In This Article:
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Assets Under Management: EUR6.1 billion, a 22% growth compared to 2023.
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Turnover: EUR57.6 million, a 17% increase from the previous year.
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Comparable EBIT: EUR19 million, a significant improvement from just below EUR1 million in 2023.
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Dividend Distribution: Expected total dividend of EUR0.14 per share for 2024.
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Fee Profit: EUR6.9 million, an 81% growth compared to the previous year.
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Carried Interest: EUR4.3 million, an increase compared to 2023.
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Private Asset Investments Fair Value: EUR167 million, with a 4.5% positive fair value change.
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Cash and Money Market Funds: EUR94 million.
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Equity Ratio: 59%.
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New Capital Raised: EUR570 million during 2024.
Release Date: February 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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CapMan Oyj (FRA:AP6) achieved a record high of EUR6.1 billion in assets under management, marking a 22% growth compared to 2023.
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The company reported a significant improvement in comparable EBIT, reaching EUR19 million from just below EUR1 million in 2023.
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CapMan Oyj successfully raised EUR570 million in new capital during 2024, with a substantial portion coming from international investors.
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The acquisition of Dasos Capital and the establishment of natural capital as a new investment area strengthened CapMan Oyj's position as a real asset specialist.
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The board of directors expects a total dividend of EUR0.14 per share for 2024, a significant increase compared to the previous year.
Negative Points
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The fundraising market continued to decline in 2024, marking the third consecutive year of decline, particularly affecting Europe-focused funds.
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External funds had a slight negative impact on fair value changes during 2024, despite overall positive contributions from CapMan's own funds.
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The company did not provide numeric estimates for 2025 due to potential fluctuations in carried interest and fair values of investments.
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CapMan Oyj's investment portfolio is expected to decrease in size over the next three years as the company focuses on its own funds and reduces non-strategic external investments.
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Personnel costs increased in Q4 2024, partly due to the acquisition of Dasos Capital and recruitment in investment areas, although no significant one-time items were reported.
Q & A Highlights
Q: What contributed to the net outgrowth of about EUR100 million in Q4? A: Pia Kall, CEO, explained that the intake was primarily from wealth products and wealth IP programs, as well as from real estate products during that period.