CapMan Plc Stock Exchange Release - 4 May 2012 at 9.00 a.m. EET
CapMan Group's Interim Report for 1 January - 31 March 2012
Performance and main events during the review period:
- Group turnover totalled MEUR 6.7 (January-March 2011: MEUR 8.2).
- The Group's operating profit was MEUR 2.7 (MEUR 4.0).
- The Management Company business recorded an operating loss of MEUR 0.6 (MEUR
0.0). The Fund Investment business recorded an operating profit of MEUR 3.4
(MEUR 4.0).
- Profit before taxes was MEUR 3.6 (MEUR 4.8) and profit after taxes was MEUR
3.1 (MEUR 3.7).
- Profit attributable to the owners of the parent company was MEUR 3.1 (MEUR
3.6). Earnings per share were 2.9 cents (3.5 cents).
- Capital under management as of 31 March 2012 totalled MEUR 3,034.6 (31 March
2011: MEUR 3,117.2).
- Fundraising commenced in three business areas.
Outlook for 2012 unchanged
CapMan's next major fundraising rounds will take place in 2012. The development
of the company's current year management fees will depend on the timing of exits
made from current funds and the size and timing of new funds to be established.
Our operating expenses will continue to decline as a result of the various
efficiency enhancement measures that have been taken. Due to our fundraising
efforts, management fees will not fully cover operating expenses until the new
funds currently in the process of being established reach an adequate size.
The fair value of CapMan's fund investments developed favourably during the
first quarter of 2012. We believe that our portfolio companies are well-
positioned to continue performing well in this respect during the rest of the
year, which would have a positive effect on the fair value development of our
fund investments.
The Group's overall result for 2012 will mainly depend on whether funds already
generating carried interest are able to conduct new exits, whether new funds
will transfer to carry, and on how the value of investments develops in funds
where CapMan is a substantial investor. Due to the difficulty of forecasting
these developments and their timing, CapMan will not issue guidance on its
result for the full year.
CEO Lennart Simonsen:
"CapMan's result during the first quarter was satisfactory, given the
challenging operating environment. Our funds' portfolio companies and properties
continued to develop well during the quarter, which had a positive impact on the
value of our own holdings. CapMan has a solid base of resources and expertise to
develop its portfolio companies and real estate over the long term.
In contrast to the slowdown of the European real estate and M&A market in the
first quarter, activity in the Nordic real estate market increased during the
first three months of the year while M&A activity in the region remained at
level with the previous quarter. The Russian economy demonstrated robust
development in the beginning of the year while the country's outlook remains
positive. CapMan was recently selected by Private Equity International* as one
of the three leading private equity firms in Russia, reflecting our successful
track record in the region.
Our funds hold several portfolio companies and properties where exit
negotiations are in progress. Although it is important to get the funds into
carry, our aim is always to sell our holdings at the most attractive valuation,
which in turn can affect the timing of individual exits.
Fundraising is our major focus area during 2012. We began fundraising for the
Buyout X, Nordic Real Estate, and CapMan Russia II funds during the first
quarter. CapMan's strong market position, long-term relationships with
investors, good historical returns, and over 20 years of experience in the
private equity field support the Group's successful fundraising efforts. We
believe that we will complete the first round of fundraising for all three new
funds during 2012."
Business operations
CapMan Group is a private equity fund manager operating in the Nordic countries
and Russia. The Group also makes investments in its own funds.
Private equity investment means making direct equity investments in companies
and real estate. Investments are made through funds, which raise their capital
primarily from institutional investors such as pension funds and foundations.
Private equity investors actively develop their portfolio companies and real
estate by working closely with the management and tenants. Value creation is
based on promoting companies' sustainable growth and strengthening their
strategic position. Private equity investment is of a long-term nature -
investments are held for an average of three to five years and the entire life
cycle of a fund is typically around 10 years. Over the long term, private equity
funds have generated significantly higher levels of returns compared to other
investment classes**, and the industry's prospects are good. By investing in
CapMan, institutional and private investors can benefit from the profit
potential of the private equity industry while diversifying their exposure.
The Group has two operating segments: a Management Company business and a Fund
Investment business.
In its Management Company business, CapMan raises capital from Nordic and
international institutions for the funds that it manages. The investment teams
invest this capital in Nordic and Russian companies and real estate. The
management company business has two sources of income. Fund investors pay a
management fee to CapMan (typically 0.5-2.5% p.a.) during the life cycle of each
fund. The management fee is based on fund size less realised exits during the
fund's investment period (typically 5 years), after which the management fee is
based on the remaining invested portfolio valued at cost. Management fees
normally cover CapMan's operating costs and generally represent a steady and
highly predictable source of income.
The second source of income of the Management Company business is carried
interest received from funds. Carried interest denotes the Management Company's
share of each fund's cash flow after paid-in capital has been distributed to
fund investors and the latter have received their annual preferential return
(so-called hurdle rate (IRR), typically 8% p.a.). The amount of carried interest
generated depends on the timing of exits and the stage at which funds are in
their life cycle, which makes advance prediction difficult.
Through its Fund Investment business CapMan makes investments from its own
balance sheet in the funds that it manages. Income in this business is generated
by increases in the fair value of investments and realised returns. Fair value
is determined by the development of portfolio companies and real estate held by
the funds in addition to general market developments. Unlike CapMan's other
income, revenue from its fund investments can sometimes be negative.
As there may be considerable quarterly fluctuations in carried interest and the
fair value of fund investments, the Group's financial performance should be
analysed over a longer time span than the quarterly cycle.
Group turnover and result in January - March 2012
The Group's turnover during the first quarter was lower than in the comparable
quarter in 2011 and totalled MEUR 6.7 (Q1 2011: MEUR 8.2) as a result of lower
management fees and carried interest compared to 2011. In addition, the turnover
in the comparable quarter included MEUR 0.5 of real estate consulting income.
CapMan sold its real estate consulting business in June 2011. Operating expenses
fell as planned, as a result of efficiency enhancement initiatives, and totalled
MEUR 7.5 (MEUR 8.3).
The Group recorded an operating profit of MEUR 2.7 (MEUR 4.0). Financial income
and expenses amounted to MEUR 0.2 (MEUR 0.4). CapMan's share of the profit of
its associated companies was MEUR 0.7 (MEUR 0.5). Profit before taxes was MEUR
3.6 (MEUR 4.8) and profit after taxes was MEUR 3.1 (MEUR 3.7).
