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CapMan Plc 1–3 2022 Interim Report


CapMan Plc Stock Exchange Release / Interim Report
28 April 2022 at 8:00 a.m. EEST

CapMan Plc 1–3 2022 Interim Report

Results and significant events in 1–3 2022:

  • Group turnover was MEUR 14.2 1 Jan–31 Mar 2022 (MEUR 11.3 1 Jan–31 Mar 2021) and increased by 26 per cent.
  • Operating profit was MEUR 18.9 (MEUR 10.1) and increased by 86 per cent.
  • Management Company business turnover was MEUR 11.7 (MEUR 9.0). Operating profit was MEUR 4.4 (MEUR 2.5).
  • Service business turnover was MEUR 2.5 (MEUR 2.3). Operating profit was MEUR 1.4 (MEUR 1.2).
  • Investment business operating profit was MEUR 14.5 (MEUR 7.9).
  • Diluted earnings per share were 8.3 cents (4.7 cents).
  • Capital under management was EUR 4.7 billion on 31 March 2022 and increased by MEUR 851 from 31 March 2021.

This stock exchange release is a summary of CapMan Plc’s Interim Report for the period 1 January–31 March 2022. The complete report is available in pdf-format as an attachment to this release and on the company’s website at

CEO comment:

“The year 2022 began on a strong note despite intensified global turbulence. The turnover for the first quarter of 2022 was MEUR 14.2, growth of more than 25 per cent from the first quarter last year and the operating profit was MEUR 18.9, growth of more than 85 per cent. The profitability of all business segments improved from last year. Key drivers behind the positive development are strong international fundraising, steadily improving fee profitability, successful long-term value creation work and well-executed recent exits. CapMan’s outlook remains strong despite increased general market uncertainty.

Assets under management were EUR 4.7 billion at the end of the first quarter of 2022 and increased by 22 per cent over the last twelve months. We have raised more than MEUR 300 in new capital during the first four months of 2022 and our many ongoing fundraising projects are proceeding as planned. Investor demand has remained strong, and we anticipate continued growth in assets under management over the remainder of 2022.

Fee-based profitability is stable and predictable and has grown by approx. 50 per cent p.a. in the past four years to now reach a new record level. We expect fee-based profitability to continue its strong growth during this and upcoming years especially due to the expected continued growth in assets under management and the positive development of the Service business.

The share of carried interest as part of our earnings mix is growing. The Nordic Real Estate Fund started generating carry in the first quarter of the year and the Growth Equity 2017 Fund is approaching carry during the second quarter of the year. Both funds have several assets remaining that should generate carry when exited. In addition to these, many other funds are close to carry and we expect some of them to start generating carry in the next 12 months.

Long-term value creation work was very successful also in the beginning of the year. The fair value changes of investments from our balance sheet were MEUR +14.7 in the first quarter of 2022. The positive development was broad-based as all our active strategies made a favourable contribution. External funds contributed significantly to the positive development especially due to funding rounds and partial exits in some venture capital funds.

The management company operations for the Russia funds were discontinued in 2019. At the end of the first quarter, we wrote down the remaining old CapMan Russia fund investments on our balance sheet. Following the write-downs, CapMan no-longer has direct Russian operations risk on its balance sheet. Our active strategies and portfolio companies do not have significant exposure to Ukraine or Russia.

Our balance sheet and liquidity are strong. At the end of the first quarter of 2022, our equity ratio was 48 per cent and liquid assets were MEUR 60. A total of 15 cents per share is distributed to shareholders for 2021, which increases distribution to shareholders for the ninth consecutive year. The first instalment, 8 cents, was paid in March and the second instalment, 7 cents, is paid in September.

Our strong financial position is further strengthened by a MEUR 40 sustainability-linked bond, which is the first of its kind in Finland. Sustainability is a central part of CapMan’s strategy and the connection of financing costs to sustainability targets is a natural next step.

CapMan’s value creation work and partnership with fund investors is long-term and the prevailing geopolitical and general market uncertainty has so far not had a significant impact on our business. The Russian invasion of Ukraine has nevertheless shaken our Nordic values to the core. We stand with Ukraine in this conflict and condemn Russian aggression. Although I am very satisfied with CapMan’s recent development and the result for the beginning of the year, our thoughts are now foremost with Ukrainian people. We hope for a swift conclusion to this war that affects the whole of Europe.”


Joakim Frimodig

CEO, CapMan Plc

Key figures

MEUR 1-3/22 1-3/21
Operating profit 18.9 10.1
Result for the period 13.4 7.8
Earnings per share, cents 8.5 4.8
Earnings per share, diluted, cents 8.3 4.7
% 31.3.22 31.3.21
Return on equity, % 44.0 29.2
Equity ratio, % 47.8 45.5

Financial objectives

CapMan’s objective is to pay an annually increasing dividend to its shareholders.

The combined growth objective for the Management Company and Service businesses is more than 10 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan’s equity ratio target is more than 60 per cent.

CapMan maintains outlook estimate for 2022

CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuation on an annual basis considering the nature of the business. CapMan estimates capital under management to continue growing in 2022. Our objective is to improve the aggregate profitability of Management Company and Service businesses. These estimations do not include possible items affecting comparability.

Carried interest income from funds managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall result. In addition to portfolio company and asset-specific development and exits from portfolio companies and assets, various factors outside of the portfolio’s and CapMan’s control influence fair value development of CapMan’s overall investments as well as the magnitude and timing of carried interest.

CapMan’s objective is to improve results in the longer term, taking into consideration annual fluctuations related to the nature of the business. For these and other above-mentioned reasons, CapMan does not provide numeric estimates for 2022.

Result webcast today at 9.30 a.m. EEST

CapMan’s management will present the result for the review period in a webcast to be held at 9.30 a.m. EEST. Please access the webcast at The conference will be held in English. A replay of the webcast will be available on the company’s website after the event.

Helsinki, 28 April 2022

Board of Directors

Further information:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc 1-3 2022 Interim Report

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at