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CapMan Plc 1–3 2023 Interim Report


CapMan Plc
Stock Exchange Release / Q1 Interim Report
28 April 2023 at 8:00 a.m. EEST

CapMan Plc 1–3 2023 Interim Report

Results and significant events in 1–3 2023:

  • Group turnover was MEUR 15.1 1 January–31 March 2023 (MEUR 14.2 1 January–31 March 2022) and increased by 6 per cent.
  • Group turnover excluding carried interest, i.e., fee income was MEUR 15.1 (12.9) and increased by 17 per cent.
  • Operating profit was MEUR 0.5 (MEUR 18.9).
  • Operating profit excluding carried interest and fair value changes was MEUR 2.9 (MEUR 2.9) and increased by 1 per cent.
  • Management Company business turnover was MEUR 12.5 (MEUR 11.7). Operating profit was MEUR 3.2 (MEUR 4.4).
  • Service business turnover was MEUR 2.6 (MEUR 2.5). Operating profit was MEUR 1.5 (MEUR 1.4).
  • Investment business operating loss was MEUR 2.5 (operating profit MEUR 14.5).
  • Diluted earnings per share were 0.2 cents (8.3 cents).
  • Assets under management were EUR 5.1 billion on 31 March 2023.
  • Pia Kåll started as CEO of CapMan Plc as of 15 March 2023.

This stock exchange release is a summary of CapMan Plc’s Interim Report for the period 1 January–31 March 2023. The complete report is available in pdf-format as an attachment to this release and on the company’s website at

CEO’s comment:

“The beginning of 2023 was characterised by increased and prolonged financial market uncertainty, which in turn has resulted in a slowdown of transaction and fundraising activity. Despite challenging market conditions, CapMan’s business overall developed favourably in the beginning of the year; the growth in fee income continued strong, the fair value development of our own funds was positive, and due to ongoing exit processes, we expect carried interest from several funds during this year.

We are a long-term investor, and now is a favourable time to make new investments. Our funds have significant amounts of dry powder to be deployed and changing market fundamentals offer attractive investment opportunities across investment areas. Historically, the highest returns in the unlisted market have been achieved when daring to invest during turbulent conditions.

Stable and predictable fee income provides support in a turbulent market

We have grown our fee income over several years in a purposeful manner. These stable and predictable income streams continued to grow in the beginning of the year and their significance is emphasized during times of increased market uncertainty. Fee income grew by 17 per cent from the first quarter last year due to growing management fees and CaPS, which demonstrates strong growth.

Due to the growth in fee income, operating profit before carried interest and fair value changes for the last twelve months again reached new record levels.

Fundraising and transaction processes experience delays

We succeeded in progressing our ongoing fundraising projects despite the prevailing market conditions. During the first months of 2023, we have raised MEUR 110 in new capital in our funds and mandates and we expect significant new capital commitments in several ongoing projects. Investor demand for CapMan’s products has remained favourable and we have secured several new investors in our funds in the beginning of the year. At the end of March, our assets under management were EUR 5.1 billion and we expect them to increase during 2023.

There are several ongoing exit processes in our funds that generate carried interest if they are realised. In addition to funds already in carry, we have several funds approaching carry and we expect some of them to transfer into carry already in 2023.

Value creation in our own funds was successful, exchange rates had a negative impact on external funds

Investments in our own funds developed positively during the quarter due to the favourable development of portfolio companies. Fair value change without the impact of external fund investments was MEUR +2.2, which corresponds to a fair value increase of 2 percent. However, fair value change of own investments was negative overall due to the fair value change of external funds, which was mainly driven by changes in the USD/EUR exchange rate.

Climate targets set and validated

We have continued to integrate sustainability factors in our business and thereby furthering our vision to be the most responsible private assets company in the Nordics. It is important for us that the targets we set are measurable, based in science and guide our activities in the right direction. Consequently, we are especially proud that our greenhouse gas reduction targets have been validated by the Science Based Targets initiative this spring following our commitment in 2022 and extensive development work.

We also uphold employee wellbeing and support the realisation of a diverse work environment in practice. We have set up a working group with the task to recognise and develop themes that relate to diversity, equity and inclusion at CapMan. We have developed a Supplier Code of Conduct that we implement in our contracts going forward. Sustainability factors are part of variable remuneration, in addition elements related to sustainability have been integrated in the performance targets for almost every employee starting from 2023.

A strong balance sheet enables the execution of our dividend policy

Our balance sheet and liquidity are strong. At the end of March 2023, our equity ratio was 44 per cent and liquid assets MEUR 51. CapMan’s objective is to pay an annually increasing dividend and the distribution for shareholders increased to 17 cents per share for 2022. CapMan has as such joined an exclusive group of Finnish listed companies that have increased their distribution to shareholders for ten consecutive years.

I started as CEO in March and am very pleased with CapMan’s strong position. We are committed to execute on the strategy that was launched last autumn. Our target is to double 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 financial position and competitive advantages. The long-term growth prospects of our business are excellent despite short-term uncertainty, and we have a capable team in place with which to realise them.”


Pia Kåll 
CEO, CapMan Plc

Key figures

MEUR 1-3/23 1-3/22
Operating profit 0,5 18,9
Result for the period 0,8 13,4
Earnings per share, cents 0,2 8,5
Earnings per share, diluted, cents 0,2 8,3
% 31.3.23 31.3.22
Return on equity, % 2.4 44.0
Equity ratio, % 44.1 47.8

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 maintains 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. 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 2023

Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc 1-3 2023 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 €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. 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 consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at