CapMan Plc Group's Interim Report 1 January - 30 September 2009
(Thomson Reuters ONE) - CapMan Plc Stock Exchange Release 30 October 2009 at 8.45 a.m.CapMan Plc Group's Interim Report 1 January - 30 September 2009Performance and main events during the review period:- Group turnover totalled MEUR 26.3 (January-September 2008: MEUR27.0).- Group's operating profit for the third quarter was MEUR 2.0 (MEUR-0.4).- The Group posted an operating loss of MEUR -2.2 (MEUR 3.3) inJanuary-September, as a result of changes in the fair value of fundinvestments.- The Management Company business recorded an operating profit ofMEUR 2.2 (MEUR 5.9) and the Fund Investment business recorded anoperating loss of MEUR -4.4 (MEUR -2.7).- Profit/loss before taxes was MEUR -3.4 (MEUR 2.7) and profit/lossafter taxes was MEUR -3.0 (MEUR 1.9).- Profit/loss attributable to the owners of the parent company wasMEUR -3.2 (MEUR 1.8). Earnings per share were -6.6 cents (2.2 cents).- Liquid assets as of 30 September 2009 totalled MEUR 30.7 (MEUR7.7).- Capital under management increased to MEUR 3,504.1 (MEUR 3,407.5 asof 31 December 2008 and MEUR 3,174.9 as of 30 September 2008).- CapMan incorporated its Fund Investment business in a new company,to which it transferred part of its fund investments and investmentcommitments on 30 June 2009.- CapMan's own investment commitments were reduced by a total of MEUR21.6 following CapMan's sale of investment commitments totalling MEUR13.6 to the Belgian-based private equity firm Gimv and a reduction ofMEUR 8.0 in the investment commitment in the CapMan Public Marketfund.CEO Heikki Westerlund comments on the events of the review period andon future prospects:"Our operating result has returned to a satisfactory level, followingthe sharp fall in fair values that took place around the end of lastyear. This positive development gives us a promising foundation forthe future. Although activity on the M&A and real estate marketscontinues to be low, there are clear signs of opportunities formaking exits from investments that have developed well. Overall, thedevelopment of our result is tied to the general economic situation.With an investment capacity of more than EUR 1 billion, we arewell-placed to make new investments. The number of potentialinvestment opportunities is particularly good in respect of Russiaand our Public Market fund.The portfolios of our funds have developed as expected over recentmonths. In developing our portfolio companies, our aim is to makemaximum use of our extensive investment capacity and theconsolidation opportunities that exist in the sectors in which thesecompanies operate.We have strengthened our financial position significantly through thesale of our investment commitments and fund investments at fair valueto the Belgian private equity firm, Gimv, and a Finnish institution.Together with the hybrid loan that we secured earlier, we now have aclearly stronger financial position."Business operationsCapMan is an alternative asset manager, which also makes investmentsin its own funds. The guiding principle for the investment activitiesof the funds managed by the Group is to work actively and directlytowards increasing the value of investments.The Group has two operating segments: the Management Company businessand Fund Investments. The Management Company business is subdividedinto two business areas: CapMan Private Equity, which manages fundsthat invest in portfolio companies, and CapMan Real Estate, whichmanages funds that invest in real estate and provides real estateconsulting. Income from the Management Company business is derivedfrom management fees paid by funds, carried interest received fromfunds, and income generated by real estate consulting.The Fund Investment business comprises fund investments made fromCapMan Plc's balance sheet and investments in Maneq funds. Incomefrom the Fund Investment business is derived from realised returns onfund investments and changes in the fair value of investments.There may be considerable quarterly fluctuation in carried interestand the fair value of fund investments. As a result, the Group'sfinancial performance should be analysed over a longer time span thanthe quarterly cycle.Incorporation of Fund Investment business and sale of investments andcommitmentsCapMan established a new company, CapMan Fund Investments SICAV SIF,during the review period, which operates as a feeder fund for fundsmanaged by the Group. Part of CapMan's own investment commitments andfund investments were transferred to the feeder fund on 30 June 2009,and CapMan aims at transferring its remaining investments andcommitments by the end of the first quarter of 2010. These transferswill affect the parent company's distributable assets, and the sizeof this impact will depend on the fair value of the investments onthe date of transfer. The impact of transfers made as of the end ofJune was MEUR -1.8.CapMan announced on 7 August 2009 that it would sell investmentcommitments totalling MEUR 13.6 and fund investments totalling MEUR3.4 to Belgian-based private equity firm Gimv. The transactions werecompleted on 9 September 2009. The commitments and investments soldto Gimv targeted the CapMan Technology 2007, CapMan Russia, andCapMan Public Market funds. The direct impact of the transaction onthe Group's cash flow in 2009 is approx. MEUR 3.4. It will not havean impact on the Group's result for 2009, as the transactions wereexecuted at fair value. As a result, Gimv has become the secondinvestor in the feeder fund. Fund investments and commitments made byGimv will not be consolidated in CapMan Plc Group's figures. Thefeeder fund could acquire other new investors in the future.Incorporation of the Fund Investment business will clarify thedistinction between the Group's Management Company business and itsFund Investments. The sale of investment commitments will reduceCapMan Plc's capital calls in the future and strengthen the Group'sfinancial position.CapMan's intention to incorporate its own fund investments and tohave third party investors in the possible new vehicle to be formedwas announced for the first time in the Interim Report published on30 October 2008.Group turnover and result in January-September 2009The Group's turnover in January-September 2009, at MEUR 26.3, waslower than during January-September 2008 (MEUR 27.0). Fair valuechanges related to fund investments totalled MEUR -4.2 (MEUR -2.5)and operating expenses amounted to MEUR 24.4 (MEUR 21.2). On aquarterly level, operating