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"value": "Notes to the Consolidated Financial Statements Group information CapMan\u2019s business comprise of private equity fund manage- ment and advisory services, as well as investment business. In the Management Company Business, the funds managed by CapMan make investments in Nordic companies and in real es- tate and infrastructure assets in the Nordic countries. The Man- agement Company Business also includes the wealth services offered to smaller investors. The Service Business includes analysis and reporting services, and procurement services to companies. Through its investment business, CapMan invests in the private equity asset class, mainly in its own funds, but also selectively in funds managed by external fund managers. The parent company of the Group is CapMan Plc and is domiciled in Helsinki, with a registered office address at Ludvig- inkatu 6, 00130 Helsinki, Finland. The Consolidated Financial Statements may be viewed online at www.capman.com, or a hard copy is available from the office of the parent company. The Consolidated Financial Statements for 2022 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 1, 2023. Pursuant to the Finnish Companies Act, shareholders may adopt or reject the financial statements and make decisions on amendments to them at the Annual General Meeting. 1. Accounting policies Basis of preparation The Group\u2019s financial statements have been prepared in accord- ance with International Financial Reporting Standards (IFRS) in force at December 31, 2022 as adopted by the European Union. International Financial Reporting Standards, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and their interpre- tations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in accordance with the Finnish accounting standards as and where they supplement IFRS requirements . The preparation of financial statements in conformity with IFRS requires the Group\u2019s management to make estimates and assumptions when applying CapMan\u2019s accounting principles, and these are presented in more detail under \u2018Use of estimates\u2019. The Consolidated Financial Statements have been pre- pared under the historical cost convention, except for financial assets and liabilities valued at fair value through profit or loss. The information in the Consolidated Financial Statements is presented in thousands of euros. Figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. New and amended standards and interpretations applied in \ufb01nancial year ended The Group has applied the following amended standards and interpretations that have come into effect as of January 1, 2022. They had no impact on the consolidated financial statements. \u2022 Amendments to standards IFRS 3 Business Combinations, IAS 16 Property, Plant and Equipment, IAS 37 Provisions, Con- tingent Liabilities and Contingent Assets. These amendments provide further clarifications for a more consistent application of the standards, or update references. \u2022 Annual Improvements 2018-2020. The annual improvements aim at streamlining and clarifying existing standards. The an- nual improvements contain amendments to IAS 41 Agriculture, IFRS 1 First-time Adoption of International Financial Reporting Standards, and IFRS 9 Financial Instruments. Adoption of new and amended standards and interpretations applicable in future \ufb01nancial years The Group has not yet adopted the following new and amended standards and interpretations already issued by the IASB. The Group will adopt them as of the effective date or, if the date is other than the first day of the financial year, from the beginning of the subsequent financial year. These amendments have been endorsed for use by the European Union: \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effec- tive for financial years beginning on or after January 1, 2023). \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting poli- cies (effective for financial years beginning on or after January 1, 2023). \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective for financial years beginning on or after January 1, 2023). These amended standards are not expected to have an impact on the Group\u2019s financial statements Consolidation principles As CapMan has determined it meets the definition of an investment entity, its subsidiaries are classified either as operating subsidiaries, that are considered to be an extension of the Parent\u2019s operations, and as such, they are consolidated or investment entity subsidiaries, that are fair valued through profit or loss. The types of subsidiaries and their treatment in CapMan\u2019s consolidated accounts are as follows: \u2022 Subsidiaries that provide fund management services (fund managers) or manage direct investments are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Subsidiaries that provide fund management services (fund managers) and which also hold direct investments in the funds are consolidated and the investments in the funds are fair valued through profit or loss; \u2022 Subsidiaries that provide fund investment advisory services (advisors) are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Investment entity subsidiaries (CapMan Fund Investments SICAV-SIF), through which CapMan makes its own fund investments, are valued at fair value through profit or loss. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 investment entity basis CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to obtain capital from investors to its closed-end private equity funds and to provide investment management services to those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part compared to total assets under management. CapMan obtains funds from many external investors for investment purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and the real estate investments are fair valued and such fair value information is provided both to the fund investors on reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, manage- ment has assessed that the following characteristics further support investment entity categorization: CapMan holds several investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified ma- jority, investors have a right to replace the general partner and/ or fund manager. The remuneration CapMan is entitled to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in the fund CapMan has no representation nor voting rights as it has been specifical- ly excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by con- trolling the general partner of the fund, its actual operational ability is limited in the investment management mandate in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan has determined that it does not have control over the funds under its management . Subsidiaries Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to the owners of the parent company. Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a con- trolling interest, and in the case of companies and businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. Associates An associated company is an entity in which the Group has significant influence but does not hold a controlling interest. This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s voting rights. Associated companies have been consolidated in accord- ance with the equity method. Under this, the investment in an associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding book value are not com- bined unless the Group is committed to meeting the obligations of the company concerned. The Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in the company is presented as a separate item in the income statement after operating profit. Segment reporting Operating segments are reported in accordance with internal reporting presented to the chief operating decision maker. The latter is responsible for allocating resources to operating segments and evaluating their performance and is defined as the Group\u2019s Management Group, which is responsible for taking strategic decisions affecting CapMan. Translation differences The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary economic environment for that unit (\u2018functional currency\u2019). The Consolidated Financial Statements are presented in euros, which is the functional and presentation currency of the Group\u2019s parent company . Transactions in foreign currencies have been recorded in the parent company\u2019s functional currency at the rates of exchange prevailing on the date of the transactions; in practice a reason- able approximation of the actual rate of exchange on the date of the transaction is often used. Foreign exchange differences for operating business items are recorded in the appropriate income statement account before operating profit and, for financial items, are recorded in financial income and expenses. The Group\u2019s foreign currency items have not been hedged. In the consolidated financial statements, the income state- ments of subsidiaries that use a functional currency other than the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive income. Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign subsidiaries have been recognised in other comprehensive income. Tangible assets Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan. Assets are depreciated on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Machinery and equipment 4\u20135 years Other long-term expenditure 4\u20135 years The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in the expected economic benefits where necessary. Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More information on these items is included in chapter Leases of Accounting Policies. Intangible assets Goodwill Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-con- trolling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually. Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment. Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill is monitored internally for management purposes. Goodwill is monitored at operating segment level . Other intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits attributable to the asset will flow to the Group. Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is spread across the financial life of the relevant software licences. Im- pairment is tested whenever there is an indication that the book value of intangible assets may exceed the recoverable amount of these assets. The estimated useful lives are: Agreements and trademarks 10 years Other intangible assets 3\u20135 years Impairment of assets The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for goodwill is measured annually independent of indications of impairment. The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifia- ble group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow projec- tions, which are discounted to the present value, received from the asset in question or the cash-generating unit. The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment is recorded in the income statement as an expense. The recoverable amount for financial assets is either the fair value or the present value of expected future cash flows discounted by the initial effective interest rate. An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is rec- ognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generat ing unit and then to reduce the carrying amounts of the other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss. The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of goodwill is reviewed for impairment annually or more fre- quently if there is an indication that goodwill may be impaired, due to events and circumstances that may increase the proba- bility of impairment. Financial assets The Group\u2019s financial assets have been classified into the following categories: 1) financial assets at fair value through profit or loss 2) financial assets at amortised cost Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual cash flow char- acteristics of these financial assets. Debt instruments of the Management Company Business and Service Business are classified as financial assets at amortised cost, because they are held solely in order to collect contractual cash flows, which are solely payments of principal and interest. Current debt instruments, included in the market portfolio of the Investment Business, are classified as at fair value through profit or loss, because they are held for trading. Non-current debt instruments included in the Investment Business are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group designates these assets as measured at fair value through profit or loss, in order to reduce inconsist- ency with regards to recognizing gains and losses of financial assets within the Investment Business, because the Group as an investment entity manages and monitors the performance of these investments based on fair values according to group\u2019s investment strategy. Transaction costs are reported in the initial cost of finan- cial assets, excluding items valued at fair value through profit or loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for derecog- nition and removed from the balance sheet when the Group has transferred the contractual rights to receive the cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12 months. Financial assets at fair value through profit or loss Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Debt instruments are also classified to this class, if they are held for both selling purposes and collect- ing contractual cash flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within the Investment Business. Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive income. Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge account- ing is not applied in current assets are measured at fair value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development. Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has incurred. Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is consid- ered that there has been a significant increase in the credit risk, if the contractual payments have become more than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting from an adminis- trative oversight . Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, together with liquid short-term de- posits. Cash assets have a maximum maturity of three months. Non-current assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its present condi- tion subject only to terms that are usual and customary, the management is committed to the plan to sell the asset and the sale is expected to take place within one year from the date of classification. As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are no longer amortised nor depreciated. Dividend payment and repayment of capital Payment of dividends and repayment of capital is decided in the Annual General Meeting. The dividend payment and repay- ment of capital proposed to the Annual General Meeting by the Board of Directors is not subtracted from distributable funds until approved by the Annual General Meeting. Financial liabilities Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial liability. Financial liabilities, except for derivative liabilities, are subse- quently carried at amortized cost using the effective interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in non-current and current liabilities. Leases Group\u2019s lease agreements are mainly related to facilities, company cars and IT equipment. Group applies the exemptions allowed by the standard on lease contracts for which the lease term ends within 12 months as of the initial application, and lease contracts for which the underlying asset is of low value. Exemptions are applicable to some of the leased premises, such as office hotels, and to all laptops, printers and copying machines, among others. These lease payments are recognised as an expense in the income statement on a straight-line basis. Other lease agreements are recognised as right-of-use assets and lease liabilities in the balance sheet. These agreements include long-term lease agreements of facilities and company cars. Right-of-use assets are included in tangible assets and the related lease liabilities are included in non-current and current interest-bearing financial liabilities. CapMan Group does not act as a lessor. Provisions Provisions are recognised in the balance sheet when the Group has a current obligation (legal or constructive) as a result of a past event, and it is probable that an outflow will be required to settle the obligation and a reliable estimate of the outflow can be made. The Group\u2019s provisions are evaluated on the closing date and are adjusted to match the best estimate of their size on the day in question. Changes are booked in the same entry in the income statement as the original provision. Employee bene\ufb01ts Pension obligations The defined contribution pension plan is a pension plan in accordance with the local regulations and practices of its business domiciles. Payments made to these plans are charged to the income statement in the financial period to which they relate. Pension cover has been arranged through insurance policies provided by external pension institutions. Share-based payments The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price of the plan, its assumed development during the vesting peri- od, forfeiture rate and estimated dividends to be paid during the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount ex- pensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting period. The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments . Revenue recognition Revenue from contracts with customers is recognised by first allocating the transaction price to performance obligations, and when the performance obligation is satisfied by transferring the control of the underlying service to the customer, the revenue related to this performance obligation is recognised. Perfor- mance obligation can be satisfied either at a point in time or over time. Management fees and service fees in the Management Company Business As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a vari- able consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management fees are usually 0.5-2.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The average management fee percentage paid by CapMan-managed funds is approx. 1%. Management fees paid by the funds are recognised as income over time, because the fund management service is the only per- formance obligation in the contract and it is satisfied over time. Management company business also includes wealth man- agement services to institutional clients, foundations, family offices and wealthy private clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to the customer, except for success and transaction fees, which are recognised as income at a point in time, because the underlying performance obligation is satis- fied and the control of the related service is transferred to the customer at a point in time. Fees in the Service Business CapMan\u2019s Service Business includes analysis, reporting and back office services provided by JAY Solutions and procurement services provided by CapMan Procurement services (CaPS). Fee from these services are primarily recognised over time. Some of the contracts with customers related to the fundraising services earlier included in the Service Business includes a significant financing component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for the effects of the time value of money and customer\u2019s credit characteristics. Carried interest income Carried interest refers to the distribution of the profits of a successful private equity fund among fund investors and the fund manager responsible for the fund\u2019s investment activities. In practice, carried interest means a share of a fund\u2019s cash flow received by the fund manager after the fund has transferred to carry. The recipients of carried interest in the private equity indus- try are typically the investment professionals responsible for a fund\u2019s investment activities. In CapMan\u2019s case, carried interest is split between CapMan Plc and funds\u2019 investment teams. CapMan applies a principle where funds transfer to carry and carried interest income are based on realised cash flows, not on a calculated and as yet unrealised return. As the level of carried interest income varies, depending on the timing of exits and the stage at which funds are in their life cycle, predicting future levels of carried interest is difficult. To transfer to carry, a fund must return its paid-in capital to investors and pay a preferential annual return on this. The pref- erential annual return is known as a hurdle rate, which is typi- cally set between 7-10% IRR p.a. When a fund has transferred to carry, the remainder of its cash flows is distributed between investors and the fund manager. Investors typically receive 80% of the cash flows and the fund manager 20%. When a fund is generating carried interest, the fund manager receives carried interest income from all of the fund\u2019s cash flows, even if an exit is made at below the original acquisition cost. Revenue from carried interest is recognised when a fund has transferred to carry and to the extent carried interest is based on realised cash flows and management has estimated it being highly probable that there is no risk of repayment of carried interest back to the fund. Carried interest is recognised when CapMan is entitled to it by the reporting date, a confirmation on the amount has been received and CapMan is relatively close to receiving it in cash. Potential repayment risk of carried interest to the funds (clawback) Potential repayment risk to the funds (clawback) is considered when assessing whether revenue recognition criteria have been fulfilled. Clawback risk relates to a situation when, in conjunc- tion with the liquidation of a fund, it is recognised that the Gen- eral Partner has received more carried interest than agreed in the fund agreement. These situations can occur, for example, if there are recallable distributions or if representations and war- ranties have been given by the vendor in the sale and purchase agreement when the fund is towards the end of its lifecycle. Potential repayment risk to the funds (clawback) is estimat- ed by the management at each reporting date. The man- agement judgment includes significant estimates relating to investment exit timing, exit probability and realisable fair value. The clawback risk is measured by using the expected value method, i.e. by calculating a probability weighted average of estimated alternative investment exit outcomes. The clawback is an adjustment to the related revenue recognised and is included in the current accrued liabilities in the consolidated balance sheet Income taxes Tax expenses in the consolidated income statement comprise taxes on taxable income and changes in deferred taxes for the financial period. Taxes are booked in the income statement unless they relate to other areas of comprehensive income or directly to items booked as equity. In these cases, taxes are booked to either other comprehensive income or directly to equity. Taxes on taxable income for the financial period are calculated on the basis of the tax rate in force for the country in question. Taxes are adjusted on the basis of deferred income tax assets and liabilities from previous financial periods, if applicable. The Group\u2019s taxes have been recognised during the financial year using the average expected tax rate. Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes have only been recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of investments at fair value. Deferred taxes are not recognised for non-tax deductible amor- tisation of goodwill. Deferred taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply when the related deferred tax is realised . Items affecting comparability and alternative performance measures CapMan uses alternative performance measures, such as Adjusted operating profit, to denote the financial performance of its business and to improve the comparability between differ- ent periods. Alternative performance measures do not replace performance measures in accordance with the IFRS and are reported in addition to such measures. Alternative performance measures, as such are presented, are derived from perfor- mance measures as reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be nominated as adjusted. Items affecting comparability are, among others, material items related to mergers and acquisitions or major develop- ment projects, material gains or losses related to the acqui- sition or disposals of business units, material gains or losses related to the acquisition or disposal of intangible assets, mate- rial expenses related to decisions by authorities and material gains or losses related to reassessment of potential repayment risk to the funds. Use of estimates The preparation of the financial statements in conformity with IFRS standards requires Group management to make estimates and assumptions in applying CapMan\u2019s account- ing principles. These estimates and assumptions have an impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the financial statements and on the reported amounts of income and expenses during the reporting period. Estimates have a substantial impact on the Group\u2019s operating result. Estimates and assumptions have been used in assessing the impairment of goodwill, the fair value of fund investments, the impairment testing of intangible and tangible assets, in determining useful economic lives and expected credit losses, and in reporting deferred taxes, among others. Valuation of fund investments The determination of the fair value of fund investments using the International Private Equity and Venture Capital Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was acquired, the nature of the investment, local market conditions, trading val- ues on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valua- tion methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valu- ation of, or in the stability of, the value of illiquid investments, the fair values of such investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained when such investments are realised. Valuation of fund investments is described in more detail in the Note 32. Valuation of other investments The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, na- ture and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of growth equity investments. Goodwill impairment test Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This means such additional turnover and costs included in the business plan that are relat- ed to future expansion \u2013 and expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow forecasts when preparing the goodwill impairment test. Goodwill impairment test is described in more detail in the Note 15 2022 EUR 1,000 Management company business Service business Investment business Other Total Fee income 46,249 11,117 553 57,919 Carried interest 9,613 9,613 Turnover, external 55,861 11,117 553 67,532 Turnover, internal 83 534 -617 Materials and services -985 -985 Other operating income 2 0 2 Personnel expenses, of which -21,414 -3,331 -459 -9,368 -34,571 Salaries and bonuses -21,414 -3,331 -459 -6,641 -31,844 Share-based payment -2,727 -2,727 Depreciation, amortisation and impairment -947 -2,978 -10 -245 -4,180 Other operating expenses -6,652 -1,114 -364 -3,106 -11,236 Internal service fees -4,620 -231 4,851 0 Fair value changes of investments 36,547 36,547 Operating profit 22,312 3,015 35,714 -7,932 53,108 Items impacting comparability: Impairment of goodwill 2,600 2,600 Items impacting comparability, total 2,600 2,600 Adjusted operating profit 22,312 5,615 35,714 -7,932 55,708 Financial items -5,475 Income taxes -6,585 Profit for the period 41,049 2. Segment information CapMan has three operating segments: the Management company business, Service business and Investments business. In the Management Company business, CapMan manages private equity funds and offers wealth advisory services. Private equity funds are invested by its partnership-based investment teams. Investments are mainly Nordic unlisted companies, real estate and infrastructure assets. CapMan raises capital for the funds from Nordic and international investors. CapMan Wealth Services offer comprehensive wealth advisory services related to the listed and unlisted market to smaller investors, such as family offices, smaller institutions and high net worth individuals. Income from the Management company business is derived from fee income and carried interest received from funds. The fee income include management fees related to CapMan\u2019s position as a fund management company, fees from other services closely related to fund management and fees from wealth advisory services. In the Service business, CapMan offers procurement services and distributes software lisences to companies in Finland, Sweden and the Baltics, through CapMan Procurement Services (CaPS) and technology-based analytics, reporting and back office services through JAY Solutions to inves- tors. Through its Investment business, CapMan invests from its own balance sheet in the private equity asset class and mainly to its own funds. Income in this business segment is generated by changes in the fair value of investments and realised returns following exits and periodic returns, such as interest and dividends. Other includes the corporate functions not allocated to operating segments. These functions include part of the activities of group accounting, corporate communications, group management and costs related to share-based payment. Other also includes the eliminations of the interseg- ment transactions. CapMan has changed the turnover specification in segment reporting so that management and service fees are combined to a single line item Fee income as of the half-year report for the current year 2022 . 2022 EUR 1,000 Management company business Service business Investment business Other Total Items impacting comparability: Impairment of goodwill 2,600 Items impacting comparability, total 2,600 Adjusted profit for the period 43,649 Earnings per share, cents 25.1 Items impacting comparability, cents 1.7 Adjusted earnings per share, cents 26.8 Earnings per share, diluted, cents 24.8 Items impacting comparability, cents 1.6 Adjusted earnings per share, diluted, cents 26.4 Geographical distribution of turnover: Finland 38,032 Other countries 29,500 Total 67,532 2021 EUR 1,000 Management company business Service business Investment business Other Total Fee income 40,771 8,619 536 49,927 Carried interest 2,858 2,858 Turnover 43,629 8,619 536 52,784 Turnover, internal 242 664 -906 Other operating income 19 3 22 Personnel expenses, of which -19,989 -3,371 -866 -6,405 -30,632 Salaries and bonuses -19,989 -3,371 -866 -5,618 -29,845 Share-based payment -787 -787 Depreciation, amortisation and impairment -895 -340 -15 -226 -1,476 Other operating expenses -6,086 -1,004 -333 -2,545 -9,969 Internal service fees -3,708 -413 4,121 0 Fair value changes of investments 33,912 33,912 Operating profit 13,193 4,173 32,698 -5,422 44,642 Financial items -4,042 Income taxes -5,239 Result for the period 35,362 Earnings per share, cents 21,9 Earnings per share, diluted, cents 21,4 Geographical distribution of turnover: Finland 29,379 Other countries 23,405 Total 52,784 2022 EUR 1,000 Management company business Service business Investment business Other Total Management fees 38,847 0 0 0 38,847 Service fees 7,401 11,117 0 553 19,072 Carried interest 9,613 0 0 0 9,613 Revenue from customer contracts, external 55,861 11,117 0 553 67,532 Timing of revenue recognition: Services transferred over time 45,622 11,117 553 57,293 Services transferred at a point in time 10,239 10,239 Revenue from customer contracts, external 55,861 11,117 553 67,532 3. Turnover Revenue from contracts with customers include management fees, service fees and carried inter- est. Management company business revenue is primarily related to long-term contracts. Manage- ment fees are typically recorded over time, whereas service fees include both transaction fees recorded at a point in time and other service fees, such as fees from wealth and asset manage- ment services, recorded over time. Carried interest is recognised at a point in time. Revenue from the Service business is based on both long-term and short-term contracts and includes solely fees recognised over time. Segment information disclosed in Note 2 provides more information on the businesses included in each reportable segment. The below table disaggregates the revenue into management fees, fees from services and car- ried interest, as well as timing of revenue recognition by reportable segment. 2021 EUR 1,000 Management company business Service business Investment business Other Total Management fees 36,585 36,585 Service fees 4,185 8,619 536 13,341 Carried interest 2,858 2,858 Revenue from customer contracts, external 43,629 8,619 536 52,784 Timing of revenue recognition: Services transferred over time 39,845 8,619 536 49,001 Services transferred at a point in time 3,783 3,783 Revenue from customer contracts, external 43,629 8,619 536 52,784 4. Other operating income EUR 1,000 2022 2021 Other items 2 22 Total 2 22 5. Employee bene\ufb01t expenses EUR 1,000 2022 2021 Salaries and wages 27,170 25,553 Pension expenses - defined contribution plans 3,894 3,564 Share-based payments 2,727 787 Other personnel expenses 780 728 Total 34,571 30,632 Remuneration of the management is presented in Note 31. Related party disclosures. Cost for the stock options granted and investment-based incentive plan is based on the fair value of the instrument. The counter-entry to the expenses recognised in the income statement is in retained earnings, and thus has no effect on total equity. More information on the share-based payments is disclosed in Note 30. 6. Depreciation EUR 1,000 2022 2021 Depreciation by asset type Intangible assets Other intangible assets 396 447 Total 396 447 Tangible assets Machinery and equipment 73 65 Right-of-use assets, buildings (IFRS 16) 1,097 932 Right-of-use assets, machinery and equipment (IFRS 16) 14 32 Total 1,184 1,029 Total depreciation 1,580 1,476 Impairment by asset type Goodwill 2,600 Total impairments 2,600 Average number of people employed 2022 2021 By country Finland 141 125 Sweden 25 25 Denmark 8 5 Norway 2 1 Luxembourg 2 1 United Kingdom 7 4 In total 186 161 By segment Management company business 109 92 Service business 30 30 Investment business and other 46 39 In total 186 161 7. Other operating expenses EUR 1,000 2022 2021 Included in other operating expenses: Other personnel expenses 1,474 1,062 Office expenses 539 542 Travelling and entertainment 1,218 542 External services 5,551 5,740 Other operating expenses 2,454 2,083 Total 11,236 9,969 Short-term lease expense (IFRS 16) 97 236 Expense for leases of low-value assets (IFRS 16) 190 134 Audit fees Ernst & Young chain of companies: EUR 1,000 2022 2021 Audit fees 361 293 Other fees and services 12 10 Total 373 303 Non-audit services performed by Ernst & Young in 2022 was 12 thousand euros (2021: 10 thousand euros in total) and consisted of other fees and services in total. 8. Adjustments to cash \ufb02ow statement and total cash out\ufb02ow for leases EUR 1,000 2022 2021 Personnel expenses 2,727 787 Depreciation, amortisation and write-downs 4,180 1,476 Fair value gains/losses of investments -36,547 -33,912 Finance income and costs 5,475 4,042 Taxes 6,585 5,239 Other adjustments -52 32 Total -17,632 -22,337 Total cash outflow for leases (IFRS 16) -1,263 -1,020 10. Finance income and costs EUR 1,000 2022 2021 Finance income Interest income from loan receivables 104 171 Exchange gains 491 142 Change in fair value of financial liabilities 250 0 Total 845 313 Finance costs Interest expenses for loans -4 139 -3 390 Change of expected credit losses -1 670 41 Change in fair value of financial liabilities 0 -414 Other interest and finance expenses -437 -547 Interest expense of lease liabilities (IFRS 16) -74 -44 Total -6 320 -4 354 9. Fair value gains/losses of investments EUR 1,000 2022 2021 Investments at fair value through profit and loss Investments in funds 36,547 33,857 Market portfolio 0 55 Total 36,547 33,912 11. Income taxes EUR 1,000 2022 2021 Current income tax 2,611 2,653 Taxes for previous years 131 155 Deferred taxes Temporary differences 3,842 2,431 Total 6,584 5,239 Income tax reconcilliation Profit before taxes 47,633 40,600 Tax calculated at the domestic corporation tax rate of 20% 9,527 8,120 Effect of different tax rates outside Finland 78 110 Tax exempt income -4,622 -2,638 Performance share plan -225 157 Goodwill impairment 520 Ohter non-deductible expenses 690 219 Unrecognized tax assets on tax losses and use of previously unrecognised tax losses 599 -851 Taxes for previous years 131 155 Other differences -113 -33 Income taxes in the Group Income Statement 6,585 5,239 12. Earnings per share Basic earnings per share is calculated by dividing the distributable retained profit for the finan- cial year by the average share issue adjusted number of shares, excluding shares that have been purchased by the Company and are presented as the Company\u2019s own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. 2022 2021 Profit attributable to the equity holders of the Company, \u20ac ('000) 39,616 34,320 Profit applied to calculate diluted earnings per share 39,616 34,320 Weighted average number of shares ('000) 157,560 156,580 Treasury shares ('000) -26 -26 Weighted average number of shares ('000) 157,534 156,553 Effect of share-based incentive plans ('000) 2,170 3,994 Weighted average number of shares adjusted for the effect of dilution ('000) 159,704 160,547 Earnings per share (basic), cents 25.1 21.9 Earnings per share (diluted), cents 24.8 21.4 13. Assets held for sale On December 22, 2022, CapMan Plc and the non-controlling shareholders of JAY Solutions Oy, subsidiary of CapMan Plc, signed an agreement to sell their ownership of JAY Solutions Oy to Bas Invest AB and to the management of JAY Solutions Oy. The transaction was closed on February 1, 2023. CapMan had an ownership interest of 60% in JAY Solutions Oy, but the subsidiary was consolidated in full without separating non-controlling interest because of a symmetric option arrangement. Resulting from the sale, CapMan classified assets and liabilities related to JAY Solu- tions Oy as non-current assets held for sale under IFRS 5 on December 31, 2022. In conjunction with this, CapMan valued these net assets to the lower of their carrying amount and their fair value less costs on disposal and resulting from this, recorded an impairment loss of EUR 2.6 million to goodwill allocated to JAY Solutions in the financial year 2022 (see Note 15 for details). Impairment loss is reported under reportable segment Service Business (see Note 2), where JAY Solutions\u2019 assets and liabilities held for sale are included. The sale of shares is not expected to have a signifi- cant impact on CapMan\u2019s operating profit or financial position in 2023. Assets and liabilities related to JAY Solutions Oy have been classified as held for sale and disclosed separately in the Consolidated Balance Sheet. The carrying amounts of those assets and liabilities are presented in the below table: 2022 2021 Goodwill 4,828 Other non-current assets 134 Current assets 807 Assets held for sale 5,769 Current liabilities 717 Liabilities associated with assets held for sale 717 14. Tangible assets EUR 1,000 2022 2021 Machinery and equipment Acquisition cost at 1 January 2,347 2,389 Additions 168 9 Transfers 0 -51 Transfer to assets held for sale -8 0 Translation difference -9 0 Disposals 0 0 Acquisition cost at 31 December 2,498 2,347 Accumulated depreciation at 1 January -2,183 -2,118 Transfer to assets held for sale -73 -65 Depreciation for the financial year 3 0 Translation difference 7 0 Accumulated depreciation at 31 December -2,246 -2,183 Book value on 31 December 252 164 Right-of-use assets Machinery and equipment (IFRS 16) Additions 0 12 Depreciations -14 -32 Book value on 31 December 10 24 Leased premises (IFRS 16) Additions 2,840 194 Depreciations -1,097 -932 Book value on 31 December 3,285 1,543 Other tangible assets Acquisition cost at 1 January 23 23 Book value on 31 December 23 23 Tangible assets total 3,571 1,754 15. Goodwill EUR 1,000 2022 2021 Acquisition cost at 1 January 28,009 28,009 Transfer to assets held for sale -7,428 0 Acquisition cost at 31 December 20,581 28,009 Accumulated impairment at 1 January -12,695 -12,695 Impairment -2,600 0 Transfer to assets held for sale 2,600 Accumulated impairment at 31 December -12,695 -12,695 Book value on 31 December 7,886 15,314 Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2022 2021 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 7,428 Other 474 474 Total 12,714 15,314 JAY Solutions As JAY Solutions is considered an asset held for sale as at December 31, 2022, its recoverable amount is based on fair value less costs of disposal in the goodwill impairment test. Because the expected selling price of JAY Solutions\u2019s shares less their disposal costs is lower than its carrying amount, an impairment loss of EUR 2.6 million was recorded and reported on the line item De- preciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions is classified in the fair value hierarchy level 1, as it is based on the selling price agreed in the Share Purchase Agreement. In the previous year, impairment test of JAY Solutions was based on value-in-use and no impair- ment losses were recognised. The table further below discloses the key assumptions applied in the previous year\u2019s impairment test. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discount- ed cash flow projections based on a business plan approved by the management. Future cash flows arising from additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance, have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending over the planning period are calculated using the terminal value method. Based on the impairment test, goodwill allocated to CapMan Wealth Services was not impaired. Key assumptions applied in the impairment test based on value-in-use are set forth in the table below: 2022 2021 EUR 1,000 CapMan Wealth Services CapMan Wealth Services JAY Solutions Pre-tax discount rate 17.8% 8.9% 10.6% Average turnover growth 20.8% 18.3% 37.2% Average EBIT margin 50.6% 48.1% 38.4% Terminal growth rate 1.0% 1.0% 1.0% Discount rate takes into account listed domestic asset and wealth managers as a benchmark group. Cost of equity includes risk premiums for Finland and company size. These both have increased during the financial year. As a risk-free rate, a reference rate of Finnish 10-year govern- ment bonds has been applied, and it has increased as well during the year. The beforementioned facts results in a significantly higher discount rate for 2022 than for 2021. Of key assumptions applied in this year\u2019s impairment test, recoverable amount is most sensitive to changes in turnover growth during the explicit forecasting period (5 years). Based on the sen- sitivity analysis, if turnover growth during the explicit forecasting period would be 18 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generat- ing unit. At the moment, recoverable amount exceeds carrying amount by EUR 22 million, and no reasonably possible change in any of the other key assumptions would lead to impairment. 17. Investments at fair value through pro\ufb01t or loss Investments in funds EUR 1,000 2022 2021 Investments in funds at 1 January 130,011 116,066 Additions 29,312 19,750 Distributions -27,598 -40,047 Disposals -1 0 Fair value gains/losses of investments 36,685 34,135 Transfers 654 107 Investments in funds at 31 December 169,063 130,011 Investments in funds by investment area at the end of period* Buyout 26,107 10,926 Credit 4,285 1,821 Russia 307 3,368 Real Estate 44,024 43,965 Growth Equity 18,573 19,040 Infra 12,810 10,543 Special Situations 2,925 1,853 Fund of funds 16,463 12,303 External Venture Capital funds 42,459 25,588 Other investment areas 1,110 604 Total 169,063 130,011 * The division of investment areas has been changed Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR 99.4 million. The fair value included EUR 0.8 million of cash. Other financial assets EUR 1,000 2022 2021 Other investments at 1 January 393 191 Additions 46 202 Fair value gains/losses of investments -5 0 Other investments at 31 December 434 393 16. Other intangible assets EUR 1,000 2022 2021 Acquisition cost at 1 January 6,944 6,762 Additions 166 131 Transfers 0 51 Transfer to assets held for sale -494 0 Acquisition cost at 31 December 6,616 6,944 Accumulated depreciation at 1 January -6,484 -6,037 Depreciation for the financial year -396 -447 Transfer to assets held for sale 364 0 Accumulated depreciation at 31 December -6,516 -6,484 Book value on 31 December 100 459 19. Deferred tax assets and liabilities Changes in deferred taxes during 2022: EUR 1,000 31.12.2021 Charged to Income Statement Translation difference Charged in equity 31.12.2022 Deferred tax assets Accrued differences 1,836 -46 0 0 1,790 Total 1,836 -46 0 0 1,790 Deferred tax liabilities Accrued differences 582 684 -5 0 1,261 Unrealised fair value changes 4,045 3,112 0 0 7,157 Total 4,627 3,796 -5 0 8,418 18. Receivables - Non-current EUR 1,000 2022 2021 Trade receivables 5,188 5,661 Loan receivables 263 1,731 Interest receivables 0 135 Other receivables 83 2,539 Accrued income 12 0 Total 5,545 10,066 Non-current trade receivables are related to previously offered fundraising and advisory servic- es. Because of the significant financing component related to these receivables, the promised amount of consideration has been adjusted for the effects of the time value of money and the credit characteristics of the customer. However, no contract assets are related to these customer contracts, as the Group\u2019s right to the amount of consideration is unconditional and subject only to the passage of time. Loan receivables include EUR 0.2 million from \u00c4k\u00e4s Capital Oy, a related party of CapMan Plc. Allowance for expected credit losses of loan receivables is presented below separately for por- tion measured at an amount equal to 12-month and lifetime expected credit losses. As at December 31, 2022, loss allowance measured at an amount equal to lifetime expected credit losses is fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full. As at December 31, 2021, the allowance measured at an amount equal to lifetime expected credit losses was related to loan receivables granted to entities controlled by investment teams, of which credit risk had increased significantly since initial recognition.\u201d . EUR 1,000 2022 2021 Loan receivables, gross 1,848 1,805 Loss allowance, 12-month ECL* -4 -1 Loss allowance, lifetime ECL* -1,581 -73 Loan receivables, net 263 1,731 *ECL = expected credit losses Other non-currrent receivables include primarily receivables from sold investments, whose sale proceeds will be partially received later 20. Trade and other receivables EUR 1,000 2022 2021 Trade receivables 8,661 6,002 Loan receivables 815 280 Accrued income 1,648 1,305 Other receivables 9,593 7,637 Total 20,717 15,224 Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below. EUR 1,000 2022 2021 Trade receivables, gross 8,770 6,076 Loss allowance -109 -74 Trade receivables, net 8,661 6,002 Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised cost do not contain credit-impaired items. With regards to contracts with customers, the Group\u2019s right to the amount of consideration is unconditional. Therefore, they are presented as receivables and no separate contract asset is presented. Trade and other receivables by currency at end of year Trade and other receivables Amount in foreign currency Amount in euros proportion EUR 17,622 68% USD 6,751 6,330 24% SEK 14,258 1,282 5% GBP 19 21 0% DKK 5,634 758 3% NOK 2,515 239 1% 21. Financial assets at fair value through pro\ufb01t or loss EUR 1,000 2022 2021 Fair value of derivative instruments Foreign exchange forwards 65 Total 65 Nominal value of derivative instruments Foreign exchange forwards 6,327 Total 6,327 Financial assets at fair value through profit or loss include derivative assets. CapMan uses short- term derivative instruments to hedge against currency changes in foreign currency denominated trade receivables. CapMan does not apply hedge accounting to derivative instruments and deriva- tives are initially measured at costs and thereafter to fair value at the end of the reporting period. Fair values of derivatives are based on market values or values derived from market values at the end of the reporting period (fair value hierarchy level 2). Translation difference incurred to foreign currency denominated trade receivables is recognised to turnover and that fair value change of the derivative instrument that is effectively hedging the underlying trade receivable, is recorded to turnover and the remainder of the derivative\u2019s fair value change is recorded to financial expenses. In the comparison period, no derivative instruments were used. Loan receivables include mainly current loan receivables from related parties and other employ- ees. Accrued income includes mainly prepayments. Other receivables mainly include unvoiced sale of services, costs to be re-invoiced, income tax receivables and receivables related to sold financial assets. Changes in deferred taxes during 2021: EUR 1,000 31.12.2020 Charged to Income Statement Translation difference Charged in equity 31.12.2021 Deferred tax assets Accrued differences 2,438 -602 0 0 1,836 Total 2,438 -602 0 0 1,836 Deferred tax liabilities Accrued differences 643 -156 -2 97 582 Unrealised fair value changes 2,059 1,986 4,045 Total 2,702 1,830 -2 97 4,62722. Cash and cash equivalents EUR 1,000 2022 2021 Bank accounts 55,571 65,207 Total 55,571 65,207 Cash and cash equivalents only includes bank accounts. EUR 2.0 million of bank account balances is related to the launch of a new hotel real estate fund in 2019 and is not available for use by the group . Because of some assets classified as asset held for sale (see Note 13), below reconciles the cash and cash equivalents reported in the balance sheet to the cash and cash equivalents reported in the cash flow statement: EUR 1,000 2022 2021 Cash and cash equivalents in the balance sheet 55,571 65,207 Cash and cash equivalents related to assets held for sale 373 Cash and cash equivalents in the cash flow statement 55,944 65,207 23. Share capital and shares Movements in the number of shares (\u2018000): Number of B shares Total At 1 January 2021 156,433 156,433 Share subscriptions with options 158 158 At 31 December 2021 156,591 156,591 Directed share issue without payment 1,438 1,438 At 31 December 2022 158,029 158,029 EUR 1,000 Share capital Share premium account Other reserves Total At 1 January 2021 772 38,968 71,416 111,156 Share subscriptions with options 90 90 Repayment of capital -18,788 -18,788 At 31 December 2021 772 38,968 52,718 92,458 Repayment of capital -17,297 -17,297 At 31 December 2022 772 38,968 35,421 75,161 Other reserves During the financial year, in conjunction with the partial early payment of the vested reward shares in performance share plan 2020-23, a total of 1,437,675 shares were issued in a directed share issue without payment. During the current and previous financial year, repaid capital was deducted from the unrestricted equity fund. During the previous financial year, additionally shares sub- scribed with option rights were recorded to the unrestricted equity fund. Share-based incentive plans are presented in Note 30. Share-based payments. Translation difference The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of the books for foreign units. Dividends paid and proposal for pro\ufb01t distribution and repayment of capital For the financial year 2021, dividend and repayment of invested unrestricted equity fund amount- ed to EUR 0.15 per share or EUR 23.6 million in total. Dividend and equity repayment was paid in two instalments, the first of which, amounting to EUR 12.5 million, was paid on March 25, 2022, and the second of which, amounting to EUR 11.1 million, was paid on September 23, 2022. The Board of Directors will propose to the Annual General Meeting to be held on 15 March 2023 that a dividend of EUR 0.08 per share, equivalent to a total of approx. EUR 12.6 million, and a repayment of invested unrestricted equity fund of EUR 0.09 per share, equivalent to a total of approx. EUR 14.2 million, would be paid to the shareholders. The aggregate amount of proposed dividends and repayment of invested unrestriced equity fund would be approx. EUR 26.9 million, and it is proposed to be paid in two instalments six months apart . Ownership and voting rights agreements A shareholder whose share of the entire share capital or the voting rights of the Company reaches or exceeds 33.3 % or 50 % has, at the request of other shareholders, the obligation to redeem his or her shares and related securities in accordance with the Articles of Association of CapMan Plc. Ownership and voting rights agreements As at 31 December 2022 CapMan Plc had no knowledge of agreements or arrangements, related to the Company\u2019s ownership and voting rights, that were apt to have substantial impact on the share value of CapMan Plc Distribution of shareholdings by number of shares and sector as at 31 December 2022 Shareholding Number of Owners % Number of shares % 1\u20131,000 19,788 64.65% 7,124,642 4.51% 1,001\u201310,000 9,498 31.03% 29,657,736 18.76% 10,001\u2013100,000 1,212 3.96% 28,547,184 18.06% 100,001\u2013500,000 83 0.27% 16,531,200 10.46% 500,001\u20131,000,000 9 0.03% 6,558,320 4.15% 1,000,001\u2013 17 0.06% 65,951,346 41.73% Anonymous ownership 0 0.00% 3,684,540 2.33% Total 30,607 100.00% 158,054,968 100.00% of which Nominee registered 6,654,876 4.21% On the book-entry register joint account 18,709 0.01% Sector Number of shares and votes % Finnish Private Individuals 84,539,873 53.49% Other 44,577,066 28.20% Pension & Insurance 18,009,917 11.39% Fund company 5,913,507 3.74% Foundation 1,303,766 0.82% Treasury Shares 26,299 0.02% Anonymous ownership 3,684,540 2.33% Total 158,054,968 100.00% of which Nominee registered 6,654,876 4.21% On the book-entry register joint account 18,709 0.01% Source: EuroClear Finland Ltd, as at 31 December 2022. Figures are based on the total number of shares 158,054,968 and total number of shareholders 30,620. CapMan Plc had 26,299 shares as at 31 December 2022 . CapMan\u2019s largest shareholders as at 31 December 2022 Number of shares and votes Proportion of shares, % Silvert\u00e4rnan Ab 21,280,519 13.46% Keskin\u00e4inen El\u00e4kevakuutusyhti\u00f6 Ilmarinen 9,650,326 6.11% Mikko Laakkonen 6,478,320 4.10% Keskin\u00e4inen ty\u00f6el\u00e4kevakuutusyhti\u00f6 Varma 3,675,215 2.33% Joensuun Kauppa ja Kone Oy 3,289,502 2.08% Vesasco Oy 3,088,469 1.95% Valtion El\u00e4kerahasto 2,500,000 1.58% Momea Invest Oy 2,150,000 1.36% Hannu Laakkonen 1,992,742 1.26% Laine Capital Oy 1,523,348 0.96% Total 55,628,441 35.19% Nominee registered 6,654,876 4.21 % Shareholdings of management 5,873,426 3.72 % CapMan has not received any flagging notifications during year 2022. An up-date information of all flagging notifications can be found at 24. Interest-bearing loans and borrowings - Non-current EUR 1,000 2022 2021 Senior bonds 89,650 81,235 Capital loans 0 120 Lease liabilities (IFRS 16) 2,204 683 Total 91,854 82,038 On April 13, 2022, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million. The notes will mature on April 13, 2027 and carry initially a fixed an- nual interest of 4.5%. In conjunction with this, CapMan redemeed the remaining EUR 31.5 million of its notes issued in 2018. These notes carried a fixed annual interest of 4.125% that was paid semi-annually. CapMan also has unsecured notes in the aggregate principal amount of EUR 50 million issued in December 2020, which will mature on December 9, 2025 and carry a fixed annu- al interest of 4.0% paid annually. Both loan agreements include covenants related to equity ratio. 25. Other non-current liabilities EUR 1,000 2022 2021 Acquisition related liabilities 6,933 7,183 Other liabilities 410 369 Total 7,343 7,552 Acquisition related liabilities consists of call and put options, which are measured at fair value through profit or loss. The change of fair value is recorded as finance income or expense. 26. Trade and other payables - Current EUR 1,000 2022 2021 Trade payables 1,167 1,230 Advance payments received 571 1,200 Accrued expenses 12,994 10,947 Other liabilities 3,714 3,346 Total 18,446 16,722 The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments Advance payments received are liabilities based on customer contracts. The most significant items in accrued expenses relate to accrued salaries and social benefit expenses. Trade and other liabilities by currency at end of year Trade and other liabilities Amount in foreign currency Amount in euros Proportion EUR 14,311 78% SEK 24,294 2,184 12% GBP 774 873 5% DKK 7,140 960 5% NOK 1,233 117 1% 27. Interest-bearing loans and borrowings - Current EUR 1,000 2022 2021 Short-term bank facility Lease liabilities (IFRS 16) 1,060 930 Liabilities to non-controlling interests 52 40 Total 1,112 970 28. Financial assets and liabilities Financial assets 2022 EUR 1,000 Note Balance sheet value Fair value Investments at fair value through profit or loss Investments in funds 17 169,063 169,063 Other financial assets* 17 434 434 Loan receivables 18 1,078 1,078 Trade and other receivables 18, 20 25,185 25,185 Financial assets at fair value 21 65 65 Cash and bank 22 55,571 55,571 Total 251,396 251,396 * Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss. Financial assets 2021 EUR 1,000 Note Balance sheet value Fair value Investments at fair value through profit or loss Investments in funds 17 130,011 130,011 Other financial assets* 17 393 393 Loan receivables 1,731 1,731 Trade and other receivables 20 20,885 20,885 Cash and bank 22 65,207 65,207 Total 218,227 218,227 * Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss. Financial liabilities 2022 EUR 1,000 Note Balance sheet value Fair value Non-current liabilities 24 91,854 91,854 Non-current operative liabilities 25 7,343 7,343 Trade and other liabilities 26 18,446 18,446 Current liabilities 27 1,112 1,112 Total 118,755 118,755 Financial liabilities 2021 EUR 1,000 Note Balance sheet value Fair value Non-current liabilities 24 82,038 82,038 Non-current operative liabilities 25 7,552 7,552 Trade and other liabilities 26 16,722 16,722 Current liabilities 27 970 970 Total 107,282 107,282 Net debt EUR 1,000 2022 2021 Cash and cash equivalents 55,571 65,207 Borrowings - repayable within one year -1,112 -970 Borrowings - repayable after one year -91,854 -82,038 Net debt -37,395 -17,801 Cash and cash equivalents 55,571 65,207 Gross debt - variable interest rates -3,196 -1,653 Gross debt - fixed interest rates -89,770 -81,355 Net debt -37,395 -17,801 Changes in liabilities arising from financing activities 2022 EUR 1,000 January 1, 2022 Cash flows Liabilities associated with assets held for sale Other changes December 31, 2022 Non-current loans and borrowings 81,354 8,259 -120 157 89,650 Non-current lease liabilities 683 -1,125 2,646 2,204 Current loans and borrowings 40 12 52 Current lease liabilities 930 -64 194 1,060 Total 83,007 7,082 -120 2,997 92,966 2021 EUR 1,000 January 1, 2021 Cash flows Other changes December 31, 2021 Non-current loans and borrowings 81,116 120 118 81,354 Non-current lease liabilities 1,496 -813 683 Current loans and borrowings 20 20 40 Current lease liabilities 888 -163 205 930 Total 83,520 -836 323 83,007 29. Commitments and contingent liabilities Securities and other contingent liabilities EUR 1,000 2022 2021 Contingencies for own commitment Business mortgage 60,000 60,000 Other contingent liabilities 2,062 2,365 Remaining commitments to funds by investment area Buyout 25,273 35,871 Credit 4,768 2,438 Russia 1,066 1,066 Real Estate 7,577 10,558 Other investment areas 2,181 3,554 Funds of funds 245 245 Growth Equity 11,171 11,298 Infra 12,127 4,952 Special Situations 4,853 3,135 CapMan Wealth Services funds 13,868 8,794 External private equity funds 4,665 6,205 External Veture Capital funds 1,316 2,224 Total 89,110 90,340 30. Share-based payments As at the balance sheet date, CapMan has two investment based long-term share-based incentive plans (\u201cShare plan 2020-2023\u201d and \u201cShare plan 2022-25\u201d) in force. These programs are used to commit key individuals and executives to the company and reinforce the alignment of interests of key individuals and executives and CapMan shareholders. In the investment based long-term share- based incentive plan the participants are committed to shareholder value creation by investing a significant amount into the CapMan Plc share. The investment-based long-term incentive plan 2020-23 includes one performance period. The performance period commenced on 1 April 2020 and will end on 31 March 2023. The participants may earn a performance-based reward from the performance period. The prerequisite for receiving reward on the basis of the plan is that a participant acquires company\u2019s shares or allocates previ- ously owned company\u2019s shares up to the number determined by the Board of Directors. The per- formance-based reward from the plan is based on the company share\u2019s Total Shareholder Return (TSR) and on a participant\u2019s employment or service upon reward payment. An early payment of the vested reward shares was conducted in April 2022, but irrespective of this, the plan will remain in force until the end of its performance period on 31 March 2023 in line with the original terms. The early payment and the change in the forfeiture rate resulted in an EUR 1.1 million additional expense for 2022 and EUR 0.7 million increase in the plan\u2019s fair value. The rest of the rewards will be paid in 2023. The plan is equity-settled by nature and while the participants earn a certain gross amount of reward shares, it can be partially paid in cash to cover the withholding tax conse- quences. The Board shall resolve whether new Shares or existing Shares held by the Company are given as reward. The target group of the Plan consists of 20 persons, including the members of the Management Group. The investment-based long-term incentive plan 2022-25 includes three performance periods. The performance period commenced on 1 April 2022 and will end on 31 March 2023, 2024 and 2025, respectively. The participants may earn a performance-based reward from each of the per- formance periods and a matching reward from the 2022-2025 period. The rewards from the plan will be paid in 2024, 2025 and 2026. The aim of the plan is to align remuneration with CapMan\u2019s sustainability agenda, to retain the plan participants in the company\u2019s service, and to offer them a competitive reward plan based on owning, earning and accumulating the company\u2019s shares. The prerequisite for receiving reward on the basis of the plan is that a participant acquires company\u2019s shares or allocates previously owned company\u2019s shares up to the number determined by the Board of Directors. The performance-based reward from the plan is based on the company share\u2019s Total Shareholder Return (TSR) and on a participant\u2019s employment or service upon reward payment. The plan is equity-settled by nature and while the participants earn a certain gross amount of re- ward shares, it can be partially paid in cash to cover the withholding tax consequences. The Board shall resolve whether new Shares or existing Shares held by the Company are given as reward. The target group of the Plan consists of 22 persons, including the members of the Management Group. The fair value of the investment-based incentive plans has been measured at the grant date and is expensed on a straight-line basis over the vesting period. The fair value has been calculated by applying a Monte-Carlo simulation, where the model inputs have included share price at the grant date, expected annualised volatility over the tenure of the program, risk-free interest rate, expected dividends and expected share rewards to be granted on different target share price levels. The model simulates share price development during the performance period and the resulting share rewards to be granted after reaching the share price levels defined in the conditions of the plan. In addition, lack of marketability due to the lock-up period as well as forfeiture rate have been incorporated into the measurement of the fair value as decreasing factors. The total expense recognised for the period arising from share-based payment transactions amounted to EUR 2.7 million. There were no liabilities arising from share-based payment transac- tions. As at the balance sheet date, based on the closing price of CapMan\u2019s share, it is estimated that for the Share plan 2020-2023 and 2022-25, the shares to be withheld and paid in cash to cover withholding tax liabilities will amount to EUR 2.6 million. Key information on the investment-based incentive plans is presented in the below table. Investment-based incentive plans Share plan 2020\u20132023 Share plan 2022\u20132025 Grant date 16.4.2020 13.4.2022 Vesting period starts 16.4.2020 13.4.2022 Vesting period ends 31.8.2023 13.4.2024, 13.4.2025 and 13.4.2026 Grant date share price, EUR 1.764 2.420 Share price at the end of the period, EUR 2.705 2.705 Expected annualised volatility 27% 26% Assumed risk-free interest rate 0.0% 1.0% Present value of the expected dividends, EUR 0.45 0.63 Forfeiture rate assumption 0% 0% Increase in fair value of share premiums granted during the period 0.7 3.3 Fair value of the plan, EUR million 3.4 3.3 Expense recorded during the financial year, EUR million 2.0 0.8 Cumulative expense recorded for the plan, EUR million 3.3 0.8 Future cash payment related to withholding taxes, EUR million -1.0 -1.5 Number of participants in the plan 19 20 Changes in the number of share rewards during the period Share plan 2020\u20132023 Share plan 2022\u20132025 Outstanding in the beginning of the period 1.1.2022 4,417,500 0 Granted 0 3,980,848 Forfeited 15,000 42,500 Exercised 2,917,500 0 Expired 0 0 Exercised at the end of the period 31.12.2022 2,917,500 0 Outstanding at the end of the period 31.12.2022 1,485,000 3,938,348 31. Related party disclosures Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Plc, parent company Finland CapMan Capital Management Oy Finland 100% 100% CapMan Sweden AB Sweden 100% 100% CapMan AB Sweden 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan Classic GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% Dividum Oy Finland 100% 100% CapMan RE I GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Private Equity Advisors Limited Cyprus 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% CapMan Mezzanine V Manager S.A. Luxembourg 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% Maneq 2012 AB Sweden 100% 100% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Real Estate UK Limited United Kingdom 100% Nest Capital 2015 GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Equity Oy Finland 100% 100% CapMan Real Estate Manager S.A. Luxembourg 100% 100% CapMan Infra Management Oy Finland 60% 60% Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan AIFM Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% CapMan Buyout Management Oy Finland 70% 70% CapMan Hotels II Holding GP Oy Finland 100% 100% JAY Solutions Oy Finland 60% 60% CapMan Wealth Services Oy Finland 60% 60% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan Special Situations Oy Finland 65% 65% Nest Capital Management AB Sweden 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CaPS Baltic O\u00dc Estonia 56% Maneq 2010 AB Sweden 86% 86% Maneq 2005 AB Sweden 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% CMRF Advisors Oy Finland 60% 60% CM Nordic Gems GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxembourg 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxembourg 100% 100% CMNPI GP II Sarl Luxembourg 100% 100% Foreign branches CapMan Real Estate Denmark, filial av CapMan AB, Sverige Denmark 100% CapMan Real Estate Oy, filial i Norge Norway 100% CapMan Procurement Services (CaPS) Oy, filial i Sverige Sweden 93% CapMan Buyout Management Oy, filial i Sverige Sweden 70% CapMan Infra Management Oy, filial i Sverige Sweden 60% Transactions with related parties In 2022, CapMan issued a long-term loan of EUR 210 thousand with a fixed interest rate to \u00c4k\u00e4s Capital Oy, a controlled entity of Maximilian Marschan, member of the Management Group. \u00c4k\u00e4s Capital Oy used the loan to purchase an additional 1.5% ownership share in CapMan Procurement Services (CaPS) Oy, a subsidiary of CapMan Plc. In 2021, CapMan Plc sold an ownership interest of 0.5% in CapMan Procurement Services (CaPS) Oy to \u00c4k\u00e4s Capital Oy. The selling price was approximately EUR 50 thousand. Further, in 2021, Silverage Holdings Oy, a controlled entity of Christian Borgstr\u00f6m, member of the Management Group, issued a capital loan of EUR 120 thou- sand with fixed interest rate to JAY Solutions Oy, a subsidiary of CapMan Plc. Receivables from and liabilities to related parties 1 000 EUR 2022 2021 Loan receivables, non-current, from related parties 235 9 Capital loan liability to related parties 120 120 Commitments to related parties 1 000 EUR 2022 2021 Loan commitments 112 66 Management remuneration 1 000 EUR 2022 2021 CEO Joakim Frimodig Salaries and other short-term employee benefits 453 376 Pension costs 80 65 Additional pension costs 45 38 Share-based payments 793 236 Total 1,371 715 Management group excl. CEO Salaries and other short-term employee benefits 3,483 3,135 Share-based payments 1,106 382 Total 4,590 3,517 Remuneration and fees 1 000 EUR 2021 2020 Andreas Tallberg 69 68 Johan Bygge as of March 17, 2021 44 34 Peter Ramsay until March 17, 2021 11 Mammu Kaario 55 55 Catarina Fagerholm 45 45 Eero Heli\u00f6vaara until March 16, 2022 11 43 Olli Liitola 42 42 Johan Hammar\u00e9n 42 42 Total 309 341 Management remuneration includes members of the board, CEO and management group. The CEO has a mutual notice period of six months and he will be entitled to a severance fee of 12 months\u2019 salary, if his employment is terminated by the company. The CEO and some of the Management Group members are covered by additional defined con- tribution based pension insurance. The retirement age of the CEO is 63 years. The Management Group members have allocated a total of 660,000 shares (785,000 shares in 2021) to the investment-based long-term incentive plan 2020-23 and 740,000 shares to the investment based long-term incentive plan 2022-25. The Management Group members were not granted any stock options. The Management Group and other employees have similar terms in the investment-based long-term incentive plans and stock options granted earlier 32. Financial risk management The purpose of financial risk management is to ensure that the Group has adequate and effec- tively utilised financing as regards the nature and scope of the Group\u2019s business. The objective is to minimise the impact of negative market development on the Group with consideration for cost efficiency. The financial risk management has been centralised and the Group\u2019s CFO is responsible for financial risk management and control. The management constantly monitors cash flow forecasts and the Group\u2019s liquidity position on behalf of all Group companies. In addition, the Group\u2019s principles for liquidity management include rolling 12-month loan covenant assessments. The loan covenants are related to equity ratio and net gearing. During the financial year all the loan covenants have been fullfilled. The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio (financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF Manag- er\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Commit- tee on a quarterly basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to the Audit Committee annually. a) Liquidity risk Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating activities consists of payment of fixed costs, in- terests and taxes, which are relatively well predictable in the short term. Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment of borrowings, and payment of dividends and return of capital. Management fees received from the funds and majority of fees from the Service Business are based on long-term agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the Service Business are transac- tion-based and thus more difficult to forecast. The timing and receipt of carried interest generated by the funds is uncertain and will contrib- ute to the volatility of the results. Changes in investment and exit activity levels may have a sig- nificant impact on cash flows of the Group. A single investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement, have to return carried interest income they have received (so-called clawback). The obligation to re- turn carried interest income applies typically when, according to the final distribution of funds, the carried interest income received by the fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback liabilities recorded at the balance sheet date. CapMan has made commitments to the funds it manages. As at December 31, 2022, the un- drawn commitments to the funds amounted to EUR 89.1 million (90.3) and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 73.8 million (83.2). The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 0.8 million (0.2) which is reported in fund investments in the group balance sheet. On April 13, 2022, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million. The notes will mature on April 13, 2027 and carry initially a fixed annual interest of 4.5%. In conjunction with this, CapMan redemeed the remaining EUR 31.5 million of its notes issued in 2018. These notes carried a fixed annual interest of 4.125% that was paid semi-annually. CapMan also has unsecured notes in the aggregate principal amount of EUR 50 million issued in December 2020, which will mature on December 9, 2025 and carry a fixed annual interest of 4.0% paid annually. Both loan agreements include covenants related to equity ratio. At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a covenant related to net gearing. Maturity analysis 31 December 2022 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 50,000 40,000 Accounts payable 1,167 Interests, bonds 3,800 7,474 2,303 Company acquisitions liabilities 6,933 Commitments to funds 0 11,544 6,779 590 70,198 Lease liabilities (IFRS 16) 323 976 1,089 876 31 December 2021 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 31,520 50,000 Accounts payable 1,230 Interests, bonds 3,300 4,650 2,000 Company acquisitions liabilities 7,183 Commitments to funds 328 11,830 8,897 590 68,695 Lease liabilities (IFRS 16) 237 686 689 b) Interest rate risk TAt the end of the financial year, interest-bearing liabilities carry a fixed interest rate. Exposure to interest rate risk arises principally from the long-term credit facility of EUR 20 million with a floating interest rate. This facility was not used during the financial year or the previous year. The interest rate of the credit facility is the aggregate of the reference rate (Euribor) and the margin, which is dependent on the Group\u2019s net gearing and is in the range of 1.75 % to 2.70 %. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon rate of 4.500% paid annually. Failure to fulfill the agreed sustainability-linked targets by the end of 2023 could increase the interest rate by 0.500 %-points, at maximum, for the remainder of the loan term. The senior bond issued in December 2020 carry a coupon rate of 4.000% p.a., which is paid once a year. Loans according to interest rate 1 000 EUR 2022 2021 Floating rate 0 0 Fixed rate 89,770 81,355 Total 89,770 81,355 c) Luottoriski Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables. CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is presented in notes 18 and 20. Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests. d) Currency risk Changes in exchange rates, particularly between the US dollar and and the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would im- prove/weaken the fair value gains or US dollar fund investments and revenue related to US dollar nominated account receivables. CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of December 2022, and therefore, hedging will have a full impact as of 2023. The group does not, however, apply hedge accounting to the derivative instruments used for hedg- ing purposes. The group also has assets in Swedish kronos therefore the changes in exchange rates between the Swedish krono and the euro has also an impact to Group result. CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is relatively small. As at December 31, 2022, 87% of the Group\u2019s financial assets were in euros, 10% in US dol- lars 2% in Swedish krona and 1% in other currencies. The following table presents the fair values of the foreign currency denominated financial assets. Financial assets denominated in foreign currencies, in euros 1 000 EUR SEK USD Other currencies Total 2022 6,280 26,003 1,799 34,082 2021 4,369 23,268 729 28,366 e) Capital management Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that the business has the prerequisites for operating normally. The Return on equi- ty (ROE) and the Equity ratio are the means for monitoring capital structure. The long-term targets and dividend policy of the Group have been confirmed by the Board of Di- rectors of CapMan Plc. The targets are based on profitability (ROE) and balance sheet. The return on equity target is more than 20 per cent p.a. on average, and target for Equity ratio at least 50%. The company\u2019s objective is to pay an annually increasing dividend to its shareholders. At the balance sheet date, CapMan has two unsecured senior bonds outstanding, of which the sustainability-linked unsecured bond of EUR 40 million, with initially fixed interest rate, will mature on April 13, 2027 and the other unsecured bond of EUR 50 million, with fixed interest rate, will mature on December 9, 2025. In addition, CapMan has a long-term credit facility of EUR 20 mil- lion available until August 5, 2024, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreeements include financial cove- nants related to both equity ratio and net gearing. 1 000 EUR 2022 2021 Interest-bearing loans 92,966 83,008 Cash and cash equivalents -55,571 -65,207 Net debt 37,395 17,801 Equity 142,144 127,394 Net gearing 26.3% 14.0% Return on equity 30.5% 29.4% Equity ratio 52.7% 53.3% f) Price risk of the investments in funds The investments in funds are valued using the International Private Equity and Venture Capital Valua- tion Guidelines. According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending on the leverage ratio of the investee company. g) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2022 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 169,063 1,197 0 167,866 Other non-current investments 434 408 0 25 Current financial assets at FVTPL* 65 0 65 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 236 129,776 130,012 Additions 29,313 29,313 Distributions -27,600 -27,600 Disposals -1 -1 Fair value gains/losses 36,685 36,685 Transfers* 961 -307 654 at the end of period 1,197 167,866 169,063 Other investments at Jan 1 368 0 25 393 Additions 45 45 Fair value gains/losses -5 -5 at the end of period 408 0 25 434 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classi- fied as fund investments. Fair value hierarchy of financial assets measured at fair value at 31 December 2021 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 130,011 236 0 129,776 Other non-current investments 393 368 0 25 Current financial assets at FVTPL* 0 0 0 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 951 115,115 116,066 Additions 20,912 20,912 Distributions -23,542 -23,542 Disposals -16,505 -16,505 Fair value gains/losses 34,135 34,135 Transfers* -715 -339 -1,054 at the end of period 236 129,776 130,011 Other investments at Jan 1 166 0 25 191 Additions 202 202 at the end of period 368 0 25 393 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments. Sensitivity analysis of Level 3 investments at 31 December 2022 Investment area Fair value MEUR 31.12.2022 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 18.7 Peer group Peer group earnings multiples EV/EBITDA 2022 9.3x +/- 10% +/- 1.3 MEUR Discount to peer group multiples 24% +/- 10% -/+ 0.5 MEUR Buyout 26.1 Peer group Peer group earnings multiples EV/EBITDA 2022 7.4x +/- 10% + /- 2.3 MEUR Discount to peer group multiples 16% +/- 1 % -/+ 0.6 MEUR Real Estate 44.0 Valuation by an independent valuer FX rate EUR/SEK 11.1218 EUR/DKK 7.4365 EUR/NOK 10.5138 +/- 1% +/- 1% +/- 1% +/- 0.1 MEUR +/- 0.1 MEUR +/- 0.0 MEUR Infra 13.1 Discounted cash flows Terminal value EV/EBITDA 17.1x +/- 5% +/- 1.0 MEUR Discount rate; market rate and risk premium 15% +/- 100 bps - / + 1.0 MEUR Credit 4.3 Discounted cash flows Discount rate; market rate and risk premium 10% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 2.9 Peer group Peer group earnings multiples EV/EBITDA 2022 7.6x +/- 10% +/- 0.2 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Investments in funds-of-funds 16.5 Reports from PE fund management company Investments in external venture capital funds 42.5 Reports from PE fund management company and possible adjustment by CapMan Company level negative adjustment for the reported value by CapMan 14% +/- 10% - 0.7 MEUR / + 0.7 MEUR Sensitivity analysis of Level 3 investments at 31 December 2021 Investment area Fair value MEUR 31.12.2021 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 19.0 Peer group Peer group earnings multiples EV/EBITDA 2021 12.6x +/- 10% +/- 1.6 MEUR Discount to peer group multiples 31% +/- 10% -/+ 0.8 MEUR Buyout 10.9 Peer group Peer group earnings multiples EV/EBITDA 2021 8.2x +/- 10% + 3. 8 MEUR /- 3.7 MEUR Discount to peer group multiples 30% +/- 10% -/+ 1.9 MEUR Real Estate 44.0 Valuation by an independent valuer Infrastructure 10.5 Discounted cash flows Terminal value EV/EBITDA 17.8x +/- 5% +/- 0.8 MEUR Discount rate; market rate and risk premium 13% +/- 100 bps - / + 1.1 MEUR Russia 3.4 Peer group Peer group earnings multiples EV/EBITDA 2021 12.3x +/- 10% +/- 0.3 MEUR Discount rate; market rate and risk premium 44% +/- 10% -/+ 0.2 MEUR Credit 1.8 Discounted cash flows Discount rate; market rate and risk premium 9% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 1.9 Peer group Peer group earnings multiples EV/EBITDA 2021 16.0x +/- 10% +/- 0.1 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Funds-of-funds 12.3 Reports from PE fund management company Investments in external venture capital funds 25.8 Reports from PE fund management company CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers. No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by CapMan for these adjustments. The changes in the peer group earnings multiples and the peer group discounts are typically op- posite to each other. Therefore, if the peer group multiples increase, a higher discount is typically applied. Because of this, a change in the peer group multiples may not in full be reflected in the fair values of the fund investments. The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate, have no significant direct impact on the fair values calculated by peer group multiples during the reporting period . The valuation of CapMan funds\u2019 investment is based on international valuation guidelines that are widely used and accepted within the industry and among investors. CapMan always aims at valuing funds\u2019 investments at their actual value. Fair value is the best estimate of the price that would be received by selling an asset in an orderly transaction between market participants on the measurement date. Determining the fair value of fund investments for funds investing in portfolio companies is carried out using International Private Equity and Venture Capital Valuation Guidelines (IPEVG). In estimating fair value for an investment, CapMan applies a technique or techniques that is/are appropriate in light of the nature, facts, and circumstances of the investment in the context of the total investment portfolio. In doing this, current market data and several inputs, including the nature of the investment, local market conditions, trading values on public exchanges for compa- rable securities, current and projected operating performance, and the financial situation of the investment, are evaluated and combined with market participant assumptions. In selecting the appropriate valuation technique for each particular investment, consideration of those specific terms of the investment that may impact its fair value is required. Different methodologies may be considered. The most applied methodologies at CapMan include available market price for actively traded (quoted) investments, earnings multiple valuation technique, whereby public peer group multiples are used to estimate the value of a particular investment, and the Discounted Cash Flows method, whereby estimated future cash flows and the terminal value are discounted to the present by applying the appropriate risk-adjusted rate. CapMan always applies a discount to peer group multiples, due to e.g. limited liquidity of the investments. Due to the qualitative nature of the valuation methodologies, the fair values are to a considerable degree based on CapMan\u2019s judgment. The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio (financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF Manag- er\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Commit- tee on a quarterly basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to the Audit Committee annually. Investments in real estate are valued at fair value based on appraisals made by independent external experts, who follow International Valuation Standards (IVS). The method most appropriate to the use of the property is always applied, or a combination of such methods. For the most part, the valuation methodology applied is the discounted cash flow method, which is based on signifi- cant unobservable inputs. These inputs include the following: Future rental cash inflows Based on the actual location, type and quality of the properties and supported by the terms of any existing lease, other contracts or external evidence such as current market rents for similar properties; Discount rates Reflecting current market assessments of the uncertainty in the amount and timing of cash flows; Estimated vacancy rates Based on current and expected future market conditions after expiry of any current lease; Property operating expenses Including necessary investments to maintain functionality of the property for its expected useful life; Capitalisation rates Based on actual location size and quality of the properties and taking into account market data at the valuation date; Terminal value Taking into account assumptions regarding maintenance costs , vacancy rates and market rents. On 24 February 2022, Russia began a full-scale invasion of Ukraine that is the largest conventional military attack on a sovereign state in Europe since World War II. In response, a large number of countries (including EU, the US and UK) began applying significant further sanctions on Russia with the aim of crippling the Russian economy. The conflict itself and the sanctions imposed in response is estimated to pose a substantial economic risk for the region and internationally. Direct and indirect impact of the conflict is reflected on the fair values of investee companies in form of revised earnings and cash flow forecasts. Moreover, management\u2019s judgement is reflected in investment recorded at fair value in the context of applying the discount rate to valuations based on peer group multiples.0.17",
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"value": "CapMan\u2019s business comprise of private equity fund manage- ment and advisory services, as well as investment business. In the Management Company Business, the funds managed by CapMan make investments in Nordic companies and in real es- tate and infrastructure assets in the Nordic countries. The Man- agement Company Business also includes the wealth services offered to smaller investors. The Service Business includes analysis and reporting services, and procurement services to companies. Through its investment business, CapMan invests in the private equity asset class, mainly in its own funds, but also selectively in funds managed by external fund managers. ",
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"value": "The Consolidated Financial Statements for 2022 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 1, 2023.",
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"value": "1. Accounting policies Basis of preparation The Group\u2019s financial statements have been prepared in accord- ance with International Financial Reporting Standards (IFRS) in force at December 31, 2022 as adopted by the European Union. International Financial Reporting Standards, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and their interpre- tations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in accordance with the Finnish accounting standards as and where they supplement IFRS requirements . The preparation of financial statements in conformity with IFRS requires the Group\u2019s management to make estimates and assumptions when applying CapMan\u2019s accounting principles, and these are presented in more detail under \u2018Use of estimates\u2019. The Consolidated Financial Statements have been pre- pared under the historical cost convention, except for financial assets and liabilities valued at fair value through profit or loss. The information in the Consolidated Financial Statements is presented in thousands of euros. Figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. New and amended standards and interpretations applied in \ufb01nancial year ended The Group has applied the following amended standards and interpretations that have come into effect as of January 1, 2022. They had no impact on the consolidated financial statements. \u2022 Amendments to standards IFRS 3 Business Combinations, IAS 16 Property, Plant and Equipment, IAS 37 Provisions, Con- tingent Liabilities and Contingent Assets. These amendments provide further clarifications for a more consistent application of the standards, or update references. \u2022 Annual Improvements 2018-2020. The annual improvements aim at streamlining and clarifying existing standards. The an- nual improvements contain amendments to IAS 41 Agriculture, IFRS 1 First-time Adoption of International Financial Reporting Standards, and IFRS 9 Financial Instruments. Adoption of new and amended standards and interpretations applicable in future \ufb01nancial years The Group has not yet adopted the following new and amended standards and interpretations already issued by the IASB. The Group will adopt them as of the effective date or, if the date is other than the first day of the financial year, from the beginning of the subsequent financial year. These amendments have been endorsed for use by the European Union: \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effec- tive for financial years beginning on or after January 1, 2023). \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting poli- cies (effective for financial years beginning on or after January 1, 2023). \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective for financial years beginning on or after January 1, 2023). These amended standards are not expected to have an impact on the Group\u2019s financial statements Consolidation principles As CapMan has determined it meets the definition of an investment entity, its subsidiaries are classified either as operating subsidiaries, that are considered to be an extension of the Parent\u2019s operations, and as such, they are consolidated or investment entity subsidiaries, that are fair valued through profit or loss. The types of subsidiaries and their treatment in CapMan\u2019s consolidated accounts are as follows: \u2022 Subsidiaries that provide fund management services (fund managers) or manage direct investments are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Subsidiaries that provide fund management services (fund managers) and which also hold direct investments in the funds are consolidated and the investments in the funds are fair valued through profit or loss; \u2022 Subsidiaries that provide fund investment advisory services (advisors) are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Investment entity subsidiaries (CapMan Fund Investments SICAV-SIF), through which CapMan makes its own fund investments, are valued at fair value through profit or loss. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 investment entity basis CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to obtain capital from investors to its closed-end private equity funds and to provide investment management services to those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part compared to total assets under management. CapMan obtains funds from many external investors for investment purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and the real estate investments are fair valued and such fair value information is provided both to the fund investors on reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, manage- ment has assessed that the following characteristics further support investment entity categorization: CapMan holds several investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified ma- jority, investors have a right to replace the general partner and/ or fund manager. The remuneration CapMan is entitled to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in the fund CapMan has no representation nor voting rights as it has been specifical- ly excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by con- trolling the general partner of the fund, its actual operational ability is limited in the investment management mandate in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan has determined that it does not have control over the funds under its management . Subsidiaries Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to the owners of the parent company. Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a con- trolling interest, and in the case of companies and businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. Associates An associated company is an entity in which the Group has significant influence but does not hold a controlling interest. This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s voting rights. Associated companies have been consolidated in accord- ance with the equity method. Under this, the investment in an associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding book value are not com- bined unless the Group is committed to meeting the obligations of the company concerned. The Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in the company is presented as a separate item in the income statement after operating profit. Segment reporting Operating segments are reported in accordance with internal reporting presented to the chief operating decision maker. The latter is responsible for allocating resources to operating segments and evaluating their performance and is defined as the Group\u2019s Management Group, which is responsible for taking strategic decisions affecting CapMan. Translation differences The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary economic environment for that unit (\u2018functional currency\u2019). The Consolidated Financial Statements are presented in euros, which is the functional and presentation currency of the Group\u2019s parent company . Transactions in foreign currencies have been recorded in the parent company\u2019s functional currency at the rates of exchange prevailing on the date of the transactions; in practice a reason- able approximation of the actual rate of exchange on the date of the transaction is often used. Foreign exchange differences for operating business items are recorded in the appropriate income statement account before operating profit and, for financial items, are recorded in financial income and expenses. The Group\u2019s foreign currency items have not been hedged. In the consolidated financial statements, the income state- ments of subsidiaries that use a functional currency other than the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive income. Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign subsidiaries have been recognised in other comprehensive income. Tangible assets Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan. Assets are depreciated on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Machinery and equipment 4\u20135 years Other long-term expenditure 4\u20135 years The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in the expected economic benefits where necessary. Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More information on these items is included in chapter Leases of Accounting Policies. Intangible assets Goodwill Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-con- trolling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually. Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment. Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill is monitored internally for management purposes. Goodwill is monitored at operating segment level . Other intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits attributable to the asset will flow to the Group. Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is spread across the financial life of the relevant software licences. Im- pairment is tested whenever there is an indication that the book value of intangible assets may exceed the recoverable amount of these assets. The estimated useful lives are: Agreements and trademarks 10 years Other intangible assets 3\u20135 years Impairment of assets The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for goodwill is measured annually independent of indications of impairment. The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifia- ble group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow projec- tions, which are discounted to the present value, received from the asset in question or the cash-generating unit. The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment is recorded in the income statement as an expense. The recoverable amount for financial assets is either the fair value or the present value of expected future cash flows discounted by the initial effective interest rate. An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is rec- ognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generat - ing unit and then to reduce the carrying amounts of the other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss. The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of goodwill is reviewed for impairment annually or more fre- quently if there is an indication that goodwill may be impaired, due to events and circumstances that may increase the proba- bility of impairment. Financial assets The Group\u2019s financial assets have been classified into the following categories: 1) financial assets at fair value through profit or loss 2) financial assets at amortised cost Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual cash flow char- acteristics of these financial assets. Debt instruments of the Management Company Business and Service Business are classified as financial assets at amortised cost, because they are held solely in order to collect contractual cash flows, which are solely payments of principal and interest. Current debt instruments, included in the market portfolio of the Investment Business, are classified as at fair value through profit or loss, because they are held for trading. Non-current debt instruments included in the Investment Business are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group designates these assets as measured at fair value through profit or loss, in order to reduce inconsist- ency with regards to recognizing gains and losses of financial assets within the Investment Business, because the Group as an investment entity manages and monitors the performance of these investments based on fair values according to group\u2019s investment strategy. Transaction costs are reported in the initial cost of finan- cial assets, excluding items valued at fair value through profit or loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for derecog- nition and removed from the balance sheet when the Group has transferred the contractual rights to receive the cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12 months. Financial assets at fair value through profit or loss Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Debt instruments are also classified to this class, if they are held for both selling purposes and collect- ing contractual cash flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within the Investment Business. Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive income. Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge account- ing is not applied in current assets are measured at fair value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets . Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development. Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has incurred. Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is consid- ered that there has been a significant increase in the credit risk, if the contractual payments have become more than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting from an adminis- trative oversight . Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, together with liquid short-term de- posits. Cash assets have a maximum maturity of three months. Non-current assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its present condi- tion subject only to terms that are usual and customary, the management is committed to the plan to sell the asset and the sale is expected to take place within one year from the date of classification. As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are no longer amortised nor depreciated. Dividend payment and repayment of capital Payment of dividends and repayment of capital is decided in the Annual General Meeting. The dividend payment and repay- ment of capital proposed to the Annual General Meeting by the Board of Directors is not subtracted from distributable funds until approved by the Annual General Meeting. Financial liabilities Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial liability. Financial liabilities, except for derivative liabilities, are subse- quently carried at amortized cost using the effective interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in non-current and current liabilities. Leases Group\u2019s lease agreements are mainly related to facilities, company cars and IT equipment. Group applies the exemptions allowed by the standard on lease contracts for which the lease term ends within 12 months as of the initial application, and lease contracts for which the underlying asset is of low value. Exemptions are applicable to some of the leased premises, such as office hotels, and to all laptops, printers and copying machines, among others. These lease payments are recognised as an expense in the income statement on a straight-line basis. Other lease agreements are recognised as right-of-use assets and lease liabilities in the balance sheet. These agreements include long-term lease agreements of facilities and company cars. Right-of-use assets are included in tangible assets and the related lease liabilities are included in non-current and current interest-bearing financial liabilities. CapMan Group does not act as a lessor. Provisions Provisions are recognised in the balance sheet when the Group has a current obligation (legal or constructive) as a result of a past event, and it is probable that an outflow will be required to settle the obligation and a reliable estimate of the outflow can be made. The Group\u2019s provisions are evaluated on the closing date and are adjusted to match the best estimate of their size on the day in question. Changes are booked in the same entry in the income statement as the original provision. Employee bene\ufb01ts Pension obligations The defined contribution pension plan is a pension plan in accordance with the local regulations and practices of its business domiciles. Payments made to these plans are charged to the income statement in the financial period to which they relate. Pension cover has been arranged through insurance policies provided by external pension institutions. Share-based payments The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price of the plan, its assumed development during the vesting peri- od, forfeiture rate and estimated dividends to be paid during the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount ex- pensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting period. The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments . Revenue recognition Revenue from contracts with customers is recognised by first allocating the transaction price to performance obligations, and when the performance obligation is satisfied by transferring the control of the underlying service to the customer, the revenue related to this performance obligation is recognised. Perfor- mance obligation can be satisfied either at a point in time or over time. Management fees and service fees in the Management Company Business As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a vari- able consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management fees are usually 0.5-2.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The average management fee percentage paid by CapMan-managed funds is approx. 1%. Management fees paid by the funds are recognised as income over time, because the fund management service is the only per- formance obligation in the contract and it is satisfied over time. Management company business also includes wealth man- agement services to institutional clients, foundations, family offices and wealthy private clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to the customer, except for success and transaction fees, which are recognised as income at a point in time, because the underlying performance obligation is satis- fied and the control of the related service is transferred to the customer at a point in time. Fees in the Service Business CapMan\u2019s Service Business includes analysis, reporting and back office services provided by JAY Solutions and procurement services provided by CapMan Procurement services (CaPS). Fee from these services are primarily recognised over time. Some of the contracts with customers related to the fundraising services earlier included in the Service Business includes a significant financing component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for the effects of the time value of money and customer\u2019s credit characteristics. Carried interest income Carried interest refers to the distribution of the profits of a successful private equity fund among fund investors and the fund manager responsible for the fund\u2019s investment activities. In practice, carried interest means a share of a fund\u2019s cash flow received by the fund manager after the fund has transferred to carry. The recipients of carried interest in the private equity indus- try are typically the investment professionals responsible for a fund\u2019s investment activities. In CapMan\u2019s case, carried interest is split between CapMan Plc and funds\u2019 investment teams. CapMan applies a principle where funds transfer to carry and carried interest income are based on realised cash flows, not on a calculated and as yet unrealised return. As the level of carried interest income varies, depending on the timing of exits and the stage at which funds are in their life cycle, predicting future levels of carried interest is difficult. To transfer to carry, a fund must return its paid-in capital to investors and pay a preferential annual return on this. The pref- erential annual return is known as a hurdle rate, which is typi- cally set between 7-10% IRR p.a. When a fund has transferred to carry, the remainder of its cash flows is distributed between investors and the fund manager. Investors typically receive 80% of the cash flows and the fund manager 20%. When a fund is generating carried interest, the fund manager receives carried interest income from all of the fund\u2019s cash flows, even if an exit is made at below the original acquisition cost. Revenue from carried interest is recognised when a fund has transferred to carry and to the extent carried interest is based on realised cash flows and management has estimated it being highly probable that there is no risk of repayment of carried interest back to the fund. Carried interest is recognised when CapMan is entitled to it by the reporting date, a confirmation on the amount has been received and CapMan is relatively close to receiving it in cash. Potential repayment risk of carried interest to the funds (clawback) Potential repayment risk to the funds (clawback) is considered when assessing whether revenue recognition criteria have been fulfilled. Clawback risk relates to a situation when, in conjunc- tion with the liquidation of a fund, it is recognised that the Gen- eral Partner has received more carried interest than agreed in the fund agreement. These situations can occur, for example, if there are recallable distributions or if representations and war- ranties have been given by the vendor in the sale and purchase agreement when the fund is towards the end of its lifecycle. Potential repayment risk to the funds (clawback) is estimat- ed by the management at each reporting date. The man- agement judgment includes significant estimates relating to investment exit timing, exit probability and realisable fair value. The clawback risk is measured by using the expected value method, i.e. by calculating a probability weighted average of estimated alternative investment exit outcomes. The clawback is an adjustment to the related revenue recognised and is included in the current accrued liabilities in the consolidated balance sheet Income taxes Tax expenses in the consolidated income statement comprise taxes on taxable income and changes in deferred taxes for the financial period. Taxes are booked in the income statement unless they relate to other areas of comprehensive income or directly to items booked as equity. In these cases, taxes are booked to either other comprehensive income or directly to equity. Taxes on taxable income for the financial period are calculated on the basis of the tax rate in force for the country in question. Taxes are adjusted on the basis of deferred income tax assets and liabilities from previous financial periods, if applicable. The Group\u2019s taxes have been recognised during the financial year using the average expected tax rate. Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes have only been recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of investments at fair value. Deferred taxes are not recognised for non-tax deductible amor- tisation of goodwill. Deferred taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply when the related deferred tax is realised . Items affecting comparability and alternative performance measures CapMan uses alternative performance measures, such as Adjusted operating profit, to denote the financial performance of its business and to improve the comparability between differ- ent periods. Alternative performance measures do not replace performance measures in accordance with the IFRS and are reported in addition to such measures. Alternative performance measures, as such are presented, are derived from perfor- mance measures as reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be nominated as adjusted. Items affecting comparability are, among others, material items related to mergers and acquisitions or major develop- ment projects, material gains or losses related to the acqui- sition or disposals of business units, material gains or losses related to the acquisition or disposal of intangible assets, mate- rial expenses related to decisions by authorities and material gains or losses related to reassessment of potential repayment risk to the funds. Use of estimates The preparation of the financial statements in conformity with IFRS standards requires Group management to make estimates and assumptions in applying CapMan\u2019s account- ing principles. These estimates and assumptions have an impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the financial statements and on the reported amounts of income and expenses during the reporting period. Estimates have a substantial impact on the Group\u2019s operating result. Estimates and assumptions have been used in assessing the impairment of goodwill, the fair value of fund investments, the impairment testing of intangible and tangible assets, in determining useful economic lives and expected credit losses, and in reporting deferred taxes, among others. Valuation of fund investments The determination of the fair value of fund investments using the International Private Equity and Venture Capital Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was acquired, the nature of the investment, local market conditions, trading val- ues on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valua- tion methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valu- ation of, or in the stability of, the value of illiquid investments, the fair values of such investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained when such investments are realised. Valuation of fund investments is described in more detail in the Note 32. Valuation of other investments The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, na- ture and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of growth equity investments. Goodwill impairment test Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This means such additional turnover and costs included in the business plan that are relat- ed to future expansion \u2013 and expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow forecasts when preparing the goodwill impairment test. Goodwill impairment test is described in more detail in the Note 15 .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-234": {
"value": "Basis of preparation The Group\u2019s financial statements have been prepared in accord- ance with International Financial Reporting Standards (IFRS) in force at December 31, 2022 as adopted by the European Union. International Financial Reporting Standards, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and their interpre- tations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in accordance with the Finnish accounting standards as and where they supplement IFRS requirements . The preparation of financial statements in conformity with IFRS requires the Group\u2019s management to make estimates and assumptions when applying CapMan\u2019s accounting principles, and these are presented in more detail under \u2018Use of estimates\u2019. The Consolidated Financial Statements have been pre- pared under the historical cost convention, except for financial assets and liabilities valued at fair value through profit or loss. The information in the Consolidated Financial Statements is presented in thousands of euros. Figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-235": {
"value": "The Group\u2019s financial statements have been prepared in accord- ance with International Financial Reporting Standards (IFRS) in force at December 31, 2022 as adopted by the European Union. International Financial Reporting Standards, referred to in the Finnish Accounting Act and in ordinances issued based on the provisions of this Act, are standards and their interpre- tations adopted in accordance with the procedure laid down in regulation (EC) No 1606/2002 of the European Parliament and of the Council. The notes to the consolidated financial statements have been prepared in accordance with the Finnish accounting standards as and where they supplement IFRS requirements ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-236": {
"value": "Consolidation principles As CapMan has determined it meets the definition of an investment entity, its subsidiaries are classified either as operating subsidiaries, that are considered to be an extension of the Parent\u2019s operations, and as such, they are consolidated or investment entity subsidiaries, that are fair valued through profit or loss. The types of subsidiaries and their treatment in CapMan\u2019s consolidated accounts are as follows: \u2022 Subsidiaries that provide fund management services (fund managers) or manage direct investments are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Subsidiaries that provide fund management services (fund managers) and which also hold direct investments in the funds are consolidated and the investments in the funds are fair valued through profit or loss; \u2022 Subsidiaries that provide fund investment advisory services (advisors) are considered to be an extension of the Parent\u2019s business and as such, they are consolidated; \u2022 Investment entity subsidiaries (CapMan Fund Investments SICAV-SIF), through which CapMan makes its own fund investments, are valued at fair value through profit or loss. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 investment entity basis CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to obtain capital from investors to its closed-end private equity funds and to provide investment management services to those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part compared to total assets under management. CapMan obtains funds from many external investors for investment purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and the real estate investments are fair valued and such fair value information is provided both to the fund investors on reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, manage- ment has assessed that the following characteristics further support investment entity categorization: CapMan holds several investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified ma- jority, investors have a right to replace the general partner and/ or fund manager. The remuneration CapMan is entitled to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in the fund CapMan has no representation nor voting rights as it has been specifical- ly excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by con- trolling the general partner of the fund, its actual operational ability is limited in the investment management mandate in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan has determined that it does not have control over the funds under its management . Subsidiaries Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to the owners of the parent company. Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a con- trolling interest, and in the case of companies and businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. Associates An associated company is an entity in which the Group has significant influence but does not hold a controlling interest. This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s voting rights. Associated companies have been consolidated in accord- ance with the equity method. Under this, the investment in an associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding book value are not com- bined unless the Group is committed to meeting the obligations of the company concerned. The Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in the company is presented as a separate item in the income statement after operating profit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-237": {
"value": "Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 investment entity basis CapMan qualifies as an investment entity as defined by IFRS 10, because the corner stone of its business purpose is to obtain capital from investors to its closed-end private equity funds and to provide investment management services to those funds to gain both capital appreciation and investment income. Direct investments represent a relatively small part compared to total assets under management. CapMan obtains funds from many external investors for investment purposes. Documented exit strategies exist for each fund\u2019s portfolio investments. Each fund\u2019s portfolio investments and the real estate investments are fair valued and such fair value information is provided both to the fund investors on reporting date and also for CapMan\u2019s internal management reporting purposes. In addition, manage- ment has assessed that the following characteristics further support investment entity categorization: CapMan holds several investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified ma- jority, investors have a right to replace the general partner and/ or fund manager. The remuneration CapMan is entitled to is commensurate with the services it provides and corresponds to remuneration customarily present in arrangements for similar services on an arm\u2019s length basis. CapMan\u2019s direct investment (typically between of 1% to 5%) in the funds and thus the share of the variability of the returns compared with the other investors is relatively small. As an investor in the fund CapMan has no representation nor voting rights as it has been specifical- ly excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by con- trolling the general partner of the fund, its actual operational ability is limited in the investment management mandate in a manner that the general partner is considers to act as an agent. Furthermore, CapMan\u2019s exposure to variable returns from the fund and its power to affect the level of returns is very low for the reasons described above. Therefore, CapMan has determined that it does not have control over the funds under its management Use of estimates The preparation of the financial statements in conformity with IFRS standards requires Group management to make estimates and assumptions in applying CapMan\u2019s account- ing principles. These estimates and assumptions have an impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the financial statements and on the reported amounts of income and expenses during the reporting period. Estimates have a substantial impact on the Group\u2019s operating result. Estimates and assumptions have been used in assessing the impairment of goodwill, the fair value of fund investments, the impairment testing of intangible and tangible assets, in determining useful economic lives and expected credit losses, and in reporting deferred taxes, among others. Valuation of fund investments The determination of the fair value of fund investments using the International Private Equity and Venture Capital Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was acquired, the nature of the investment, local market conditions, trading val- ues on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valua- tion methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valu- ation of, or in the stability of, the value of illiquid investments, the fair values of such investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained when such investments are realised. Valuation of fund investments is described in more detail in the Note 32. Valuation of other investments The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, na- ture and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of growth equity investments. Goodwill impairment test Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This means such additional turnover and costs included in the business plan that are relat- ed to future expansion \u2013 and expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow forecasts when preparing the goodwill impairment test. Goodwill impairment test is described in more detail in the Note 15 .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-238": {
"value": "Subsidiaries Subsidiaries are consolidated using the acquisition method. All intercompany transactions are eliminated in the Consolidated Financial Statements. Profit or loss, together with all other comprehensive income-related items, are booked to the owners of the parent company or owners not holding a controlling interest in the companies concerned. Non-controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to the owners of the parent company. Subsidiaries and businesses acquired during the year are consolidated from the date on which the Group acquires a con- trolling interest, and in the case of companies and businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-239": {
"value": "Non-controlling interests are presented in the Consolidated Balance Sheet under equity separately from equity attributable to the owners of the parent company. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-240": {
"value": "Associates An associated company is an entity in which the Group has significant influence but does not hold a controlling interest. This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s voting rights. Associated companies have been consolidated in accord- ance with the equity method. Under this, the investment in an associated company is carried in the balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the company\u2019s net assets, less any impairment value. If the Group\u2019s share of the loss incurred by an associated company exceeds the book value of its investment, the investment is booked at zero in the balance sheet, and losses exceeding book value are not com- bined unless the Group is committed to meeting the obligations of the company concerned. The Group\u2019s share of the profit recorded by an associated company during the financial year in accordance with its holding in the company is presented as a separate item in the income statement after operating profit. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-241": {
"value": "Segment reporting Operating segments are reported in accordance with internal reporting presented to the chief operating decision maker. The latter is responsible for allocating resources to operating segments and evaluating their performance and is defined as the Group\u2019s Management Group, which is responsible for taking strategic decisions affecting CapMan. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-242": {
"value": "Translation differences The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary economic environment for that unit (\u2018functional currency\u2019). The Consolidated Financial Statements are presented in euros, which is the functional and presentation currency of the Group\u2019s parent company . Transactions in foreign currencies have been recorded in the parent company\u2019s functional currency at the rates of exchange prevailing on the date of the transactions; in practice a reason- able approximation of the actual rate of exchange on the date of the transaction is often used. Foreign exchange differences for operating business items are recorded in the appropriate income statement account before operating profit and, for financial items, are recorded in financial income and expenses. The Group\u2019s foreign currency items have not been hedged. In the consolidated financial statements, the income state- ments of subsidiaries that use a functional currency other than the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive income. Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign subsidiaries have been recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-243": {
"value": "The result and financial position of each of the Group\u2019s business units are measured in the currency of the primary economic environment for that unit (\u2018functional currency\u2019). The Consolidated Financial Statements are presented in euros, which is the functional and presentation currency of the Group\u2019s parent company ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-244": {
"value": "Tangible assets Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan. Assets are depreciated on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Machinery and equipment 4\u20135 years Other long-term expenditure 4\u20135 years The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in the expected economic benefits where necessary. Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More information on these items is included in chapter Leases of Accounting Policies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-245": {
"value": "Intangible assets Goodwill Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-con- trolling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually. Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment. Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill is monitored internally for management purposes. Goodwill is monitored at operating segment level . Other intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits attributable to the asset will flow to the Group. Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is spread across the financial life of the relevant software licences. Im- pairment is tested whenever there is an indication that the book value of intangible assets may exceed the recoverable amount of these assets. The estimated useful lives are: Agreements and trademarks 10 years Other intangible assets 3\u20135 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-246": {
"value": "Goodwill Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-con- trolling interest, and the holding previously owned that, when combined, exceeds the fair value of the net assets of the acquisition. Write-offs are not made against goodwill, and possible impairment of goodwill is tested annually. Goodwill is measured as the original acquisition cost less accumulated impairment. The goodwill acquired during a merger is booked against the units or groups of units responsible for generating the cash flow used for testing impairment. Every unit or group of units for which goodwill is booked represents the lowest level of the organisation at which goodwill is monitored internally for management purposes. Goodwill is monitored at operating segment level ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-247": {
"value": "Other intangible assets Intangible assets acquired separately are measured on initial recognition at cost. Intangible assets are recognised in the balance sheet only if the cost of the asset can be measured reliably and if it is probable that the future economic benefits attributable to the asset will flow to the Group. Agreements and trademarks acquired in business mergers are booked at fair value at the time of acquisition. As they have a limited life, they are booked in the balance sheet at acquisition cost minus accumulated write-offs. IT systems are expensed on the basis of the costs associated with acquiring and installing the software concerned. Depreciation is spread across the financial life of the relevant software licences. Im- pairment is tested whenever there is an indication that the book value of intangible assets may exceed the recoverable amount of these assets. The estimated useful lives are: Agreements and trademarks 10 years Other intangible assets 3\u20135 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-248": {
"value": "Impairment of assets The Group reviews all assets for indications that their value may be impaired on each balance sheet date. If such indication is found to exist, the recoverable amount of the asset in question is estimated. The recoverable amount for goodwill is measured annually independent of indications of impairment. The need for impairment is assessed on the level of cash-generating units, in other words at the smallest identifia- ble group of assets that is largely independent of other units and cash inflows from other assets. The recoverable amount is the fair value of an asset, less costs to sell or value in use. Value in use refers to the expected future net cash flow projec- tions, which are discounted to the present value, received from the asset in question or the cash-generating unit. The discount rate used in measuring value in use is the rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment is recorded in the income statement as an expense. The recoverable amount for financial assets is either the fair value or the present value of expected future cash flows discounted by the initial effective interest rate. An impairment loss is recognised whenever the recoverable amount of an asset is below the carrying amount, and it is rec- ognised in the income statement immediately. An impairment loss of a cash-generating unit is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generat - ing unit and then to reduce the carrying amounts of the other assets of the unit pro rata. An impairment loss is reversed if there is an indication that an impairment loss may have decreased and the carrying amount of the asset has changed from the recognition date of the impairment loss. The increased carrying amount due to reversal cannot exceed what the depreciated historical cost would have been if the impairment had not been recognised. Reversal of an impairment loss for goodwill is prohibited. The carrying amount of goodwill is reviewed for impairment annually or more fre- quently if there is an indication that goodwill may be impaired, due to events and circumstances that may increase the proba- bility of impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-249": {
"value": "The recoverable amount for financial assets is either the fair value or the present value of expected future cash flows discounted by the initial effective interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-250": {
"value": "Financial assets The Group\u2019s financial assets have been classified into the following categories: 1) financial assets at fair value through profit or loss 2) financial assets at amortised cost Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual cash flow char- acteristics of these financial assets. Debt instruments of the Management Company Business and Service Business are classified as financial assets at amortised cost, because they are held solely in order to collect contractual cash flows, which are solely payments of principal and interest. Current debt instruments, included in the market portfolio of the Investment Business, are classified as at fair value through profit or loss, because they are held for trading. Non-current debt instruments included in the Investment Business are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group designates these assets as measured at fair value through profit or loss, in order to reduce inconsist- ency with regards to recognizing gains and losses of financial assets within the Investment Business, because the Group as an investment entity manages and monitors the performance of these investments based on fair values according to group\u2019s investment strategy. Transaction costs are reported in the initial cost of finan- cial assets, excluding items valued at fair value through profit or loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for derecog- nition and removed from the balance sheet when the Group has transferred the contractual rights to receive the cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12 months. Financial assets at fair value through profit or loss Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Debt instruments are also classified to this class, if they are held for both selling purposes and collect- ing contractual cash flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within the Investment Business. Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive income. Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge account- ing is not applied in current assets are measured at fair value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets . Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development. Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has incurred. Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is consid- ered that there has been a significant increase in the credit risk, if the contractual payments have become more than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting from an adminis- trative oversight . Financial liabilities Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial liability. Financial liabilities, except for derivative liabilities, are subse- quently carried at amortized cost using the effective interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in non-current and current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-251": {
"value": "Financial assets The Group\u2019s financial assets have been classified into the following categories: 1) financial assets at fair value through profit or loss 2) financial assets at amortised cost Investments in equity instruments are always measured at fair value through profit or loss. Classification of debt instruments, such as trade and loan receivables, is based on the business model for managing and for the contractual cash flow char- acteristics of these financial assets. Debt instruments of the Management Company Business and Service Business are classified as financial assets at amortised cost, because they are held solely in order to collect contractual cash flows, which are solely payments of principal and interest. Current debt instruments, included in the market portfolio of the Investment Business, are classified as at fair value through profit or loss, because they are held for trading. Non-current debt instruments included in the Investment Business are held for both selling purposes and collecting contractual cash flows (principal and interest), and the Group designates these assets as measured at fair value through profit or loss, in order to reduce inconsist- ency with regards to recognizing gains and losses of financial assets within the Investment Business, because the Group as an investment entity manages and monitors the performance of these investments based on fair values according to group\u2019s investment strategy. Transaction costs are reported in the initial cost of finan- cial assets, excluding items valued at fair value through profit or loss. All purchases and sales of financial instruments are recognised on the trade date. An asset is eligible for derecog- nition and removed from the balance sheet when the Group has transferred the contractual rights to receive the cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the Group. Financial assets are classified as current if they have been acquired for trading purposes or fall due within 12 months. Financial assets at fair value through profit or loss Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Debt instruments are also classified to this class, if they are held for both selling purposes and collect- ing contractual cash flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within the Investment Business. Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive income. Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge account- ing is not applied in current assets are measured at fair value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets . Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development. Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has incurred. Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is consid- ered that there has been a significant increase in the credit risk, if the contractual payments have become more than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting from an adminis- trative oversight ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-252": {
"value": "An asset is eligible for derecog- nition and removed from the balance sheet when the Group has transferred the contractual rights to receive the cash flows or when it has substantially transferred all of the risks and rewards of ownership of the asset outside the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-253": {
"value": "Financial assets at fair value through profit or loss Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Debt instruments are also classified to this class, if they are held for both selling purposes and collect- ing contractual cash flows and which CapMan as an investment entity designates as financial assets at fair value through profit or loss at initial recognition in order to reduce inconsistency with regards to recognizing gains and losses of financial assets within the Investment Business. Fund investments and other investments in non-current assets are classified as financial assets at fair value through profit or loss and their fair value change is presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive income. Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. Investments in listed shares, funds and interest-bearing securities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge account- ing is not applied in current assets are measured at fair value through profit or loss. Listed shares and derivative contracts in current assets are measured at fair value by the last trade price on active markets on the balance sheet date. The fair value of current investments in funds is determined as the funds\u2019 net asset value at the balance sheet date. The fair value of current investments in interest-bearing securities is based on the last trade price on the balance sheet date or, in an illiquid market, on values determined by the counterparty. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-254": {
"value": "Fair value through profit or loss class comprises of financial as- sets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. current assets are measured at fair value by the last trade price on active markets on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-255": {
"value": "Fair value information of the non-cur- rent fund investments is provided quarterly to Company\u2019s management and to other investors in the investment funds management by CapMan. The valuation of CapMan\u2019s funds\u2019 investment is based on International Private Equity and Venture Capital Valuation Guidelines (IPEVG) and IFRS 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-256": {
"value": "The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and inter- est income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehen- sive income, except for derivative instruments, which are used for a fair value hedge purpose. In these cases, the effectively hedging component of the derivative instrument\u2019s fair value change is recognised in the same line item as the hedged item\u2019s change in the statement of comprehensive income, and the remainder of the derivative\u2019s fair value change is recog- nised as a financing cost. CapMan uses derivative instruments, such as foreign currency forward contracts, to hedge against currency changes of foreign currency denominated trade receivables, but does not apply hedge accounting to these derivatives. In these cases, the change of fair value of the de- rivative instrument that offsets an equal change of the foreign currency denominated trade receivable, being the hedged item, is recognised on the same line item as the change of the hedge item, i.e. in turnover. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-257": {
"value": "Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets . Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-258": {
"value": "Financial assets at amortised cost Financial assets at amortised cost mainly include non-in- terest-bearing trade receivables and interest-bearing loan receivables of the Management Company Business and Service Business. These financial assets are held solely in order to collect contractual cash flows, and whose payments are fixed or determinable and which are not quoted in an active market. They are included in current assets, except for maturities great- er than 12 months after the end of the reporting period, which are classified as non-current assets . Expected credit loss of the trade receivables is evaluated by using the simplified approach allowed by IFRS 9, under which a provision matrix is maintained, based on the historical credit losses and forward-looking information regarding general eco- nomic indicators. In addition, materially overdue receivables are evaluated on a client basis. Expected credit losses of loan receivables is evaluated based on the general approach under IFRS 9. The group evaluates the credit risk of the borrowers by estimating the delay of the repayments and borrower\u2019s future economic development. Depending on the estimated credit risk the group measures the loss allowance at an amount equal to 12-month expected credit losses or lifetime expected credit losses. Inputs used for the measurement of expected credit losses include, among others, available statistics on default risk based on credit risk rating grades and the historical credit losses the group has incurred. Credit risk of a loan receivable is assumed low on initial recognition in case the contractual payments of principal and interest are dependent on the cash proceeds the borrower receives from the underlying investments. In these cases, the borrower is considered to have a strong capacity to meet its contractual cash flow obligations in the near term. It is consid- ered that there has been a significant increase in the credit risk, if the contractual payments have become more than 30 days past due, and a default event has occurred, if the payment is more than 90 days past due, unless resulting from an adminis- trative oversight . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-259": {
"value": "Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, together with liquid short-term de- posits. Cash assets have a maximum maturity of three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-260": {
"value": "Non-current assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continued use. The recognition criteria are regarded to be met when a sale is highly probable, the asset (or a disposal group) is available for immediate sale in its present condi- tion subject only to terms that are usual and customary, the management is committed to the plan to sell the asset and the sale is expected to take place within one year from the date of classification. As from the classification date, a non-current asset (or a disposal group) held for sale is measured at the lower of its carrying amount and fair value less costs of disposal. Once classified as held for sale, intangible and tangible assets are no longer amortised nor depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-261": {
"value": "Dividend payment and repayment of capital Payment of dividends and repayment of capital is decided in the Annual General Meeting. The dividend payment and repay- ment of capital proposed to the Annual General Meeting by the Board of Directors is not subtracted from distributable funds until approved by the Annual General Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-262": {
"value": "Financial liabilities Financial liabilities largely consist of loans from financial institutions, leasing liabilities and derivate liabilities. Financial liabilities are initially recognised at fair value. Transaction costs are reported in the initial book value of the financial liability. Financial liabilities, except for derivative liabilities, are subse- quently carried at amortized cost using the effective interest method. Derivative liabilities are measured at fair value through profit or loss. Financial liabilities are reported in non-current and current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-263": {
"value": "Leases Group\u2019s lease agreements are mainly related to facilities, company cars and IT equipment. Group applies the exemptions allowed by the standard on lease contracts for which the lease term ends within 12 months as of the initial application, and lease contracts for which the underlying asset is of low value. Exemptions are applicable to some of the leased premises, such as office hotels, and to all laptops, printers and copying machines, among others. These lease payments are recognised as an expense in the income statement on a straight-line basis. Other lease agreements are recognised as right-of-use assets and lease liabilities in the balance sheet. These agreements include long-term lease agreements of facilities and company cars. Right-of-use assets are included in tangible assets and the related lease liabilities are included in non-current and current interest-bearing financial liabilities. CapMan Group does not act as a lessor. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-264": {
"value": "Provisions Provisions are recognised in the balance sheet when the Group has a current obligation (legal or constructive) as a result of a past event, and it is probable that an outflow will be required to settle the obligation and a reliable estimate of the outflow can be made. The Group\u2019s provisions are evaluated on the closing date and are adjusted to match the best estimate of their size on the day in question. Changes are booked in the same entry in the income statement as the original provision. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-265": {
"value": "Employee bene\ufb01ts Pension obligations The defined contribution pension plan is a pension plan in accordance with the local regulations and practices of its business domiciles. Payments made to these plans are charged to the income statement in the financial period to which they relate. Pension cover has been arranged through insurance policies provided by external pension institutions. Share-based payments The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price of the plan, its assumed development during the vesting peri- od, forfeiture rate and estimated dividends to be paid during the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount ex- pensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting period. The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-266": {
"value": "Share-based payments The fair value of the share-based long-term incentive plan is measured at the grant date based on the starting share price of the plan, its assumed development during the vesting peri- od, forfeiture rate and estimated dividends to be paid during the vesting period. The fair value is expensed on a straight-line basis over the vesting period. The accumulated amount ex- pensed is adjusted, should the forfeiture rate change or should shares allocated to the plan be sold during the vesting period. The fair value of stock options is assessed on the date they are granted and are expensed in equal instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 30. Share-based payments ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-267": {
"value": "Revenue recognition Revenue from contracts with customers is recognised by first allocating the transaction price to performance obligations, and when the performance obligation is satisfied by transferring the control of the underlying service to the customer, the revenue related to this performance obligation is recognised. Perfor- mance obligation can be satisfied either at a point in time or over time. Management fees and service fees in the Management Company Business As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a vari- able consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management fees are usually 0.5-2.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The average management fee percentage paid by CapMan-managed funds is approx. 1%. Management fees paid by the funds are recognised as income over time, because the fund management service is the only per- formance obligation in the contract and it is satisfied over time. Management company business also includes wealth man- agement services to institutional clients, foundations, family offices and wealthy private clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to the customer, except for success and transaction fees, which are recognised as income at a point in time, because the underlying performance obligation is satis- fied and the control of the related service is transferred to the customer at a point in time. Fees in the Service Business CapMan\u2019s Service Business includes analysis, reporting and back office services provided by JAY Solutions and procurement services provided by CapMan Procurement services (CaPS). Fee from these services are primarily recognised over time. Some of the contracts with customers related to the fundraising services earlier included in the Service Business includes a significant financing component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for the effects of the time value of money and customer\u2019s credit characteristics. Carried interest income Carried interest refers to the distribution of the profits of a successful private equity fund among fund investors and the fund manager responsible for the fund\u2019s investment activities. In practice, carried interest means a share of a fund\u2019s cash flow received by the fund manager after the fund has transferred to carry. The recipients of carried interest in the private equity indus- try are typically the investment professionals responsible for a fund\u2019s investment activities. In CapMan\u2019s case, carried interest is split between CapMan Plc and funds\u2019 investment teams. CapMan applies a principle where funds transfer to carry and carried interest income are based on realised cash flows, not on a calculated and as yet unrealised return. As the level of carried interest income varies, depending on the timing of exits and the stage at which funds are in their life cycle, predicting future levels of carried interest is difficult. To transfer to carry, a fund must return its paid-in capital to investors and pay a preferential annual return on this. The pref- erential annual return is known as a hurdle rate, which is typi- cally set between 7-10% IRR p.a. When a fund has transferred to carry, the remainder of its cash flows is distributed between investors and the fund manager. Investors typically receive 80% of the cash flows and the fund manager 20%. When a fund is generating carried interest, the fund manager receives carried interest income from all of the fund\u2019s cash flows, even if an exit is made at below the original acquisition cost. Revenue from carried interest is recognised when a fund has transferred to carry and to the extent carried interest is based on realised cash flows and management has estimated it being highly probable that there is no risk of repayment of carried interest back to the fund. Carried interest is recognised when CapMan is entitled to it by the reporting date, a confirmation on the amount has been received and CapMan is relatively close to receiving it in cash. Potential repayment risk of carried interest to the funds (clawback) Potential repayment risk to the funds (clawback) is considered when assessing whether revenue recognition criteria have been fulfilled. Clawback risk relates to a situation when, in conjunc- tion with the liquidation of a fund, it is recognised that the Gen- eral Partner has received more carried interest than agreed in the fund agreement. These situations can occur, for example, if there are recallable distributions or if representations and war- ranties have been given by the vendor in the sale and purchase agreement when the fund is towards the end of its lifecycle. Potential repayment risk to the funds (clawback) is estimat- ed by the management at each reporting date. The man- agement judgment includes significant estimates relating to investment exit timing, exit probability and realisable fair value. The clawback risk is measured by using the expected value method, i.e. by calculating a probability weighted average of estimated alternative investment exit outcomes. The clawback is an adjustment to the related revenue recognised and is included in the current accrued liabilities in the consolidated balance sheet .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-268": {
"value": "Management fees and service fees in the Management Company Business As a fund manager, CapMan receives management fees during a fund\u2019s entire period of operations. Management fee is a vari- able consideration and is typically based on the fund\u2019s original size during its investment period, which is usually five years. Thereafter the fee is typically based on the acquisition cost of the fund\u2019s remaining portfolio. Annual management fees are usually 0.5-2.0% of a fund\u2019s total commitments, depending whether the fund is a real estate fund, a mezzanine fund, or an equity fund. In the case of real estate funds, management fees are also paid on committed debt capital. The average management fee percentage paid by CapMan-managed funds is approx. 1%. Management fees paid by the funds are recognised as income over time, because the fund management service is the only per- formance obligation in the contract and it is satisfied over time. Management company business also includes wealth man- agement services to institutional clients, foundations, family offices and wealthy private clients. Fees from these services are recognised over time, when the service is provided and the control is transferred to the customer, except for success and transaction fees, which are recognised as income at a point in time, because the underlying performance obligation is satis- fied and the control of the related service is transferred to the customer at a point in time. Fees in the Service Business CapMan\u2019s Service Business includes analysis, reporting and back office services provided by JAY Solutions and procurement services provided by CapMan Procurement services (CaPS). Fee from these services are primarily recognised over time. Some of the contracts with customers related to the fundraising services earlier included in the Service Business includes a significant financing component. When determining the transaction price in these cases, the promised amount of consideration is adjusted for the effects of the time value of money and customer\u2019s credit characteristics. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-269": {
"value": "Income taxes Tax expenses in the consolidated income statement comprise taxes on taxable income and changes in deferred taxes for the financial period. Taxes are booked in the income statement unless they relate to other areas of comprehensive income or directly to items booked as equity. In these cases, taxes are booked to either other comprehensive income or directly to equity. Taxes on taxable income for the financial period are calculated on the basis of the tax rate in force for the country in question. Taxes are adjusted on the basis of deferred income tax assets and liabilities from previous financial periods, if applicable. The Group\u2019s taxes have been recognised during the financial year using the average expected tax rate. Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes have only been recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of investments at fair value. Deferred taxes are not recognised for non-tax deductible amor- tisation of goodwill. Deferred taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply when the related deferred tax is realised ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-270": {
"value": "Deferred taxes are calculated on temporary differences between the carrying amount and the tax base. Deferred taxes have only been recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. The largest temporary differences arise from the valuation of investments at fair value. Deferred taxes are not recognised for non-tax deductible amor- tisation of goodwill. Deferred taxes have been measured at the statutory tax rates enacted by the balance sheet date and that are expected to apply when the related deferred tax is realised . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-271": {
"value": "The preparation of the financial statements in conformity with IFRS standards requires Group management to make estimates and assumptions in applying CapMan\u2019s account- ing principles. These estimates and assumptions have an impact on the reported amounts of assets and liabilities and disclosure of contingent liabilities in the balance sheet of the financial statements and on the reported amounts of income and expenses during the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-272": {
"value": "Valuation of fund investments The determination of the fair value of fund investments using the International Private Equity and Venture Capital Valuation Guidelines (IPEVG) takes into account a range of factors, including the price at which an investment was acquired, the nature of the investment, local market conditions, trading val- ues on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valua- tion methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valu- ation of, or in the stability of, the value of illiquid investments, the fair values of such investments as reflected in a fund\u2019s net asset value do not necessarily reflect the prices that would actually be obtained when such investments are realised. Valuation of fund investments is described in more detail in the Note 32. Valuation of other investments The fair value of growth equity investments is determined quarterly by using valuation methods according to IPEVG and IFRS 13. The valuations are based on forecasted cash flows or peer group multiples. In estimating fair value of an investment, a method that is the most appropriate in light of the facts, na- ture and circumstances of the investment is applied. External valuations are made at least once a year to verify the fair values of growth equity investments. Goodwill impairment test Goodwill impairment test is performed annually. The most significant assumptions related to the recoverable amount are turnover growth, operating margin, discount rate and terminal growth rate. Turnover growth and operating margin estimates are based on the current cost structure and turnover generated by the current customer base. Turnover is expected to grow to the extent that can be reasonably supported by the current personnel and other resources. This means such additional turnover and costs included in the business plan that are relat- ed to future expansion \u2013 and expected to be mainly visible as new customers and increased headcount \u2013 have been removed from the cash flow forecasts when preparing the goodwill impairment test. Goodwill impairment test is described in more detail in the Note 15 .",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-273": {
"value": "2. Segment information CapMan has three operating segments: the Management company business, Service business and Investments business. In the Management Company business, CapMan manages private equity funds and offers wealth advisory services. Private equity funds are invested by its partnership-based investment teams. Investments are mainly Nordic unlisted companies, real estate and infrastructure assets. CapMan raises capital for the funds from Nordic and international investors. CapMan Wealth Services offer comprehensive wealth advisory services related to the listed and unlisted market to smaller investors, such as family offices, smaller institutions and high net worth individuals. Income from the Management company business is derived from fee income and carried interest received from funds. The fee income include management fees related to CapMan\u2019s position as a fund management company, fees from other services closely related to fund management and fees from wealth advisory services. In the Service business, CapMan offers procurement services and distributes software lisences to companies in Finland, Sweden and the Baltics, through CapMan Procurement Services (CaPS) and technology-based analytics, reporting and back office services through JAY Solutions to inves- tors. Through its Investment business, CapMan invests from its own balance sheet in the private equity asset class and mainly to its own funds. Income in this business segment is generated by changes in the fair value of investments and realised returns following exits and periodic returns, such as interest and dividends. Other includes the corporate functions not allocated to operating segments. These functions include part of the activities of group accounting, corporate communications, group management and costs related to share-based payment. Other also includes the eliminations of the interseg- ment transactions. CapMan has changed the turnover specification in segment reporting so that management and service fees are combined to a single line item Fee income as of the half-year report for the current year 2022 2022 EUR 1,000 Management company business Service business Investment business Other Total Fee income 46,249 11,117 553 57,919 Carried interest 9,613 9,613 Turnover, external 55,861 11,117 553 67,532 Turnover, internal 83 534 -617 Materials and services -985 -985 Other operating income 2 0 2 Personnel expenses, of which -21,414 -3,331 -459 -9,368 -34,571 Salaries and bonuses -21,414 -3,331 -459 -6,641 -31,844 Share-based payment -2,727 -2,727 Depreciation, amortisation and impairment -947 -2,978 -10 -245 -4,180 Other operating expenses -6,652 -1,114 -364 -3,106 -11,236 Internal service fees -4,620 -231 4,851 0 Fair value changes of investments 36,547 36,547 Operating profit 22,312 3,015 35,714 -7,932 53,108 Items impacting comparability: Impairment of goodwill 2,600 2,600 Items impacting comparability, total 2,600 2,600 Adjusted operating profit 22,312 5,615 35,714 -7,932 55,708 Financial items -5,475 Income taxes -6,585 Profit for the period 41,049 2022 EUR 1,000 Management company business Service business Investment business Other Total Items impacting comparability: Impairment of goodwill 2,600 Items impacting comparability, total 2,600 Adjusted profit for the period 43,649 Earnings per share, cents 25.1 Items impacting comparability, cents 1.7 Adjusted earnings per share, cents 26.8 Earnings per share, diluted, cents 24.8 Items impacting comparability, cents 1.6 Adjusted earnings per share, diluted, cents 26.4 Geographical distribution of turnover: Finland 38,032 Other countries 29,500 Total 67,532 2021 EUR 1,000 Management company business Service business Investment business Other Total Fee income 40,771 8,619 536 49,927 Carried interest 2,858 2,858 Turnover 43,629 8,619 536 52,784 Turnover, internal 242 664 -906 Other operating income 19 3 22 Personnel expenses, of which -19,989 -3,371 -866 -6,405 -30,632 Salaries and bonuses -19,989 -3,371 -866 -5,618 -29,845 Share-based payment -787 -787 Depreciation, amortisation and impairment -895 -340 -15 -226 -1,476 Other operating expenses -6,086 -1,004 -333 -2,545 -9,969 Internal service fees -3,708 -413 4,121 0 Fair value changes of investments 33,912 33,912 Operating profit 13,193 4,173 32,698 -5,422 44,642 Financial items -4,042 Income taxes -5,239 Result for the period 35,362 Earnings per share, cents 21,9 Earnings per share, diluted, cents 21,4 Geographical distribution of turnover: Finland 29,379 Other countries 23,405 Total 52,784 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-274": {
"value": "Income from the Management company business is derived from fee income and carried interest received from funds. The fee income include management fees related to CapMan\u2019s position as a fund management company, fees from other services closely related to fund management and fees from wealth advisory services. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-275": {
"value": "3. Turnover Revenue from contracts with customers include management fees, service fees and carried inter- est. Management company business revenue is primarily related to long-term contracts. Manage- ment fees are typically recorded over time, whereas service fees include both transaction fees recorded at a point in time and other service fees, such as fees from wealth and asset manage- ment services, recorded over time. Carried interest is recognised at a point in time. Revenue from the Service business is based on both long-term and short-term contracts and includes solely fees recognised over time. Segment information disclosed in Note 2 provides more information on the businesses included in each reportable segment. The below table disaggregates the revenue into management fees, fees from services and car- ried interest, as well as timing of revenue recognition by reportable segment. 2021 EUR 1,000 Management company business Service business Investment business Other Total Management fees 36,585 36,585 Service fees 4,185 8,619 536 13,341 Carried interest 2,858 2,858 Revenue from customer contracts, external 43,629 8,619 536 52,784 Timing of revenue recognition: Services transferred over time 39,845 8,619 536 49,001 Services transferred at a point in time 3,783 3,783 Revenue from customer contracts, external 43,629 8,619 536 52,784 2022 EUR 1,000 Management company business Service business Investment business Other Total Management fees 38,847 0 0 0 38,847 Service fees 7,401 11,117 0 553 19,072 Carried interest 9,613 0 0 0 9,613 Revenue from customer contracts, external 55,861 11,117 0 553 67,532 Timing of revenue recognition: Services transferred over time 45,622 11,117 553 57,293 Services transferred at a point in time 10,239 10,239 Revenue from customer contracts, external 55,861 11,117 553 67,532 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-276": {
"value": "4. Other operating income EUR 1,000 2022 2021 Other items 2 22 Total 2 22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-277": {
"value": "4. Other operating income EUR 1,000 2022 2021 Other items 2 22 Total 2 22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-278": {
"value": "5. Employee bene\ufb01t expenses EUR 1,000 2022 2021 Salaries and wages 27,170 25,553 Pension expenses - defined contribution plans 3,894 3,564 Share-based payments 2,727 787 Other personnel expenses 780 728 Total 34,571 30,632 Remuneration of the management is presented in Note 31. Related party disclosures. Cost for the stock options granted and investment-based incentive plan is based on the fair value of the instrument. The counter-entry to the expenses recognised in the income statement is in retained earnings, and thus has no effect on total equity. More information on the share-based payments is disclosed in Note 30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-279": {
"value": "6. Depreciation EUR 1,000 2022 2021 Depreciation by asset type Intangible assets Other intangible assets 396 447 Total 396 447 Tangible assets Machinery and equipment 73 65 Right-of-use assets, buildings (IFRS 16) 1,097 932 Right-of-use assets, machinery and equipment (IFRS 16) 14 32 Total 1,184 1,029 Total depreciation 1,580 1,476 Impairment by asset type Goodwill 2,600 Total impairments 2,600 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-280": {
"value": "Average number of people employed 2022 2021 By country Finland 141 125 Sweden 25 25 Denmark 8 5 Norway 2 1 Luxembourg 2 1 United Kingdom 7 4 In total 186 161 By segment Management company business 109 92 Service business 30 30 Investment business and other 46 39 In total 186 161 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-281": {
"value": "7. Other operating expenses EUR 1,000 2022 2021 Included in other operating expenses: Other personnel expenses 1,474 1,062 Office expenses 539 542 Travelling and entertainment 1,218 542 External services 5,551 5,740 Other operating expenses 2,454 2,083 Total 11,236 9,969 Short-term lease expense (IFRS 16) 97 236 Expense for leases of low-value assets (IFRS 16) 190 134 Audit fees Ernst & Young chain of companies: EUR 1,000 2022 2021 Audit fees 361 293 Other fees and services 12 10 Total 373 303 Non-audit services performed by Ernst & Young in 2022 was 12 thousand euros (2021: 10 thousand euros in total) and consisted of other fees and services in total. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-282": {
"value": "Audit fees Ernst & Young chain of companies: EUR 1,000 2022 2021 Audit fees 361 293 Other fees and services 12 10 Total 373 303 Non-audit services performed by Ernst & Young in 2022 was 12 thousand euros (2021: 10 thousand euros in total) and consisted of other fees and services in total. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-283": {
"value": "8. Adjustments to cash \ufb02ow statement and total cash out\ufb02ow for leases EUR 1,000 2022 2021 Personnel expenses 2,727 787 Depreciation, amortisation and write-downs 4,180 1,476 Fair value gains/losses of investments -36,547 -33,912 Finance income and costs 5,475 4,042 Taxes 6,585 5,239 Other adjustments -52 32 Total -17,632 -22,337 Total cash outflow for leases (IFRS 16) -1,263 -1,020 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-284": {
"value": "10. Finance income and costs EUR 1,000 2022 2021 Finance income Interest income from loan receivables 104 171 Exchange gains 491 142 Change in fair value of financial liabilities 250 0 Total 845 313 Finance costs Interest expenses for loans -4 139 -3 390 Change of expected credit losses -1 670 41 Change in fair value of financial liabilities 0 -414 Other interest and finance expenses -437 -547 Interest expense of lease liabilities (IFRS 16) -74 -44 Total -6 320 -4 354 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-285": {
"value": "9. Fair value gains/losses of investments EUR 1,000 2022 2021 Investments at fair value through profit and loss Investments in funds 36,547 33,857 Market portfolio 0 55 Total 36,547 33,912 28. Financial assets and liabilities Financial assets 2022 EUR 1,000 Note Balance sheet value Fair value Investments at fair value through profit or loss Investments in funds 17 169,063 169,063 Other financial assets* 17 434 434 Loan receivables 18 1,078 1,078 Trade and other receivables 18, 20 25,185 25,185 Financial assets at fair value 21 65 65 Cash and bank 22 55,571 55,571 Total 251,396 251,396 * Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss. Financial assets 2021 EUR 1,000 Note Balance sheet value Fair value Investments at fair value through profit or loss Investments in funds 17 130,011 130,011 Other financial assets* 17 393 393 Loan receivables 1,731 1,731 Trade and other receivables 20 20,885 20,885 Cash and bank 22 65,207 65,207 Total 218,227 218,227 * Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss. Financial liabilities 2022 EUR 1,000 Note Balance sheet value Fair value Non-current liabilities 24 91,854 91,854 Non-current operative liabilities 25 7,343 7,343 Trade and other liabilities 26 18,446 18,446 Current liabilities 27 1,112 1,112 Total 118,755 118,755 Financial liabilities 2021 EUR 1,000 Note Balance sheet value Fair value Non-current liabilities 24 82,038 82,038 Non-current operative liabilities 25 7,552 7,552 Trade and other liabilities 26 16,722 16,722 Current liabilities 27 970 970 Total 107,282 107,282 Net debt EUR 1,000 2022 2021 Cash and cash equivalents 55,571 65,207 Borrowings - repayable within one year -1,112 -970 Borrowings - repayable after one year -91,854 -82,038 Net debt -37,395 -17,801 Cash and cash equivalents 55,571 65,207 Gross debt - variable interest rates -3,196 -1,653 Gross debt - fixed interest rates -89,770 -81,355 Net debt -37,395 -17,801 Changes in liabilities arising from financing activities 2022 EUR 1,000 January 1, 2022 Cash flows Liabilities associated with assets held for sale Other changes December 31, 2022 Non-current loans and borrowings 81,354 8,259 -120 157 89,650 Non-current lease liabilities 683 -1,125 2,646 2,204 Current loans and borrowings 40 12 52 Current lease liabilities 930 -64 194 1,060 Total 83,007 7,082 -120 2,997 92,966 2021 EUR 1,000 January 1, 2021 Cash flows Other changes December 31, 2021 Non-current loans and borrowings 81,116 120 118 81,354 Non-current lease liabilities 1,496 -813 683 Current loans and borrowings 20 20 40 Current lease liabilities 888 -163 205 930 Total 83,520 -836 323 83,007 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-286": {
"value": "11. Income taxes EUR 1,000 2022 2021 Current income tax 2,611 2,653 Taxes for previous years 131 155 Deferred taxes Temporary differences 3,842 2,431 Total 6,584 5,239 Income tax reconcilliation Profit before taxes 47,633 40,600 Tax calculated at the domestic corporation tax rate of 20% 9,527 8,120 Effect of different tax rates outside Finland 78 110 Tax exempt income -4,622 -2,638 Performance share plan -225 157 Goodwill impairment 520 Ohter non-deductible expenses 690 219 Unrecognized tax assets on tax losses and use of previously unrecognised tax losses 599 -851 Taxes for previous years 131 155 Other differences -113 -33 Income taxes in the Group Income Statement 6,585 5,239 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-287": {
"value": "12. Earnings per share Basic earnings per share is calculated by dividing the distributable retained profit for the finan- cial year by the average share issue adjusted number of shares, excluding shares that have been purchased by the Company and are presented as the Company\u2019s own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. 2022 2021 Profit attributable to the equity holders of the Company, \u20ac ('000) 39,616 34,320 Profit applied to calculate diluted earnings per share 39,616 34,320 Weighted average number of shares ('000) 157,560 156,580 Treasury shares ('000) -26 -26 Weighted average number of shares ('000) 157,534 156,553 Effect of share-based incentive plans ('000) 2,170 3,994 Weighted average number of shares adjusted for the effect of dilution ('000) 159,704 160,547 Earnings per share (basic), cents 25.1 21.9 Earnings per share (diluted), cents 24.8 21.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-288": {
"value": "13. Assets held for sale On December 22, 2022, CapMan Plc and the non-controlling shareholders of JAY Solutions Oy, subsidiary of CapMan Plc, signed an agreement to sell their ownership of JAY Solutions Oy to Bas Invest AB and to the management of JAY Solutions Oy. The transaction was closed on February 1, 2023. CapMan had an ownership interest of 60% in JAY Solutions Oy, but the subsidiary was consolidated in full without separating non-controlling interest because of a symmetric option arrangement. Resulting from the sale, CapMan classified assets and liabilities related to JAY Solu- tions Oy as non-current assets held for sale under IFRS 5 on December 31, 2022. In conjunction with this, CapMan valued these net assets to the lower of their carrying amount and their fair value less costs on disposal and resulting from this, recorded an impairment loss of EUR 2.6 million to goodwill allocated to JAY Solutions in the financial year 2022 (see Note 15 for details). Impairment loss is reported under reportable segment Service Business (see Note 2), where JAY Solutions\u2019 assets and liabilities held for sale are included. The sale of shares is not expected to have a signifi- cant impact on CapMan\u2019s operating profit or financial position in 2023. Assets and liabilities related to JAY Solutions Oy have been classified as held for sale and disclosed separately in the Consolidated Balance Sheet. The carrying amounts of those assets and liabilities are presented in the below table: 2022 2021 Goodwill 4,828 Other non-current assets 134 Current assets 807 Assets held for sale 5,769 Current liabilities 717 Liabilities associated with assets held for sale 717 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-289": {
"value": "14. Tangible assets EUR 1,000 2022 2021 Machinery and equipment Acquisition cost at 1 January 2,347 2,389 Additions 168 9 Transfers 0 -51 Transfer to assets held for sale -8 0 Translation difference -9 0 Disposals 0 0 Acquisition cost at 31 December 2,498 2,347 Accumulated depreciation at 1 January -2,183 -2,118 Transfer to assets held for sale -73 -65 Depreciation for the financial year 3 0 Translation difference 7 0 Accumulated depreciation at 31 December -2,246 -2,183 Book value on 31 December 252 164 Right-of-use assets Machinery and equipment (IFRS 16) Additions 0 12 Depreciations -14 -32 Book value on 31 December 10 24 Leased premises (IFRS 16) Additions 2,840 194 Depreciations -1,097 -932 Book value on 31 December 3,285 1,543 Other tangible assets Acquisition cost at 1 January 23 23 Book value on 31 December 23 23 Tangible assets total 3,571 1,754 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-290": {
"value": "15. Goodwill EUR 1,000 2022 2021 Acquisition cost at 1 January 28,009 28,009 Transfer to assets held for sale -7,428 0 Acquisition cost at 31 December 20,581 28,009 Accumulated impairment at 1 January -12,695 -12,695 Impairment -2,600 0 Transfer to assets held for sale 2,600 Accumulated impairment at 31 December -12,695 -12,695 Book value on 31 December 7,886 15,314 Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2022 2021 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 7,428 Other 474 474 Total 12,714 15,314 JAY Solutions As JAY Solutions is considered an asset held for sale as at December 31, 2022, its recoverable amount is based on fair value less costs of disposal in the goodwill impairment test. Because the expected selling price of JAY Solutions\u2019s shares less their disposal costs is lower than its carrying amount, an impairment loss of EUR 2.6 million was recorded and reported on the line item De- preciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions is classified in the fair value hierarchy level 1, as it is based on the selling price agreed in the Share Purchase Agreement. In the previous year, impairment test of JAY Solutions was based on value-in-use and no impair- ment losses were recognised. The table further below discloses the key assumptions applied in the previous year\u2019s impairment test. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discount- ed cash flow projections based on a business plan approved by the management. Future cash flows arising from additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance, have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending over the planning period are calculated using the terminal value method. Based on the impairment test, goodwill allocated to CapMan Wealth Services was not impaired. Key assumptions applied in the impairment test based on value-in-use are set forth in the table below: 2022 2021 EUR 1,000 CapMan Wealth Services CapMan Wealth Services JAY Solutions Pre-tax discount rate 17.8% 8.9% 10.6% Average turnover growth 20.8% 18.3% 37.2% Average EBIT margin 50.6% 48.1% 38.4% Terminal growth rate 1.0% 1.0% 1.0% Discount rate takes into account listed domestic asset and wealth managers as a benchmark group. Cost of equity includes risk premiums for Finland and company size. These both have increased during the financial year. As a risk-free rate, a reference rate of Finnish 10-year govern- ment bonds has been applied, and it has increased as well during the year. The beforementioned facts results in a significantly higher discount rate for 2022 than for 2021. Of key assumptions applied in this year\u2019s impairment test, recoverable amount is most sensitive to changes in turnover growth during the explicit forecasting period (5 years). Based on the sen- sitivity analysis, if turnover growth during the explicit forecasting period would be 18 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generat- ing unit. At the moment, recoverable amount exceeds carrying amount by EUR 22 million, and no reasonably possible change in any of the other key assumptions would lead to impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-291": {
"value": "15. Goodwill EUR 1,000 2022 2021 Acquisition cost at 1 January 28,009 28,009 Transfer to assets held for sale -7,428 0 Acquisition cost at 31 December 20,581 28,009 Accumulated impairment at 1 January -12,695 -12,695 Impairment -2,600 0 Transfer to assets held for sale 2,600 Accumulated impairment at 31 December -12,695 -12,695 Book value on 31 December 7,886 15,314 Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2022 2021 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 7,428 Other 474 474 Total 12,714 15,314 JAY Solutions As JAY Solutions is considered an asset held for sale as at December 31, 2022, its recoverable amount is based on fair value less costs of disposal in the goodwill impairment test. Because the expected selling price of JAY Solutions\u2019s shares less their disposal costs is lower than its carrying amount, an impairment loss of EUR 2.6 million was recorded and reported on the line item De- preciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions is classified in the fair value hierarchy level 1, as it is based on the selling price agreed in the Share Purchase Agreement. In the previous year, impairment test of JAY Solutions was based on value-in-use and no impair- ment losses were recognised. The table further below discloses the key assumptions applied in the previous year\u2019s impairment test. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discount- ed cash flow projections based on a business plan approved by the management. Future cash flows arising from additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance, have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending over the planning period are calculated using the terminal value method. Based on the impairment test, goodwill allocated to CapMan Wealth Services was not impaired. Key assumptions applied in the impairment test based on value-in-use are set forth in the table below: 2022 2021 EUR 1,000 CapMan Wealth Services CapMan Wealth Services JAY Solutions Pre-tax discount rate 17.8% 8.9% 10.6% Average turnover growth 20.8% 18.3% 37.2% Average EBIT margin 50.6% 48.1% 38.4% Terminal growth rate 1.0% 1.0% 1.0% Discount rate takes into account listed domestic asset and wealth managers as a benchmark group. Cost of equity includes risk premiums for Finland and company size. These both have increased during the financial year. As a risk-free rate, a reference rate of Finnish 10-year govern- ment bonds has been applied, and it has increased as well during the year. The beforementioned facts results in a significantly higher discount rate for 2022 than for 2021. Of key assumptions applied in this year\u2019s impairment test, recoverable amount is most sensitive to changes in turnover growth during the explicit forecasting period (5 years). Based on the sen- sitivity analysis, if turnover growth during the explicit forecasting period would be 18 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generat- ing unit. At the moment, recoverable amount exceeds carrying amount by EUR 22 million, and no reasonably possible change in any of the other key assumptions would lead to impairment. 16. Other intangible assets EUR 1,000 2022 2021 Acquisition cost at 1 January 6,944 6,762 Additions 166 131 Transfers 0 51 Transfer to assets held for sale -494 0 Acquisition cost at 31 December 6,616 6,944 Accumulated depreciation at 1 January -6,484 -6,037 Depreciation for the financial year -396 -447 Transfer to assets held for sale 364 0 Accumulated depreciation at 31 December -6,516 -6,484 Book value on 31 December 100 459 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-292": {
"value": "Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2022 2021 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 7,428 Other 474 474 Total 12,714 15,314 JAY Solutions As JAY Solutions is considered an asset held for sale as at December 31, 2022, its recoverable amount is based on fair value less costs of disposal in the goodwill impairment test. Because the expected selling price of JAY Solutions\u2019s shares less their disposal costs is lower than its carrying amount, an impairment loss of EUR 2.6 million was recorded and reported on the line item De- preciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions is classified in the fair value hierarchy level 1, as it is based on the selling price agreed in the Share Purchase Agreement. In the previous year, impairment test of JAY Solutions was based on value-in-use and no impair- ment losses were recognised. The table further below discloses the key assumptions applied in the previous year\u2019s impairment test. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discount- ed cash flow projections based on a business plan approved by the management. Future cash flows arising from additional turnover generated by increased personnel, and thus extending the operations and enhancing the performance, have been excluded from the cash flow projections applied in the impairment test. Cash flows for the period extending over the planning period are calculated using the terminal value method. Based on the impairment test, goodwill allocated to CapMan Wealth Services was not impaired. Key assumptions applied in the impairment test based on value-in-use are set forth in the table below: 2022 2021 EUR 1,000 CapMan Wealth Services CapMan Wealth Services JAY Solutions Pre-tax discount rate 17.8% 8.9% 10.6% Average turnover growth 20.8% 18.3% 37.2% Average EBIT margin 50.6% 48.1% 38.4% Terminal growth rate 1.0% 1.0% 1.0% Discount rate takes into account listed domestic asset and wealth managers as a benchmark group. Cost of equity includes risk premiums for Finland and company size. These both have increased during the financial year. As a risk-free rate, a reference rate of Finnish 10-year govern- ment bonds has been applied, and it has increased as well during the year. The beforementioned facts results in a significantly higher discount rate for 2022 than for 2021. Of key assumptions applied in this year\u2019s impairment test, recoverable amount is most sensitive to changes in turnover growth during the explicit forecasting period (5 years). Based on the sen- sitivity analysis, if turnover growth during the explicit forecasting period would be 18 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generat- ing unit. At the moment, recoverable amount exceeds carrying amount by EUR 22 million, and no reasonably possible change in any of the other key assumptions would lead to impairment. Impairment by asset type Goodwill 2,600 Total impairments 2,600 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-293": {
"value": "17. Investments at fair value through pro\ufb01t or loss Investments in funds EUR 1,000 2022 2021 Investments in funds at 1 January 130,011 116,066 Additions 29,312 19,750 Distributions -27,598 -40,047 Disposals -1 0 Fair value gains/losses of investments 36,685 34,135 Transfers 654 107 Investments in funds at 31 December 169,063 130,011 Investments in funds by investment area at the end of period* Buyout 26,107 10,926 Credit 4,285 1,821 Russia 307 3,368 Real Estate 44,024 43,965 Growth Equity 18,573 19,040 Infra 12,810 10,543 Special Situations 2,925 1,853 Fund of funds 16,463 12,303 External Venture Capital funds 42,459 25,588 Other investment areas 1,110 604 Total 169,063 130,011 * The division of investment areas has been changed Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR 99.4 million. The fair value included EUR 0.8 million of cash. Other financial assets EUR 1,000 2022 2021 Other investments at 1 January 393 191 Additions 46 202 Fair value gains/losses of investments -5 0 Other investments at 31 December 434 393 ",
"dimensions": {
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"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-294": {
"value": "16. Other intangible assets EUR 1,000 2022 2021 Acquisition cost at 1 January 6,944 6,762 Additions 166 131 Transfers 0 51 Transfer to assets held for sale -494 0 Acquisition cost at 31 December 6,616 6,944 Accumulated depreciation at 1 January -6,484 -6,037 Depreciation for the financial year -396 -447 Transfer to assets held for sale 364 0 Accumulated depreciation at 31 December -6,516 -6,484 Book value on 31 December 100 459 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-295": {
"value": "19. Deferred tax assets and liabilities Changes in deferred taxes during 2022: EUR 1,000 31.12.2021 Charged to Income Statement Translation difference Charged in equity 31.12.2022 Deferred tax assets Accrued differences 1,836 -46 0 0 1,790 Total 1,836 -46 0 0 1,790 Deferred tax liabilities Accrued differences 582 684 -5 0 1,261 Unrealised fair value changes 4,045 3,112 0 0 7,157 Total 4,627 3,796 -5 0 8,418 Changes in deferred taxes during 2021: EUR 1,000 31.12.2020 Charged to Income Statement Translation difference Charged in equity 31.12.2021 Deferred tax assets Accrued differences 2,438 -602 0 0 1,836 Total 2,438 -602 0 0 1,836 Deferred tax liabilities Accrued differences 643 -156 -2 97 582 Unrealised fair value changes 2,059 1,986 4,045 Total 2,702 1,830 -2 97 4,627",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-296": {
"value": "18. Receivables - Non-current EUR 1,000 2022 2021 Trade receivables 5,188 5,661 Loan receivables 263 1,731 Interest receivables 0 135 Other receivables 83 2,539 Accrued income 12 0 Total 5,545 10,066 Non-current trade receivables are related to previously offered fundraising and advisory servic- es. Because of the significant financing component related to these receivables, the promised amount of consideration has been adjusted for the effects of the time value of money and the credit characteristics of the customer. However, no contract assets are related to these customer contracts, as the Group\u2019s right to the amount of consideration is unconditional and subject only to the passage of time. Loan receivables include EUR 0.2 million from \u00c4k\u00e4s Capital Oy, a related party of CapMan Plc. Allowance for expected credit losses of loan receivables is presented below separately for por- tion measured at an amount equal to 12-month and lifetime expected credit losses. As at December 31, 2022, loss allowance measured at an amount equal to lifetime expected credit losses is fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full. As at December 31, 2021, the allowance measured at an amount equal to lifetime expected credit losses was related to loan receivables granted to entities controlled by investment teams, of which credit risk had increased significantly since initial recognition.\u201d . EUR 1,000 2022 2021 Loan receivables, gross 1,848 1,805 Loss allowance, 12-month ECL* -4 -1 Loss allowance, lifetime ECL* -1,581 -73 Loan receivables, net 263 1,731 *ECL = expected credit losses Other non-currrent receivables include primarily receivables from sold investments, whose sale proceeds will be partially received later 20. Trade and other receivables EUR 1,000 2022 2021 Trade receivables 8,661 6,002 Loan receivables 815 280 Accrued income 1,648 1,305 Other receivables 9,593 7,637 Total 20,717 15,224 Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below. EUR 1,000 2022 2021 Trade receivables, gross 8,770 6,076 Loss allowance -109 -74 Trade receivables, net 8,661 6,002 Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised cost do not contain credit-impaired items. With regards to contracts with customers, the Group\u2019s right to the amount of consideration is unconditional. Therefore, they are presented as receivables and no separate contract asset is presented. Trade and other receivables by currency at end of year Trade and other receivables Amount in foreign currency Amount in euros proportion EUR 17,622 68% USD 6,751 6,330 24% SEK 14,258 1,282 5% GBP 19 21 0% DKK 5,634 758 3% NOK 2,515 239 1% Loan receivables include mainly current loan receivables from related parties and other employ- ees. Accrued income includes mainly prepayments. Other receivables mainly include unvoiced sale of services, costs to be re-invoiced, income tax receivables and receivables related to sold financial assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-297": {
"value": "As at December 31, 2022, loss allowance measured at an amount equal to lifetime expected credit losses is fully related to credit-impaired loan receivables from entities controlled by the former or current investment teams, and granted for making co-investments in funds managed by CapMan. The most significant credit-impaired loan receivables are from entities controlled by the former CapMan Russia investment team. CapMan has determined these loan receivables being credit-impaired, because the underlying funds have filed for liquidation and it seems not probable that the loans and accrued interests would be repaid to CapMan in full. The other credit-impaired loan receivables are related to loans granted to making co-investments to such funds, whose carry potential is estimated to be low, and therefore, CapMan has determined it seems not probable that the borrowing entity would repay these loans and accrued interests in full. As at December 31, 2021, the allowance measured at an amount equal to lifetime expected credit losses was related to loan receivables granted to entities controlled by investment teams, of which credit risk had increased significantly since initial recognition.\u201d . EUR 1,000 2022 2021 Loan receivables, gross 1,848 1,805 Loss allowance, 12-month ECL* -4 -1 Loss allowance, lifetime ECL* -1,581 -73 Loan receivables, net 263 1,731 *ECL = expected credit losses Other non-currrent receivables include primarily receivables from sold investments, whose sale proceeds will be partially received later ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-298": {
"value": "21. Financial assets at fair value through pro\ufb01t or loss EUR 1,000 2022 2021 Fair value of derivative instruments Foreign exchange forwards 65 Total 65 Nominal value of derivative instruments Foreign exchange forwards 6,327 Total 6,327 Financial assets at fair value through profit or loss include derivative assets. CapMan uses short- term derivative instruments to hedge against currency changes in foreign currency denominated trade receivables. CapMan does not apply hedge accounting to derivative instruments and deriva- tives are initially measured at costs and thereafter to fair value at the end of the reporting period. Fair values of derivatives are based on market values or values derived from market values at the end of the reporting period (fair value hierarchy level 2). Translation difference incurred to foreign currency denominated trade receivables is recognised to turnover and that fair value change of the derivative instrument that is effectively hedging the underlying trade receivable, is recorded to turnover and the remainder of the derivative\u2019s fair value change is recorded to financial expenses. In the comparison period, no derivative instruments were used. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-300": {
"value": "22. Cash and cash equivalents EUR 1,000 2022 2021 Bank accounts 55,571 65,207 Total 55,571 65,207 Cash and cash equivalents only includes bank accounts. EUR 2.0 million of bank account balances is related to the launch of a new hotel real estate fund in 2019 and is not available for use by the group . Because of some assets classified as asset held for sale (see Note 13), below reconciles the cash and cash equivalents reported in the balance sheet to the cash and cash equivalents reported in the cash flow statement: EUR 1,000 2022 2021 Cash and cash equivalents in the balance sheet 55,571 65,207 Cash and cash equivalents related to assets held for sale 373 Cash and cash equivalents in the cash flow statement 55,944 65,207 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-301": {
"value": "Cash and cash equivalents only includes bank accounts. EUR 2.0 million of bank account balances is related to the launch of a new hotel real estate fund in 2019 and is not available for use by the group ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-302": {
"value": "23. Share capital and shares Movements in the number of shares (\u2018000): Number of B shares Total At 1 January 2021 156,433 156,433 Share subscriptions with options 158 158 At 31 December 2021 156,591 156,591 Directed share issue without payment 1,438 1,438 At 31 December 2022 158,029 158,029 EUR 1,000 Share capital Share premium account Other reserves Total At 1 January 2021 772 38,968 71,416 111,156 Share subscriptions with options 90 90 Repayment of capital -18,788 -18,788 At 31 December 2021 772 38,968 52,718 92,458 Repayment of capital -17,297 -17,297 At 31 December 2022 772 38,968 35,421 75,161 Other reserves During the financial year, in conjunction with the partial early payment of the vested reward shares in performance share plan 2020-23, a total of 1,437,675 shares were issued in a directed share issue without payment. During the current and previous financial year, repaid capital was deducted from the unrestricted equity fund. During the previous financial year, additionally shares sub- scribed with option rights were recorded to the unrestricted equity fund. Share-based incentive plans are presented in Note 30. Share-based payments. Translation difference The foreign currency translation reserve includes translation differences arising from currency conversion in the closing of the books for foreign units. Dividends paid and proposal for pro\ufb01t distribution and repayment of capital For the financial year 2021, dividend and repayment of invested unrestricted equity fund amount- ed to EUR 0.15 per share or EUR 23.6 million in total. Dividend and equity repayment was paid in two instalments, the first of which, amounting to EUR 12.5 million, was paid on March 25, 2022, and the second of which, amounting to EUR 11.1 million, was paid on September 23, 2022. The Board of Directors will propose to the Annual General Meeting to be held on 15 March 2023 that a dividend of EUR 0.08 per share, equivalent to a total of approx. EUR 12.6 million, and a repayment of invested unrestricted equity fund of EUR 0.09 per share, equivalent to a total of approx. EUR 14.2 million, would be paid to the shareholders. The aggregate amount of proposed dividends and repayment of invested unrestriced equity fund would be approx. EUR 26.9 million, and it is proposed to be paid in two instalments six months apart . Ownership and voting rights agreements A shareholder whose share of the entire share capital or the voting rights of the Company reaches or exceeds 33.3 % or 50 % has, at the request of other shareholders, the obligation to redeem his or her shares and related securities in accordance with the Articles of Association of CapMan Plc. Ownership and voting rights agreements As at 31 December 2022 CapMan Plc had no knowledge of agreements or arrangements, related to the Company\u2019s ownership and voting rights, that were apt to have substantial impact on the share value of CapMan Plc Distribution of shareholdings by number of shares and sector as at 31 December 2022 Shareholding Number of Owners % Number of shares % 1\u20131,000 19,788 64.65% 7,124,642 4.51% 1,001\u201310,000 9,498 31.03% 29,657,736 18.76% 10,001\u2013100,000 1,212 3.96% 28,547,184 18.06% 100,001\u2013500,000 83 0.27% 16,531,200 10.46% 500,001\u20131,000,000 9 0.03% 6,558,320 4.15% 1,000,001\u2013 17 0.06% 65,951,346 41.73% Anonymous ownership 0 0.00% 3,684,540 2.33% Total 30,607 100.00% 158,054,968 100.00% of which Nominee registered 6,654,876 4.21% On the book-entry register joint account 18,709 0.01% Sector Number of shares and votes % Finnish Private Individuals 84,539,873 53.49% Other 44,577,066 28.20% Pension & Insurance 18,009,917 11.39% Fund company 5,913,507 3.74% Foundation 1,303,766 0.82% Treasury Shares 26,299 0.02% Anonymous ownership 3,684,540 2.33% Total 158,054,968 100.00% of which Nominee registered 6,654,876 4.21% On the book-entry register joint account 18,709 0.01% Source: EuroClear Finland Ltd, as at 31 December 2022. Figures are based on the total number of shares 158,054,968 and total number of shareholders 30,620. CapMan Plc had 26,299 shares as at 31 December 2022 . CapMan\u2019s largest shareholders as at 31 December 2022 Number of shares and votes Proportion of shares, % Silvert\u00e4rnan Ab 21,280,519 13.46% Keskin\u00e4inen El\u00e4kevakuutusyhti\u00f6 Ilmarinen 9,650,326 6.11% Mikko Laakkonen 6,478,320 4.10% Keskin\u00e4inen ty\u00f6el\u00e4kevakuutusyhti\u00f6 Varma 3,675,215 2.33% Joensuun Kauppa ja Kone Oy 3,289,502 2.08% Vesasco Oy 3,088,469 1.95% Valtion El\u00e4kerahasto 2,500,000 1.58% Momea Invest Oy 2,150,000 1.36% Hannu Laakkonen 1,992,742 1.26% Laine Capital Oy 1,523,348 0.96% Total 55,628,441 35.19% Nominee registered 6,654,876 4.21 % Shareholdings of management 5,873,426 3.72 % CapMan has not received any flagging notifications during year 2022. An up-date information of all flagging notifications can be found at",
"dimensions": {
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"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-303": {
"value": "Other reserves During the financial year, in conjunction with the partial early payment of the vested reward shares in performance share plan 2020-23, a total of 1,437,675 shares were issued in a directed share issue without payment. During the current and previous financial year, repaid capital was deducted from the unrestricted equity fund. During the previous financial year, additionally shares sub- scribed with option rights were recorded to the unrestricted equity fund. Share-based incentive plans are presented in Note 30. Share-based payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-304": {
"value": "Dividends paid and proposal for pro\ufb01t distribution and repayment of capital For the financial year 2021, dividend and repayment of invested unrestricted equity fund amount- ed to EUR 0.15 per share or EUR 23.6 million in total. Dividend and equity repayment was paid in two instalments, the first of which, amounting to EUR 12.5 million, was paid on March 25, 2022, and the second of which, amounting to EUR 11.1 million, was paid on September 23, 2022. The Board of Directors will propose to the Annual General Meeting to be held on 15 March 2023 that a dividend of EUR 0.08 per share, equivalent to a total of approx. EUR 12.6 million, and a repayment of invested unrestricted equity fund of EUR 0.09 per share, equivalent to a total of approx. EUR 14.2 million, would be paid to the shareholders. The aggregate amount of proposed dividends and repayment of invested unrestriced equity fund would be approx. EUR 26.9 million, and it is proposed to be paid in two instalments six months apart . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-305": {
"value": "CapMan Plc had 26,299 shares as at 31 December 2022 Treasury Shares 26,299 0.02% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-306": {
"value": "24. Interest-bearing loans and borrowings - Non-current EUR 1,000 2022 2021 Senior bonds 89,650 81,235 Capital loans 0 120 Lease liabilities (IFRS 16) 2,204 683 Total 91,854 82,038 On April 13, 2022, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million. The notes will mature on April 13, 2027 and carry initially a fixed an- nual interest of 4.5%. In conjunction with this, CapMan redemeed the remaining EUR 31.5 million of its notes issued in 2018. These notes carried a fixed annual interest of 4.125% that was paid semi-annually. CapMan also has unsecured notes in the aggregate principal amount of EUR 50 million issued in December 2020, which will mature on December 9, 2025 and carry a fixed annu- al interest of 4.0% paid annually. Both loan agreements include covenants related to equity ratio. 27. Interest-bearing loans and borrowings - Current EUR 1,000 2022 2021 Short-term bank facility Lease liabilities (IFRS 16) 1,060 930 Liabilities to non-controlling interests 52 40 Total 1,112 970 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-307": {
"value": "25. Other non-current liabilities EUR 1,000 2022 2021 Acquisition related liabilities 6,933 7,183 Other liabilities 410 369 Total 7,343 7,552 Acquisition related liabilities consists of call and put options, which are measured at fair value through profit or loss. The change of fair value is recorded as finance income or expense",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-308": {
"value": "26. Trade and other payables - Current EUR 1,000 2022 2021 Trade payables 1,167 1,230 Advance payments received 571 1,200 Accrued expenses 12,994 10,947 Other liabilities 3,714 3,346 Total 18,446 16,722 The maturity of trade payables is normal terms of trade and don\u2019t include overdue payments Advance payments received are liabilities based on customer contracts. The most significant items in accrued expenses relate to accrued salaries and social benefit expenses. Trade and other liabilities by currency at end of year Trade and other liabilities Amount in foreign currency Amount in euros Proportion EUR 14,311 78% SEK 24,294 2,184 12% GBP 774 873 5% DKK 7,140 960 5% NOK 1,233 117 1% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-310": {
"value": "29. Commitments and contingent liabilities Securities and other contingent liabilities EUR 1,000 2022 2021 Contingencies for own commitment Business mortgage 60,000 60,000 Other contingent liabilities 2,062 2,365 Remaining commitments to funds by investment area Buyout 25,273 35,871 Credit 4,768 2,438 Russia 1,066 1,066 Real Estate 7,577 10,558 Other investment areas 2,181 3,554 Funds of funds 245 245 Growth Equity 11,171 11,298 Infra 12,127 4,952 Special Situations 4,853 3,135 CapMan Wealth Services funds 13,868 8,794 External private equity funds 4,665 6,205 External Veture Capital funds 1,316 2,224 Total 89,110 90,340 ",
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"fact-311": {
"value": "30. Share-based payments As at the balance sheet date, CapMan has two investment based long-term share-based incentive plans (\u201cShare plan 2020-2023\u201d and \u201cShare plan 2022-25\u201d) in force. These programs are used to commit key individuals and executives to the company and reinforce the alignment of interests of key individuals and executives and CapMan shareholders. In the investment based long-term share- based incentive plan the participants are committed to shareholder value creation by investing a significant amount into the CapMan Plc share. The investment-based long-term incentive plan 2020-23 includes one performance period. The performance period commenced on 1 April 2020 and will end on 31 March 2023. The participants may earn a performance-based reward from the performance period. The prerequisite for receiving reward on the basis of the plan is that a participant acquires company\u2019s shares or allocates previ- ously owned company\u2019s shares up to the number determined by the Board of Directors. The per- formance-based reward from the plan is based on the company share\u2019s Total Shareholder Return (TSR) and on a participant\u2019s employment or service upon reward payment. An early payment of the vested reward shares was conducted in April 2022, but irrespective of this, the plan will remain in force until the end of its performance period on 31 March 2023 in line with the original terms. The early payment and the change in the forfeiture rate resulted in an EUR 1.1 million additional expense for 2022 and EUR 0.7 million increase in the plan\u2019s fair value. The rest of the rewards will be paid in 2023. The plan is equity-settled by nature and while the participants earn a certain gross amount of reward shares, it can be partially paid in cash to cover the withholding tax conse- quences. The Board shall resolve whether new Shares or existing Shares held by the Company are given as reward. The target group of the Plan consists of 20 persons, including the members of the Management Group. The investment-based long-term incentive plan 2022-25 includes three performance periods. The performance period commenced on 1 April 2022 and will end on 31 March 2023, 2024 and 2025, respectively. The participants may earn a performance-based reward from each of the per- formance periods and a matching reward from the 2022-2025 period. The rewards from the plan will be paid in 2024, 2025 and 2026. The aim of the plan is to align remuneration with CapMan\u2019s sustainability agenda, to retain the plan participants in the company\u2019s service, and to offer them a competitive reward plan based on owning, earning and accumulating the company\u2019s shares. The prerequisite for receiving reward on the basis of the plan is that a participant acquires company\u2019s shares or allocates previously owned company\u2019s shares up to the number determined by the Board of Directors. The performance-based reward from the plan is based on the company share\u2019s Total Shareholder Return (TSR) and on a participant\u2019s employment or service upon reward payment. The plan is equity-settled by nature and while the participants earn a certain gross amount of re- ward shares, it can be partially paid in cash to cover the withholding tax consequences. The Board shall resolve whether new Shares or existing Shares held by the Company are given as reward. The target group of the Plan consists of 22 persons, including the members of the Management Group. The fair value of the investment-based incentive plans has been measured at the grant date and is expensed on a straight-line basis over the vesting period. The fair value has been calculated by applying a Monte-Carlo simulation, where the model inputs have included share price at the grant date, expected annualised volatility over the tenure of the program, risk-free interest rate, expected dividends and expected share rewards to be granted on different target share price levels. The model simulates share price development during the performance period and the resulting share rewards to be granted after reaching the share price levels defined in the conditions of the plan. In addition, lack of marketability due to the lock-up period as well as forfeiture rate have been incorporated into the measurement of the fair value as decreasing factors. The total expense recognised for the period arising from share-based payment transactions amounted to EUR 2.7 million. There were no liabilities arising from share-based payment transac- tions. As at the balance sheet date, based on the closing price of CapMan\u2019s share, it is estimated that for the Share plan 2020-2023 and 2022-25, the shares to be withheld and paid in cash to cover withholding tax liabilities will amount to EUR 2.6 million. Key information on the investment-based incentive plans is presented in the below table. Investment-based incentive plans Share plan 2020\u20132023 Share plan 2022\u20132025 Grant date 16.4.2020 13.4.2022 Vesting period starts 16.4.2020 13.4.2022 Vesting period ends 31.8.2023 13.4.2024, 13.4.2025 and 13.4.2026 Grant date share price, EUR 1.764 2.420 Share price at the end of the period, EUR 2.705 2.705 Expected annualised volatility 27% 26% Assumed risk-free interest rate 0.0% 1.0% Present value of the expected dividends, EUR 0.45 0.63 Forfeiture rate assumption 0% 0% Increase in fair value of share premiums granted during the period 0.7 3.3 Fair value of the plan, EUR million 3.4 3.3 Expense recorded during the financial year, EUR million 2.0 0.8 Cumulative expense recorded for the plan, EUR million 3.3 0.8 Future cash payment related to withholding taxes, EUR million -1.0 -1.5 Number of participants in the plan 19 20 Changes in the number of share rewards during the period Share plan 2020\u20132023 Share plan 2022\u20132025 Outstanding in the beginning of the period 1.1.2022 4,417,500 0 Granted 0 3,980,848 Forfeited 15,000 42,500 Exercised 2,917,500 0 Expired 0 0 Exercised at the end of the period 31.12.2022 2,917,500 0 Outstanding at the end of the period 31.12.2022 1,485,000 3,938,348 ",
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"value": "31. Related party disclosures Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Plc, parent company Finland CapMan Capital Management Oy Finland 100% 100% CapMan Sweden AB Sweden 100% 100% CapMan AB Sweden 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan Classic GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% Dividum Oy Finland 100% 100% CapMan RE I GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Private Equity Advisors Limited Cyprus 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% CapMan Mezzanine V Manager S.A. Luxembourg 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% Maneq 2012 AB Sweden 100% 100% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Real Estate UK Limited United Kingdom 100% Nest Capital 2015 GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Equity Oy Finland 100% 100% CapMan Real Estate Manager S.A. Luxembourg 100% 100% CapMan Infra Management Oy Finland 60% 60% Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan AIFM Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% CapMan Buyout Management Oy Finland 70% 70% CapMan Hotels II Holding GP Oy Finland 100% 100% JAY Solutions Oy Finland 60% 60% CapMan Wealth Services Oy Finland 60% 60% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan Special Situations Oy Finland 65% 65% Nest Capital Management AB Sweden 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CaPS Baltic O\u00dc Estonia 56% Maneq 2010 AB Sweden 86% 86% Maneq 2005 AB Sweden 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% CMRF Advisors Oy Finland 60% 60% CM Nordic Gems GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxembourg 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxembourg 100% 100% CMNPI GP II Sarl Luxembourg 100% 100% Foreign branches CapMan Real Estate Denmark, filial av CapMan AB, Sverige Denmark 100% CapMan Real Estate Oy, filial i Norge Norway 100% CapMan Procurement Services (CaPS) Oy, filial i Sverige Sweden 93% CapMan Buyout Management Oy, filial i Sverige Sweden 70% CapMan Infra Management Oy, filial i Sverige Sweden 60% ",
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"value": "31. Related party disclosures Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Plc, parent company Finland CapMan Capital Management Oy Finland 100% 100% CapMan Sweden AB Sweden 100% 100% CapMan AB Sweden 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan Classic GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% Dividum Oy Finland 100% 100% CapMan RE I GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Private Equity Advisors Limited Cyprus 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% CapMan Mezzanine V Manager S.A. Luxembourg 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% Maneq 2012 AB Sweden 100% 100% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Real Estate UK Limited United Kingdom 100% Nest Capital 2015 GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Equity Oy Finland 100% 100% CapMan Real Estate Manager S.A. Luxembourg 100% 100% CapMan Infra Management Oy Finland 60% 60% Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan AIFM Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% CapMan Buyout Management Oy Finland 70% 70% CapMan Hotels II Holding GP Oy Finland 100% 100% JAY Solutions Oy Finland 60% 60% CapMan Wealth Services Oy Finland 60% 60% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan Special Situations Oy Finland 65% 65% Nest Capital Management AB Sweden 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CaPS Baltic O\u00dc Estonia 56% Maneq 2010 AB Sweden 86% 86% Maneq 2005 AB Sweden 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% CMRF Advisors Oy Finland 60% 60% CM Nordic Gems GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxembourg 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxembourg 100% 100% CMNPI GP II Sarl Luxembourg 100% 100% Foreign branches CapMan Real Estate Denmark, filial av CapMan AB, Sverige Denmark 100% CapMan Real Estate Oy, filial i Norge Norway 100% CapMan Procurement Services (CaPS) Oy, filial i Sverige Sweden 93% CapMan Buyout Management Oy, filial i Sverige Sweden 70% CapMan Infra Management Oy, filial i Sverige Sweden 60% ",
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"fact-314": {
"value": "31. Related party disclosures Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Plc, parent company Finland CapMan Capital Management Oy Finland 100% 100% CapMan Sweden AB Sweden 100% 100% CapMan AB Sweden 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan Classic GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% Dividum Oy Finland 100% 100% CapMan RE I GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Private Equity Advisors Limited Cyprus 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% CapMan Mezzanine V Manager S.A. Luxembourg 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% Maneq 2012 AB Sweden 100% 100% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Real Estate UK Limited United Kingdom 100% Nest Capital 2015 GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Equity Oy Finland 100% 100% CapMan Real Estate Manager S.A. Luxembourg 100% 100% CapMan Infra Management Oy Finland 60% 60% Group companies Group ownership of shares, % Parent company ownership of shares, % CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan AIFM Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% CapMan Buyout Management Oy Finland 70% 70% CapMan Hotels II Holding GP Oy Finland 100% 100% JAY Solutions Oy Finland 60% 60% CapMan Wealth Services Oy Finland 60% 60% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan Special Situations Oy Finland 65% 65% Nest Capital Management AB Sweden 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CaPS Baltic O\u00dc Estonia 56% Maneq 2010 AB Sweden 86% 86% Maneq 2005 AB Sweden 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% CMRF Advisors Oy Finland 60% 60% CM Nordic Gems GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxembourg 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxembourg 100% 100% CMNPI GP II Sarl Luxembourg 100% 100% Foreign branches CapMan Real Estate Denmark, filial av CapMan AB, Sverige Denmark 100% CapMan Real Estate Oy, filial i Norge Norway 100% CapMan Procurement Services (CaPS) Oy, filial i Sverige Sweden 93% CapMan Buyout Management Oy, filial i Sverige Sweden 70% CapMan Infra Management Oy, filial i Sverige Sweden 60% ",
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"fact-315": {
"value": "Transactions with related parties In 2022, CapMan issued a long-term loan of EUR 210 thousand with a fixed interest rate to \u00c4k\u00e4s Capital Oy, a controlled entity of Maximilian Marschan, member of the Management Group. \u00c4k\u00e4s Capital Oy used the loan to purchase an additional 1.5% ownership share in CapMan Procurement Services (CaPS) Oy, a subsidiary of CapMan Plc. In 2021, CapMan Plc sold an ownership interest of 0.5% in CapMan Procurement Services (CaPS) Oy to \u00c4k\u00e4s Capital Oy. The selling price was approximately EUR 50 thousand. Further, in 2021, Silverage Holdings Oy, a controlled entity of Christian Borgstr\u00f6m, member of the Management Group, issued a capital loan of EUR 120 thou- sand with fixed interest rate to JAY Solutions Oy, a subsidiary of CapMan Plc. Receivables from and liabilities to related parties 1 000 EUR 2022 2021 Loan receivables, non-current, from related parties 235 9 Capital loan liability to related parties 120 120 Commitments to related parties 1 000 EUR 2022 2021 Loan commitments 112 66 ",
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"fact-316": {
"value": "Management remuneration 1 000 EUR 2022 2021 CEO Joakim Frimodig Salaries and other short-term employee benefits 453 376 Pension costs 80 65 Additional pension costs 45 38 Share-based payments 793 236 Total 1,371 715 Management group excl. CEO Salaries and other short-term employee benefits 3,483 3,135 Share-based payments 1,106 382 Total 4,590 3,517 Remuneration and fees 1 000 EUR 2021 2020 Andreas Tallberg 69 68 Johan Bygge as of March 17, 2021 44 34 Peter Ramsay until March 17, 2021 11 Mammu Kaario 55 55 Catarina Fagerholm 45 45 Eero Heli\u00f6vaara until March 16, 2022 11 43 Olli Liitola 42 42 Johan Hammar\u00e9n 42 42 Total 309 341 Management remuneration includes members of the board, CEO and management group. The CEO has a mutual notice period of six months and he will be entitled to a severance fee of 12 months\u2019 salary, if his employment is terminated by the company. The CEO and some of the Management Group members are covered by additional defined con- tribution based pension insurance. The retirement age of the CEO is 63 years. The Management Group members have allocated a total of 660,000 shares (785,000 shares in 2021) to the investment-based long-term incentive plan 2020-23 and 740,000 shares to the investment based long-term incentive plan 2022-25. The Management Group members were not granted any stock options. The Management Group and other employees have similar terms in the investment-based long-term incentive plans and stock options granted earlier .",
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"value": "32. Financial risk management The purpose of financial risk management is to ensure that the Group has adequate and effec- tively utilised financing as regards the nature and scope of the Group\u2019s business. The objective is to minimise the impact of negative market development on the Group with consideration for cost efficiency. The financial risk management has been centralised and the Group\u2019s CFO is responsible for financial risk management and control. The management constantly monitors cash flow forecasts and the Group\u2019s liquidity position on behalf of all Group companies. In addition, the Group\u2019s principles for liquidity management include rolling 12-month loan covenant assessments. The loan covenants are related to equity ratio and net gearing. During the financial year all the loan covenants have been fullfilled. The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio (financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF Manag- er\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Commit- tee on a quarterly basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to the Audit Committee annually. a) Liquidity risk Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating activities consists of payment of fixed costs, in- terests and taxes, which are relatively well predictable in the short term. Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment of borrowings, and payment of dividends and return of capital. Management fees received from the funds and majority of fees from the Service Business are based on long-term agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the Service Business are transac- tion-based and thus more difficult to forecast. The timing and receipt of carried interest generated by the funds is uncertain and will contrib- ute to the volatility of the results. Changes in investment and exit activity levels may have a sig- nificant impact on cash flows of the Group. A single investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement, have to return carried interest income they have received (so-called clawback). The obligation to re- turn carried interest income applies typically when, according to the final distribution of funds, the carried interest income received by the fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback liabilities recorded at the balance sheet date. CapMan has made commitments to the funds it manages. As at December 31, 2022, the un- drawn commitments to the funds amounted to EUR 89.1 million (90.3) and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 73.8 million (83.2). The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 0.8 million (0.2) which is reported in fund investments in the group balance sheet. On April 13, 2022, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million. The notes will mature on April 13, 2027 and carry initially a fixed annual interest of 4.5%. In conjunction with this, CapMan redemeed the remaining EUR 31.5 million of its notes issued in 2018. These notes carried a fixed annual interest of 4.125% that was paid semi-annually. CapMan also has unsecured notes in the aggregate principal amount of EUR 50 million issued in December 2020, which will mature on December 9, 2025 and carry a fixed annual interest of 4.0% paid annually. Both loan agreements include covenants related to equity ratio. At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a covenant related to net gearing. Maturity analysis 31 December 2022 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 50,000 40,000 Accounts payable 1,167 Interests, bonds 3,800 7,474 2,303 Company acquisitions liabilities 6,933 Commitments to funds 0 11,544 6,779 590 70,198 Lease liabilities (IFRS 16) 323 976 1,089 876 31 December 2021 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 31,520 50,000 Accounts payable 1,230 Interests, bonds 3,300 4,650 2,000 Company acquisitions liabilities 7,183 Commitments to funds 328 11,830 8,897 590 68,695 Lease liabilities (IFRS 16) 237 686 689 b) Interest rate risk TAt the end of the financial year, interest-bearing liabilities carry a fixed interest rate. Exposure to interest rate risk arises principally from the long-term credit facility of EUR 20 million with a floating interest rate. This facility was not used during the financial year or the previous year. The interest rate of the credit facility is the aggregate of the reference rate (Euribor) and the margin, which is dependent on the Group\u2019s net gearing and is in the range of 1.75 % to 2.70 %. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon rate of 4.500% paid annually. Failure to fulfill the agreed sustainability-linked targets by the end of 2023 could increase the interest rate by 0.500 %-points, at maximum, for the remainder of the loan term. The senior bond issued in December 2020 carry a coupon rate of 4.000% p.a., which is paid once a year. Loans according to interest rate 1 000 EUR 2022 2021 Floating rate 0 0 Fixed rate 89,770 81,355 Total 89,770 81,355 c) Luottoriski Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables. CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is presented in notes 18 and 20. Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests. d) Currency risk Changes in exchange rates, particularly between the US dollar and and the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would im- prove/weaken the fair value gains or US dollar fund investments and revenue related to US dollar nominated account receivables. CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of December 2022, and therefore, hedging will have a full impact as of 2023. The group does not, however, apply hedge accounting to the derivative instruments used for hedg- ing purposes. The group also has assets in Swedish kronos therefore the changes in exchange rates between the Swedish krono and the euro has also an impact to Group result. CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is relatively small. As at December 31, 2022, 87% of the Group\u2019s financial assets were in euros, 10% in US dol- lars 2% in Swedish krona and 1% in other currencies. The following table presents the fair values of the foreign currency denominated financial assets. Financial assets denominated in foreign currencies, in euros 1 000 EUR SEK USD Other currencies Total 2022 6,280 26,003 1,799 34,082 2021 4,369 23,268 729 28,366 e) Capital management Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that the business has the prerequisites for operating normally. The Return on equi- ty (ROE) and the Equity ratio are the means for monitoring capital structure. The long-term targets and dividend policy of the Group have been confirmed by the Board of Di- rectors of CapMan Plc. The targets are based on profitability (ROE) and balance sheet. The return on equity target is more than 20 per cent p.a. on average, and target for Equity ratio at least 50%. The company\u2019s objective is to pay an annually increasing dividend to its shareholders. At the balance sheet date, CapMan has two unsecured senior bonds outstanding, of which the sustainability-linked unsecured bond of EUR 40 million, with initially fixed interest rate, will mature on April 13, 2027 and the other unsecured bond of EUR 50 million, with fixed interest rate, will mature on December 9, 2025. In addition, CapMan has a long-term credit facility of EUR 20 mil- lion available until August 5, 2024, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreeements include financial cove- nants related to both equity ratio and net gearing. 1 000 EUR 2022 2021 Interest-bearing loans 92,966 83,008 Cash and cash equivalents -55,571 -65,207 Net debt 37,395 17,801 Equity 142,144 127,394 Net gearing 26.3% 14.0% Return on equity 30.5% 29.4% Equity ratio 52.7% 53.3% f) Price risk of the investments in funds The investments in funds are valued using the International Private Equity and Venture Capital Valua- tion Guidelines. According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending on the leverage ratio of the investee company. g) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2022 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 169,063 1,197 0 167,866 Other non-current investments 434 408 0 25 Current financial assets at FVTPL* 65 0 65 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 236 129,776 130,012 Additions 29,313 29,313 Distributions -27,600 -27,600 Disposals -1 -1 Fair value gains/losses 36,685 36,685 Transfers* 961 -307 654 at the end of period 1,197 167,866 169,063 Other investments at Jan 1 368 0 25 393 Additions 45 45 Fair value gains/losses -5 -5 at the end of period 408 0 25 434 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classi- fied as fund investments. Fair value hierarchy of financial assets measured at fair value at 31 December 2021 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 130,011 236 0 129,776 Other non-current investments 393 368 0 25 Current financial assets at FVTPL* 0 0 0 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 951 115,115 116,066 Additions 20,912 20,912 Distributions -23,542 -23,542 Disposals -16,505 -16,505 Fair value gains/losses 34,135 34,135 Transfers* -715 -339 -1,054 at the end of period 236 129,776 130,011 Other investments at Jan 1 166 0 25 191 Additions 202 202 at the end of period 368 0 25 393 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments. Sensitivity analysis of Level 3 investments at 31 December 2022 Investment area Fair value MEUR 31.12.2022 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 18.7 Peer group Peer group earnings multiples EV/EBITDA 2022 9.3x +/- 10% +/- 1.3 MEUR Discount to peer group multiples 24% +/- 10% -/+ 0.5 MEUR Buyout 26.1 Peer group Peer group earnings multiples EV/EBITDA 2022 7.4x +/- 10% + /- 2.3 MEUR Discount to peer group multiples 16% +/- 1 % -/+ 0.6 MEUR Real Estate 44.0 Valuation by an independent valuer FX rate EUR/SEK 11.1218 EUR/DKK 7.4365 EUR/NOK 10.5138 +/- 1% +/- 1% +/- 1% +/- 0.1 MEUR +/- 0.1 MEUR +/- 0.0 MEUR Infra 13.1 Discounted cash flows Terminal value EV/EBITDA 17.1x +/- 5% +/- 1.0 MEUR Discount rate; market rate and risk premium 15% +/- 100 bps - / + 1.0 MEUR Credit 4.3 Discounted cash flows Discount rate; market rate and risk premium 10% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 2.9 Peer group Peer group earnings multiples EV/EBITDA 2022 7.6x +/- 10% +/- 0.2 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Investments in funds-of-funds 16.5 Reports from PE fund management company Investments in external venture capital funds 42.5 Reports from PE fund management company and possible adjustment by CapMan Company level negative adjustment for the reported value by CapMan 14% +/- 10% - 0.7 MEUR / + 0.7 MEUR Sensitivity analysis of Level 3 investments at 31 December 2021 Investment area Fair value MEUR 31.12.2021 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 19.0 Peer group Peer group earnings multiples EV/EBITDA 2021 12.6x +/- 10% +/- 1.6 MEUR Discount to peer group multiples 31% +/- 10% -/+ 0.8 MEUR Buyout 10.9 Peer group Peer group earnings multiples EV/EBITDA 2021 8.2x +/- 10% + 3. 8 MEUR /- 3.7 MEUR Discount to peer group multiples 30% +/- 10% -/+ 1.9 MEUR Real Estate 44.0 Valuation by an independent valuer Infrastructure 10.5 Discounted cash flows Terminal value EV/EBITDA 17.8x +/- 5% +/- 0.8 MEUR Discount rate; market rate and risk premium 13% +/- 100 bps - / + 1.1 MEUR Russia 3.4 Peer group Peer group earnings multiples EV/EBITDA 2021 12.3x +/- 10% +/- 0.3 MEUR Discount rate; market rate and risk premium 44% +/- 10% -/+ 0.2 MEUR Credit 1.8 Discounted cash flows Discount rate; market rate and risk premium 9% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 1.9 Peer group Peer group earnings multiples EV/EBITDA 2021 16.0x +/- 10% +/- 0.1 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Funds-of-funds 12.3 Reports from PE fund management company Investments in external venture capital funds 25.8 Reports from PE fund management company CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers. No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by CapMan for these adjustments. The changes in the peer group earnings multiples and the peer group discounts are typically op- posite to each other. Therefore, if the peer group multiples increase, a higher discount is typically applied. Because of this, a change in the peer group multiples may not in full be reflected in the fair values of the fund investments. The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate, have no significant direct impact on the fair values calculated by peer group multiples during the reporting period . The valuation of CapMan funds\u2019 investment is based on international valuation guidelines that are widely used and accepted within the industry and among investors. CapMan always aims at valuing funds\u2019 investments at their actual value. Fair value is the best estimate of the price that would be received by selling an asset in an orderly transaction between market participants on the measurement date. Determining the fair value of fund investments for funds investing in portfolio companies is carried out using International Private Equity and Venture Capital Valuation Guidelines (IPEVG). In estimating fair value for an investment, CapMan applies a technique or techniques that is/are appropriate in light of the nature, facts, and circumstances of the investment in the context of the total investment portfolio. In doing this, current market data and several inputs, including the nature of the investment, local market conditions, trading values on public exchanges for compa- rable securities, current and projected operating performance, and the financial situation of the investment, are evaluated and combined with market participant assumptions. In selecting the appropriate valuation technique for each particular investment, consideration of those specific terms of the investment that may impact its fair value is required. Different methodologies may be considered. The most applied methodologies at CapMan include available market price for actively traded (quoted) investments, earnings multiple valuation technique, whereby public peer group multiples are used to estimate the value of a particular investment, and the Discounted Cash Flows method, whereby estimated future cash flows and the terminal value are discounted to the present by applying the appropriate risk-adjusted rate. CapMan always applies a discount to peer group multiples, due to e.g. limited liquidity of the investments. Due to the qualitative nature of the valuation methodologies, the fair values are to a considerable degree based on CapMan\u2019s judgment. The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio (financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF Manag- er\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Commit- tee on a quarterly basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to the Audit Committee annually. Investments in real estate are valued at fair value based on appraisals made by independent external experts, who follow International Valuation Standards (IVS). The method most appropriate to the use of the property is always applied, or a combination of such methods. For the most part, the valuation methodology applied is the discounted cash flow method, which is based on signifi- cant unobservable inputs. These inputs include the following: Future rental cash inflows Based on the actual location, type and quality of the properties and supported by the terms of any existing lease, other contracts or external evidence such as current market rents for similar properties; Discount rates Reflecting current market assessments of the uncertainty in the amount and timing of cash flows; Estimated vacancy rates Based on current and expected future market conditions after expiry of any current lease; Property operating expenses Including necessary investments to maintain functionality of the property for its expected useful life; Capitalisation rates Based on actual location size and quality of the properties and taking into account market data at the valuation date; Terminal value Taking into account assumptions regarding maintenance costs , vacancy rates and market rents. On 24 February 2022, Russia began a full-scale invasion of Ukraine that is the largest conventional military attack on a sovereign state in Europe since World War II. In response, a large number of countries (including EU, the US and UK) began applying significant further sanctions on Russia with the aim of crippling the Russian economy. The conflict itself and the sanctions imposed in response is estimated to pose a substantial economic risk for the region and internationally. Direct and indirect impact of the conflict is reflected on the fair values of investee companies in form of revised earnings and cash flow forecasts. Moreover, management\u2019s judgement is reflected in investment recorded at fair value in the context of applying the discount rate to valuations based on peer group multiples.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "a) Liquidity risk Cash inflow from operating activities consists of predictable management fees and fees from the Service Business, as well as transaction-based fees and carried interest income, which are more difficult to predict. Cash outflow from operating activities consists of payment of fixed costs, in- terests and taxes, which are relatively well predictable in the short term. Liquidity management is also significantly impacted by the timing of the capital calls to the funds and proceeds from fund investments, which is difficult to predict. Therefore, the Group maintains a sufficient liquidity in order to fulfill its commitments, which are more difficult to predict. Cash from financing activities consist of proceeds from and repayment of borrowings, and payment of dividends and return of capital. Management fees received from the funds and majority of fees from the Service Business are based on long-term agreements and are targeted to cover the operational expenses of the Group. Management fees and majority of fees from the Service Business are quite reliably predictable for the coming 12 months. However, part of of the fees from the Service Business are transac- tion-based and thus more difficult to forecast. The timing and receipt of carried interest generated by the funds is uncertain and will contrib- ute to the volatility of the results. Changes in investment and exit activity levels may have a sig- nificant impact on cash flows of the Group. A single investment or exit may change the cash flow situation completely and the exact timing of the cash flow is difficult to predict. Group companies managing a fund may in certain circumstances, pursuant to the terms of the fund agreement, have to return carried interest income they have received (so-called clawback). The obligation to re- turn carried interest income applies typically when, according to the final distribution of funds, the carried interest income received by the fund management company exceeds the carried interest it is entitled to when the fund expires. CapMan has no clawback liabilities recorded at the balance sheet date. CapMan has made commitments to the funds it manages. As at December 31, 2022, the un- drawn commitments to the funds amounted to EUR 89.1 million (90.3) and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 73.8 million (83.2). The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 0.8 million (0.2) which is reported in fund investments in the group balance sheet. On April 13, 2022, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million. The notes will mature on April 13, 2027 and carry initially a fixed annual interest of 4.5%. In conjunction with this, CapMan redemeed the remaining EUR 31.5 million of its notes issued in 2018. These notes carried a fixed annual interest of 4.125% that was paid semi-annually. CapMan also has unsecured notes in the aggregate principal amount of EUR 50 million issued in December 2020, which will mature on December 9, 2025 and carry a fixed annual interest of 4.0% paid annually. Both loan agreements include covenants related to equity ratio. At the end of the financial year, CapMan has an unused long-term credit facility of EUR 20 million. CapMan has not used the credit facility during the financial year or the previous year. The long-term credit facility agreement includes a covenant related to net gearing. Maturity analysis 31 December 2022 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 50,000 40,000 Accounts payable 1,167 Interests, bonds 3,800 7,474 2,303 Company acquisitions liabilities 6,933 Commitments to funds 0 11,544 6,779 590 70,198 Lease liabilities (IFRS 16) 323 976 1,089 876 31 December 2021 1 000 EUR Due within 3 months Due between 3 and 12 months Due between 1 and 3 years Due between 3 and 5 years Due later Bonds 31,520 50,000 Accounts payable 1,230 Interests, bonds 3,300 4,650 2,000 Company acquisitions liabilities 7,183 Commitments to funds 328 11,830 8,897 590 68,695 Lease liabilities (IFRS 16) 237 686 689 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "c) Luottoriski Group\u2019s credit risks relate to trade, loan and other receivables recognised at amortised cost. The maximum credit loss of these receivables is the carrying amount of the receivable in question. There are no collaterals relating to the receivables. CapMan has some credit-impaired co-investment loan receivables from entities controlled by the former or current investment teams. Co-investment loans are determined to be credit-impaired, if the expected distributions from the underlying fund would not enable full repayment of the loan to CapMan. Events triggering an evaluation to determine, if a loan receivable is credit-impaired, are typically decreased or lost carry potential or decreased fair value of the underlying fund\u2019s remaining investments or fund filing for liquidation. More information on the expected credit losses of receivables is presented in notes 18 and 20. Group\u2019s loan commitments are related to co-investment loans granted to team entities, which they use in order to make co-investments to funds managed by the Group. Apart from credit-impaired loan receivables, credit risk of loan commitments is deemed low, when the repayment is subject to distributions received from the fund and the fund is capable of making distributions equaling or exceeding the needed cash for repaying the loans and accrued interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "d) Currency risk Changes in exchange rates, particularly between the US dollar and and the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would im- prove/weaken the fair value gains or US dollar fund investments and revenue related to US dollar nominated account receivables. CapMan has started to hedge its US dollar nominated account receivables against changes in exchange rates as of December 2022, and therefore, hedging will have a full impact as of 2023. The group does not, however, apply hedge accounting to the derivative instruments used for hedg- ing purposes. The group also has assets in Swedish kronos therefore the changes in exchange rates between the Swedish krono and the euro has also an impact to Group result. CapMan has subsidiaries outside of the Eurozone, and their equity is exposed to movements in foreign currency exchange rates. However, the Group does not hedge currency as the impact of exposure to currency movements on equity is relatively small. As at December 31, 2022, 87% of the Group\u2019s financial assets were in euros, 10% in US dol- lars 2% in Swedish krona and 1% in other currencies. The following table presents the fair values of the foreign currency denominated financial assets. Financial assets denominated in foreign currencies, in euros 1 000 EUR SEK USD Other currencies Total 2022 6,280 26,003 1,799 34,082 2021 4,369 23,268 729 28,366 The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate, have no significant direct impact on the fair values calculated by peer group multiples during the reporting period ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "e) Capital management Group\u2019s aim is to have an efficient capital structure that allows the company to manage its ongoing obligations and that the business has the prerequisites for operating normally. The Return on equi- ty (ROE) and the Equity ratio are the means for monitoring capital structure. The long-term targets and dividend policy of the Group have been confirmed by the Board of Di- rectors of CapMan Plc. The targets are based on profitability (ROE) and balance sheet. The return on equity target is more than 20 per cent p.a. on average, and target for Equity ratio at least 50%. The company\u2019s objective is to pay an annually increasing dividend to its shareholders. At the balance sheet date, CapMan has two unsecured senior bonds outstanding, of which the sustainability-linked unsecured bond of EUR 40 million, with initially fixed interest rate, will mature on April 13, 2027 and the other unsecured bond of EUR 50 million, with fixed interest rate, will mature on December 9, 2025. In addition, CapMan has a long-term credit facility of EUR 20 mil- lion available until August 5, 2024, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreeements include financial cove- nants related to both equity ratio and net gearing. 1 000 EUR 2022 2021 Interest-bearing loans 92,966 83,008 Cash and cash equivalents -55,571 -65,207 Net debt 37,395 17,801 Equity 142,144 127,394 Net gearing 26.3% 14.0% Return on equity 30.5% 29.4% Equity ratio 52.7% 53.3% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "f) Price risk of the investments in funds The investments in funds are valued using the International Private Equity and Venture Capital Valua- tion Guidelines. According to these guidelines, the fair values are generally derived by multiplying key performance metrics of the investee company (e.g., EBITDA) by the relevant valuation multiple (e.g., price/equity ratio) observed for comparable publicly traded companies or transactions. Changes in valuation multiples can lead to significant changes in fair values depending on the leverage ratio of the investee company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700498L5THNQWVL66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "g) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2022 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 169,063 1,197 0 167,866 Other non-current investments 434 408 0 25 Current financial assets at FVTPL* 65 0 65 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 236 129,776 130,012 Additions 29,313 29,313 Distributions -27,600 -27,600 Disposals -1 -1 Fair value gains/losses 36,685 36,685 Transfers* 961 -307 654 at the end of period 1,197 167,866 169,063 Other investments at Jan 1 368 0 25 393 Additions 45 45 Fair value gains/losses -5 -5 at the end of period 408 0 25 434 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classi- fied as fund investments. Fair value hierarchy of financial assets measured at fair value at 31 December 2021 1 000 EUR Fair value Level 1 Level 2 Level 3 Investments in funds 130,011 236 0 129,776 Other non-current investments 393 368 0 25 Current financial assets at FVTPL* 0 0 0 0 * Fair value through profit or loss. The different levels have been defined as follows: Level 1 Quoted prices (unjusted) in active markets for identical assets. Level 2 Other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as price) or indirectly (that is, derived from prices). Level 3 The asset that is not based on observable market data. Non-current investments at fair value through profit or loss 1 000 EUR Level 1 Level 2 Level 3 Total Investments in funds at Jan 1 951 115,115 116,066 Additions 20,912 20,912 Distributions -23,542 -23,542 Disposals -16,505 -16,505 Fair value gains/losses 34,135 34,135 Transfers* -715 -339 -1,054 at the end of period 236 129,776 130,011 Other investments at Jan 1 166 0 25 191 Additions 202 202 at the end of period 368 0 25 393 * Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments. Sensitivity analysis of Level 3 investments at 31 December 2022 Investment area Fair value MEUR 31.12.2022 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 18.7 Peer group Peer group earnings multiples EV/EBITDA 2022 9.3x +/- 10% +/- 1.3 MEUR Discount to peer group multiples 24% +/- 10% -/+ 0.5 MEUR Buyout 26.1 Peer group Peer group earnings multiples EV/EBITDA 2022 7.4x +/- 10% + /- 2.3 MEUR Discount to peer group multiples 16% +/- 1 % -/+ 0.6 MEUR Real Estate 44.0 Valuation by an independent valuer FX rate EUR/SEK 11.1218 EUR/DKK 7.4365 EUR/NOK 10.5138 +/- 1% +/- 1% +/- 1% +/- 0.1 MEUR +/- 0.1 MEUR +/- 0.0 MEUR Infra 13.1 Discounted cash flows Terminal value EV/EBITDA 17.1x +/- 5% +/- 1.0 MEUR Discount rate; market rate and risk premium 15% +/- 100 bps - / + 1.0 MEUR Credit 4.3 Discounted cash flows Discount rate; market rate and risk premium 10% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 2.9 Peer group Peer group earnings multiples EV/EBITDA 2022 7.6x +/- 10% +/- 0.2 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Investments in funds-of-funds 16.5 Reports from PE fund management company Investments in external venture capital funds 42.5 Reports from PE fund management company and possible adjustment by CapMan Company level negative adjustment for the reported value by CapMan 14% +/- 10% - 0.7 MEUR / + 0.7 MEUR Sensitivity analysis of Level 3 investments at 31 December 2021 Investment area Fair value MEUR 31.12.2021 Valuation methodology Unobservable inputs Used input value (weighted average) Change in input value Fair value sensitivity Growth 19.0 Peer group Peer group earnings multiples EV/EBITDA 2021 12.6x +/- 10% +/- 1.6 MEUR Discount to peer group multiples 31% +/- 10% -/+ 0.8 MEUR Buyout 10.9 Peer group Peer group earnings multiples EV/EBITDA 2021 8.2x +/- 10% + 3. 8 MEUR /- 3.7 MEUR Discount to peer group multiples 30% +/- 10% -/+ 1.9 MEUR Real Estate 44.0 Valuation by an independent valuer Infrastructure 10.5 Discounted cash flows Terminal value EV/EBITDA 17.8x +/- 5% +/- 0.8 MEUR Discount rate; market rate and risk premium 13% +/- 100 bps - / + 1.1 MEUR Russia 3.4 Peer group Peer group earnings multiples EV/EBITDA 2021 12.3x +/- 10% +/- 0.3 MEUR Discount rate; market rate and risk premium 44% +/- 10% -/+ 0.2 MEUR Credit 1.8 Discounted cash flows Discount rate; market rate and risk premium 9% +/- 100 bps - 0.1 MEUR / value increase based on a change in the discount rate is not booked Special Situations 1.9 Peer group Peer group earnings multiples EV/EBITDA 2021 16.0x +/- 10% +/- 0.1 MEUR Discount to peer group multiples 23% +/- 10% -/+ 0.0 MEUR Funds-of-funds 12.3 Reports from PE fund management company Investments in external venture capital funds 25.8 Reports from PE fund management company CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers. No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by CapMan for these adjustments. The changes in the peer group earnings multiples and the peer group discounts are typically op- posite to each other. Therefore, if the peer group multiples increase, a higher discount is typically applied. Because of this, a change in the peer group multiples may not in full be reflected in the fair values of the fund investments. The valuations are based on euro. If portfolio company\u2019s reporting currency is other than euro, P&L items used in the basis of valuation are converted applying the average foreign exchange rate for corresponding year and the balance sheet items are converted applying the rate at the time of reporting. Changes in the foreign exchange rates, in CapMan\u2019s estimate, have no significant direct impact on the fair values calculated by peer group multiples during the reporting period . The valuation of CapMan funds\u2019 investment is based on international valuation guidelines that are widely used and accepted within the industry and among investors. CapMan always aims at valuing funds\u2019 investments at their actual value. Fair value is the best estimate of the price that would be received by selling an asset in an orderly transaction between market participants on the measurement date. Determining the fair value of fund investments for funds investing in portfolio companies is carried out using International Private Equity and Venture Capital Valuation Guidelines (IPEVG). In estimating fair value for an investment, CapMan applies a technique or techniques that is/are appropriate in light of the nature, facts, and circumstances of the investment in the context of the total investment portfolio. In doing this, current market data and several inputs, including the nature of the investment, local market conditions, trading values on public exchanges for compa- rable securities, current and projected operating performance, and the financial situation of the investment, are evaluated and combined with market participant assumptions. In selecting the appropriate valuation technique for each particular investment, consideration of those specific terms of the investment that may impact its fair value is required. Different methodologies may be considered. The most applied methodologies at CapMan include available market price for actively traded (quoted) investments, earnings multiple valuation technique, whereby public peer group multiples are used to estimate the value of a particular investment, and the Discounted Cash Flows method, whereby estimated future cash flows and the terminal value are discounted to the present by applying the appropriate risk-adjusted rate. CapMan always applies a discount to peer group multiples, due to e.g. limited liquidity of the investments. Due to the qualitative nature of the valuation methodologies, the fair values are to a considerable degree based on CapMan\u2019s judgment. The Group has a Risk and Valuation team, which monitors the performance and the price risk of the investment portfolio (financial assets entered at fair value through profit or loss) independently and objectively of the investment teams. The Risk and Valuation team is responsible for reviewing the monthly reporting and forecasts for portfolio companies. Valuation proposals are examined by the Risk and Valuation team and subsequently reviewed and decided by the Valuation Committee, which comprises at least Valuation Controller, Risk Manager and at least one CapMan AIF Manag- er\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Commit- tee on a quarterly basis. The valuations are back tested against realised exit valuations, and the results of such back testing are reported to the Audit Committee annually. Investments in real estate are valued at fair value based on appraisals made by independent external experts, who follow International Valuation Standards (IVS). The method most appropriate to the use of the property is always applied, or a combination of such methods. For the most part, the valuation methodology applied is the discounted cash flow method, which is based on signifi- cant unobservable inputs. These inputs include the following: Future rental cash inflows Based on the actual location, type and quality of the properties and supported by the terms of any existing lease, other contracts or external evidence such as current market rents for similar properties; Discount rates Reflecting current market assessments of the uncertainty in the amount and timing of cash flows; Estimated vacancy rates Based on current and expected future market conditions after expiry of any current lease; Property operating expenses Including necessary investments to maintain functionality of the property for its expected useful life; Capitalisation rates Based on actual location size and quality of the properties and taking into account market data at the valuation date; Terminal value Taking into account assumptions regarding maintenance costs , vacancy rates and market rents. On 24 February 2022, Russia began a full-scale invasion of Ukraine that is the largest conventional military attack on a sovereign state in Europe since World War II. In response, a large number of countries (including EU, the US and UK) began applying significant further sanctions on Russia with the aim of crippling the Russian economy. The conflict itself and the sanctions imposed in response is estimated to pose a substantial economic risk for the region and internationally. Direct and indirect impact of the conflict is reflected on the fair values of investee companies in form of revised earnings and cash flow forecasts. Moreover, management\u2019s judgement is reflected in investment recorded at fair value in the context of applying the discount rate to valuations based on peer group multiples",
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