The financing costs of the new bonds are 40% lower compared to the existing hybrid bond.
· Joakim Rubin will step down from the management group as of 11 November 2013. He continues as Head of the Public Market team.
This stock exchange release is a summary of CapMan Plc`s interim report. The complete interim report for the period 1 January-30 September 2013 is available in pdf-format as an attachment to this release, in addition to on the company`s website at http://www.capman.com/capman-group/earnings-model-and-financials/result.
Key figures
| 1-9/13 | 1-9/12 | |
| Turnover, MEUR | 23.2 | 21.3 |
| Operating profit, MEUR | 4.2 | 1.9 |
| Profit before taxes, MEUR | 3.8 | 2.7 |
| Profit for the period, MEUR | 3.9 | 2.3 |
| Earnings / share, cents | 2.4 | 0.5 |
| Diluted earnings / share, cents | 2.4 | 0.5 |
| 1-9/13 | 1-9/12 | |
| Return on equity, % p.a. | 6.3 | 3.7 |
| Return on investment,% p.a. | 5.9 | 4.4 |
| Equity ratio, % | 70.3 | 62.2 |
| Net gearing, % | 2.5 | 22.9 |
Heikki Westerlund, CEO:
"The cautious optimism in Europe that has prevailed after the summer was reflected in the value development of the Public Market fund, among others. Transaction activity also showed clear signs of picking up both in terms of exits and new investments. However, the market situation of certain industries remains challenging, especially of companies connected with industrial production.
Our business is extremely long-term in nature. Quarterly results may vary significantly depending on the timing of exits. As a result of new funds under management, our fee base is now balanced with our expenses. We continue to raise additional capital, thereby building a great foundation for the development of our business for years to come. Our plans for new strategic ventures (new funds and selective acquisitions) progress, but we strive to apply special care into selecting growth targets while taking synergies and positive EPS impact into account.