Stock exchange release - 5 February 2010
CapMan Plc Group’s Financial Statements Bulletin for 2009
Performance and main events during 2009:
- The Group’s turnover totalled MEUR 36.3 during 2009 (2008: MEUR 36.8).
- Turnover during the last quarter of the year was MEUR 10.0 (MEUR 9.8).
- The Group’s operating profit was MEUR 0.1 (MEUR -6.3).
- Operating profit during the fourth quarter was MEUR 2.3 (MEUR -9.6).
- The Management Company business recorded an operating profit of MEUR 3.7 (MEUR 7.3) and the Fund Investment business a loss of MEUR 3.6 (MEUR -13.6).
- Profit/loss before taxes was MEUR 1.2 in 2009 (MEUR -10.7) and profit after taxes MEUR 0.1
(MEUR -8.1).
- Profit/loss attributable to the owners of the parent company was MEUR -0.2 (MEUR -8.2). Earnings per share were -0.3 cents (-10.2 cents)
- Liquid assets and short-term investments totalled MEUR 19.7 as of 31 December 2009 (31.12.2008:
MEUR 25.3).
- Capital under management during the year increased to MEUR 3,504.3 (MEUR 3,407.5).
- CapMan incorporated its Fund Management business in a new company, to which it transferred part of its fund investments and investments commitments on 30 June 2009.
- CapMan strengthened its financial position by selling a total of MEUR 21.6 of its investment commitments.
- The Board of Directors will propose to the Annual General Meeting to be held on 30 March 2010 that the Company should pay a dividend of EUR 0.04 per share from its distributable assets, equivalent to approx. MEUR 3.4.
CEO Heikki Westerlund comments on the events of 2009 and CapMan’s prospects:
“The positive trend in our operations that began to be seen in the early autumn continued through to the end of the year. The market has slowly begun to recover as we predicted it would, and one of the examples of this was the two exits we announced on both sides of the year-end. Our management company business has achieved a good level of profitability and, following the slightly positive fair value change of our investments that took place towards the end of the year, there is now a basis for a clearly better result in 2010.
Our estimates for 2010 indicate that our portfolio companies will show clear positive growth and improved profitability in 2010. At the same time the median turnover of our portfolio companies fell by approximately 4% during 2009 and their median results by approximately 22%. Short-term predictability remains at a low level still. Although cash flow from leased properties has remained good, the risk premiums in this business have increased revenue requirements. This has been reflected in decreasing value of properties. Developments in the value of properties are not a significant short-term factor in respect of CapMan’s result, however.
We expect the number of mergers and acquisitions in the Nordic area to grow significantly this year. For CapMan, this will mean a stronger exit market. The recovery of the transaction market will be encouraged by the fact that the value perceptions of vendors and purchasers are now closer than they were, and the market will also be boosted by the very large amount of untapped capital that exists in the private equity market, the expected recovery of the IPO market, and the increased interest among banks to finance mergers and acquisitions.”
To read CapMan Plc Group’s Financial Statemenst Bulleting for 2009 in PDF format, please click below:
CapMan Plc Group’s Financial Statements Bulletin for 2009
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