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"dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:743700498L5THNQWVL66", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-217": { "value": "-146000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-218": { "value": "244000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:743700498L5THNQWVL66", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-219": { "value": "41017000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-220": { "value": "55944000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-221": { "value": "Group information CapMan\u2019s business comprise of private equity fund management 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 estate and infrastructure assets in the Nordic countries. The Management Company Business also includes the wealth services offered to smaller investors. The Service Business is consisted of procure- ment 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 domi- ciled in Helsinki, with a registered office address at Ludviginkatu 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 2023 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 6, 2024. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "CapMan\u2019s business comprise of private equity fund management 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 estate and infrastructure assets in the Nordic countries. The Management Company Business also includes the wealth services offered to smaller investors. The Service Business is consisted of procure- ment 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", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "CapMan Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "Ludviginkatu 6, 00130 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "6, 00130 Helsinki, Finland. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "The Consolidated Financial Statements for 2023 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 6, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "1. Accounting policies Basis of preparation The Group\u2019s financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) in force at December 31, 2023 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 interpretations 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 \u2019Use of estimates\u2019. The Consolidated Financial Statements have been prepared under the historical cost convention, except for financial assets and liabilities valued at fair value through profit or loss. The infor- mation 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 financial year ended: The Group has applied the following amended standards and interpretations that have come into effect as of January 1, 2023. \u2022 Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates The above mentioned amendments had no material impact on the consolidated financial statements, but due to amendments to IAS 1, the Group has added a section describing the impact of climate change related risks to Group\u2019s financial statements in Note 32 Financial risk management. Adoption of new and amended standards and interpretations applicable in future financial years: The Group has not yet adopted the new and amended standards and interpretations already issued by the IASB, such as amend- ments to IAS 1 and IFRS 16. 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. The Group, however, does not expect these amendments to have a material 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, management has assessed that the following characteristics further support investment entity categorization: CapMan holds several invest- ments 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 majority, 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 specifically excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by controlling 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 controlling interest, and in the case of companies and busi- nesses 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 accordance 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 combined 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 (\u2019functional 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 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 condition 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 repayment 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 benefits 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 period, 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 expensed 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 installments 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. Performance 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 variable 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\u20132.0% 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 performance obligation in the contract and it is satisfied over time. Management company business also includes wealth management services to institutional clients, foundations, family debt instruments, such as investments to interest funds, made primarily for cash management purposes, are recognised at fair value through profit or loss. 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 inconsistency 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 financial 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 derecognition 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 assets 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 collecting 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 \u201cFair value changes of investments\u201d in the statement of compre- hensive income. Fair value information of the non-current 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 secu- rities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge accounting 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 interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201cFair 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 recognised 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 derivative 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 deter- minable and which are not quoted in an active market. They are included in current assets, except for maturities greater 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 economic 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 recog- nition 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 considered 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 administrative oversight. Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term deposits such as investments to money market funds. Cash assets have a maximum maturity of three months. 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-controlling 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. Impairment 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 5\u201310 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-gen- erating units, in other words at the smallest identifiable 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 projections, 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 recognised 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-generating 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 frequently if there is an indication that goodwill may be impaired, due to events and circumstances that may increase the probability 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 characteristics 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. Liquid current 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 satisfied 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 procurement services provided by CapMan Procurement services (CaPS). Until February 1, 2023, Service business also included JAY Solutions, which offered reporting and back office services to investors. 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 industry 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 preferential annual return is known as a hurdle rate, which is typically set between 7\u201310% 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 conjunction with the liquidation of a fund, it is recognised that the General 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 warranties have been given by the vendor in the sale and purchase agree- ment when the fund is towards the end of its lifecycle. Potential repayment risk to the funds (clawback) is estimated by the management at each reporting date. The management 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 adjust- ment 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. 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 accounting 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 state- ments 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 values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valua- tion 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, nature 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 related 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "Basis of preparation The Group\u2019s financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) in force at December 31, 2023 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 interpretations 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 \u2019Use of estimates\u2019. The Consolidated Financial Statements have been prepared under the historical cost convention, except for financial assets and liabilities valued at fair value through profit or loss. The infor- mation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "The Group\u2019s financial statements have been prepared in accor- dance with International Financial Reporting Standards (IFRS) in force at December 31, 2023 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 interpretations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "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, management has assessed that the following characteristics further support investment entity categorization: CapMan holds several invest- ments 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 majority, 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 specifically excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by controlling 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 controlling interest, and in the case of companies and busi- nesses 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 accordance 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 combined 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "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, management has assessed that the following characteristics further support investment entity categorization: CapMan holds several invest- ments 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 majority, 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 specifically excluded in the investment management mandate. Therefore, management has concluded that despite it from formal perspective exercises power over the funds by controlling 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 accounting 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 state- ments 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 values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valua- tion 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, nature 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 related 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "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 controlling interest, and in the case of companies and busi- nesses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "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 accordance 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 combined 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "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 (\u2019functional 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "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 (\u2019functional 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "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-controlling 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. Impairment 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 5\u201310 years Other intangible assets 3\u20135 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "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-controlling 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "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. Impairment 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 5\u201310 years Other intangible assets 3\u20135 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "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-gen- erating units, in other words at the smallest identifiable 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 projections, 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 recognised 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-generating 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 frequently if there is an indication that goodwill may be impaired, due to events and circumstances that may increase the probability of impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "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 characteristics 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. Liquid current debt instruments, such as investments to interest funds, made primarily for cash management purposes, are recognised at fair value through profit or loss. 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 inconsistency 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 financial 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 derecognition 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 assets 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 collecting 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 \u201cFair value changes of investments\u201d in the statement of compre- hensive income. Fair value information of the non-current 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 secu- rities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge accounting 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 interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201cFair 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 recognised 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 derivative 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 deter- minable and which are not quoted in an active market. They are included in current assets, except for maturities greater 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 economic 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 recog- nition 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 considered 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 administrative oversight. Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term deposits such as investments to money market funds. Cash assets have a maximum maturity of three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "An asset is eligible for derecognition 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "Fair value through profit or loss class comprises of financial assets that are equity instruments or acquired as held for trading, in which case they can be either equity or debt instruments or derivative instruments. Investments in listed shares, funds and interest-bearing secu- rities as well as those derivative instruments that do not meet the hedge accounting criteria or for which hedge accounting 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 change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201cFair 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 recognised 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 derivative 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "value": "Fair value information of the non-current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "value": "The change in fair value of current financial assets measured at fair value through profit or loss as well as dividend and interest income from short-term investments in listed shares and interest-bearing securities are presented on the line item \u201cFair 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 recognised 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 derivative 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "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 deter- minable and which are not quoted in an active market. They are included in current assets, except for maturities greater 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 economic indicators. In addition, materially overdue receivables are evaluated on a client basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "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 deter- minable and which are not quoted in an active market. They are included in current assets, except for maturities greater 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 economic 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 recog- nition 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 considered 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 administrative oversight", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "Cash and cash equivalents Cash and short-term deposits in the balance sheet comprise cash in banks and in hand, as well as liquid short-term deposits such as investments to money market funds. Cash assets have a maximum maturity of three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "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 condition 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "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 repayment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "Employee benefits 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "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 period, 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 expensed 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 installments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "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. Performance 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 variable 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\u20132.0% 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 performance obligation in the contract and it is satisfied over time. Management company business also includes wealth management 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 satisfied 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 procurement services provided by CapMan Procurement services (CaPS). Until February 1, 2023, Service business also included JAY Solutions, which offered reporting and back office services to investors. 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 industry 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 preferential annual return is known as a hurdle rate, which is typically set between 7\u201310% 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 conjunction with the liquidation of a fund, it is recognised that the General 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 warranties have been given by the vendor in the sale and purchase agree- ment when the fund is towards the end of its lifecycle. Potential repayment risk to the funds (clawback) is estimated by the management at each reporting date. The management 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 adjust- ment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "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 variable 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\u20132.0% 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 performance obligation in the contract and it is satisfied over time. Management company business also includes wealth management 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 satisfied 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 procurement services provided by CapMan Procurement services (CaPS). Until February 1, 2023, Service business also included JAY Solutions, which offered reporting and back office services to investors. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "tems affecting comparability and alternative performance measures CapMan uses alternative performance measures, such as adjusted operating profit (or \u2019comparable operating profit\u2019, having the same meaning), to denote the financial performance of its business and to improve the comparability between different periods. Alternative performance measures, as such are presented, are derived from performance measures as reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be nominated as adjusted. Such alternative performance measures are, for example, adjusted operating profit, adjusted profit for the period, and adjusted earnings per share. In addition, CapMan discloses alternative performance measures that have been derived from the beforementioned adjusted performance measures by further adding or deducting some income statement items that havebeen adjusted to exclude possible items impacting comparability. This kind of alternative performance measure is fee profit, which is adjusted operating profit or loss deducted with carried interest and fair value changes of investments. Items affecting comparability are, among others, material items related to mergers and acquisitions, such as amortisation and impairment of intangible assets recognised in the purchase price allocation, or costs related to major development projects, such as reorganisation costs. Items impacting comparability include also material gains or losses related to the acquisition or disposals of business units, material gains or losses related to the acquisition or disposal of intangible assets, material expenses related to decisions by authorities and material gains or losses related to reassessment of potential repayment risk to the funds. Items affecting comparability and alternative key figures are presented under the Segment information in the Note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "The preparation of the financial statements in conformity with IFRS standards requires Group management to make estimates and assumptions in applying CapMan\u2019s accounting 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 state- ments and on the reported amounts of income and expenses during the reporting period ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "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 values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of management judgment. Because there is significant uncertainty in the valua- tion 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, nature 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 related 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "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). Until February 1, 2023, Service business also included JAY Solutions, which offered reporting and back office services to investors. 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 intersegment transactions. 023 EUR 1,000 Management company business Service business Investment business Other Total Fee income 45,108 10,606 524 56,238 Carried interest 3,126 3,126 Turnover, external 48,234 10,606 524 59,364 Turnover, internal 3 44 \u201346 Materials and services \u20131,856 \u20131,856 Other operating income 60 19 79 Personnel expenses, of which \u201323,548 \u20131,899 \u2013346 \u20138,129 \u201333,921 Salaries and bonuses \u201323,548 \u20131,899 \u2013346 \u20137,160 \u201332,952 Share-based payment \u2013970 \u2013970 Depreciation, amortisation and impairment \u20131,048 \u2013127 \u201314 \u2013302 \u20131,491 Other operating expenses \u20136,648 \u2013637 \u2013139 \u20133,938 \u201311,362 Internal service fees \u20134,781 \u2013143 4,923 Fair value changes of investments \u20136,115 \u20136,115 Operating profit 12,212 6,048 \u20136,614 \u20136,949 4,697 Items impacting comparability: Reorganisation costs 1,466 12 1,478 Acquisition related expenses 566 566 Items impacting comparability, total 1,466 577 2,043 Adjusted operating profit 13,678 6,048 \u20136,614 \u20136,372 6,740 Financial items \u2013687 Income taxes \u2013618 Profit for the financial year 3,392 2023 EUR 1,000 Management company business Service business Investment business Other Total Items impacting comparability: Reorganisation costs 1,179 Acquisition related expenses 566 Items impacting comparability, total 1,744 Adjusted profit for the financial year 5,137 Earnings per share, cents 0.8 Items impacting comparability, cents 1.1 Adjusted earnings per share, cents 1.9 Earnings per share, diluted, cents 0.8 Items impacting comparability, cents 1.1 Adjusted earnings per share, diluted, cents 1.9 Fee profit: Operating profit (loss) 6,740 Less: Carried interest \u20133,126 Fair value changes of investments 6,115 Fee profit 9,729 Geographical distribution of turnover: Finland 30,868 Other countries 28,496 Total 59,364 2022 Management 2022 Management company Service Investment company Service Investment EUR 1,000 business business business Other Total EUR 1,000 business business business Other Total Fee income 46,249 11,117 553 57,919 Items impacting comparability: Carried interest 9,613 9,613 Goodwill impairment 2,600 Turnover 55,861 11,117 553 67,532 Items impacting comparability, total 2,600 Turnover, internal 83 534 \u2013617 Adjusted profit for the financial year 43,649 Materials and services \u2013985 \u2013985 Earnings per share, cents 25.1 Other operating income 2 2 Items impacting comparability, cents 1.7 Adjusted earnings per share, cents 26.8 Personnel expenses, of which \u201321,414 \u20133,331 \u2013459 \u20139,368\u201334,571 Salaries and bonuses \u201321,414 \u20133,331 \u2013459 \u20136,641\u201331,844 Earnings per share, diluted, cents 24.8 Share-based payment \u20132,727 \u20132,727 Items impacting comparability, cents 1.6 Depreciation, amortisation and Adjusted earnings per share, impairment \u2013947 \u20132,978 \u201310 \u2013245 \u20134,180 diluted, cents 26.4 Other operating expenses \u20136,652 \u20131,114 \u2013364 \u20133,106\u201311,236 Internal service fees \u20134,620 \u2013231 4,851 Fee profit: Fair value changes of investments 36,547 36,547 Operating profit (loss) 55,708 Less: Operating profit 22,312 3,015 35,714 \u20137,932 53,108 Carried interest \u20139,613 Fair value changes ofinvestments \u201336,547 Items impacting comparability: Fee profit 9,548 Goodwill impairment 2,600 2,600 Items impacting comparability, total 2,600 2,600 Geographical distribution of Adjusted operating profit 22,312 5,615 35,714 \u20137,932 55,708 turnover: Finland 38,032 Financial items \u20135,475 Other countries 29,500 Total 67,532 Income taxes \u20136,585 Profit for the financial year 41,049", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "3.Turnover Revenue from contracts with customers include management fees, service fees and carried interest. Management company business revenue is primarily related to long-term contracts. Management 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 management 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 carried interest, as well as timing of revenue recognition by reportable segment. 2023 Management company Service Investment EUR 1,000 business business business Other Total Management fees 39,034 39,034 Service fees 6,074 10,606 524 17,204 Carried interest 3,126 3,126 Revenue from customer contracts, external 48,234 10,606 524 59,364 Timing of Services transferred over time revenue recognition: 44,445 10,606 524 55,576 Services transferred at a point in time 3,788 3,788 Revenue from customer contracts, external 48,234 10,606 524 59,364 2022 Management company Service Investment EUR 1,000 business business business Other Total Management fees 38,847 38,847 Service fees 7,401 11,117 553 19,072 Carried interest 9,613 9,613 Revenue from customer contracts, external 55,861 11,117 553 67,532 Timing of Services transferred over time revenue recognition: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "3.Turnover Revenue from contracts with customers include management fees, service fees and carried interest. Management company business revenue is primarily related to long-term contracts. Management 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 management 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 carried interest, as well as timing of revenue recognition by reportable segment. 2023 Management company Service Investment EUR 1,000 business business business Other Total Management fees 39,034 39,034 Service fees 6,074 10,606 524 17,204 Carried interest 3,126 3,126 Revenue from customer contracts, external 48,234 10,606 524 59,364 Timing of Services transferred over time revenue recognition: 44,445 10,606 524 55,576 Services transferred at a point in time 3,788 3,788 Revenue from customer contracts, external 48,234 10,606 524 59,364 2022 Management company Service Investment EUR 1,000 business business business Other Total Management fees 38,847 38,847 Service fees 7,401 11,117 553 19,072 Carried interest 9,613 9,613 Revenue from customer contracts, external 55,861 11,117 553 67,532 Timing of Services transferred over time revenue recognition: 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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "Revenue from contracts with customers include management fees, service fees and carried interest. Management company business revenue is primarily related to long-term contracts. Management 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 management 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "4. Other operating income 2023 2022 Other items 79 2 Total 79 2", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "value": "4. Other operating income 2023 2022 Other items 79 2 Total 79 2", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": "5. Employee benefit expenses EUR 1,000 2023 2022 Salaries and wages 27,893 27,170 Pension expenses \u2013 defined contribution plans 3,966 3,894 Share-based payments 970 2,727 Other personnel expenses 1,092 780 Total 33,921 34,571 Remuneration of the management is presented in Note 31. Related party disclosures. Cost for the share-based payments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "Average number of people employed 2023 2022 By country Finland 133 141 Sweden 28 25 Denmark 10 8 Norway 2 2 Luxembourg 3 2 United Kingdom 7 7 In total 183 186 By segment Management company business 119 109 Service business 13 30 Investment business and other 51 46 In total 183 186", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "6. Depreciation EUR 1,000 2023 2022 Depreciation by asset type Intangible assets Other intangible assets 96 396 Total 96 396 Tangible assets Machinery and equipment 87 73 Right-of-use assets, buildings (IFRS 16) 1,297 1097 Right-of-use assets, machinery and equipment (IFRS 16) 11 14 Total 1,395 1,184 Total depreciation 1,491 1,580 Impairment by asset type Goodwill 0 2,600 Total impairments 0 2,600", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "value": "Impairment by asset type Goodwill 0 2,600 Total impairments 0 2,600", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "value": "
7. Other operating expenses
EUR 1,000
2023
2022
Included in other operating expenses:
Other personnel expenses
1,359
1,474
Office expenses
650
539
Travelling and entertainment
1,297
1,218
External services
6,081
5,551
Other operating expenses
1,975
2,454
Total
11,362
11,236
Short-term lease expense (IFRS 16)
96
97
Expense for leases of low-value assets (IFRS 16)
173
190
Audit fees
Ernst & Young chain of companies: EUR 1,000
2023
2022
Audit fees
371
361
Tax advisory services
57
0
Other fees and services
33
12
Total
461
373
Non-audit services performed by Ernst & Young in 2023 were 90 thousand euros (2022: 12
thousand euros in total) and included 57 (0) thousand euros of tax advisory services and 33 (12)
thousand euros of other fees and services in total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "Audit fees
Ernst & Young chain of companies: EUR 1,000
2023
2022
Audit fees
371
361
Tax advisory services
57
0
Other fees and services
33
12
Total
461
373
Non-audit services performed by Ernst & Young in 2023 were 90 thousand euros (2022: 12 thousand euros in total) and included 57 (0) thousand euros of tax advisory services and 33 (12) thousand euros of other fees and services in total.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "8. Adjustments to cash flow statement and total cash outflow for leases EUR 1,000 2023 2022 Personnel expenses 970 2,727 Depreciation, amortisation and write-downs 1,491 4,180 Fair value gains/losses ofinvestments 6,115 \u201336,547 Finance income and costs 687 5,475 Costs related to acquisitions \u201371 Taxes 618 6,585 Other adjustments \u2013144 \u201352 Total 9,666 \u201317,632 Total cash outflow for leases (IFRS 16) \u20131,333 \u20131,263", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "9. Fair value gains/losses of investments EUR 1,000 2023 2022 Investments at fair value through profit and loss Investments in funds \u20136,115 36,547 Total \u20136,115 36,547 17. Investments at fair value through profit or loss Investments in funds EUR 1,000 2023 2022 Investments in funds at 1 January 169,063130,011 Additions 18,097 29,312 Distributions \u201317,615 \u201327,598 Disposals \u20133,975 \u20131 Fair value gains/losses of investments \u20135,926 36,685 Transfers \u2013737 654 Investments in funds at 31 December 158,907169,063 Investments in funds by investment area at the end of period* Buyout 28,314 26,107 Credit 6,048 4,285 Russia 589 307 Real Estate 40,449 44,024 Growth Equity 15,170 18,573 Infra 10,059 12,810 Special Situations 3,105 2,925 Fund offunds 16,694 16,463 External Venture Capital funds 38,085 42,459 Other investment areas 394 1,110 Total 158,907169,063 Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR 100.9 million. The fair value included EUR 0.1 million of cash. Other financial assets 2023 2022 Other investments at 1 January 434 393 Additions 46 46 Fair value gains/losses ofinvestments 28 \u20135 Other investments at 31 December 508 434", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "9. Fair value gains/losses of investments EUR 1,000 2023 2022 Investments at fair value through profit and loss Investments in funds \u20136,115 36,547 Total \u20136,115 36,547 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "10. Finance income and costs EUR 1,000 2023 2022 Finance income Interest income from loan receivables 1,036 104 Exchange gains 30 491 Change in fair value of financial liabilities 3,122 250 Total 4,188 845 Finance costs Interest expenses for loans \u20133,814 \u20134,139 Change of expected credit losses \u201368 \u20131,670 Other interest and finance expenses \u2013570 \u2013437 Interest expense of lease liabilities (IFRS 16) \u2013168 \u201374 Exchange losses \u2013254 Total \u20134,874 \u2013 6,32", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "Finance income Interest income from loan receivables 1,036 104 Exchange gains 30 491 Change in fair value of financial liabilities 3,122 250 Total 4,188 845 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "Finance costs Interest expenses for loans \u20133,814 \u20134,139 Change of expected credit losses \u201368 \u20131,670 Other interest and finance expenses \u2013570 \u2013437 Interest expense of lease liabilities (IFRS 16) \u2013168 \u201374 Exchange losses \u2013254 Total \u20134,874 \u2013 6,320", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "11. Income taxes EUR 1,000 2023 2022 Current income tax 3,049 2,611 Taxes for previous years 101 131 Deferred taxes Temporary differences \u20132,532 3,842 Total 618 6,584 Income tax reconcilliation EUR 1,000 2023 2022 Profit before taxes 4,010 47,633 Tax calculated at the domestic corporation tax rate of 20% 802 9,527 Effect of different tax rates outside Finland 92 78 Tax exempt income \u20131,195 \u20134,622 Performance share plan \u2013230 \u2013225 Goodwill impairment 0 520 Ohter non-deductible expenses 161 690 Unrecognized tax assets on tax losses and use of previously unrecognised tax losses 931 599 Taxes for previous years 101 131 Other differences \u201344 \u2013113 Income taxes in the Group Income Statement 618 6,585", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "12. Earnings per share Undiluted earnings per share is calculated by dividing the distributable retained profit for the financial 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. 2023 2022 Profit attributable to the equity holders of the Company, EUR 1,000 1,346 39,616 Profit applied to calculate diluted earnings per share 1,346 39,616 Weighted average number of shares (\u2019000) 158,574157,560 Treasury shares (\u2019000) \u201326 \u201326 Weighted average number of shares (\u2019000) 158,548157,534 Effect ofshare-based incentive plans (\u2019000) 1,184 2,170 Weighted average number of shares adjusted for the effect of dilution (\u2019000) 159,731159,704 Earnings per share (basic), cents 0.8 25.1 Earnings per share (diluted), cents 0.8 24.8", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "13. Assets held for sale During the financial year, CapMan Plc and the non-controlling shareholders of JAY Solutions Oy, subsidiary of CapMan Plc, sold 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. The sale had a very minor impact on CapMan\u2019s result due to impairment loss written during the previous year 2022. 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 after the closing of the previous financial year, CapMan classified assets and liabilities related to JAY Solutions Oy as non-current assets held for sale 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 was reported under reportable segment Service Business (see Note 2), where JAY Solutions\u2019 assets and liabilities held for sale were included. The sale of shares had an insignificant impact on CapMan\u2019s EBIT in 2022 and did not either have a significant impact on CapMan\u2019s oper- ating profit or financial position in 2023. Assets and liabilities related to JAY Solutions Oy were classified as held for sale and disclosed separately in the Consolidated Balance Sheet as at December 31, 2022. The carrying amounts of those assets and liabilities are presented in the below table. As at December 31, 2023, CapMan did not have any assets held for sale. EUR 1,000 2023 2022 Goodwill 4,828 Other non-current assets 134 Current assets 807 Assets held for sale \u2013 5,769 Current liabilities 717 Liabilities associated with assets held for sale \u2013 717", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "14. Tangible assets EUR 1,000 2023 2022 Machinery and equipment Acquisition cost at 1 January 2,498 2,347 Additions 22 168 Transfer to assets held for sale 0 \u20138 Translation difference 1 \u20139 Acquisition cost at 31 December 2,521 2,498 Accumulated depreciation at 1 January \u20132,246 \u20132,183 Depreciation for the financial year \u201387 \u201373 Transfer to assets held for sale 0 3 Translation difference \u20131 7 Accumulated depreciation at 31 December \u20132,334 \u20132,246 Book value on 31 December 187 252 Right-of-use assets Machinery and equipment (IFRS 16) Additions 0 0 Depreciations \u201311 \u201314 Book value on 31 December 0 10 Leased premises (IFRS 16) Additions 1,944 2,840 Depreciations \u20131,297 \u20131,097 Book value on 31 December 3,932 3,285 Other tangible assets Acquisition cost at 1 January 23 23 Book value on 31 December 23 23 Tangible assets total 4,142 3,571", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "15. Goodwill EUR 1,000 2023 2022 Acquisition cost at 1 January 20,581 28,009 Transfer to assets held for sale 0 \u20137,428 Acquisition cost at 31 December 20,581 20,581 Accumulated impairment at 1 January \u201312,695 \u201312,695 Impairment 0 \u20132,600 Transfer to assets held for sale 0 2,600 Accumulated impairment at 31 December \u201312,695 \u201312,695 Book value on 31 December 7,886 7,886 Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2023 2022 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 Other 474 474 Total 7,886 12,714 JAY Solutions During the financial year, on February 1, 2023, CapMan disposed of JAY Solutions. Therefore, JAY Solutions was classified as an asset held for sale as at December 31, 2022, and its recoverable amount was 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 was lower than its carrying amount as at December 31, 2022, an impairment loss of EUR 2.6 million was recorded and reported on the line item Depreciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions was classified in the fair value hierarchy level 1, as it was based on the selling price agreed in the Share Purchase Agreement. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discounted 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: 2023 2022 Pre-tax discount rate 16.8% 17.8% Average turnover growth 18.0% 20.8% Average EBIT margin 35.2% 50.6% Terminal growth rate 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. As a risk-free rate, a reference rate of Finnish 10-year government bonds has been applied. The risk premium specific for Finland and risk-free interest rate have slightly decreased during the financial year, which has resulted in a 1 percentage point lower discount rate for 2023 than for 2022. Based on the impairment test, goodwill allocated to CapMan Wealth Services is not impaired. 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 sensitivity analysis, if turnover growth during the explicit forecasting period would be 12 percentage points lower, or alternatively, if average EBIT margin would be 14 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generating unit. At the moment, recoverable amount exceeds carrying amount by EUR 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "15. Goodwill EUR 1,000 2023 2022 Acquisition cost at 1 January 20,581 28,009 Transfer to assets held for sale 0 \u20137,428 Acquisition cost at 31 December 20,581 20,581 Accumulated impairment at 1 January \u201312,695 \u201312,695 Impairment 0 \u20132,600 Transfer to assets held for sale 0 2,600 Accumulated impairment at 31 December \u201312,695 \u201312,695 Book value on 31 December 7,886 7,886 Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows: EUR 1,000 2023 2022 CapMan Wealth Services 7,412 7,412 JAY Solutions 4,828 Other 474 474 Total 7,886 12,714 JAY Solutions During the financial year, on February 1, 2023, CapMan disposed of JAY Solutions. Therefore, JAY Solutions was classified as an asset held for sale as at December 31, 2022, and its recoverable amount was 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 was lower than its carrying amount as at December 31, 2022, an impairment loss of EUR 2.6 million was recorded and reported on the line item Depreciation, amortisation and impairment in the consolidated income statement and in reportable segment Service Business (see Note 2). The fair value of JAY Solutions was classified in the fair value hierarchy level 1, as it was based on the selling price agreed in the Share Purchase Agreement. CapMan Wealth Services Recoverable amount of CapMan Wealth Services is based on value-in-use using five-year discounted 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: 2023 2022 Pre-tax discount rate 16.8% 17.8% Average turnover growth 18.0% 20.8% Average EBIT margin 35.2% 50.6% Terminal growth rate 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. As a risk-free rate, a reference rate of Finnish 10-year government bonds has been applied. The risk premium specific for Finland and risk-free interest rate have slightly decreased during the financial year, which has resulted in a 1 percentage point lower discount rate for 2023 than for 2022. Based on the impairment test, goodwill allocated to CapMan Wealth Services is not impaired. 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 sensitivity analysis, if turnover growth during the explicit forecasting period would be 12 percentage points lower, or alternatively, if average EBIT margin would be 14 percentage points lower, recoverable amount would equal the carrying amount of the respective cash-generating unit. At the moment, recoverable amount exceeds carrying amount by EUR 12 million, and no reasonably possible change in any of the other key assumptions would lead to impairment . 16. Other intangible assets EUR 1,000 2023 2022 Acquisition cost at 1 January 6,616 6,944 Additions 16 166 Transfers 0 0 Transfer to assets held for sale \u201316 \u2013494 Acquisition cost at 31 December 6,616 6,616 Accumulated depreciation at 1 January \u20136,516 \u20136,484 Depreciation for the financial year \u201396 \u2013396 Transfer to assets held for sale 7 364 Accumulated depreciation at 31 December \u20136,605 \u20136,516 Book value on 31 December 10 100", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "16. Other intangible assets EUR 1,000 2023 2022 Acquisition cost at 1 January 6,616 6,944 Additions 16 166 Transfers 0 0 Transfer to assets held for sale \u201316 \u2013494 Acquisition cost at 31 December 6,616 6,616 Accumulated depreciation at 1 January \u20136,516 \u20136,484 Depreciation for the financial year \u201396 \u2013396 Transfer to assets held for sale 7 364 Accumulated depreciation at 31 December \u20136,605 \u20136,516 Book value on 31 December 10 100", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "16. Other intangible assets EUR 1,000 2023 2022 Acquisition cost at 1 January 6,616 6,944 Additions 16 166 Transfers 0 0 Transfer to assets held for sale \u201316 \u2013494 Acquisition cost at 31 December 6,616 6,616 Accumulated depreciation at 1 January \u20136,516 \u20136,484 Depreciation for the financial year \u201396 \u2013396 Transfer to assets held for sale 7 364 Accumulated depreciation at 31 December \u20136,605 \u20136,516 Book value on 31 December 10 100", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "18. Receivables \u2013 Non-current EUR 1,000 2023 2022 Trade receivables 4,134 5,188 Loan receivables 2,307 263 Other receivables 84 83 Accrued income 0 12 Total 6,525 5,545 Non-current trade receivables are related to previously offered fundraising and advisory services. 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 primarily include loans granted to investment teams for co-investments. Allowance for expected credit losses of loan receivables is presented below separately for portion measured at an amount equal to 12-month and lifetime expected credit losses. As at December 31, 2023 and 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. EUR 1,000 2023 2022 Loan receivables, gross 3,909 1,848 Loss allowance, 12-month ECL* \u201322 \u20134 Loss allowance, lifetime ECL* \u20131,581 \u20131,581 Loan receivables, net 2,307 263 * ECL = expected credit losses Other non-currrent receivables include primarily rental deposits. 20. Trade and other receivables EUR 1,000 2023 2022 Trade receivables 8,875 8,661 Loan receivables 815 815 Accrued income 1,839 1,648 Other receivables 8,853 9,593 Total 20,382 20,717 Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below. 2023 2022 Trade receivables, gross 9,007 8,770 Loss allowance \u2013132 \u2013109 Trade receivables, net 8,875 8,661 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. Loan receivables include mainly current loan receivables from related parties and other employees. 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 . Trade and other receivables by currency at end of year Amount in Trade and other receivables foreign currencyAmount in euros proportion EUR 19,459 72% USD 5,808 5,256 20% SEK 9,186 828 3% GBP 62 71 0% DKK 9,494 1,274 5% NOK 215 19 0%", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Allowance for expected credit losses of loan receivables is presented below separately for portion measured at an amount equal to 12-month and lifetime expected credit losses. As at December 31, 2023 and 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. EUR 1,000 2023 2022 Loan receivables, gross 3,909 1,848 Loss allowance, 12-month ECL* \u201322 \u20134 Loss allowance, lifetime ECL* \u20131,581 \u20131,581 Loan receivables, net 2,307 263 * ECL = expected credit losses Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below. 2023 2022 Trade receivables, gross 9,007 8,770 Loss allowance \u2013132 \u2013109 Trade receivables, net 8,875 8,661 Expected credit losses of other receivables measured at amortised cost is insignificant, and other receivables at amortised cost do not contain credit-impaired items ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "19. Deferred tax assets and liabilities Changes in deferred taxes during 2023: Charged to Income Translation Charged in EUR 1,000 12/31/2022Statement difference equity12/31/2023 Deferred tax assets Accrued differences 1,790 106 0 0 1,896 Total 1,790 106 0 0 1,896 Deferred tax liabilities Accrued differences 1,261 \u20131,113 0 0 148 Unrealised fair value changes 7,157 \u20131,314 0 0 5,843 Total 8,418 \u20132,427 0 0 5,991 Changes in deferred taxes during 2022: Charged to Income Translation Charged in EUR 1,000 12/31/2021Statement difference equity12/31/2022 Deferred tax assets Accrued differences 1,836 \u201346 0 0 1,790 Total 1,836 \u201346 0 0 1,790 Deferred tax liabilities Accrued differences 582 684 \u20135 0 1,261 Unrealised fair value changes 4,045 3,112 0 0 7,157 Total 4,627 3,796 \u20135 0 8,418", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "20. Trade and other receivables EUR 1,000 2023 2022 Trade receivables 8,875 8,661 Loan receivables 815 815 Accrued income 1,839 1,648 Other receivables 8,853 9,593 Total 20,382 20,717 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. Loan receivables include mainly current loan receivables from related parties and other employees. 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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "21. Financial assets at fair value through profit or loss EUR 1,000 2023 2022 Derivate assets 116 65 Interest rate funds 159 0 Total 275 65 Fair value of Foreign exchange forwards derivative instruments 116 65 Total 116 65 Nominal value of derivative instruments Foreign exchange forwards 5,320 6,327 Total 5,320 6,327 Financial assets at fair value through profit or loss include derivative assets and short-term investments made for cash management purposes in interest rate funds. 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 derivatives 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "22. Cash and cash equivalents EUR 1,000 2023 2022 Bank accounts 40,144 55,571 Money market funds 872 Total 41,017 55,571 Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash management purposes. 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 as at December 31, 2022 (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 2023 2022 Cash and cash equivalents in the balance sheet 41,017 55,571 Cash and cash equivalents related to assets held for sale 373 Cash and cash equivalents in the cash flow statement 41,017 55,944", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash management purposes. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Other reserves During the financial year, in conjunction with the final reward payment of the performance share plan 2022\u201323, a total of 794,419 shares were issued in a directed share issue without payment. During previous financial year, in conjunction with a partial reward payment of performance share plan 2020\u201323, 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. Share-based incentive plans are presented in Note 30. Share-based payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "(ixTransformValueError)", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "23. Share capital and shares Number of B 1000 shares Total At 1 January 2022 156,591 156,591 Directed share issue without payment 1,438 1,438 At 31 December 2022 158,029 158,029 Directed share issue without payment 794 794 At 31 December 2023 158,823 158,823 Share premium Other EUR 1,000 Share capital account reserves Total At 1 January 2022 772 38,968 52,718 92,458 Repayment of capital \u201317,297 \u201317,297 Other changes 4 4 At 31 December 2022 772 38,968 35,425 75,165 Repayment of capital \u201314,311 \u201314,311 At 31 December 2023 772 38,968 21,114 60,854 Other reserves During the financial year, in conjunction with the final reward payment of the performance share plan 2022\u201323, a total of 794,419 shares were issued in a directed share issue without payment. During previous financial year, in conjunction with a partial reward payment of performance share plan 2020\u201323, 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. 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 profit distribution and repayment of capital For the financial year 2022, dividend and repayment of invested unrestricted equity fund amounted to EUR 0.17 per share or EUR 26,9 million in total. Dividend and equity repayment was paid in two instalments, the first of which, amounting to EUR 14.2 million, was paid on March 24, 2023, and the second of which, amounting to EUR 12.7 million, was paid on September 22, 2023. The first instalment included a dividend of EUR 0.04 per share and an equity repayment of EUR 0.05 per share. The second instalment included a dividend of EUR 0.04 per share and an equity repayment of EUR 0.04 per share. As at December 31, 2023, CapMan Plc\u2019s distributable funds amounted to approximately EUR 37.5 million. The Board of Directors\u2019 resolution proposal to the General Meeting is a combined proposal of a dividend distribution and an authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects the overall dividend distribution to be EUR 0.10 per share for the financial period ended 31 December 2023. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR 0.06 per share would be paid for the financial period that ended on 31 December 2023 based on the balance sheet adopted for 2023. The dividend would be paid to a shareholder who on the record date of the payment, 2 April 2024, is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The payment date would be 9 April 2024. The Board of Directors further proposes to the General Meeting that the Board of Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.04 per share. The authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to resolve on the additional dividend in its meeting scheduled for 18 September 2024. Redemption obligation clause 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 2023 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "24. Interest-bearing loans and borrowings \u2013 Non-current EUR 1,000 2023 2022 Senior bonds 89,750 89,650 Lease liabilities (IFRS 16) 2,720 2,204 Total 92,470 91,854 In the previous financial year 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 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. 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. 27. Interest-bearing loans and borrowings \u2013 Current EUR 1,000 2023 2022 Short-term bank facility Lease liabilities (IFRS 16) 1,323 1,060 Liabilities to non-controlling interests 63 52 Total 1,386 1,112", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "25. Other non-current liabilities EUR 1,000 2023 2022 Acquisition related liabilities 0 6,933 Other liabilities 484 410 Total 484 7,343 In the previous year, acquisition related liabilities consists of call and put options, which were measured at fair value through profit or loss. The change of fair value was recorded as finance income or expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "25. Other non-current liabilities EUR 1,000 2023 2022 Acquisition related liabilities 0 6,933 Other liabilities 484 410 Total 484 7,343 In the previous year, acquisition related liabilities consists of call and put options, which were measured at fair value through profit or loss. The change of fair value was recorded as finance income or expense", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "26. Trade and other payables \u2013 Current EUR 1,000 2023 2022 Trade payables 2,101 1,167 Advance payments received 761 571 Accrued expenses 14,178 12,994 Acquisition related liabilities 3,842 0 Other liabilities 3,274 3,714 Total 24,155 18,446 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. Acquisition related liabilities consists of a symmetric put and call option arrangement made with the non-controlling interest of a subsidiary, which is measured at fair value through profit or loss. The change of fair value is recorded as finance income or expense. In the previous year, this financial liability was included in other non-current liabilities. Trade and other liabilities by currency at end of year Amount in Trade and other liabilities foreign currency Amount in euros Proportion EUR 19,726 82% SEK 32,121 2,895 12% GBP 559 644 3% DKK 5,551 745 3% NOK 1,636 146 1%", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Accrued expenses 14,178 12,994 Other liabilities 3,274 3,714 The most significant items in accrued expenses relate to accrued salaries and social benefit expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Other liabilities 3,274 3,714 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "30. Share-based payments As at the balance sheet date, CapMan has one investment based long-term share-based incentive plan \u201cShare plan 2022\u201325\u201d in force. The program \u201cShare plan 2020\u201323\u201d has ended and the rewards have been paid during the financial year. Share-based incentive plans 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\u201323 included one performance period. The performance period commenced on 1 April 2020 and ended on 31 March 2023. The participants might earn a performance-based reward from the performance period. The prerequisite for receiving reward on the basis of the plan was that a participant acquired company\u2019s shares or allocated previously owned company\u2019s shares up to the number determined by the Board of Directors. The perfor- mance-based reward from the plan was 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 remained 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 were paid in 2023 and the expense of the program in year 2023 totaled EUR 0.2 million. The plan was equity-settled by nature and while the participants earned a certain gross amount of reward shares, which was divided into portion paid in shares and portion paid in cash to cover the withholding tax consequences. The Board resolved to issue new shares to pay out the portion of the reward paid in shares. The investment-based long-term incentive plan 2022\u201325 includes three performance periods. The performance period commenced on 1 April 2022 and ends on 31 March 2023, 2024 and 2025, respectively. The participants may earn a perfor- mance-based reward from each of the performance periods and a matching reward from the 2022\u20132025 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 reward 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 perfor- mance 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 1.0 million (EUR 2.7 million). There were no liabilities arising from share- based payment transactions. As at the balance sheet date, based on the closing price of CapMan\u2019s share, it is estimated that for the Share plan 2022\u201325, the shares to be withheld and paid in cash to cover withholding tax liabilities will amount to EUR 1.0 million. Key information on the investment-based incentive plans is presented in the below table Share plan Share plan Investment-based incentive plans 2020\u20132023 2022\u20132025 Grant date 16.4.2020 13.4.2022 Vesting period starts 16.4.2020 13.4.2022 13.4.2024, 13.4.2025 ja Vesting period ends 31.8.2023 13.4.2026 Grant date share price, EUR 1.764 2.420 Share price at the end of the period, EUR 2.29 2.29 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 0.0 \u20130.3 Fair value of the plan, EUR million 3.4 3.0 Expense recorded during the financial year, EUR million 0.2 0.8 Cumulative expense recorded for the plan, EUR million 3.4 1.6 Future cash payment related to withholding taxes, EUR million \u2013 \u20131.0 Number of participants in the plan at the balance sheet date 0 22 Share plan Share plan Changes in the number of share rewards during the period 2020\u20132023 2022\u20132025 Outstanding in the beginning of the period 1.1.2022 1,485,000 3,938,348 Granted 0 919,573 Forfeited 0 967,569 Exercised 1,485,000 94,931 Expired 0 0 Exercised at the end of the period 31.12.2022 4,402,500 94,931 Outstanding at the end of the period 31.12.2022 0 3,795,420", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "31. Related party disclosures Parent company Parent company Group ownership of ownership of Group ownership of ownership of Group companies shares, % shares, % Group companies shares, % shares, % CapMan Plc, parent company Finland CapMan Infra Management Oy Finland 60% 60% CapMan Capital Management Oy Finland 100% 100% CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Sweden AB Sweden 100% 100% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan AB Sweden 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan AIFM Oy Finland 100% 100% CapMan Classic GP Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% Dividum Oy Finland 100% 100% CapMan Buyout Management Oy Finland 100% 100% RG Invest Oy Finland 100% 100% CapMan Hotels II Holding GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan Wealth Services Oy Finland 60% 60% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Special Situations Oy Finland 65% 65% CapMan Private Equity Advisors Limited Cyprus 100% 100% Nest Capital Management AB Sweden 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CaPS Baltic O\u00dc Estonia 56% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% Maneq 2010 AB Sweden 86% 86% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% Maneq 2005 AB Sweden 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% Maneq 2012 AB Sweden 100% 100% CMRF Advisors Oy Finland 60% 60% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CM Nordic Gems GP Oy Finland 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxemburg 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxemburg 100% 100% CapMan Real Estate UK Limited United Kingdom 100% CMNPI GP II Sarl Luxemburg 100% 100% Nest Capital 2015 GP Oy Finland 100% 100% CapMan Growth Equity III GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Management Oy Finland 65% 65% CapMan Growth Equity Oy Finland 100% 100% Exmo Solutions O\u00dc Estonia 56% CapMan Real Estate Manager S.A. Luxembourg 100% 100% Group ownership Group companies of shares, % 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 100% CapMan Infra Management Oy, filial i Sverige Sweden 60%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "31. Related party disclosures Parent company Parent company Group ownership of ownership of Group ownership of ownership of Group companies shares, % shares, % Group companies shares, % shares, % CapMan Plc, parent company Finland CapMan Infra Management Oy Finland 60% 60% CapMan Capital Management Oy Finland 100% 100% CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Sweden AB Sweden 100% 100% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan AB Sweden 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan AIFM Oy Finland 100% 100% CapMan Classic GP Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% Dividum Oy Finland 100% 100% CapMan Buyout Management Oy Finland 100% 100% RG Invest Oy Finland 100% 100% CapMan Hotels II Holding GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan Wealth Services Oy Finland 60% 60% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Special Situations Oy Finland 65% 65% CapMan Private Equity Advisors Limited Cyprus 100% 100% Nest Capital Management AB Sweden 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CaPS Baltic O\u00dc Estonia 56% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% Maneq 2010 AB Sweden 86% 86% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% Maneq 2005 AB Sweden 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% Maneq 2012 AB Sweden 100% 100% CMRF Advisors Oy Finland 60% 60% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CM Nordic Gems GP Oy Finland 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxemburg 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxemburg 100% 100% CapMan Real Estate UK Limited United Kingdom 100% CMNPI GP II Sarl Luxemburg 100% 100% Nest Capital 2015 GP Oy Finland 100% 100% CapMan Growth Equity III GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Management Oy Finland 65% 65% CapMan Growth Equity Oy Finland 100% 100% Exmo Solutions O\u00dc Estonia 56% CapMan Real Estate Manager S.A. Luxembourg 100% 100% Group ownership Group companies of shares, % 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 100% CapMan Infra Management Oy, filial i Sverige Sweden 60%", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "31. Related party disclosures Parent company Parent company Group ownership of ownership of Group ownership of ownership of Group companies shares, % shares, % Group companies shares, % shares, % CapMan Plc, parent company Finland CapMan Infra Management Oy Finland 60% 60% CapMan Capital Management Oy Finland 100% 100% CapMan Infra Lux Management S.\u00e1.r.l. Luxembourg 60% CapMan Sweden AB Sweden 100% 100% CapMan Growth Equity 2017 GP Oy Finland 100% 100% CapMan AB Sweden 100% 100% CapMan Nordic Infrastructure Manager S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Limited Guernsey 100% 100% CapMan Infra Lynx GP Oy Finland 60% CapMan (Guernsey) Buyout VIII GP Limited Guernsey 100% 100% CapMan Buyout XI GP S.\u00e1.r.l Luxembourg 100% 100% CapMan (Sweden) Buyout VIII GP AB Sweden 100% 100% CapMan AIFM Oy Finland 100% 100% CapMan Classic GP Oy Finland 100% 100% Nest Capital III GP Oy Finland 100% 100% CapMan Real Estate Oy Finland 100% 100% CapMan Procurement Services (CaPS) Oy Finland 93% 93% Dividum Oy Finland 100% 100% CapMan Buyout Management Oy Finland 100% 100% RG Invest Oy Finland 100% 100% CapMan Hotels II Holding GP Oy Finland 100% 100% CapMan RE II GP Oy Finland 100% 100% CapMan Wealth Services Oy Finland 60% 60% CapMan (Guernsey) Life Science IV GP Limited Guernsey 100% 100% CapMan Growth Equity II GP Oy Finland 100% 100% CapMan (Guernsey) Technology 2007 GP Limited Guernsey 100% 100% CapMan Special Situations GP Oy Finland 100% 100% CapMan (Sweden) Technology Fund 2007 GP AB Sweden 100% 100% CapMan Special Situations Oy Finland 65% 65% CapMan Private Equity Advisors Limited Cyprus 100% 100% Nest Capital Management AB Sweden 100% 100% RG Growth (Guernsey) GP Ltd Guernsey 100% 100% CM III Feeder GP S.\u00e1.r.l. Luxembourg 100% 100% CapMan (Guernsey) Investment Limited Guernsey 100% 100% CaPS Baltic O\u00dc Estonia 56% CapMan (Guernsey) Buyout IX GP Limited Guernsey 100% 100% Maneq 2010 AB Sweden 86% 86% CapMan Fund Investments SICAV-SIF Luxembourg 100% 100% Maneq 2005 AB Sweden 100% 100% CapMan (Guernsey) Buyout X GP Limited Guernsey 100% 100% CapMan Residential Manager SA Luxembourg 60% 60% RG Growth (Guernsey) II GP Ltd Guernsey 100% 100% CMRF Feeder GP S.\u00e1.r.l. Luxembourg 60% Maneq 2012 AB Sweden 100% 100% CMRF Advisors Oy Finland 60% 60% CapMan Nordic Real Estate Manager S.A. Luxembourg 100% 100% CM Nordic Gems GP Oy Finland 100% 100% CapMan Buyout X GP Oy Finland 100% 100% CMH II Feeder GP Sarl Luxemburg 100% 100% CapMan Endowment GP Oy Finland 100% 100% CapMan Nordic Infrastructure II Manager S.\u00e1.r.l. Luxemburg 100% 100% CapMan Real Estate UK Limited United Kingdom 100% CMNPI GP II Sarl Luxemburg 100% 100% Nest Capital 2015 GP Oy Finland 100% 100% CapMan Growth Equity III GP Oy Finland 100% 100% Kokoelmakeskus GP Oy Finland 100% 100% CapMan Growth Management Oy Finland 65% 65% CapMan Growth Equity Oy Finland 100% 100% Exmo Solutions O\u00dc Estonia 56% CapMan Real Estate Manager S.A. Luxembourg 100% 100% Group ownership Group companies of shares, % 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 100% CapMan Infra Management Oy, filial i Sverige Sweden 60%", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "Transactions with related parties In 2023, CapMan recorded fees, totalling approximately EUR 7 thousand, for financial and legal services to Momea Invest Oy, a controlled entity of Olli Liitola, member of the Board of Directors of CapMan Plc. In the previous financial year 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. Receivables from and liabilities to related parties EUR 1,000 2023 2022 Loan receivables, non-current, from related parties 242 235 Capital loan liability to related parties 120 Commitments to related parties EUR 1,000 2023 2022 Loan commitments 98 112", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "Management remuneration EUR 1,000 2023 2022 CEO Pia K\u00e5ll Salaries and other short-term employee benefits 351 Pension costs 62 Additional pension costs 35 Share-based payments 181 Total 630 CEO Joakim Frimodig Salaries and other short-term employee benefits 130 453 Pension costs 23 80 Additional pension costs 13 45 Share-based payments \u201368 793 Total 98 1,371 Management group excl. CEO Salaries and other short-term employee benefits 2,886 3,483 Share-based payments 585 1,106 Total 3,472 4,590 Remuneration and fees of the Board of Directors EUR 1,000 2023 2022 Joakim Frimodig as of March 15, 2023 291 Andreas Tallberg until March 15, 2023 16 69 Johan Bygge 44 44 Mammu Kaario 55 55 Catarina Fagerholm 45 45 Eero Heli\u00f6vaara until March 16, 2022 11 Olli Liitola 43 42 Johan Hammar\u00e9n 42 42 Yhteens\u00e4 537 309 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 contribution based pension insurance. The retirement age of the CEO is 63 years. The Management Group members, incl. CEO, have allocated a total of 780,000 shares (740,000 shares in 2022) to the investment-based long-term incentive plan 2022\u201325. The program PSP 2020\u201323 has ended and at the end of the previous financial year, the Management Group members had allocated a total of 660,000 shares to this plan. The Management Group members were not granted any stock options during the current or previous financial year. The Management Group and other employees have similar terms in the investment-based long-term incentive plans and stock options granted earlier (see Note 30).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
32. Financial risk management
The purpose of financial risk management is to ensure that the Group has adequate and effectively
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 measured 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 Manager\u2019s
Board of Directors. The portfolio company valuations are reviewed in the Valuation Committee 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,
interests 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 transaction-based
and thus more difficult to forecast.
The timing and receipt of carried interest generated by the funds is uncertain and will contribute
to the volatility of the results. Changes in investment and exit activity levels may have a significant
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 return 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, 2023, the
undrawn commitments to the funds amounted to EUR 85.2 (89.1) million and the financing capacity
available (cash available for use and third party financing facilities) amounted to EUR 59.2 (74.5)
million. The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 0.1
million (0.8) which is reported in fund investments in the group balance sheet.
In the previous financial year, 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 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
Due between
Due within 3 3 and 12 Due between Due between
31 December 2023, EUR 1,000 months months 1 and 3 years
3 and 5 years
Due later
Bonds
50,000
40,000
Accounts payable
2,101
Interests, bonds
3,800
5,474
503
Company acquisitions liabilities
3,842
Commitments to funds
4,194
11,371
6,187
13,151
50,287
Lease liabilities (IFRS 16)
308
882
2,852
Maturity analysis
Due between
Due within 3 3 and 12 Due between Due between
31 December 2022, EUR 1,000 months months 1 and 3 years
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
b) Interest rate risk
At 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
would have increased the interest rate by 0.500%-points, at maximum, for the remainder of the loan
term, but CapMan succeeded in fulfilling the sustainability-linked conditions and thus, the interest
rate will remain at 4.500% 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 EUR 1,000
2023
2022
Floating rate
0
0
Fixed rate
89,750
89,770
Total
89,750
89,770
c) Credit risk
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 compa- ny\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 improve/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 hedging purposes. 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, 2023, 87% of the Group\u2019s financial assets were in euros, 12% in US dollars 1% 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
Other
EUR 1,000
SEK
USD
currencies
Total
2023
2,925
25,158
2,271
30,354
2022
6,280
26,003
1,799
34,082
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 equity (ROE) and the Equity ratio are the means for monitoring capital structure. The long-term financial targets of the Group have been confirmed by the Board of Directors of CapMan Plc. The financial targets are based on growth, profitability and balance sheet.The combined growth objective for the Management Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan\u2019s equity ratio target is more than 50 per cent. The distribution policy was updated during the financial year by the Board of Directors of CapMan Plc. CapMan\u2019s objective is to distribute at least 70 per cent of the Group\u2019s profit attribut- able to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future invest- ments. Previously, CapMan\u2019s policy was 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 million available until August 5, 2024, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreements include financial covenants related to both equity ratio and net gearing.
EUR 1,000
2023
2022
Interest-bearing loans
93,856
92,966
Cash and cash equivalents
\u201341,017
\u201355,571
Net debt
52,839
37,395
Equity
115,125
142,144
Net gearing
45.9%
26.3%
Return on equity
2.6%
30.5%
Equity ratio
47.8%
52.7%
f) Price risk of the investments in funds The investments in funds are valued using the International Private Equity and Venture Capital Valuation Guidelines. According to these guidelines, the fair values are generally derived by multi- plying 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 transac- tions. Changes in valuation multiples can lead to significant changes in fair values depending on the leverage ratio of the investee company. g) Climate related risks The Group has assessed the impact of climate-related matters and whether climate related risks could be expected to result in material adjustments in the Group\u2019s financial statements. The Group
is committed to Science Based Targets and climate net zero target and has established short-term,
EUR 1,000
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
236
129,776
130,012
Additions
29,313
29,313
Distributions
\u201327,600
\u201327,600
Disposals
\u20131
\u20131
Fair value gains/losses
36,685
36,685
Transfers*
961
\u2013307
654
at the end of period
1197
167,866
169,063
Other investments
at Jan 1
368
0
25
393
Additions
45
45
Fair value gains/losses
\u20135
\u20135
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, classified as fund
investments,
Sensitivity analysis of Level 3 investments at 31 December 2023
Fair value MEUR, Used input value (weighted
Investment area
31.12.2023
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2023,11.2\u00d7
+/\u2013 10%
+/\u2013 0.8 MEUR
Growth Equity
15.2
Peer group
Discount to peer group multiples
22%
+/\u2013 10%
\u2013/+ 0.3 MEUR
Peer group earnings multiples
EV/EBITDA 2023,6.5\u00d7
+/\u2013 10%
+/\u2013 3.7 MEUR
Buyout
28.3
Peer group
Discount to peer group multiples
11%
+/\u2013 10%
\u2013/+ 0.9 MEUR
EUR/SEK 11.0960
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
40.4
Valuation by an independent FX rate
EUR/DKK 7.4529
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 11.2405
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 15.1\u00d7
+/\u2013 5%
+/\u2013 1.1 MEUR
Infrastructure
10.1
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Credit
6.0
Discounted cash flows Discount rate; market rate and
10%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
risk premium change in the discount rate is not booked
Peer group earnings multiples
EV/EBITDA 2023,7.4\u00d7
+/\u2013 10%
+/\u2013 0.2 MEUR
Special Situations
3.1
Peer group
Discount to peer group multiples
28%
+/\u2013 10%
\u2013/+ 0.1 MEUR
Investments in 16.0 Reports from PE fund
funds-of-funds management company
Investments in external 38.7 Reports from PE fund
venture capital funds management company
Sensitivity analysis of Level 3 investments at 31 December 2022
Fair Value MEUR, Used input value (weighted
Investment area
31 Dec 2022
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2022,9.3\u00d7
+/\u2013 10%
+/\u2013 1.3 MEUR
Growth
18.7
Peer group
Discount to peer group multiples
24%
+/\u2013 10%
\u2013/+ 0.5 MEUR
Peer group earnings multiples
EV/EBITDA 2022,7.4\u00d7
+/\u2013 10%
+/\u2013 2.3 MEUR
Buyout
26.1
Peer group
Discount to peer group multiples
16%
+/\u2013 10%
\u2013/+ 0.6 MEUR
EUR/SEK 11.1218
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
44.0
Valuation by an independent FX rate
EUR/DKK 7.4365
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 10.5138
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 17.1\u00d7
+/\u2013 5%
+/\u2013 1.0 MEUR
Infrastructure
13.1
Discounted cash flows Discount rate; market rate and
15%
+/\u2013 100 bps
\u2013/+ 1.0 MEUR
risk premium
Credit
4.3
Discounted cash flows Discount rate; market rate and
10%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
risk premium change in the discount rate is not booked
Peer group earnings multiples
EV/EBITDA 2022,7.6\u00d7
+/\u2013 10%
+/\u2013 0.2 MEUR
Special Situations
2.9
Peer group
Discount to peer group multiples
23%
+/\u2013 10%
\u2013/+ 0.0 MEUR
Investments in funds-of- 16.5 Reports from PE fund
funds management company
Investments in external Reports from PE fund Company level negative
venture capital funds 42.5 management company and adjustment for the reported
14%
+/\u2013 10%
\u20130.7 MEUR / + 0.7 MEUR
possible ajustment by CapMan value by CapMan
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 opposite 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 comparable 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 Manager\u2019s Board of Directors. The portfolio company valuations are reviewed in the Valuation Committee 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 significant 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 mid-term and long-term sustainability targets for CapMan Group as well as for its investment areas. The Group\u2019s largest assets consist of financial assets, and more precisely, of its own and external fund investments valued at fair value. Therefore, potential climate-related risks are primarily associated with CapMan\u2019s own fund investments, managed by CapMan\u2019s investment professionals, and with external fund investments. CapMan\u2019s commitment to climate net zero, combined with the valuation process described earlier, can therefore be seen taking sufficiently into account climate-re- lated matters impacting the fair value of the underlying portfolio companies, real estate properties and other holdings owned by CapMan\u2019s own funds. Fair value of external fund investments is based on external fund managers\u2019 valuations and no climate-related adjustments are made by CapMan. However, the Group sees that the industries, in which the portfolio companies of the external fund investments operate, are not materially subject to climate related risks with regards to their fair valuation. h) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2023
EUR 1,000
Fair value
Level 1
Level 2
Level 3
Investments in funds
158,907
980
0
157,927
Other non-current investments
508
482
0
25
Current financial assets at FVTPL*
275
116
159
0
* fair value through profit or loss The different levels have been defined as follows: Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets. Level 2 \u2013 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 \u2013 The asset that is not based on observable market data .
EUR 1,000
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
1,197
167,866
169,063
Additions
18,097
18,097
Distributions
\u201317,615
\u201317,615
Disposals
\u20133,975
\u20133,975
Fair value gains/losses
\u20135,926
\u20135,926
Transfers*
\u2013217
\u2013520
\u2013737
at the end of period
980
157,927
158,907
Other investments
at Jan 1
408
0
25
433
Additions
46
46
Fair value gains/losses
28
28
at the end of period
482
0
25
508
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund investments, Fair value hierarchy of financial assets measured at fair value at 31 December 2022
EUR 1,000
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 \u2013 Quoted prices (unjusted) in active markets for identical assets Level 2 \u2013 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 \u2013 The asset that is not based on observable market data ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "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, interests 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 transaction-based and thus more difficult to forecast. The timing and receipt of carried interest generated by the funds is uncertain and will contribute to the volatility of the results. Changes in investment and exit activity levels may have a significant 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 return 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, 2023, the undrawn commitments to the funds amounted to EUR 85.2 (89.1) million and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 59.2 (74.5) million. The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 0.1 million (0.8) which is reported in fund investments in the group balance sheet. In the previous financial year, 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 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 Due between Due within 3 3 and 12 Due between Due between 31 December 2023, EUR 1,000 months months 1 and 3 years 3 and 5 years Due later Bonds 50,000 40,000 Accounts payable 2,101 Interests, bonds 3,800 5,474 503 Company acquisitions liabilities 3,842 Commitments to funds 4,194 11,371 6,187 13,151 50,287 Lease liabilities (IFRS 16) 308 882 2,852 Maturity analysis Due between Due within 3 3 and 12 Due between Due between 31 December 2022, EUR 1,000 months months 1 and 3 years 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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "c) Credit risk 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
d) Currency risk
Changes in exchange rates, particularly between the US dollar and and the euro, impact the compa-
ny\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 improve/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 hedging
purposes.
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, 2023, 87% of the Group\u2019s financial assets were in euros, 12% in US dollars
1% 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
Other
EUR 1,000
SEK
USD
currencies
Total
2023
2,925
25,158
2,271
30,354
2022
6,280
26,003
1,799
34,082
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "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 equity (ROE) and the Equity ratio are the means for monitoring capital structure. The long-term financial targets of the Group have been confirmed by the Board of Directors of CapMan Plc. The financial targets are based on growth, profitability and balance sheet.The combined growth objective for the Management Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan\u2019s equity ratio target is more than 50 per cent. The distribution policy was updated during the financial year by the Board of Directors of CapMan Plc. CapMan\u2019s objective is to distribute at least 70 per cent of the Group\u2019s profit attribut- able to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future invest- ments. Previously, CapMan\u2019s policy was 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 million available until August 5, 2024, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreements include financial covenants related to both equity ratio and net gearing. EUR 1,000 2023 2022 Interest-bearing loans 93,856 92,966 Cash and cash equivalents \u201341,017 \u201355,571 Net debt 52,839 37,395 Equity 115,125 142,144 Net gearing 45.9% 26.3% Return on equity 2.6% 30.5% Equity ratio 47.8% 52.7% ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "h) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2023
EUR 1,000
Fair value
Level 1
Level 2
Level 3
Investments in funds
158,907
980
0
157,927
Other non-current investments
508
482
0
25
Current financial assets at FVTPL*
275
116
159
0
* fair value through profit or loss The different levels have been defined as follows: Level 1 \u2013 Quoted prices (unjusted) in active markets for identical assets. Level 2 \u2013 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 \u2013 The asset that is not based on observable market data
EUR 1,000
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
1,197
167,866
169,063
Additions
18,097
18,097
Distributions
\u201317,615
\u201317,615
Disposals
\u20133,975
\u20133,975
Fair value gains/losses
\u20135,926
\u20135,926
Transfers*
\u2013217
\u2013520
\u2013737
at the end of period
980
157,927
158,907
Other investments
at Jan 1
408
0
25
433
Additions
46
46
Fair value gains/losses
28
28
at the end of period
482
0
25
508
* Includes the change of cash and cash equivalents of the subsidiary CapMan Fund Investments SICAV-SIF, classified as fund
investments,
Fair value hierarchy of financial assets measured at fair value at 31 December 2022
EUR 1,000
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 \u2013 Quoted prices (unjusted) in active markets for identical assets
Level 2 \u2013 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 \u2013 The asset that is not based on observable market data
Sensitivity analysis of Level 3 investments at 31 December 2023
Fair value MEUR, Used input value (weighted
Investment area
31.12.2023
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2023,11.2\u00d7
+/\u2013 10%
+/\u2013 0.8 MEUR
Growth Equity
15.2
Peer group
Discount to peer group multiples
22%
+/\u2013 10%
\u2013/+ 0.3 MEUR
Peer group earnings multiples
EV/EBITDA 2023,6.5\u00d7
+/\u2013 10%
+/\u2013 3.7 MEUR
Buyout
28.3
Peer group
Discount to peer group multiples
11%
+/\u2013 10%
\u2013/+ 0.9 MEUR
EUR/SEK 11.0960
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
40.4
Valuation by an independent FX rate
EUR/DKK 7.4529
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 11.2405
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 15.1\u00d7
+/\u2013 5%
+/\u2013 1.1 MEUR
Infrastructure
10.1
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Credit
6.0
Discounted cash flows Discount rate; market rate and
10%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
risk premium change in the discount rate is not booked
Peer group earnings multiples
EV/EBITDA 2023,7.4\u00d7
+/\u2013 10%
+/\u2013 0.2 MEUR
Special Situations
3.1
Peer group
Discount to peer group multiples
28%
+/\u2013 10%
\u2013/+ 0.1 MEUR
Investments in 16.0 Reports from PE fund
funds-of-funds management company
Investments in external 38.7 Reports from PE fund
venture capital funds management company
Sensitivity analysis of Level 3 investments at 31 December 2022
Fair Value MEUR, Used input value (weighted
Investment area
31 Dec 2022
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2022,9.3\u00d7
+/\u2013 10%
+/\u2013 1.3 MEUR
Growth
18.7
Peer group
Discount to peer group multiples
24%
+/\u2013 10%
\u2013/+ 0.5 MEUR
Peer group earnings multiples
EV/EBITDA 2022,7.4\u00d7
+/\u2013 10%
+/\u2013 2.3 MEUR
Buyout
26.1
Peer group
Discount to peer group multiples
16%
+/\u2013 10%
\u2013/+ 0.6 MEUR
EUR/SEK 11.1218
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
44.0
Valuation by an independent FX rate
EUR/DKK 7.4365
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 10.5138
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 17.1\u00d7
+/\u2013 5%
+/\u2013 1.0 MEUR
Infrastructure
13.1
Discounted cash flows Discount rate; market rate and
15%
+/\u2013 100 bps
\u2013/+ 1.0 MEUR
risk premium
Credit
4.3
Discounted cash flows Discount rate; market rate and
10%
+/\u2013 100 bps
\u20130.1 MEUR / value change based on a
risk premium change in the discount rate is not booked
Peer group earnings multiples
EV/EBITDA 2022,7.6\u00d7
+/\u2013 10%
+/\u2013 0.2 MEUR
Special Situations
2.9
Peer group
Discount to peer group multiples
23%
+/\u2013 10%
\u2013/+ 0.0 MEUR
Investments in funds-of- 16.5 Reports from PE fund
funds management company
Investments in external Reports from PE fund Company level negative
venture capital funds 42.5 management company and adjustment for the reported
14%
+/\u2013 10%
\u20130.7 MEUR / + 0.7 MEUR
possible ajustment by CapMan value by CapMan
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
opposite 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
comparable 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 Manager\u2019s
Board of Directors. The portfolio company valuations are reviewed in the Valuation Committee 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 significant
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 .
EUR 1,000
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
236
129,776
130,012
Additions
29,313
29,313
Distributions
\u201327,600
\u201327,600
Disposals
\u20131
\u20131
Fair value gains/losses
36,685
36,685
Transfers*
961
\u2013307
654
at the end of period
1197
167,866
169,063
Other investments
at Jan 1
368
0
25
393
Additions
45
45
Fair value gains/losses
\u20135
\u20135
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, classified as fund investments,", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "33. Events after the financial year CapMan signed on 21 December 2023 an agreement on the acquisition of all the shares of Dasos Capital Oy (\u201cDasos\u201d) from the company\u2019s current shareholders. Dasos is a leading timberland and natural capital investment asset manager in Europe and a significant player globally. The acquisition will expand CapMan\u2019s activities into natural capital and timberland investments and will bring several opportunities to expand and develop Natural Capital as a new investment area through its offering in the form of other natural capital and impact products. In 2022, Dasos Group\u2019s adjusted turnover was EUR 4.5 million and operating profit was EUR 2.2 million. Operating profit for 2023 is projected at approximately EUR 2.7 million. The acquisition is estimated to expand CapMan\u2019s fee-generating assets under management by approximately EUR 630 million. The acquisition is intended to be completed during the first half of 2024, following the comple- tion of the conditions precedent. The equity price paid at closing equals the enterprise value of EUR 35 million adjusted with net debt/cash at closing and certain customary post-closing adjustments (the \u201cPurchase Price\u201d). CapMan intends to pay the Purchase Price by a directed share issue to the current shareholders of Dasos (the \u201cShare Issue\u201d) and with a cash component, which amounts to a maximum of approximately 9 per cent of the Purchase Price. The subscription price for the shares issued in the Share Issue is agreed at EUR 2.0938 per share, and the total number of issued shares is estimated at 18.3 million. The Purchase Price is now anticipated to be approximately EUR 41.6 million at closing. In addition, CapMan has committed to paying an additional earn-out consider- ation of a maximum EUR 5 million based on management fee turnover incurred in 2025 and 2026, payable when the management fees of the funds managed by Dasos exceed certain limits. The additional consideration will be paid later in 2026 and 2027 in CapMan\u2019s shares. On the balance sheet date, the completion of the acquisition was subject to CapMan\u2019s Extraordinary General Meeting held on January 18, 2024, authorising the Board of Directors to resolve on the issuance of new shares, and also conditional on the approvals by the Finnish Competition and Consumer Authority and the Finnish Financial Supervisory Authority as well as consents from certain investors of certain funds managed by Dasos. CapMan Extraordinary General Meeting authorised the Board of Directors to resolve on the issuance of new shares, and the Finnish Competition and Consumer Authority approved the transaction in the beginning of February 2024. On February 6, 2024, being the date when the financial statements were authorised for issue, the completion of the acquisition was still conditional on the approvals by the Finnish Financial Supervisory Authority as well as consents from certain investors of certain funds managed by Dasos.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }