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News Article | April 21, 2017
Site: globenewswire.com

In January–March 2017, the result of the Group amounted to EUR 7.8 million (EUR 4.1 million in the same period previous year). Earnings per share was EUR 0.51 (0.27). Investment income was EUR 10.2 million (5.4). Net Asset Value (dividend-adjusted) increased during the period by 6.3% (2.4%). No dividend was distributed for 2016 (EUR 4.14 per share for 2015). In January CapMan Plc submitted an application to the Redemption Committee of the Finnish Central Chamber of Commerce to commence arbitration proceedings for the redemption of Norvestia’s minority shares. CapMan holds 92.5% of Norvestia’s shares. CapMan announced that it will offer in this compulsory redemption proceeding EUR 7.14 per share in cash to Norvestia’s minority shareholders. The final redemption price will be determined by the Arbitral Tribunal designated by the Redemption Committee of the Finnish Central Chamber of Commerce. The decision of the Arbitral Tribunal is expected in the fall at the latest. The Helsinki District Court has appointed Olli Rautiainen (MSc (Econ.), LL.M.) to act as a special representative to look after the interests of Norvestia’s minority shareholders. 12 April 2017 the Board of Directors resolved to apply for the delisting of Norvestia’s shares. 2017 began positively on the capital markets. Almost all of the world’s core stock markets rose during the first quarter of the year. The OMX Helsinki CAP Yield Index, which measures the development of the Helsinki stock exchange, rose by 4.4% and the S&P 500 Index, which describes the development of the US stock exchange, by 5.5%. The positive tone on the stock market has now continued since the November 2016 presidential elections in the US. The value of the OMX Helsinki CAP Yield Index, for example, has risen by over 12% since the elections and the S&P 500 Index by slightly more. Last months’ increase in share prices came as a surprise to many investors, as share prices had already risen to historical highs. Countering these record highs is the low interest rate level which has prevailed for many years, and which, together with the support purchases of the European Central Bank (ECB), funnels assets into the stock markets. In addition to positive company result expectations there are many other factors behind the rise of the stock market, one of the most important being the lack of reasonable low-risk investment alternatives. The promises of the US president Donald Trump to reduce taxation, increase industrial support and make America great again have also pleased investors. However, the new president has come to realize that making changes in a political system such as the US is not easy. This was demonstrated when his health reform bill failed to pass the senate. An interesting question is how long the positive tone of the stock market will continue if Donald Trump’s government does not succeed in making its promised reforms in taxation and in other matters. Growth forecasts for the Finnish economy have been revised upwards in recent weeks. According to the latest predictions, the Finnish economy will grow by 1.3% this year and by 1.5% next year. This revised forecast is based mainly on the long-awaited recovery in global trade. The global economy is forecast to grow by 3.7% this year, which would be the fastest growth since 2011. Index yields on various exchanges for the first three months of 2017 were as follows: Norvestia’s twofold investment strategy consists of market investments and Growth Equity. Market investments are made primarily in Nordic listed shares, funds and bonds. Growth Equity investments are made in unlisted companies, growth-oriented listed companies and private equity funds. Norvestia’s investments excluding cash and other liquid assets were 91% (94%) of total assets at the end of March. The fair value breakdown of the investments was as follows: 85.0% of the Group’s assets were in euros, 8.7% in Swedish krona, 6.1% in US dollars and 0.2% in other currencies. During the first quarter of the year Norvestia was a net seller. Shares with strong dividend yields in particular were added to the portfolio in March. The company hedged its investments by selling Euro Stoxx Index futures. In February Norvestia sold its ownership in the rapidly growing Idean Enterprises Oy to the global IT services Group Capgemini. The exit had a significant positive effect on Norvestia’s cash flow in the first quarter. Norvestia invested in Idean in 2014 and owned 24.8% of the company. Investments in unlisted companies belong to Norvestia’s Growth Equity portfolio, which is administered by Norvestia’s subsidiary Norvestia Industries Oy. The aim of Norvestia’s Growth Equity activities is to find interesting companies with strong growth potential, the long-term and active development of which can yield significant increases in value and thereby return to Norvestia’s shareholders. In accordance with its investment strategy, Norvestia aims to find target companies that operate in sufficiently large markets and have the opportunity to take advantage of their service and solution innovations both in Finland and internationally. Norvestia invests in minority shares or can be in the majority together with another investor. At the end of March 2017, the Growth Equity portfolio consisted of six unlisted companies: Aste Holding which offers media production and consulting, Coronaria which offers health care and wellbeing services, Fluido which offers cloud services consulting, Digital Workforce Services which offers robotic process automation services, Polystar Instruments which develops telecommunications business intelligence software solutions and Touhula Varhaiskasvatus which offers early childhood and preschool education. The total fair value of the interests in these companies amounted to EUR 25.1 million. Growth Equity also includes investments in private equity funds. Norvestia has committed itself to investing EUR 2.0 million in the Amanda V East private equity fund, of which EUR 1.5 million is now invested; approximately EUR 5.0 million (USD 5.5 million) in Hamilton Lane PE Fund IX, of which EUR 1.2 million is now invested; EUR 2.0 million in Lifeline Ventures Fund I, of which EUR 1.7 million is now invested; EUR 5.0 million in Lifeline Ventures Fund III, of which EUR 0.6 million is now invested and EUR 3.0 million in Open Ocean Fund 2015, of which EUR 0.5 million is now invested. In addition, Norvestia has invested EUR 0.1 million in Lifeline Ventures Fund III AB. The total fair value of these fund investments amounted to EUR 6.8 million. The situation on the capital markets is difficult to assess. The surest forecast is that the interest level in those euro countries considered risk free will remain low during 2017. The larger unknowns, the significance of which is difficult to forecast, will be the various elections in the Eurozone. The Eurozone survived its first test of the year in March. In the Dutch parliamentary elections, the populist party which had been considered strong, fared much worse than expected. The next test will be on 23 April when the first round of the French presidential elections will be held. This election will indicate whether the strong anti-EU sentiment among European voters, recently demonstrated in the Brexit voting, continues, or whether the Dutch election result indicates an increase in support for the EU. Parliamentary elections will be held later this year in both Germany and Italy. The results of these elections will be significant for the future of the entire EU. Norvestia’s near-future prospects will be guided by the ongoing CapMan Plc’s redemption proceedings of Norvestia shares. With respect to CapMan’s redemption proceedings Norvestia’s Board of Directors has applied for the removal of Norvestia’s share from the Helsinki stock exchange. It is likely that Norvestia’s stock exchange listing will end during the second quarter of the year. After this, Norvestia shares will no longer be tradable on the Helsinki stock exchange, and Norvestia’s journey as a stock exchange listed company will end. This stock exchange release is a summary of Norvestia's January-March 2017 Interim Report. The full Interim Report including tables is attached to this release and available on Norvestia’s website at www.norvestia.fi/reports. The interim financial information is unaudited.


News Article | April 26, 2017
Site: globenewswire.com

Le Digital et le Cloud progressent de 24 % par rapport à l'an dernier et représentent maintenant 32% de notre chiffre d'affaires. Nous continuons l'enrichissement de notre portefeuille dans ces domaines. Afin d'apporter à nos clients des solutions digitales innovantes et de bout-en-bout, nous avons réalisé ce trimestre trois acquisitions ciblées : Idean, société de design digital basée à Palo Alto, TCube Solutions, basée à Atlanta et spécialisée dans les logiciels d'assurances Duck Creek Technologies, et Itelios, expert du e-commerce omnicanal. Le Conseil (4% du chiffre d'affaires du Groupe), alimenté par la croissance en Europe continentale liée à la transformation digitale des entreprises, enregistre une hausse de 10,6% de son chiffre d'affaires à taux de change constants par rapport au 1er trimestre 2016. Les Services de technologie et d'ingénierie (16% du chiffre d'affaires du Groupe) sont en hausse de 5,0% à taux de change constants et voient leur activité progresser dans chacune des régions du Groupe, avec notamment un retour à la croissance en France amplifié ce trimestre par l'effet positif du nombre de jours ouvrés. Les Services applicatifs (61% du chiffre d'affaires du Groupe) bénéficient de la forte demande du marché pour les offres applicatives liées au Digital et au Cloud et continuent de tirer la dynamique du Groupe avec une augmentation de 5,3% du chiffre d'affaires. Les Autres services d'infogérance (19% du chiffre d'affaires du Groupe) enregistrent une baisse de 7,6% du chiffre d'affaires. Cette baisse est entièrement imputable aux services d'infrastructure et reflète essentiellement la baisse anticipée dans le secteur public au Royaume-Uni. Les activités de Business services (Business Process Outsourcing et plateformes) sont stables sur le 1er trimestre de l'année. Au 1er trimestre, la région Amérique du Nord entame comme prévu le rétablissement de sa dynamique de croissance. L'évolution du chiffre d'affaires est presque à l'équilibre en rythme annuel, à -0,2% à taux de change constants, en amélioration sensible par rapport aux -3,1% enregistrés au dernier trimestre 2016. Dans cette région, le secteur Energy & Utilities confirme sa trajectoire de redressement avec un niveau d'activité stable depuis 3 trimestres, la bonne dynamique dans les Services financiers se maintient et le secteur de l'Industrie a accéléré. Le chiffre d'affaires de la région Royaume-Uni & Irlande est en recul de 7,6% à taux de change constants, avec la baisse anticipée du secteur public mais l'activité dans le secteur privé reste dynamique. La France affiche une croissance de 5,2% avec une hausse proche de 10% dans les Services financiers, l'Industrie mais également dans les secteurs liés à la consommation (Commerce, Distribution, Télécom, etc.). La région Reste de l'Europe voit son chiffre d'affaires croître de 7,8%, avec des hausses d'environ 10% en Allemagne, en Scandinavie et en Italie et une progression de l'activité au Benelux. Enfin, la région Asie-Pacifique et Amérique Latine est en croissance de 13,6% avec une légère baisse d'activité en Amérique latine (hors activité de revente de matériel au Brésil) et une forte croissance en Asie-Pacifique. Le présent communiqué de presse est susceptible de contenir des informations prospectives. Ces informations peuvent comprendre des projections, des estimations, des hypothèses, des informations concernant des projets, des objectifs, des intentions et/ou des attentes portant sur des résultats financiers futurs, des évènements, des opérations, le développement de services et de produits futurs, ainsi que des informations relatives à des performances ou à des évènements futurs. Ces informations prospectives sont généralement reconnaissables à l'emploi des termes « s'attendre à »,  « anticiper », « penser que », « avoir l'intention de », « estimer », « prévoir », « projeter », « pourrait », « devrait » ou à l'emploi de la forme négative de ces termes et à d'autres expressions de même nature. La direction de Capgemini considère actuellement que ces informations prospectives traduisent des attentes raisonnables ; la société alerte cependant les investisseurs sur le fait que ces informations prospectives sont soumises à des risques et incertitudes (y compris, notamment, les risques identifiés dans le Document de Référence de Capgemini, disponible sur le site internet de Capgemini), étant donné qu'elles ont trait à des évènements futurs et dépendent des circonstances futures dont la réalisation est incertaine et qui peuvent différer de ceux anticipés, souvent difficilement prévisibles et généralement en dehors du contrôle de Capgemini. Les résultats et les évènements réels sont susceptibles de différer significativement, de ceux qui sont exprimés, impliqués ou projetés dans les informations prospectives. Les informations prospectives ne donnent aucune garantie de réalisation d'évènements ou de résultats futurs et n'ont pas cette vocation. Capgemini ne prend aucun engagement de mettre à jour ou de réviser les informations prospectives sous réserve de ses obligations légales. Avec plus de 190 000 collaborateurs, Capgemini est présent dans plus de 40 pays et célèbre son cinquantième anniversaire en 2017. Le Groupe est l'un des leaders mondiaux du conseil, des services informatiques et de l'infogérance et a réalisé en 2016 un chiffre d'affaires de 12,5 milliards d'euros. Avec ses clients, Capgemini conçoit et met en oeuvre les solutions business, technologiques et digitales qui correspondent à leurs besoins et leur apportent innovation et compétitivité. Profondément multiculturel, Capgemini revendique un style de travail qui lui est propre, la « Collaborative Business ExperienceTM », et s'appuie sur un mode de production mondialisé, le « Rightshore® ». Plus d'informations sur : www.capgemini.com La croissance organique du chiffre d'affaires est la croissance calculée à taux de change et périmètre constants. Le périmètre et les taux de changes utilisés sont ceux de l'exercice publié. Ce sont également les taux de change de l'exercice publié qui sont utilisés dans le calcul de la croissance à taux de change constants.


News Article | April 26, 2017
Site: globenewswire.com

Paris, April 26, 2017 - Capgemini Group achieved consolidated revenues of €3,171 million in the first quarter of 2017, up 2.8% year-on-year at constant exchange rates*. For Paul Hermelin, Chairman and Chief Executive Officer of Capgemini Group: "We start the year on a solid footing. Our revenue growth of 2.8% in Q1 is driven by a strong momentum in Continental Europe and an improved performance in North America. Financial Services and Manufacturing - which together account for nearly half of the Group's revenues - show growth rates close to 10%. This reflects our ability to support key market players in their digital transformation. In addition, a strong level of bookings confirms the good start to the year. Digital and Cloud grew 24% year-on-year and now account for 32% of our revenues. We completed three focused acquisitions this quarter, aimed at further expanding our portfolio in these areas and bringing innovative and end-to-end digital solutions to our clients: Idean, a digital design firm based in Palo Alto, Atlanta-based TCube Solutions, specialized in Duck Creek Technologies insurance software and Itelios, an omni-channel e-commerce expert. We are also investing in our automation platforms and our global production centers to accompany our clients in their drive to improve competitiveness. By continuing to implement our strategic priorities, we demonstrate our ability to achieve all our objectives for 2017, the year of Capgemini's 50th anniversary." Q1 revenues totaled €3,171 million, up 2.6% year-on-year on a reported basis. At constant exchange rates*, revenue grew 2.8% after adjusting for the Brazilian equipment resale business which is being discontinued. Consulting Services (4% of Group revenues), driven by growth in Continental Europe and fueled by digital transformation demand, reported year-on-year revenue growth of 10.6% at constant exchange rates. Technology & Engineering Services (16% of Group revenues) grew 5.0% at constant exchange rates, progressing across all Group regions, with a return to growth in France amplified by the positive impact of the number of working days this quarter. Application Services (61% of Group revenues) benefitted from a strong market demand for digital and cloud-based application offerings and continue to drive Group momentum, with revenue growth of 5.3%. Other Managed Services (19% of Group revenues) reported revenues down by 7.6%. This is entirely attributable to Infrastructure Services which continue to be impacted by the anticipated decline in the UK public sector. Business Services (Business Process Outsourcing and platforms) are stable in Q1. In Q1, as planned, North America began to restore its growth momentum, with revenues almost stable year-on-year, at -0.2% at constant exchange rates, a marked improvement on the -3.1% reported in Q4 2016. In this region, the Energy & Utilities sector confirmed its path to recovery, with a third quarter of sequential revenue stability, while the Financial Services sector enjoyed good momentum and the Manufacturing sector strengthened. The United Kingdom and Ireland reported a revenue decline of 7.6% at constant exchange rates, reflecting the anticipated decline in the public sector while private sector remains healthy. France grew 5.2%, with almost 10% increase in Financial Services and Manufacturing, as well as in the consumer sectors (Commerce, Distribution, Telecom, etc.). The Rest of Europe enjoyed revenue growth of 7.8%, with around 10% increase in Germany, Scandinavia and Italy and positive growth in Benelux. Finally, the Asia-Pacific and Latin America region grew 13.6%, with activity slightly down in Latin America (excluding the Brazilian equipment resale business) and strong growth in Asia-Pacific. At March 31, 2017, the Group's total headcount stood at 195,800, up 7% year-on-year, with 111,300 employees in offshore centers (57% of the total headcount). Bookings totaled €3,001 million in Q1 2017, down 3.2% at constant exchange rates on Q1 2016 which benefited from the renewal of a major multi-year contract in the UK public sector. For 2017, the Group forecasts revenue growth at constant exchange rates of 3.0%, an operating margin of 11.7% to 11.9% and organic free cash flow generation in excess of €950 million. Paul Hermelin, Chairman and Chief Executive Officer and Aiman Ezzat, Chief Financial Officer, will present this press release during a conference call in English to be held today at 8 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year. All documents relating to this publication will be placed online on the Capgemini investor website at https://www.capgemini.com/results. This press release may contain forward-looking statements.  Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans", "projects", "may", "would" "should" or the negatives of these terms and similar expressions. Although Capgemini's management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including without limitation risks identified in Capgemini's Registration Document available on Capgemini's website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements.  Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results.  Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement. This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction. In this disclaimer, the term "Capgemini" refers to Cap Gemini SA, its affiliates and their respective directors, managers and employees. With more than 190,000 people, Capgemini is present in over 40 countries and celebrates its 50th Anniversary year in 2017. A global leader in consulting, technology and outsourcing services, the Group reported 2016 global revenues of EUR 12.5 billion. Together with its clients, Capgemini creates and delivers business, technology and digital solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model. Learn more about us at www.capgemini.com. Organic growth, or like-for-like growth, in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the published fiscal year. Exchange rates for the published fiscal year are also used to calculate growth at constant exchange rates. As announced on the publication of the outlook for 2017, to ensure that the discontinuation of equipment resale activities in Brazil does not disrupt the analysis of quarterly trends, organic growth and growth at constant exchange rates will be presented after removing this activity from 2016 and 2017 revenues. The impact from currencies is primarily due to the appreciation of the Brazilian real, the US dollar and the Canadian dollar and the depreciation of the pound sterling. The impact of discontinued activities is linked to evolution of the equipment resale business in Brazil, which in the first quarter of 2016 represented 18 million euros at the reported rate. * The terms and non-GAAP measures marked with an (*) are defined and/or reconciled in the appendix to this press release.


News Article | May 4, 2017
Site: globenewswire.com

CapMan Plc  Interim Report                                4 May 2017 at 11.30 a.m. EEST Performance and main events for the review period: This stock exchange release is a summary of CapMan Plc's 1 January - 31 March 2017 interim report. The complete interim report is available in pdf-format as an attachment to this release and on the company's website at https://www.capman.com/newsroom/financial-reports/. "We achieved good results in the beginning of the year especially due to the performance of our investment business. The most significant event was the realisation of Idean from the Growth Equity portfolio. Our own fund investments have also developed in the right direction, although there is some industry-specific variance in the portfolio. Norvestia was acquired in order to boost our growth objectives and the integration with CapMan proceeds acording to plan. New growth initiatives for 2017 include, among others, our new investment area CapMan Infra and growth investment-focused Growth Equity. We expect strong demand for infrastructure investments, and growth investing has become a separate category within private equity. Of our existing businesses, the service business has continued on a growth track and the outlook for the rest of the year is good. We are establishing the next Nordic real estate fund and based on discussions with potential investors we are well-positioned to reach the MEUR 350 target size for the fund. The team's value-add predecessor fund has been among the best performing in its segment. A month ago, I announced my decision to resign as CEO after almost four years on the job. I have worked at CapMan for a total of 23 years, during which our industry has transformed from a niche of the capital markets into the mainstream. CapMan is in a good position to take advantage of the tailwinds of the industry. Our value-add fund offering is versatile and well-suited for our growing customer base. I want to especially thank our investors, shareholders and personnel, who have supported us on our journey to become a leading Nordic private equity investor and asset manager." CapMan renewed its financial objectives at the end of 2016. The growth objective for Management Company and Services business is more than 10 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. The objective for net gearing, that is ratio of net interest bearing debt to equity, is a maximum of 40 per cent on average. CapMan's objective is to pay at least 75 per cent of earnings per share as dividend. CapMan expects to achieve these financial objectives gradually and key figures are expected to show seasonality. CapMan expects fees from services to have a larger impact on results from the Management Company and Services business in 2017. The Management Company and Services business is profitable before carried interest income and any possible items affecting comparability. The integration of Norvestia and other growth initiatives will generate expenses in 2017. The return on CapMan's investments have a substantial impact on CapMan's overall result. The development of industries and local economies, inflation development, valuation multiples of peer companies, exchange rates and various other factors outside of CapMan's control influence fair value development of CapMan's overall investments in addition to company and real estate specific development. CapMan's objective is to improve results longer term, taking into account the seasonality affecting services and the Investment business. For these and other above mentioned reasons, CapMan does not provide numeric estimates for 2017. Items affecting comparability are described in the Tables section of the attached report. CapMan uses alternative performance measures to denote the financial performance of its business and to improve the comparability between different periods. Alternative performance measures do not replace performance measures in accordance with the IFRS and are reported in addition to such measures. Alternative performance measures, as such are presented, are derived from performance measures as reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be nominated as adjusted. Items affecting comparability are, among others, material items related to mergers and acquisitions or major development projects, 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. CapMan's management will present the result for the review period to press, analysts and investors and review the market situation in a press conference to be held at 3.00 p.m. EEST at CapMan's head office in Helsinki, address Ludviginkatu 6, 00130 Helsinki. The press and analyst conference will be held in Finnish. To join the conference, please register with linda.tierala@capman.com. Welcome! CapMan www.capman.com CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 25 years. CapMan has today 100 private equity professionals and manages €2.8 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit, Infrastructure and Tactical Opportunities. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.


News Article | May 4, 2017
Site: globenewswire.com

CapMan Plc  Interim Report                                4 May 2017 at 11.30 a.m. EEST Performance and main events for the review period: This stock exchange release is a summary of CapMan Plc's 1 January - 31 March 2017 interim report. The complete interim report is available in pdf-format as an attachment to this release and on the company's website at https://www.capman.com/newsroom/financial-reports/. "We achieved good results in the beginning of the year especially due to the performance of our investment business. The most significant event was the realisation of Idean from the Growth Equity portfolio. Our own fund investments have also developed in the right direction, although there is some industry-specific variance in the portfolio. Norvestia was acquired in order to boost our growth objectives and the integration with CapMan proceeds acording to plan. New growth initiatives for 2017 include, among others, our new investment area CapMan Infra and growth investment-focused Growth Equity. We expect strong demand for infrastructure investments, and growth investing has become a separate category within private equity. Of our existing businesses, the service business has continued on a growth track and the outlook for the rest of the year is good. We are establishing the next Nordic real estate fund and based on discussions with potential investors we are well-positioned to reach the MEUR 350 target size for the fund. The team's value-add predecessor fund has been among the best performing in its segment. A month ago, I announced my decision to resign as CEO after almost four years on the job. I have worked at CapMan for a total of 23 years, during which our industry has transformed from a niche of the capital markets into the mainstream. CapMan is in a good position to take advantage of the tailwinds of the industry. Our value-add fund offering is versatile and well-suited for our growing customer base. I want to especially thank our investors, shareholders and personnel, who have supported us on our journey to become a leading Nordic private equity investor and asset manager." CapMan renewed its financial objectives at the end of 2016. The growth objective for Management Company and Services business is more than 10 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. The objective for net gearing, that is ratio of net interest bearing debt to equity, is a maximum of 40 per cent on average. CapMan's objective is to pay at least 75 per cent of earnings per share as dividend. CapMan expects to achieve these financial objectives gradually and key figures are expected to show seasonality. CapMan expects fees from services to have a larger impact on results from the Management Company and Services business in 2017. The Management Company and Services business is profitable before carried interest income and any possible items affecting comparability. The integration of Norvestia and other growth initiatives will generate expenses in 2017. The return on CapMan's investments have a substantial impact on CapMan's overall result. The development of industries and local economies, inflation development, valuation multiples of peer companies, exchange rates and various other factors outside of CapMan's control influence fair value development of CapMan's overall investments in addition to company and real estate specific development. CapMan's objective is to improve results longer term, taking into account the seasonality affecting services and the Investment business. For these and other above mentioned reasons, CapMan does not provide numeric estimates for 2017. Items affecting comparability are described in the Tables section of the attached report. CapMan uses alternative performance measures to denote the financial performance of its business and to improve the comparability between different periods. Alternative performance measures do not replace performance measures in accordance with the IFRS and are reported in addition to such measures. Alternative performance measures, as such are presented, are derived from performance measures as reported in accordance with the IFRS by adding or deducting the items affecting comparability and they will be nominated as adjusted. Items affecting comparability are, among others, material items related to mergers and acquisitions or major development projects, 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. CapMan's management will present the result for the review period to press, analysts and investors and review the market situation in a press conference to be held at 3.00 p.m. EEST at CapMan's head office in Helsinki, address Ludviginkatu 6, 00130 Helsinki. The press and analyst conference will be held in Finnish. To join the conference, please register with linda.tierala@capman.com. Welcome! CapMan www.capman.com CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 25 years. CapMan has today 100 private equity professionals and manages €2.8 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit, Infrastructure and Tactical Opportunities. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.


Holm J.,Tampere University of Technology | Laaksonen L.,University of Tampere | Siirtola H.,Idean Inc
Proceedings of the International Conference on Information Visualisation | Year: 2010

Accessing personal and online music libraries with thousands of songs has become an everyday activity. Instead of textual lists, the libraries can also be accessed using graphical visualizations such as adaptive avatars. To develop the idea further, we designed 17 stereotypical avatars representing different musical genres. To study how well the avatars were recognized, an online questionnaire with 71 participants was arranged. This paper discusses the design of the avatars in more detail, explains which musical genres were selected for the study and why, and presents the results of the questionnaire. © 2010 IEEE.


Swindells C.,Artificial Muscle Inc. | Pietarinen S.,Idean Inc | Viitanen A.,Idean Inc
IEEE Haptics Symposium, HAPTICS | Year: 2014

Vibrotactile feedback is strongly influenced by both accompanying audio and video feedback. Nevertheless, most tools and techniques focus on haptics in isolation during prototyping. We present the ViviTouch® Studio as a novel research tool that facilitates rapid prototyping of audio + video + vibrotactile feedback. Our tool also demonstrates a multimodal rapid prototyping architecture process that works on most operating systems and devices without custom embedded controllers or real-time operating systems. Easy A/B comparisons between different actuators, such as eccentric rotating masses, linear resonant actuators, piezoelectric elements, voice coils and electroactive polymers, are supported. © 2014 IEEE.


Gaetano L.C.,Idean Inc | Rougier G.W.,University of Louisville
Journal of Vertebrate Paleontology | Year: 2011

Argentoconodon fariasorum is the only triconodont from the Jurassic of South America. Originally described on the basis of an upper molariform, A. fariasorum is now known by several specimens, including one that preserves most of its dentition, upper and lower jaws, and several postcranial elements. Close anatomical similarity exists between Argentoconodon fariasorum, Ichthyoconodon jaworowskorum, from the Cretaceous of Morocco, and the likely Jurassic Volaticotherium antiquus, from China. The results of a phylogenetic analysis including most taxa relevant to addressing triconodont phylogenetic relationships show Argentoconodon and Volaticotherium as a clade, which in turn is more closely related to Ichthyoconodon than to any other taxon. Our most parsimonious hypotheses support a triconodontid ancestry for Argentoconodon, Ichthyoconodon, and Volaticotherium as members of the monophyletic traditional subfamily Alticonodontinae. The inclusion of Argentoconodon among alticonodontines extends the geographical and temporal distribution of this triconodont subfamily to the South American Early Jurassic, resulting in extensive ghost lineages for many triconodontid groups. Postcranial similarities between Argentoconodon and Volaticotherium make it possible that the Argentinean taxon might have had gliding capabilities; if this is the case, our cladistic analysis highlights the possible existence of a gliding clade of triconodonts of wide distribution from at least as early as the Early Jurassic. © 2011 by the Society of Vertebrate Paleontology.


Cepeda R.R.,Idean Inc
ACM SIGGRAPH 2014 Studio, SIGGRAPH 2014 | Year: 2014

This hands-on, interactive studio course delivers a native iOS app built from scratch, with powerful 3D graphics technologies from the Khronos Group. We explore the latest Xcode IDE and SDK frameworks available to develop the skills and learn the tools needed to make an engaging, mobile, 3D model viewer.


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