2008-02-12 11:21:55 CET
2008-02-12 11:22:50 CET
REGULATED INFORMATION
Amanda Capital - Financial Statement Release
AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2007
The Group's net sales increased by 76.6% to EUR 16.6 million (EUR 9.4 million 1 January to 31 December 2006). The net investment income accounted for EUR 11.8 million and the management of private equity funds for EUR 4.4 million of the net sales. Consolidated earnings after taxes increased to EUR 9.7 million (EUR 6.0 million). Earnings per share amounted to EUR 0.43 (EUR 0.26). The equity to assets ratio was 90.7% (95.5%). Equity per share was EUR 2.67 (EUR 2.48) at the end of the financial period. Private equity investments gave a return of 33.0% on the capital invested in private equity funds. The aggregate return of Amanda Capital Plc's private equity investments since the beginning of investments operations was 31.0% p.a.(IRR). The basic dividend proposal of the Board of Directors for the financial period 2007 is EUR 0.22 per share and an additional dividend EUR 0.15 per share. FINANCIAL DEVELOPMENT During the financial period 2007, the net sales from the management and consultation of private equity investments increased by 141.4% on the previous year. The growth of management fees was due to both the successful raising of capital to the Amanda III and Amanda IV private equity funds and the acquisition of the Proventure companies. The share of management fees of the net sales was 26.4%. The net investment income reached a record level of EUR 11.8 million in 2007. In Amanda's investment portfolio, consisting of 28 private equity funds, several exists were carried out in 2007. Above all private equity funds that make mid-market investments from buyout funds succeeded well in selling their target companies. During the financial period, Amanda made two new private equity fund investments from its own balance sheet. The Group's net sales totalled EUR 16.6 million in 2007 (EUR 9.4 million in 2006). Fees from the management and consultation of private equity funds accounted for EUR 4.4 million (EUR 1.8 million) of the net sales. The net investment income totalled EUR 11.8 million (EUR 7.6 million). Other operating income amounted to EUR 0.3 million (EUR 0.0 million), and the profit for the period was EUR 9.7 million (EUR 6.0 million). The Group's expenses and depreciation totalled EUR 4.0 million (EUR 1.8 million). Personnel expenses amounted to EUR 1.5 million (EUR 0.8 million) and the share of depreciation was EUR 0.8 million (EUR 0.2 million). Other operating expenses totalled EUR 1.7 million (EUR 0.7 million). BALANCE SHEET The consolidated balance sheet total was EUR 67.0 million (EUR 59.0 million), and shareholders' equity amounted to EUR 60.7 million (EUR 56.4 million). Amanda's equity to assets ratio was high at 90.7% (95.5%). Of the balance sheet total, 57.5% (56.4%) was invested in private equity funds and 32.2% (37.9%) in liquid assets. Consolidated goodwill amounted to 2.7% (3.0%) of the balance sheet total. BUSINESS ACQUISITIONS The Group made no business acquisitions in the fourth quarter of 2007. The merger of the Proventure companies, acquired in February, with Amanda advances according to plans. Detailed information on the acquisition of the Proventure companies is presented in the appendices to this report. MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS In 2007, the management and consultation of private equity investments generated EUR 4.4 million of net sales, which corresponds to expectations. In 2007, the assets under Amanda's management increased by more than EUR 400 million. The acquisition of the Proventure companies increased the assets under management by EUR 175 million, the successful raising of capital to the Amanda III and IV private equity funds by EUR 117 million and the expansion of the consultation business by EUR 138 million. At the end of the period under review, the assets under Amanda's management totalled EUR 1.6 billion (original investment commitments). EUR 123.5 million of the assets under management were Amanda's own investment commitments, EUR 433.5 million assets in the private equity funds of funds managed by Amanda, and EUR 1 085.3 million were covered by consultation. With these assets, investments have been made in more than 100 private equity funds in Europe, the US, Asia, and Russia. At the moment, Amanda is raising capital to the Amanda IV West private equity fund of funds. The first closing of the fund took place in November 2007 in the amount of EUR 77 million. The fund makes investments in unlisted companies in Western Europe through local private equity funds. The fund will continue to raise capital in 2008, and the final closing will take place by 9 November 2008. PRIVATE EQUITY FUNDS In 2007, Amanda made two new private equity fund investments from its own balance sheet. In the third quarter of 2007, Amanda Capital Plc made an investment commitment of five million euros in the MB Equity Fund IV private equity fund. MB Equity Fund IV is a Finnish private equity fund that will continue with the previous investment strategy of MB Funds. The investment object of MB Funds consists of medium-sized companies in Scandinavia. In the second quarter of 2007, Amanda established the Amanda IV West private equity fund. The first closing of the fund in the amount of EUR 77.0 million took place in the fourth quarter. The fund makes investments in unlisted companies in Western Europe through local private equity funds. Amanda made an investment commitment of EUR 20 million in the fund. Amanda has investments in 24 private equity funds and four private equity funds of funds under the company's own management. During the financial period one of Amanda's investment objects, the Sponsor Fund I, was dissolved. Amanda's degree of investment (book value of private equity investments per equity) was 63.5% (59.0%). Amanda's over-commitment degree was 150.8% (121.4%). In 2007, the private equity funds called in capital in the amount of approximately EUR 9.1 million and returned approximately EUR 9.3 million to the company as capital returns and EUR 11.8 million as distribution of profits. Information on Amanda's current private equity investments can be found on the company website at www.amandacapital.fi. NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS The private equity funds in Amanda's investment portfolio made, e.g. the following investments in the fourth quarter of 2007: The Gresham 4 private equity fund acquired a company called Hotter. The company is the leading manufacturer of footwear for elderly people in the UK. The fund has also acquired a company called 7City Learning, which offers training for the 100 largest financial institutions globally. The EQT V private equity fund bought a company called SAG, which provides build and maintenance outsourcing services for utilities in their transmission and distribution grids. SAG's main location is Germany, but it also has operations in France, Poland and the Czech Republic. The Emerging Europe Growth Fund, a target fund of the Amanda III Eastern Private Equity Fund, made investments in two banks: FinComBank operates in Moldova and MTB in Belarus. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the fourth quarter of 2007, e.g. the following exits took place in Amanda's portfolio: The Montagu III private equity fund sold a company called Open International to Towergate. Open International is the leading IT and software supplier for insurance brokers in the UK. The Fenno Fund sold its holding in Affecto Plc. AffectoGenimap was listed in 2005, and changed its name to Affecto Plc in 2007. The Nexit Infocom 2000 private equity fund made a partial exit from Ecrio and returned assets from its escrow account in connection with the Hybrid Graphics Oy deal. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Amanda shares acquired for hedging the share-based incentive plan for the Group personnel, which the Board of Directors of Amanda decided on in June, are interpreted as acquisition of own shares in accordance with IFRS. Consequently, Amanda held a total of 476 000 own shares at the end of the financial period. Amanda Capital Plc had 3 566 shareholders on 31 December 2007. -------------------------------------------------------------------------------- | Ten largest shareholders as of 31 December 2007 | -------------------------------------------------------------------------------- | | | Holding, % | -------------------------------------------------------------------------------- | Berling Capital Oy | | 14.00 | -------------------------------------------------------------------------------- | Veikko Laine Oy | | 14.00 | -------------------------------------------------------------------------------- | Umo Capital Oy | | 12.86 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | | 10.08 | -------------------------------------------------------------------------------- | Sampo Life Insurance Company Limited | | 9.02 | -------------------------------------------------------------------------------- | Procurator Oy | | 2.84 | -------------------------------------------------------------------------------- | Alexander Management Oy *) | | 2.09 | -------------------------------------------------------------------------------- | Änkilä Petteri Juha Väinämö | | 1.89 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | | 1.78 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | | 1.49 | -------------------------------------------------------------------------------- *) According to IFRS, these shares are interpreted as acquisition of Amanda's own shares. PERSONNEL At the end of the financial period, the Group had 15 employees. The average number of employees during the financial period was 14. The overall salaries and wages paid to the personnel totalled EUR 1.5 million (EUR 0.8 million) during the year. The personnel expenses comprise periodisation of expenses of EUR 0.4 million related to the personnel incentive plan. This amount has no impact on the cash flow. ESSENTIAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE OPERATIONS The risks associated with Amanda Group's business mainly consist of investment-related risks, i.e. the market risk and foreign exchange risk. Amanda has tried to diversify the risks related to the investment operations by making investments in private equity funds that make investments in different geographic areas and fields of industry. Risks are managed comprehensively through an investment process and investment strategy confirmed by Amanda Capital Plc's Board of Directors. The investment objects are selected through an investment process, in which the Investment Committee screens potential investment objects that are subjected to a Due Diligence review. At the Due Diligence stage, the fund's return history, personnel, documentation and other factors essentially related to the administration and development of the fund are examined. For the parent company's part, the final investment proposals are submitted to Amanda Capital Plc's Board of Directors for assessment and decision-making. The final investment proposals regarding the funds managed by Amanda are submitted for assessment and decision-making to the Board of the company that is the general partner. DISPUTES On 30 June 2005, Helsinki District Court dismissed the lawsuits filed against Amanda Capital Plc by Interglobia Ltd's bankrupt's estate and Interavanti Oyj. On 19 September 2005, Interavanti Oyj and Interglobia's bankrupt's estate filed an appeal against the decision by Helsinki District Court with the Court of Appeal. Background: Interglobia Ltd's bankrupt's estate filed two lawsuits against Amanda Capital Plc in 2003. These lawsuits concerned transactions carried out in 1997 by Amanda Capital Plc's predecessor, the undivided Finvest Oyj, to purchase the shares of three subsidiaries of the Interglobia Group and sell its shares in one of its subsidiaries, Interglobia Ltd. These two lawsuits are partly overlapping, and their capital value is approximately EUR 10.2 million. In connection with this matter, Interavanti Oyj filed a lawsuit at Helsinki District Court, demanding compensation in the amount of EUR 2.9 million of Amanda Capital Plc. THE BOARD'S DIVIDEND PROPOSAL According to guidelines set out by Amanda Capital Plc's Board of Directors, the company's aim is to distribute at least half of the profit for the financial period as dividend, taking into account the liquidity situation. The distributable means of the parent company totalled EUR 14 565 730.49, and the distributable means of the Group EUR 19 344 862.58 on 31 December 2007. The Board of Directors proposes that a basic dividend of EUR 0.22 per share and due to Amanda's good private equity investment results 2007 an additional dividend of EUR 0.15 per share to be paid out to 22 767 746 shares for the financial period that ended on 31 December 2007. According to the proposal, a total of EUR 5 008 904.12 will be used for the basic dividend payment and for the additional dividend EUR 3 415 161.90, i.e. 89.9% of the profit for the period. The Board of Directors feels that the proposed dividend does not pose any risk on the liquidity of the company. PRINCIPLES FOR DRAWING UP THE REPORT The financial statements release has been prepared in accordance with International Financial Reporting Standards, IFRS, and IAS 34 Interim Financial Reporting, approved by the EU. In the preparation of the financial statements report, Amanda has applied the same principles as in the financial statements for the year 2006. The calculation of the key ratios is presented in the financial statements. The Proventure companies, which were acquired by Amanda Capital Plc on 9 February 2007, have been consolidated with Amanda Group from 1 January 2007. As for the net investment income, Amanda Capital's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The administration of the personnel incentive plan, which the Board of Directors of Amanda decided on 15 June 2007, has been outsourced to Alexander Management Ltd. As part of the outsourcing, Alexander Management has purchased a number of Amanda shares from the market. These purchases are treated as purchases of own shares in IFRS reporting. The information in the financial statements release has been audited. EVENTS AFTER THE PERIOD UNDER REVIEW There have been no major events after the period under review. OUTLOOK OF THE PRIVATE EQUITY MARKET The past five years have been a period of strong growth for the private equity business, both in Europe and globally. In 2006, private equity funds raised record amounts of capital in Europe, about EUR 112 billion, and the figure for 2007 is expected to be at the same level. The international credit crisis had an impact on the private equity business in the second half of 2007, as banks have become less willing to provide financing for large buyout deals. Loan financing for small and medium-sized buyout investments has, however, been available despite the credit crisis. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The prices of business acquisitions are expected to normalise at a lower level than in the past years. The financial market and economy as a whole have become more cautious, and exits from target companies and the return of capital to investors are likely to slow down on short term. The most part of the private equity market has, however, used debt financing moderately and made appropriately priced investments that are expected to continue to yield a return that is typical of the private equity industry. The establishment of new private equity funds is expected to slow down until the risks of the international financial market can be identified. At the moment, private equity funds have at their disposal a record amount of capital for new investments, which will look for investment objects during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies, and the global growth of the private equity business is expected to continue owing to the good returns. COMPANY OUTLOOK Amanda has, in accordance with its strategy, expanded its business from investment operations to the management and consultation of private equity investments by carrying out two business acquisitions and by establishing two private equity funds. The management of private equity investments is characterised by long-term management agreements that produce a stable cash flow and improve the predictability of the company's net sales and result. The expansion of business operations has reduced the sensitivity of Amanda's result to fluctuations in investment income. The company aims at increasing its management operations in future, too, both organically by establishing new funds and through possible business acquisitions. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2008. In 2008, Amanda will launch at least two new funds. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting more mature companies. This strategy has resulted in excellent returns, and the long-term returns on investments are expected to remain good for the foreseeable future. A quarter is, however, too short a period for measuring the success of investment operations in the private equity business, where the investment horizon is several years. AMANDA CAPITAL OYJ Board of Directors Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 600 Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi The Amanda Group is a private equity management company. Its parent company is the first publicly listed private equity fund of funds in Scandinavia. Amanda has investments in 24 private equity funds and in four funds of funds under Amanda's own management. Amanda Group is one of Finland's largest management companies of private equity fund investments. It manages several private equity fund portfolios under consultancy agreements and six private equity funds of funds with several domestic and international institutions as investors. Amanda Group currently has EUR 1.6 billion of assets under management (original investment commitments) with which it has made investments in more than 100 private equity funds in Europe, the US, Asia, and Russia. APPENDIX FINANCIAL STATEMENT TABLES -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 10-12/0 | 10-12/0 | 1-12/07 | 1-12/06 | | | | 7 | 6 | | | -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 481 | 630 | 12 186 | 7 557 | | -------------------------------------------------------------------------------- | | Management fees | 1 001 | 661 | 4 373 | 1 812 | | -------------------------------------------------------------------------------- | | Total | 1 482 | 1 291 | 16 559 | 9 369 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -174 | -62 | -759 | -246 | | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating expenses | -838 | -501 | -3 209 | -1 576 | | -------------------------------------------------------------------------------- | | Total | -1 012 | -563 | -3 968 | -1 822 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 470 | 729 | 12 591 | 7 547 | | -------------------------------------------------------------------------------- | | Financial income and | 100 | 196 | 583 | 536 | | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE APPROPRIATIONS | | | | | | -------------------------------------------------------------------------------- | AND TAXES | 570 | 925 | 13 174 | 8 083 | | -------------------------------------------------------------------------------- | | Appropriations and | | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | | -------------------------------------------------------------------------------- | | the period's profit | -195 | -237 | -3 483 | -2 074 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | 375 | 688 | 9 691 | 6 009 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.02 | 0.03 | 0.43 | 0.26 | | -------------------------------------------------------------------------------- | Earnings per share less own | 0.01 | 0.03 | 0.43 | 0.26 | | | shares, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | -------------------------------------------------------------------------------- | | assets | 6 637 | 3 054 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Private equity investments | 38 541 | 33 268 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | | Accrued income and advance payments | 165 | 334 | -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Financial securities | 15 901 | 19 397 | -------------------------------------------------------------------------------- | | Cash | 5 745 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 66 988 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 60 727 | 56 395 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | | Current liabilities | 6 262 | 2 643 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 6 262 | 2 643 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 66 988 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 10-12/07 | 10-12/06 | 2007 | 2006 | -------------------------------------------------------------------------------- | OPERATIONS | | | | | -------------------------------------------------------------------------------- | | Operating profit | 470 | 728 | 12 591 | 7 547 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 174 | 75 | 759 | 245 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | | -------------------------------------------------------------------------------- | | decrease (+) | -3 168 | -1 002 | -5 273 | -1 454 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | | -------------------------------------------------------------------------------- | | decrease (+) | -95 | -1 231 | 3 496 | -4 140 | -------------------------------------------------------------------------------- | | Change in fair value reserve | 2 001 | 671 | 3 070 | -1 665 | -------------------------------------------------------------------------------- | | Change in tax | | | | | -------------------------------------------------------------------------------- | | liability/receivable | 455 | 308 | 1 947 | -581 | -------------------------------------------------------------------------------- | | Investments available for | | | | | | | sale, | | | | | -------------------------------------------------------------------------------- | | total change | -807 | -1 254 | 3 240 | -7 840 | -------------------------------------------------------------------------------- | | Change in working capital | | | | | -------------------------------------------------------------------------------- | | Business receivables, increase | | | | | | | (-) | | | | | -------------------------------------------------------------------------------- | | decrease (+) | -10 | -63 | 169 | -319 | -------------------------------------------------------------------------------- | | Interest-free debt, increase | | | | | | | (+) | | | | | -------------------------------------------------------------------------------- | | decrease (-) | -204 | -597 | 1 673 | 29 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | 0 | -166 | 0 | -273 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working capital | -214 | -826 | 1 842 | -563 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel issue paid over par | 193 | 128 | 256 | 128 | -------------------------------------------------------------------------------- | | Personnel incentive programme | 59 | | 59 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations | | | | | | | before | | | | | -------------------------------------------------------------------------------- | | financial items and taxes | -125 | -1 149 | 18 747 | -483 | -------------------------------------------------------------------------------- | | Financial income and expenses | 100 | 196 | 583 | 536 | -------------------------------------------------------------------------------- | | Deferred taxes | -195 | -236 | -3 483 | -2 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | -220 | -1 189 | 15 847 | -2 021 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTMENTS | | | | | -------------------------------------------------------------------------------- | | Acquisition of subsidiary | 7 | 0 | -4 342 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | -------------------------------------------------------------------------------- | | Dividends paid | 0 | 0 | -6 830 | -3 189 | -------------------------------------------------------------------------------- | | Payment from share issue | 0 | -64 | 0 | 3 800 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -130 | 0 | -1 915 | 0 | -------------------------------------------------------------------------------- | | Total Financing | -130 | -64 | -8 745 | 611 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid assets | -343 | -1 253 | 2 760 | -1 410 | -------------------------------------------------------------------------------- | Liquid assets at the beginning | | | | | -------------------------------------------------------------------------------- | of the period | 6 088 | 4 238 | 2 985 | 4 395 | -------------------------------------------------------------------------------- | Liquid assets at the end | | | | | -------------------------------------------------------------------------------- | of the period | 5 745 | 2 985 | 5 745 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank deposits. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Share | Other | Fair | Retaine | Total | | | | | capit | Premiu | reserve | value | d | | | | | | al | m | s | reserve | earning | | | | | | | Accoun | | | s | | | | | | | t | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2006 | 10 630| 15 947 | 10 688 | 698 | 13 350 | 51 312 | | | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | | Available | | | | | | | | | | for Sale | | | | | | | | -------------------------------------------------------------------------------- | | - Change in | | | | -1 665 | | -1 665 | | | | Fair Value | | | | | | | | -------------------------------------------------------------------------------- | | Profit for | | | | | 6 009 | 6 009 | | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total | | | | | | | | | | Income and | | | | | | | | | | Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | -1 665 | 6 009 | 4 344 | | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -3 189 | -3 189 | | | | dividends | | | | | | | | -------------------------------------------------------------------------------- | | Personnel | 754 | 3 046 | | | 128 | 3 928 | | | | Issue | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 December |11 384 | 18 994 | 10 688 | -968 | 16 298 | 56 395 | | | 2006 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 |11 384 | 18 994 | 10 688 | -968 | 16 298 | 56 395 | | | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | | Available | | | | | | | | | | for Sale | | | | | | | | -------------------------------------------------------------------------------- | | - Change in | | | | 3 070 | | 3 070 | | | | Fair Value | | | | | | | | -------------------------------------------------------------------------------- | | Profit for | | | | | 9 691 | 9 691 | | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total | | | | | | | | | | Income and | | | | | | | | | | Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | 3 070 | 9 691 | 12 760 | | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | | -6 830 | -6 830 | | | | dividends | | | | | | | | -------------------------------------------------------------------------------- | | Purchase of | | | -1 785 | | | -1 785 | | | | Own Shares | | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | 316 | 316 | | | | Incentive | | | | | | | | | | Plan | | | | | | | | -------------------------------------------------------------------------------- | | Other | | | | | -129 | -129 | | | | Changes | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 December | 11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 | | | 2007 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 2007 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.43 | 0.26 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | 0.43 | 0.26 | -------------------------------------------------------------------------------- | Equity per share | 2.67 | 2.48 | -------------------------------------------------------------------------------- | Equity per share, lessa own shares, EUR | 2.72 | 2.48 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 16.5 | 15.0 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 16.5 | 11.2 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 90.7 | 95.5 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 3.38 | 3.43 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 15 | 10 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 63.5 | 59.0 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 150.8 | 121.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total amount | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2007 | | 33 268 | -------------------------------------------------------------------------------- | Increase through acquisition | | 915 | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | | 9 087 | -------------------------------------------------------------------------------- | Return of capital from the funds | | -9 258 | -------------------------------------------------------------------------------- | Net changes in the book values of | | | -------------------------------------------------------------------------------- | private equity funds | | 4 529 | -------------------------------------------------------------------------------- | Book value ofprivate equity funds 31 December 2007 | | 38 541 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The following assets and liabilities have been | | | -------------------------------------------------------------------------------- | booked for the acquired | | | | | | bussiness | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Net fair | | Book value | | | | value of | | before | | -------------------------------------------------------------------------------- | | identifiable | | the business | | | | asset | | | | -------------------------------------------------------------------------------- | | and | | combination | | | | liabilitsies | | | | -------------------------------------------------------------------------------- | Intangible asset | 4.2 | | 0.0 | | -------------------------------------------------------------------------------- | Tangible assets | 0.1 | | 0.1 | | -------------------------------------------------------------------------------- | Receivables | 9.1 | | 9.1 | | -------------------------------------------------------------------------------- | Investments in private | 0.9 | | 0.9 | | | equity funds | | | | | -------------------------------------------------------------------------------- | Other investments | 0.7 | | 0.7 | | -------------------------------------------------------------------------------- | Cash and Cash equivalents | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Total | 15.2 | | 11.0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing | 0.5 | | 0.5 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | | 0.7 | | -------------------------------------------------------------------------------- | Deferred Tax liabilities | 1.1 | | 0.0 | | -------------------------------------------------------------------------------- | Other interest free | 2.7 | | 2.7 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Total | 4.9 | | 3.8 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Asset Value | 10.3 | | 7.2 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase price paid in | 10.0 | | | | | cash | | | | | -------------------------------------------------------------------------------- | Professional fees | 0.3 | | | | -------------------------------------------------------------------------------- | Acquisition cost | 10.3 | | | | -------------------------------------------------------------------------------- | Net asset value of | 10.3 | | | | | acquired companies | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.0 | | | | -------------------------------------------------------------------------------- REMAINING COMMITMENTS Amanda Capital Plc's remaining commitments in private equity funds on 31 December 2007 stood at EUR 53,0 million (EUR 35,2 million on 31 December 2006). Other liabilities at the end of the reporting period was EUR 0.5 million (EUR 0.5 million).
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