CapMan Plc Stock Exchange Release 30 October 2008 at 9.30 a.m.
Performance and main events during the review period
- The Group's turnover totalled MEUR 27.2 (January-September 2007:
MEUR 43.6). The comparable period in 2007 included carried interest
income of MEUR 21.0 derived from the sale of CapMan Real Estate I
fund's real estate portfolio.
- Operating profit was MEUR 3.3 (31.4).
- Operating profit excluding carried interest income and fair value
changes of fund investments totalled MEUR 1.9 (MEUR 1.5)
- Profit before taxes totalled MEUR 2.7 (34.0) and after taxes MEUR
1.9 (25.5).
- Parent company equity holders' share of profit was MEUR 1.8 (19.8),
and earnings per share based on it were 2.2 (25.4) cents.
- Capital under management grew in January-September by some 45% to
MEUR 3,174.9 (MEUR 2,190.0 on 31 Dec 2007). The establishment of the
CapMan Hotels RE and CapMan Public Market funds, and the transfer of
the current - CapMan Russia fund to CapMan's management, contributed
to the growth in capital under management. Capital under management
on 30 September 2007 amounted to MEUR 2,225.4.
- CapMan expanded its operations during the review period and
established two new investment areas: CapMan Russia and CapMan Public
Market. CapMan expanded its operations in Russia through the
acquisition of Norum, which was announced on 26 May 2008 and closed
on 27 August 2008. In July CapMan established a new equity fund,
CapMan Public Market, which invests in Nordic public companies.
Main events after the review period
- On 9 October 2008 CapMan Plc announced that the sale of AccessCapital Partners (Access), first announced in July, was cancelled.
CapMan had signed an agreement for the transfer of its 35% stake in
its associated company Access to the Spanish N+1 Group. The
transaction was cancelled after the purchaser announced that its
lender bank had decided, due to a force majeure caused by the general
financial crisis, to withdraw the pre-agreed financing from the
transaction. With the cancellation of the transaction CapMan Plc's
result in 2008 will fall clearly below the 2007 result.
CEO Heikki Westerlund comments on the events of the review period and
result outlook:"In recent weeks we have seen a crisis in the financial sector of an
unprecedented scale. Its impact on the private equity sector has
brought almost all new investments and exits to a halt while buyers
and sellers wait for valuation levels to adjust to the prevailing
market situation. We believe that bank financing for buyouts, mergers& acquisitions and real estate investments will gradually recover. As
a result of the changed market sentiment, raising new funds has
become more challenging during the early autumn.
Our investment operations are in a good position to exploit
opportunities created by this market turbulence through new
investments and add-on acquisitions by our existing portfolio
companies. Correspondingly, the exit market is weak as a result of
the general slowdown in economic growth and the financial crisis. Our
current portfolio, however, contains several well-developed
companies. Should there be any exits, at present they will most
likely be through a sale to an industrial buyer. As a result of the
cancellation of the sale of our minority stake in Access, our result
in 2008 will fall clearly below the 2007 result. The result for the
full year will depend largely on changes in the fair value of our
fund investments."
Business operations
CapMan is an alternative asset manager, with operations in two
business areas: CapMan Private Equity (manages funds that invest in
portfolio companies) and CapMan Real Estate (manages funds that
invest in real estate and also provides real estate consulting). The
guiding principle for funds' investment activities is to directly and
actively work towards increasing the value of investments.
Information about each business area is reported in a separate
segment in the company's interim reports.
CapMan Plc's income is derived from management fees paid by funds,
from carried interest received from funds, from returns on fund
investments made from CapMan Plc's own balance sheet, and from income
generated by real estate consulting. There can be considerable
quarterly fluctuation in carried interest as well as in the fair
value of fund investments. For this reason CapMan's financial
performance should be analysed over a longer time span than the
quarterly cycle.
Turnover and profit for January-September 2008
CapMan's turnover for the review period was MEUR 27.2 (MEUR 43.6 for
Jan-Sep 2007). The main factors affecting turnover and profit are
described in more detail in their own sections of this Interim
Report.
The Group's operating profit totalled MEUR 3.3 (31.4). Profit before
taxes totalled MEUR 2.7 (34.0) and after taxes MEUR 1.9 (25.5).
The parent company equity holders' share of the profits was MEUR 1.8
(19.8), and earnings per share based on it were 2.2 (25.4) cents.
The quarterly breakdown of turnover and profit as well as turnover
and profit by segment are presented in the tables section of this
Interim Report.
Management fees, real estate consulting income and operating expenses
The amount of management fees grew against the comparable period and
amounted to MEUR 20.9 (18.8). Establishment of the new MEUR 844.9
CapMan Hotels RE real estate fund in January 2008 contributed to the
increase in management fees throughout the review period.
Income from real estate consulting totalled MEUR 1.7 (1.6). The
aggregate total of management fees and income from real estate
consulting was MEUR 22.6 (20.4), and it covered the operating
expenses of MEUR 21.2 (expenses during the comparable period, taking
into account the performance-based bonus, were MEUR 19.8).
Carried interest
CapMan receives carried interest income from funds that have already
repaid paid-in capital to their investors and paid an annual
preferential return on the capital. During the review period there
was one exit from funds in carry. As a result of the exit from
Staffpoint, carried interest totalled MEUR 4.1. Carried interest for
the comparison period amounted to MEUR 22.4, which accrued primarily
through the sale of CapMan Real Estate I fund's real estate
portfolio.
The status of funds managed by CapMan is presented in more detail in
Appendix 1.
Income from CapMan's own fund investments and investment commitments
On 30 September 2008, the fair value of fund investments made from
CapMan's own balance sheet totalled MEUR 59.8 (MEUR 46.6 on 30
September 2007). Fair value changes related to fund investments were
MEUR -2.7 (7.5), largely a result of the general market development
in the review period and the funds' costs. The negative development
in the third quarter, altogether MEUR -1.4, was mainly attributable
to the general market situation and its impact on market values of
portfolio companies' listed peers used in company valuations. Funds'
portfolios also saw positive value adjustments for individual
companies, and portfolios are overall in sound condition.
The change in fair value during the comparable period was broadly
attributable to a value adjustment in CapMan Equity VII funds'
portfolio company Moventas, from which there was a partial exit
during the comparison period.
Realised returns from fund investments amounted to MEUR 0.2 (0.4).
Fund investments made from CapMan's own balance sheet had an overall
impact of MEUR -2.5 (7.9) on profit for the period. CapMan Plc's
financial target is a 15% annual return to fund investments.
CapMan made new investments in its funds during the review period
amounting to MEUR 21.4 (14.1). Most of these investments were made in
the CapMan Buyout VIII and CapMan Hotels RE funds. CapMan will invest
in its future funds 2-10% of their original capital depending on the
fund's demand and CapMan's own investment capacity. During the review
period CapMan made a MEUR 5 investment commitment to the CapMan
Hotels RE fund, a MEUR 13.5 investment commitment to the CapMan
Russia fund and a MEUR 15 investment commitment to the CapMan Public
Market fund. The amount of remaining investment commitments at the
end of the review period was MEUR 69.0 (57.2). The aggregate fair
value of existing investments and remaining investment commitments on
30 September 2008 was MEUR 128.8 (MEUR 103.8 on 30 September 2007).
Investments in portfolio companies are valued at fair value in
accordance with the International Private Equity and Venture Capital
Valuation Guidelines (IPEVG), and real estate assets are valued in
accordance with the value appraisements of external experts, as
detailed in Appendix 1.
Balance sheet and financial position on 30 September 2008
CapMan's balance sheet total increased during the review period to
MEUR 129.4 (MEUR 119.3 on 30 September 2007). Non-current assets
increased during the review period to MEUR 112.6 (75.4), mainly due
to investments made in funds, to growth in receivables, and to an
increase in goodwill of MEUR 6.5 recognised for the Norum
acquisition. Long-term receivables amounted to MEUR 29.0 (17.9), of
which MEUR 25.2 (13.4) was loan receivables from the Maneq funds. In
addition to CapMan Plc, CapMan personnel are investors in the Maneq
funds, the expected yields from which are broadly in line with the
yield expectations for CapMan's own fund investments. Maneq funds pay
market rate interest on loans they receive from CapMan Plc.
Current assets declined in the first half of the year to MEUR 16.8
(43.9) owing to dividends paid out and investments made in funds.
Liquid assets (cash in hand and at banks, plus other financial assets
at fair value through profit and loss) amounted to MEUR 7.7 (36.7).
In the comparison period liquid assets were exceptionally high due to
the carried interest income received from CapMan Real Estate I fund's
sale of its real estate portfolio.
At 30 September 2008 CapMan Plc had a credit facility of MEUR 60
(16.0) available, of which MEUR 44 (16.0) had been used.
Interest-bearing liabilities increased as CapMan pursued its strategy
of using debt financing to finance some of its investments in funds.
The amount of trade and other payables was MEUR 17.9 (20.3). The
Group's interest-bearing net debts amounted to MEUR 36.3 (-20.7).
Key figures
CapMan's equity ratio on 30 September 2008 was 47.7% (64.8% on 30
September 2007). Return on equity was 3.1% (39.0%) and return on
investment was 5.0% (43.6%). The target level for the equity ratio is
at least 50% and for return on equity at least 25%.
30.9.08 30.9.07 31.12.07
Earnings per share, cents 2.2 25.4 23.8
Diluted, cents 2.2 25.1 23.7
Shareholders' equity / share, cents 73.4 94.8 86.4
Share issue adjusted number of
shares 80,081,859 77,796,919 78,142,867
Number of shares at end of period 80,990,171 78,540,222 79,968,819
Number of shares outstanding 80,890,268 78,540,222 79,968,819
Own shares held by the Company at
end of period 99,903 0 0
Return on equity, % 3.1 39.0 38.9
Return on investment, % 5.0 43.6 44.2
Equity ratio, % 47.7 64.8 57.6
Net gearing, % 61.8 -28.1 -27.5
Norum acquisition and expansion of operations in Russia
On 26 May 2008 CapMan Plc signed an agreement to buy private equity
house Norum from the company's senior management, DnB NOR Bank ASA
and Sitra Management Ltd. The transaction was closed on 27 August
2008, on terms whereby 51% of the Norum Russia Fund III's (i.e. the
current CapMan Russia Fund's) management company's and 100% of the
advisory company's share capital and voting rights were transferred
to CapMan Plc's ownership. The CapMan Russia fund, which is currently
in the fundraising phase, was also transferred under CapMan's
management. The fund's size is MEUR 88, including CapMan Plc's own
commitment of MEUR 13.5.
The purchase price of the shares was approx. MEUR 3.4. Approximately
MEUR 1 of the purchase price was paid in cash and the remaining MEUR
2.4 through a direct share issue to the sellers. The value of each B
share in the transaction was EUR 2.43 corresponding to the volume
weighted average trading price of CapMan B shares between 22 April
2008 and 21 May 2008. CapMan Plc issued a total of 982,539 new CapMan
Plc B shares, which were entered in the Trade Register on 5 September
2008. There is a three-phase lock-up for the B shares issued, and the
lock-up will end on 25 May 2011.
The purchase price of the shares will be adjusted on the basis of the
final size of CapMan Russia Fund.
CapMan Plc has the right to buy the remaining 49% of Norum shares
when the investment period for CapMan Russia Fund ends, that is at
the latest in July 2012. The Sellers have the right to sell their
remaining Norum shares to CapMan at any time. Depending on the final
size of the CapMan Russia Fund, the transaction price for the
remaining shares will be between MEUR 3.3 and MEUR 4.4. The payable
transaction price per share will, however, be the same as the
fundraising adjusted transaction price in the first phase of the
transaction.
Expanding operations into Russia is an important strategic step for
CapMan. Following the transaction 12 persons transferred to CapMan
Group. Norum's, now CapMan Russia's, investment team has operated in
the Russian private equity market since 1995 and is one of the most
experienced investment teams in this market. CapMan Russia forms a
separate investment area, which is headed by CapMan's senior partner
Mr Petri Saavalainen. Mr Hans Christian Dall Nygård, the former
Managing Director of Norum and now a partner in CapMan, is
responsible for all the investment activities of CapMan Russia.
CapMan Russia is included in the CapMan Private Equity business area
in CapMan Plc's financial reporting. The acquired companies are
consolidated in CapMan Group's figures, as subsidiaries, as is also
the resultant goodwill.
CapMan Public Market fund
On 11 July 2008 CapMan Plc established a new equity fund, CapMan
Public Market, which invests in Nordic public companies. Altogether
MEUR 90 in investment commitments had been raised by the fund's
first closing, of which CapMan Plc's share is MEUR 15. The CapMan
Public Market fund invests in Nordic public companies that have a
market capitalisation of MEUR 100-1,000, and it utilises private
equity style value creation methods in public markets. Additional
MEUR 16 million has been raised to the fund after the review period,
and the fund's fundraising continues.
