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"entity": "scheme:743700498L5THNQWVL66", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-226": { "value": "41017000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-227": { "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. At the moment, CapMan does not have active continuing businesses in the Service Business. Through its investment business, CapMan invests in the private equity asset class, mainly in its own funds, but also selectively in funds managed by external fund managers. The parent company of the Group is CapMan Plc and is domiciled in Helsinki, with a registered office address at 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 2024 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 12, 2025. 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. Figures in the accounts have been rounded and consequently the sum of individual figures can deviate from the presented sum figure 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:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "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. At the moment, CapMan does not have active continuing businesses in the Service Business. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "CapMan Plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "value": "CapMan Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "value": "Ludviginkatu 6, 00130 Helsinki, Finland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "Finland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "Finland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "The Consolidated Financial Statements for 2024 have been approved for publication by CapMan Plc\u2019s Board of Directors on February 12, 2025", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "
1. Accounting policies
Basis of preparation
The Group\u2019s financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRS) in force at December 31, 2024 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, 2024.
\u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS
7 Financial Instruments: Disclosures, which introduced
disclosure requirements about a company\u2019s supplier finance
arrangements.
\u2022 Amendments to IAS 1 Presentation of Financial Statements,
which specify how a company is to determine, in the statement
of financial position, debt and other liabilities with an
uncertain settlement date.
\u2022 Amendments to IFRS 16 Leases, which specify how the
seller-lessee subsequently measures sale and leaseback
transactions.
The above mentioned amendments had no material impact on
the consolidated financial statements.
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 IFRS 18
Presentation and Disclosure in Financial Statements. 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 expects IFRS 18 to have a
limited impact on the structure and subtotals of the consolidated
income statement and disclosures given with regards to
management- defined performance measures, but does not
expect other amendments or new standards 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.
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 businesses
divested by the Group during the financial year up to the date on
which CapMan\u2019s controlling interest expires.
Associates
An associated company is an entity in which the Group has
significant influence but does not hold a controlling interest.
This is generally defined as existing when the Group holds, either
directly or indirectly, more than 20% of a company\u2019s voting rights.
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 invest-
ments 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 investments itself in the
funds, investments in the funds are held by several investors, the
investors are not related parties and the investments are held
mostly in form of equity.
Significant judgment applied by management in the preparation
of the consolidated financial statements \u2013 control over funds
One of the most significant judgments management made in
preparing the Company\u2019s consolidated financial statements is the
determination that Company does not have control over the funds
under its management. Control is presumed to exist when a parent
has power over the investee, has exposure to variable returns from
the fund and is able to use its power to affect the level of returns.
CapMan manages the funds against management fee received
from the investors on the basis of the investment management
mandate negotiated with the investors and it also makes direct
investments in the funds under its management. Accordingly,
CapMan was required to determine, whether it is acting primarily
as a principal or as an agent in exercising its power over the funds.
In the investment management mandate the investors have
set detailed instructions in all circumstances relating to the
management of the fund limiting the actual influence of the
general partner at very low. In general, having a qualified majority,
investors have a right to replace the general partner and/
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 reasonable approximation of the actual rate of exchange on
the date of the transaction is often used. Foreign exchange
differences for operating business items are recorded in the
appropriate income statement account before operating profit
and, for financial items, are recorded in financial income and
expenses. The Group\u2019s foreign currency items have not been
hedged.
In the consolidated financial statements, the income state- ments of subsidiaries that use a functional currency other than the euro are translated into euros using the average rates for the accounting period. Their balance sheets are translated using the closing rate on the balance sheet date. All resulting exchange differences are recognised in other comprehensive income. Translation differences caused by changes in exchange rates for the cumulative shareholders\u2019 equity of foreign subsidiaries have been recognised in other comprehensive income. Tangible assets Tangible assets have been reported in the balance sheet at their acquisition value less depreciation according to plan. Assets are depreciated on a straight-line basis over their estimated useful lives. The estimated useful lives are as follows: Machinery and equipment 4\u20135 years Other long-term expenditure 4\u20135 years The residual values and useful lives of assets are reviewed on every balance sheet date and adjusted to reflect changes in the expected economic benefits where necessary. Tangible assets include right-of-use assets measured in accordance with IFRS 16, which are disclosed in the notes. More information on these items is included in chapter Leases of Accounting Policies . Intangible assets Goodwill Goodwill acquired in a business merger is booked as the sum paid for a holding, the holding held by owners with a non-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 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 \u201dFair 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 securities 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 inter- est-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive 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 . Non-current assets held for sale and discontinued operations 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. An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement and figures for comparison periods are restated accordingly . 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 instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 31. 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
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 does not any more include continuing
active businesses. Procurement services provided by CapMan
Procurement services (CaPS) were sold in 2024 and classified
as discontinued operations. 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
agreement 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
adjustment to the related revenue recognised and is included in
the current accrued liabilities in the consolidated balance sheet.
Income taxes
Tax expenses in the consolidated income statement comprise
taxes on taxable income and changes in deferred taxes for the
financial period. Taxes are booked in the income statement
unless they relate to other areas of comprehensive income or
directly to items booked as equity. In these cases, taxes are
booked to either other comprehensive income or directly to
equity. Taxes on taxable income for the financial period are
calculated on the basis of the tax rate in force for the country
in question. Taxes are adjusted on the basis of deferred income
tax assets and liabilities from previous financial periods, if
applicable. The Group\u2019s taxes have been recognised during the
financial year using the average expected tax rate.
Deferred taxes are calculated on temporary differences
between the carrying amount and the tax base. Deferred taxes
have only been recognised to the extent that it is probable that
taxable profit will be available against which the deductible
temporary differences can be utilised. The largest temporary
differences arise from the valuation of investments at fair value.
Deferred taxes are not recognised for non-tax deductible amorti-
sation of goodwill. Deferred taxes have been measured at the
statutory tax rates enacted by the balance sheet date and that
are expected to apply when the related deferred tax is realised.
Items affecting comparability and alternative performance measures CapMan uses alternative performance measures, such as adjusted operating profit (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 have been 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.
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 valuation 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 33.
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 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "Basis of preparation The Group\u2019s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in force at December 31, 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "The Group\u2019s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) in force at December 31, 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "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, 2024. \u2022 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, which introduced disclosure requirements about a company\u2019s supplier finance arrangements. \u2022 Amendments to IAS 1 Presentation of Financial Statements, which specify how a company is to determine, in the statement of financial position, debt and other liabilities with an uncertain settlement date. \u2022 Amendments to IFRS 16 Leases, which specify how the seller-lessee subsequently measures sale and leaseback transactions. The above mentioned amendments had no material impact on the consolidated financial statements. 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 IFRS 18 Presentation and Disclosure in Financial Statements. 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 expects IFRS 18 to have a limited impact on the structure and subtotals of the consolidated income statement and disclosures given with regards to management- defined performance measures, but does not expect other amendments or new standards to have a material impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "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. 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 businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. Associates An associated company is an entity in which the Group has significant influence but does not hold a controlling interest. This is generally defined as existing when the Group holds, either directly or indirectly, more than 20% of a company\u2019s voting rights. 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 invest- ments 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 investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified majority, investors have a right to replace the general partner and/ 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "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 businesses divested by the Group during the financial year up to the date on which CapMan\u2019s controlling interest expires. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "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 invest- ments 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 investments itself in the funds, investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. Significant judgment applied by management in the preparation of the consolidated financial statements \u2013 control over funds One of the most significant judgments management made in preparing the Company\u2019s consolidated financial statements is the determination that Company does not have control over the funds under its management. Control is presumed to exist when a parent has power over the investee, has exposure to variable returns from the fund and is able to use its power to affect the level of returns. CapMan manages the funds against management fee received from the investors on the basis of the investment management mandate negotiated with the investors and it also makes direct investments in the funds under its management. Accordingly, CapMan was required to determine, whether it is acting primarily as a principal or as an agent in exercising its power over the funds. In the investment management mandate the investors have set detailed instructions in all circumstances relating to the management of the fund limiting the actual influence of the general partner at very low. In general, having a qualified 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 valuation 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 33. 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 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "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 reasonable 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "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. 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "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 \u201dFair 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 securities 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 inter- est-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "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 \u201dFair 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 securities 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 inter- est-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive 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:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "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 securities 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 inter- est-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "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 inter- est-bearing securities are presented on the line item \u201dFair value changes of investments\u201d in the statement of comprehensive 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "
Non-current assets held for sale and discontinued
operations
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. An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement and figures for comparison periods are restated accordingly ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "Non-current assets held for sale and discontinued operations 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. An operation is classified as discontinued, if it has been disposed of or is classified as held for sale, and represents a separate major line of business, which can be clearly distinguished and has been a cash-generating unit or a group of cash-generating units while being held for use. Discontinued operations are disclosed separately in the income statement and figures for comparison periods are restated accordingly . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "Non-current assets held for sale and discontinued operations 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.
An operation is classified as discontinued, if it has been
disposed of or is classified as held for sale, and represents
a separate major line of business, which can be clearly
distinguished and has been a cash-generating unit or a group
of cash-generating units while being held for use. Discontinued
operations are disclosed separately in the income statement and
figures for comparison periods are restated accordingly .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-274": { "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 instalments in the income statement over the vesting period of the rights concerned. An evaluation of how many options will generate an entitlement to shares is made at the end of every reporting period. Fair value is determined using the Black-Scholes pricing model. The terms of the stock option programs are presented in Note 31. Share- based payments", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "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 does not any more include continuing active businesses. Procurement services provided by CapMan Procurement services (CaPS) were sold in 2024 and classified as discontinued operations. 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 agreement 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 adjustment to the related revenue recognised and is included in the current accrued liabilities in the consolidated balance sheet", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-276": { "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 does not any more include continuing active businesses. Procurement services provided by CapMan Procurement services (CaPS) were sold in 2024 and classified as discontinued operations. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "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 amorti- sation 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "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 amorti- sation 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "
Items 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 have been 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "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 valuation 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 33. 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 16.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "
2. Segment information
CapMan has three operating segments: the Management company
business, Service business and Investments business. Segment
information only includes continuing operations.
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
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 no more has continuing active
businesses. Previously included procurement services (CaPS) have
been classified as a discontinued operation and therefore removed
from the segment information for the reporting and comparison
periods. The remaining part of the Service business contains the
discounting impact of long-term trade receivables stemming from
the earlier advisory services that were offered to private equity
investors. In the comparison year, 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.
2024 Management 2024 Management
company Service Investment company Service Investment
1,000
EUR
business business
business
Other
Total
1,000
EUR
business business
business
Other
Total
Continuing operations: Items impacting comparability:
Fee income
52,443
266
593
53,303
Purchase price allocation
Carried interest
4,318
4,318
amortisations
905
Turnover
56,761
266
593
57,621
Reorganisation costs
126
Turnover, internal
Acquisition related expenses
1,083
Items impacting comparability, total
2,114
Comparable result for the year
11,498
Materials and services
0
0
0
Other operating income
5
1
6
Earnings per share, cents
2.8
Personnel expenses, of which
\u201324,474
0
\u2013584
\u20138,272
\u201333,330
Items impacting comparability, cents
1.2
Comparable earnings per share, cents
4.0
Salaries and bonuses
\u201324,474
0
\u2013584
\u20137,660
\u201332,718
Share-based payment
\u2013612
\u2013612
Earnings per share, diluted, cents
2.8
Depreciation, amortisation and
impairment
\u20132,096
0
\u201312
\u2013336
\u20132,444
Items impacting comparability, cents
1.2
Other operating expenses
\u20137,696
0
\u2013286
\u20134,999
\u201312,981
Comparable earnings per share,
diluted, cents
4.0
Internal service fees
\u20135,304
5,304
Fair value changes of investments
7,789
7,789
Fee profit:
Operating profit
17,196
266
6,907
\u20137,708
16,660
Comparable operating profit
18,337
266
6,907
\u20136,473
19,037
Less:
Items impacting comparability:
Carried interest
\u20134,318
\u20134,318
Purchase price allocation
Fair value changes of investments
\u20137,789
\u20137,789
amortisations
1,132
1,132
Fee profit
14,019
266
\u2013882
\u20136,473
6,930
Reorganisation costs
10
147
157
Acquisition related expenses
1,088
1,088
turnover:
Geographical distribution of
Items impacting comparability, total
1,141
1,235
2,377
Finland
36,799
Comparable operating profit
18,337
266
6,907
\u20136,473
19,037
Other countries
20,821
Total
57,621
Financial items
\u20134,324
Income taxes
\u20132,952
Result for the year
9,385
2023 restated Management 2023 restated Management
company Service Investment company Service Investment
1,000
EUR
business business
business
Other
Total
1,000
EUR
business business
business
Other
Total
Continuing operations: Items impacting comparability:
Fee income
45,108
547
524
46,179
Reorganisation costs
1179
Carried interest
3,126
3,126
Acquisition related expenses
566
Turnover
48,234
547
524
49,305
Items impacting comparability, total
1,744
Turnover, internal
3
44
\u201346
Comparable result for the year
460
Materials and services
0
0
Earnings per share, cents
\u20131.9
Other operating income
57
19
76
Items impacting comparability, cents
1.1
Comparable earnings per share, cents
\u20130.8
Personnel expenses, of which
\u201323,548
\u2013147
\u2013346
\u20138,129
\u201332,169
Salaries and bonuses
\u201323,548
\u2013147
\u2013346
\u20137,160
\u201331,199
Earnings per share, diluted, cents
\u20131.9
Share-based payment
0
\u2013970
\u2013970
Items impacting comparability, cents
1.1
Depreciation, amortisation and Comparable earnings per share,
impairment
\u20131,048
\u201329
\u201314
\u2013302
\u20131,393
diluted, cents
\u20130.8
Other operating expenses
\u20136,648
\u2013174
\u2013139
\u20133,938
\u201310,899
Internal service fees
\u20134,781
\u20133
4,783
0
Fee profit:
Fair value changes of investments
\u20136,115
0
\u20136,115
Comparable operating profit (loss)
13,678
295
\u20136,614
\u20136,512
847
Less:
Operating profit (loss)
12,212
295
\u20136,614
\u20137,089
\u20131,196
Carried interest
\u20133,126
\u20133,126
Fair value changes of investments
6,115
0
6,115
Items impacting comparability:
Fee profit (loss)
10,552
295
\u2013499
\u20136,512
3,836
Reorganisation costs
1,466
12
1,478
Acquisition related expenses
566
566
turnover:
Geographical distribution of
Items impacting comparability, total
1,466
577
2,043
Finland
30,868
Comparable operating profit (loss)
13,678
295
\u20136,614
\u20136,512
847
Other countries
18,437
Total
49,305
Financial items
\u2013696
Income taxes
607
Result for the year
\u20131,285
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "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 long-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.
2024 Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
45,892
45,892
Service fees
6,551
266
593
7,411
Carried interest
4,318
4,318
Revenue from customer contracts,
external
56,761
266
593
57,621
Timing of
Services transferred over time
revenue recognition:
52,127
266
593
52,987
Services transferred at a point in
time
4,634
4,634
Revenue from customer contracts,
external
56,761
266
593
57,621
2023 restated Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
39,034
39,034
Service fees
6,074
547
524
7,145
Carried interest
3,126
3,126
Revenue from customer contracts,
external
48,234
547
524
49,305
Timing of
Services transferred over time
revenue recognition:
44,445
547
524
45,516
Services transferred at a point in
time
3,788
3,788
Revenue from customer contracts,
external
48,234
547
524
49,305
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "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 long-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.
2024 Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
45,892
45,892
Service fees
6,551
266
593
7,411
Carried interest
4,318
4,318
Revenue from customer contracts,
external
56,761
266
593
57,621
Timing of
Services transferred over time
revenue recognition:
52,127
266
593
52,987
Services transferred at a point in
time
4,634
4,634
Revenue from customer contracts,
external
56,761
266
593
57,621
2023 restated Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
39,034
39,034
Service fees
6,074
547
524
7,145
Carried interest
3,126
3,126
Revenue from customer contracts,
external
48,234
547
524
49,305
Timing of
Services transferred over time
revenue recognition:
44,445
547
524
45,516
Services transferred at a point in
time
3,788
3,788
Revenue from customer contracts,
external
48,234
547
524
49,305
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "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 long-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.
2024 Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
45,892
45,892
Service fees
6,551
266
593
7,411
Carried interest
4,318
4,318
Revenue from customer contracts,
external
56,761
266
593
57,621
Timing of
Services transferred over time
revenue recognition:
52,127
266
593
52,987
Services transferred at a point in
time
4,634
4,634
Revenue from customer contracts,
external
56,761
266
593
57,621
2023 restated Management
company Service Investment
1,000
EUR
business business
business
Other
Total
Management fees
39,034
39,034
Service fees
6,074
547
524
7,145
Carried interest
3,126
3,126
Revenue from customer contracts,
external
48,234
547
524
49,305
Timing of
Services transferred over time
revenue recognition:
44,445
547
524
45,516
Services transferred at a point in
time
3,788
3,788
Revenue from customer contracts,
external
48,234
547
524
49,305
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "
4. Other operating income
2024
2023 restated
Other items
6
76
Total
6
76
7. Other operating expenses
1,000
EUR
2024
2023 restated
Included in other operating expenses:
Other personnel expenses
1,436
1,283
Office expenses
684
611
Travelling and entertainment
1,055
1,263
External services
6,784
5,894
Other operating expenses
3,024
1,848
Total
12,981
10,899
Short-term lease expense (IFRS 16)
145
96
Expense for leases of low-value assets (IFRS 16)
121
173
Audit fees
Ernst & Young chain of companies: 1,000 EUR
2024
2023
Audit fees
437
371
Tax advisory services
19
57
Other fees and services
92
33
Total
548
461
Non-audit services performed by Ernst & Young in 2024 were 111 thousand euros (2023: 90 thousand euros in total) and included 19 (57) thousand euros of tax advisory services and 19 (57) thousand euros of other fees and services in total. In 2024 audit fees included 27 thousand euros (2023: 28) fees related to discontinuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "4. Other operating income
2024
2023 restated
Other items
6
76
Total
6
76
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "
5. Employee benefit expenses
1,000
EUR
2024
2023 restated
Salaries and wages
27,979
26,462
Pension expenses \u2013 defined contribution plans
3,249
3,717
Share-based payments
612
970
Other personnel expenses
1,489
1,021
Total
33,330
32,169
Remuneration of the management is presented in Note 32. 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 31.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "
Average number of people employed
2024
2023
By country
Finland
149
133
Sweden
27
28
Denmark
12
10
Norway
2
2
Luxembourg
3
3
United Kingdom
7
7
In total
200
183
By segment
Management company business
137
119
Service business
10
13
Investment business and other
54
51
In total
200
183
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "
6. Depreciation
1,000
EUR
2024
2023 restated
Depreciation by asset type
Intangible assets
Other intangible assets
1158
86
Total
1,158
86
Tangible assets
Machinery and equipment
76
87
Right-of-use assets, buildings (IFRS 16)
1,211
1,209
Right-of-use assets, machinery and equipment (IFRS 16)
0
11
Total
1,287
1,307
Total depreciation
2,444
1,393
Impairment by asset type
Goodwill
0
0
Total impairments
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "6. Depreciation
1,000
EUR
2024
2023 restated
Depreciation by asset type
Intangible assets
Other intangible assets
1158
86
Total
1,158
86
Tangible assets
Machinery and equipment
76
87
Right-of-use assets, buildings (IFRS 16)
1,211
1,209
Right-of-use assets, machinery and equipment (IFRS 16)
0
11
Total
1,287
1,307
Total depreciation
2,444
1,393
Impairment by asset type
Goodwill
0
0
Total impairments
0
0
Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows:
1,000
EUR
2024
2023
CapMan Wealth
7,412
7,412
Natural Capital
22,249
Other
474
474
Total
30,135
7,886
CapMan Wealth Recoverable amount of CapMan Wealth (previously 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. Key assumptions applied in the impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
19.0%
16.8%
Average turnover growth
14.3%
18.0%
Average EBIT margin
21.7%
35.2%
Terminal growth rate
2.0%
1.0%
Natural Capital Dasos Capital, which was acquired during the financial year (see Note 14), establishes a new cash-generating unit Natural Capital, onto which goodwill of EUR 22.2 million has been allocated. Recoverable amount of Natural Capital is based on value-in-use using five-year discounted cash flow projections based on a business plan approved by the management. Cash flows for the period extending over the planning period are calculated using the terminal value method. Key assumptions applied in the impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
15.6%
\u2013
Average turnover growth
13.3%
\u2013
Average EBIT margin
52.0%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign 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 Germany 10-year government bonds has been applied. Based on the impairment test, goodwill allocated to neither cash-generating unit was impaired, and recov- erable amounts of cash-generating units CapMan Wealth and Natural Capital exceed their carrying amounts by approximately EUR 2.5 million and EUR 1.5 million, respectively. Of key assumptions applied in CapMan Wealth\u2019s impairment test, recoverable amount is most sensitive to changes in EBIT margin and turnover growth during the explicit forecasting period (5 years). Based on the sensitivity analysis, if average EBIT margin would be 7%-points lower, or alternatively, if turnover growth during the explicit forecasting period would be 10%-points lower per annum, recoverable amount would equal the carrying amount of the respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment. Of key assumptions applied in Natural Capital\u2019s impairment test, recoverable amount is most sensitive to changes in discount rate, EBIT margin and terminal growth rate. Based on the sensitivity analysis, if discount rate would be 1.0%-points higher, average EBIT margin 2.3%-points lower, or alternatively, if terminal growth rate would be 0.7%-points lower, recoverable amount would equal the carrying amount of the respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "
7. Other operating expenses
1,000
EUR
2024
2023 restated
Included in other operating expenses:
Other personnel expenses
1,436
1,283
Office expenses
684
611
Travelling and entertainment
1,055
1,263
External services
6,784
5,894
Other operating expenses
3,024
1,848
Total
12,981
10,899
Short-term lease expense (IFRS 16)
145
96
Expense for leases of low-value assets (IFRS 16)
121
173
Audit fees
Ernst & Young chain of companies: 1,000 EUR
2024
2023
Audit fees
437
371
Tax advisory services
19
57
Other fees and services
92
33
Total
548
461
Non-audit services performed by Ernst & Young in 2024 were 111 thousand euros (2023: 90 thousand euros in total) and included 19 (57) thousand euros of tax advisory services and 19 (57) thousand euros of other fees and services in total. In 2024 audit fees included 27 thousand euros (2023: 28) fees related to discontinuing operations", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "
Audit fees
Ernst & Young chain of companies: 1,000 EUR
2024
2023
Audit fees
437
371
Tax advisory services
19
57
Other fees and services
92
33
Total
548
461
Non-audit services performed by Ernst & Young in 2024 were 111 thousand euros (2023: 90
thousand euros in total) and included 19 (57) thousand euros of tax advisory services and 19 (57)
thousand euros of other fees and services in total.
In 2024 audit fees included 27 thousand euros (2023: 28) fees related to discontinuing operations
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "
8. Adjustments to cash flow statement and total cash outflow for leases
1,000
EUR
2024
2023 restated
Personnel expenses
612
970
Depreciation, amortisation and write-downs
2,535
1,491
Fair value gains/losses of
investments
\u20137,789
6,115
Gain on sale of
subsidiaries
\u201364,025
0
Finance income and costs
4,330
687
Costs related to acquisitions and disposals
5,672
\u201371
Taxes
4,035
618
Other adjustments
35
\u2013144
Total
\u201354,595
9,666
Total cash outflow for leases (IFRS 16)
\u20131,386
\u20131,333
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "
9. Fair value gains/losses of investments
1,000
EUR
2024
2023 restated
Investments at fair value through profit and loss
Investments in funds
7,789
\u20136,115
Total
7,789
\u20136,115
18. Investments at fair value through profit or loss
Investments in funds
1,000
EUR
2024
2023
Investments in funds at 1 January
158,907
169,063
Additions
19,017
18,097
Acquisitions (see Note 14)
3,301
0
Distributions
\u201310,054
\u201317,615
Disposals
\u201315,623
\u20133,975
Fair value gains/losses of
investments
7,746
\u20135,926
Transfers
3,927
\u2013737
Investments in funds at 31 December
167,221
158,907
Investments in funds by investment area at the end of period*
Buyout
31,467
28,314
Credit
5,917
6,048
Russia
0
589
Real Estate
39,262
40,449
Growth Equity
15,023
15,170
Infra
17,684
10,059
Special Situations
3,789
3,105
Natural Capital
2,917
Fund of
funds
8,286
16,694
External Venture Capital funds
38,626
38,085
Other investment areas
4,250
394
Total
167,221
158,907
* Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of
EUR 111.3 million. The fair value included EUR 4.0 million of cash.
Other financial assets
2024
2023
Other investments at 1 January
508
434
Additions
42
46
Fair value gains/losses of
investments
21
28
Other investments at 31 December
571
508
22. Financial assets at fair value through profit or loss
1,000
EUR
2024
2023
Derivate assets
0
116
Interest rate funds
3,790
159
Total
3,790
275
Fair value of
Foreign exchange forwards
derivative instruments
\u201377
116
Total
\u201377
116
Nominal value of derivative instruments
Foreign exchange forwards
4,484
5,320
Total
4,484
5,320
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 .Financial assets
Balance
1,000
EUR
Note
sheet value
Fair value
2024
Investments at fair value through profit or loss
Investments in funds
18
167,221
167,221
Other financial assets*
18
571
571
Loan receivables
19
3,795
3,795
Trade and other receivables
19, 21
30,616
30,616
Financial assets at fair value
22
3,790
3,790
Cash and bank
23
90,142
90,142
Total
296,135
296,135
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss Financial assets
1,000
EUR
2023
Investments at fair value through profit or loss
Investments in funds
18
158,907
158,907
Other financial assets*
18
508
508
Loan receivables
19
3,122
3,122
Trade and other receivables
19, 21
23,785
23,785
Financial assets at fair value
22
275
275
Cash and bank
23
41,017
41,017
Total
227,614
227,614
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit and loss ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "9. Fair value gains/losses of investments
1,000
EUR
2024
2023 restated
Investments at fair value through profit and loss
Investments in funds
7,789
\u20136,115
Total
7,789
\u20136,115
18. Investments at fair value through profit or loss Investments in funds
1,000
EUR
2024
2023
Investments in funds at 1 January
158,907
169,063
Additions
19,017
18,097
Acquisitions (see Note 14)
3,301
0
Distributions
\u201310,054
\u201317,615
Disposals
\u201315,623
\u20133,975
Fair value gains/losses of
investments
7,746
\u20135,926
Transfers
3,927
\u2013737
Investments in funds at 31 December
167,221
158,907
Investments in funds by investment area at the end of period*
Buyout
31,467
28,314
Credit
5,917
6,048
Russia
0
589
Real Estate
39,262
40,449
Growth Equity
15,023
15,170
Infra
17,684
10,059
Special Situations
3,789
3,105
Natural Capital
2,917
Fund of
funds
8,286
16,694
External Venture Capital funds
38,626
38,085
Other investment areas
4,250
394
Total
167,221
158,907
* Investments in funds include the subsidiary, CapMan Fund Investments SICAV-SIF, with a fair value of EUR 111.3 million. The fair value included EUR 4.0 million of cash. Other financial assets
2024
2023
Other investments at 1 January
508
434
Additions
42
46
Fair value gains/losses of
investments
21
28
Other investments at 31 December
571
508
19. Receivables \u2013 Non-current
1,000
EUR
2024
2023
Trade receivables
3,426
4,134
Loan receivables
3,541
2,307
Other receivables
84
84
Accrued income
0
0
Total
7,052
6,525
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, 2024 and 2023, 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.
1,000
EUR
2024
2023
Loan receivables, gross
5,190
3,909
Loss allowance, 12-month ECL*
\u201368
\u201322
Loss allowance, lifetime ECL*
\u20131,581
\u20131,581
Loan receivables, net
3,541
2,307
*ECL = expected credit losses Other non-currrent receivables include primarily rental deposits 21. Trade and other receivables
1,000
EUR
2024
2023
Trade receivables
9,621
8,875
Loan receivables
254
815
Accrued income
1,783
1,839
Other receivables
15,702
8,853
Total
27,360
20,382
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below.
2024
2023
Trade receivables, gross
9,727
9,007
Loss allowance
\u2013106
\u2013132
Trade receivables, net
9,621
8,875
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 currency
Amount in euros
Proportion
EUR
26,770
78%
USD
4,799
4,619
13%
SEK
12,430
1,085
3%
GBP
69
83
0%
DKK
13,789
1,849
5%
NOK
72
6
0%
22. Financial assets at fair value through profit or loss
1,000
EUR
2024
2023
Derivate assets
0
116
Interest rate funds
3,790
159
Total
3,790
275
Fair value of
Foreign exchange forwards
derivative instruments
\u201377
116
Total
\u201377
116
Nominal value of derivative instruments
Foreign exchange forwards
4,484
5,320
Total
4,484
5,320
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 23. Cash and cash equivalents
1,000
EUR
2024
2023
Bank accounts
78,756
40,144
Money market funds
11,386
872
Total
90,142
41,017
Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash management purposes. At the end of the previous financial year, December 31, 2023, EUR 2.0 million of bank account balances was related to the launch of a new hotel real estate fund in 2019 and was not available for use by the group 25. Interest-bearing loans and borrowings -
1,000
EUR
2024
2023
Senior bonds
99,607
89,750
Lease liabilities (IFRS 16)
1,655
2,720
Total
101,262
92,470
During the financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5%. In conjunction with this, CapMan redemeed the EUR 50 million notes issued in 2020. CapMan also has unsecured sustainability-linked notes in the aggregate principal amount of EUR 40 million issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. 26. Other non-current liabilities
1,000
EUR
2024
2023
Other liabilities
547
484
Total
547
484
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by nature . 27. Trade and other payables \u2013 Current
1,000
EUR
2024
2023
Trade payables
1,284
2,101
Advance payments received
83
761
Accrued expenses
16,208
14,178
Acquisition related liabilities
0
3,842
Derivative liabilities
77
0
Other liabilities
1,725
3,274
Total
19,378
24,155
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
15,622
81%
SEK
26,394
2,303
12%
GBP
457
551
3%
DKK
5,714
766
4%
NOK
1,597
135
1%
28. Interest-bearing loans and borrowings \u2013 Current
1,000
EUR
2024
2023
Lease liabilities (IFRS 16)
1,271
1,323
Liabilities to non-controlling interests
0
63
Total
1,271
1,386
29. Financial assets and liabilities
Financial assets
Balance
1,000
EUR
Note
sheet value
Fair value
2024
Investments at fair value through profit or loss
Investments in funds
18
167,221
167,221
Other financial assets*
18
571
571
Loan receivables
19
3,795
3,795
Trade and other receivables
19, 21
30,616
30,616
Financial assets at fair value
22
3,790
3,790
Cash and bank
23
90,142
90,142
Total
296,135
296,135
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit
and loss
Financial assets
1,000
EUR
2023
Investments at fair value through profit or loss
Investments in funds
18
158,907
158,907
Other financial assets*
18
508
508
Loan receivables
19
3,122
3,122
Trade and other receivables
19, 21
23,785
23,785
Financial assets at fair value
22
275
275
Cash and bank
23
41,017
41,017
Total
227,614
227,614
*Other financial assets consists of financial assets that are specifically classified as investments at fair value through profit
and loss
Financial liabilities
Balance
1,000
EUR
Note
sheet value
Fair value
2024
Non-current liabilities
25
101,262
101,262
Non-current operative liabilities
26
547
547
Trade and other liabilities
27
19,378
19,378
Current liabilities
28
1,271
1,271
Total
122,458
122,458
Financial liabilities
1,000
EUR
2023
Non-current liabilities
25
92,470
92,470
Non-current operative liabilities
26
484
484
Trade and other liabilities
27
24,154
24,154
Current liabilities
28
1,386
1,386
Total
118,494
118,494
Net debt
Net debt
2024
2023
Cash and cash equivalents
90,142
41,017
Borrowings \u2013 repayable within one year
\u20131,271
\u20131,386
Borrowings \u2013 repayable after one year
\u2013101,262
\u201392,470
Net debt
\u201312,391
\u201352,839
Cash and cash equivalents
90,142
41,017
Gross debt \u2013 variable interest rates
\u20132,926
\u20134,106
Gross debt \u2013 fixed interest rates
\u201399,607
\u201389,750
Net debt
\u201312,391
\u201352,839
Changes in liabilities arising from financing activities
January 1, Other December
1,000
EUR
2024
Cash flows
changes 31, 2024
2024
Non-current loans and borrowings
89,750
9,566
291
99,607
Non-current lease liabilities
2,720
\u20131,216
151
1,655
Current loans and borrowings
63
0
\u201363
0
Current lease liabilities
1,323
\u201352
0
1,271
Total
93,856
8,299
379
102,533
January 1, Other December
1,000
EUR
2023
Cash flows
changes 31, 2023
2023
Non-current loans and borrowings
89,650
0
100
89,750
Non-current lease liabilities
2,204
\u20131,159
1,675
2,720
Current loans and borrowings
52
11
63
Current lease liabilities
1,060
\u20135
268
1,323
Total
92,966
\u20131,154
2,044
93,856
33. 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, 2024, the undrawn commitments to the funds amounted to EUR 66.8 (85.2) million and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 114.2 (59.2) million. The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 4.0 (0.1) million, which is reported in fund investments in the group balance sheet. During the financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5% paid annually. In conjunction with this, in June and December 2024, CapMan redemeed the EUR 50 million notes issued in 2020. CapMan also has unsecured sustain- ability-linked notes in the aggregate principal amount of EUR 40 million issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The sustainability targets of this loan were achieved already in 2023, which means its interest rate will remain unchanged till maturity. The sustainability targets of the loan maturing on June 10, 2029, will be reviewed on December 31, 2027, which may result in an increase of its interest rate by a maximum of 1.25 pp for the remainder of the term. Both loan agreements include covenants tied 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 2024, 1,000 EUR months months 1 and 3 years
3 and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Company acquisitions liabilities
0
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
Maturity analysis
Due between
Due within 3 3 and 12 Due between Due between
31 December 2024, 1,000 EUR 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
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%. Interest rate is also tied to reaching sustainability targets, and the outcome of reaching these targets may decrease or increase the margin by maximum of 0.025 pp. The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually. The terms of the bond include sustainability-linked targets, and the outcome of reaching these will be reviewed on December 31, 2027. Failure to fulfill the agreed sustainability-linked targets could increase the interest rate by 1.25 pp, at maximum, for the remainder of the loan term. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon rate of 4.5% paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate will remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2024
2023
Floating rate
0
0
Fixed rate
99,607
89,750
Total
99,607
89,750
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 19 and 21. 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 the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would 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. 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, 2024, 91% of the Group\u2019s financial assets were in euros, 7% 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
1,000
EUR
SEK
USD
currencies
Total
2024
2,195
21,052
2,484
25,731
2023
2,925
25,158
2,271
30,354
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 attrib- utable 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, EUR 40 million sustainability-linked unsecured bond maturing on April 13, 2027 and EUR 60 million sustainabili- ty-linked unsecured bond maturing on June 10, 2029. In addition, CapMan has a long-term credit facility of EUR 20 million available until June 17, 2027, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreeements include financial covenants related to both equity ratio and net gearing.
1,000
EUR
2024
2023
Interest-bearing loans
102,533
93,856
Cash and cash equivalents
\u201390,142
\u201341,017
Net debt
12,391
52,839
Equity
202,568
115,125
Net gearing
6.1%
45.9%
Return on equity
46.2%
2.6%
Equity ratio
59.0%
47.8%
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, 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 2024
1,000
EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
0
3,790
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
1,000
EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Acquisitions
3,301
Distributions
\u2013589
\u20139,465
\u20139,465
Disposals
\u201315,623
\u201315,623
Fair value gains/losses
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses
21
21
at the end of period
545
0
25
571
* 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 2023
1,000
EUR
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
1,000
EUR
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, Sensitivity analysis of Level 3 investments at 31 December 2024
Fair Value MEUR, Used input value (weighted
Investment area
31 December 2024
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2024 12.1\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Private Equity
50.3
Peer group Discount to peer group
20%
+/\u2013 10%
\u2013/+ 1.4 MEUR
multiples
EUR/SEK 11.4590
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
39.3
Valuation by an independent FX rate
EUR/DKK 7.4578
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 11.7950
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 14.6\u00d7
+/\u2013 5%
+/\u2013 1.2 MEUR
Infra
17.7
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Discount rate; market rate and \u20130.2 MEUR / value change
Credit
5.9
Discounted cash flows risk premium
10%
+/\u2013 100 bps
based on a change in the
discount rate is not booked
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Natural Capital
2.9
Valuation by an independent
valuer
Discount rate
4%
+\u20130.3%
\u2013/+ 0.9 MEUR
Investments in funds-of-funds
7.8
Reports from PE fund
FX rate
EUR/USD 1.0389
+/\u20131%
\u2013/+ 0.1 MEUR
management company
Investments in external venture 39.1 Reports from PE fund
capital funds management company
Sensitivity analysis of Level 3 investments at 31 December 2023
Fair Value MEUR, Used input value (weighted
Investment area
31 Dec 2023
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2023 10.5\u00d7
+/\u2013 10%
+/\u2013 4.9 MEUR
Private Equity
46.6
Peer group Discount to peer group
21%
+/\u2013 10%
\u2013/+ 1.3 MEUR
multiples
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
Infra
10.1
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Discount rate; market rate and \u2013 0.1 MEUR / value change
Credit
6.0
Discounted cash flows risk premium
10%
+/\u2013 100 bps
based on a change in the
discount rate is not booked
Investments in funds-of-funds
16.0
Reports from PE fund
FX rate
EUR/USD 1.1050
+/\u20131%
\u2013/+ 0.2 MEUR
management company
Investments in external venture 38.7 Reports from PE fund
capital funds management company
CapMan has made some investments also in funds that are not managed by CapMan Group companies. The fair values of these investments in CapMan\u2019s balance sheet are primarily based on the valuations by the respective fund managers. No separate sensitivity analysis is prepared by CapMan for these investments. However, CapMan evaluates the significant investments individually and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by CapMan for these adjustments. The changes in the peer group earnings multiples and the peer group discounts are typically 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. The investments in natural capital funds that CapMan manages are valued based on appraisals made in cooperation with independent appraisers with specific experience in the valuation of investments in timberland assets. The main forest valuation approaches include income approach where the value is the net present value of expected cash flows discounted at a current market rate, cost approach where the value is based on historical investment cost of the forest asset (land cost, planting and management cost etc.) and market approach where the value is based on the transaction values of comparable forest assets. Valuations based on appraisals by Independent external experts are updated annually for closed-end funds and quarterly for open-ended funds.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "
10. Finance income and costs
1,000
EUR
2024
2023 restated
Finance income
Interest income from loan receivables
1,582
1,036
Exchange gains
161
17
Change in fair value of financial liabilities
0
3,122
Other financing income
187
Total
1,930
4,174
Finance costs
Interest expenses for loans
\u20135,213
\u20133,809
Change of expected credit losses
\u20132
\u201368
Other interest and finance expenses
\u2013548
\u2013571
Interest expense of lease liabilities (IFRS 16)
\u2013118
\u2013168
Exchange losses
\u2013179
\u2013254
Total
\u20136,253
\u20134,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "10. Finance income and costs
1,000
EUR
2024
2023 restated
Finance income
Interest income from loan receivables
1,582
1,036
Exchange gains
161
17
Change in fair value of financial liabilities
0
3,122
Other financing income
187
Total
1,930
4,174
Finance costs
Interest expenses for loans
\u20135,213
\u20133,809
Change of expected credit losses
\u20132
\u201368
Other interest and finance expenses
\u2013548
\u2013571
Interest expense of lease liabilities (IFRS 16)
\u2013118
\u2013168
Exchange losses
\u2013179
\u2013254
Total
\u20136,253
\u20134,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "10. Finance income and costs
1,000
EUR
2024
2023 restated
Finance income
Interest income from loan receivables
1,582
1,036
Exchange gains
161
17
Change in fair value of financial liabilities
0
3,122
Other financing income
187
Total
1,930
4,174
Finance costs
Interest expenses for loans
\u20135,213
\u20133,809
Change of expected credit losses
\u20132
\u201368
Other interest and finance expenses
\u2013548
\u2013571
Interest expense of lease liabilities (IFRS 16)
\u2013118
\u2013168
Exchange losses
\u2013179
\u2013254
Total
\u20136,253
\u20134,870
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "
11. Income taxes
1,000
EUR
2024
2023 restated
Current income tax
3,280
1,840
Taxes for previous years
\u201325
84
Deferred taxes
Temporary differences
\u2013303
\u20132,531
Total
2,952
\u2013607
Income tax reconcilliation
1,000
EUR
2024
2023
Profit before taxes
12,336
\u20131,892
Tax calculated at the domestic corporation tax rate of
20%
2,467
\u2013378
Effect of
different tax rates outside Finland
80
90
Tax exempt income
\u20131,337
\u20131,217
Performance share plan
5
\u2013230
Ohter non-deductible expenses
577
158
Unrecognized tax assets on tax losses and use of previously unrecognised
tax losses
1,082
931
Taxes for previous years
\u201324
83
Other differences
102
\u201344
Income taxes in the Group Income Statement
2,952
\u2013607
20. Deferred tax assets and liabilities Changes in deferred taxes during 2024:
Charged
to Income Translation Charged in
1,000
EUR
31.12.2023
Statement difference equity 31.12.2024
Deferred tax assets
Accrued differences
1,896
\u2013163
0
0
1,733
Total
1,896
\u2013163
0
0
1,733
Deferred tax liabilities
Accrued differences
148
\u2013246
\u20131
2,708
2,609
Unrealised fair value changes
5,843
\u2013215
0
300
5,928
Total
5,991
\u2013461
\u20131
3,008
8,537
Changes in deferred taxes during 2023:
Charged
to Income Translation Charged in
1,000
EUR
31.12.2022
Statement difference equity 31.12.2023
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "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. Undiluted
earnings per share from continuing operations is calculated by dividing the distributable retained
profit for the financial year from continuing operations 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.
2024
2023 restated
Continuing and discontinued operations in total:
Result for the financial year, (1,000 EUR)
73,466
3,392
Result attributable to the non-controlling interest, (1,000 EUR)
\u20134,893
\u20132,047
Result attributable to the equity holders of
Continuing operations:
the Company, (1,000 EUR)
68,573
1,346
Result for the financial year from continuing operations, (1,000 EUR)
9,385
\u20131,285
Result attributable to the non-controlling interest from continuing operations,
(1,000
EUR)
\u20134,579
\u20131,707
Result attributable to the equity holders of
operations, (1,000 EUR)
the Company from continuing
4,806
\u20132,992
Weighted average number of shares (\u2019000)
173,807
158,574
Treasury shares (\u2019000)
\u201326
\u201326
Weighted average number of shares (\u2019000)
173,781
158,548
Effect of
share-based incentive plans (\u2019000)
599
1,184
Weighted average number of shares adjusted for the effect of dilution (\u2019000)
174,380
159,731
Earnings per share attributable to the equity holders of the Company:
Earnings per share (undiluted), cents
39.5
0.8
Earnings per share (diluted), cents
39.3
0.8
Earnings per share from continuing operations attributable to the equity
holders of the Company:
Earnings per share from continuing operations (undiluted), cents
2.8
\u20131.9
Earnings per share from continuing operations (diluted), cents
2.8
\u20131.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "
13. Discontinued operations
On October 4, 2024, CapMan Plc signed an agreement with Proxer Bidco Oy to sell its ownership
(92.7%) in subsidiary CapMan Procurement Services (CaPS) Ltd (\u201cCaPS\u201d) together with subsidiary\u2019s
non-controlling interest (7.3%). The transaction was closed on October 31, 2024. Debt free purchase
price was EUR 70 million, of which CapMan\u2019s share is EUR 64.9 million, and in addition, CapMan is
entitled to a maximum of EUR 4.6 million earn-out consideration, subject to CaPS reaching certain
operating targets during 2025.
CapMan has classified CaPS business as a discontinued operation in the income statement and
restated the comparison periods\u2019 income statement and segment information accordingly. Advisory
expenses and success bonuses relating to the disposal of CaPS have been included in the net gain
on disposal of the discontinued operations. CaPS comprised the majority of CapMan\u2019s reporting
segment Service Business, and after disposal there are no actively managed operations left in the
Service Business. The remaining items in the Service Business turnover relate to income impact from
discounted long-term trade receivables stemming from the former private equity advisory services.
Below table summarises the income statement by line item from discontinued operations for the
financial and comparison year:
1,000
EUR
2024
2023
Turnover, external
9,533
10,059
Other operating income
3
3
Operating expenses
\u20134,388
\u20134,169
Operating profit
5,148
5,893
Financial income and expenses
\u20137
9
Gain on sale from discontinued operations*
60,025
Profit before taxes
65,166
5,902
Income taxes
related to ordinary business
\u20131,083
\u20131,225
related to disposal
0
Profit after taxes
64,083
4,677
*less advisory and success fees
Below table sets forth the share of cash flows attributable to discontinued operations:
1,000
EUR
2024
2023
Cash flow from operating activities
4,131
5,028
Cash flow from investing activities
59,039
0
Cash flow from financing activities
\u2013628
\u2013295
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "14. Acquisitions On 21 December 2023, CapMan signed an agreement regarding the acquisition of all the shares of Dasos Capital Oy from the company\u2019s current shareholders. The acquisition was completed on March 1, 2024, following 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. The purchase price was paid by executing a directed issue of 17,672,761 new CapMan shares to the owners of Dasos Capital Oy, representing approximately 10.0% ownership in CapMan, and by a cash consideration of EUR 3.0 million. Fair value of the issued shares amounted to EUR 34.4 million on the acquisition date, based on the closing price of EUR 1.948 per share, and was recognised in the share capital. Cash consider- ation was adjusted in Q3 2024 by EUR \u20130.2 million based on the final closing accounts. In addition, CapMan has committed to paying an additional earn-out consideration 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. Dasos Capital Oy is a leading timberland and natural capital investment asset manager in Europe and a significant player globally. Dasos focuses on managing sustainable timberland investments, natural sites and forest carbon sinks, as well as developing value in Europe and emerging markets. The investors in the funds managed by Dasos are domestic and foreign institutions, mainly pension and insurance companies. The acquisition supports CapMan\u2019s vision of becoming the most respon- sible private asset company in the Nordics and significantly promotes CapMan\u2019s strategic objective to increase assets under management to EUR 10 billion during the ongoing strategy period. The goodwill arising from the acquisition is EUR 22.2 million and is mainly attributable to Dasos\u2019 professional workforce, future customers and products, CapMan\u2019s cross-selling opportunities, and synergies. As of the acquisition date, March 1, 2024, Dasos Capital has been consolidated into CapMan\u2019s consolidated financial statements in full and reported as part of CapMan\u2019s reportable segment Management Company Business. Consolidated income statement includes EUR 4.4 million of turnover and EUR 1.1 million of net profit from Dasos Capital as of March 1, 2024. Had Dasos Capital been consolidated from January 1, 2024, consolidated income statement from continuing operations would show combined turnover of EUR 58.4 million and combined net profit of EUR 9.6 million. The expenses arising from the acquisition, EUR 1.7 million, have been included in Other operating expenses of the consolidated income statement and allocated to Other segment and classified as items impacting comparability in the segment reporting. Thereof, EUR 1.1 million has been recorded in the current period and EUR 0.6 million in the previous year
The purchase price allocation is completed. The following table summarises the consideration,
the fair value of identifiable assets acquired and liabilities assumed at the acquisition date, and the
arising goodwill.
1,000
EUR
Fair value
Consideration
Share consideration (17,672,761 x EUR 1.948)
34,427
Cash consideration
3,010
Total consideration
37,436
ASSETS
Non-current assets
Customer-related intangibles
13,278
Marketing-related intangibles
260
Machinery and equipment
3
Fund investments at fair value through profit and loss
3,301
16,841
Current assets
Receivables and accruals
829
Cash and cash equivalents
10,532
11,361
Total assets
28,202
LIABILITIES
Non-current liabilities
Deferred tax liabilities
3,008
3,008
Current liabilities
Trade payables and accruals
2,170
Current tax liabilities
7,779
9,949
Total liabilities
12,957
1,000
EUR
K\u00e4yp\u00e4 arvo
Non-controlling interest (\"NCI\")*
58
Net assets (excl. goodwill)
15,187
Total consideration
37,436
Goodwill
22,249
*measured at proportionate share of acquiree\u2019s identifiable net assets
The below table specificies the cash flow impact of the acquisition, reflected in cash flow from
investing activities:
1,000
EUR
Cash consideration
\u20133,010
Transaction costs
\u20131,654
Net cash acquired with the subsidiary
10,532
Acquisition of
subsidiaries, net of cash
5,869
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "
15. Tangible assets
1,000
EUR
2024
2023
Machinery and equipment
Acquisition cost at 1 January
2,521
2,498
Acquisitions (see Note 14)
3
Additions
11
22
Translation difference
\u20133
1
Acquisition cost at 31 December
2,532
2,521
Accumulated depreciation at 1 January
\u20132,334
\u20132,246
Depreciation for the financial year
\u201376
\u201387
Translation difference
2
\u20131
Accumulated depreciation at 31 December
\u20132,408
\u20132,334
Book value on 31 December
124
187
Right-of-use assets
Machinery and equipment (IFRS 16)
Additions
0
0
Depreciations, continuing operations
0
\u201311
Book value on 31 December
0
0
Leased premises (IFRS 16)
Additions
151
1,944
Depreciations, continuing operations
\u20131,211
\u20131,209
Depreciations, discontinuing operations
\u201387
\u201388
Book value on 31 December
2,785
3,932
Other tangible assets
Acquisition cost at 1 January
23
23
Book value on 31 December
23
23
Tangible assets total
2,931
4,142
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "
16. Goodwill
1,000
EUR
2024
2023
Acquisition cost at 1 January
20,581
20,581
Acquisitions (see Note 14)
22,249
0
Acquisition cost at 31 December
42,830
20,581
Accumulated impairment at 1 January
\u201312,695
\u201312,695
Accumulated impairment at 31 December
\u201312,695
\u201312,695
Book value on 31 December
30,135
7,886
Impairment test
Goodwill is tested for impairment at least annually and has been allocated to the cash-generating
units as follows:
1,000
EUR
2024
2023
CapMan Wealth
7,412
7,412
Natural Capital
22,249
Other
474
474
Total
30,135
7,886
CapMan Wealth
Recoverable amount of CapMan Wealth (previously 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. Key assumptions applied in the
impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
19.0%
16.8%
Average turnover growth
14.3%
18.0%
Average EBIT margin
21.7%
35.2%
Terminal growth rate
2.0%
1.0%
Natural Capital
Dasos Capital, which was acquired during the financial year (see Note 14), establishes a new
cash-generating unit Natural Capital, onto which goodwill of EUR 22.2 million has been allocated.
Recoverable amount of Natural Capital is based on value-in-use using five-year discounted cash
flow projections based on a business plan approved by the management. Cash flows for the period
extending over the planning period are calculated using the terminal value method. Key assumptions
applied in the impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
15.6%
\u2013
Average turnover growth
13.3%
\u2013
Average EBIT margin
52.0%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign 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 Germany 10-year government bonds has been applied. Based on
the impairment test, goodwill allocated to neither cash-generating unit was impaired, and recov-
erable amounts of cash-generating units CapMan Wealth and Natural Capital exceed their carrying
amounts by approximately EUR 2.5 million and EUR 1.5 million, respectively.
Of key assumptions applied in CapMan Wealth\u2019s impairment test, recoverable amount is most
sensitive to changes in EBIT margin and turnover growth during the explicit forecasting period
(5 years). Based on the sensitivity analysis, if average EBIT margin would be 7%-points lower, or
alternatively, if turnover growth during the explicit forecasting period would be 10%-points lower per
annum, recoverable amount would equal the carrying amount of the respective cash-generating unit.
No reasonably possible change in any of the other key assumptions would lead to impairment.
Of key assumptions applied in Natural Capital\u2019s impairment test, recoverable amount is most
sensitive to changes in discount rate, EBIT margin and terminal growth rate. Based on the sensitivity
analysis, if discount rate would be 1.0%-points higher, average EBIT margin 2.3%-points lower, or
alternatively, if terminal growth rate would be 0.7%-points lower, recoverable amount would equal
the carrying amount of the respective cash-generating unit. No reasonably possible change in any of
the other key assumptions would lead to impairment.
17. Other intangible assets
1,000
EUR
2024
2023
Acquisition cost at 1 January
6,616
6,616
Acquisitions (see Note 14)
13,538
0
Additions
33
16
Transfers
0
0
Transfer to assets held for sale
0
\u201316
Acquisition cost at 31 December
20,187
6,616
Accumulated depreciation at 1 January
\u20136,605
\u20136,516
Depreciation for the financial year
\u20131,161
\u201396
Transfer to assets held for sale
0
7
Disposals
\u201332
0
Accumulated depreciation at 31 December
\u20137,798
\u20136,605
Book value on 31 December
12,388
10
Other intangible assets include customer- and marketing-related intangible assets received in conjunction with the acquisition of Dasos Capital (see Note 14). The useful life of customer- and marketing-related intangible assets is 10 and 5 years, respectively. They are thus amortised over 10 and 5 years, respectively .", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "16. Goodwill
1,000
EUR
2024
2023
Acquisition cost at 1 January
20,581
20,581
Acquisitions (see Note 14)
22,249
0
Acquisition cost at 31 December
42,830
20,581
Accumulated impairment at 1 January
\u201312,695
\u201312,695
Accumulated impairment at 31 December
\u201312,695
\u201312,695
Book value on 31 December
30,135
7,886
Impairment test Goodwill is tested for impairment at least annually and has been allocated to the cash-generating units as follows:
1,000
EUR
2024
2023
CapMan Wealth
7,412
7,412
Natural Capital
22,249
Other
474
474
Total
30,135
7,886
CapMan Wealth Recoverable amount of CapMan Wealth (previously 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. Key assumptions applied in the impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
19.0%
16.8%
Average turnover growth
14.3%
18.0%
Average EBIT margin
21.7%
35.2%
Terminal growth rate
2.0%
1.0%
Natural Capital Dasos Capital, which was acquired during the financial year (see Note 14), establishes a new cash-generating unit Natural Capital, onto which goodwill of EUR 22.2 million has been allocated. Recoverable amount of Natural Capital is based on value-in-use using five-year discounted cash flow projections based on a business plan approved by the management. Cash flows for the period extending over the planning period are calculated using the terminal value method. Key assumptions applied in the impairment test are set forth in the table below:
2024
2023
Pre-tax discount rate
15.6%
\u2013
Average turnover growth
13.3%
\u2013
Average EBIT margin
52.0%
\u2013
Terminal growth rate
2.0%
\u2013
Discount rate takes into account listed domestic and foreign 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 Germany 10-year government bonds has been applied. Based on the impairment test, goodwill allocated to neither cash-generating unit was impaired, and recov- erable amounts of cash-generating units CapMan Wealth and Natural Capital exceed their carrying amounts by approximately EUR 2.5 million and EUR 1.5 million, respectively. Of key assumptions applied in CapMan Wealth\u2019s impairment test, recoverable amount is most sensitive to changes in EBIT margin and turnover growth during the explicit forecasting period (5 years). Based on the sensitivity analysis, if average EBIT margin would be 7%-points lower, or alternatively, if turnover growth during the explicit forecasting period would be 10%-points lower per annum, recoverable amount would equal the carrying amount of the respective cash-generating unit. No reasonably possible change in any of the other key assumptions would lead to impairment. Of key assumptions applied in Natural Capital\u2019s impairment test, recoverable amount is most sensitive to changes in discount rate, EBIT margin and terminal growth rate. Based on the sensitivity analysis, if discount rate would be 1.0%-points higher, average EBIT margin 2.3%-points lower, or alternatively, if terminal growth rate would be 0.7%-points lower, recoverable amount would equal the carrying amount of the respective cash-generating unit. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "17. Other intangible assets
1,000
EUR
2024
2023
Acquisition cost at 1 January
6,616
6,616
Acquisitions (see Note 14)
13,538
0
Additions
33
16
Transfers
0
0
Transfer to assets held for sale
0
\u201316
Acquisition cost at 31 December
20,187
6,616
Accumulated depreciation at 1 January
\u20136,605
\u20136,516
Depreciation for the financial year
\u20131,161
\u201396
Transfer to assets held for sale
0
7
Disposals
\u201332
0
Accumulated depreciation at 31 December
\u20137,798
\u20136,605
Book value on 31 December
12,388
10
Other intangible assets include customer- and marketing-related intangible assets received in conjunction with the acquisition of Dasos Capital (see Note 14). The useful life of customer- and marketing-related intangible assets is 10 and 5 years, respectively. They are thus amortised over 10 and 5 years, respectively ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "19. Receivables \u2013 Non-current
1,000
EUR
2024
2023
Trade receivables
3,426
4,134
Loan receivables
3,541
2,307
Other receivables
84
84
Accrued income
0
0
Total
7,052
6,525
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, 2024 and 2023, 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.
1,000
EUR
2024
2023
Loan receivables, gross
5,190
3,909
Loss allowance, 12-month ECL*
\u201368
\u201322
Loss allowance, lifetime ECL*
\u20131,581
\u20131,581
Loan receivables, net
3,541
2,307
*ECL = expected credit losses Other non-currrent receivables include primarily rental deposits
21. Trade and other receivables
1,000
EUR
2024
2023
Trade receivables
9,621
8,875
Loan receivables
254
815
Accrued income
1,783
1,839
Other receivables
15,702
8,853
Total
27,360
20,382
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is
presented below.
2024
2023
Trade receivables, gross
9,727
9,007
Loss allowance
\u2013106
\u2013132
Trade receivables, net
9,621
8,875
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 currency
Amount in euros
Proportion
EUR
26,770
78%
USD
4,799
4,619
13%
SEK
12,430
1,085
3%
GBP
69
83
0%
DKK
13,789
1,849
5%
NOK
72
6
0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "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, 2024 and 2023, 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.
1,000
EUR
2024
2023
Loan receivables, gross
5,190
3,909
Loss allowance, 12-month ECL*
\u201368
\u201322
Loss allowance, lifetime ECL*
\u20131,581
\u20131,581
Loan receivables, net
3,541
2,307
*ECL = expected credit losses
Loss allowance for the expected credit losses of trade receivables, based on a provision matrix, is presented below.
2024
2023
Trade receivables, gross
9,727
9,007
Loss allowance
\u2013106
\u2013132
Trade receivables, net
9,621
8,875
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "
20. Deferred tax assets and liabilities
Changes in deferred taxes during 2024:
Charged
to Income Translation Charged in
1,000
EUR
31.12.2023
Statement difference equity 31.12.2024
Deferred tax assets
Accrued differences
1,896
\u2013163
0
0
1,733
Total
1,896
\u2013163
0
0
1,733
Deferred tax liabilities
Accrued differences
148
\u2013246
\u20131
2,708
2,609
Unrealised fair value changes
5,843
\u2013215
0
300
5,928
Total
5,991
\u2013461
\u20131
3,008
8,537
Changes in deferred taxes during 2023:
Charged
to Income Translation Charged in
1,000
EUR
31.12.2022
Statement difference equity 31.12.2023
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "21. Trade and other receivables
1,000
EUR
2024
2023
Trade receivables
9,621
8,875
Loan receivables
254
815
Accrued income
1,783
1,839
Other receivables
15,702
8,853
Total
27,360
20,382
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "
22. Financial assets at fair value through profit or loss
1,000
EUR
2024
2023
Derivate assets
0
116
Interest rate funds
3,790
159
Total
3,790
275
Fair value of
Foreign exchange forwards
derivative instruments
\u201377
116
Total
\u201377
116
Nominal value of derivative instruments
Foreign exchange forwards
4,484
5,320
Total
4,484
5,320
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "
23. Cash and cash equivalents
1,000
EUR
2024
2023
Bank accounts
78,756
40,144
Money market funds
11,386
872
Total
90,142
41,017
Cash and cash equivalents include bank accounts and short-term investments made to money
market funds for cash management purposes. At the end of the previous financial year, December
31, 2023, EUR 2.0 million of bank account balances was related to the launch of a new hotel real
estate fund in 2019 and was not available for use by the group .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "Cash and cash equivalents include bank accounts and short-term investments made to money market funds for cash management purposes. At the end of the previous financial year, December 31, 2023, EUR 2.0 million of bank account balances was related to the launch of a new hotel real estate fund in 2019 and was not available for use by the group .", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "Dividends paid and proposal for profit distribution and repayment of capital The Annual General Meeting, held on 27 March 2024, decided that a dividend of EUR 0.06 per share, totalling EUR 10.6 million, will be paid for the financial year 2023 in one instalment. The dividend was paid on April 9, 2024. The Annual General Meeting also authorised the Board of Directors to decide on an additional dividend in the maximum of EUR 0.04 per share. The Board of Directors resolved on the additional dividend on September 18, 2024, and the additional dividend of EUR 0.04 per share, totalling EUR 7.1 million, was paid on September 27, 2024 . As at December 31, 2024, CapMan Plc\u2019s distributable funds amounted to approximately EUR 88.3 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 0.14 per share for the financial period ended 31 December 2024. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR 0.07 per share would be paid for the financial period that ended on 31 December 2024 based on the balance sheet adopted for 2024. The dividend would be paid to a shareholder who on the record date of the payment, 27 March 2025, is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The payment date would be 3 April 2025. 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 0.07 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 15 September 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "
24. Share capital and shares
Number of
1,000
B shares*
Total*
At 1 January 2023
158,029
158,029
Share-based incentive plan, directed share issue without
payment
794
794
At 31 December 2023
158,823
158,823
Directed share issue related to business combination
17,673
17,673
Share-based incentive plan, directed share issue without payment
356
356
At 31 December 2024
176,852
176,852
*Excluding treasury shares of 26,299.
Share
premium Other
1,000
EUR
Share capital
account
reserves
Total
At 1 January 2023
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
Directed share issue related to business
combination
34,427
34,427
At 31 December 2024
35,199
38,968
21,114
95,281
Other reserves
During the financial year, part of the purchase price of the acquisition of Dasos Capital Oy was
made by directed share issue, which increased the amount of shares and share capital. In addition,
reward payment of the performance share plan 2022\u201325 resulted in a directed share issue of
356,062 new shares without payment. In the previous 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. Furthermore, in the previous financial year, repaid capital was deducted from the unrestricted equity fund. Share-based incentive plans are presented in Note 31. 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 The Annual General Meeting, held on 27 March 2024, decided that a dividend of EUR 0.06 per share, totalling EUR 10.6 million, will be paid for the financial year 2023 in one instalment. The dividend was paid on April 9, 2024. The Annual General Meeting also authorised the Board of Directors to decide on an additional dividend in the maximum of EUR 0.04 per share. The Board of Directors resolved on the additional dividend on September 18, 2024, and the additional dividend of EUR 0.04 per share, totalling EUR 7.1 million, was paid on September 27, 2024 . As at December 31, 2024, CapMan Plc\u2019s distributable funds amounted to approximately EUR 88.3 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 0.14 per share for the financial period ended 31 December 2024. The Board of Directors proposes to the General Meeting that a dividend in the total amount of EUR 0.07 per share would be paid for the financial period that ended on 31 December 2024 based on the balance sheet adopted for 2024. The dividend would be paid to a shareholder who on the record date of the payment, 27 March 2025, is registered as a shareholder in the shareholders\u2019 register of the Company maintained by Euroclear Finland Oy. The payment date would be 3 April 2025. 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 0.07 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 15 September 2025. 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 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "Other reserves During the financial year, part of the purchase price of the acquisition of Dasos Capital Oy was made by directed share issue, which increased the amount of shares and share capital. In addition, reward payment of the performance share plan 2022\u201325 resulted in a directed share issue of
356,062 new shares without payment. In the previous 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. Furthermore, in the previous financial year, repaid capital was
deducted from the unrestricted equity fund.
Share-based incentive plans are presented in Note 31. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
25. Interest-bearing loans and borrowings -
1,000
EUR
2024
2023
Senior bonds
99,607
89,750
Lease liabilities (IFRS 16)
1,655
2,720
Total
101,262
92,470
During the financial year, CapMan issued unsecured sustainability-linked notes in the aggregate
principal amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed
annual interest of 6.5%. In conjunction with this, CapMan redemeed the EUR 50 million notes
issued in 2020. CapMan also has unsecured sustainability-linked notes in the aggregate principal
amount of EUR 40 million issued in April 2022, which will mature on April 13, 2027 and carry a
fixed annual interest of 4.5% paid annually.
28. Interest-bearing loans and borrowings \u2013 Current
1,000
EUR
2024
2023
Lease liabilities (IFRS 16)
1,271
1,323
Liabilities to non-controlling interests
0
63
Total
1,271
1,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "26. Other non-current liabilities
1,000
EUR
2024
2023
Other liabilities
547
484
Total
547
484
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by nature 27. Trade and other payables \u2013 Current
1,000
EUR
2024
2023
Trade payables
1,284
2,101
Advance payments received
83
761
Accrued expenses
16,208
14,178
Acquisition related liabilities
0
3,842
Derivative liabilities
77
0
Other liabilities
1,725
3,274
Total
19,378
24,155
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
15,622
81%
SEK
26,394
2,303
12%
GBP
457
551
3%
DKK
5,714
766
4%
NOK
1,597
135
1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "26. Other non-current liabilities
1,000
EUR
2024
2023
Other liabilities
547
484
Total
547
484
Other liabilities are non-interest bearing and are related to pension obligations, which are defined contribution plans by nature ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "
27. Trade and other payables \u2013 Current
1,000
EUR
2024
2023
Trade payables
1,284
2,101
Advance payments received
83
761
Accrued expenses
16,208
14,178
Acquisition related liabilities
0
3,842
Derivative liabilities
77
0
Other liabilities
1,725
3,274
Total
19,378
24,155
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
15,622
81%
SEK
26,394
2,303
12%
GBP
457
551
3%
DKK
5,714
766
4%
NOK
1,597
135
1%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "27. Trade and other payables \u2013 Current
1,000
EUR
2024
2023
Trade payables
1,284
2,101
Advance payments received
83
761
Accrued expenses
16,208
14,178
Acquisition related liabilities
0
3,842
Derivative liabilities
77
0
Other liabilities
1,725
3,274
Total
19,378
24,155
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "
1,000
EUR
2024
2023
Trade payables
1,284
2,101
Advance payments received
83
761
Accrued expenses
16,208
14,178
Acquisition related liabilities
0
3,842
Derivative liabilities
77
0
Other liabilities
1,725
3,274
Total
19,378
24,155
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "
30. Commitments and contingent liabilities
Securities and other contingent liabilities
1,000
EUR
2024
2023
Contingencies for own commitment
Business mortgage
60,000
60,000
Other contingent liabilities
1,132
1,239
Remaining commitments to funds
by investment area
Buyout
14,886
17,942
Credit
2,527
3,127
Russia
1,066
1,066
Real Estate
6,432
5,916
Other investment areas
1,489
1,489
Funds of funds
245
245
Growth Equity
10,569
19,243
Infra
8,230
10,151
Special Situations
3,462
4,507
Natural Capital
43
CapMan Wealth Services funds
16,031
15,511
External private equity funds
265
3,703
External Veture Capital funds
1,583
2,290
Total
66,829
85,190
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "
31. 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 ended and the rewards
were paid during the previous 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 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 performance-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. In 2024, rewards from performance period 1 April 2022 \u2013 31 March 2023
were paid, which resulted in 356,062 shares granted and a cash component to cover withholding tax
consequences. The value of these two totalled EUR 1.2 million.
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 performance period and the resulting share rewards
to be granted after reaching the share price levels defined in the conditions of the plan. In addition,
lack of marketability due to the lock-up period as well as forfeiture rate have been incorporated into
the measurement of the fair value as decreasing factors.
The total expense recognised for the period arising from share-based payment transactions
amounted to EUR 0.6 million (EUR 1.0 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 0.3 million.
Key information on the investment-based incentive plans is presented in the below table.
