2010-11-03 15:18:38 CET
2010-11-03 15:19:35 CET
REGULATED INFORMATION
Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2010
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 3 NOVEMBER 2010 AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2010 SUMMARY OF THE EVENTS IN JANUARY-SEPTEMBER - The Group's management fees totalled EUR 3.0 million (EUR 3.2 million from 1 Jan. to 30 Sept. 2009). - The Group's net investment income was EUR 1.1 million (EUR -3.5 million). - The Group's operating profit was EUR 1.6 million (EUR -2.9 million). - Consolidated earnings after taxes were EUR 0.8 million (EUR -2.3 million). - Earnings per share were EUR 0.04 (EUR -0.10). - During the period under review, equity per share increased by EUR 0.14 to EUR 1.85 (EUR 1.63). - The equity to assets ratio was 85.5% (91.6%). - The aggregate return of Amanda Group's private equity investments since the beginning of the investment operations was 21.9% p.a.(IRR). - Amanda's CEO Martin Paasi's contract was ended on 22 June 2010, and Petter Hoffström, CFO of the company, was appointed acting CEO. - On 13 September 2010, Amanda Capital Plc's Board of Directors appointed Jyrki Orpana, LL.M., substitute for the CEO in the event that the CEO is unable to attend to his duties. SUMMARY OF THE EVENTS IN JULY-SEPTEMBER - The Group's management fees totalled EUR 1.0 million (EUR 1.1 million). - The Group's net investment income was EUR 0.5 million (EUR 0.0 million) - The Group's operating profit was EUR 0.7 million (EUR 0.3 million). - Consolidated earnings after taxes were EUR 0.4 million (EUR 0.1 million). - Earnings per share were EUR 0.02 (EUR 0.003). - On 13 September 2010, Amanda Capital Plc's Board of Directors appointed Jyrki Orpana, LL.M., substitute for the CEO in the event that the CEO is unable to attend to his duties. FINANCIAL ENVIRONMENT During the period under review (1 January to 30 September 2010), the net sales from the management and consultation of private equity investments totalled EUR 3.0 million. The net investment income was EUR 1.1 million and consisted of profits from the private equity portfolio. During the period, the assets under management were at the same level as at the end of 2009, approximately EUR 2 600 million. The private equity market is slowly recovering from the financial crisis but is still challenging. The positive signs in the private equity market, e.g. in light of corporate acquisitions and the pick-up of the debt market, continued during the period under review. During the period, exits took place in Amanda's investment portfolio consisting of 28 private equity funds, and the market values of the target funds continued to increase. Consequently, we estimate that we saw the bottom of the private equity investment market at the end of 2009, and that a turn for the better has taken place. The exit market is, however, likely to remain challenging in the near future as well. FINANCIAL DEVELOPMENT IN THE PERIOD UNDER REVIEW The fees from the management and consultation of private equity funds totalled EUR 3.0 million from 1 January to 30 September 2010 (EUR 3.2 million from 1 Jan. to 30 Sept. 2009). The net investment income was EUR 1.1 million (EUR -3.5 million). The net sales of the Group totalled EUR 4.1 million (EUR -0.3 million). The profit for the period was EUR 0.8 million (EUR -2.3 million). The Group's expenses and depreciation totalled EUR 2.5 million (EUR 2.6 million). Personnel expenses amounted to EUR 1.0 million (EUR 1.0 million) and depreciation was EUR 0.5 million (EUR 0.5 million). Other operating expenses totalled EUR 1.0 million (EUR 1.1 million). RESULT DEVELOPMENT IN THE THIRD QUARTER OF 2010 The Group's net sales totalled EUR 1.5 million from 1 July to 30 September 2010 (EUR 1.1 million from 1 July to 30 Sept. 2009). The fees from the management and consultation of private equity funds totalled EUR 1.0 million (EUR 1.1 million). The net investment income was EUR 0.5 million (EUR 0.0 million). The profit for the third quarter was EUR 0.4 million (EUR 0.1 million). The Group's expenses and depreciation totalled EUR 0.7 million (EUR 0.8 million). Personnel expenses amounted to EUR 0.2 million (EUR 0.3 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.3 million (EUR 0.3 million). BALANCE SHEET The consolidated balance sheet total was EUR 49.2 million (EUR 40.4 million) and shareholders' equity EUR 42.1 million (EUR 37.0 million). EUR 5.5 million (EUR 2.0 million) of the short-term debt was interest-bearing, and the remaining EUR 1.6 million (EUR 1.4 million) was interest-free. Amanda's equity to assets ratio was high at 85.5% (91.6%). Of the balance sheet total, 76.9% (68.2%) was invested in private equity and 9.4% (12.4%) in liquid assets. Consolidated goodwill accounted for 3.7% (4.5%) of the balance sheet total and other intangible assets amounted to 6.0% (9.0%). The other balance sheet items accounted for 4.1% (5.9%). MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS Amanda Group provides asset management, investment advice, management and reporting services for 13 investment portfolios. Investments have been made in more than 190 private equity funds in the total amount of EUR 2.6 billion (original investment commitments) in Europe, the US, Asia and Russia. During the period under review, the raising of funds to a private equity fund of funds called Amanda V East continued. The fund makes investments in unlisted companies in Russia and Eastern Europe through private equity funds. The target size of the fund is EUR 150 million. The management and consultation of private equity investments generated EUR 3.0 million of net sales during the financial period, which corresponds to expectations. At the end of the period under review, the assets under Amanda's management totalled EUR 2.6 billion (original investment commitments). EUR 0.1 billion of the assets under management were Amanda's own investment commitments, EUR 0.4 billion assets in the private equity funds of funds managed by Amanda. EUR 2.1 billion was covered by asset management, investment advise and reporting services. INVESTMENT OPERATIONS In the third quarter of 2010, Amanda Capital Plc did not make any new, direct investments in private equity funds. The private equity funds of funds that are the investment object of Amanda continued, however, with their active investment operations. Amanda has investments in 23 private equity funds and five private equity funds of funds under the company's own management. Amanda's degree of investment (book value of private equity investments per equity) was 89.9% (74.4%). Amanda's over-commitment degree was 129.1% (166.9%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 6.2 million and returned approximately EUR 2.3 million to the company as capital returns and EUR 1.1 million as distribution of profits. Detailed information on Amanda's current private equity fund investments can be found on the company website at www.amandacapital.fi. NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS During the period under review, the private equity funds in Amanda's investment portfolio mainly concentrated on the management of the existing investment objects, but made new investments as well. The Montagu III private equity fund made an investment in Host Europe Group. The company provides hosting and domain services to small and medium-sized industrial companies in the U.K. and Germany. The Permira IV private equity fund made an investment in eDreams, which offers travel agency services on the Internet. Permira IV also made an investment in Asia Broadcast Satellite, which is a global satellite operator. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS During the period under review, the following exits took place in Amanda's portfolio: Innovacom 4 sold part of its holding in the web service provider Astellia, as the company was listed on the NYSE Euronext Paris stock exchange. The assets were returned to Amanda Capital Plc in the third quarter. SHAREHOLDERS, SHARE CAPITAL AND SHAREHOLDERS' EQUITY The shareholders' equity of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. During the period under review, Amanda Capital Plc decided, on basis of the authorisation granted by the Annual General Meeting held on April 14 2010, to repurchase Amanda's own shares. In accordance with the authorisation, the shares will be used for developing the structure of the company's equity, for annulment or for use according to any personnel incentive and remuneration schemes or as consideration in possible business acquisitions and other arrangements, or in any other case where the Board of Directors considers that this would be a beneficial way to use liquid assets. The authorisation also covers the transfer of shares acquired by the company and their use for the purposes specified above, in a manner and at a price separately decided upon by the Board of Directors. According to the authorisation by the Annual General Meeting, the company may acquire maximum of 2 200 000 own shares. During the period under review, the company acquired 16 403 shares at the average price of EUR 1.52. At the end of the period under review, Amanda held a total of 475 707 own shares acquired for hedging the share-based incentive plan and 108 060 own shares acquired based on authorisations by General Meetings. Amanda Capital Plc had 3 578 shareholders on 30 September 2010. The ten largest shareholders as of 30 September 2010 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.2 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Ulkomarkkinat Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Mandatum Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.5 | -------------------------------------------------------------------------------- | Procurator-Holding Oy | 1.5 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY The shareholders' equity was influenced by the profit for the period and the change in the fair value reserve, in total EUR 3.2 million. These changes are specified in detail in the financial statements attached to the release. In the second quarter, 1 150 000 option rights were returned to Amanda from the Amanda Capital 2009 option scheme due to the termination of Martin Paasi's, CEO, duties. The Annual General Meeting of Amanda Capital Plc held on 14 April 2010 decided to authorise the Board of Directors to decide on a share issue and the issue of special rights entitling to shares, authorise the Board to repurchase a maximum of 2 200 000 own shares and authorise the Board to decide on possible distribution of assets from the reserve for invested unrestricted equity, at its discretion. The decisions by the AGM can be found in full on the company website at www.amandacapital.fi. OPTION SCHEME Based on an authorisation by the Annual General Meeting held on 14 April 2010, the Board of Directors decided to issue a maximum of 2 000 000 option rights to key employees of the Amanda Capital Plc Group, selected by the Board. The company has a weighty financial reason for issuing option rights, since the option rights are intended to form part of the incentive and commitment scheme for the key personnel. These option rights entitle their holders to subscribe for a maximum total of 2 000 000 new shares in the company. The terms of the option scheme have been published in a stock exchange release of 18 August 2010, and they can be found in their entirety on the company website at www.amandacapital.fi. PERSONNEL At the end of the period under review, the Group had 13 employees (16 employees). The salaries and wages paid to the personnel totalled EUR 1.0 million (EUR 1.0 million) during the period. The personnel expenses include non-recurring expenses of EUR 0.1 million due to the termination of the CEO's contract and expense entries of EUR 0.1 million, which will be returned from Amanda Capital's option scheme 2009. 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, foreign exchange risk and liquidity risk. 