The establishment of the fund was the start of CapMan's sixth
investment area, CapMan Public Market, which is headed by CapMan's
senior partner Mr Jukka Ruuska. CapMan Public Market is included in
the CapMan Private Equity business area in CapMan Plc's financial
reporting.
CapMan Hotels RE fund
On 18 January 2008 CapMan Plc established a new private equity fund
focusing on hotel real estate, CapMan Hotels RE Ky. The size of the
hotel fund at present is MEUR 844.9, and the fund is still in the
fundraising phase. The fund acquired a MEUR 805 hotel portfolio of 39
properties from Northern European Properties Ltd (NEPR) in
conjunction with its establishment. Seven professionals in the hotel
business transferred to CapMan Group through the transaction. The
management company of CapMan Hotels RE Ky is CapMan Hotels RE Oy, of
which CapMan Plc owns 80%.
Fundraising
In addition to fundraising for the CapMan Hotels RE, CapMan Russia
and CapMan Public Market funds, preparations were started during the
review period for fundraising for the next buyout fund, CapMan Buyout
IX.
Capital under management on 30 September 2008
Capital under management refers to funds' remaining investment
capacity and capital already invested at acquisition cost. As a
result of the establishment of the CapMan Hotels RE and CapMan Public
Market funds, and of the CapMan Russia fund being transferred to
CapMan's management, the capital under management grew by some 45% in
January-September from MEUR 2,190.0 on 31 December 2007 to MEUR
3,174.9 on 30 September 2008 (MEUR 2,225.4 on 30 September 2007). At
the end of September MEUR 1,534.4 (1,429.8) was in funds making
investments in portfolio companies and MEUR 1,640.5 (795.7) in real
estate funds. Capital was raised during the review period as follows:
Fund Established Capital Capital CapMan CapMan
31 Dec 07 30 Sep 08 Group's Group's
MEUR MEUR commitment carried
MEUR interest
(net*)
CapMan Technology 140.3 142.3 10%
2007 9 Feb 2007 15.0
CapMan Hotels RE 0.0 844.9 12%
Ky 18 Jan 2008 5.0
CapMan Public 0.0 90.0 10%
Market Fund 11 Jul 2008 15.0
CapMan Russia 56.0 88.0 n/a
Fund** 27 Aug 2008 13.5
* CapMan Group's carried interest taking into account the carried
interest due to management companies' other owners and investment
teams after the fund has transferred into carry. Carried interest =
share of the fund's cash flows after it has transferred into carry.
** The CapMan Russia Fund was transferred to CapMan's management on
27 August 2008 on finalisation of the Norum acquisition. CapMan Plc's
share of carried interest will depend on the final size of the fund
and will be announced in conjunction with notification of the final
fund size.
Exits made during the review period reduced the amount of capital
under management by their acquisition cost, MEUR 28.9. The Nordic
Private Equity Partners II fund was terminated owing to its exit
during the review period from its last remaining investment.
Capital under management has increased subsequent to the review
period by MEUR 16 to MEUR 3,190.9 as a result of fundraising by the
CapMan Public Market fund.
More detailed information about managed funds and their investment
activities is presented in Appendices 1 and 2.
Personnel
On 30 September 2008 CapMan employed altogether 142 people (105
people on 30 September 2007), of whom 104 (81) worked in Finland and
the remainder worked in other Nordic countries or Russia. The
establishment of the new hotel fund and the Norum acquisition both
contributed to growth in the number of personnel. A breakdown of
personnel by country and by team is presented in the tables section
of this Interim Report.
Shares and share capital
There were no changes in CapMan Plc's share capital during the review
period. Share capital on 30 September 2008 was EUR 771,586.98 (EUR
771,586.98 on 30 September 2007). The number of listed B shares
increased during the review period by altogether 1,021,352 shares
after a total of 38,813 B shares were subscribed for with 2003A
options and 982,539 new B shares were issued in connection with the
Norum acquisition. The number of B shares on 30 September 2008 was
74,990,171 and the number of unlisted A shares 6,000,000. The
company's B shares have one vote per share and A shares 10 votes per
share.
No shares were subscribed for by exercising 2003B options during the
review period. After the review period, by 29 October 2008 altogether
68,680 B shares had been subscribed for with 2003A options, of which
8,000 have been entered in the Trade Register. A total of 468,079 B
shares can still be subscribed for with 2003A options before the
subscription period expires on 31 October 2008. A total of 625,000 B
shares can still be subscribed for with 2003B options before the
subscription period expires on 31 October 2009. The subscription
prices of the shares will be entered in the invested unrestricted
equity account.
Own shares
CapMan Plc's Board of Directors decided on 8 August 2008 to start
purchases of CapMan Plc B shares based on the authorization granted
by the Annual General Meeting on 27 March 2008. The purchases started
on 18 August 2008, and by 30 September 2008 a total of 99,903 shares
had been repurchased. The repurchase of shares continued after the
review period, and on 29 October 2008 the Company held altogether
135,503 CapMan Plc B shares.
Shareholders
CapMan Plc had 4,475 shareholders on 30 September 2008 (4,521 on 30
September 2007). The biggest change in the Company's ownership during
the review period was that following the Norum transaction Norum's
management became shareholders of CapMan Plc with a combined holding
of 1.2% in the company. No flagging notices were issued during the
review period and.
Market capitalisation and trading
CapMan Plc's B shares had a closing price of EUR 1.85 on 30 September
2008 (EUR 3.55 on 30 September 2007). The average price during the
review period was EUR 2.59 (3.50). The highest price was EUR 3.40
(4.07) and the lowest EUR 1.75 (2.86). The trading of the company's
shares, in terms of volume and value, declined appreciably with
respect to the comparable period. Altogether 8.2 million (25.7
million) CapMan Plc B shares were traded during the review period for
a total of MEUR 21.2 (89.2).
The market capitalisation of CapMan Plc B shares on 30 September 2008
was MEUR 138.7 (257.5). The market capitalisation of all shares, in
which the A shares are valued at the closing price for the review
period of B shares, was MEUR 149.8 (278.8).
Board authorisations
By decision of the Annual General Meeting, CapMan Plc's Board of
Directors is authorised to decide on a share issue as well as to
issue stock options and other entitlements to shares, and is also
authorised to purchase the Company's own shares and to accept them as
a pledge. The authorisations are valid until 30 June 2009, and the
terms and conditions attached to them were specified in more detail
in the Stock Exchange release issued on 27 March 2008.
Events after the review period
Cancellation of Access Capital Partners transaction
On 9 October 2008 CapMan Plc announced that the sale of Access
Capital Partners (Access), first announced on 25 July 2008, was
cancelled. CapMan had signed an agreement for the transfer of its 35%
stake in its associated company Access to the Spanish N+1 Group. The
announced transaction price for Access shares at the time of the
signing was at maximum MEUR 23.3, and the estimated impact of the
transaction, when closed, on CapMan Plc's 2008 result was MEUR 18.
The transaction was expected to be closed by the end of 2008.
The transaction was cancelled after the purchaser announced that its
lender bank had decided, due to a force majeure caused by the general
financial crisis, to withdraw the pre-agreed financing from the
transaction.
CapMan Plc continues as a 35% minority shareholder in Access after
the cancellation of the deal. The company's other shareholders are
its managing partners. Access is a leading European private equity
funds of funds manager with EUR 2.5 billion under management. The
company has succeeded well in the past and is well poised to continue
out-performing also in future due to its diversification and active
portfolio management. Access also recently closed its
fourth-generation buyout fund of funds and is well positioned to
benefit from the attractive investment opportunities of the current
market situation.
The original sizes of the funds and the mandates managed by Access
Capital Partners on 30 September 2008 are presented in Appendix 3.
Business environment
The prospects for growth in the demand for alternative assets have
remained good over the long term. The financial crisis and the steep
decline in market valuations of other asset classes, however, are
clearly slowing the growth of alternative asset class. Private equity
has consolidated its position in financing M&A and growth, and
continues to focus typically on consolidation in various sectors,
family successions, privatisation of public services and functions,
and the commercialisation of R&D in the technology and life science
sectors. Increased entrepreneurial activity has also boosted growth.
Real estate funds, for their part, have gained an established share
of institutional investors' investment allocations.
The funds investing in portfolio companies will continue to implement
their investment strategies. The deep crisis in the debt market has
been reflected, however, in CapMan's operating area also. At present
the M&A market is waiting for the positive effects of banking sector
support plans to materialise. We believe that bank financing for
buyouts, mergers & acquisitions and real estate invesments will
gradually recover. The market looks promising for new investment
targets both in the Nordic countries and Russia, and the number of
new potential portfolio companies has remained at a good level. The
exit market has at present come to a halt and the impact of the
crisis is visible in lower price levels.
The slowdown in growth of the real economy has been seen in our
investment targets, especially in those sectors that are linked, for
instance, to consumer demand. Overall, our portfolio companies'
development has been favourable, but visibility for 2009 has
weakened. A steep decline in listed market valuations was reflected
in the fair value of our investment targets. We plan to keep enough
reserves in our funds to support our companies' growth and financing
in this market situation.
In the real estate sector, instability in debt markets has
appreciably depressed the volume of real estate transactions. Tighter
bank credit will continue to affect both competition and the
valuation levels in the real estate sector, and we expect to see
increased use of equity for the financing of real estate
transactions. Demand for prime real estate is still at a good level
and the changed market situation could well open up good investment
opportunities. The challenging market has boosted demand for real
estate consulting. On the leasing market, the occupancy rate and
demand for office and retail premises remain at a good level. Vacancy
rates for office premises, however, are expected to rise in the
Helsinki metropolitan area.
All CapMan's investment teams are in a good position and have
adequate resources to implement their investment strategies in the
Nordic countries and Russia. The funds investing in portfolio
companies have some MEUR 670 for making new and follow-on
investments, while the real estate funds have roughly a MEUR 330
investment capacity for identifying new investment targets and
developing the existing portfolio.
Future outlook
CapMan's strategy is to exploit growth opportunities within the
alternative asset class. The projects for expanding geographically
into Russia and for establishing a fund utilising private equity
style value creation methods in public markets have now been
implemented, and these funds are now in the fundraising phase.
Fundraising for a new buyout fund is also under way. We will focus on
fully exploiting our existing business portfolio, and we have no
plans to expand it in the near future. CapMan will invest in its
future funds 2-10% of their original capital depending on the fund's
demand and CapMan's own investment capacity. As one element in
preparing for the continuation of the weak exit market CapMan is
exploring possibilities for incorporating its own fund investments.
This would clarify the difference between CapMan's management company
business and its own investment operations and enable having third
party investors in the possible new vehicle to be formed.
Management fees and income from real estate consulting will cover
CapMan's fixed expenses in 2008. Income from carried interest will be
appreciably lower than the 2007 figure. Despite the slowdown in the
exit market, the funds still have exit processes in progress. As a
result of the market situation, however, we expect a postponement of
the transfer of funds into carry, and the CapMan Equity VII A, B and
Sweden funds as well as the Finnmezzanine III A and B funds are
expected to start generating carried interest during 2009-2010.
We expect our portfolio companies and real estate assets to remain
stable during the last quarter of 2008. The unstable market situation
and the sharp decline in listed peers' valuations may, however, be
reflected as a decline in the fair value of CapMan Plc's fund
investments in the last quarter.
The Group's full-year result for 2008 will depend on whether new
exits are made by funds already generating carried interest, and on
how the value of investments develops in those funds in which CapMan
is a substantial investor. Earnings per share for 2008 will fall
below the figure for 2007.
CapMan Plc's financial statements bulletin for the year 2008 will be
published on Thursday 29 January 2009.
Helsinki, Finland, 30 October 2008
CAPMAN PLC
Board of Directors
Press conference:
A press conference for analysts and the media will be held today at
12 noon in CapMan's offices at Korkeavuorenkatu 32, Helsinki,
Finland. CapMan's CEO Heikki Westerlund will present the result for
the first nine months of the year and review the market situation. A
light lunch will be served at the event.
Presentation material for the press conference will be published in
Finnish and English on CapMan Plc Group's internet website once the
conference has started.
