Capman Oyj Class B · OMXHEX:CAPMAN
Capman Oyj Class B — H1 2006 Earnings Presentation
23 slides from Capman Oyj Class B's earnings presentation, Aug 10, 2006
Slide 1: CapMan Plc Interim Report 1 January – 30 June 2006
CapMan Plc Interim Report 1 January – 30 June 2006 10 August 2006 Heikki Westerlund 10 August 2006 1
Slide 2: CapMan – the Nordic private equity house
CapMan – the Nordic private equity house • Full Nordic presence and market coverage – established in 1989 – offices in Helsinki, Stockholm, Copenhagen and Oslo – listed on Helsinki Stock Exchange since 2001 • Unique listed asset manager – manages specialised third party private equity, venture capit
Slide 3: Strong growth in assets under management
Strong growth in assets under management Capital under Domestic partnership Nordic presence mgmt, M€ and funds MBO LISTING 2,400 2,200 Real Estate funds 2,000 Life Science funds 1,800 Technology funds 1,600 Mezzanine funds 1,400 Buyout funds 1,200 1,000 800 600 400 200 0 90-93 94 95 96 97 98 99 00 0
Slide 4: Turnover and operating profit since 1 Jan, M€
Turnover and operating profit since 1 Jan, M€ Turnover, change* +16% Operating profit, change* +3% 30.0 28.7 10.0 9.0 8.4 25.0 21.8 8.0 7.4 7.6 7.3 7.0 20.0 18.4 15.9 6.0 5.2 15.0 5.0 4.0 10.0 8.9 3.0 5.5 2.0 1.5 5.0 1.0 0.0 0.0 1-3 1-6 1-9 1-12 1-3 1-6 1-9 1-12 2005 2006 2005 2006 *from comparative
Slide 5: Profit before and after taxes since 1 Jan 2006, M€
Profit before and after taxes since 1 Jan 2006, M€ Profit before taxes, change* +1% Profit after taxes, change* +4% 10.0 9.4 10.0 9.0 9.0 7.8 7.9 7.8 8.0 8.0 7.0 7.0 7.0 6.0 6.0 5.7 5.9 5.9 5.1 5.0 5.0 4.0 4.0 3.7 3.0 3.0 2.0 1.6 2.0 1.2 1.0 1.0 0.0 0.0 1-3 1-6 1-9 1-12 1-3 1-6 1-9 1-12 2005 2006 20
Slide 6: Management fees since 1 January, M€
Management fees since 1 January, M€ 25 • Change +25% • Increased due to management fees 20.3 20 received from CapMan Buyout VIII and CapMan Real Estate I funds established in 2005 and CapMan Life 14.9 Science IV established in 2006. 15 12.4 • The sum of management fees received from older funds fell
Slide 7: Carried interest since 1 January, M€
Carried interest since 1 January, M€ 8.0 • Change -33% 6.6 • The exit from PPTH-Norden had an impact of €2.2 million (Fenno Fund) 6.0 5.7 5.7 • The repayment of Finlayson & Co's mezzanine loans had an impact of approx. €0.3 million (Finnmezzanine II B) 3.8 4.0 • The exit from Puulämpö Yhtiöt had an
Slide 8: Funds generating carried interest at 30 June 2006
Funds generating carried interest at 30 June 2006 Cumulative portfolio at cost: €41.1 million Cumulative portfolio at fair value: €41.9 million Buyouts Technology investments FV II FV III + III G ABNP (sub fund) Fenno Fund Fenno/ Skandia I Fenno/ Skandia II FM I FM II B Further information on www.ca
Slide 9: Fund investments made from CapMan's own balance sheet
Fund investments made from CapMan’s own balance sheet • Since 2002 CapMan has been a significant investor in the funds managed by the group • CapMan invests 5-10% of the total capital in CapMan’s equity funds investing in portfolio companies M€ 90 80 53.7 The remaining commitments mainly target: 70
Slide 10: The impact of fund investments made from CapMan's own balance sheet, M€
The impact of fund investments made from CapMan’s own balance sheet, M€ 5.0 • Change +200% • The impact on the Company´s result totalled €2.4 million 4.0 – Realised returns €0.7 million (€0.0 million) 3.0 – Gains in the fair value of 2.4 investments €1.7 million (€0.8 2.2 2.1 million) 2.0 • Fair val
Slide 11: Portfolio of CapMan Equity VII at 30 June 2006
Portfolio of CapMan Equity VII at 30 June 2006 Fund size: €303.0 million Portfolio at cost: €191.3 million Portfolio at fair value: €242.8 million Cash flow to investors : €26.0 million Buyout investments Technology investments Read more: www.capman.com/En/InvestorRelations/Funds/EquityFunds 10 Augu
Slide 12: Turnover and result development
Turnover and result development • Capital under management €2,322.7 million (€1,872.9 million 30 June 2005) • Turnover €18.4 million (€15.9 million) • Management fees €12.4 million (€9.9 million) • Carried interest income €3.8 million (€5.7 million) • Other operating income within turnover €1.5 mill
Slide 13: Income Statement
Income Statement € million 2001 2002 2003 2004 2005 1-6/2006 FAS FAS FAS IFRS IFRS IFRS Turnover 13.1 20.0 18.7 28.1 28.7 18.4 Management fees 8.6 15.9 17.8 17.8 20.3 12.4 Carried interest 3.9 3.0 0.2 9.1 6.6 3.8 Income of investments in funds - - - 0.2 0.5 0.7 Other income (incl. real estate consul
Slide 14: Key figures
Key figures € million 2001 2002 2003 2004 2005 6/2006 FAS FAS FAS IFRS IFRS IFRS Earnings per share, € 0.34 0.05 0.02 0.06 0.09 0.08 Diluted, € 0.32 0.04 0.02 0.06 0.09 0.08 Shareholders’ equity / share, € 0.92 0.71 0.61 0.59 0.64 0.66 Dividend / share, € 0.26 0.10 0.05 0.06 0.07 - Dividend / result
Slide 15: Fundraising
Fundraising • CapMan Buyout VIII’s final closing at €440 million • CapMan Life Science IV’s first closing at €45 million • Fundraising for new technology fund commencing • Studies for the establishment of new private equity real estate fund started 10 August 2006 15
Slide 16: Investments in 2006
Investments in 2006 MQ Sweden AB, Buyout, SWEDEN Erottajankatu 15-17 Tamro MedLab Oy, Buyout, FINLAND Malmin Nova 42Networks AB, shopping center Technology, SWEDEN Spintop Netsolution AB, Technology, SWEDEN Tikkurilantie 136 Neoventa AB, Life Science, SWEDEN ProstaLund AB, Life Science, SWEDEN Henry
Slide 17: Exits in 2006
Exits in 2006 Exits 1-6/2006 Partial exits 1-6/2006 PPTH-Norden, Finlayson & Co Oy, Buyout, FINLAND Buyout, FINLAND Puulämpö Yhtiöt Oy, Sentera Plc, Buyout, FINLAND Technology, FINLAND Mehiläinen Oyj, Buyout, FINLAND Announced exits 7- /2006 Modultek Oy, Kultajousi Oy, Technology, FINLAND Buyout, FI
Slide 18: Future outlook
Future outlook • Management fees and returns from real estate consulting activities are expected to cover the Company’s expenses in 2006 • The share of the associated companies result is estimated to remain at the same level as the previous year • Returns on fund investments will depend especially o
Slide 19: Share price development (12 months rolling)
Share price development (12 months rolling ) € 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 05/08/05 05/09/05 05/10/05 05/11/05 05/12/05 05/01/06 05/02/06 05/03/06 05/04/06 05/05/06 05/06/06 05/07/06 05/08/06 CapMan B CapMan 2000A/B warrants 10 August 2006 19
Slide 20: Relative development: CapMan B vs. OMX Helsinki (12 months rolling)
Relative development: CapMan B vs. OMX Helsinki (12 months rolling) 40 30 20 10 7 0 -10 -20 08/08/05 08/09/05 08/10/05 08/11/05 08/12/05 08/01/06 08/02/06 08/03/06 08/04/06 08/05/06 08/06/06 08/07/06 08/08/06 Relative CapMan B Relative OMX Helsinki 10 August 2006 20
Slide 21: Distribution of ownership at 30 June 2006
Distribution of ownership at 30 June 2006 7% 23% 5% 16% 43% 48% 29% 29% Management and employees Corporations In nominee register Nominee registed and foreign shareholders Other owners Households Financial and insurance corporations Non-profit and public sector institutions 10 August 2006 21
Slide 22: CapMan Plc's largest shareholders 30 June 2006
CapMan Plc’s largest shareholders 30 June 2006 Shares % Votes % Aristo Invest Oy* + Ari Tolppanen** 13.2% 21.7% Geldegal Oy* + Olli Liitola** 7.0% 11.4% Winsome Oy* + Tuomo Raasio** 7.0% 11.4% Vesasco Oy* (Vesa Vanha-Honko***) 5.6% 10.7% Heiwes Oy* + Heikki Westerlund** 5.2% 7.2% Finnish State Pensi
Slide 23: IR contacts
IR contacts Heikki Westerlund, CEO, Senior Partner tel. +358 9 6155 8304 heikki.westerlund@capman.com Jerome Bouix, Partner, Fundraising, IR & Communications tel. +358 9 6155 8358 jerome.bouix@capman.com Kaisa Arovaara, Deputy CFO tel. +358 9 6155 8383 kaisa.arovaara@capman.com Mari Reponen, Communi