Profit attributable to the owners of the parent company was MEUR 3.1 (MEUR
3.6). Earnings per share were 2.9 cents (3.5 cents).
A quarterly breakdown of turnover and profit, together with turnover, operating
profit/loss, and profit/loss by segment for the review period, can be found in
the Tables section of this report.
Management Company business
Turnover generated by the Management Company business during the first quarter
totalled MEUR 6.7 (MEUR 8.2). Management fees decreased compared to the
comparable period in 2011 as a result of exits, and totalled MEUR 6.2 (MEUR
7.1).
No carried interest income was received during the quarter. This compares to
carried interest income of MEUR 0.4 received in the first quarter of 2011.
The Management Company business recorded an operating loss of MEUR 0.6 (MEUR
0.0) and a loss of MEUR 0.5 (profit of MEUR 0.2). The status of the funds
managed by CapMan is presented in more detail in Appendix 1.
Fund Investment business
Fair value changes related to fund investments were MEUR 3.5 (MEUR 4.1) during
the first quarter and represented a 4.8% increase in value during the period
(6.7% increase in value during the first quarter of 2011). This positive
development in fair value was largely the result of good financial progress made
by portfolio companies. Fair value changes were also influenced by developments
in the market value of portfolio company peers. The aggregate fair value of fund
investments as of 31 March 2012 was MEUR 74.6 (31 March 2011: MEUR 64.4).
Operating profit for the Fund Investment business was MEUR 3.4 (MEUR 4.0) and
profit for the quarter was MEUR 3.6 (MEUR 3.4). CapMan's share of the result of
its Maneq associated companies impacted profit. Changes in the fair value of
Maneq fund investments impacted the performance of Maneq companies.
CapMan invested a total of MEUR 2.1 (MEUR 4.4) into the funds during the first
quarter. The majority of the investment was allocated to the CapMan Buyout VIII
fund. CapMan received distributions from funds totalling MEUR 0.8 (MEUR 10.1).
CapMan did not make any new commitments to funds during the quarter.
The amount of remaining commitments totalled MEUR 23.3 as of 31 March 2012 (31
March 2011: MEUR 30.3). The aggregate fair value of existing investments and
remaining commitments as of the same date was MEUR 97.9 (MEUR 94.7). CapMan's
objective is to invest 1-5% of the original capital in the new funds that it
manages, depending on fund size, fund demand, and CapMan's own investment
capacity.
Investments in portfolio companies are valued at fair value in accordance with
the International Private Equity and Venture Capital Valuation Guidelines
(IPEVG), while real estate assets are valued in accordance with the value
appraisals of external experts, as detailed in Appendix 1.
Investments at fair value and remaining investment capacity by investment area
are presented in the Tables section.
Balance sheet and financial position as of 31 March 2012
CapMan's balance sheet totalled MEUR 141.8 as of 31 March 2012 (31 March 2011:
MEUR 156.0). Non-current assets amounted to MEUR 117.0 (MEUR 105.6), of which
the carrying amount of goodwill totalled MEUR 6.2 (MEUR 6.4).
Fund investments booked at fair value totalled MEUR 74.6 (MEUR 64.4). Long-term
receivables amounted to MEUR 19.7 (MEUR 19.7), of which MEUR 18.7 (MEUR 19.0)
were loan receivables from Maneq funds. Both CapMan Plc and CapMan personnel are
investors in Maneq funds. The expected returns from CapMan's Maneq investments
are broadly in line with the return expectations for CapMan's other investments
in its own funds, and Maneq funds pay market rate interest on loans they receive
from CapMan Plc.
Current assets amounted to MEUR 21.3 (MEUR 46.9). Liquid assets (cash in hand
and at banks, plus other financial assets at fair value through profit and loss)
amounted to MEUR 13.0 (MEUR 42.9). The decrease in cash in hand was impacted by
dividends totalling MEUR 5.8 paid on 26 March 2012. Dividends paid during the
comparable quarter last year were MEUR 0.0 as CapMan paid its 2010 dividend of
MEUR 10.1 on 11 April 2011.
CapMan Plc's hybrid bond stands at MEUR 29.0. Due to dividend payments, the
interest on the bond for the financial year is deducted from equity in line with
the terms of the loan. The interest on the bond is payable semi- annually.
CapMan Plc had a bank financing package totalling MEUR 41.3 (MEUR 44.4)
available as of 31 March 2012, of which MEUR 31.3 (MEUR 34.4) was utilised.
Trade and other payables totalled MEUR 22.9 (MEUR 34.1). The Group's interest-
bearing net debts amounted to MEUR 19.0 (MEUR -7.8).
The Group's cash flow from operations totalled MEUR 0.9 (MEUR 2.4). Income from
fund management fees is paid semi-annually, in January and July, and is shown
under working capital in the cash flow statement. Cash flow from investments
totalled MEUR -1.1 (MEUR 12.3) and is related to fund investments and repaid
capital received by the company. Cash flow before financing totalled MEUR -0.2
(MEUR 14.7), while cash flow from financing was MEUR -9.1 (MEUR -6.3).
Key figures 31 March 2012
CapMan's equity ratio as of 31 March 2012 was 61.4% (31 March 2011: 54.7%), its
return on equity 14.5% (16.9%), and its return on investment 13.1% (16.6%). The
target level for the company's equity ratio is at least 60%, while it targets
over 20% return on equity.
Key figures
31.3.12 31.3.11 31.12.11
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Earnings per share, cents 2.9 3.5 10.1
Earnings per share, diluted, cents 2.9 3.5 10.1
Shareholders' equity / share, cents * 98.8 97.2 104.7
Share issue adjusted number of shares 84,255,467 84,255,467 84,255,467
Number of shares at the end of period 84,281,766 84,281,766 84,281,766
Number of shares outstanding 84,255,467 84,255,467 84,255,467
Company's possession of its own shares, end
of period 26,299 26,299 26,299
Return on equity, %** 14.5 16.9 12.4
Return on investment,%** 13.1 16.6 11.9
Equity ratio,% 61.4 54.7 61.9
Net gearing,% 22.8 -9.5 14.4
*) In line with IFRS standards, the MEUR 29 hybrid bond has been included in
equity, also when calculating equity per share. The interest on the hybrid bond
(net of tax) for the review period has been included when calculating earnings
per share.
