5 February 2015:
Heikki Westerlund, CEO comments on the events of 2014 and CapMan’s prospects in 2015:
"We returned to growth path in 2014, improving both our turnover and profit. Concurrently, we further strengthened our financing position and launched strategic initiatives that will create a good foundation for profitable growth in the future.
We succeeded to raise over EUR 600 million in our three latest funds. Out of these, the size of our Nordic Real Estate fund grew to MEUR 266 at the end of the year and the fund has made several new investments in the Stockholm and Copenhagen regions. CapMan Collection, a non-UCITS fund launched by our collaboration partner Elite Asset Management is an example of how private equity is further opening up to smaller investors.
Our goal is to develop a service business alongside our Management Company business. The service business will enable us to more effectively utilise our expertise in fundraising and fund management, for example. Growing fee income will create a stronger foundation for our profit.
Our funds completed 12 exits during the year, generating a significant amount of carried interest income and several funds transferred to carry. The fair value development, on the other hand, was negative. This was impacted by the weaker than anticipated financial development of certain portfolio companies and towards the end of the year, by the weakening of rouble. Value creation in our portfolio companies and real estate will continue to be one of our top priorities in 2015.
Our strong cash position gives us an opportunity to implement selective strategic actions and, for example, repay the hybrid bond at the end of the year.“
To read the full Financial Statements Bulletin for 2014, please click here.
To read CapMan Group’s Interim Reports, please click below: