15. Shares in associated companies
€ ('000) 2012 2011
Acquisition cost at 1 January 8,347 6,400
Share of the result 259 1,905
Additions / disposals 0 102
Fair value gains / losses on investments 348 -60
Acquisition cost at 31 December 8,954 8,347
The Group's share of the results of its principal associates and its aggregated assets, liabilities, turmover and result are as follows.
2012, € ('000)
Associated companies: Assets Liabilities Turnover Profit/loss Ownership %
BIF Management Ltd, Jersey 53 0 144 -11 33.33%
Baltic SME Management B.V., The Netherlands 14 13 0 -17 33.33%
Maneq 2002 AB, Sweden 416 0 0 -8 35.00%
Maneq 2004 AB, Sweden 568 7 133 154 41.90%
Maneq 2005 AB, Sweden 5,165 1,748 169 384 33.60%
Maneq 2006 AB, Sweden 2,644 2 0 10 33.60%
Maneq 2007 AB, Sweden 8,205 5,862 0 127 37.40%
Maneq 2008 AB, Sweden 15,918 11,883 49 469 33.80%
Maneq 2009 AB, Sweden 2,789 2,470 0 -139 34.40%
Maneq 2010 AB, Sweden 3,421 1,972 0 -19 32.40%
Maneq 2011 AB, Sweden 2,176 1,533 0 40 36.40%
Yewtree Holding AB, Sweden 846 1 47 204 35.00%
Total 42,215 25,491 542 1,194
2011, € ('000)
Associated companies: Assets Liabilities Turnover Profit/loss Ownership %
BIF Management Ltd, Jersey 69 1 0 -7 33.33%
Baltic SME Management B.V., The Netherlands 24 6 0 -11 33.33%
Maneq 2002 AB, Sweden 415 0 22 -6 35.00%
Maneq 2004 AB, Sweden 829 19 140 155 41.90%
Maneq 2005 AB, Sweden 5,025 2,005 0 216 33.60%
Maneq 2006 AB, Sweden 2,674 2 2,115 2,199 33.60%
Maneq 2007 AB, Sweden 8,716 5,727 1,271 1,248 37.40%
Maneq 2008 AB, Sweden 14,573 11,507 1,203 1,273 33.80%
Maneq 2009 AB, Sweden 3,150 2,379 0 77 34.40%
Maneq 2010 AB, Sweden 3,120 1,720 443 459 32.40%
Maneq 2011 AB, Sweden 1,215 1,218 0 -14 36.40%
Yewtree Holding AB, Sweden 676 51 0 245 35.00%
Total 40,486 24,635 5,194 5,834
Team members of CapMan investment teams and other personnel have the option to invest in portfolio companies alongside CapMan via Maneq funds. CapMan participates in these funds as one of the investors and as finance provider with market based terms.