7 November 2013:
Heikki Westerlund, CEO and senior partner, comments on the events during the review period and CapMan’s prospects:
”The cautious optimism in Europe that has prevailed after the summer was reflected in the value development of the Public Market fund, among others. Transaction activity also showed clear signs of picking up both in terms of exits and new investments. However, the market situation of certain industries remains challenging, especially of companies connected with industrial production.
Our business is extremely long-term in nature. Quarterly results may vary significantly depending on the timing of exits. As a result of new funds under management, our fee base is now balanced with our expenses. We continue to raise additional capital, thereby building a great foundation for the development of our business for years to come. Our plans for new strategic ventures (new funds and selective acquisitions) progress, but we strive to apply special care into selecting growth targets while taking synergies and positive EPS impact into account.
We strengthen CapMan’s financial position by issuing a senior bond and a new hybrid bond. The oversubscribed new bonds enable the repayment of our existing hybrid bond, while maintaining our good liquidity position.”
To read the full January - September 2013 Interim Report, please click here.
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