expenses decreased during the reviewperiod. Expenses have increased on the comparable period,particularly as a result of the establishment of new investment areasCapMan Russia and CapMan Public Market and the impact of CapManHotels RE fund's expenses, which have been booked in full since March2008.The Group's operating profit/loss totalled MEUR -2.2 (MEUR 3.3). Agoodwill write-down of MEUR 0.7 related to the life scienceoperations acquired in 2002 was made during the review period.Financial income and expenses amounted to MEUR -0.4 (MEUR -0.6) andCapMan's share of the associated companies' result was MEUR -0.9(MEUR 0.1). Profit/loss before taxes was MEUR -3.4 (MEUR 2.7) andprofit/loss after taxes was MEUR -3.0 (MEUR 1.9).Profit/loss attributable to the owners of the parent company was MEUR-3.2 (MEUR 1.8). Earnings per share were -6.6 cents (2.2 cents).The quarterly breakdown of turnover and profit, together withturnover, operating profit/loss, and profit/loss by segment for thereview period, are presented in the tables section of the InterimReport.Management Company businessTurnover generated by the Management Company business inJanuary-September 2009 totalled MEUR 26.3 (MEUR 27.0). Managementfees rose substantially from the comparable period and amounted toMEUR 24.6 in January-September 2009 (MEUR 20.9). This increase wasattributable to the establishment of the CapMan Hotels RE, CapManPublic Market, CapMan Russia, and CapMan Buyout IX funds in 2008.Income from real estate consulting fell from the comparable periodand totalled MEUR 1.3 (MEUR 1.7). The aggregate total of managementfees and income from real estate consulting was MEUR 25.9 (MEUR22.6).No substantial exits were made from funds in carry during the reviewperiod and no carried interest income was generated. Carried interestincome totalling MEUR 4.1 was generated as a result of the StaffPointexit during the comparable period.The Management Company business recorded an operating profit of MEUR2.2 (MEUR 5.9) and a profit for the period of MEUR 3.4 (MEUR 5.8).The status of funds managed by CapMan is presented in more detail inAppendix 1.Fund Investment businessFair value changes related to fund investments were MEUR -4.2 (MEUR-2.5), of which approximately MEUR 1.0 million (MEUR 0.0) wasattributable to realised losses related to the sale of CapMan's ownfund investments. The fair value changes of fund investmentsrepresent a 7.3% reduction in value during the review period. Thechange in the fair value of fund investments during the third quarterwas MEUR 0.4, equivalent to a 0.9% increase in value. The negativedevelopment in fair value has mainly been attributable to a weakeningin the result prospects of certain portfolio companies in 2009. As awhole, the results of portfolio companies in 2009 are expected to bebelow those recorded in 2008, although fund portfolios also includecompanies that are developing strongly. The aggregate fair value offund investments as of 30 September 2009 was MEUR 53.9 (MEUR 59.8 asof 30 September 2008).Operating profit/loss for the Fund Investment business was MEUR -4.4(MEUR -2.7), and the profit/loss for the period was MEUR -6.3 (MEUR-3.9).CapMan made new investments in its own funds totalling MEUR 9.2 (MEUR21.4) during the review period. Investments were made in fundsincluding CapMan Buyout VIII, CapMan Buyout IX, CapMan Russia, andCapMan Public Market. CapMan did not give any new investmentcommitments to its funds during the review period.The amount of remaining commitments was significantly lower comparedto the same period last year and totalled MEUR 47.6 (MEUR 69.0) as of30 September 2009. The aggregate fair value of existing investmentsand remaining commitments as of 30 September 2009 was MEUR 101.6(MEUR 128.8). CapMan's objective is to invest in its future funds1-5% of their original capital depending on the fund's demand andCapMan's own investment capacity.Investments in portfolio companies are valued at fair value inaccordance with the International Private Equity and Venture CapitalValuation Guidelines (IPEVG), while real estate assets are valued inaccordance with the value appraisals of external experts, as detailedin Appendix 1. Fair value changes have no impact on the Group's cashflows.Investments at fair value and remaining investment capacity byinvestment area are presented in the tables section of the InterimReport.Balance sheet and financial position as of 30 September 2009CapMan's balance sheet total increased to MEUR 142.9 during thereview period (MEUR 129.4 as of 30 September 2008). Non-currentassets were lower and amounted to MEUR 101.6 (MEUR 112.6 as of 30September 2008). Goodwill was MEUR 10.2 as of 30 September 2009. Thecarrying amount of goodwill was adjusted during the review period byMEUR 0.7 following the reduction of the final purchase price for theNorum acquisition, and by MEUR 0.7 as a result of the write-down onlife science operations. Fund investments booked at fair value fellto MEUR 53.9 (MEUR 59.8). Long-term receivables amounted to MEUR 24.0(MEUR 30.0), of which MEUR 22.0 (MEUR 25.2) were loan receivablesfrom Maneq funds. In addition to CapMan Plc, CapMan personnel areinvestors in Maneq funds.The expected returns from CapMan's Maneq investments are broadly inline with the return expectations for CapMan's other investments inits own funds. Maneq funds pay market rate interest on loans theyreceive from CapMan Plc.Current assets amounted to MEUR 41.3 (MEUR 16.8). Liquid assets (cashin hand and at banks, plus other financial assets at fair valuethrough profit and loss) amounted to MEUR 30.7 (MEUR 7.7). Liquidassets mainly include the remaining proceeds of the hybrid bond usedto finance CapMan's investments in its own funds. The size of thehybrid bond rose to MEUR 29 (MEUR 20 as of 31 December 2008), and canbe increased to a maximum of MEUR 30.The hybrid bond is included in 'Other reserves' under equity in thebalance sheet. The interest on the bond is payable semi-annually andwas deducted from equity at the end of June. Following repayments,CapMan Plc had a bank financing package of MEUR 56.9 (MEUR 60)available as of 30 September 2009, of which MEUR 46.9 (MEUR 44.0) wasin use. There were no significant changes in the amount ofinterest-bearing liabilities during the review period.Trade and other payables totalled MEUR 17.7 (MEUR 17.9). The Group'sinterest-bearing net debts amounted to MEUR 16.2 (MEUR 36.3).The Group's cash flow before financing was MEUR -6.2 (MEUR -23.0).Income from management fees received from funds is paidsemi-annually, in January and July, and is shown under workingcapital in the cash flow statement. Cash flow from investments isprimarily related to fund investments.Key figuresCapMan's equity ratio as of 30 September 2009 was 55.3% (47.7% as of30 September 2008). Return on equity was -4.1% (3.1%) and return oninvestment was -1.5% (5.0%). The target level for the company'sequity ratio is at least 50% and for return on equity at least 25%. 30.9.09 30.9.08 31.12.08Earnings per share, cents -6.6 2.2 -10.2Diluted, cents -6.6 2.2 -10.2Shareholders' equity per share,cents* 91.3 73.4 86.1Share issue adjusted number ofshares 82,257,824 80,081,859 80,432,600Number of shares at end of period 83,674,965 80,990,171 81,458,424Number of shares outstanding 83,648,666 80,890,268 81,322,921Own shares held by the Company atend of period 26,299 99,903 135,503Return on equity, % -4.1 3.1 -11.8Return on investment, % -1.5 5.0 -6.3Equity ratio, % 55.3 47.7 50.3Net gearing, % 21.4 61.8 30.3* In line with IFRS standards, the hybrid bond has been included inequity, also when calculating equity per share.Fundraising and capital under management as of 30 September 2009Capital under management refers to the remaining investment capacityof funds and capital already invested at acquisition cost. CapMan'starget is to increase its capital under management by an average of15% a year.Fundraising for the CapMan Buyout IX, CapMan Hotels RE, CapMan PublicMarket, and CapMan Russia funds took place during the review period.New capital totalling MEUR 42 was raised for the CapMan Buyout IXfund, increasing the size of the fund to MEUR 263. Fundraising iscontinuing.CapMan Hotels RE and CapMan Public Market funds held final closingsin July. The investment capacity of the CapMan Hotels RE fundtotalled MEUR 872.5, of which MEUR 332.5 comprises equity while thebalance is senior debt. The CapMan Hotels RE fund invests in existinghotel properties and new hotel projects, primarily in Finland andSweden. CapMan Hotels RE Oy, which is 80%-owned by CapMan Plc, actsas the fund's management company, and has committed MEUR 5 in thefund. CapMan Plc's share of the fund's cash flows if the fund is incarry will be 12% and the investment team responsible for the fundwill receive 8%.CapMan Public Market fund, which invests in listed Nordic companies,held its final close at MEUR 138.0. CapMan Plc's investmentcommitment in the fund fell from MEUR 15 to MEUR 7 during the reviewperiod, as new capital totalling MEUR 40 million was raised duringthe final round of fundraising, of which MEUR 8 was used to reduceCapMan's investment commitment. CapMan Plc's share of the fund's cashflows if the fund is in carry will be 10% and the investment teamresponsible 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.Following this, CapMan Plc's share of the possible carried interestto be generated by the fund was also determined. CapMan Plc willreceive 3.4% of the fund's cash flows if the fund is in carry. Thisrelatively lower carried interest share results from the fact thatpart of the fund had already been raised before its transfer toCapMan's management.Capital under management totalled MEUR 3,504.1 as of 30 September2009 (MEUR 3,174.9 as of 30 September 2008). Of this, MEUR 1,845.0(MEUR 1,534.4) was in funds making investments in portfolio companiesand MEUR 1,659.1 (MEUR 1,640.5) in real estate funds.Funds under management and their investment activities are presentedin more detail in Appendices 1 and 2.PersonnelCapMan employed a total of 147 people as of 30 September 2009 (141 asof 30 September 2008), of whom 106 (104) worked in Finland and theremainder in other Nordic countries or Russia. The establishment ofthe CapMan Russia and CapMan Public Market teams have bothcontributed to a growth in the number of personnel. A breakdown ofpersonnel by country and team is presented in the tables section ofthe Interim Report.Shares and share capitalThere were no changes in CapMan Plc's share capital during the reviewperiod. Share capital as of 30 September 2009 totalled EUR 771,586.98(EUR 771,586.98 as of 30 September 2008). The number of listed CapManPlc B shares increased to 77,674,965 following the issue of 2,216,541new CapMan B shares by CapMan Plc in connection with the directedissue related to the Norum acquisition. There were no changes in thenumber of unlisted CapMan Plc A shares, which totalled 6,000,000shares as of 30 September 2009. The Company's B shares entitleholders to one vote per share and its A shares to 10 votes per share.ShareholdersCapMan Plc had 4,729 shareholders as of 30 September 2009 (4,475 asof 30 September 2008). CapMan issued a flagging notice on 24September 2009 when the holding of GIMV N.V. exceeded one-twentieth(1/20) of the company's shares following a share transactionconcluded on 23 September 2009.Company sharesA total of 109,204 of CapMan's own shares were used as part paymentfor the additional purchase price in the Norum acquisition. As of 30September 2009, CapMan Plc held a total of 26,299 CapMan Plc Bshares. CapMan made no purchases of its own shares during the reviewperiod.Stock option programmesAs of 30 September 2009, CapMan Plc had two stock option programmesin place, Option Program 2003 and Option Program 2008, as part of theincentive and commitment programme for key personnel. The 2003Boptions are traded on the options list of NASDAQ OMX Helsinki. Atotal of 625,000 B shares may be subscribed for with 2003B options,for which the subscription period ends on 31 October 2009. A total of40,500 of CapMan's B shares were subscribed with 2003B stock optionsduring the review period and they were entered in the Trade Registerafter the review period on 16 October 2009.The maximum number of stock options issued within the Option Program2008 will be 4,270,000, which will carry an entitlement to subscribeto a maximum of 4,270,000 new B shares. The subscription period for2008A options will start on 1 May 2011 and for 2008B options on 1 May2012. Receivables from shares subscribed using options are entered inthe Company's invested unrestricted shareholders' equity.Trading and market capitalisationThe exceptional market climate and global stock market situation thathas continued during 2009 were reflected in the trading volumes andprices of CapMan Plc shares. The company's B shares closed at EUR1.31 on 30 September 2009 (EUR 1.85 on 30 September 2008). Theaverage price during the review period was EUR 1.02 (EUR 2.59). Thehighest price was EUR 1.63 (EUR 3.40) and the lowest EUR 0.77 (EUR1.75). A total of 12.9 million (8.2 million) CapMan Plc B shares weretraded during the review period, valued at a total of MEUR 14.1 (MEUR21.2).The market capitalisation of CapMan Plc B shares as of 30 September2009 was MEUR 101.8 (MEUR 138.7). The market capitalisation of allshares, with A shares valued at the closing price of B shares for thereview period, was MEUR 109.6 (MEUR 149.8).Changes in Group managementCapMan Plc announced changes in the Company's management andManagement Group on 3 September 2009. Senior Partner and Head ofInvestor Services, Jerome Bouix, was appointed Deputy CEO of CapManPlc, principally responsible for investments made from CapMan'sbalance sheet in the funds managed by the Group, fundraising forfunds managed by the Group, business development, and the Group'sfinances and administration. Partner Göran Barsby and Senior PartnerHans Christian Dall Nygård were appointed new members of theManagement Group. All the above changes became effective as of 1October 2009.The Head of CapMan Life Science, Senior Partner Jan Lundahl, B.Sc.(Econ.) resigned from the CapMan Plc Group on 3 April 2009 and leftthe Management Group. Partner, Dr Johan Bennarsten, M.Sc. (Eng.),M.D., who had previously acted as Deputy Head of CapMan Life Science,was appointed Head of CapMan Life Science effective 6 April 2009.Board authorisationsBy decision of the Annual General Meeting, CapMan Plc's Board ofDirectors is authorised to purchase the Company's own shares and toaccept them as a pledge, to decide on a share issue and to issuestock options and other entitlements to shares. The authorisationsare in force until 30 June 2010, and the terms and conditionsattached to them were specified in more detail in the Stock Exchangerelease issued on 7 April 2009.Norum acquisitionThe purchase price of the Norum acquisition that was announced in May2008 and in which CapMan acquired a 51% stake in Norum decreased toMEUR 7.3. The Board of Directors of CapMan Plc decided that theadditional purchase price of MEUR 0.3 would be paid to the sellers incash and in CapMan Plc shares owned by the Company. FurthermoreCapMan Plc acquired the remaining 49% Norum shares in April. Thepurchase price for the remaining shares was MEUR 3.6, of which CapManPlc paid approx. MEUR 1.8 in cash and approx. MEUR 1.8 through adirected issue to the sellers.The Norum acquisition was specified in more detail in the StockExchange releases issued on 26 May 2008, 27 August 2008, 7 April 2009and 20 April 2009 and available on CapMan's website atwww.capman.com/En/Media/Releases/.Significant risks and short-term uncertaintiesCapMan Plc's Management Company business is profitable on a yearlybasis, but the prevailing market climate has increased the level ofuncertainty involved in forecasting the Company's financialperformance. The combination of an almost total standstill in the M&Amarket, a credit squeeze, and a sharp decline in the fair value ofinvestments has further weakened exit opportunities to a significantextent. This may result in the postponement of exits and delays incarried interest income as a result. The economic climate may impacttenants' operations in the real estate market, affecting the vacancyrate and rental income of investment properties. CapMan believes thatfundraising will continue to be challenging, which might affect theend-result of ongoing fundraising activities and management fees overthe next few years.Business environmentThe prospects for growth in the demand for alternative assets willremain good over the long term. The downturn in economy and the steepdecline in the market valuations of other asset classes, however, areclearly slowing growth in the alternative asset class. Private equityhas consolidated its position in financing M&A and growth, andcontinues to focus typically on consolidation in various sectors,family successions, the privatisation of public services andfunctions, and the commercialisation of R&D in the technology andlife 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 assetmanagers and funds, when passed, will stipulate an operating licensefor participants, as well as other significant requirements,including fund investor and authority reporting. The new regulationwill place a burden on smaller players in particular and may alsoimpact the number of players in the field. Thanks to its organisationand operating model, CapMan is in a good position to meet the newregulation.The CapMan funds investing in portfolio companies will continue toimplement their investment strategies. The crisis in the debt markethas also been reflected in CapMan's operating area. We believe thatbank financing for buyouts, mergers & acquisitions, and real estateinvestments will gradually recover. We have not yet seen forcedsales, as price elasticity has been lower in the private equitymarket than in public markets. The number of new potential portfoliocompanies has remained at a good level, especially for CapMan'sPublic Market and Russia funds. The exit market has come to astandstill, but there are signs that it is beginning to start upagain as we move towards 2010.The slowdown in the growth of the underlying economy has beenreflected in our portfolio companies, in those sectors linked toindustrial manufacturing and the automotive industry, for example.The result prospects for portfolio companies have weakened since thespring, but this negative fair value development was offset by afavourable development in the multiples of listed peers in mostcases. We plan to keep enough reserves in our funds to support ourcompanies' growth and financing. Long-term cooperation with theNordic banks is particularly important for us, and has worked well.In the real estate sector, the debt market crisis has depressed thevolume of real estate transactions. The number of foreign players, inparticular, has fallen significantly. Weakening property demand andrising yield expectations have lowered property valuation levels. Weanticipate transaction volumes to remain low, but expect deals topick up as we move towards 2010. The use of equity for financing realestate transactions has increased. Demand for prime real estateremains good. Occupancy rates and demand for office and retailpremises are at a satisfactory level. The vacancy rates for officepremises are expected to rise in Greater Helsinki, however, whichwill result in a downward pressure on rent levels. The demand forreal estate consulting has remained stable.All CapMan's investment teams are in a good position and haveadequate resources to implement their investment strategies in theNordic countries and Russia. CapMan's funds investing in portfoliocompanies have some MEUR 900 available for making new and follow-oninvestments, while real estate funds have approx. MEUR 320 ofinvestment capacity, mainly for developing the existing portfolio.Future outlookManagement fees and income from real estate consulting will coverCapMan's fixed expenses in 2009. Income from carried interest willdepend on developments in the exit market. Despite the slowdown inthe exit market, CapMan's funds still have portfolio companies readyto enter the exit process. We expect the CapMan Equity VII A, B, andSweden funds, as well as the Finnmezzanine III A and B funds, totransfer to carry during 2010-2011. The fair value of CapMan's fundinvestments developed negatively during the first half, and progressduring the second half will depend on the general market situationand the development of portfolio companies.The Group's overall result for 2009 will mainly depend on whether newexits are made by funds already generating carried interest, and onhow the value of investments will develop in those funds in whichCapMan is a substantial investor. Without significant positive fairvalue changes and carried interest income, the result for the fullyear will be loss-making.CapMan Plc will publish its Financial Statements for 2009 on Friday 5February 2010.Helsinki, 30 October 2009CAPMAN PLCBoard of DirectorsPress conference:A press conference for analysts and the media will be held today at12.00 noon in CapMan's offices at Korkeavuorenkatu 32, Helsinki,Finland, at which CapMan's CEO Heikki Westerlund will present theinterim results and review the market situation. A light lunch willbe served. The press conference will continue in the form of aCapital Markets event between 12.45 and 14.00.Presentation material for the press conference will be published inFinnish and English on CapMan Plc Group's Internet website once theconference has started. The material for the Capital Markets eventwill only be available in English.Further information:Heikki Westerlund, CEO, tel. +358 207 207 504 or +358 50 559 6580Kaisa Arovaara, CFO, tel. +358 207 207 583 or +358 50 370 3715Distribution:Helsinki Stock ExchangePrincipal mediawww.capman.comAppendices (after the tables section):Appendix 1: CapMan Plc Group's funds under management as of 30September 2009, MEURAppendix 2: Operations of CapMan's funds under management, 1 January- 30 September 2009Appendix 3: Capital and mandates under management of associatedcompany, Access Capital Partners, as of 30 September 2009Accounting principlesThe Interim Report has been prepared in accordance with InternationalFinancial Reporting Standards (IFRS). As of 1 January 2009, theGroup has applied the following new and revised standards: IFRS 8Operating Segments and IAS 1 Presentation of Financial Statements. Inother regards, the accounting principles applied in the InterimReport are the same as in the financial statements for 2008. TheInterim Report has not been audited.GROUP STATEMENT OF COMPREHENSIVE INCOME (IFRS)EUR ('000) 1-9/09 1-9/08 1-12/08Turnover 26,349 26,982 36,790Other operating income 57 5 108Personnel expenses -14,027 -12,052 -16,867Depreciation and amortisation -753 -396 -635Impairment of goodwill -700 0 0Other operating expenses -8,966 -8,792 -12,321Fair value gains / losses ofinvestments -4,190 -2,476 -13,373Operating profit / loss -2,230 3,271 -6,298Financial income and expenses -361 -612 -1,994Share of associated companies'result -847 46 -2,378Profit / loss before taxes -3,438 2,705 -10,670Income taxes 478 -774 2,612Profit / loss for the period -2,960 1,931 -8,058Other comprehensive income:Translation differences 102 -161 -359Total comprehensive income /loss -2,858 1,770 -8,417Profit / loss attributable to:Equity holders of the company -3,163 1,792 -8,209Minority interest 203 139 151Total comprehensive income /loss attributable to:Equity holders of the company -3,061 1,631 -8,568Minority interest 203 139 151Earnings per share for profit /loss attributableto the equity holders of theCompany:Earnings per share, cents -6.6 2.2 -10.2Diluted, cents -6.6 2.2 -10.2Accrued interest payable on the hybrid bond has been taken intoconsideration when calculating earnings per share.GROUP BALANCE SHEET (IFRS)EUR ('000) 30.9.09 30.9.08 31.12.08ASSETSNon-current assetsTangible assets 959 1,114 1,064Goodwill 10,245 11,897 11,762Other intangible assets 3,016 3,063 3,229Investments in associated companies 4,310 3,483 1,575Investments at fair value through profitand loss Investments in funds 53,945 59,781 53,147 Other financial assets 737 981 828Receivables 23,985 28,984 24,451Deferred income tax assets 4,375 3,261 3,707 101,572 112,564 99,763Current assetsTrade and other receivables 10,620 9,158 12,965Other financial assets at fair valuethrough profit and loss 2,454 1,707 942Cash and bank 28,221 5,971 24,330 41,295 16,836 38,237Total assets 142,867 129,400 138,000EQUITY AND LIABILITIESCapital attributable the Company'sequity holdersShare capital 772 772 772Share premium account 38,968 38,968 38,968Other reserves 36,673 5,224 25,829Translation difference -560 -28 -226Retained earnings -565 13,673 3,585 75,288 58,609 68,928Minority interest 268 208 221Total equity 75,556 58,817 69,149Non-current liabilitiesDeferred income tax liabilities 374 2,959 284Interest-bearing loans and borrowings 40,625 30,000 43,125Other liabilities 2,369 5,678 6,600 43,368 38,637 50,009Current liabilitiesTrade and other payables 17,693 17,946 15,751Interest-bearing loans and borrowings 6,250 14,000 2,875Current income tax liabilities 0 0 216 23,943 31,946 18,842Total liabilities 67,311 70,583 68,851Total equity and liabilities 142,867 129,400 138,000GROUP STATEMENT OF CHANGES IN EQUITY Attributable to the equity holders of the Company Share Share Other Trans- Retained Total Minority Total cap- premium reserves lation earnings interest equity ital account differ-EUR ('000) encesEquity on31 Dec 2007 772 38,968 2,961 133 24,676 67,510 34 67,544Options 59 59 59Dividendspaid -12,795 -12,795 -12,795Share issues 2,392 2,392 2,392Own sharespurchased -188 -188 -188Other changes 0 35 35Comprehensiveprofit / loss -161 1,792 1,631 139 1,770Equity on30 Sep 2008 772 38,968 5,224 -28 13,673 58,609 208 58,817Equity on31 Dec 2008 772 38,968 25,829 -226 3,585 68,928 221 69,149Options 28 28 28Sharesubscriptionswith options 48 48 48Dividendspaid 0 -46 -46Share issue 1,796 1,796 1,796Hybrid bond 9,000 9,000 9,000Hybrid bond,interest paid -1,015 -1,015 -1,015Other changes -436 -436 -110 -546Comprehensiveprofit / loss 102 -3,163 -3,061 203 -2,858Equity on30 Sep 2009 772 38,968 36,673 -560 -565 75,288 268 75,556CASH FLOW STATEMENTEUR ('000) 1-9/09 1-9/08 1-12/08Cash flow from operationsProfit / loss for the financial year -2,960 1,931 -8,058Adjustments 5,636 4,629 16,526Cash flow before change in working capital 2,676 6,560 8,468Change in working capital 2,945 -199 -4,564Financing items and taxes -2,980 -9,600 -10,327Cash flow from operations 2,641 -3,239 -6,423Cash flow from investments -8,792 -19,652 -20,387Cash flow before financing -6,151 -22,891 -26,810Dividends paid -46 -18,589 -18,589Other net cash flow 10,088 27,710 49,988Financial cash flow 10,042 9,121 31,399Change in cash funds 3,891 -13,770 4,589Cash funds at start of the period 24,330 19,741 19,741Cash funds at end of the period 28,221 5,971 24,330SEGMENT INFORMATIONThe Group reports two segments:Management Company business and FundInvestmentsEUR ('000) 1-9/09 1-9/08 1-12/08TurnoverManagement company business CapMan Private Equity 20,032 21,366 29,273 CapMan Real Estate 6,317 5,616 7,517Total turnover 26,349 26,982 36,790Operating profit / lossManagement company business CapMan Private Equity 2,194 6,119 7,607 CapMan Real Estate -48 -186 -284Total 2,146 5,933 7,323Fund investments -4,376 -2,662 -13,621Total operating profit / loss -2,230 3,271 -6,298Profit / loss for the periodManagement company business CapMan Private Equity 3,398 6,214 6,766 CapMan Real Estate -48 -424 -284Total 3,350 5,790 6,482Fund investments -6,310 -3,859 -14,540Profit / loss for the period -2,960 1,931 -8,058Non-current assetsManagement company business CapMan Private Equity 16,952 19,313 16,763 CapMan Real Estate 1,347 2,372 2,299Total 18,299 21,685 19,062Fund investments 83,273 90,879 80,701Non-current assets total 101,572 112,564 99,763Income taxesThe Group's tax expenses comprise taxes on taxable income for theperiod and deferred taxes. Deferred taxes are calculated on the basisof all temporary differences between book value and fiscal value.DividendsNo dividend was paid for the 2008 financial year. (2007: EUR 0.16 pershare, representing a total of MEUR12.8)Non-current assetsEUR ('000) 30.9.09 30.9.08 31.12.08Investments in funds at fair value throughprofit and loss at 1 Jan 53,147 44,230 44,230Additions 9,175 21,376 26,326Distributions -377 -3,102 -3,700Disposals -3,616 0 0Fair value gains / losses on investments -4,384 -2,723 -13,709Investments in funds at fair value throughprofit and loss at end of period 53,945 59,781 53,147Investments in funds at fair value throughprofit and loss at end of periodBuyout 31,032 34,140 29,301Technology 3,504 6,144 5,843Life Science 2,576 2,711 2,053Russia 1,144 0 1,919Public Market 1,734 0Mezzanine 4,032 3,222 2,570Other 364 477 340Real Estate 4,413 5,610 5,088Access 5,146 7,477 6,033Total 53,945 59,781 53,147Transactions with related parties (associatedcompanies)EUR ('000) 30.9.09 30.9.08 31.12.08Receivables - non-current at end of period 21,260 25,551 21,257Receivables - current at end of period 423 1,743 2,196Non-current liabilitiesEUR ('000) 30.9.09 30.9.08 31.12.08Interest-bearing loans at end of period 40,625 30,000 43,125Seasonal nature of businessCarried interest income is accrued on an irregular schedule dependingon the timing of exits. An exit may have an appreciable impact onCapMan Plc's result for the full financial year.PersonnelBy country 30.9.09 30.9.08 31.12.08Finland 106 104 102Denmark 3 3 3Sweden 18 18 19Norway 7 6 6Russia 13 10 11In total 147 141 141By teamCapMan Private Equity 58 52 54CapMan Real Estate 42 43 43Investor Services 25 26 24Internal Services 22 20 20In total 147 141 141Contingent liabilitiesEUR ('000) 30.9.09 30.9.08 31.12.08Leasing agreements 8,493 9,271 9,087Securities and othercontingent liabilities 69,814 69,372 69,604Remaining commitments tofunds 47,616 69,010 77,234Remaining commitments byinvestment areaBuyout 22,667 13,390 26,133Technology 5,941 13,104 12,226Life Science 5,338 5,845 5,684Public Market 4,160 15,000 15,000Russia 4,101 13,500 11,091Mezzanine 912 3,490 2,504Other 586 587 311Real Estate 1,634 2,109 1,879Access 2,277 1,985 2,406In total 47,616 69,010 77,234Turnover and profitquarterly2009MEUR 1-3/09 4-6/09 7-9/09 1-9/09Turnover 8.1 8.7 9.5 26.3 Management fees 7.4 8.2 9.0 24.6 Carried interest 0.0 0.0 0.0 0.0 Real Estate consulting 0.6 0.4 0.3 1.3 Other income 0.1 0.1 0.2 0.4Other operatingincome 0.0 0.1 0.0 0.1Operating expenses -8.4 -8.1 -7.9 -24.4Fair value gains /losses of investments -4.3 -0.3 0.4 -4.2Operating profit /loss -4.7 0.5 2.0 -2.2Financial income andexpenses -0.5 0.3 -0.2 -0.4Share of associatedcompanies' result 0.6 -1.8 0.3 -0.9Profit / loss beforetaxes -4.6 -1.0 2.2 -3.4Profit / loss for theperiod -3.7 -1.3 2.0 -3.02008MEUR 1-3/08 4-6/08 7-9/08 1-9/08 10-12/08 1-12/08Turnover 7.2 12.1 7.7 27.0 9.8 36.8 Management fees 6.4 7.2 7.3 20.9 8.7 29.6 Carried interest 0.0 4.1 0.0 4.1 0.0 4.1 Real Estate consulting 0.7 0.6 0.4 1.7 0.7 2.4 Other income 0.2 0.1 0.0 0.3 0.4 0.7Other operatingincome 0.0 0.0 0.0 0.0 0.1 0.1Operating expenses -6.7 -7.9 -6.6 -21.2 -8.6 -29.8Fair value gains /losses of investments -0.1 -1.0 -1.4 -2.5 -10.9 -13.4Operating profit 0.4 3.3 -0.4 3.3 -9.6 -6.3Financial income andexpenses 0.3 -0.1 -0.8 -0.6 -1.4 -2.0Share of associatedcompanies' result 0.1 -0.2 0.2 0.1 -2.5 -2.4Profit afterfinancial items 0.7 3.0 -1.0 2.7 -13.4 -10.7Profit for the period 0.5 2.2 -0.8 1.9 -10.0 -8.1APPENDIX 1: CAPMAN PLC GROUP'S FUNDS UNDER MANAGEMENT AS OF 30SEPTEMBER 2009, MEURThe tables below show the status of funds managed by CapMan at theend of the review period. When analysing the schedule for funds tostart generating carried interest, the relationship betweendistributed cash flows to investors and paid-in capital should becompared. When a fund starts generating carried interest the capitalmust be returned and an annual preferential return paid on it. Thefair value of a portfolio, including any of the fund's net cashassets, represents the capital distributable to investors at the endof the review period.When assessing the cash flow a fund needs in order to startgenerating carried interest, it should be noted that the capital ofsome funds has not yet been called and paid in. The percentage figurein the last column on the right shows CapMan's share of cash flows ifthe fund is generating carried interest. After the previousdistribution of profits, any new capital paid in, as well as thepreferential annual return on it, must however be returned toinvestors before further carried interest income is paid. Of thefunds already generating carried interest, CapMan Real Estate I fundis still in the active investment phase and Finnventure V fund canstill make follow-on investments in its current portfolio companies.The definitions for column headings are presented below the tables. FUNDS INVESTING DIRECTLY IN PORTFOLIO COMPANIES Size Paid-in Fund's Net Distributed CapMan's capital current cash cash share of portfolio as- flow cash at cost at fair sets to in- to man- flow, value vestors agement if fund company gene- (carried rates interest) carried interestFundsgeneratingcarriedinterestFV II, FVIII 1)and FM IIBin 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 1.2 237.9 5.3 20%FennoProgramin total2) 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 1.4 541.4 58.2Fundsthat areexpectedtotransferto carryduring2010-2011CME VII A 156.7 141.1 91.7 117.6 0.7 92.7 20%CME VII B 56.5 54.6 36.5 56.4 0.2 41.9 20%CME SWE 67.0 60.1 39.2 50.3 0.5 40.0 20%FM III A 101.4 99.8 32.9 27.2 2.3 103.1 20%FM III B 20.2 19.9 8.4 10.9 0.9 18.6 20%Total 401.8 375.5 208.7 262.4 4.6 296.3Otherfundsnot yetin carryCME VII C 23.1 17.9 10.9 6.7 0.2 7.2 20%CMB VIII1) 440.0 327.7 285.2 235.8 2.2 14%CM LS IV 54.1 25.4 15.7 13.4 0.4 10%CMT 20071) 142.3 43.9 33.2 30.6 0.5 10%CMR 118.1 31.3 23.7 23.7 0.5 3.4%CMPM 138.0 25.3 21.0 48.1 0.5 10%CMB IX 263.0 16.6 12.3 12.3 1.7 10%CMM IV 4) 240.0 230.0 164.8 161.5 40.9 29.8 15%Total 1,418.6 718.1 566.8 532.1 46.9 37.0Funds withno carriedinterestpotentialto CapManFM III C,FV IV,FV V ET,SWE LS 3),SWE Tech1), 3)and FM IIA,C, D 1)Total 298.6 283.5 77.0 40.8 4.5 196.0Fundsinvestinginportfoliocompanies,total 2,406.5 1,658.6 905.6 866.5 57.4 1,070.7 58.2REAL ESTATE FUNDS Origi- Paid in Fund's Net Distributed CapMan's nal cap- current cash cash flow share of invest- Ital portfolio as- to in- to man- cash ment at at sets vest- agement flow, capa- cost fair ors company if fund city value (car gene- ried rates inte- carried rest) inte- restFundsgeneratingcarriedinterestCMRE I 5) equity and bonds 200.0 192.5 70.7 59.5 187.1 27.4 26% debt financing 300.0 277.6 97.6 97.6 Total 500.0 470.1 168.3 157.1 2.9 187.1 27.4Other fundsnot yetin carryCMRE II equity 150.0 75.0 96.6 89.5 0.5 12% debt financing 450.0 242.2 224.1 224.1 Total 600.0 317.2 320.7 313.6 -1.2 0.5CMHRE equity 332.5 295.3 306.0 227.5 10.8 12% debt financing 540.0 526.0 519.2 519.2 Total 872.5 821.3 825.2 746.7 5.9 10.8Real estatefunds,total 1,972.5 1,608.6 1,314.2 1,217.4 7.6 198.4 27.4All funds,total 4,379.0 3,267.2 2,219.8 2,083.9 65.0 1,269.1 85.6Abbreviations used to refer to funds:CMB = CapMan Buyout CMRE = CapMan Real EstateCME = CapMan Equity CMT 2007 = CapMan Technology 2007CMLS = CapMan Life Science FM = Finnmezzanine FundCMM = CapMan Mezzanine FV = Finnventure FundCMHRE = CapMan Hotels RE SWE LS = Swedestart Life ScienceCMPM = CapMan Public Market Fund SWE Tech = Swedestart TechCMR = CapMan Russia FundSize/Investment capacity:Total capital committed to a fund by investors, i.e. the originalsize of the fund. For real estate funds, investment capacity alsoincludes the share of debt financing used by the fund.Capital under management by Access Capital Partners is presentedseparately in Appendix 3.Paid-in capital:Total capital paid into a fund by investors at the end of the reviewperiod.Fund's current portfolio at fair value:Fund investments in portfolio companies are valued at fair value inaccordance with the International Private Equity and Venture CapitalValuation Guidelines (IPEVG, www.privateequityvaluation.com), andinvestments in real estate assets are valued in accordance with theappraisals of external experts.Fair value is the amount for which an asset could be exchangedbetween knowledgeable, willing parties in an arm's lengthtransaction. Due to the nature of private equity investmentactivities, fund portfolios contain investments with a fair valuethat exceeds their acquisition cost, as well as investments with afair value less than the acquisition cost.Net cash assets:When calculating the investors' share, a fund's net cash assets mustbe taken into account in addition to the portfolio at fair value. Theproportion of debt financing in real estate funds is presented inseparate 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 preferentialreturn specified in the fund agreements, the management company isentitled to an agreed share of future cash flows from the fund(carried interest). Cash flow, in this context, includes both profitdistributed by the funds and repayments of capital. After theprevious distribution of profits, any new capital called in, as wellas any annual preferential returns on it, must, however, be returnedto investors before the new distribution of profits can be paid. Footnotes to the table1) The fund is comprised of two or more legal entities (parallelfunds are presented separately only if their investment focuses orportfolios differ significantly).2) The Fenno Rahasto, Skandia I, and Skandia II funds comprise theFenno Programme, which is managed jointly with Fenno Management Oy.3) Currency items are valued at the average exchange rates quoted on30 September 2009.4) CapMan Mezzanine IV: The paid-in commitment includes a MEUR 192bond issued by Leverator Plc. Distributed cash flow includes paymentsto both bond subscribers and to the fund's partners.5) CapMan Real Estate I: Distributed cash flow includes repayment ofthe bonds and cash flow to the fund's partners. Following previousdistribution of profits, paid-in capital and distributed cash flow toinvestors totalled MEUR 67.0 as of 30 September 2009.APPENDIX 2: OPERATIONS OF CAPMAN'S FUNDS UNDER MANAGEMENT, 1 JANUARY- 30 SEPTEMBER 2009The operations of private equity funds managed by CapMan in thereview period comprised direct investments in portfolio companiesmainly in the Nordic countries and Russia (CapMan Private Equity) aswell as real estate investments mainly in Finland (CapMan RealEstate). The investment activities of funds making direct investmentsin portfolio companies include mid-sized buyout investments in themanufacturing industry and the service and retail sectors, technologyinvestments in growth stage and later growth stage technologycompanies, life science investments in companies specialising inmedical technology and healthcare services, investments in mid-sizedcompanies operating in Russia, and investments in significantminority stakes in listed mid-cap companies.CAPMAN PRIVATE EQUITYInvestments in portfolio companies in January-September 2009CapMan funds made three new investments, as well as several follow-oninvestments, during the review period, investing MEUR 95.8 in all.The new investment targets were Nobia AB, Papa John's Russia, andMetals and Powders Thomas Klier AB. The largest follow-on investmentsduring the review period were in Anhydro Holding A/S, Avelon GroupOy, Curato AS, Cargo Partner Group, InfoCare AS, Komas Group Oy,Metallfabriken Ljunghäll AB, Northern Alliance Oy, Proxima AB, andScanJour A/S. In the comparable period in 2008, CapMan funds madeseven new investments, together with follow-on investments, amountingto MEUR 185.3.Exits from portfolio companies in January-September 2009CapMan funds exited completely from XLENT AB and partially from ÿ&RCarton AB during the review period. The shares in Birdstep TechnologyASA received in connection with the exit from Secgo Software in 2007were sold. Final and partial exits at acquisition cost by fundsduring the review period totalled MEUR 19.6. During the comparableperiod in 2008, funds exited completely from five companies andpartially from several others. The acquisition cost for all of theseexists in the comparable period in 2008 amounted to MEUR 28.9.Events after the review periodCapMan Public Market Fund invested in Intrum Justitia AB, and thefund held 4.0 per cent of the outstanding shares and votes in thecompany as of 28 October 2009.In addition, CapMan Technology 2007 fund's Swedish portfolio companyKMW Energi AB filed for financial restructuring in October.CAPMAN REAL ESTATEInvestments in and commitments to real estate acquisitions andprojects in January-September 2009CapMan's real estate funds made two new investments during the reviewperiod. The CapMan Real Estate I fund invested in a commercialproperty in Tuusula in April and acquired an office property in theHelsinki suburb of Munkkiniemi in June. New and follow-on investmentstotalled MEUR 92.9. The largest follow-on investment was made in theKauppakeskus Skanssi shopping mall in Turku, which was completed andopened to the public in April. In addition, as of 30 September 2009,funds had made commitments to finance real estate acquisitions andprojects over the next few years amounting to MEUR 50.0. During thecomparable period last year, funds exercised previous investmentcommitments and made new and follow-on investments amounting to atotal of MEUR 994.7. Commitments to finance new projects totalledMEUR 160.5 as of 30 September 2008.Exits from real estate investments in January-September 2009An exit by CapMan Real Estate I fund from an office property locatedat Ludviginkatu 3-5 in Helsinki took place during the review period.Funds did not make exits from real estate investments during thecomparable period in 2008.Events after the review periodThe CapMan RE II fund and Finesco Oy signed the final documentscovering the purchase of a site zoned for commercial and residentialuse in Hyvinkää, Finland from the city of Hyvinkää, together with aproject agreement covering the site's development, in October afterthe review period.FUNDS' INVESTMENT ACTIVITIES IN FIGURESFunds' investments and exits at acquisition cost, MEUR 1-9/2009 1-9/2008 1-12/2008New and follow-on investmentsFunds investing in portfolio companies 95.8 185.3 232.6 Buyout 59.1 158.5 190.3 Technology 6.9 9.3 20.3 Life Science 1.9 4.1 5.2 Russia 6.9 13.4 16.8 Public Market 21.0 - -Real estate funds 92.9 994.7 1,070.4Total 188.7 1,180.0 1,303.0ExitsFunds investing in portfolio companies 19.6 28.9 39.4 Buyout 16.1 16.5 20.9 Technology 3.5 8.4 14.6 Life Science - 4.0 3.9 Russia - - - Public Market - - -Real estate funds 9.1 - -Total 28.7 28.9 39.4* Including partial exits and repayments of mezzanine loans.In addition, as of 30 September 2009, real estate funds had madecommitments to finance real estate acquisitions and projects valuedat MEUR 50.0.The funds' aggregate combined portfolio* as at 30 September 2009,MEUR Portfolio at Portfolio at Share of acquisition fair value portfolio cost (fair value) %Funds investing in portfolio companies 905.6 866.5 41.6Real estate funds 1,314.2 1,217.4 58.4Total 2,219.8 2,083.9 100.0Funds investing in portfolio companies Buyout 696.1 690.6 79.7 Technology 121.5 78.7 9.1 Life Science 43.3 25.4 2.9 Russia 23.7 23.7 2.7 Public Market 21.0 48.1 5.6Total 905.6 866.5 100.0* Aggregated entity formed of all investments of funds undermanagement.Remaining investment capacityAfter deducting actual and estimated expenses, funds investing inportfolio companies had a remaining investment capacity amounting tosome MEUR 904 for new and follow-on investments as of 30 September2009. Of their remaining capital, some MEUR 518 was earmarked forbuyout investments (incl. mezzanine investments), some MEUR 138 fortechnology investments, some MEUR 37 for life science investments,some MEUR 94 for investments by CapMan Russia team, and some MEUR 117for investments by CapMan Public Market team. Real estate funds hadremaining a investment capacity amounting to some MEUR 316.APPENDIX 3: CAPITAL AND MANDATES UNDER THE MANAGEMENT OF ASSOCIATEDCOMPANY, ACCESS CAPITAL PARTNERS, AS OF 30 SEPTEMBER 2009CapMan Plc owns a 35% holding in the European fund managementcompany, Access Capital Partners. As of 30 September 2009 AccessCapital Partners had approx. EUR 2.6 billion of capital undermanagement. Further information on Access Capital Partners can befound at www.access-capital-partners.com.Fund/Mandates Size, MEURAccess Capital Fund 1) 250.3Access Capital Fund II Mid-market buy-out 1) 153.4Access Capital Fund II Technology 1) 123.5Access Capital Fund III Mid-market buy-out 1) 307.4Access Capital Fund III Technology 1) 88.9Access Capital Fund IV Growth buy-out 1) 425.0Access Capital Fund IV High Growth Technology Europe 1) 35.0Private Equity Mandates 1,212.0Total 2,595.51) The fund is comprised of two or more legal entities (parallelfunds are presented separately only if their investment focuses orportfolios differ significantly).CapMan Plc Group's share of the carried interest from the Accessfunds is: Access Capital Fund: 47.5%, Access Capital Fund II: 45%,Access Capital Fund III: 25%, Access Capital Fund IV: 25%,Access/Private Equity Mandates: 25%.http://hugin.info/132028/R/1351407/326608.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.10.2009 - 07:45 Uhr
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