2012-11-01 10:00:00 CET
2012-11-01 10:00:01 CET
REGULATED INFORMATION
Leverator - Interim report (Q1 and Q3)
LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2012
Leverator Plc Interim Report 1 November 2012 at 11:00 a.m. EET
LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012
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 8.3% of the original loan capital, equivalent to EUR
16,000,128, in accordance with the terms of loan on 21 June 2012. The
outstanding bond loan totalled EUR 133,178,112 on 30 September 2012.
Issued tranches and Leverator's financial performance
Issued tranches (trading code LEVJ816216)
Tranche Issue date Size of the tranche, Date of Subscription
MEUR listing price, %
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--------------------------------------------------------------------------------
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 53,335 (EUR 58,282 for the
review period 1 January - 30 September 2011) and financial income and expenses
totalled EUR 268,709 (EUR 206,964). The result for the review period was EUR
162,608 (EUR 110,026).
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 30 September 2012
MEUR
Outstanding balance to Leverator 133.2
CMM IV's mezzanine loans and associated options and shares:
- acquisition cost* 108.7
- value appreciation* -21.2
Net cash assets
- bank deposits 28.6
- outstanding interest receivables** 0.4
- accumulated interest receivables** 2.0
- Leverator/accumulated interest -3.1
Commitments at call from Limited Partners 10.0
Clawback at call 10.9
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------
Total 136.3
* Figures reported by CMM IV's management company taking also into account a
15% 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 30 September 2012
MEUR
Balance of bonds at nominal value 133.2
Leverator's receivable from CMM IV at nominal value 133.2
Net cash assets 0.8
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------
Total 133.9
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 2012 the shareholders of Leverator Plc elected the following members
to the Company's Board of Directors: Mr Tatu Hemmo, Mrs Nina Härkönen, Mr
Staffan Jåfs, Mr Harri Lemmetti, Mr Olli Liitola, Mr Tommi Mäkelä, Mrs Katja
Salovaara, Mr Tomi Viia, and Mr Kyösti Ylikortes. The members elected Mr Tatu
Hemmo 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 the
current and subsequent year. 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 Financial Statements Bulletin 1 January-31
December 2012 on 8 February 2013.
Helsinki 1 November 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
NASDAQ OMX Helsinki
Principal media
Bondholders
APPENDIX 1. Income statement, balance sheet, statement of
changes in equity and cash flow statement
Interim Report 1 January-30 September 2012 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 2011. The
information presented is un-audited.
APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and
Cash Flow Statement
INCOME
STATE
MENT,
IFRS
EUR 1.7.- 30.9.2012 1.1.- 30.9.2012 1.7.- 30.9.2011 1.1.- 30.9.2011
1.1.- 31.12.2011
--------------------------------------------------------------------------------
------------
Turnov 0 0 0 0
0
er
Person 0 0 0 0
-24,400
nel
expen
ses
Other -13,014 -53,335 -18,348 -58,282
-73,734
opera
ting
expen
ses
Operat -13,014 -53,335 -18,348 -58,282
-98,134
ing
loss
Financ 83,237 268,709 93,372 206,964
301,123
ial
incom
e and
expen
ses
Profit 70,223 215,374 75,024 148,682
202,989
befor
e
taxes
Income -17,205 -52,767 -19,472 -38,656
-52,777
taxes
Profit 53,019 162,608 55,552 110,026
150,212
for
the
finan
cial
year
Total
compr
ehensi
ve
incom
e,
IFRS
The
compa
ny
does
not
have
items
includ
ed in
compr
ehensi
ve
incom
e.
Earnin
gs per
share
:
Earnin 0.0515 0.1581 0.0540 0.1070
0.1460
gs per
share
, €
BALANCE SHEET, IFRS
EUR 30.9.2012 30.9.2011 31.12.2011
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ASSETS
Non-current assets
Investments
Other investments 133,178,112 149,178,240 149,178,240
Total non-current assets 133,178,112 149,178,240 149,178,240
Current assets
Current receivables 3,131,219 3,457,715 337,863
Cash and bank 629,702 466,664 575,600
Total current assets 3,760,921 3,924,379 913,463
TOTAL ASSETS 136,939,033 153,102,619 150,091,703
EUR 30.9.2012 30.9.2011 31.12.2011
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SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity
Share capital 102,857 102,857 102,857
Retained earnings 506,207 355,995 355,995
Profit for the financial year 162,608 110,026 150,212
Total shareholders' equity 771,672 568,878 609,064
Liabilities
Non-current liabilities 133,178,112 149,178,240 149,178,240
Current liabilities 2,989,249 3,355,501 304,399
Total liabilities 136,167,361 152,533,741 149,482,639
TOTAL SHAREHOLDERS' EQUITY 136,939,033 153,102,619 150,091,703
AND LIABILITIES
STATEMENT OF CHANGES IN EQUITY, IFRS
Share Other Retained Total
capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2011 102,857 0 506,207 609,064
Profit for the 162,608 162,608
financial year
Equity on 30.9.2012 102,857 0 668,815 771,672
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Share Other Retained Total
capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2010 102,857 0 355,995 458,852
Profit for the 110,026 110,026
financial year
Equity on 30.9.2011 102,857 0 466,021 568,878
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CASH FLOW STATEMENT, IFRS
EUR 1-9/2012 1-9/2011 1-12/2011
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Cash flow from operations
Operating profit 162,608 110,026 150,212
Other adjustments to operating profit -294,979 -331,688 -449,411
Interest paid -6,087,964 -6,973,613 -13,061,577
Interest received 6,274,437 7,187,213 13,461,650
Cash flow from operations 54,102 -8,062 100,874
Cash flow from investments
Change in long-term loan receivables 16,000,128 21,701,760 21,701,760
Cash flow from investments 16,000,128 21,701,760 21,701,760
Financial cash flow
Change in long-term liabilities -16,000,128 -21,701,760 -21,701,760
Financial cash flow -16,000,128 -21,701,760 -21,701,760
Change in cash funds 54,102 -8,062 100,874
Cash funds at start of the period 575,600 474,726 474,726
Cash funds at end of the period 629,702 466,664 575,600
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