Fundraising during January - March 2012 and capital under management as of 31
March 2012
Capital under management refers to the remaining investment capacity of funds
and capital already invested at acquisition cost. Capital increases as
fundraising for new funds progresses and declines as exits are made.
On-going economic uncertainty has impacted the fundraising market, which is
expected to remain challenging during 2012.
CapMan began fundraising for the Buyout X, Nordic Real Estate, and CapMan Russia
II funds during the first quarter. The Group expects first fundraising rounds
for all three new funds to be completed during 2012.
Capital under management declined during the quarter, to MEUR 3,034.5 as of 31
March 2012 (31 March 2011: MEUR 3,117.2), and is attributable to the exits made
after the comparable period. Of the total capital under management, MEUR
1,590.1 (MEUR 1,686.6) was held in funds making investments in portfolio
companies and MEUR 1,443.9 (MEUR 1,430.6) in real estate funds.
Funds under management, together with their investment activities, are presented
in more detail in Appendices 1 and 2.
Decisions taken by the Annual General Meeting
The Annual General Meeting (AGM) of CapMan Plc was held in Helsinki on 14 March
2012. The AGM approved the annual accounts for the 2011 financial year and
discharged the company's Board of Directors and Chief Executive Officer from
liability. The AGM approved all the proposals presented by the Board of
Directors to the AGM. The AGM decided, in accordance with the proposal of the
Board of Directors, to distribute a dividend of EUR 0.07 per share, which was
paid to shareholders on 26 March 2012.
The AGM elected six members to the Board of Directors for a term of office
expiring at the end of the next AGM. Koen Dejonckheere, Nora Kerppola, Claes de
Neergaard, Teuvo Salminen, and Heikki Westerlund were re-elected, and Karri
Kaitue was elected as a new member.
PricewaterhouseCoopers Oy, authorized public accountants, was re-elected auditor
of the company, with Mikko Nieminen as responsible auditor. The AGM decided to
amend Section 9 of the Articles of Association and eliminate the position of
deputy auditor. The term of office of the deputy auditor ended on 27 March 2012.
More details on the decisions taken at the meeting can be found in the stock
exchange release issued on 14 March 2012.
Authorisations given to the Board by the AGM
The Annual General Meeting authorised the Board of Directors to decide on the
repurchase and/or on the acceptance as pledges of the company's B shares. The
number of B shares concerned shall not exceed 8,000,000, and the authorisation
shall remain in force until the end of the following AGM and 30 June 2013 at the
latest. The AGM also authorised the Board to decide on the issuance of shares
and other special rights entitling to shares. The number of shares to be issued
shall not exceed 15,000,000 B shares and the authorization shall remain in force
until the end of the following AGM and 30 June 2013 at the latest.
Further details on these authorisations can be found in the stock exchange
release on the decisions taken by the AGM issued on 14 March 2012.
Organizing meeting held by the Board of Directors
At its organizing meeting held on 14 March 2012, the Board of Directors elected
Heikki Westerlund as Chairman and Teuvo Salminen as Vice Chairman. Teuvo
Salminen (Chairman), Karri Kaitue, and Nora Kerppola were elected to the Board's
Audit Committee; Nora Kerppola (Chairwoman), Koen Dejonckheere, and Claes de
Neergaard were elected to the Remuneration Committee; and Heikki Westerlund
(Chairman), Koen Dejonckheere, and Teuvo Salminen were elected to the Nomination
Committee.
Personnel
CapMan employed a total of 115 people as of 31 March 2012 (31.3.2011: 134), of
whom 78 (93) worked in Finland and the remainder in Sweden, Norway, Russia, and
Luxembourg. The drop in numbers compared to 2011 is largely attributable to the
sale of the real estate consulting business. A breakdown of personnel by country
is presented in the Tables section.
Shares and share capital
There were no changes in CapMan Plc's share capital or the number of shares
during the first quarter of 2012. Share capital as of 31 March 2012 totalled EUR
771,586.98. The number of B shares was 78,531,766 and that of A shares
5,750,000 as of 31 March 2012.
B shares entitle holders to one vote per share and A shares to 10 votes per
share.
Shareholders
The number of CapMan Plc shareholders increased by over 10% from the review
period and totalled 6,054 as of 31 March 2012 (31 March 2011: 5,329). No
flagging notices were issued during the first quarter.
Company shares
As of 31 March 2012, CapMan Plc held a total of 26,299 CapMan Plc B shares. No
changes took place in the number of shares held by CapMan Plc during the
quarter.
Stock option programmes
As of 31 March 2012, CapMan Plc had one stock option programme in place - Option
Programme 2008 - as part of its incentive and commitment arrangements for
personnel. The maximum number of stock options issued under Option Programme
2008 will be 4,270,000, which will carry an entitlement to subscribe to a
maximum of 4,270,000 new B shares. The programme is divided into A and B series,
both of which cover a maximum of 2,135,000 option entitlements. The share
subscription price of the 2008A options is EUR 2.53 and of the 2008B option EUR
0.89. The subscription period for 2008A options started on 1 May 2011 and will
start on 1 May 2012 for 2008B options. Receivables from shares subscribed to
under these options will be entered in the company's unrestricted shareholders'
equity. As of 31 March 2012, 1,926,250 2008A stock option entitlements and
2,070,000 2008B stock option entitlements were allocated.
Trading and market capitalisation
CapMan Plc's B shares closed at EUR 1.05 on 31 March 2012 (31 March 2011: EUR
1.60). The average price during the quarter was EUR 1.10 (EUR 1.72). The highest
price paid was EUR 1.15 (EUR 1.84) and the lowest EUR 1.02 (EUR 1.58). The
number of CapMan Plc B shares traded totalled 7.4 million (7.8 million), valued
at MEUR 7.8 (MEUR 13.4).
The market capitalisation of CapMan Plc B shares as of 31 March 2012 was MEUR
82.5 (31 March 2011: MEUR 125.3). The market capitalisation of all company
shares, including A shares valued at the closing price of B shares, was MEUR
88.5 (MEUR 134.9).
Significant risks and short-term uncertainties
Prolonged economic uncertainty may affect CapMan's operations by delaying exits
and reducing the fair value of the company's portfolio. Continued market
uncertainty may also impact the already challenging fundraising conditions,
thereby reducing fund investors' willingness and ability to make new commitments
to CapMan's funds.
The fundraising environment is expected to remain challenging throughout 2012,
which could affect the final outcome of fundraising during the year.
The EU's Basel III and Solvency II legislative initiatives limit the ability of
European banks and insurance companies to invest in private equity funds, and
could impact CapMan's fundraising activity and the amount of capital that it has
under management, as well as any new management fees that CapMan might receive.
Business environment
While long-term growth prospects in terms of the demand for private equity funds
remain positive, current market uncertainty has reduced activity in the private
equity industry. The volume of M&A activity, in Central Europe in particular,
declined during the first quarter of this year, while that in the Nordic
countries remained at level with the last quarter of 2011, as measured in deal
flow.*** Compared to the rest of Europe, Nordic banks have been less affected by
the economic problems in the Eurozone, which has helped maintain the
availability of bank-based funding and M&A activity in the Nordic region.
CapMan funds investing in portfolio companies continue to execute their
investment strategies. The companies and real estate in our funds' portfolios
developed well in general during the first quarter, and the funds are ready to
exit a number of them. The lower level of M&A activity and the instability of
the market, however, have resulted in delays for some exit negotiations.
The prospects of our portfolio companies are largely positive for 2012. In
accordance with IPEVG criteria, the fair value development of portfolio
companies will also be impacted by the development of profit projections and
market valuations of listed companies and the performance of currencies used in
our areas of operations against the Euro. We plan to keep sufficient reserves in
our funds to support the growth and financing of portfolio companies. Long-term
cooperation with Nordic banks is of particular importance for us, and has
generally been successful.
The fundraising market remained challenging during the first quarter, and the
weaker exit market has delayed capital repayments to investors. International
investors are currently in particular interested in funds that invest in small
and medium-sized companies. The Southern European debt crisis has resulted in
raised investor awareness of opportunities in the Nordic region.
The European commercial real estate investment market experienced a seasonal
slowdown in the first quarter of 2012 according to commercial real estate
services company CBRE****. Despite this, activity in the Nordic region picked up
during the quarter. The growth is supported by the region's positive economic
growth outlook especially in comparison with the rest of Europe. The investment
market is further supported by the underlying stability of the Nordic countries
that in combination with some distressed real estate opportunities offer
attractive investment opportunities to active investors. Most of the investor
appetite has remained in prime properties and scarcity of debt financing is seen
as one of the key reasons for modest activity in the value-add segments. Both
prime rents and yields have remained mostly unchanged in Finland and elsewhere
in the Nordics during the first quarter.***** There has been a continued
pressure for further increase in more secondary yields. Retail trade confidence
has remained strong in Finland and sales growth continued to rise as the outlook
remains positive. The number of overnight stays in Finnish hotels continued to
increase during the first two months of the year with both occupancy and average
room rate development being positive.******
CapMan funds investing in portfolio companies have some MEUR 523 available for
making new and add-on investments, while real estate funds have an investment
capacity of approximately MEUR 55, which will be used mainly for developing
their existing portfolios.
Regulatory environment
The European Directive on Alternative Investment Fund Managers (AIFM directive)
came into force on 21 July 2011, and member states have until 21 July 2013 to
integrate it into their national legislation. The directive stipulates an
operating license for participants, as well as other significant requirements,
including fund investor and authority reporting. Thanks to its organisation and
operating model, CapMan is in a good position to operate within the requirements
of these new regulations.
In the US, the Dodd-Franck Act requires certain non-US private equity advisors
and managers to register with or report to the Securities and Exchange
Commission (S.E.C.). In line with the requirements of the Act, CapMan reported
to the S.E.C. on Group companies that manage funds with American investors or
offer investment advice covering such funds by 30 March 2012.
CapMan actively monitors other regulatory developments affecting the industry,
including the Basel III and Solvency II initiatives, which are designed to set
capital requirements for European banks and insurance companies.
Future outlook
CapMan's next major fundraising rounds will take place in 2012. The development
of the company's current year management fees will depend on the timing of exits
made from current funds and the size and timing of new funds to be established.
Our operating expenses will continue to decline as a result of the various
efficiency enhancement measures that have been taken. Due to our fundraising
efforts, management fees will not fully cover operating expenses until the new
funds currently in the process of being established reach an adequate size.
The fair value of CapMan's fund investments developed favourably during the
first quarter of 2012. We believe that our portfolio companies are well-
positioned to continue performing well in this respect during the rest of the
year, which would have a positive effect on the fair value development of our
fund investments.
The Group's overall result for 2012 will mainly depend on whether funds already
generating carried interest are able to conduct new exits, whether new funds
will transfer to carry, and on how the value of investments develops in funds
where CapMan is a substantial investor. Due to the difficulty of forecasting
these developments and their timing, CapMan will not issue guidance on its
result for the full year.
The CapMan Group will publish its Interim Report for 1 January - 30 June 2012 on
Thursday, 9 August 2012.
Helsinki, 4 May 2012
CAPMAN PLC
Board of Directors
Further information:
Lennart Simonsen, CEO, tel. +358 207 207 567 or +358 400 439 684
Niko Haavisto, CFO, tel. +358 207 207 583 or +358 50 465 4125
Distribution:
NASDAQ OMX Helsinki
Principal media
www.capman.com
* Private Equity International, Annual Review 2011
** Bain & Company, Global Private Equity Report
***Unquote/Arle, Private Equity Barometer Q1/2012
**** CBRE MarketView European Investment Quarterly Q1 2012
*****CBRE MarketView EMEA Rents and Yields Q1 2012
******Statistics Finland, Accommodation Statistics February 2012
Appendices (after the Tables section):
Appendix 1: CapMan Group's funds under management as of 31 March 2012, MEUR
Appendix 2: Operations of CapMan's funds under management, 1 January - 31 March
2012
Accounting principles
The Interim Report has been prepared in accordance with the International
Financial Standards (IFRS) and is in conformity with the accounting policies
published in the 2011 financial statements. The revised and amended standards
entering into force on 1 January 2012 had no impact on this interim report. The
information presented in the Interim Report is un-audited.
