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CapMan Plc 2023 Financial Statements Bulletin


CapMan Plc
Stock Exchange Release / Financial Statements Bulletin
7 February 2024 at 8:00 a.m. EET

CapMan Plc 2023 Financial Statements Bulletin

Results and significant events in 2023:

  • Group turnover was MEUR 59.4 1 January–31 December 2023 (MEUR 67.5 1 January–31 December 2022) and decreased by 12 per cent.
  • Operating profit was MEUR 4.7 (MEUR 53.1). Comparable operating profit was MEUR 6.7 (MEUR 55.7).
  • The decrease in operating profit was mainly due to the fair value changes of investments MEUR –6.1 (MEUR +36.5).
  • Group turnover excluding carried interest, i.e., fee income was MEUR 56.2 (MEUR 57.9).
  • Comparable fee profit was MEUR 9.7 (MEUR 9.5) and increased by 2 per cent.
  • Diluted earnings per share were 0.8 cents (24.8 cents).  Comparable diluted earnings per share were 1.9 cents (26.4 cents).
  • In December, CapMan Plc agreed to acquire Dasos Capital Oy.
  • Board of Directors expects the dividend distribution for 2023 to be 10 cents per share, of which 6 cents per share is proposed to be paid in the spring and 4 cents per share in the autumn following a Board resolution.

This stock exchange release is a summary of CapMan Plc’s Financial Statements Bulletin for the period 1 January–31 December 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:

“Fee profit continued to grow for the fourth consecutive year, but the result was weak overall due to fair value changes. Our growth strategy has advanced as planned despite a challenging market environment and 2024 will be a year of strong growth for CapMan.

Fee profit continued to grow

The Management Company business and procurement service CaPS developed well taking the market situation into account. Fee base was strengthened following new funds under management and CaPS’s strong growth. Fee profit, which is a key metric of our business, remained on a positive track in 2023 supported by a moderate development in expenses. Fee profit has grown annually over already four consecutive years and I expect this growth to continue.

Carried interest and especially changes in fair value fell below 2022. Consequently, results for 2023 were lower in comparison. CapMan’s own funds developed positively on average due to the strong development of Private Equity and Infra funds. The single most significant factor for the weaker result compared to the previous year was the fair value development of external venture capital funds, which turned negative in 2023 after a strongly positive 2022.

Interest from international investors in new funds creates growth opportunities

Despite a more challenging fundraising market, we succeeded in expanding our customer base even further among international institutional investors. During 2023, we raised nearly MEUR 400 in new assets under management. Over half of the capital came from outside the Nordic countries and about a third from investors who made their first investment in a CapMan fund. This is a testament to the strong value creation of our funds, the ability to realise value for investors, and to make new and attractive investments despite the slow transaction market and uncertain operating environment.

Fundraising was promoted across all investment areas. At the end of 2023, we established a Social Real Estate Fund, with the aim of raising MEUR 500 over the next few years. Nordic Real Estate IV, our flagship real estate fund, is preparing for fundraising. We expect it to hold its first close in 2024 and reach a final close of MEUR 750. CapMan’s second infrastructure fund continues fundraising and is now nearly MEUR 300, exceeding the size of the previous fund by 50 per cent. As for our Private Equity strategies, the Growth team has continued its impressive performance. The third fund received significant commitments in the latter part of 2023, and the fund is expected to hold its first close in early 2024. Due to these and other fundraising projects ongoing this year, assets under management are expected to grow significantly in 2024.

Expansion into natural capital following the acquisition of Dasos Capital

In December, we agreed to acquire Dasos Capital, a sustainable timberland and natural capital investor. Dasos is a leading player in terms of the breadth of its European investment portfolio, the international profile of its investors, and its strong track record. Dasos is perfectly compatible with CapMan’s growth strategy and sustainability focus. CapMan’s assets under management will immediately increase by approximately MEUR 630 at the closing of the transaction. By combining Dasos’s expertise in a growing asset class with CapMan’s experience in scaling products, we create excellent conditions for rapid growth in a new business area.

As part of the value creation work of all our funds under management, we are promoting our mission to become the most responsible private assets company in the Nordics. At the end of 2023, we set a net-zero emissions target for 2040, 10 years earlier than the global target. The target covers our own operations as well as all CapMan’s portfolio companies and assets. However, reducing emissions alone is not enough, and we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

I would like to thank CapMan’s investors and shareholders for their trust and all our employees for their good work and commitment to our common goals. We continue to implement our strategy systematically and are well positioned to achieve our growth targets. Consequently, we take determined measures to build a more international, sustainable, and financially stronger private markets frontrunner.”


Pia Kåll

CEO, CapMan Plc

Key figures

MEUR 1-12/23 1-12/22
Operating profit 4.7 53.1
Items impacting comparability:
Impairment of goodwill 2.6
Reorganisation costs 1.5
Acquisition related expenses 0.6
Items impacting comparability, total 2.0 2.6
Adjusted operating profit 6.7 55.7
Result for the period 3.4 41.0
Items impacting comparability:
Impairment of goodwill 2.6
Reorganisation costs 1.2
Acquisition related expenses 0.6
Items impacting comparability, total 1.7 2.6
Adjusted profit for the period 5.1 43.6
Earnings per share, cents 0.8 25.1
Items impacting comparability, cents 1.1 1.7
Adjusted earnings per share, cents 1.9 26.8
Earnings per share, diluted, cents 0.8 24.8
Items impacting comparability, cents 1.1 1.6
Adjusted earnings per share, diluted, cents 1.9 26.4

Proposal of the Board of Directors regarding distribution of funds

The Board of Directors’ resolution proposal to the Annual General Meeting (AGM) to be held on 27 March 2024 is a combined proposal of a dividend distribution and an authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects the overall dividend distribution to be EUR 0.10 per share for 2023.

The Board of Directors proposes to the AGM that a dividend in the total amount of EUR 0.06 per share would be paid for 2023. The payment date would be 9 April 2024.

The Board of Directors further proposes to the AGM that the Board of Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.04 per share. The authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to resolve on the additional dividend in its meeting scheduled for 18 September 2024.

CapMan’s distributable funds amounted to MEUR 37.5 on 31 December 2023.

Long-term financial objectives

CapMan’s 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.

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 expects to achieve these financial objectives gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2024

CapMan’s objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. 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 asset-specific development and exits from 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. For these reasons, CapMan does not provide numeric estimates for 2024.

CapMan estimates assets under management to grow in 2024. The company estimates fee profit also to grow in 2024. These estimations do not include possible items affecting comparability.

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. 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, 7 February 2024

Board of Directors

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

Nasdaq Helsinki Ltd
Principal media

Appendix: CapMan Plc 2023 Financial Statements Bulletin

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, it has built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. EUR 5 billion in assets under its management, its objective is to provide attractive returns and innovative solutions to investors. An example of this are the greenhouse gas reduction targets that it has set under the Science Based Targets initiative in line with the 1.5°C scenario as well as a commitment to net zero GHG emissions by 2040. It has a broad presence in the unlisted market through its local and specialised teams. Its investment strategies cover minority and majority investments in portfolio companies and real estate, as well as infrastructure assets. It also provides wealth management solutions. Its service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. It has been listed on Nasdaq Helsinki since 2001. Learn more at