Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Finland
  4. Nasdaq Helsinki
  5. CapMan Oyj
  6. News
  7. Summary
    CAPMAN   FI0009009377

CAPMAN OYJ

(CAPMAN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

1-9 2021 Interim Report

10/27/2021 | 01:20am EST

CAPMAN PLC 1-3 2021 INTERIM REPORT

TILINPÄÄTÖSTIEDOTE

TAULUKOT

Interim Report

1-9 | 2021

Growth and strong result development continued

Turnover +29%

Operating profit MEUR 32

CapMan Plc 27 October 2021

CAPMAN PLC 1-9 2021 INTERIM REPORT

CapMan Plc 1-9 2021 Interim Report

Growth and strong result development continued: Turnover +29% and operating profit MEUR 32

Results and significant events in January-September 2021

  • Group turnover was MEUR 38.1 1 Jan-30 Sep 2021 (MEUR 29.6 1 Jan-30 Sep 2020) and increased by 29 per cent.
  • Operating profit was MEUR 32.4 (MEUR 2.6).
  • Management Company business turnover was MEUR 31.9
    (MEUR 22.6). Operating profit was MEUR 10.0 (MEUR 5.6).*) Carried interest received for the first nine months of 2021 was MEUR 2.5 (MEUR 0.6).
  • Service business turnover was MEUR 6.2 (MEUR 6.8). Operating profit was MEUR 3.0 (MEUR 3.9).*)
  • Investment business operating profit was MEUR 23.1 (MEUR -3.1).
  • Diluted earnings per share were 15.8 cents (-1.1 cents).
  • Capital under management EUR 4.3 billion on 30.9.2021 and increased by EUR 760 million, or 21 per cent from 30.9.2020.
  • MEUR 250 new capital under management was raised after the review period in October.

TURNOVER 1-9 2021 OPERATING PROFIT 1-9 2021

€38.1m €32.4m

CAPITAL UNDER

RETURN ON EQUITY

MANAGEMENT 30.9.2021

1-9 2021

€4.3 bn

29.9% p.a.

*) The comparison period figures have been restated following changes to the composition of reporting segments starting from 1 January 2021.

1 l CapMan Plc

CAPMAN PLC 1-9 2021 INTERIM REPORT

CEO comment:

"CapMan's growth and strong result development continued during the third quarter of the year. Turnover for January-September 2021 was MEUR 38, growth of 29 per cent from the same period last year. Operating profit exceeded MEUR 32 for the first nine months of the year compared to approx. MEUR 3 for the comparison period last year. Fee profitability was at record levels, fair values of investments continued to develop favourably and the significance of carried interest for earnings generation is growing.

Operating profit exceeded MEUR 32 for the first nine months of the year compared to approx. MEUR 3 for the comparison period last year.

Assets under management were EUR 4.3 billion at the end of September 2021. The increase was more than MEUR 760 million, or more than 21 per cent over the last 12 months. Fundraising for our newest funds proceeds well. After the review period, we have raised approx. MEUR 250 for our new Residential and Credit funds as well as CapMan Wealth Services' new investment programme. We expect to see continued strong growth in asset under management in the upcoming 12 months.

Following successful value creation work and ongoing exit processes, many of our funds hold significant carried interest potential. We received carried interest from CapMan Mezzanine V fund in the third quarter of the year and expect multiple funds to enter into carry during the next six months.

We expect multiple funds to enter into carry during the next six months.

CEO

l

REPORT TEXT l TABLES

Management Company turnover was MEUR 32 in the first nine months of the year, growing 41 per cent from the comparison period. Turnover grew due to new assets under management and carried interest income. The operating profit of the Management Company business was MEUR 10, growing by approx. 77 per cent from the comparison period. Operating profit grew due to significant income growth in combination with controlled cost development.

Service business turnover was MEUR 6 and operating profit MEUR 3 in the first nine months of 2021. The Service business includes CapMan's procurement service CaPS and reporting and analytics service JAY Solutions, which both demonstrated strong development. CaPS's turnover continued growing and the increasingly international business was very profitable. JAY Solutions' business grew and developed strongly especially due to the acquisition of new customers as well as growth in the B2B business.

The fair value changes of our investments were MEUR +24 in the first nine months of 2021. A significant portion of the fair value change is based on realised transactions. The positive development is broad-based and includes all our active strategies. In the comparison period, fair values decreased significantly due to the market disruption brought on by the Covid-19 pandemic.

We have made additional commitments to sustainability during the year. CapMan hired its first ESG Director in September in order to continue to develop processes and set ESG objectives for CapMan Group. CapMan Buyout XI fund has introduced a sustainability link to its Capital Call Bridge facility, the first of its kind at CapMan.

Our balance sheet and liquidity were strong. At the end of September, our equity ratio was over 50 per cent and liquid assets were nearly MEUR 60. The 2021 Annual General Meeting decided to distribute 14 cents/share to

2 l CapMan Plc

CAPMAN PLC 1-9 2021 INTERIM REPORT

CEO

l

REPORT TEXT l TABLES

shareholders as dividend and equity repayment. The distribution was implemented in two instalments in March and September. CapMan's objective is to pay an annually increasing dividend to our shareholders. Recent result development and growth expectations support this objective."

