CapMan Plc Stock Exchange Release / 1-9 2021 Interim Report
Results and significant events in January-
- Group turnover was MEUR 38.1 1 Jan-
30 Sep 2021 (MEUR 29.6 1 Jan-30 Sep 2020 ) and increased by 29 per cent. - Operating profit was MEUR 32.4 (MEUR 2.6).
Management Company business turnover was MEUR 31.9 (MEUR 22.6). Operating profit was MEUR 10.0 (MEUR 5.6).*) Carried interest received for the first nine months of 2021 was MEUR 2.5 (MEUR 0.6).- Service business turnover was MEUR 6.2 (MEUR 6.8). Operating profit was MEUR 3.0 (MEUR 3.9).*)
- Investment business operating profit was MEUR 23.1 (MEUR -3.1).
-
Diluted earnings per share were
15.8 cents (-1.1 cents ). -
Capital under management
EUR 4.3 billion on30.9.2021 and increased byEUR 760 million , or 21 per cent from30.9.2020 . - MEUR 250 new capital under management was raised after the review period in October.
This
*) The comparison period figures have been restated following changes to the composition of reporting segments starting from
CEO comment:
"CapMan's growth and strong result development continued during the third quarter of the year. Turnover for January-
Assets under management were
Following successful value creation work and ongoing exit processes, many of our funds hold significant carried interest potential. We received carried interest from CapMan Mezzanine V fund in the third quarter of the year and expect multiple funds to enter into carry during the next six months.
Service business turnover was MEUR 6 and operating profit MEUR 3 in the first nine months of 2021. The Service business includes CapMan's procurement service CaPS and reporting and analytics service JAY Solutions, which both demonstrated strong development. CaPS's turnover continued growing and the increasingly international business was very profitable. JAY Solutions' business grew and developed strongly especially due to the acquisition of new customers as well as growth in the B2B business.
The fair value changes of our investments were MEUR +24 in the first nine months of 2021. A significant portion of the fair value change is based on realised transactions. The positive development is broad-based and includes all our active strategies. In the comparison period, fair values decreased significantly due to the market disruption brought on by the Covid-19 pandemic.
We have made additional commitments to sustainability during the year. CapMan hired its first ESG Director in September in order to continue to develop processes and set ESG objectives for
Our balance sheet and liquidity were strong. At the end of September, our equity ratio was over 50 per cent and liquid assets were nearly MEUR 60. The 2021 Annual General Meeting decided to distribute
CEO,
Key figures
MEUR | 1-9/21 | 1-9/20 |
Operating profit | 32.4 | 2.6 |
Result for the period | 26.0 | -0.9 |
Earnings per share, cents | 16.2 | -1.1 |
Earnings per share, diluted, cents | 15.8 | -1.1 |
% | ||
Return on equity, % | 29.9 | -1.1 |
Equity ratio, % | 51.0 | 52.0 |
Financial objectives
CapMan's objective is to pay an annually increasing dividend to its shareholders.
The combined growth objective for the
CapMan maintains outlook estimate for 2021
CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuation on an annual basis considering the nature of the business. CapMan estimates capital under management to continue growing in 2021. Our objective is to improve the aggregate profitability of
Carried interest income from funds managed by CapMan and the return on CapMan's investments have a substantial impact on CapMan's overall result. In addition to portfolio company and asset-specific development and exits from portfolio companies and assets, various factors outside of the portfolio's and CapMan's control influence fair value development of CapMan's overall investments as well as the magnitude and timing of carried interest.
CapMan's objective is to improve results in the longer term, taking into consideration annual fluctuations related to the nature of the business. For these and other above-mentioned reasons, CapMan does not provide numeric estimates for 2021.
Items affecting comparability are described in the Tables section of this report.
Result webcast today at
CapMan's management will present the result for the review period in a webcast to be held at
Board of Directors
Further information:
Distribution:
Principal media
www.capman.com
Appendix:
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With more than E4 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 160 people in
https://news.cision.com/capman-oyj/r/capman-plc-1-9-2021-interim-report,c3440953
https://mb.cision.com/Main/17586/3440953/1486848.pdf
(c) 2021 Cision. All rights reserved., source