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2014-05-08 10:32:06 CEST 2014-05-08 10:33:06 CEST REGULATED INFORMATION Leverator - Interim report (Q1 and Q3)LEVERATOR PLC INTERIM REPORT 1 JANUARY – 31 MARCH 2014Leverator Plc Interim Report 8 May 2014 at 11.30 a.m. EEST LEVERATOR PLC INTERIM REPORT 1 JANUARY - 31 MARCH 2014 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 8.4%, equivalent of EUR 16,128,000, in accordance with the terms of the loan on 23 December 2013. The outstanding bond loan totalled EUR 96,314,112 on 31 March 2014. 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, % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 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 accounting 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 17,306 (EUR 10,202 for the review period 1 January - 31 March 2013) and financial income and expenses totalled EUR 60,196 (EUR 70,276). The result for the accounting period was EUR 34,312 (EUR 45,356). 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 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 March 2014 MEUR Outstanding balance to Leverator 96.3 CMM IV's mezzanine loans and associated options and shares: - acquisition cost* 39.8 - value appreciation* 11.0 Net cash assets - bank deposits 33.3 - accumulated interest receivables** 0.5 - Leverator/accumulated interest -2.2 Commitments at call from Limited Partners 10.0 Clawback at call 10.9 ------ ------ Total 103.3 * Figures by CMM IV's management company, as reported or with a discount. ** 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. CMM IV's financial assets exceed the total loan receivables of Leverator by €7.0 million on 31 March 2014 and therefore the latter's receivable due from CMM IV presented below can be booked in full. CMM IV's financial assets exceeded the total loan receivables of Leverator by €7.2 million on 31 December 2013 and by €10.0 million on 31 March 2013. 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 March 2014 MEUR Balance of bonds at nominal value 96.3 Leverator's receivable from CMM IV at nominal value 96.3 Net cash assets 1.0 ----- ----- Total 97.3 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 8 May 2014 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 2014. The aforementioned issues might, in turn, weaken the fund's ability to meet its debt to Leverator Plc in full, which would affect Leverator Plc's solvency. It is possible that the fund's solvency weakens further during 2014. It is probable that Leverator Plc's interest earnings will cover its interest payable and other expenses in 2014. Leverator Plc will publish its Interim Report 1 January-30 June 2014 on 7 August 2014. Helsinki 8 May 2014 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 www.leverator.fi APPENDIX 1. Income statement, balance sheet, statement of changes in equity and cash flow statement The Interim Report 1 January-31 March 2014 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 2013. The information presented is unaudited. APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and Cash Flow Statement LEVERATOR PLC INCOME STATEMENT, IFRS EUR 1.1.- 31.3.2014 1.1.-31.3.2013 1.1.-31.12.2013 ------------------------------------------------------------------------------- Turnover 0 0 0 Personnel expenses 0 0 -24,000 Other operating expenses -17,306 -10,202 -69,632 Operating loss -17,306 -10,202 -93,632 Financial income and expenses 60,196 70,276 280,196 Profit before taxes 42,890 60,074 186,564 Income taxes -8,578 -14,718 -45,708 Profit for the financial year 34,312 45,356 140,856 Total comprehensive income, IFRS The company does not have items included in comprehensive income. Earnings per share: Earnings per share, € 0.0334 0.0441 0.1369 LEVERATOR PLC BALANCE SHEET, IFRS EUR 31.3.2014 31.3.2013 31.12.2013 ------------------------------------------------------------------ ASSETS Non-current assets Investments Other investments 96,314,112 112,442,112 96,314,112 Total non-current assets 96,314,112 112,442,112 96,314,112 Current assets Current receivables 2,270,657 2,648,320 230,712 Cash and bank 869,004 723,530 911,301 Total current assets 3,139,661 3,371,850 1,142,012 TOTAL ASSETS 99,453,773 115,813,962 97,456,124 EUR 31.3.2014 31.3.2013 31.12.2013 ------------------------------------------------------------------ SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 102,857 102,857 102,857 Retained earnings 840,673 699,817 699,817 Profit for the financial year 34,312 45,356 140,856 Total shareholders' equity 977,843 848,030 943,530 Liabilities Non-current liabilities 96,314,112 112,442,112 96,314,112 Current liabilities 2,161 818 2,523,820 198,482 Total liabilities 98,475 930 114,965,932 96,512,594 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 99,453 773 115,813,962 97,456,124 LEVERATOR PLC STATEMENT OF CHANGES IN EQUITY, IFRS Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2013 102,857 0 840,673 943,530 Profit for the financial year 34,312 34,312 Equity on 31.3.2014 102,857 0 874,986 977,843 -------------------------------------------------------------------------------- Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2012 102,857 0 699,817 802,674 Profit for the financial year 140,856 140,856 Equity on 31.12.2013 102,857 0 840,673 943,530 -------------------------------------------------------------------------------- LEVERATOR PLC CASH FLOW STATEMENT, IFRS EUR 1-3/2014 1-3/2013 1-12/2013 ---------------------------------------------------------------------- Cash flow from operations Operating profit 34,312 45,356 140,856 Other adjustments to operating profit -76,609 -70,808 -259,641 Interest paid 0 0 -9,177,525 Interest received 0 0 9,458,630 Cash flow from operations -42,297 -25,452 162,319 Cash flow from investments Change in long-term loan receivables 0 0 16,128,000 Cash flow from investments 0 0 16,128,000 Financial cash flow Change in long-term liabilities 0 0 -16,128,000 Financial cash flow 0 0 -16,128,000 Change in cash funds -42,297 -25,452 162,319 Cash funds at start of the period 911,301 748,982 748,982 Cash funds at end of the period 869,004 723,530 911,301 Olli Liitola Senior Partner Phone: +358 207 207 506 Email: olli.liitola@capman.com |
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