Joakim Frimodig

CEO, CapMan Plc

3 l CapMan Plc

CAPMAN PLC 1-9 2021 INTERIM REPORT

CapMan Plc 1-9 2021 Interim Report

Group turnover and result in 1-9 2021

CapMan Group's turnover totalled MEUR 38.1 in the period spanning 1 January-30 September 2021 (1 January-30 September 2020: MEUR 29.6). The 29 per cent increase in turnover was mainly due to an increase in management fees and carried interest compared to the same period last year. Recurring fees of the Management Company and Service business grew by 32 per cent in total.

Operating expenses were MEUR 29.5 (MEUR 24.4) in total. Personnel expenses, including incidentals, were MEUR 21.6 (MEUR 16.4). The growth was mainly due to higher earnings-based bonus accruals. The 2020 period included cost savings measures undertaken due to the exceptional pandemic situation. Depreciations and amortisations were MEUR 1.1 (MEUR 1.1). Other operating expenses amounted to MEUR 6.8 (MEUR 6.9).

Fair value changes of investments were MEUR +23.8 for January- September 2021 (MEUR -2.6). The fair value change was positive across all investment strategies. Net cash flow from investments booked at fair value generated by exits was MEUR 11.7 (MEUR 7.7). The positive fair value change reflects the generally favourable development of portfolio company operations. General strong market development has also supported fund development. During the comparison period, fair values decreased sharply mainly following the outbreak of the pandemic.

The Group's operating profit was MEUR 32.4 (MEUR 2.6) following turnover growth, positive fair value changes and cost efficiency.

CEO

l

REPORT TEXT l TABLES

Financial income and expenses amounted to MEUR -2.9 (MEUR -2.0). Financial expenses increased due to increased debt. Profit before taxes was MEUR 29.5 (MEUR 0.6) and profit after taxes was MEUR 26.0 (MEUR -0.9).

Diluted earnings per share were 15.8 cents (-1.1 cents).

A quarterly breakdown of turnover and profit, together with turnover, operating profit/loss, and profit/loss by segment for the review period are available in the Tables section of this report.

Management Company business

Turnover generated by the Management Company business for the first nine months totalled MEUR 31.9 (MEUR 22.6). The 41 per cent increase was mainly due to an increase in management fees and carried interest from the comparison period.

Management fees were MEUR 26,1 (MEUR 19,3), growth was 35 per cent. Several new funds, among them Nest Capital III, CapMan Special Situations, CapMan Nordic Real Estate III and CapMan Residential funds, contributed favourably to management fees for the period. The full effect on management fees of the new funds is visible during the year 2022.

Carried interest income for the review period totalled MEUR 2.5 (MEUR 0.6) mainly from the CapMan Mezzanine V fund.

Other Management Company fees, mainly from wealth advisory services, were MEUR 3.2 (MEUR 2.7). CapMan includes CapMan Wealth Services as part of the Management Company business segment starting from January 2021 and comparison period figures have also been restated accordingly.

Of the turnover, 90 per cent was based on long term contracts (96 per cent during the comparison period). The comparatively lower share of

4 l CapMan Plc

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

CapMan Oyj published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 05:17:06 UTC.


ę Publicnow 2021
All news about CAPMAN OYJ
01/17Finland's Capman Buys Warehouse Asset in Sweden
MT
01/04CapMan Nordic Real Estate Fund Completes Sale Of Properties In Denmark
MT
2021CAPMAN OYJ : Infra's first fund receives three stars in its first GRESB assessment
PU
2021CapMan Infra to Buy Finnish Bus Operator
MT
2021CapMan Oyj entered into an agreement to acquire Koiviston Auto Oy.
CI
2021CapMan Unit Acquires Majority Stake In Marinetek
MT
2021Bulgarian Stock Exchange Abandons Plans to Acquire Stake in CapMan
CI
20211-9 2021 Interim Report
PU
2021CapMan Plc's financial reporting in 2022
AQ
2021CapMan Plc 1-9 2021 Interim Report
AQ
More news
Financials
Sales 2021 56,2 M 63,7 M 63,7 M
Net income 2021 35,8 M 40,6 M 40,6 M
Net Debt 2021 20,7 M 23,4 M 23,4 M
P/E ratio 2021 12,7x
Yield 2021 5,17%
Capitalization 454 M 515 M 515 M
EV / Sales 2021 8,45x
EV / Sales 2022 6,21x
Nbr of Employees 157
Free-Float -
Chart CAPMAN OYJ
Duration : Period :
CapMan Oyj Technical Analysis Chart | CAPMAN | FI0009009377 | MarketScreener
Technical analysis trends CAPMAN OYJ
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 2,90 €
Average target price 3,35 €
Spread / Average Target 15,5%
EPS Revisions
Managers and Directors
Joakim Frimodig Chief Executive Officer
Niko Haavisto Chief Financial Officer
Johan Andreas Tallberg Chairman
Heidi Maria Sulin Chief Operating Officer
Mammu Marja Liisa Kaario Vice Chairman
Sector and Competitors