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CapMan Plc 1–9 2023 Interim Report


CapMan Plc
Stock Exchange Release / Interim Financial Report
26 October 2023 at 8:00 a.m. EEST

CapMan Plc 1–9 2023 Interim Report

Results and significant events in 1–9 2023:

  • Group turnover was MEUR 45.3 1 January–30 September 2023 (MEUR 47.8 1 January–30 September 2022) and decreased by 5 per cent.
  • Group turnover excluding carried interest, i.e., fee income was MEUR 42.3 (42.3).
  • Operating profit was MEUR 9.5 (MEUR 45.6).
  • Fee profit, i.e., operating profit excluding carried interest and fair value changes, was MEUR 8.3 (MEUR 7.7) and increased by 7 per cent.
  • Management Company business turnover was MEUR 37.2 (MEUR 38.8). Operating profit was MEUR 11.7 (MEUR 14.7).
  • Service business turnover was MEUR 7.8 (MEUR 8.8). Operating profit was MEUR 4.4 (MEUR 4.9).
  • Investment business operating loss was MEUR 2.1 (operating profit MEUR 32.0).
  • Diluted earnings per share were 4.4 cents (22.0 cents).
  • Assets under management were EUR 5.0 billion on 30 September 2023.

This stock exchange release is a summary of CapMan Plc’s Interim Report for the period 1 January–30 September 2023. The complete report is available in pdf-format as an attachment to this release and on the company’s website at together with the result presentation.

CEO’s comment:

“I am satisfied with the growth in management fee income and fee-based profitability. Our own funds also developed positively in 2023.

The result was achieved in globally uncertain markets. The increased geopolitical tensions have made our operating environment more unpredictable. At the same time, the outlook for interest and inflation rates has stabilised following rapid rises in Europe over the last year. This improves the predictability of our operations.

Recent transaction activity of our funds demonstrates that we have succeeded in implementing our investment strategies despite the slowdown in the market. During the past year, we have completed seven new fund investments and four exits, of which the most recent were an investment in a logistics centre project in Sweden from the CapMan Nordic Real Estate III fund and an exit from a warehouse property in Denmark by CapMan Nordic Property Income.

Continued growth in fee profit

Stable and predictable fee income is the core of our business. Management fees as well as fees from the CaPS Procurement Services business continued to markedly increase during the first nine months of 2023.

A positive development of fee income, combined with a moderate rise of expenses, increased our fee profit by seven per cent.

Improving fee profit remains one of the key focus areas of our business also in the future. Thanks to the good fee profit development, the operative cash flow was again stronger than during the reference period.

Carried interest for the first nine months of 2023 was received in summer following exits from the Growth I fund. We have several exits ongoing from funds that are either in carry or are approaching carry and expect additional carried interest over the next 12 months as these exits come to fruition.

Nordic private markets gain international interest in particular

The long-term views of private markets are positive, although the current market environment has prolonged fundraising processes. International investors, in particular, are willing to invest in Nordic private markets, and several large institutions have selected us as their trusted partner.

Investor demand for CapMan’s products has remained at a good level, and we have raised approx. MEUR 260 in new capital for our infrastructure, real estate and private equity funds and mandates in 2023, while also successfully promoting new projects in all our investment areas. We are expecting new commitments into several ongoing fundraising projects during the remaining months of the year.

Value creation continued positive in our own funds, external funds still in the red

Investments in CapMan’s own funds on average saw positive development. Fair value changes without external fund investments were +EUR 2.7 million, equalling an appreciation of two percent. The negative trend of the fair value of external – predominantly venture capital – funds was reversed during the third quarter, although the change in fair values remained negative compared to the end of last year. Due to this, the fair values of investments decreased by one percent in total during the first nine months of 2023.

Work on sustainable development is reflected in the results

We have continued to promote sustainable development in our business as well as in measuring outcomes.

As an example of this positive development, our funds succeeded well in the annual Global Real Estate Sustainability Benchmark (GRESB) assessments. All of the six assessed real estate funds improved their scores, and three of the funds – CapMan Hotels II, CapMan Nordic Property Income and BVK Residential Mandate – achieved a rating of four out of five stars. Our first infrastructure fund improved its scores and was with its four-star rating once more in the top quartile among its European peers.

We are implementing our vision of becoming the most responsible private asset company in the Nordics by integrating sustainability into all aspects of business at CapMan and in our portfolio companies. It is great to see that this dedicated work is reflected also in independent evaluations.

The updated distribution policy to support our strategic goals

Our balance sheet is strong and our liquidity is at a good level.

We are committed to CapMan’s growth strategy with its central objective of doubling assets under management to EUR 10 billion during the strategy period. Growing assets under management increase management fees and thereby operating profit and shareholder value.

This objective is based on a combination of organic growth and mergers and acquisitions. The long-term outlook of the Nordic private assets market is positive, and the asset class continues to grow despite the current economic outlook, attracting new and more diverse investor groups. The investor demand for CapMan’s products remains strong and we have good opportunities for strengthening our position further as a trusted local partner for our international investors.

A strong balance sheet supports the achievement of the strategic objectives. An active use of the balance sheet by, among others, investing in CapMan’s own funds enables faster growth of investment areas. Consequently, the Board of Directors has decided to transition to a more earnings-driven distribution policy that best supports the long-term growth objectives of the company.

CapMan’s updated distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70 per cent of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

We are in an excellent position to achieve our strategic objectives while also participating in the development of a sustainable society by investing in growing, responsibly managed companies, as well as in functional infrastructure and real estate that promote sustainable development.”


Pia Kåll

CEO, CapMan Plc

Key figures

MEUR 1–9/23 1–9/22
Operating profit 9.5 45.6
Result for the period 8.4 36.0
Earnings per share, cents 4.4 22.3
Earnings per share, diluted, cents 4.4 22.0
% 30.9.23 30.9.22
Return on equity, % 8.5 36.2
Equity ratio, % 48.8 51.3

Financial objectives

CapMan’s updated distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70 per cent of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments. As in recent years, the distribution would be paid out semi-annually. Previously, CapMan’s policy was to pay an annually growing dividend.

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.

Based on the updated distribution policy, CapMan’s Board of Directors expects to propose to the 2024 Annual General Meeting (“AGM”) a distribution of 8–12 cents per share be paid to its shareholders for 2023, which would correspond to a total distribution of MEUR 12.7–19.1. As in recent years, the distribution may consist of a dividend and an equity repayment. The Board of Directors will present a proposal regarding the distribution of funds to the AGM and the actual distribution is based on the decision by the AGM.

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 and Q&A will be held in English. A replay of the webcast will be available on the company’s website after the event.

Helsinki, 26 October 2023

Board of Directors

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

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc 1-9 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 approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set 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 includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at