GROUP STATEMENT OF COMPREHENSIVE INCOME (IFRS)
€ ('000) 1-3/12 1-3/11 1-12/11
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Turnover 6,676 8,185 32,440
Other operating income 0 0 670
Personnel expenses -4,332 -5,276 -22,349
Depreciation and amortisation -195 -216 -811
Other operating expenses -2,922 -2,821 -11,704
Fair value gains / losses of investments 3,487 4,099 12,849
Operating profit 2,714 3,971 11,095
Financial income and expenses 218 355 559
Share of associated companies' result 689 455 2,055
Profit before taxes 3,621 4,781 13,709
Income taxes -507 -1,125 -2,622
Profit for the period 3,114 3,656 11,087
Other comprehensive income:
Translation differences 5 3 -31
Total comprehensive income 3,119 3,659 11,056
Profit attributable to:
Equity holders of the company 3,114 3,587 10,899
Non-controlling interests 0 69 188
Total comprehensive income attributable to:
Equity holders of the company 3,119 3,590 10,868
Non-controlling interests 0 69 188
Earnings per share for profit attributable
to the equity holders of the Company: 2.9 3.5 10.1
Earnings per share, cents 2.9 3.5 10.1
Accrued interest payable on the hybrid bond has been taken into consideration
for the review period when calculating earnings per share.
GROUP BALANCE SHEET (IFRS)
€ ('000) 31.3.12 31.3.11 31.12.11
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ASSETS
Non-current assets
Tangible assets 401 558 438
Goodwill 6,204 6,406 6,204
Other intangible assets 1,913 2,300 1,881
Investments in associated companies 9,174 6,860 8,347
Investments at fair value through profit and loss
Investments in funds 74,580 64,377 70,167
Other financial assets 599 598 597
Receivables 19,703 19,657 19,601
Deferred income tax assets 4,464 4,885 4,025
117,038 105,641 111,260
Current assets
Trade and other receivables 8,357 3,954 5,467
Other financial assets at fair value
through profit and loss 373 378 378
Cash and bank 12,577 42,536 21,887
21,307 46,868 27,732
Non-current assets held for sale 3,501 3,501 3,501
Total assets 141,846 156,010 142,493
EQUITY AND LIABILITIES
Capital attributable the Company's
equity holders
Share capital 772 772 772
Share premium account 38,968 38,968 38,968
Other reserves 38,814 38,679 38,679
Translation difference 43 72 38
Retained earnings 4,682 3,443 9,784
83,279 81,934 88,241
Non-controlling interests 0 342 0
Total equity 83,279 82,276 88,241
Non-current liabilities
Deferred income tax liabilities 2,542 3,081 2,569
Interest-bearing loans and borrowings 25,654 31,990 28,753
Other liabilities 1,172 1,296 1,131
29,368 36,367 32,453
Current liabilities
Trade and other payables 22,949 34,057 15,269
Interest-bearing loans and borrowings 6,250 3,125 6,250
Current income tax liabilities 0 185 280
29,199 37,367 21,799
Total liabilities 58,567 73,734 54,252
Total equity and liabilities 141,846 156,010 142,493
GROUP STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of the Company
Trans- Non-
Share lation controll-
Share premium Other differ- Retained ing Total
EUR ('000) capital account reserves ences earnings Total interests equity
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Equity on
1 Jan 2011 772 38,968 38,679 69 12,241 90,729 273 91,002
Options 143 143 143
Dividends -10,114 -10,114 -10,114
Hybrid
bond,
interest
(net of
tax) -2,414 -2,414 -2,414
Comprehen-
sive
profit 3 3 587 3 590 69 3,659
Equity on
31 Mar
2011 772 38,968 38,679 72 3,443 81,934 342 82,276
Equity on
1 Jan 2012 772 38,968 38,679 38 9,784 88,241 0 88,241
Options 135 145 280 280
Dividends -5,898 -5,898 -5,898
Hybrid
bond,
interest
(net of
tax) -2,463 -2,463 -2,463
Comprehen-
sive
profit 5 3,114 3,119 3,119
Equity on
31 Mar
2012 772 38,968 38,814 43 4,682 83,279 0 83,279
STATEMENT OF CASH FLOW (IFRS)
€ ('000) 1-3/12 1-3/11 1-12/11
-----------------------------------------------------------------
Cash flow from operations
Profit for the financial year 3,114 3,656 11,087
Adjustments -3,014 -2,764 -10,350
Cash flow before change in working capital 100 892 737
Change in working capital 1,172 2,010 -1,142
Financing items and taxes -369 -508 -7,788
Cash flow from operations 903 2,394 -8,193
Cash flow from investments -1,087 12,343 14,607
Cash flow before financing -184 14,737 6,414
Dividends paid -5,898 0 -10,336
Other net cash flow -3,228 -6,250 -8,240
Financial cash flow -9,126 -6,250 -18,576
Change in cash funds -9,310 8,487 -12,162
Cash funds at start of the period 21,887 34,049 34,049
Cash funds at end of the period 12,577 42,536 21,887
Segment
information
The Group has two reporting segments: the Management Company business
and the Fund Investment business.
1-3/2012 Management Company business Fund Total
CapMan CapMan Investment
€ ('000) Private Equity Real Estate Total business
-------------------------------------------------------------------------------
Turnover 4,950 1,726 6,676 0 6,676
Operating
profit/loss -420 -228 -648 3,362 2,714
Profit/loss for
the financial year -296 -228 -524 3,638 3,114
Assets 8,012 1,104 9,116 107,922 117,038
Total assets
includes:
Investments in
associated
companies 0 0 0 9,174 9,174
Non-current assets
held for sale 3,501 0 3,501 0 3,501
1-3/2011 Management Company business Fund Total
CapMan CapMan Investment
€ ('000) Private Equity Real Estate Total business
-------------------------------------------------------------------------------
Turnover 5,978 2,207 8,185 0 8,185
Operating
profit/loss 311 -338 -27 3,998 3,971
Profit/loss for
the financial year 570 -338 232 3,424 3,656
Assets 8,420 1,441 9,861 95,780 105,641
Total assets
includes:
Investments in
associated
companies 0 0 0 6,860 6,860
Non-current assets
held for sale 3,501 0 3,501 0 3,501
1-12/2011 Management Company business Fund Total
CapMan CapMan Investment
€ ('000) Private Equity Real Estate Total business
-------------------------------------------------------------------------------
Turnover 24,633 7,807 32 440 0 32 440
Operating
profit/loss -45 -1 024 -1 069 12 164 11 095
Profit/loss for
the financial year -651 -1 024 -1 675 12 762 11 087
Assets 8,362 627 8,989 102,271 111,260
Total assets
includes:
Investments in
associated
companies 0 0 0 8,347 8,347
Non-current assets
held for sale 3,501 0 3,501 3,501
Income taxes
The Group's income taxes in the Income Statements are calculated on the basis of
current taxes on taxable income and deferred taxes. Deferred taxes are
calculated on the basis of all temporary differences between book value and
fiscal value.
