CapMan Plc Group's Financial Statements Bulletin for 2009
(Thomson Reuters ONE) - CapMan Plc Stock Exchange Release 5 February 2010 at 8.15 a.m.CapMan Plc Group's Financial Statements Bulletin for 2009Performance 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 (MEUR7.3) 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 aftertaxes 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 December2009 (31.12.2008:MEUR 25.3).- Capital under management during the year increased to MEUR 3,504.3 (MEUR3,407.5).- CapMan incorporated its Fund Management business in a new company, to which ittransferred part of its fund investments and investments commitments on 30 June2009.- CapMan strengthened its financial position by selling a total of MEUR 21.6 ofits investment commitments.- The Board of Directors will propose to the Annual General Meeting to be heldon 30 March 2010 that the Company should pay a dividend of EUR 0.04 per sharefrom its distributable assets, equivalent to approx. MEUR 3.4.CEO Heikki Westerlund comments on the events of 2009 and CapMan's futureprospects:"The positive trend in our operations that began to be seen in the early autumncontinued through to the end of the year. The market has slowly begun to recoveras we predicted it would, and one of the examples of this was the two exits weannounced on both sides of the year-end. Our management company business hasachieved a good level of profitability and, following the slightly positive fairvalue 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 clearpositive growth and improved profitability in 2010. At the same time the medianturnover of our portfolio companies fell by approximately 4% during 2009 andtheir median results by approximately 22%. Short-term predictability remains ata low level still. Although cash flow from leased properties has remained good,the risk premiums in this business have increased revenue requirements. This hasbeen reflected in decreasing value of properties. Developments in the value ofproperties are not a significant short-term factor in respect of CapMan'sresult, however.We expect the number of mergers and acquisitions in the Nordic area to growsignificantly this year. For CapMan, this will mean a stronger exit market. Therecovery of the transaction market will be encouraged by the fact that the valueperceptions of vendors and purchasers are now closer than they were, and themarket will also be boosted by the very large amount of untapped capital thatexists in the private equity market, the expected recovery of the IPO market,and the increased interest among banks to finance mergers and acquisitions."Business operationsCapMan is an alternative asset manager, which also makes investments in its ownfunds. The guiding principle for the investment activities of the funds managedby the Group is to work actively and directly towards increasing the value ofinvestments.The Group has two operating segments: the Management Company business and FundInvestments. The Management Company business is subdivided into two businessareas: CapMan Private Equity, which manages funds that invest in portfoliocompanies, and CapMan Real Estate, which manages funds that invest in realestate and provides real estate consulting. Income from the Management Companybusiness is derived from management fees paid by funds, carried interestreceived from funds, and income generated by real estate consulting.The Fund Investment business comprises fund investments made from CapMan Plc'sbalance sheet and investments in Maneq funds. Income from the Fund Investmentbusiness is derived from realised returns on fund investments and changes in thefair value of investments.There can be considerable quarterly fluctuations in carried interest and thefair value of fund investments. As a result, the Group's financial performanceshould be analysed over a longer time span than the quarterly cycle.Incorporation of the Fund Investment business and sale of CapMan investments andcommitmentsCapMan established a new company, CapMan Fund Investments SICAV SIF, during thereview period, which operates as a feeder fund for funds managed by the Group.Part of CapMan's own investment commitments and fund investments weretransferred to the feeder fund on 30 June 2009. The transfers had an impact ofMEUR -1.8 on the parent company's distributable assets. CapMan's goal is totransfer its remaining investments and commitments to the feeder fund. Thesetransfers will affect the parent company's distributable assets, and the size ofthis impact will depend on the fair value of the transferred investments on thedate of transfer.CapMan announced on 7 August 2009 that it would sell investment commitmentstotalling MEUR 13.6 and fund investments totalling MEUR 3.4 to Belgian-basedprivate equity firm Gimv. The transactions were completed on 9 September 2009.The commitments and investments sold to Gimv related to the CapMan Technology2007, CapMan Russia, and CapMan Public Market funds. The direct impact of thetransaction on the Group's cash flow in 2009 was approx. MEUR 3.4. It will nothave an impact on the Group's result for 2009, as the transactions were executedat fair value. As a result, Gimv has become the second investor in the feederfund. Commitments and fund investments made by Gimv will not be consolidatedwith the figures of the CapMan Group. New investors may participate in thefeeder fund in the future.Incorporation of the Fund Investment business will clarify the distinctionbetween the Group's Management Company business and its fund investments. Thesale of investment commitments will reduce CapMan Plc's capital calls in thefuture and strengthen the Group's financial position.Group turnover and result in 2009The Group's turnover in 2009 remained at previous year's level and totalled MEUR36.3 (MEUR 36.8). Fair value changes related to fund investments totalled MEUR-3.3 (MEUR -13.4) and operating expenses amounted to MEUR 33.0 (MEUR 29.8).Expenses increased, particularly as a result of new investment areas CapManRussia and CapMan Public Market.The Group's operating profit/loss totalled MEUR 0.1 (MEUR -6.3). A goodwillwrite-down of MEUR 0.7 related to the life science operations acquired in 2002was made. Financial income and expenses amounted to MEUR -0.2 (MEUR -2.0) andCapMan's share of the result of associated companies was MEUR 1.3 (MEUR -2.4).Profit/loss before taxes was MEUR 1.2 (MEUR -10.7) and profit/loss after taxeswas 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).The quarterly breakdown of turnover and profit, together with turnover,operating profit/loss, and profit/loss by segment for the year, are presented inthe tables section.Management Company businessTurnover generated by the Management Company business in 2009 totalled MEUR36.3 (MEUR 36.8). Management fees rose substantially compared to 2008 andamounted to MEUR 33.3 (MEUR 29.6). This increase was largely attributable to thefees paid by the CapMan Buyout IX fund, which began to accrue in June 2009.The fee base also rose as a result of the new capital raised in the CapManHotels RE, CapMan Public Market, and CapMan Russia funds in 2009.Income from real estate consulting remained at 2008 levels and totalled MEUR2.4 (MEUR 2.4). The aggregate total of management fees and income from realestate consulting was MEUR 35.7 (MEUR 32.0).No substantial exits were made from funds in carry during 2009 and no carriedinterest income was generated. Carried interest income totalling MEUR 4.1 wasgenerated as a result of the StaffPoint exit during 2008.The Management Company business recorded an operating profit of MEUR 3.7 (MEUR7.3) and a profit for the year of MEUR 3.7 (MEUR 6.5).The status of funds managed by CapMan is presented in more detail in Appendix 1.Fund Investment businessFair value changes related to fund investments were MEUR -3.3 (MEUR -13.4), ofwhich approximately MEUR 1.0 was realised in connection of the sale of CapMan'sown fund investments. The fair value changes of fund investments represented a5.4% reduction in value during 2009. The change in the fair value of fundinvestments during the fourth quarter was MEUR 0.9, equivalent to a 1.5%increase in value. The negative development in fair value was mainlyattributable to the weakening results of portfolio companies. Overall, theresults of portfolio companies in 2009 were below those recorded in 2008,although fund portfolios also include companies that are developing strongly.The aggregate fair value of fund investments as of 31 December 2009 was MEUR59.4 (MEUR 53.1 as of 31 December 2008).Operating profit/loss for the Fund Investment business was MEUR -3.6 (MEUR-13.6), and the profit/loss for the year was MEUR -3.6 (MEUR -14.5).CapMan made new investments in its own funds totalling MEUR 13.0 (MEUR 26.3)during the year. Investments were made in funds including CapMan Buyout VIII,CapMan Buyout IX, CapMan Russia, and CapMan Public Market. CapMan did not giveany new investment commitments to its funds during the year.The amount of remaining commitments was significantly lower compared to lastyear as a result of the sale of commitments, and totalled MEUR 42.6 as of 31December 2009 (MEUR 77.2 as of 31 December 2008). The aggregate fair value ofexisting investments and remaining commitments as of 31 December 2009 was MEUR102.0 (MEUR 130.3). CapMan's objective is to invest in its future funds 1-5% oftheir original capital, depending on the demand for funds and CapMan's owninvestment capacity.Investments in portfolio companies are valued at fair value in accordance withthe International Private Equity and Venture Capital Valuation Guidelines(IPEVG), while real estate assets are valued in accordance with the valueappraisals of external experts, as detailed in Appendix 1. Fair value changeshave no impact on the Group's cash flows.Investments at fair value and remaining commitments by investment area arepresented in the tables section.Balance sheet and financial position as of 31 December 2009CapMan's balance sheet total increased to MEUR 142.0 (MEUR 138.0 as of 31December 2008). Non-current assets increased from the previous year and amountedto MEUR 112.1 (MEUR 99.8). Goodwill was MEUR 10.2 (MEUR 11.8). The carryingamount of goodwill was adjusted by MEUR 0.7 following the reduction of the finalpurchase price for the Norum acquisition, and by MEUR 0.7 as a result of thewrite-down on life science operations. Fund investments booked at fair valuewere MEUR 59.4 (MEUR 53.1). Long-term receivables amounted to MEUR 25.3 (MEUR24.5), of which MEUR 23.5 (MEUR 21.1) were loan receivables from Maneq funds. Inaddition to CapMan Plc, CapMan personnel are investors in Maneq funds. Theexpected returns from CapMan's Maneq investments are broadly in line with thereturn expectations for CapMan's other investments in its own funds. Maneq fundspay market rate interest on loans they receive from CapMan Plc.Current assets amounted to MEUR 29.9 (MEUR 38.2). Liquid assets (cash in handand at banks, plus other financial assets at fair value through profit and loss)amounted to MEUR 19.7 (MEUR 25.3). Liquid assets mainly include the unused partof the hybrid bond used to finance CapMan's investments in its own funds. Thesize of the hybrid bond rose to MEUR 29 (MEUR 20 as of 31 December 2008).The hybrid bond is included in 'Other reserves' under equity in the balancesheet. The interest on the bond is payable semi-annually and has been deductedfrom equity. Following repayments, CapMan Plc had a bank financing package ofMEUR 56.9 (MEUR 60) available as of 31 December 2009, of which MEUR 46.9 (MEUR46.0) was utilised. There were no significant changes in the amount ofinterest-bearing liabilities during the year. Trade and other payables totalledMEUR 12.2 (MEUR 15.8). The Group's interest-bearing net debts amounted to MEUR27.3 (MEUR 20.7).The Group's cash flow before financing was MEUR -16.9 (MEUR -26.8). Income frommanagement fees received from funds is paid semi-annually, in January and July,which can be seen under working capital in the cash flow statement. Cash flowfrom investments is primarily related to fund investments.Key figuresCapMan's equity ratio as of 31 December 2009 was 55.1% (50.3% as of 31 December2008). Return on equity was 0.2% (-11.8%) and return on investment was 2.8%(-6.3%). The target level for the company's equity ratio is at least 50% and forreturn on equity at least 25%. Key figures 31.12.09 31.12.08----------------------------------------------------------------------- Earnings per share, cents -3.0 -10.2 Diluted, cents -3.0 -10.2 Shareholders' equity per share, cents* 94.2 86.1 Share issue adjusted number of shares 83,015,987 80,432,600 Number of shares at end of period 84,281,766 81,458,424 Number of shares outstanding 84,255,467 81,322,921 Own shares held by the Company at end of period 26,299 135,503 Return on equity, % 0.2 -11.8 Return on investment, % 2.8 -6.3 Equity ratio, % 55.1 50.3 Net gearing, % 34.8 30.3* In line with IFRS standards, the hybrid bond, MEUR 29, has been included inequity, also when calculating equity per shareBoard's proposal for distribution of profitCapMan Plc's target is to distribute at least 50% of net profit as dividends.The company's distributable assets amounted to MEUR 10.5 on 31 December 2009(MEUR 11.0 on 31 December 2008). CapMan Plc's Board of Directors will propose tothe Annual General Meeting to be held on 30 March 2010 that a dividend of EUR0.04 per share should be paid from distributable assets to shareholders,equivalent to a total of MEUR 3.4. No dividend was paid in respect of 2008because of the loss recorded by the company and uncertain market prospects.Fundraising and capital under management as of 31 December 2009Capital under management refers to the remaining investment capacity of fundsand capital already invested at acquisition cost. CapMan's target is to increaseits capital under management by an average of 15% a year.Fundraising for the CapMan Buyout IX, CapMan Hotels RE, CapMan Public Market,and CapMan Russia funds took place during the year. Preparations for startingfundraising for the CapMan Mezzanine V fund were started in the fourth quarterand work began on evaluating the potential for establishing a private equityreal estate fund to invest in Finnish housing market.New capital totalling MEUR 70.3 was raised for the CapMan Buyout IX fund,increasing the size of the fund to MEUR 273.3. Fundraising for the fund iscontinuing.CapMan Hotels RE and CapMan Public Market funds held final closings in July. Theinvestment capacity of the CapMan Hotels RE fund totalled MEUR 872.5, of whichMEUR 332.5 comprises equity while the balance is senior debt. The CapMan HotelsRE fund invests in existing hotel properties and new hotel projects, primarilyin Finland and Sweden. CapMan Hotels RE Oy, which is 80%-owned by CapMan Plc,acts as the fund's management company, and has committed MEUR 5 to the fund.CapMan Plc's share of the fund's cash flows if the fund is in carry will be 12%and the investment team responsible for the fund will receive 8%.The CapMan Public Market fund, which invests in listed Nordic companies, heldits final close at MEUR 138.0. New capital totalling MEUR 40 was raised duringthe final round of fundraising, of which MEUR 8 was subscribed from theinvestment commitment previously made by CapMan. In addition, CapMan sold itsMEUR 1.9 commitment to the fund to Gimv, which saw CapMan's investmentcommitment in the fund fall from MEUR 15 to MEUR 5.1 during the year. CapManPlc's share of the fund's cash flows if the fund is in carry will be 10% and theinvestment team responsible for the fund will receive 10%.The final close of the CapMan Russia fund, which invests primarily inmedium-sized companies in Russia, was held at MEUR 118.1 in April. Followingthis, CapMan Plc's share of the possible carried interest to be generated by thefund was also determined. CapMan Plc will receive 3.4% of the fund's cash flowsif the fund is in carry. The relatively lower carried interest share resultsfrom the fact that part of the fund had already been raised before its transferto CapMan management.Capital under management totalled MEUR 3,504.3 as of 31 December 2009 (MEUR3,407.5 as of 31 December 2008). Of this, MEUR 1,845.3 (MEUR 1,767.0) was infunds making investments in portfolio companies and MEUR 1,659.0 (MEUR 1,640.5)in real estate funds.The funds under management and their investment activities are presented in moredetail in Appendices 1 and 2.Board of Directors and managementCapMan Plc announced changes in the Company's management and Management Group on3 September 2009. Senior Partner and Head of Investor Services, Jerome Bouix,was appointed Deputy CEO of CapMan Plc, principally responsible for CapMan's ownfund investments, fundraising for funds managed by the Group, and businessdevelopment. Partner G? Barsby and Senior Partner Hans Christian Dall Nyg?were appointed new members of the Management Group. All the above changes becameeffective as of 1 October 2009.The Head of CapMan Life Science, Senior Partner Jan Lundahl resigned from theCapMan Plc Group on 3 April 2009 and left the Management Group. Partner Dr JohanBennarsten, who had previously acted as Deputy Head of CapMan Life Science, wasappointed Head of CapMan Life Science effective 6 April 2009.PersonnelCapMan employed a total of 150 people as of 31 December 2009 (141 as of 31December 2008), of whom 107 (102) worked in Finland and the remainder in otherNordic countries or Russia. The number of personnel increased as a result of newrecruits added to both investment and service teams. A breakdown of personnel bycountry and team is presented in the tables section.Shares and share capitalThere were no changes in CapMan Plc's share capital during the review period.Share capital as of 31 December 2009 totalled EUR 771,586.98. The number oflisted CapMan Plc B shares increased to 78,281,766 following the issue of2,216,541 new CapMan B shares by CapMan Plc in connection with the directedissue related to the Norum acquisition and the subscription of 606,801 B sharesin September and October under 2003B options. There were no changes in thenumber of unlisted CapMan Plc A shares, which totalled 6,000,000 shares as of31 December 2009. The Company's B shares entitle holders to one vote per shareand its A shares to 10 votes per share.ShareholdersCapMan Plc had 4,774 shareholders as of 31 December 2009 (4,514 as of 31December 2008). CapMan issued a flagging notice on 24 September 2009 when theholding of Gimv N.V. exceeded one-twentieth (1/20) of the company's sharesfollowing a share transaction concluded on 23 September 2009.Company sharesA total of 109,204 of CapMan's own shares were used as part payment for theadditional purchase price in the Norum acquisition. As of 31 December 2009,CapMan Plc held a total of 26,299 CapMan Plc B shares. CapMan made no purchasesof its own shares during the review period.Stock option programmesAs of 31 December 2009, CapMan Plc had one stock option programme in place,Option Program 2008, as part of the incentive and commitment programme for keypersonnel. The maximum number of stock options issued within Option Programme2008 will be 4,270,000, which will carry an entitlement to subscribe to amaximum of 4,270,000 new B shares. The subscription period for 2008A optionswill start on 1 May 2011 and for 2008B options on 1 May 2012. The sharesubscription price shall be recorded in the invested non-restricted equity.A total of 606,801 B shares were subscribed for using options under the OptionProgramme 2003B, for which the subscription period closed at the end of October2009. These new shares were entered in the Trade Register in two tranches on 16October 2009 and 3 December 2009.Trading and market capitalisationThe market climate and global stock market situation characteristic of 2009 werereflected in the trading volumes and prices of CapMan Plc shares. The company'sB shares closed at EUR 1.34 on 31 December 2009 (EUR 0.95 on 31 December 2008).The average price during the year was EUR 1.10 (EUR 2.09). The highest price wasEUR 1.63 (EUR 3.40) and the lowest EUR 0.77 (EUR 0.79). A total of 16.9 million(14.8 million) CapMan Plc B shares were traded during the year, valued at MEUR19.2 (MEUR 29.6).The market capitalisation of CapMan Plc B shares as of 31 December 2009 was MEUR104.9 (MEUR 71.7). The market capitalisation of all shares, with A shares valuedat the closing price of B shares for the review period, was MEUR 112.9 (MEUR77.4).Board authorisationsBy decision of the Annual General Meeting, CapMan Plc's Board of Directors isauthorised to purchase the Company's own shares and to accept them as pledges,to decide on a share issue, and to issue stock options and other entitlements toshares. The authorisations are in force until 30 June 2010, and the terms andconditions attached to them are specified in more detail in the Stock Exchangerelease on decisions taken by the AGM issued on 7 April 2009.Norum acquisitionThe purchase price of the Norum acquisition that was announced in May 2008 andin which CapMan acquired a 51% stake in Norum decreased to MEUR 7.3. The Boardof Directors of CapMan Plc decided that the additional purchase price of MEUR0.3 would be paid to the sellers in cash and in CapMan Plc shares owned by theCompany. CapMan Plc acquired the remaining 49% Norum shares in April. Thepurchase price for the remaining shares was MEUR 3.6, of which CapMan Plc paidapprox. MEUR 1.8 in cash and approx. MEUR 1.8 through a directed issue to thesellers.The details of the Norum acquisition can be found in the Stock Exchange releasesissued on 26 May 2008, 27 August 2008, 7 April 2009, and 20 April 2009, whichcan be consulted at CapMan's website at www.capman.com/En/Media/Releases/.Events occurring after the review periodExit from Pretax generates carried interest income totalling MEUR 1.5CapMan's exit from the Finnish financial management and payroll processingcompany, Pretax Oy, was announced in early January. The funds managed by CapManwill sell their holding to a fund managed by Sponsor Capital. The transaction isexpected to be completed by the end of the first quarter of 2010 and isanticipated to have an approximately MEUR 1.5 impact on CapMan Plc's result for2010 as a result of carried interest received from the Finnventure Fund V. Theclosing will require the completion of customary closing conditions.New CFOCapMan Plc's CFO and member of the Management Group, Kaisa Arovaara, M.Sc.(Econ), resigned from the company on 30 October 2009 and left her position on29 January 2010. Niko Haavisto, M.Sc. (Business), was appointed on 28 January2010 as CapMan Plc's new CFO and a member of the Management Group as of 1 May2010. He will join the company from Oriola-KD Corporation and will report to CEOHeikki Westerlund and be responsible for Group Finances and Accounting and IT.Senior Partner Olli Liitola, who served as CFO between 2000 and 2007, will beresponsible for the duties of the CFO between 1 February and 30 April 2010.Publication of the Financial Statements and Report of the Board of Directors,and Annual General Meeting for 2010CapMan Plc's Financial Statements and the Report of the Board of Directors for2009 will be published in full, in the company's Annual Report, in week 11.CapMan Plc's 2010 Annual General Meeting will be held on Tuesday 30 March 2009at 10.00 am in Helsinki. The documents required by the Finnish Companies Actwill be available on the Company's internet site on 9 March 2010, at the latest.Corporate Governance StatementCapMan Plc's Corporate Governance Statement will be published separately fromthe Report of the Board of Directors as part of the company's Annual Report inweek 11.Significant risks and short-term uncertaintiesCapMan's Management Company business is profitable on annual level, but there issome significant uncertainty associated with predicting the company's resultlinked to the timing of possible carried interest and developments in the fairvalue of fund investments. Structural changes affecting export industries in theNordic countries could have a negative impact on the operations andprofitability of some of our portfolio companies. The growth in unemployment anddecline in consumer purchasing power resulting from the economic recession couldaffect the operations and profitability of portfolio companies in the consumersector and shopping centers in the portfolios of our real estate funds. CapManbelieves that fundraising market will continue to be challenging, which couldaffect the end-result of ongoing fundraising activities and management fees overthe next few years.Business environmentThe prospects for growth in the demand for alternative assets continue to remaingood over the long term. The financial crisis and its consequences are slowingthe growth of these assets at the moment. Private equity has consolidated itsposition in financing M&A and growth, and continues to focus typically onconsolidation in various sectors, family successions, the privatisation ofpublic services and functions, and the commercialisation of R&D in thetechnology and life science sectors. Increased entrepreneurial activity has alsoboosted growth. Real estate funds have gained an established share ofinstitutional investors' investment allocations.The EU legislative initiative on regulation for alternative asset managers andfunds - when passed - will stipulate an operating license for participants, aswell as other significant requirements, including fund investor and authorityreporting. The new regulations will place a burden on smaller players inparticular and may also impact the number of players in the field. Thanks to itsorganisation and operating model, CapMan is in a good position to meet the newregulations.The CapMan funds investing in portfolio companies will continue to implementtheir investment strategies. The availability of bank financing for mergers andacquisitions and real estate investments is improving. The number of newpotential portfolio companies has remained at a good level, especially forCapMan's Public Market and Russia funds. We believe that the exit market islikely to start up again during 2010.The slowdown in the growth of the underlying economy has been reflected in ourportfolio companies, in sectors linked to industrial manufacturing and theautomotive industry for example. Although the turnover and profit performance ofportfolio companies were both lower in 2009 than in 2008, the profit and growthestimates for 2010 are more positive. Fair value changes will also be influencedby how profit prospects develop among listed companies and the exchange rates ofthe Swedish crown and the Polish zloty against euro in particular. We plan tokeep sufficient reserves in our funds to support our companies' growth andfinancing. Long-term cooperation with Nordic banks is particularly important forus, and has worked well.In the real estate sector, the debt market crisis has depressed the volume ofreal estate transactions. The number of foreign players in Finland, inparticular, has fallen significantly. Weakening property demand and rising yieldexpectations have lowered property valuation levels. We anticipate transactionvolumes to remain low, but expect the number of deals to increase in 2010. Theuse of equity for financing real estate transactions has increased. Demand forprime real estate remains good. Occupancy rates and demand for office and retailpremises are at a satisfactory level. The vacancy rates for office premises areexpected to rise in Greater Helsinki area, however, which will result in adownward pressure on rent levels. The demand for real estate consulting hasremained stable.All CapMan's investment teams are in a good position and have adequate resourcesto implement their investment strategies in the Nordic countries and Russia.CapMan's funds investing in portfolio companies have some MEUR 840 available formaking new and follow-on investments, while real estate funds have approx. MEUR300 of investment capacity, mainly for developing the existing portfolio.Future outlookManagement fees and income from real estate consulting will cover CapMan's fixedcosts and interest expenses in 2010.The exit from Pretax announced in January will have an impact of some MEUR 1.5on CapMan's carried interest when closed. Funds have a number of portfoliocompanies ready to enter the exit process. We expect the CapMan Equity VII A, B,and Sweden funds, as well as the Finnmezzanine III A and B funds to transfer tocarry during 2010-2011. Due to the market situation, we consider it unlikelythat the CapMan Real Estate I fund, which transferred to carry in 2007, willgenerate new carried interest in the future.A total of some MEUR 6 of carried interest was not entered in CapMan's profit in2007 but instead left in reserve in case that some of the carried interest wouldhave to be returned to investors in future.The fair value change of CapMan's fund investments during the fourth quarter of2009 was slightly positive and we expect a neutral trend, at a minimum, tocontinue in this area in early 2010. The development of the fair value ofinvestments during the rest of the year will depend on developments in portfoliocompanies and the general market situation.The Group's overall result for 2010 will mainly depend on whether new exits aremade by funds already generating carried interest, whether further funds willtransfer to carry, and on how the value of investments will develop in thosefunds in which CapMan is a substantial investor.CapMan Plc will publish its Interim Report for 1 January - 31 March 2010 onThursday 6 May 2010.Helsinki, 5 February 2010CAPMAN PLCBoard of DirectorsPress conference:A press conference for analysts and the media will be held today at 12.00 noonin CapMan's offices at Korkeavuorenkatu 32, Helsinki, at which CapMan's CEOHeikki Westerlund will present the result and review the market situation. Alight lunch will be served.Presentation material for the press conference will be published in Finnish andEnglish on CapMan Plc Group's Internet website once the conference has started.Further information:Heikki Westerlund, CEO, tel. +358 207 207 504 or +358 50 559 6580Olli Liitola, Acting CFO, tel. +358 207 207 506 or +358 400 605 040Distribution:Helsinki Stock ExchangePrincipal mediawww.capman.comAppendices (after the tables section):Appendix 1: CapMan Plc Group's funds under management as of 31 December 2009,MEURAppendix 2: Operations of CapMan's funds under management, 1 January - 31December 2009Appendix 3: Capital and mandates under management of associated company, AccessCapital Partners, as of 31 December 2009Accounting principlesThe Financial Statements Bulletin has been prepared in accordance with theInternational Financial Standards (IFRS). As of January 1, 2009 the companyapplies the following new and revised standards: Reporting IFRS 8 OperatingSegments and IAS 1 Presentation of Financial Statements. Otherwise the sameAccounting Principles have been applied as in the 2008 Financial Statements. Theinformation presented in the Financial Statements Bulletin is un-audited. GROUP STATEMENT OF COMPREHENSIVE INCOME (IFRS) EUR ('000) 1-12/09 1-12/08 Turnover 36,257 36,790 Other operating income 137 108 Personnel expenses -18,464 -16,867 Depreciation -957 -635 Impairment of goodwill -700 0 Other operating expenses -12,845 -12,321 Fair value gains / losses of investments -3,322 -13,373 Operating profit / loss 106 -6,298 Financial income and expenses -185 -1,994 Share of associated companies' result 1,293 -2,378 Profit / loss before taxes 1,214 -10,670 Income taxes -1,076 2,612 Profit / loss for the period 138 -8,058 Other comprehensive income: Translation differences 270 -359 Total comprehensive income / loss 408 -8,417 Profit / loss attributable to: Equity holders of the company -210 -8,209 Minority interest 348 151 Total comprehensive income / loss attributable to: Equity holders of the company 60 -8,568 Minority interest 348 151 Earnings per share for profit / loss attributable to the equity holders of the Company: Earnings per share, cents -3.0 -10.2 Diluted, cents -3.0 -10.2Accrued interest payable on the hybrid bond has been taken into considerationwhen calculating earnings per share. GROUP BALANCE SHEET (IFRS) EUR ('000) 31.12.09 31.12.08 ASSETS Non-current assets Tangible assets 838 1,064 Goodwill 10,245 11,762 Other intangible assets 2,972 3,229 Investments in associated companies 6,547 1,575 Investments at fair value through profit and loss Investments in funds 59,421 53,147 Other financial assets 585 828 Receivables 25,304 24,451 Deferred income tax assets 6,177 3,707 112,089 99,763 Current assets Trade and other receivables 10,291 12,965 Other financial assets at fair value through profit and loss 1,673 942 Cash and bank 17,978 24,330 29,942 38,237 Total assets 142,031 138,000 EQUITY AND LIABILITIES Capital attributable the Company's equity holders Share capital 772 772 Share premium account 38,968 38,968 Other reserves 37,347 25,829 Translation difference -392 -226 Retained earnings 1,097 3,585 77,792 68,928 Minority interest 413 221 Total equity 78,205 69,149 Non-current liabilities Deferred income tax liabilities 1,824 284 Interest-bearing loans and borrowings 40,625 43,125 Other liabilities 2,291 6,600 44,740 50,009 Current liabilities Trade and other payables 12,227 15,751 Interest-bearing loans and borrowings 6,250 2,875 Current income tax liabilities 609 216 19,086 18,842 Total liabilities 63,826 68,851 Total equity and liabilities 142,031 138,000GROUP STATEMENT OF CHANGES IN EQUITY Attributable to the equity holders of the Company Trans- Share Share lation cap- premium Other differ- Retained Minority Total ital account reserves ences earnings Total interest equity EUR ('000)-------------------------------------------------------------------------------- Equity on 31 Dec 2007 772 38,968 2,961 133 24,676 67,510 34 67,544 Options 112 -87 25 25 Share subscriptions with options 639 639 639 Dividens paid -12,795 -12,795 -12,795 Share issues 2,392 2,392 2,392 Own shares purchased -275 -275 -275 Hybrid bond 20,000 20,000 20,000 Other changes 0 36 36 Comprehensive profit / loss -359 -8,209 -8,568 151 -8,417 Equity on 31 Dec 2008 772 38,968 25,829 -226 3,585 68,928 221 69,149 Equity on 31 Dec 2008 772 38,968 25,829 -226 3,585 68,928 221 69,149 Options -50 -50 -50 Share subscriptions with options 723 723 723 Dividens paid 0 -46 -46 Share issue 1,795 1,795 1,795 Hybrid bond 9,000 9,000 9,000 Hybrid bond, interest paid -2,228 -2,228 -2,228 Other changes -436 -436 -110 -546 Comprehensive profit / loss 270 -210 60 348 408 Equity on 31 Dec 2009 772 38,968 37,347 -392 1,097 77,792 413 78,205 STATEMENT OF CASH FLOW (IFRS) EUR ('000) 1-12/09 1-12/08------------------------------------------------------------ Cash flow from operations Profit / loss for the financial year 138 -8,058 Adjustments 5,352 16,526 Cash flow before change in working capital 5,490 8,468 Change in working capital -3,463 -4,564 Financing items and taxes -3,825 -10,327 Cash flow from operations -1,798 -6,423 Cash flow from investments -15,105 -20,387 Cash flow before financing -16,903 -26,810 Dividends paid -46 -18,589 Other net cash flow 10,597 49,988 Financial cash flow 10,551 31,399 Change in cash funds -6,352 4,589 Cash funds at start of the period 24,330 19,741 Cash funds at end of the period 17,978 24,330Segment informationThe Group reports two segments: Management company business and Fund investments EUR ('000) 1-12/09 1-12/08----------------------------------------------- Turnover Management company business CapMan Private Equity 27,263 29,273 CapMan Real Estate 8,994 7,517 Total turnover 36,257 36,790 Operating profit / loss Management company business CapMan Private Equity 3,128 7,607 CapMan Real Estate 547 -284 Total 3,675 7,323 Fund investments -3,569 -13,621 Total operating profit / loss 106 -6,298 Profit / loss for the period Management company business CapMan Private Equity 3,197 6,766 CapMan Real Estate 544 -284 Total 3,741 6,482 Fund investments -3,603 -14,540 Profit / loss for the period 138 -8,058 Non-current assets Management company business CapMan Private Equity 17,528 16,763 CapMan Real Estate 1,272 2,299 Total 18,800 19,062 Fund investments 93,289 80,701 Non-current assets total 112,089 99,763Income taxesThe Group's income taxes in the Income Statements are calculated on the basis ofcurrent taxes on taxable income and deferred taxes. Deferred taxes arecalculated on the basis of all temporary differences between book value andfiscal value.DividendsNo dividend was paid for the year 2008. (2007: EUR 0.16 per share, total EUR12.8 million) Non-current assets EUR ('000) 31.12.09 31.12.08-------------------------------------------------------------------------------- Investments in funds at fair value through profit and loss at Jan 1 53,147 44,230 Additions 13,038 26,326 Distributions -3,616 -3,700 Disposals -586 0 Fair value gains/losses on investments -2,562 -13,709 Investments in funds at fair value through profit and loss at end of the period 59,421 53,147 Investments in funds at fair value through profit and loss at the end of period 31.12.09 31.12.08 Buyout 34,233 29,301 Technology 3,616 5,843 Life Science 3,683 2,053 Russia 1,049 1,919 Public Market 3,422 Mezzanine 4,000 2,570 Other 364 340 Real Estate 4,758 5,088 Access Capital Partners funds 4,296 6,033 In total 59,421 53,147Transactions with related parties (associated companies) EUR ('000) 31.12.09 31.12.08--------------------------------------------------------------------- Receivables - non-current at end of review period 22,598 21,257 Receivables - current at end of review period 779 2,196 Non-current liabilities EUR ('000) 31.12.09 31.12.08--------------------------------------------------------------------- Interest bearing loans at end of review period 40,625 43,125Seasonal nature of businessCarried interest income is accrued on an irregular schedule depending on thetiming of exits. One exit may have an appreciable impact on CapMan Plc's resultfor the full financial year. Personnel By country 31.12.09 31.12.08--------------------------------------------------------------- Finland 107 102 Denmark 3 3 Sweden 21 19 Norway 7 6 Russia 12 11 In total 150 141 By team--------------------------------------------------------------- CapMan Private Equity 61 54 CapMan Real Estate 42 43 Investor Services 23 24 Internal Services 24 20 In total 150 141 Contingent liabilities EUR ('000) 31.12.09 31.12.08--------------------------------------------------------------- Leasing agreements 10,927 9,087 Securities and other contingent liabilities 68,164 69,604 Remaining commitments to funds 42,624 77,234 Remaining commitments by investment area Buyout 20,967 26,133 Technology 5,486 12,226 Life Science 4,160 5,684 Public Market 2,669 15,000 Russia 4,067 11,091 Mezzanine 910 2,504 Other 510 311 Real Estate 1,582 1,879 Access Capital Partners funds 2,273 2,406 In total 42,624 77,234 Turnover and profit quarterly 2009 MEUR 1-3/09 4-6/09 7-9/09 10-12/09 1-12/09-------------------------------------------------------------------------------- Turnover 8.1 8.7 9.5 10.0 36.3 Management fees 7.4 8.2 9.0 8.7 33.3 Carried interest 0.0 0.0 0.0 0.0 0.0 Real Estate consulting 0.6 0.4 0.3 1.1 2.4 Other income 0.1 0.1 0.2 0.2 0.6 Other operating income 0.0 0.1 0.0 0.0 0.1 Operating expenses -8.4 -8.1 -7.9 -8.6 -33.0 Fair value gains / losses of investments -4.3 -0.3 0.4 0.9 -3.3 Operating profit / loss -4.7 0.5 2.0 2.3 0.1 Financial income and expenses -0.5 0.3 -0.2 0.2 -0.2 Share of associated companies' result 0.6 -1.8 0.3 2.2 1.3 Profit / loss before taxes -4.6 -1.0 2.2 4.6 1.2 Profit / loss for the period -3.7 -1.3 2.0 3.1 0.1 2008 MEUR 1-3/08 4-6/08 7-9/08 10-12/08 1-12/08-------------------------------------------------------------------------------- Turnover 7.2 12.1 7.7 9.8 36.8 Management fees 6.4 7.2 7.3 8.7 29.6 Carried interest 0.0 4.1 0.0 0.0 4.1 Real Estate consulting 0.7 0.6 0.4 0.7 2.4 Other income 0.2 0.1 0.0 0.4 0.7 Other operating income 0.0 0.0 0.0 0.1 0.1 Operating expenses -6.7 -7.9 -6.6 -8.6 -29.8 Fair value gains / losses of investments -0.1 -1.0 -1.4 -10.9 -13.4 Operating profit 0.4 3.3 -0.4 -9.6 -6.3 Financial income and expenses 0.3 -0.1 -0.8 -1.4 -2.0 Share of associated companies' result 0.1 -0.2 0.2 -2.5 -2.4 Profit after financial items 0.7 3.0 -1.0 -13.4 -10.7 Profit for the period 0.5 2.2 -0.8 -10.0 -8.1APPENDIX 1: CAPMAN PLC GROUP'S FUNDS UNDER MANAGEMENT AS OF 31 DECEMBER 2009,MEURThe tables below show the status of funds managed by CapMan at the end of 2009.When analysing the schedule for funds to start generating carried interest, therelationship between distributed cash flows to investors and paid-in capitalshould be compared. When a fund starts generating carried interest the capitalmust be returned and an annual preferential return paid on it. The fair value ofa portfolio, including any of the fund's net cash assets, represents the capitaldistributable to investors at the end of the review period.When assessing the cash flow a fund needs in order to start generating carriedinterest, it should be noted that the capital of some funds has not yet beencalled and paid in. The percentage figure in the last column on the right showsCapMan's share of cash flows if the fund is generating carried interest. Afterthe previous distribution of profits, any new capital paid in, as well as thepreferential annual return on it, must however be returned to investors beforefurther carried interest income is paid. Of the funds already generating carriedinterest, Finnventure V fund can still make follow-on investments in its currentportfolio companies.The definitions for column headings are presented below the tables. FUNDS INVESTING DIRECTLY IN PORTFOLIO COMPANIES Net CapMan's Fund's cash share of Paid-in current as- Distributed cash Size capital portfolio sets cash flow flow at at to in- to man- if fund cost fair vestors agement gene- value company rates (carried carried interest) interest------------------------------------------------------------------------------ Funds generating carried interest FV II, FV III 1) and FM II B in total 58.6 57.4 3.1 0.2 0.1 180.1 44.2 20-35% FV V 169.9 165.1 41.9 24.2 1.1 237.9 5.3 20% Fenno Program in total 2) 59.0 59.0 8.1 6.8 0.1 123.4 8.7 10-12%------------------------------------------------------------------------------ Total 287.5 281.5 53.1 31.2 1.3 541.4 58.2 Funds that are expected to transfer to carry during 2010-2011 CME VII A 156.7 148.6 98.1 127.9 1.2 92.7 20% CME VII B 56.5 56.5 39.3 62.0 1.1 41.9 20% CME SWE 67.0 62.9 42.0 54.9 0.1 40.0 20% FM III A 101.4 100.0 33.1 27.8 3.1 103.1 20% FM III B 20.2 19.9 8.7 11.4 0.8 18.6 20%------------------------------------------------------------------------------ Total 401.8 387.9 221.2 284.0 6.3 296.3 Other funds not yet in carry CME VII C 23.1 18.6 11.4 6.7 0.2 7.2 20% CMB VIII 1) 440.0 341.2 287.9 252.2 11.3 14% CM LS IV 54.1 31.7 21.4 19.0 0.7 10% CMT 2007 1) 142.3 48.5 31.3 33.5 1.3 10% CMR 118.1 32.0 23.9 21.9 0.3 3.4% CMPM 138.0 65.7 59.7 91.6 3.3 10% CMB IX 273.3 18.9 12.3 12.3 2.4 10% CMM IV 4) 240.0 230.0 172.0 168.6 31.7 41.1 15%------------------------------------------------------------------------------ Total 1,428.9 786.6 619.9 605.8 51.2 48.3 Funds with no carried interest potential to CapMan FM III C, FV IV, FV V ET, SWE LS, SWE Tech 1), 3) and FM II A, C, D 1)-------------------------------------------------------------------------------- Total 298.4 284.5 74.5 38.8 3.9 196.0 Funds investing in portfolio companies, total 2,416.6 1,704.5 968.7 959.8 62.7 1,082.0 58.2 REAL ESTATE FUNDS Fund's Origi- Paid-in current Net Distributed CapMan's nal capital portfolio cash cash flow share invest- at cost at fair as- to in- to man- cash ment value sets vestors agement flow if capa- company fund city (carried gene- interest) rates carried interest-------------------------------------------------------------------------------- Funds that are not generating carried interest at the moment CMRE I 5) equity and bonds 200.0 188.5 68.3 55.3 190.7 27.4 26% debt financing 300.0 284.6 104.6 104.6------------------------------------------------------------------------------ total 500.0 473.1 172.9 159.9 -1.2 190.7 27.4 CMRE II equity 150.0 81.9 94.3 80.8 0.5 12% debt financing 450.0 241.2 230.0 230.0------------------------------------------------------------------------------ total 600.0 323.1 324.3 310.8 -5.1 0.5 CMHRE equity 332.5 295.3 320.7 229.1 10.8 12% debt financing 540.0 526.8 508.3 508.3------------------------------------------------------------------------------ total 872.5 822.1 829.0 737.4 -5.5 10.8 Real estate funds, total 1,972.5 1,618.3 1,326.2 1,208.1 -11.8 202.0 27.4 All funds, total 4,389.1 3,358.8 2,294.9 2,167.9 50.9 1,284.0 85.6Abbreviations used to refer to funds: CMB = CapMan Buyout CMRE = CapMan Real Estate CME = CapMan Equity CMT 2007 = CapMan Technology 2007 CMLS = CapMan Life Science FM = Finnmezzanine Fund CMM = CapMan Mezzanine FV = Finnventure Fund CMHRE = CapMan Hotels RE SWE LS = Swedestart Life Science CMPM = CapMan Public Market Fund SWE Tech = Swedestart Tech CMR = CapMan Russia FundSize/Investment capacity:Total capital committed to a fund by investors, i.e. the original size of thefund. For real estate funds, investment capacity also includes the share of debtfinancing used by the fund.Capital under management by Access Capital Partners is presented separately inAppendix 3.Paid-in capital:Total capital paid into a fund by investors at the end of the review period.Fund's current portfolio at fair value:Fund investments in portfolio companies are valued at fair value in accordancewith the International Private Equity and Venture Capital Valuation Guidelines(IPEVG, www.privateequityvaluation.com), and investments in real estate assetsare valued in accordance with the appraisals of external experts.Fair value is the amount for which an asset could be exchanged betweenknowledgeable, willing parties in an arm's length transaction. Due to the natureof private equity investment activities, fund portfolios contain investmentswith a fair value that exceeds their acquisition cost, as well as investmentswith a fair value less than the acquisition cost.Net cash assets:When calculating the investors' share, a fund's net cash assets must be takeninto account in addition to the portfolio at fair value. The proportion of debtfinancing in real estate funds is presented in separate rows in the table.CapMan's share of cash flow if a fund generates carried interest:When a fund has produced for investors the cumulative preferential returnspecified in the fund agreements, the management company is entitled to anagreed share of future cash flows from the fund (carried interest).Cash flow, in this context, includes both profit distributed by the funds andrepayments of capital. After the previous distribution of profits, any newcapital called in, as well as any annual preferential returns on it, musthowever be returned to investors before the new distribution of profits can bepaid. Footnotes to the table1) The fund is comprised of two or more legal entities (parallel funds arepresented separately only if their investment focuses or portfolios differsignificantly).2) The Fenno Rahasto, Skandia I, and Skandia II funds comprise the FennoProgramme, which is managed jointly with Fenno Management Oy.3) Currency items are valued at the average exchange rates quoted on 31 December2009.4) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 192 bond issuedby Leverator Plc. Distributed cash flow includes payments to both bondsubscribers and to the fund's partners.5) CapMan Real Estate I: Distributed cash flow includes repayment of the bondsand cash flow to the fund's partners. Following the previous payment of carriedinterest, a total of MEUR 59.4 in paid-in capital had not yet been returned toinvestors. This capital, together with the annual income entitlement payable onit, must be paid to investors before further carried interest can bedistributed. CapMan's management considers it unlikely, in the light of themarket situation, that further carried interest will be provided by the CapManReal Estate I fund. As a result, the fund has been transferred from those fundsin carry. A total of some MEUR 6 of carried interest was not entered in CapMan'sprofit in 2007 but instead left in reserve in case that some of the carriedinterest would have to be returned to investors in future.APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 JAN - 31 DEC 2009The operations of private equity funds managed by CapMan in the review periodcomprised direct investments in portfolio companies mainly in the Nordiccountries and Russia (CapMan Private Equity) as well as real estate investmentsmainly in Finland (CapMan Real Estate). The investment activities of fundsmaking direct investments in portfolio companies include mid-sized buyoutinvestments in the manufacturing industry and the service and retail sectors,technology investments in growth stage and later growth stage technologycompanies, life science investments in companies specialising in medicaltechnology and healthcare services, investments in mid-sized companies operatingin Russia, and investments in significant minority stakes in listed mid-capcompanies.CAPMAN PRIVATE EQUITYInvestments in portfolio companies in 2009CapMan funds made eight new investments, as well as several follow-oninvestments, during 2009, investing MEUR 172.0 in all. Follow-on investmentsaccounted for around 45% of the total and were made both for businessdevelopment purposes (incl. acquisitions) and to strengthen the financialposition of portfolio companies. The value new and follow-on investments madeduring the fourth quarter of the year accounted for around 45% of totalinvestments made during the year. New investments in 2009 included Affecto Oyj(announced in 2010), Intrum Justitia AB, Metals and Powders Thomas Klier AB,Nobia AB, Papa John's Russia, Proffice AB, Profit Software Oy, and SRKKonsultation AB. The largest follow-on investments were in Avelon Group Oy,Komas Group Oy, Proxima AB, Moventas Oy, MQ Retail AB, and Tokmanni Oy. Majoradd-on investments were also made in Anhydro Holding A/S, Curato AS, CargoPartner Group, Flander Oy, InfoCare AS, Maintpartner Oy, MetallfabrikenLjungh? AB, Northern Alliance Oy, and ScanJour A/S. In 2008, CapMan funds madeeight new investments, together with follow-on investments, amounting to MEUR232.6.Exits from portfolio companies in 2009CapMan funds exited completely from KMW Energi AB, Millicore AB, and XLENT AB,and partially from ?&R Carton AB during 2009. The shares in Birdstep TechnologyASA received in connection with the exit from Secgo Software in 2007 were alsosold. Final and partial exits at acquisition cost by funds during the reviewperiod totalled MEUR 32.4. Final and partial exits each accounted for aroundhalf. Exits made during the last quarter of the year accounted for around 40% ofthe acquisition cost of exits. During 2008, funds exited completely from sixcompanies and partially from several others. The acquisition cost for all ofthese exists in 2008 amounted to MEUR 39.4.Other events during the yearIn December, CapMan announced that the CapMan Equity VII, CapMan Mezzanine IV,and Finnmezzanine III A and B funds would exit Inflight AB. The exit took placeafter the period under review in January 2010.Events after the review periodCapMan announced in early January that funds managed by the Group would exit theFinnish financial management and payroll processing company, Pretax Oy, and selltheir holdings to a fund managed by Sponsor Capital. The transaction is expectedto be completed by the end of the first quarter of 2010 and is anticipated tohave an approximately MEUR 1.5 impact on CapMan Plc's result for 2010 as aresult of carried interest income received from the Finnventure V fund. Theclosing of the exit requires the completion of customary closing conditions.In January, it was also announced that the CapMan Public Market fund wouldinvest in Affecto Oyj. Part of the investment was made in 2009. The fund held12.1% of the company's outstanding shares and votes as of 12 January 2010.CAPMAN REAL ESTATEInvestments in and commitments to real estate acquisitions and projects in 2009CapMan's real estate funds made three new investments during the review period.CapMan Real Estate I fund invested in a commercial property in Tuusula in Apriland acquired an office property in the Helsinki suburb of Munkkiniemi in June.CapMan RE II fund acquired in October a site in Souther Finland in Hyvink?andthe plan is to develop a shopping center on the site. It was announced inDecember that CapMan Hotels RE had invested in a property in the centre ofHelsinki that is planned for conversion into a hotel. New and follow-oninvestments totalled MEUR 104.9. The largest follow-on investment was made inthe Skanssi shopping centre in Turku, which was completed and opened to thepublic in April. In addition, as of 31 December 2009, funds had made commitmentsto finance real estate acquisitions and projects over the next few yearsamounting to MEUR 44. During 2008, funds exercised previous investmentcommitments and made new and follow-on investments amounting to a total of MEUR1,070.4. Commitments to finance new projects totalled MEUR 95.0 as of 31December 2009.Exits from real estate investments in 2009An exit by CapMan Real Estate I fund from an office property located atLudviginkatu 3-5 in Helsinki took place during the year. Funds did not makeexits from real estate investments during 2008.Events after the review periodThe CapMan RE II fund and Finesco Oy signed the final documents covering thepurchase of a site zoned for commercial and residential use in Hyvink?, Finlandfrom the city of Hyvink? together with a project agreement coveri
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 05.02.2010 - 01:16 Uhr
Sprache: Deutsch
News-ID 1010014
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
Helsinki
Phone:
Kategorie:
Business News
Anmerkungen:
Diese Pressemitteilung wurde bisher 134 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CapMan Plc Group's Financial Statements Bulletin for 2009
"
steht unter der journalistisch-redaktionellen Verantwortung von
CapMan Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