Further information:
Heikki Westerlund, CEO, tel. +358 207 207 504 or +358 50 559 6580
Kaisa Arovaara, CFO, tel. +358 207 207 583 or +358 50 370 3715
Distribution:
Helsinki Stock Exchange
Principle media
www.capman.com
Appendices (after the tables section):
Appendix 1: CapMan Plc Group's funds under management at 30 September
2008, MEUR
Appendix 2: Operations of CapMan's funds under management, 1 Jan - 30
Sep 2008
Appendix 3: Capital and mandates under management of associated
company Access Capital Partners on 30 September 2008
GROUP BALANCE SHEET (IFRS)
TEUR 30.9.08 30.9.07 31.12.07
ASSETS
Non-current assets
Tangible assets 1,114 852 819
Goodwill 11,897 4,845 4,845
Other intangible assets 3,063 694 1,001
Investments in associated companies 3,483 3,374 3,407
Other financial assets at fair value
through profit and loss
Investments in funds 59,781 46,561 44,230
Other financial assets 981 882 878
Receivables 28,984 17,946 16,191
Deferred income tax assets 3,261 262 3,547
112,564 75,416 74,918
Current assets
Trade and other receivables 9,158 7,146 7,837
Other financial assets at fair value
through profit and loss 1,707 16,867 14,857
Cash in hand and at bank 5,971 19,877 19,741
16,836 43,890 42,435
Total assets 129,400 119,306 117,353
EQUITY AND LIABILITIES
Capital attributable to the Company's
equity holders
Share capital 772 772 772
Share premium account 38,968 38,968 38,968
Other reserves 5,224 2,118 2,961
Translation difference -28 259 133
Retained earnings 13,673 25,829 24,676
58,609 67,946 67,510
Minority interest 208 5,806 34
Total equity 58,817 73,752 67,544
Non-current liabilities
Deferred income tax liabilities 2,959 4,132 3,734
Interest-bearing loans 30,000 16,000 16,000
Other liabilities 5,678 490 701
38,637 20,622 20,435
Current liabilities
Trade and other payables 17,946 20,326 21,356
Interest-bearing loans and borrowings 14,000 0 0
Current income tax liabilities 0 4,606 8,018
31,946 24,932 29,374
Total liabilities 70,583 45,554 49,809
Total equity and liabilities 129,400 119,306 117,353
GROUP INCOME STATEMENT (IFRS)
TEUR 1-9/08 1-9/07 1-12/07
Turnover 27,229 43,561 51,572
Other operating income 5 108 236
Personnel expenses -12,052 -10,588 -15,381
Depreciation and amortisation -396 -444 -581
Other operating expenses -8,792 -8,720 -11,783
Fair value gains / losses of investments -2,723 7,460 5,696
Operating profit 3,271 31,377 29,759
Financial income and expenses -612 693 1,070
Share of associated companies' result 46 1,889 1,915
Profit before taxes 2,705 33,959 32,744
Income taxes -774 -8,472 -8,509
Profit for the financial period 1,931 25,487 24,235
Attributable to:
Equity holders of the company 1,792 19,791 18,620
Minority interest 139 5,696 5,615
Earnings per share for profit
attributable
to the equity holders of the Company:
Earnings per share, cents 2.2 25.4 23.8
Diluted, cents 2.2 25.1 23.7
Operating profit, % 12.0 72.0 57.7
GROUP STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of the
Company
Share Share Other Trans- Re- Total Min- Total
capital premium reser- lation tained ority equity
account ves differ- ear- inte-
TEUR rences nings rest
Equity on
31.12.2006 772 38,968 1,218 316 15,074 56,348 599 56,947
Share
subscriptions
with options 883
Translation
difference -57
Options 17 223
Profit for
the
financial
period 19,791 5,696
Dividends
paid -9,259 -428
Other changes -61
Equity on
30.9.2007 772 38,968 2,118 259 25,829 67,946 5,806 73,752
Equity on
31.12.2007 772 38,968 2,961 133 24,676 67,510 34 67,544
Share
subscriptions
With options 59
Translation
difference -161
Share issue 2,392
Repurchase of
own shares -188
Profit for
the
financial
period 1,792 139
Dividends
paid -12,795
Other changes 35
Equity on
30.9.2008 772 38,968 5,224 -28 13,673 58,609 208 58,817
GROUP'S CASH FLOW (IFRS)
TEUR 1-9/08 1-9/07 1-12/07
Cash flow from operations
Profit for the financial period 1,931 19,791 24,235
Adjustments 4,629 4,514 239
Cash flow before change in working
capital 6,560 24,305 24,474
Change in working capital -199 11,030 5,662
Financing items and taxes -9,600 -1,036 -1,111
Cash flow from operations -3, 239 34,299 29,025
Cash flow from investments -19,652 -7,248 -6,823
Cash flow before financing -22,891 27,051 22,202
Dividends paid (incl. minority share) -18,589 -9,687 -9,687
Other net cash flow 27,710 -11,624 -6,911
Financial cash flow 9,121 -21,311 -16,598
Change in cash funds -13,770 5,740 5,604
Cash funds at start of the period 19,741 14,137 14,137
Cash funds at end of the period 5,971 19,877 19,741
Accounting principles
The company's Interim Report has been prepared in accordance with the
IAS 34 standard on interim financial reporting. The same accounting
principles have been applied in the Interim Report as in the 2007
financial statements. The Interim Report has not been audited.
Segment information
TEUR 1-9/08 1-9/07 1-12/07
Turnover
CapMan Private Equity 21,595 18,990 25,840
CapMan Real Estate 5,634 24,571 25,732
Total 27,229 43,561 51,572
Operating profit
CapMan Private Equity 3,282 10,337 9,484
CapMan Real Estate -11 21,040 20,275
Total 3,271 31,377 29,759
Income taxes
The Group's income taxes during the review period are calculated on
the basis of the estimated average tax rate during the fiscal year.
Deferred taxes are calculated on the basis of all temporary
differences between book value and fiscal value.
Dividends
A dividend of EUR 0.16 per share was paid for financial year 2007,
representing a total of MEUR 12.8 (2006: EUR 0.12 representing a
total of MEUR 9.3).
Non-current assets
TEUR 30.9.08 30.9.07 31.12.07
Investments in funds at fair value
through
profit and loss at Jan 1 44,230 33,122 33,122
Additions 21,376 14,147 15,384
Disposals -3,102 -8,168 -9,972
Fair value gains/losses on investments -2,723 7,460 5,696
Investments in funds at fair value
through
profit and loss at end of the period 59,781 46,561 44,230
Additions and investments in funds by
area:
1-9/08 1-9/07 1-12/07
Additions
Funds investing in portfolio companies 16,052 13,289 14,500
Real estate funds 5,066 572 598
Access Capital Partners 258 286 286
Total 21,376 14,147 15,384
Investments in funds at fair value
through
profit and loss at the end of period 30.9.08 30.9.07 31.12.07
Funds investing in portfolio companies 46,694 37,988 36,010
Real estate funds 5,610 251 526
Access Capital Partners 7,477 8,322 7,694
Total 59,781 46,561 44,230
Transactions with related parties
(associated
companies)
TEUR 30.9.08 30.9.07 31.12.07
Receivables - non-current at end of
review period 25,551 14,281 12,497
Receivables - current at end of review
period 1,743 125 879
Non-current liabilities
TEUR 30.9.08 30.9.07 31.12.07
Interest-bearing loans at end of
review period 30,000 16,000 16,000
Seasonal nature of business
Carried interest income is accrued on an irregular schedule depending
on the timing of exits.
One exit may have an appreciable impact on CapMan Plc's result for
the full financial year.
Personnel
By country 30.9.08 30.9.07 31.12.07
Finland 104 81 86
Denmark 3 4 4
Sweden 18 15 15
Norway 6 5 5
Russia 11 0 0Total 142 105 110
By team
CapMan Private Equity 53 36 37
CapMan Real Estate 43 26 30
Investor Services 26 25 25
Internal Services 20 18 18
Total 142 105 110
Contingent liabilities
TEUR 30.9.08 30.9.07 31.12.07
Leasing contracts and other contingent
liabilities 10,745 9,810 11,797
Commitments to funds 69,010 57,237 55,994
Commitments to funds by area
Funds investing in portfolio companies 64,916 52,793 51,577
Real estate funds 2,109 2,201 2,174
Access Capital Partners 1,985 2,243 2,243
Total 69,010 57,237 55,994
Of the remaining investment commitments, MEUR 15 is allocated to the
CapMan Public Market fund, MEUR 13.5 to the CapMan Russia fund, MEUR
12 to the CapMan Buyout VIII fund, MEUR 11.4 to the CapMan Technology
2007 fund and the remainder mainly to the CapMan Life Science IV,
CapMan Mezzanine IV, CapMan Equity VII and Access Capital Fund II
funds.
Turnover and profit
quarterly
2008
MEUR 1-3/08 4-6/08 7-9/08 1-9/08
Turnover 7.2 12.3 7.7 27.2
Management fees 6.4 7.2 7.3 20.9
Carried interest 0.0 4.1 0.0 4.1
Income of investments
in funds 0.0 0.2 0.0 0.2
Real estate
consulting 0.7 0.6 0.4 1.7
Other income 0.2 0.1 0.0 0.3
Other operating income 0.0 0.0 0.0 0.0
Operating expenses -6.7 -7.9 -6.6 -21.2
Fair value gains /
losses of investments -0.1 -1.2 -1.4 -2.7
Operating profit 0.4 3.3 -0.4 3.3
Financial income and
expenses 0.3 -0.1 -0.8 -0.6
Share of associated
companies' result 0.1 -0.2 0.2 0.1
Profit before taxes 0.7 3.0 -1.0 2.7
Profit for the period 0.5 2.2 -0.8 1.9
2007
MEUR 1-3/07 4-6/07 7-9/07 1-9/07 10-12/07 1-12/07
Turnover 28.1 7.5 8.0 43.6 8.0 51.6
Management fees 5.9 6.6 6.3 18.8 6.2 25.0
Carried interest 21.2 0.2 1.0 22.4 1.2 23.6
Income of investments
in funds 0.3 0.0 0.1 0.4 0.1 0.5
Real estate
consulting 0.6 0.5 0.5 1.6 0.5 2.1
Other income 0.1 0.2 0.1 0.4 0.0 0.4
Other operating income 0.0 0.1 0.0 0.1 0.1 0.2
Operating expenses -6.8 -7.0 -6.0 -19.8 -7.9 -27.7
Fair value gains /
losses of investments 4.1 0.5 2.9 7.5 -1.8 5.7
Operating profit 25.4 1.1 4.9 31.4 -1.6 29.8
Financial income and
expenses 0.3 0.2 0.2 0.7 0.4 1.1
Share of associated
companies' result 0.9 0.2 0.8 1.9 0.0 1.9
Profit before taxes 26.7 1.4 5.9 34.0 -1.3 32.7
Profit for the period 19.9 1.0 4.6 25.5 -1.3 24.2
APPENDIX 1: CAPMAN PLC GROUP'S FUNDS UNDER MANAGEMENT AT 30 SEPTEMBER
2008, MEUR
The tables below show the status of funds managed by CapMan at the
end of the review period. When analysing the schedule for funds to
start generating carried interest, the relationship between
distributed cash flows to investors to paid-in capital should be
compared. When a fund starts generating carried interest the capital
must be returned and an annual preferential return paid on it. The
fair value of a portfolio, including any of the fund's net cash
assets, represents the capital distributable to investors at the end
of the review period.
When assessing the cash flow a fund needs in order to start
generating carried interest, it should be noted that the capital of
some funds has not yet been called and paid in. The percentage figure
in the last column on the right shows CapMan's share of cash flows if
the fund is generating carried interest. After the previous
distribution of profits, any new capital paid in, as well as the
preferential annual return on it, must however be returned to
investors before further carried interest income is paid. Of the
funds already generating carried interest, the CapMan Real Estate I
fund is still in the active investment phase, and the Finnventure V
fund can still make follow-on investments in its current portfolio
companies.
The definitions for column headings are presented below the tables.
FUNDS INVESTING DIRECTLY IN PORTFOLIO COMPANIES
Size Paid- Fund's Net Distributed CapMan's
in current cash cash flow share
capital portfolio assets to in- to man- of
at at vestors agement cash
cost fair company flow
value (carried if fund
interest) gene-
rates
carried
inte-
rest
Funds
generating
carried
interest
FV II, FV
III 1)
and FM II B
in total 58.6 57.4 3.1 2.2 0.3 179.9 44.2 20-35%
FV V 169.9 163.5 47.8 29.9 1.4 237.7 5.3 20%
Fenno
Program
in total 2) 59.0 59.0 10.8 10.1 0.3 123.0 8.7 10-12%
Total 287.5 279.9 61.7 42.2 2.0 540.7 58.2
Funds that
are
expected
to transfer
to carry
interest
2009-
2010
CME VII A 156.7 135.0 85.0 153.0 4.5 92.2 20%
CME VII B 56.5 53.9 34.0 73.9 2.5 41.9 20%
CME SWE 67.0 57.8 36.4 65.6 2.3 39.8 20%
FM III A 101.4 98.8 32.1 38.1 2.7 102.8 20%
FM III B 20.2 19.8 8.4 11.0 0.3 18.5 20%
Total 401.8 365.3 195.9 341.6 12.3 295.2
Other funds
not yet
in carry
CME VII C 23.1 16.1 10.0 8.0 0.2 7.0 20%
CMB VIII A 360.0 244.7 208.1 209.9 11.4 14%
CMB VIII B 80.0 55.0 46.2 46.6 3.5 14%
CM LS IV 54.1 22.5 13.3 13.3 1.2 10%
CMT 2007 1) 142.3 34.5 23.2 26.4 4.8 10%
CMR 88.0 15.3 13.4 13.4 0.0 n/a
CMPM 90.0 1.2 0.0 0.0 0.6 10%
FM III C 13.9 13.9 3.8 3.8 1.9 12.9 20%
CMM IV 3) 240.0 120.0 128.1 139.4 -28.7 24.9 15%
Total 1,091.4 523.2 466.1 460.8 -5.1 44.8
Funds
with
limited
carried
interest
potential
to CapMan
FV IV
FV V ET,
SWE LS 3),
SWE Tech
1), 3)
and FM II
A, C, D 1)
Total 290.1 271.6 87.0 73.1 3.9 176.6
Funds that
invest in
portfolio
companies,
total 2,070.8 1,440.0 790.7 917.7 13.1 1,057.3 58.2
REAL ESTATE FUNDS
Invest- Paid- Fund's Net Distributed CapMan's
ment in current cash cash flow share
capa- capital portfolio assets to in- to man- of
city at at vestors agement cash
cost fair company flow
value (carried if fund
interest) gene-
rates
carried
interest
Funds
generating
carried
interest
CMRE I 5)
equity
and bonds 200.0 151.7 28.9 29.3 184.8 27.4 26%
debt
financing 300.0 215.1 65.1 65.1
Total 500.0 366.8 94.0 94.4 8.8 184.8 27.4
Other funds
not yet
in carry
CMRE II
equity 150.0 60.8 58.2 58.3 12%
debt
financing 450.0 196.4 196.1 196.1
Total 600.0 257.2 254.3 254.4 0.2
CMHRE II 6)
equity 304.9 269.1 256.1 248.6 12%
debt
financing 540.0 526.0 550.4 550.4
Total 844.9 795.1 806.5 799.0 31.6
Real estate
funds, total 1,944.9 1,419.1 1,154.8 1,147.8 40.6 184.8 27.4
All funds,
total 4,015.7 2,859.1 1,945.5 2,065.5 53.7 1,242.1 85.6
Abbreviations used to refer to funds:
CMB = CapMan Buyout Fund CMRE = CapMan Real Estate
CME = CapMan Equity CMT 2007 = CapMan Technology 2007
CMLS = CapMan Life Science Fund FM = Finnmezzanine Fund
CMM = CapMan Mezzanine FV = Finnventure Fund
CMHRE = CapMan Hotels RE SWE LS = Swedestart Life Science
CMPM = CapMan Public Market Fund SWE Tech = Swedestart Tech
CMR = CapMan Russia Fund
Size / investment capacity:
Total capital committed to the fund by investors, i.e. the original
size of the fund. For real estate funds, investment capacity also
includes the share of debt financing used by the fund.
Capital under management by associated company Access Capital
Partners is presented separately in Appendix 3.
Paid-in capital:
Total capital paid into the fund by investors at the end of the
review period.
Fair value of fund's current portfolio:
The funds' investments in portfolio companies are valued at fair
value in accordance with the International Private Equity and Venture
Capital Valuation Guidelines (IPEVG) and investments in real estate
assets are valued in accordance with the value appraisements of
external experts.
The fair value is the amount for which an asset could be exchanged
between knowledgeable, willing parties in an arm's length
transaction. Due to the nature of private equity investment
activities, the funds' portfolios contain investment targets with a
fair value that exceeds their acquisition cost as well as investment
targets with a fair value less than the acquisition cost. In defining
the fair value of portfolio companies, investment targets are valued
at acquisition cost from the time of investment for a 12-month
period, after which they are valued at fair value. According to the
IPEVG's policy of prudence, technology and life science targets are
typically valued at acquisition cost or a lower figure up until exit.
Net cash assets:
When calculating the investors' share, the fund's net cash assets
must be taken into account in addition to the portfolio at fair
value. Net cash assets in the CapMan Mezzanine IV fund may be
negative, due to the senior debt used in the fund. In real estate
funds the net cash assets do not include senior debt because it is
presented separately.
CapMan's share of cash flow if fund generates carried interest:
When a fund has produced for investors the cumulative preferential
return specified in the fund agreements, the management company is
entitled to an agreed share of future cash flows from the fund
(carried interest). Cash flow, in this context, includes both profit
distributed by the fund and repayments of capital. After the previous
distribution of profits, any new capital called in, as well as any
annual preferential returns on it, must however be returned to
investors before the new distribution of profits can be paid.
Footnotes to table
1) The fund is comprised of two or more legal entities (parallel
funds are presented separately only if their investment focuses or
portfolios differ significantly).
2) The Fenno Rahasto, Skandia I and Skandia II funds together
comprise the Fenno Program, which is managed jointly with Fenno
Management Oy.
3) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 96
bond issued by Leverator Plc. The fund's net cash assets include a
loan facility, with which investments are financed up to the next
bond issue. Distributed cash flow includes payments to both bond
subscribers and to the fund's partners.
4) Currency items are valued at the average exchange rates quoted at
30 September 2008.
5) CapMan Real Estate I: Distributed cash flow includes repayment of
the bonds and cash flow to the fund's partners.
6) CapMan Hotels RE: The portfolio has been financed with a MEUR 25.8
short-term loan in addition to a senior loan of MEUR 526.
APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 January
- 30 September 2008
The operations of private equity funds managed by CapMan in the
review period comprised direct investments in portfolio companies
mainly in the Nordic countries and Russia (CapMan Private Equity) as
well as real estate investments mainly in Finland (CapMan Real
Estate). The investment activities of funds making direct investments
in portfolio companies include buyout investments in manufacturing
industry and the service and retail sectors, technology investments
in growth stage and later growth stage technology companies, life
science investments in companies specialising in medical technology
and healthcare services, investments in Russian SMEs, and investments
in significant minority stakes in listed mid-cap companies.
CAPMAN PRIVATE EQUITY
Investments in portfolio companies January-September 2008
The CapMan funds made seven new investments as well as several
follow-on investments worth altogether MEUR 185.3 in
January-September 2008. The new investment targets were Barnebygg
Gruppen, The New Black Oy (Varesvuo Partners Oy), CargoPartner Group,
Cederroth International AB, Crayon Group, Region Avia Airlines and
Russia Baltic Pork Invest A/S. In monetary terms almost one-third of
all investments were follow-on investments, of which the largest were
in Curato A/S and OneMed Group. In the comparable period of 2007 the
funds made 11 new investments as well as follow-on investments
amounting to MEUR 152.0.
Exits from portfolio companies January-September 2008
Final exits from Solid Information Technology Oy, Staffpoint Oy,
Spintop Netsolution AB, Reima Holding and ProstaLund AB were
implemented during the review period. The CapMan Equity VII fund's
portfolio company LUMENE Group split into the LUMENE Group and Farmos
Oy, which returned some of the original investment to investors in
the fund. Final and partial exits at acquisition cost by the funds
during the review period totalled MEUR 28.9. During the comparable
period in 2007 the funds exited finally from six companies and
partially from a number of other companies. The exits at acquisition
cost during the comparable period, including repayments of mezzanine
loans, amounted to MEUR 60.6.
Events after the review period
The funds exited from Animex AB in October when the company filed
bankruptcy.
CAPMAN REAL ESTATE
Investments in and commitments to real estate acquisitions and
projects January-September 2008
In January 2008 the CapMan Hotels RE Ky fund acquired 39 hotel
properties from Northern European Properties Ltd in conjunction with
the establishment of the fund. Investments in retail properties
located at Yliopistonkatu 22 and Kristiinankatu 8 in Turku were also
finalised in January. In addition, an investment commitment made
earlier was used during the review period for financing the Skanssi
Kauppakeskus shopping mall project and for acquiring the Tokmanni
logistics centre. A land area situated in the Kivistö district of
Vantaa was also purchased, and a new commitment made for constructing
a head office for OneMed Oy in Helsinki.
Investments amounting to MEUR 994.7 were made during the review
period, in addition to which the funds had made commitments as at 30
September 2008 to finance real estate acquisitions and projects over
the next few years amounting to MEUR 160.5. In the comparable period
in 2007 a decision was made to invest in 14 new targets and the
investments implemented totalled MEUR 132.4. Commitments to financing
new projects totalled MEUR 255.5 on 30 September 2008.
Exits from real estate investments January-September 2008
The funds did not exit from any real estate investments during the
review period. In the comparable period in 2007 the CapMan Real
Estate I fund sold its portfolio of 22 office properties to Samson
Properties Ltd, The Royal Bank of Scotland (RBS) and Ajanta Oy for
MEUR 377.5.
FUND'S INVESTMENT ACTIVITIES IN FIGURES
Funds' investments and exits at acquisition cost, MEUR
1-9/2008 1-9/2007 1-12/2007
New and follow-on investments
Funds investing in portfolio 185.3 152.0 164.7
companies
Buyout 158.5 116.0 126.7
Technology 9.3 28.1 28.6
Life Science 4.1 7.9 9.4
Russia 13.4 - -
Public Market - - -
Real estate funds 994.7 132.4 160.0
Total 1,180.0 284.4 324.7
Exits*
Funds investing in portfolio 28.9 60.6 93.2
companies
Buyout 16.5 42.6 74.1
Technology 8.4 18.0 19.1
Life Science 4.0 - -
Russia - - -
Public Market - - -
Real estate funds - 304.4 304.4
Total 28.9 365.0 397.6
* Including partial exits and repayments of mezzanine loans.
In addition, the real estate funds had on 30 September 2008 made
commitments to finance real estate acquisitions and projects to the
amount of MEUR 160.5.
Funds' aggregate combined portfolio* 30 September 2008, MEUR
Portfolio at Portfolio at Share of
acquisition fair portfolio
price value (fair value) %
Funds investing in portfolio 790.7 917.7 44.4
companies
Real estate funds 1,154.8 1,147.8 55.6
Total 1,945.5 2,065.5 100.0
Funds investing in portfolio
companies
Buyout 621.3 772.1 84.1
Technology 114.6 98.6 10.7
Life Science 41.4 33.6 3.7
Russia 13.4 13.4 1.5
Total 790.7 917.7 100.0
*Aggregated entity formed of all investment
targets of funds under management.
Remaining investment capacity
After deduction of actual and estimated expenses, on 30 September
2008 the funds that invest in portfolio companies had some MEUR 670
remaining for new and follow-on investments. Of the remaining
capital, some MEUR 305 was earmarked for buyout investments (incl.
mezzanine investments), MEUR 165 for technology investments, MEUR 40
for life science investments, MEUR 70 for the CapMan Russia team's
investments and MEUR 90 for the CapMan Public Market team's
investments. The real estate funds have remaining investment capacity
amounting to MEUR 330.
APPENDIX 3: CAPITAL UNDER MANAGEMENT OF ASSOCIATED COMPANY ACCESS
CAPITAL PARTNERS ON 30 SEPTEMBER 2008
CapMan Plc owns a 35% holding in the European company Access Capital
Partners, which manages funds of funds. At the end of SeptemberAccess had capital under management of approx. EUR 2.5 billion.
Further information about the operations of Access Capital Partners
is available on the internet: www.access-capital-partners.com.
Fund/mandates Size, MEUR
Access Capital Fund 1) 250.3
Access Capital Fund II Mid-market buy-out 1) 153.4
Access Capital Fund II Technology 1) 123.5
Access Capital Fund III Mid-market buy-out 1) 307.4
Access Capital Fund III Technology 1) 88.9
Access Capital Fund IV Growth buy-out 1) 425.0
Access Capital Fund IV High Growth Technology Europe 1) 35.0
Private Equity Mandates 1,162.0
Total 2,545.5
1) The fund is comprised of two or more legal entities (parallel
funds are presented separately only if their investment focuses or
portfolios differ significantly).
CapMan Plc Group's share of the carried interest from the Access
funds is: Access Capital Fund: 47.5%, Access Capital Fund II: 45%,
Access Capital Fund III: 25%, Access Capital Fund IV: 25%,
Acces/Private Equity Mandates: 25%.