Dividend
A dividend of €0.07 per share, total €5.9 million, was paid for the year 2011.
The dividend was paid to the shareholders on 26 March 2012 (A dividend of €0.12
per share, total €10.1 million, was paid for the year 2010.).
Non-current assets
€ ('000) 31.3.12 31.3.11 31.12.11
--------------------------------------------------------------------
Investments in funds at fair value through
profit and loss at Jan 1 70,167 66,504 66,504
Additions 2,144 4,432 11,847
Distributions -781 -10,087 -19,530
Fair value gains/losses on investments 3,050 3,528 11,346
Investments in funds at fair value through
profit and loss at end of the period 74,580 64,377 70,167
Investments in funds at fair value through
profit and loss at the end of period 31.3.12 31.3.11 31.12.11
Buyout 40,987 32,198 37,458
Mezzanine 3,660 4,979 3,835
Russia 3,149 1,779 2,836
Public Market 4,066 3,684 3,631
Real Estate 6,336 5,672 6,038
Other 11,910 11,273 11,961
Access 4,472 4,792 4,408
In total 74,580 64,377 70,167
Transactions with related parties (associated companies)
€ ('000) 31.3.12 31.3.11 31.12.11
----------------------------------------------------------------------------
Receivables - non-current at end of review period 18,685 18,631 18,682
Receivables - current at end of review period 538 291 890
Non-current liabilities
€ ('000) 31.3.12 31.3.11 31.12.11
----------------------------------------------------------------------------
Interest bearing loans at end of review period 25,654 31,990 28,753
Seasonal nature of CapMan's business
Carried interest income is accrued on an irregular schedule depending on the
timing of exits. One exit may have an appreciable impact on the Group's result
for the full financial year
Personnel
By country 31.3.12 31.3.11 31.12.11
-------------------------------------------------------------------
Finland 78 93 79
Sweden 15 19 18
Norway 8 7 8
Russia 13 14 14
Luxembourg 1 1 1
In total 115 134 120
Commitments
€ ('000) 31.3.12 31.3.11 31.12.11
-------------------------------------------------------------------
Leasing agreements 6,956 8 635 7,534
Securities and other commitments 66,766 67,173 67,143
Remaining commitments to funds 23,304 30,264 24,425
Remaining commitments by investment area
Buyout 8,759 13,574 10,008
Mezzanine 4,879 4,313 4,826
Russia 1,795 2,992 2,113
Public Market 1,091 964 299
Real Estate 857 1,181 942
Other 3,999 5,275 4,328
Access 1,924 1,965 1,909
In total 23,304 30,264 24,425
Turnover and profit quarterly
2012
MEUR 1-3/12
-------------------------------------
Turnover 6.7
Management fees 6.2
Carried interest 0.0
Other income 0.5
Other operating income 0.0
Operating expenses -7.5
Fair value gains of
investments 3.5
Operating profit 2.7
Financial income and expenses 0.2
Share of associated
companies' result 0.7
Profit before taxes 3.6
Profit for the period 3.1
2011
MEUR 1-3/11 4-6/11 7-9/11 10-12/11 1-12/11
------------------------------------------------------------------------------
Turnover 8.2 7.6 9.8 6.8 32.4
Management fees 7.1 6.8 6.8 6.4 27.1
Carried interest 0.4 0.0 2.6 0.1 3.1
Real Estate consulting 0.5 0.5 0.0 0.0 1.0
Other income 0.2 0.3 0.4 0.3 1.2
Other operating income 0.0 0.6 0.0 0.0 0.6
Operating expenses -8.3 -9.2 -7.9 -9.5 -34.9
Fair value gains / losses of
investments 4.1 6.2 -0.1 2.6 12.8
Operating profit 4.0 5.2 1.8 0.1 11.1
Financial income and expenses 0.4 0.0 -0.2 0.4 0.6
Share of associated companies' result 0.5 1.9 0.4 -0.7 2.1
Profit after financial items 4.8 7.2 2.0 -0.3 13.7
Profit for the period 3.7 5.2 1.6 0.6 11.1
APPENDIX 1: THE CAPMAN GROUP'S FUNDS UNDER MANAGEMENT AS OF 31 MARCH 2012, MEUR
The tables below show the status of the funds managed by CapMan as of 31 March
2012. CapMan groups its funds into four categories in terms of their life cycle
as follows: 1) Funds generating carried interest; 2) Funds in exit and value
creation phase; 3) Funds in active investment phase; and 4) Funds with no
carried interest potential for CapMan.
Exits made by funds generating carried interest provide CapMan with immediate
carry income, while those in the exit and value creation phase can be expected
to start generating carried interest within the next 1-5 years. The carry
potential of funds in active investment phase is likely to be realised over the
next 5-10 years. The last category comprises funds that do not offer any carried
interest potential for CapMan, either because CapMan's share of carry in the
funds concerned is small or because the funds are not expected to transfer to
carry.
When analysing the projected timetable within which a fund could transfer to
carry, the cumulate cash flow that investors have already received should be
compared to the fund's paid-in capital. In order for a fund to enter carry, it
must first return its paid-in capital and pay an annual preferential return to
investors. In the case of funds in the exit or value creation phase, the table
shows the cash flow that must be returned to investors to enable a fund to
transfer to carry. The carry potential of each fund can be evaluated by
comparing this figure to the fair value of the fund's portfolio. A portfolio's
fair value, including its possible net cash flows, provides an indication of the
distributable capital available as of the end of the reporting period. Any
uncalled capital in a fund (relevant especially for funds in the active
investment phase) should be taken into account when evaluating the cash flow
that will be needed to enable a fund to transfer to carry.
The percentage shown in the last column indicates the share of each fund's cash
flow due to CapMan as and when the fund transfers to carry. Following a previous
distribution of carried interest, any new paid-in capital, together with the
annual preferential return payable on it, must be returned to investors before
any further distribution of carried interest can take place.
Definitions of the column headings are shown below the table.
FUNDS INVESTING IN PORTFOLIO COMPANIES
Size Paid- Fund's Net Distributed Amount CapMan's
in ca- current cash cash flow of cash share of
pital portfolio assets flow cash
--------------- -------------- needed flow if
At At To To to fund
cost fair invest- mgmt transfer gene-
value ors com- the fund rates
pany to carry carried
as of interest
31.3.
2012
Funds
gene-
rating
carried
interest
Fenno
Program
1), FM II
B, FV V,
FM IIIB
-------------------------------------------------------------------------------
Total 258.0 252.3 18.0 12.6 1.4 406.8 17.4 10-20%
Funds in
exit and
value
creation
phase
FM III A 101.4 100.6 22.1 22.0 3.5 120.8 9.6 20%
CME VII A
6) 156.7 152.9 59.4 70.0 9.1 148.0 62.5 15%
CME VII B
6) 56.5 56.5 19.2 29.9 5.0 69.1 9.2 13%
CME Sweden
6) 67.0 66.4 25.5 30.0 3.9 63.6 28.4 15%
CMB VIII
2) 6) 440.0 389.3 256.7 301.9 8.1 154.1 365.6 12%
CMLS IV 54.1 47.9 32.2 37.5 1.3 12.1 49.6 10%
CMT
2007 2) 99.6 68.9 39.1 55.1 0.0 9.1 79.6 10%
CMPM 138.0 130.2 101.6 111.3 0.5 53.4 103.1 10%
-------------------------------------------------------------------------------
Total 1,113.3 1,012.7 555.8 657.7 31.4 630.2
Funds in
active
invest-
ment
phase
CMR 118.1 80.1 48.8 60.3 6.3 3.4%
CMB IX 294.6 212.7 176.4 197.0 3.9 13.4 10%
CMM V 95.0 19.7 18.0 20.0 0.7 1.2 10%
-------------------------------------------------------------------------------
Total 507.7 312.5 243.2 277.3 10.9 14.6
Fund with
no carried
interest
potential-
for CapMan
FV IV, FV
VET, SWE
LS 3), SWE
Tech
2), 3),
CME VII C,
FM II A,
C, D 2),
FM III C,
CMM IV 4)
-------------------------------------------------------------------------------
Total 580.5 553.5 176.0 153.6 27.7 360.5
Total
private
equity
funds 2,459.5 2,131.0 993.0 1,101.2 71.4 1,412.1 17.4
-------------------------------------------------------------------------------
REAL ESTATE FUNDS
Invest- Paid- Fund's Net Distributed Amount CapMan's
ment in ca- current cash cash flow of cash share of
capacity pital portfolio assets flow cash
----------------- -------------- needed flow if
At At To To to fund
cost fair invest- mgmt transfer gene-
value ors com- the fund rates
pany to carry carried
as of interest
31.3.
2012
Funds in
exit and
value
creation
phase
CMRE I
5)
Equity
and
bonds 200.0 188.5 59.9 45.3 205.3 27.4 65.6 26%
Debt-
finan-
cing 300.0 276.6 70.5 70.5
--------------------------------------------------------------------------------
Total 500.0 465.1 130.4 115.8 1.4 205.3 27.4
CMRE II
Equity
and
bonds 150.0 115.0 116.3 119.3 0.5 154.9 12%
Debt-
finan-
cing 450.0 276.8 262.6 262.6
--------------------------------------------------------------------------------
Total 600.0 391.8 378.9 381.9 3.8 0.5
CMHRE
Equity
and
bonds 332.5 316.1 363.2 305.5 27.2 390.7 12%
Debt-
finan-
cing 617.5 539.6 509.1 509.1
--------------------------------------------------------------------------------
Total 950.0 855.7 872.3 814.6 0.8 27.2
Total 2,050.0 1,712.6 1,381.6 1,312.3 6.0 233.0 27.4
Funds in
active-
invest-
ment
phase
PSH Fund
Equity
and
bonds 5.0 3.5 3.5 6.2 0.5
Debt-
finan-
cing 8.0 8.0 7.8 7.8
--------------------------------------------------------------------------------
Total 13.0 11.5 11.3 14.0 0.2 0.5
Total 13.0 11.5 11.3 14.0 0.2 0.5
Real
Estate
funds
total 2,063.0 1,724.1 1,392.9 1,326.3 6.2 233.5 27.4
--------------------------------------------------------------------------------
Abbreviations used to refer to funds:
CMB = CapMan Buyout CMRE = CapMan Real Estate
CME = CapMan Equity CMT 2007 = CapMan Technology 2007
CMLS = CapMan Life Science FM = Finnmezzanine Fund
CMM = CapMan Mezzanine FV = Finnventure Fund
CMHRE = CapMan Hotels RE PSH Fund = Project Specific Hotel Fund
CMPM = CapMan Public Market Fund SWE LS = Swedestart Life Science
CMR = CapMan Russia Fund SWE Tech = Swedestart Tech
Explanation of the terminology used in the fund tables
Size/Original investment capacity:
Total capital committed to a fund by investors, i.e. the original size of a
fund. For real estate funds, investment capacity also includes the share of debt
financing used by a fund.
Paid-in capital:
Total capital paid into a fund by investors as of the end of the review period.
Fund's current portfolio at fair value:
Fund investments in portfolio companies are valued at fair value in accordance
with the International Private Equity and Venture Capital Valuation Guidelines
(IPEVG, www.privateequityvaluation.com), and investments in real estate assets
are valued in accordance with the appraisals of external experts.
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, fund portfolios contain investments
with a fair value that exceeds their acquisition cost, as well as investments
with a fair value less than the acquisition cost.
Net cash assets:
When calculating the investors' share, a fund's net cash assets must be taken
into account in addition to the portfolio at fair value. The proportion of debt
financing in real estate funds is presented separately in the table.
Amount of cash flow needed to transfer the fund to carry
This cash flow refers to the profit distributed by funds and the capital they
pay back to investors. The figure indicates the size of the cash flow that must
be returned to investors as of the end of the reporting period to enable a fund
to transfer to carry. A fund's carry potential can be evaluated by comparing
this figure to the fair value of its portfolio.
CapMan's share of cash flow if a fund generates carried interest:
When a fund has generated the cumulative preferential return for investors
specified in the fund agreements, the management company is entitled to an
agreed share of future cash flows from the fund, known as carried interest.
After the previous distribution of profits, any new capital called in, as well
as any annual preferential returns on it, must be returned to investors before
any new distribution of profits can be paid.
Footnotes to the tables
1) Fenno Fund and Skandia I fund together form the Fenno Program, which is
jointly managed with Fenno Management Oy.
2) The fund is comprised of two or more legal entities (parallel funds are
presented separately only if the investment focuses or portfolios differ
significantly).
3) Currency items are valued at the average exchange rates quoted on 31 March
2012.
4) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 192 bond issued
by Leverator Plc. Distributed cash flow includes payments to both bond
subscribers and to the fund's partners.
5) CapMan Real Estate I: Distributed cash flow includes repayment of the bonds
and cash flow to the fund's partners. Following the previous payment of carried
interest, a total of MEUR 42.9 in paid-in capital had not yet been returned to
investors. This capital, together with the annual income entitlement payable on
it, must be paid to investors before further carried interest can be
distributed.
CapMan's management considers it unlikely that further carried interest will be
provided by the CapMan Real Estate I fund. As a result, the fund is no longer
included in the category of funds in carry. A total of some MEUR 6 of carried
interest was not entered in CapMan's profit in 2007 but held in reserve in case
some carried interest might have to be returned to investors in the future.
6) CapMan Plc's Board of Directors made a decision on 2 February 2012 to
increase Buyout investment teams' share of carried interest to better reflect
the prevailing industry practices. In the case of the CapMan Buyout VIII fund,
the investment teams' share is approximately 40%, and in the case of the CapMan
Equity VII funds approximately 25%.
APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 JANUARY - 31 MARCH
2012
The operations of the private equity funds managed by CapMan during the first
quarter of 2012 comprised direct investments in portfolio companies in the
Nordic countries and Russia (CapMan Private Equity), as well as real estate
investments (CapMan Real Estate). Investments by CapMan funds investing in
portfolio companies focus on two key investment areas in the Nordic countries
and one in Russia. These take the form of mid-size buyouts (CapMan Buyout),
investments in mid-sized companies operating in Russia (CapMan Russia), and
significant minority shareholdings in listed small and mid-cap companies (CapMan
Public Market). The investment focus of CapMan's real estate funds is mainly on
real estate properties in Finland. CapMan also has two other investment areas
(CapMan Technology and CapMan Life Science), which do not make new investments,
but concentrate instead on developing the value of their existing portfolio
companies. These two latter investments areas are reported under "Other" in
Private Equity.
CAPMAN PRIVATE EQUITY
Investments in portfolio companies in January-March 2012
CapMan's funds made no new investments during the first quarter, but did make a
number of add-on investments in existing portfolio companies, totalling MEUR
14.1. These add-on investments were largely concentrated in portfolio companies
held by Buyout funds. Three new investments and a couple of add-on investments
valued at a total of MEUR 67.3 were made during the equivalent quarter last
year.
Exits from portfolio companies in January-March 2012
CapMan's funds exited completely from Inmeta Crayon ASA during the first quarter
and partially from Ordyhna Holding and Metals and Powders Technology AB. Exits
had a combined acquisition cost of MEUR 42.4. During the comparable period last
year, final exits were made from eight portfolio companies, with a combined
acquisition cost of MEUR 112.6.
Events after the close of the review period
In April 2012, CapMan Russia fund invested in Top League.
CapMan's funds completed their exit from Ordyhna Holding after the end of the
review period, in April 2012. This exit will not have a substantial impact on
CapMan's result for 2012.
CAPMAN REAL ESTATE
Investments in and commitments to real estate acquisitions and projects in
January-March 2012
CapMan's real estate funds did not make any new investments during the first
quarter. Add-on investments were made in a number of existing developments,
totalling MEUR 8.4. In addition, real estate funds were committed to provide
finance for real estate acquisitions and projects totalling MEUR 39 as of 31
March 2012. During the first quarter of 2011, funds made a number of add-on
investments totalling MEUR 7.2, while commitments to finance new projects
totalled MEUR 63.0 as of 31 March 2011.
Exits from real estate investments in January-March 2012
CapMan's real estate funds did not exit any properties during the first quarter.
During the comparable period last year, funds completed one exit, with an
acquisition cost of MEUR 11.8.
FUND INVESTMENT ACTIVITIES IN FIGURES
Investments and exits made by funds at acquisition cost, MEUR
1-3/2012 1-3/2011 1-12/2011
New and add-on investments
Funds investing in portfolio 67.3
companies 14.1 168.7
Buyout 12.7 53.2 108.7
Russia 0,0 0.2 20.6
Public Market 0,0 13.9 31.8
Other 1,4 0.0 7.6
Real estate funds 8,4 7.2 56.6
-------------------------------------------------------------------------------
Total 22.5 74.5 225.3
Exits*
Funds investing in portfolio 112.6
companies 42.4 205.4
Buyout 38.5 82.2 159.3
Russia 0.0 10.0 10.0
Public Market 0.0 6.5 6.5
Other 3.9 13.9 29.6
Real estate funds 0.0 11.8 35.1
-------------------------------------------------------------------------------
Total 42.4 124.4 240.5
* including partial exits and repayments of mezzanine loans.
In addition, real estate funds had made commitments valued at MEUR 39.0 to
finance real estate acquisitions and projects as of 31 March 2012.
Funds' combined portfolio* as of 31 March 2012, MEUR
Portfolio at Portfolio at Share of portfolio
acquisition cost fair value (fair value) %
Funds investing in portfolio
companies 993.0 1,101.2 45.4
Real estate funds 1,392.9 1,326.3 54.6
-------------------------------------------------------------------------------
Total 2,385.9 2,427.5 100.0
Funds investing in portfolio
companies
Buyout 692.0 789.7 71.7
Russia 48.8 60.3 5.5
Public Market 101.6 111.3 10.1
Other 150.6 139.9 12.7
-------------------------------------------------------------------------------
Total 993.0 1,101.2 100.0
* Total of all investments of funds under management.
Remaining investment capacity
After deducting actual and estimated expenses, funds investing in portfolio
companies had a remaining investment capacity amounting to some MEUR 523 for new
and add-on investments as of 31 March 2012. Of their remaining capital, approx.
MEUR 350 was earmarked for buyout investments (incl. mezzanine investments),
approx. MEUR 68 for technology investments, approx. MEUR 15 for life science
investments, approx. MEUR 59 for investments by the CapMan Russia team, and
approx. MEUR 31 for investments by the CapMan Public Market team. Real estate
funds had a remaining investment capacity of approx. MEUR 55, which has been
reserved primarily for developing the funds' existing investments.
[HUG#1608790]
