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2009-08-07 09:00:00 CEST 2012-02-03 16:59:32 CET REGULATED INFORMATION Leverator - Interim report (Q1 and Q3)LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 JUNE 2009Leverator Plc Stock Exchange Release 7 August 2009 at 10.00 a.m. LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 JUNE 2009 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. Bonds Leverator has issued a serial loan with a fixed coupon interest of 8.162%. The bonds will be issued in a maximum of five tranches in accordance with the loan capital needed by CMM IV, and investors have committed to subscribe all five tranches. The last tranche was issued on 18 June 2009 and the final size of the bond totalled MEUR 192. The bonds' trading lot is MEUR 0.5 and 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. In the event that the bonds are called prior to 22 June 2011, a premature payment premium is paid as specified in the listing particulars. Issued tranches and Leverator's financial performance -------------------------------------------------------------------------------- | Issued tranches (trading code LEVJ816216) | -------------------------------------------------------------------------------- | Tranche | Issue date | Size of | Date of listing | Subscription | | | | the | | price, % | | | | tranche, | | | | | | MEUR | | | -------------------------------------------------------------------------------- | 1st tranche | 12 July 2004 | 8.0 | 13 July 2004 | 100.00 | -------------------------------------------------------------------------------- | 2nd tranche | 5 June 2006 | 40.0 | 13 June 2006 | 99.137 | -------------------------------------------------------------------------------- | 3rd tranche | 28 March 2007 | 48.0 | 13 April 2007 | 98.290 | -------------------------------------------------------------------------------- | 4th tranche | 28 April 2009 | 36.0 | 5 May 2009 | 97.389 | -------------------------------------------------------------------------------- | 5th tranche | 18 June 2009 | 60.0 | 25 June 2009 | 98.468 | -------------------------------------------------------------------------------- Leverator issued fourth and fifth tranches during the review period. The size of the fourth tranche was MEUR 36.0 and the subscription price was 97.389%. The tranche was listed on 5 May 2009. The size of the fifth tranche was MEUR 60.0 and the subscription price was 98.468 %. The fifth and last tranche was listed on 25 June 2009. During the review period Leverator forwarded a total of MEUR 96.0 loan to CMM IV from the proceeds received from the issue of the fourth and fifth tranches. 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 33,937 (EUR 28,431 for the review period 1 January - 30 June 2008) and financial income and expenses totalled EUR 73,766 (EUR 67,947). The result for the review period was EUR 23,183 (EUR 22,637). 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 -------------------------------------------------------------------------------- | | MEUR | -------------------------------------------------------------------------------- | Outstanding balance to Leverator | 192.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CMM IV's mezzanine loans and associated options and shares: | | -------------------------------------------------------------------------------- | - acquisition cost | 164.7 | -------------------------------------------------------------------------------- | - value appreciation | -6.0 | -------------------------------------------------------------------------------- | Net cash assets | 43.3 | -------------------------------------------------------------------------------- | Commitments at call from Limited Partners | 10.0 | -------------------------------------------------------------------------------- | Clawback at call | 10.9 | -------------------------------------------------------------------------------- | Total | 222.8 | -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- | | MEUR | -------------------------------------------------------------------------------- | Balance of bonds at nominal value | 192.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leverator's receivable from CMM IV at nominal value | 192.0 | -------------------------------------------------------------------------------- | Net cash assets | 0.5 | -------------------------------------------------------------------------------- | Total | 192.5 | -------------------------------------------------------------------------------- Leverator's solvency exceeds the balance of the bonds. Leverator's more detailed financial position is presented in the income statement, balance sheet, 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 management On 12 May 2009 the shareholders of Leverator Plc elected the following members to the Company's Board of Directors: Mr Risto Autio, Mr Karri Alameri, Mr Kari Joutsa, Mr Harri Lemmetti, Mr Olli Liitola, Mr Jyrki Orpana, Mr Jorma Tammenaho, Mr Hannu Tarkkonen and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana as Chairman of the Board. Adoption of IFRS standards (IAS) As of 1 January 2007, Leverator Plc has adopted International Financial Reporting Standards (IFRS) in its financial reporting. Future outlook Developments in the general market environment in the next few years may cause difficulties in the ability of fund's portfolio companies to pay interest on their mezzanine loans and repay principal to the fund. This, 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 the Company's interest earnings will cover its interest payable and other expenses in 2009. Leverator Plc will publish its Interim Report 1 January - 30 September 2009 on 30 October 2009. Helsinki 7 August 2009 LEVERATOR PLC Board of Directors For further information, please contact: Olli Liitola, Member of the Board of Directors, tel. +358 207 207 506 or mobile +358 400 605 040 DISTRIBUTION Helsinki Exchanges Principal media Bondholders APPENDIX 1. Income statement, balance sheet, cash flow statement and statement of changes in equity Interim Report 1 January - 30 June 2009 has been prepared in compliance with International Financial Reporting Standards (IFRS) applying IAS and IFRS standards, as well as SIC and IFRIC interpretations, valid on 31 December 2007. The figures in the Interim Report are unaudited. APPENDIX 1. INCOME STATEMENT, BALANCE SHEET, STATEMENT OF CHANGES IN EQUITY AND CASH FLOW STATEMENT -------------------------------------------------------------------------------- | INCOME STATEMENT, IFRS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | 1.4.- | 1.1.- | 1.4.- | 1.1.- | 1.1.- | | | 30.6.20 | 30.6.2009 | 30.6.2008 | 30.6.2008 | 31.12.20 | | | 09 | | | | 08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel | 0 | 0 | 0 | 0 | -23 200 | | expenses | | | | | | -------------------------------------------------------------------------------- | Other | -23 150 | -33 937 | -19 023 | -28 431 | -52 963 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | -23 150 | -33 937 | -19 023 | -28 431 | -76 163 | | loss | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial | 41 878 | 73 766 | 33 851 | 67 947 | 161 429 | | income and | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 18 728 | 39 829 | 14 828 | 39 516 | 85 266 | | before taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -7 616 | -16 646 | -7 184 | -16 879 | -35 758 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 11 112 | 23 183 | 7 644 | 22 637 | 49 508 | | for the | | | | | | | financial | | | | | | | year | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | | | | | | | share: | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0,0108 | 0,0225 | 0,0074 | 0,0220 | 0,0481 | | share, € | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | EUR | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fixed assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | | -------------------------------------------------------------------------------- | Other investments | 189 622 237 | 95 165 361 | 95 289 749 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total fixed assets | 189 622 237 | 95 165 361 | 95 289 749 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Deferred tax assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Short-term receivables | 448 675 | 498 744 | 508 144 | -------------------------------------------------------------------------------- | Cash and bank | 487 025 | 286 648 | 377 480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total current assets | 935 700 | 785 392 | 885 624 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 190 557 937 | 95 950 753 | 96 175 373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND | | | | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | 102 857 | 102 857 | 102 857 | -------------------------------------------------------------------------------- | Other reserves | 231 989 | 231 989 | 231 989 | -------------------------------------------------------------------------------- | Retained earnings | -89 528 | -139 036 | -139 036 | -------------------------------------------------------------------------------- | Profit/loss for the financial year | 23 183 | 22 637 | 49 508 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total shareholders' equity | 268 501 | 218 447 | 245 318 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital loan | 586 660 | 532 054 | 558 915 | -------------------------------------------------------------------------------- | Long-term liabilities | 189 226 474 | 94 980 008 | 95 132 348 | -------------------------------------------------------------------------------- | Short-term liabilities | 424 037 | 203 504 | 203 173 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 52 265 | 16 740 | 35 619 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 190 289 436 | 95 732 306 | 95 930 055 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | 190 557 937 | 95 950 753 | 96 175 373 | -------------------------------------------------------------------------------- | AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY, IFRS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other reserves | Retained | Total | | | capital | | earnings | equity | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -89 528 | 245 318 | | 31.12.2008 | | | | | -------------------------------------------------------------------------------- | Profit for the | | | 23 183 | 23 183 | | financial year | | | | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -66 345 | 268 501 | | 30.6.2009 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other reserves | Retained | Total | | | capital | | earnings | equity | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -139 036 | 195 810 | | 31.12.2007 | | | | | -------------------------------------------------------------------------------- | Profit for the | | | 22 637 | 22 637 | | financial year | | | | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -116 399 | 218 447 | | 30.6.2008 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT, IFRS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | 1-6/2009 | 1-6/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Operating profit/loss | 23 183 | 22 637 | 49 508 | -------------------------------------------------------------------------------- | Other adjustments to | -70 570 | -75 359 | -136 513 | | operating profit | | | | -------------------------------------------------------------------------------- | Interest paid | -7 835 520 | -3 917 760 | -7 835 520 | -------------------------------------------------------------------------------- | Interest received | 4 548 088 | 4 037 875 | 8 080 750 | -------------------------------------------------------------------------------- | Cash flow from operations | -3 334 819 | 67 393 | 158 225 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments | | | | -------------------------------------------------------------------------------- | Investments in other | -94 140 840 | 0 | 0 | | placements | | | | -------------------------------------------------------------------------------- | Cash flow from investments | -94 140 840 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial cash flow | | | | -------------------------------------------------------------------------------- | Change in long-term | 97 585 204 | 0 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Financial cash flow | 97 585 204 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash funds | 109 545 | 67 393 | 158 225 | -------------------------------------------------------------------------------- | Cash funds at start of the | 377 480 | 219 255 | 219 255 | | period | | | | -------------------------------------------------------------------------------- | Cash funds at end of the | 487 025 | 286 648 | 377 480 | | period | | | | -------------------------------------------------------------------------------- |
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