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2012-02-03 10:30:00 CET 2012-02-03 10:30:01 CET REGULATED INFORMATION Leverator - Financial Statement ReleaseLEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2011Leverator Plc Financial Statement Release 3 February 2012 at 11:30 a.m. EET LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY - 31 DECEMBER 2011 Business Leverator Plc's (Leverator) business consists of the issue of bonds and the grant of loans to CapMan Mezzanine IV L.P. mezzanine fund (CMM IV). Leverator's result is formed by the difference between interest received from CMM IV's loans and interest paid to bondholders. The issued bonds are listed on the Helsinki Exchanges (Nasdaq OMX Helsinki). Bonds Leverator has issued a serial loan with a fixed coupon interest of 8.162%. The bonds were issued in five tranches in accordance with the loan capital needed by CMM IV, and investors subscribed all five tranches according to their commitments. The final size of the bond totalled MEUR 192 on 18 June 2009. The final loan maturity is 21 June 2016. Leverator has a call option to repay the bonds or part thereof not earlier than 22 June 2009. Leverator repaid 11.3% of the original loan capital, equivalent to EUR 21,701,760, in accordance with the terms of loan on 21 June 2011. The outstanding bond loan totalled EUR 149,178,240 on 31 December 2011. Issued tranches and Leverator's financial performance Issued tranches (trading code LEVJ816216) Tranche Issue date Size of the tranche, Date of SubscriptionMEUR listing price, % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1st 12 July 2004 8.0 13 July 2004 100.00 tranche 2nd 5 June 2006 40.0 13 June 2006 99.137 tranche 3rd 28 March 48.0 13 April 98.290 tranche 2007 2007 4th 28 April 36.0 5 May 2009 97.389 tranche 2009 5th 18 June 2009 60.0 25 June 2009 98.468 tranche Leverator's turnover for the review period was EUR 0, because the Company's interest earnings and interest expenses are presented as financial items in the income statement. Leverator's operating loss was EUR 98,134 (EUR 84,337 for the review period 1 January - 31 December 2010) and financial income and expenses totalled EUR 301,123 (EUR 281,352). The result for the review period was EUR 150,212 (EUR 158,913). Leverator's solvency and risks The security for the bonds is Leverator's receivable from CMM IV. The security for this receivable to Leverator is CMM IV's mezzanine loan receivables from portfolio companies as well as associated options and portfolio company shares that are possibly subscribed on the basis of those options. Leverator's solvency to pay the bonds' interest and principal is based on CMM IV's solvency to pay the loan receivable and interest to Leverator. CMM IV's solvency is dependent on its mezzanine loan receivables from portfolio companies and on the value of associated options or shares as well as on CMM IV's right to call the commitments and clawback of the Fund's Limited Partners. The most significant risks or uncertainty factors in Leverator's operations are that the portfolio companies would not be able to pay their debt to the fund, that the fund's Limited Partners would not be able to fulfil their obligations in accordance with fund agreement or that the fund's solvency would be put at risk due to some other cause. An examination of CMM IV's solvency to manage the loan receivable to Leverator is first carried out in order to determine Leverator's solvency. CMM IV's solvency 31 December 2011 MEUR Outstanding balance to Leverator 149.2 CMM IV's mezzanine loans and associated options and shares: - acquisition cost* 138.7 - value appreciation* -18.8 Net cash assets - bank deposits 13.9 - outstanding interest receivables** 1.4 - accumulated interest receivables** 1.1 - Leverator/accumulated interest -0.3 Commitments at call from Limited Partners 10.0 Clawback at call 10.9 ------ ------ Total 156.8 * Figures reported by CMM IV's management company taking also into account a 10% allowance for depreciation. ** Excludes interest receivables that are outstanding or have accumulated that are not booked in the Fund's accounts because of the uncertainty whether they can be collected. As CMM IV's financial assets exceed the total loan receivables of Leverator, the latter's receivable due from CMM IV presented below can be booked in full. The values given above are reported by CMM IV's management company. The management company's assessment of the value appreciation of mezzanine loans and associated options and shares is based on reporting principles common to the private equity industry. These principles aim at take into account risk factors caused by the general economic environment. The amount of commitments and clawback that the fund has a right to call from the Fund's Limited Partners is based on CMM IV's fund agreement. Leverator's solvency 31 December 2011 MEUR Balance of bonds at nominal value 149.2 Leverator's receivable from CMM IV at nominal value 149.2 Net cash assets 0,6 ------ ------ Total 149.8 Leverator's solvency exceeds the balance of the bonds. Leverator's more detailed financial position is presented in the income statement, balance sheet, statement of changes in equity and cash flow statement in Appendix 1. There are no exceptional liabilities of Leverator or CMM IV in the knowledge of Leverator's Board of Directors that should be considered in the above calculations. Leverator's ownership The owners of Leverator Plc are CapMan Plc, Etera Mutual Pension Insurance Company, Foundation for Economic Education, Ilmarinen Mutual Pension Insurance Company, OP Life Assurance Company Ltd, Pharmacy Pension Fund, Mandatum Life Insurance Company Limited, Varma Mutual Pension Insurance Company and Yleisradio Pension Fund with equal holdings. Leverator's Board of Directors On 4 May 2011 the shareholders of Leverator Plc elected the following members to the Company's Board of Directors: Mr Karri Alameri, Mr Tatu Hemmo, Mrs. Nina Härkönen, Mr Harri Lemmetti, Mr Olli Liitola, Mr Tommi Mäkelä, Mr Jyrki Orpana, Mr Jorma Tammenaho and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana as Chairman of the Board. Future outlook Developments in the general market environment in the next few years may continue to cause difficulties in the ability of fund's portfolio companies to pay interest on their mezzanine loans and repay principal to the fund in accordance with original loan terms. Restrictions in the portfolio companies' senior loan agreements may in certain cases prevent the companies from meeting their interest payments in accordance with the original loan terms during 2012. These, in turn, might weaken the fund's ability to meet in full its debt to Leverator Plc, which would affect Leverator Plc's solvency. It is highly probable that Leverator Plc's interest earnings will cover its interest payable and other expenses in 2012. Leverator Plc will publish its Interim Report 1 January - 31 March 2012 on 4 May 2012. Helsinki 3 February 2012 LEVERATOR PLC Board of Directors For further information, please contact: Olli Liitola, CEO, tel. +358 207 207 506 or mobile +358 400 605 040 DISTRIBUTION Helsinki Exchanges Principal media Bondholders APPENDIX 1. Income statement, balance sheet, statement of changes in equity and cash flow statement Financial Statements Bulletin 1 January - 31 December 2011 has been prepared in compliance with International Financial Reporting Standards (IFRS) and the accounting principles applied are the same as in the financial statements for 2010. The information presented has been audited. APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and Cash Flow Statement INCOME STATEMENT, IFRS 1.10.- 1.1.- 1.10.- 1.1.- EUR 31.12.2011 31.12.2011 31.12.2010 31.12.2010 -------------------------------------------------------------------------------- Turnover 0 0 0 0 Personnel expenses -24,400 -24,400 -23,200 -23,200 Other operating expenses -15,452 -73,734 -12,553 -61,137 Operating loss -39,852 -98,134 -35,753 -84,337 Financial income and expenses 94,159 301,123 68,276 281,352 Profit before taxes 54,307 202,989 32,523 197,015 Income taxes -14,121 -52,777 4,664 -38,102 Profit for the financial year 40,186 150,212 37,187 158,913 Total comprehensive income, IFRS The company does not have items included in comprehensive income. Earnings per share: Earnings per share, € 0.0391 0.1460 0.0362 0.1545 BALANCE SHEET, IFRS EUR 31.12.2011 31.12.2010 -------------------------------------------------------------- ASSETS Non-current assets Investments Other investments 149,178,240 170,243,545 Total non-current assets 149,178,240 170,243,545 Current assets Current receivables 337,863 391,146 Cash and bank 575,600 474,726 Total current assets 913,463 865,872 TOTAL ASSETS 150,091,703 171,109,417 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 102,857 102,857 Retained earnings 355,995 197,082 Profit for the financial year 150,212 158,913 Total shareholders' equity 609,064 458,852 Liabilities Non-current liabilities 149,178 240 170,139,858 Current liabilities 304,399 485,090 Deferred tax liabilities 0 25,617 Total liabilities 149,482,639 170,650,565 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 150,091,703 171,109,417 STATEMENT OF CHANGES IN EQUITY, IFRS Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2010 102,857 0 355,995 458,852 Profit for the financial 150,212 150,212 year Equity on 31.12.2011 102,857 0 506,207 609,064 -------------------------------------------------------------------------------- Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2009 102,857 231,989 15,559 350,405 Other Changes -231,989 231,989 0 Adjustments for accruals -50,466 -50,466 in 2009 Profit for the financial 158,913 158,913 year ----------- Equity on 31.12.2010 102,857 0 355,995 458,852 -------------------------------------------------------------------------------- CASH FLOW STATEMENT, IFRS EUR 1-12/2011 1-12/2010 --------------------------------------------------------------- Cash flow from operations Operating profit/loss 150,212 158,913 Other adjustments to operating profit -449,411 -243,250 Interest paid -13,061,577 -15,671,040 Interest received 13,461,650 16,151,054 Cash flow from operations 100,874 395,677 Cash flow from investments Change in long-term loan receivables 21,701,760 21,120,000 Cash flow from investments 21,701,760 21,120,000 Financial cash flow Change in long-term liabilities -21,701,760 -21,720,000 Financial cash flow -21,701,760 -21,720,000 Change in cash funds 100,874 -204,323 Cash funds at start of the period 474,726 679,049 Cash funds at end of the period 575,600 474,726 |
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