Financials

3 February 2012:

CEO Lennart Simonsen comments on the events during the review period and CapMan’s prospects:  

“Our result for 2011 was satisfactory, given the challenging nature of our operating environment, particularly during the latter half of the year. The portfolio companies and real estate owned by our funds developed well on the whole. As a result, the fair values of our fund investments developed favourably, although stock market performance was weak
during the year. The strong development of our portfolio companies indicates that we have been successful in implementing our strategy, with its focus on constantly improving our performance.

The decline in M&A activity in Europe towards the end of the year was also reflected in CapMan’s operations and delayed a number of exits. The bank financing has continued to be available in the Nordic region, particularly for small and medium-sized M&A transactions and for
real estate investments.

Economic uncertainty was also reflected in the fundraising market, and the amount of capital raised for new funds globally during 2011 was historically at a low level*. We believe that the fundraising market will remain challenging during 2012, when we will launch our next major
rounds of fundraising. CapMan’s strong market position, long-term investor relations, historically good levels of returns, and more than 20 years’ experience in the private equity industry will, however, provide a solid foundation for the success of our fundraising activities. Compared to other areas of Europe, international investors’ interest in the Nordic countries has increased in relative terms as a result of the European debt crisis, which should support our fundraising in 2012.”