Share plan
Investment-based incentive plans 2022\u20132025
Grant date
13.4.2022
Vesting period starts
13.4.2022
13.4.2024,
13.4.2025 and
Vesting period ends 13.4.2026
Grant date share price, EUR
2.420
Share price at the end of the period, EUR
1.714
Expected annualised volatility
26%
Assumed risk-free interest rate
1.0%
Present value of the expected dividends, EUR
0.63
Forfeiture rate assumption
0%
Increase in fair value of share premiums granted during the period
\u20130.2
Fair value of the plan, EUR million
2.8
Expense recorded during the financial year, EUR million
0.6
Cumulative expense recorded for the plan, EUR million
2.2
Future cash payment related to withholding taxes, EUR million
\u20130.3
Number of participants in the plan at the balance sheet date
21
Share plan
Changes in the number of share rewards during the period 2022\u20132025
Outstanding in the beginning of the period 1.1.2024
3,795,420
Granted
85,000
Forfeited
408,121
Exercised
642,298
Expired
0
Exercised at the end of the period 31.12.2024
737,230
Outstanding at the end of the period 31.12.2024
2,830,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "
32. Related party disclosures
Group Parent company Group Parent company
ownership of ownership of ownership of ownership of
Group companies shares, % shares, % Group companies shares, % shares, %
CapMan Plc, parent company
Finland
CapMan Growth Equity 2017 GP Oy
Finland
100%
100%
CapMan Capital Management Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan AB
Sweden
100%
100%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan AIFM Oy
Finland
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
60%
60%
Dividum Oy
Finland
100%
100%
CapMan Growth Equity II GP Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
Maneq 2010 AB
Sweden
86%
86%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
Maneq 2005 AB
Sweden
100%
100%
CapMan (Guernsey) Buyout IX GP Limited
Guernsey
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
CMRF Advisors Oy
Finland
60%
60%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Nest Capital IV GP Oy
Finland
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CMH II Feeder GP Sarl
Luxemburg
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxemburg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CMNPI GP II Sarl
Luxemburg
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
CapMan Growth Management Oy
Finland
65%
65%
Nest Capital 2015 GP Oy
Finland
100%
100%
Dasos Capital Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
Dasos Habitat Foundation Oy
Finland
100%
CapMan Growth Equity Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Dasos Foraois Management Ltd.
Ireland
100%
CapMan Infra Management Oy
Finland
60%
60%
Dasos FS Management S.a.r.l.
Luxemburg
100%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
Dasos LT Management S.a.r.l.
Luxemburg
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "32. Related party disclosures
Group Parent company Group Parent company
ownership of ownership of ownership of ownership of
Group companies shares, % shares, % Group companies shares, % shares, %
CapMan Plc, parent company
Finland
CapMan Growth Equity 2017 GP Oy
Finland
100%
100%
CapMan Capital Management Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan AB
Sweden
100%
100%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan AIFM Oy
Finland
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
60%
60%
Dividum Oy
Finland
100%
100%
CapMan Growth Equity II GP Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
Maneq 2010 AB
Sweden
86%
86%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
Maneq 2005 AB
Sweden
100%
100%
CapMan (Guernsey) Buyout IX GP Limited
Guernsey
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
CMRF Advisors Oy
Finland
60%
60%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Nest Capital IV GP Oy
Finland
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CMH II Feeder GP Sarl
Luxemburg
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxemburg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CMNPI GP II Sarl
Luxemburg
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
CapMan Growth Management Oy
Finland
65%
65%
Nest Capital 2015 GP Oy
Finland
100%
100%
Dasos Capital Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
Dasos Habitat Foundation Oy
Finland
100%
CapMan Growth Equity Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Dasos Foraois Management Ltd.
Ireland
100%
CapMan Infra Management Oy
Finland
60%
60%
Dasos FS Management S.a.r.l.
Luxemburg
100%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
Dasos LT Management S.a.r.l.
Luxemburg
100%
Group Parent company
ownership of ownership of
Group companies shares, % shares, %
Dasos S.A.
Luxemburg
93%
Dasos II S.A.
Luxemburg
100%
Profor Investments S.a.r.l.
Luxemburg
67%
CapMan Nordic Real Estate IV Manager Sarl
Luxemburg
100%
100%
Group
ownership of
Group companies shares, %
Foreign branches
CapMan Real Estate Denmark, filial av CapMan AB, Sverige
Denmark
100%
CapMan Real Estate Oy, filial i Norge
Norway
100%
CapMan Buyout Management Oy, filial i Sverige
Sweden
100%
CapMan Infra Management Oy, filial i Sverige
Sweden
60%
Transactions with related parties In the financial year, CapMan granted a long-term loan of EUR 747 thousand and a short-term loan of EUR 170 thousand with a fixed interest rate to Noelia Invest AB, a controlled entity of Mika Koskinen, member of the Management Group. Noelia Invest AB used the loans to subscribe shares issued by CapMan Wealth Services Oy, a subsidiary of CapMan Plc. Furthermore, CapMan sold a share of its interest in CWS Investment Partners Fund III to Noelia Invest AB. The purchase price was EUR 30 thousand and the transaction also included transferring a total of USD 300 thousand of investment commitments to the aforementioned fund from CapMan to Noelia Invest AB. In the previous year, 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. Loan and interest receivables from related parties
1,000
EUR
2024
2023
Non-current
817
242
Current
175
Commitments to related parties
1,000
EUR
2024
2023
Loan commitments
73
98
Management remuneration
1,000
EUR
2024
2023
CEO Pia K\u00e5ll
Salaries and other short-term employee benefits
440
351
Pension costs
78
62
Additional pension costs
42
35
Share-based payments
144
181
Total
704
630
CEO Joakim Frimodig
Salaries and other short-term employee benefits
130
Pension costs
23
Additional pension costs
13
Share-based payments
\u201368
Total
98
Management group excl. CEO
Salaries and other short-term employee benefits
2,945
2,886
Share-based payments
351
585
Total
3,295
3,472
Remuneration and fees of the Board of Directors
1,000
EUR
2024
2023
Joakim Frimodig as of March 15, 2023
279
291
Andreas Tallberg until March 15, 2023
16
Johan Bygge
45
44
Mammu Kaario
56
55
Catarina Fagerholm
46
45
Olli Liitola
44
43
Johan Hammar\u00e9n
43
42
Yhteens\u00e4
513
537
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 860,000 shares (780,000 shares in 2023) to the investment-based long-term incentive plan 2022\u201325. The Management Group and other employees have similar terms in the investment-based long-term incentive plans (see Note 31).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "32. Related party disclosures
Group Parent company Group Parent company
ownership of ownership of ownership of ownership of
Group companies shares, % shares, % Group companies shares, % shares, %
CapMan Plc, parent company
Finland
CapMan Growth Equity 2017 GP Oy
Finland
100%
100%
CapMan Capital Management Oy
Finland
100%
100%
CapMan Nordic Infrastructure Manager S.\u00e1.r.l.
Luxembourg
100%
100%
CapMan Sweden AB
Sweden
100%
100%
CapMan Infra Lynx GP Oy
Finland
60%
CapMan AB
Sweden
100%
100%
CapMan Buyout XI GP S.\u00e1.r.l
Luxembourg
100%
100%
CapMan (Guernsey) Limited
Guernsey
100%
100%
CapMan AIFM Oy
Finland
100%
100%
CapMan (Guernsey) Buyout VIII GP Limited
Guernsey
100%
100%
Nest Capital III GP Oy
Finland
100%
100%
CapMan (Sweden) Buyout VIII GP AB
Sweden
100%
100%
CapMan Buyout Management Oy
Finland
100%
100%
CapMan Classic GP Oy
Finland
100%
100%
CapMan Hotels II Holding GP Oy
Finland
100%
100%
CapMan Real Estate Oy
Finland
100%
100%
CapMan Wealth Oy
Finland
60%
60%
Dividum Oy
Finland
100%
100%
CapMan Growth Equity II GP Oy
Finland
100%
100%
RG Invest Oy
Finland
100%
100%
CapMan Special Situations GP Oy
Finland
100%
100%
CapMan RE II GP Oy
Finland
100%
100%
CapMan Special Situations Oy
Finland
65%
65%
CapMan Private Equity Advisors Limited
Cyprus
100%
100%
CM III Feeder GP S.\u00e1.r.l.
Luxembourg
100%
100%
RG Growth (Guernsey) GP Ltd
Guernsey
100%
100%
Maneq 2010 AB
Sweden
86%
86%
CapMan (Guernsey) Investment Limited
Guernsey
100%
100%
Maneq 2005 AB
Sweden
100%
100%
CapMan (Guernsey) Buyout IX GP Limited
Guernsey
100%
100%
CapMan Residential Manager SA
Luxembourg
60%
60%
CapMan Fund Investments SICAV-SIF
Luxembourg
100%
100%
CMRF Feeder GP S.\u00e1.r.l.
Luxembourg
60%
CapMan (Guernsey) Buyout X GP Limited
Guernsey
100%
100%
CMRF Advisors Oy
Finland
60%
60%
RG Growth (Guernsey) II GP Ltd
Guernsey
100%
100%
Nest Capital IV GP Oy
Finland
100%
100%
Maneq 2012 AB
Sweden
100%
100%
CMH II Feeder GP Sarl
Luxemburg
100%
100%
CapMan Nordic Real Estate Manager S.A.
Luxembourg
100%
100%
CapMan Nordic Infrastructure II Manager S.\u00e1.r.l.
Luxemburg
100%
100%
CapMan Buyout X GP Oy
Finland
100%
100%
CMNPI GP II Sarl
Luxemburg
100%
100%
CapMan Endowment GP Oy
Finland
100%
100%
CapMan Growth Equity III GP Oy
Finland
100%
100%
CapMan Real Estate UK Limited
United Kingdom
100%
CapMan Growth Management Oy
Finland
65%
65%
Nest Capital 2015 GP Oy
Finland
100%
100%
Dasos Capital Oy
Finland
100%
100%
Kokoelmakeskus GP Oy
Finland
100%
100%
Dasos Habitat Foundation Oy
Finland
100%
CapMan Growth Equity Oy
Finland
100%
100%
Dasos Climate-Smart Real Estate Oy
Finland
100%
CapMan Real Estate Manager S.A.
Luxembourg
100%
100%
Dasos Foraois Management Ltd.
Ireland
100%
CapMan Infra Management Oy
Finland
60%
60%
Dasos FS Management S.a.r.l.
Luxemburg
100%
CapMan Infra Lux Management S.\u00e1.r.l.
Luxembourg
60%
Dasos LT Management S.a.r.l.
Luxemburg
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "
Management remuneration
1,000
EUR
2024
2023
CEO Pia K\u00e5ll
Salaries and other short-term employee benefits
440
351
Pension costs
78
62
Additional pension costs
42
35
Share-based payments
144
181
Total
704
630
CEO Joakim Frimodig
Salaries and other short-term employee benefits
130
Pension costs
23
Additional pension costs
13
Share-based payments
\u201368
Total
98
Management group excl. CEO
Salaries and other short-term employee benefits
2,945
2,886
Share-based payments
351
585
Total
3,295
3,472
Remuneration and fees of the Board of Directors
1,000
EUR
2024
2023
Joakim Frimodig as of March 15, 2023
279
291
Andreas Tallberg until March 15, 2023
16
Johan Bygge
45
44
Mammu Kaario
56
55
Catarina Fagerholm
46
45
Olli Liitola
44
43
Johan Hammar\u00e9n
43
42
Yhteens\u00e4
513
537
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 860,000 shares (780,000
shares in 2023) to the investment-based long-term incentive plan 2022\u201325. The Management Group
and other employees have similar terms in the investment-based long-term incentive plans (see Note
31).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "
33. 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, 2024, the
undrawn commitments to the funds amounted to EUR 66.8 (85.2) million and the financing capacity
available (cash available for use and third party financing facilities) amounted to EUR 114.2 (59.2)
million. The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 4.0 (0.1)
million, which is reported in fund investments in the group balance sheet.
During the financial year, CapMan issued unsecured sustainability-linked notes in the aggregate
principal amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed
annual interest of 6.5% paid annually. In conjunction with this, in June and December 2024,
CapMan redemeed the EUR 50 million notes issued in 2020. CapMan also has unsecured sustain-
ability-linked notes in the aggregate principal amount of EUR 40 million issued in April 2022,
which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The
sustainability targets of this loan were achieved already in 2023, which means its interest rate will
remain unchanged till maturity. The sustainability targets of the loan maturing on June 10, 2029,
will be reviewed on December 31, 2027, which may result in an increase of its interest rate by a
maximum of 1.25 pp for the remainder of the term. Both loan agreements include covenants tied 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 2024, 1,000 EUR months months 1 and 3 years
3 and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Company acquisitions liabilities
0
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
Maturity analysis
Due between
Due within 3 3 and 12 Due between Due between
31 December 2024, 1,000 EUR 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
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%. Interest rate is also
tied to reaching sustainability targets, and the outcome of reaching these targets may decrease or
increase the margin by maximum of 0.025 pp.
The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually.
The terms of the bond include sustainability-linked targets, and the outcome of reaching these
will be reviewed on December 31, 2027. Failure to fulfill the agreed sustainability-linked targets
could increase the interest rate by 1.25 pp, at maximum, for the remainder of the loan term. The
sustainability-linked senior bond issued in April 2022 carry initially an annual coupon rate of 4.5%
paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate
will remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2024
2023
Floating rate
0
0
Fixed rate
99,607
89,750
Total
99,607
89,750
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 19 and 21. 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 the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would 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. 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, 2024, 91% of the Group\u2019s financial assets were in euros, 7% 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
1,000
EUR
SEK
USD
currencies
Total
2024
2,195
21,052
2,484
25,731
2023
2,925
25,158
2,271
30,354
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 attrib- utable 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, EUR 40 million sustainability-linked unsecured bond maturing on April 13, 2027 and EUR 60 million sustainabili- ty-linked unsecured bond maturing on June 10, 2029. In addition, CapMan has a long-term credit facility of EUR 20 million available until June 17, 2027, which was not in use at the balance sheet date. The long-term credit facility agreement and senior bond agreeements include financial covenants related to both equity ratio and net gearing.
1,000
EUR
2024
2023
Interest-bearing loans
102,533
93,856
Cash and cash equivalents
\u201390,142
\u201341,017
Net debt
12,391
52,839
Equity
202,568
115,125
Net gearing
6.1%
45.9%
Return on equity
46.2%
2.6%
Equity ratio
59.0%
47.8%
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,
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 2024
1,000
EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
0
3,790
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
1,000
EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Acquisitions
3,301
Distributions
\u2013589
\u20139,465
\u20139,465
Disposals
\u201315,623
\u201315,623
Fair value gains/losses
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses
21
21
at the end of period
545
0
25
571
* 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 2023
1,000
EUR
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
1,000
EUR
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,
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "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, 2024, the undrawn commitments to the funds amounted to EUR 66.8 (85.2) million and the financing capacity available (cash available for use and third party financing facilities) amounted to EUR 114.2 (59.2) million. The cash available includes the cash of CapMan Fund Investments SICAV-SIF EUR 4.0 (0.1) million, which is reported in fund investments in the group balance sheet. During the financial year, CapMan issued unsecured sustainability-linked notes in the aggregate principal amount of EUR 60 million. The notes will mature on June 10, 2029 and carry a fixed annual interest of 6.5% paid annually. In conjunction with this, in June and December 2024, CapMan redemeed the EUR 50 million notes issued in 2020. CapMan also has unsecured sustain- ability-linked notes in the aggregate principal amount of EUR 40 million issued in April 2022, which will mature on April 13, 2027 and carry a fixed annual interest of 4.5% paid annually. The sustainability targets of this loan were achieved already in 2023, which means its interest rate will remain unchanged till maturity. The sustainability targets of the loan maturing on June 10, 2029, will be reviewed on December 31, 2027, which may result in an increase of its interest rate by a maximum of 1.25 pp for the remainder of the term. Both loan agreements include covenants tied 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 2024, 1,000 EUR months months 1 and 3 years
3 and 5 years
Due later
Bonds
40,000
60,000
Accounts payable
1,284
Interests, bonds
5,700
10,103
5,610
Company acquisitions liabilities
0
Commitments to funds
326
17,132
1,209
7,452
40,709
Lease liabilities (IFRS 16)
299
836
1,790
Maturity analysis
Due between
Due within 3 3 and 12 Due between Due between
31 December 2024, 1,000 EUR 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "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%. Interest rate is also tied to reaching sustainability targets, and the outcome of reaching these targets may decrease or increase the margin by maximum of 0.025 pp. The EUR 60 million bond issued in June 2024 has an annual coupon rate of 6.5% paid annually. The terms of the bond include sustainability-linked targets, and the outcome of reaching these will be reviewed on December 31, 2027. Failure to fulfill the agreed sustainability-linked targets could increase the interest rate by 1.25 pp, at maximum, for the remainder of the loan term. The sustainability-linked senior bond issued in April 2022 carry initially an annual coupon rate of 4.5% paid annually. As CapMan succeeded in fulfilling the sustainability-linked conditions, the interest rate will remain unchanged for the remainder of the loan term.
Loans according to interest rate 1,000 EUR
2024
2023
Floating rate
0
0
Fixed rate
99,607
89,750
Total
99,607
89,750
d) Currency risk Changes in exchange rates, particularly between the US dollar and the euro, impact the company\u2019s performance, since a part of group\u2019s fund investments and non-current accounts receivables are in US dollar. Any strengthening/weakening of the dollar against the euro would 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. 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, 2024, 91% of the Group\u2019s financial assets were in euros, 7% 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
1,000
EUR
SEK
USD
currencies
Total
2024
2,195
21,052
2,484
25,731
2023
2,925
25,158
2,271
30,354
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 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "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 19 and 21.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "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 attrib-
utable 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, EUR 40 million
sustainability-linked unsecured bond maturing on April 13, 2027 and EUR 60 million sustainabili-
ty-linked unsecured bond maturing on June 10, 2029. In addition, CapMan has a long-term credit
facility of EUR 20 million available until June 17, 2027, which was not in use at the balance sheet
date.
The long-term credit facility agreement and senior bond agreeements include financial covenants
related to both equity ratio and net gearing.
1,000
EUR
2024
2023
Interest-bearing loans
102,533
93,856
Cash and cash equivalents
\u201390,142
\u201341,017
Net debt
12,391
52,839
Equity
202,568
115,125
Net gearing
6.1%
45.9%
Return on equity
46.2%
2.6%
Equity ratio
59.0%
47.8%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "h) Determining fair values Fair value hierarchy of financial assets measured at fair value at 31 December 2024
1,000
EUR
Fair value
Level 1
Level 2
Level 3
Investments in funds
167,221
4,318
0
162,903
Other non-current investments
571
545
0
25
Current financial assets at FVTPL*
3,790
0
3,790
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
1,000
EUR
Level 1
Level 2
Level 3
Total
Non-current investments at fair value through
profit or loss
Investments in funds
at Jan 1
980
157,927
158,907
Additions
19,017
19,017
Acquisitions
3,301
Distributions
\u2013589
\u20139,465
\u20139,465
Disposals
\u201315,623
\u201315,623
Fair value gains/losses
7,746
7,746
Transfers*
3,927
0
3,927
at the end of period
4,318
162,903
167,221
Other investments
at Jan 1
482
0
25
507
Additions
42
42
Fair value gains/losses
21
21
at the end of period
545
0
25
571
* 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 2023
1,000
EUR
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
1,000
EUR
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,
Sensitivity analysis of Level 3 investments at 31 December 2024
Fair Value MEUR, Used input value (weighted
Investment area
31 December 2024
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2024 12.1\u00d7
+/\u2013 10%
+/\u2013 5.2 MEUR
Private Equity
50.3
Peer group Discount to peer group
20%
+/\u2013 10%
\u2013/+ 1.4 MEUR
multiples
EUR/SEK 11.4590
+/\u20131%
\u2013/+ 0.1 MEUR
Real Estate
39.3
Valuation by an independent FX rate
EUR/DKK 7.4578
+/\u20131%
\u2013/+ 0.1 MEUR
valuer
EUR/NOK 11.7950
+/\u20131%
\u2013/+ 0.0 MEUR
Terminal value
EV/EBITDA 14.6\u00d7
+/\u2013 5%
+/\u2013 1.2 MEUR
Infra
17.7
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Discount rate; market rate and \u20130.2 MEUR / value change
Credit
5.9
Discounted cash flows risk premium
10%
+/\u2013 100 bps
based on a change in the
discount rate is not booked
Wood prices
na
+/\u2013 2.5%
+/\u2013 0.3 MEUR
Natural Capital
2.9
Valuation by an independent
valuer
Discount rate
4%
+\u20130.3%
\u2013/+ 0.9 MEUR
Investments in funds-of-funds
7.8
Reports from PE fund
FX rate
EUR/USD 1.0389
+/\u20131%
\u2013/+ 0.1 MEUR
management company
Investments in external venture 39.1 Reports from PE fund
capital funds management company
Sensitivity analysis of Level 3 investments at 31 December 2023
Fair Value MEUR, Used input value (weighted
Investment area
31 Dec 2023
Valuation methodology
Unobservable inputs
average)
Change in input value
Fair value sensitivity
Peer group earnings multiples
EV/EBITDA 2023 10.5\u00d7
+/\u2013 10%
+/\u2013 4.9 MEUR
Private Equity
46.6
Peer group Discount to peer group
21%
+/\u2013 10%
\u2013/+ 1.3 MEUR
multiples
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
Infra
10.1
Discounted cash flows Discount rate; market rate and
13%
+/\u2013 100 bps
\u2013/+ 1.9 MEUR
risk premium
Discount rate; market rate and \u2013 0.1 MEUR / value change
Credit
6.0
Discounted cash flows risk premium
10%
+/\u2013 100 bps
based on a change in the
discount rate is not booked
Investments in funds-of-funds
16.0
Reports from PE fund
FX rate
EUR/USD 1.1050
+/\u20131%
\u2013/+ 0.2 MEUR
management company
Investments in external venture 38.7 Reports from PE fund
capital funds management company
CapMan has made some investments also in funds that are not managed by CapMan Group
companies. The fair values of these investments in CapMan\u2019s balance sheet are primarily based
on the valuations by the respective fund managers. No separate sensitivity analysis is prepared by
CapMan for these investments. However, CapMan evaluates the significant investments individually
and makes adjustments to them if necessary. Separate sensitivity analysis is prepared by CapMan
for these adjustments.
The changes in the peer group earnings multiples and the peer group discounts are typically
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.
The investments in natural capital funds that CapMan manages are valued based on appraisals
made in cooperation with independent appraisers with specific experience in the valuation of
investments in timberland assets. The main forest valuation approaches include income approach
where the value is the net present value of expected cash flows discounted at a current market
rate, cost approach where the value is based on historical investment cost of the forest asset (land
cost, planting and management cost etc.) and market approach where the value is based on the
transaction values of comparable forest assets.
Valuations based on appraisals by Independent external experts are updated annually for
closed-end funds and quarterly for open-ended funds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700498L5THNQWVL66", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }