CapMan - A solid start to the year
CapMan’s Q1 results were slightly below our estimates. Group turnover amounted to EUR 9.3m (Evli EUR 10.7m) and the operating profit amounted to EUR 4.7m (Evli 5.5m), while the comparable operating profit was at EUR 5.6m. CapMan continued reallocation of its market portfolio capital, with EUR 20.0m remaining. Capital under management rose to EUR 3.2bn.
- Group turnover in Q1 amounted to EUR 9.3m (EUR 7.3m in Q1/18), below our estimates (Evli EUR 10.7m). No significant carried interest was booked during the quarter.
- Operating profit in Q1 was EUR 4.7m (EUR 4.1m in Q1/18), below our estimates (Evli EUR 5.5m). Operating profit excl. IAC was EUR 5.6m
- Management Company business revenue in Q1 was EUR 6.4m vs. EUR 7.2m Evli. Operating profit in Q1 was EUR 0.8m vs. EUR 1.8m Evli.
- Investment business: Revenue in Q1 was EUR 0.0m vs. EUR 0.2m Evli. Operating profit in Q1 was EUR 3.9m vs. EUR 2.9m Evli.
- Services business: Revenue in Q1 was EUR 2.9m vs. EUR 3.3m Evli. Operating profit in Q1 was EUR 1.8m vs. EUR 1.3m Evli.
- Capital under management by the end of Q1 was EUR 3.2bn. Of the capital under management EUR 1.9bn was attributable to real estate funds, EUR 0.9bn to private equity funds and EUR 0.3bn to Infra.
- CapMan continued reallocation of its market portfolio funds and had EUR 20.0m remaining at the end of Q1.