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CapMan Plc Financial Statements Bulletin 2022


CapMan Plc
Stock Exchange Release / Financial Statements Bulletin
2 February at 8:00 a.m. EET

CapMan Plc Financial Statements Bulletin 2022

Results and significant events in 1–12 2022:

  • Group turnover was MEUR 67.5 1 January–31 December 2022 (MEUR 52.8 1 January–31 December 2021) and increased by 28 per cent.
  • Operating profit was MEUR 53.1 (MEUR 44.6). Operating profit excluding items affecting comparability was MEUR 55.7 (MEUR 44.6) and increased by 25 per cent.
  • Management Company business turnover was MEUR 55.9 (MEUR 43.6). Operating profit was MEUR 22.3 (MEUR 13.2).
  • Service business turnover was MEUR 11.1 (MEUR 8.6). Operating profit was MEUR 3.0 (MEUR 4.2). Operating profit excluding items affecting comparability was MEUR 5.6 (MEUR 4.2).
  • Investment business operating profit was MEUR 35.7 (MEUR 32.7).
  • Diluted earnings per share were 24.8 cents (21.4 cents). Diluted earnings per share excluding items affecting comparability was 26.4 cents (21.4 cents).
  • Assets under management was EUR 5.0 billion on 31 December 2022.
  • CapMan’s Board of Directors proposes that distribution for the year 2022 would be 17 cents per share, of which dividend would be 8 cents per share and equity repayment 9 cents per share.

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

CEO’s comment:

“CapMan achieved record results in 2022. Turnover was MEUR 68, growth of 28 per cent from 2021 and adjusted operating profit was MEUR 56, growth of 25 per cent. The profitability of all business segments improved from last year and we exceeded all our long-term financial targets. The weakened market outlook and increased uncertainty has so far had only a modest impact on CapMan’s performance.

Assets under management exceeded EUR 5.0 billion at the end of 2022. Over the past year, we have raised more than MEUR 650 in new capital. Investor demand for CapMan’s products has remained favourable. We expect assets under management to grow also in 2023, despite the increased uncertainty prevalent in the fundraising market.

Fee-based profitability continued its steady growth and reached a new record level at the end of 2022. Comparable growth was 26 per cent from 2021 due to growing management fees and the well-developing Service business. We expect fee-based profitability to improve significantly over the coming years.

Carried interest was MEUR 10 for the year and their share of CapMan’s earnings mix demonstrates notable growth. Two funds transferred to carry in 2022 and these have several assets remaining, which we are ready to exit. In addition, many other funds are approaching carry and we expect some of them to start generating carry in the next 12 months.

The fair value changes of investments from our balance sheet were MEUR +37 in 2022 as a result of successful long-term value creation. Recent market development has had a negative impact on fair values through lower valuation benchmarks. However, this has been more than offset by strong operational performance in several portfolio companies and many successful exits. The resulting fair value changes have thus been distinctly net-positive. Approx. 30 per cent of capital raised in our funds is “dry powder” yet to be deployed and we foresee several attractive capital allocation opportunities in the prevailing market conditions.

Our balance sheet and liquidity are strong. At the end of 2022, our equity ratio was 53 per cent and liquid assets close to MEUR 60. CapMan’s objective is to pay an annually increasing dividend and the Board of Director’s proposes a distribution of 17 cents per share to shareholders for 2022. This would mean that CapMan’s distribution of funds to shareholders has increased for ten consecutive years.

Following our updated strategy, we have placed sustainability at the core of our operations. Our vision is to be the most responsible private assets company in the Nordics. We develop tools and processes that promote sustainable investment and value creation, expand our investment policies and guidelines, and continue to measure our impact. I am proud that over the past year, we have set carbon neutrality targets for CapMan, exceeded our target level for employee satisfaction and introduced sustainability-linked elements as part of remuneration.

Overall, I am very pleased with CapMan’s performance for 2022. The results have been achieved in a challenging operating environment shadowed by war in Europe, increasing interest rate levels and inflation, and recession concerns. Following these developments, the M&A, transaction and fundraising activity have slowed down. Nevertheless, the unlisted market continues to interest a broader group of investors and we are confident in our ability to grow and to generate attractive long-term returns for our customers and shareholders over business cycles.

Today, I announced my resignation as CEO as I plan to become Chair of CapMan Board of Directors, conditional to the decision by the Annual General Meeting. I am proud of the current state of our company. Over the past six years, CapMan has strengthened its Nordic profile, internationalised its investor base, improved fund returns and more than doubled in turnover. As a consequence, the total return of CapMan’s share has been approx. 20 per cent p.a. over the past six years.

We seek to double our assets under management over the next five years. The objective is based on the combination of strong organic growth and M&A and relies on the attractive fundamentals of the unlisted market and CapMan’s strong position. The long-term growth prospects of our business are great, and I am confident that we will be successful in achieving our ambitious plans together with our new CEO Pia Kåll.”


Joakim Frimodig

CEO, CapMan Plc

Key figures

MEUR 1-12/22 1-12/21
Operating profit 53.1 44.6
Items impacting comparability:
Impairment of goodwill 2.6
Items impacting comparability, total 2.6
Adjusted operating profit 55.7 44.6
Result for the period 41.0 35.4
Items impacting comparability:
Impairment of goodwill 2.6
Items impacting comparability, total 2.6
Adjusted profit for the period 43.6 35.4
Earnings per share, cents 25.1 21.9
Items impacting comparability, cents 1.7
Adjusted earnings per share, cents 26.8 21.9
Earnings per share, diluted, cents 24.8 21.4
Items impacting comparability, cents 1.6
Adjusted earnings per share, diluted, cents 26.4 21.4
% 31.12.22 31.12.21
Return on equity, % 30.5 29.4
Return on equity, comparable, % 32.4 29.4
Equity ratio, % 52.7 53.3

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 15 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 50 per cent.

CapMan’s outlook estimate for 2023

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 assets under management to grow in 2023. The company’s objective is to grow operating profit excluding carried interest income and fair value changes. 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 long 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 2023.

Result webcast today at 9.30 a.m. EET

CapMan’s management will present the result for the review period in a webcast to be held at 9.30 a.m. EET. 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, 2 February 2023

Board of Directors

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

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc Financial Statements Bulletin 2022

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 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 services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.