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. The final investment proposals are submitted to Amanda Capital Plc's Board of Directors for assessment and decision-making. Liquidity risk The Group's liquidity is monitored continuously, and good liquidity is maintained by only investing the surplus liquidity in objects with a low risk, which can be turned into cash rapidly and at a clear market price. The availability and flexibility of financing has been arranged with a limit promise. The exits of private equity funds from their target companies have a major impact on liquidity. The international credit crisis has had a strong impact on the private equity business. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The financial market continues to be cautious, but it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover gradually. On the other hand, 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 liquidity. PRINCIPLES FOR DRAWING UP THE REPORT From 1 January 2009, the Group has applied the following amended standard: IAS 1 Presentation of Financial Statements. The amended standard has an impact on the manner of presenting the income statement. From 1 January 2009, the Group has applied the new IFRS 8 standard, Operating Segments, but it has not had any impact on the interim report, as Amanda still has only one operating segment. The interim report 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 interim report, Amanda has applied the same principles as in the financial statements for the year 2009. The calculation of the key ratios is presented in the financial statements. As for the net investment income, Amanda Group's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The interim report has not been audited. EVENTS AFTER THE REPORTING PERIOD After the period under review, the Charterhouse VII private equity fund has sold a company called Autobar in a profitable manner. The assets from the exit will be returned to Amanda Capital Plc in the last quarter of the year. OUTLOOK OF THE PRIVATE EQUITY MARKET The international credit crisis and the following economic recession have had a strong impact on the private equity business. The credits granted by banks for above all large buyout deals have been reduced, and it has also become more difficult to get loan financing for small and medium-sized buyout investments. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The market for mergers and acquisitions, and thereby the return of capital to investors, have started to recover gradually, however. Most of the actors in the private equity market have 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 in the long term. As a result of the recovery of the market for mergers and acquisitions we believe that we have now seen the bottom of the private equity market and that a turn for the better has taken place. At the moment, private equity funds have at their disposal a large amount of capital for new investments during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies. The private equity business is expected to continue to grow globally owing to the good returns. COMPANY OUTLOOK The expansion of Amanda's business from investment operations to the management and consultation of private equity investments has proven to be a good strategy. 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 or take-overs of private equity fund portfolios. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2010. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting later stage 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 PLC Board of Directors Additional information: Petter Hoffström, CEO, tel. +358 9 6829 6012 Appendix: Financial statements Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT, EUR 1 000 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 7-9/10 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- | | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 466 | 6 | 1 093 | -3 512 | -5 331 | -------------------------------------------------------------------------------- | | Management fees | 994 | 1 064 | 3 021 | 3 228 | 4 295 | -------------------------------------------------------------------------------- | | Total | 1 460 | 1070 | 4 114 | -284 | -1 036 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -172 | -173 | -538 | -521 | -695 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating expenses | -566 | -619 | -1 980 | -2 073 | -2 758 | -------------------------------------------------------------------------------- | | Operating profit | 723 | 277 | 1 597 | -2 878 | -4 489 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and | -160 | -55 | -427 | -81 | -172 | | | expenses | | | | | | -------------------------------------------------------------------------------- | | Profit before tax | 563 | 222 | 1 170 | -2 959 | -4 662 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Income tax expense | -151 | -149 | -349 | 675 | 2 107 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | PROFIT (LOSS) FOR THE | 412 | 73 | 821 | -2 285 | -2 555 | | | YEAR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other comprehensive | | | | | | | | income: | | | | | | -------------------------------------------------------------------------------- | | Available-for-sale | 752 | -317 | 2 362 | -2 166 | -96 | | | financial assets, net | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL COMPREHENSIVE | 1 164 | -243 | 3 183 | -4 450 | -2 651 | | | INCOME FOR THE YEAR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Earnings per share, | 0,02 | 0,003 | 0,04 | -0,10 | -0,11 | -------------------------------------------------------------------------------- | | Earnings per share less | 0,02 | 0,003 | 0,04 | -0,10 | -0,12 | | | own shares, EUR *) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | *) Own shares held by the company have been | | | | | | deducted from | | | | -------------------------------------------------------------------------------- | | the total amount. | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 | | | | | 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.9.2010 | 30.9.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 4 812 | 5 520 | 5 348 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 37 862 | 27 522 | 30 769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 1 931 | 2 323 | 3 093 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 480 | 499 | 480 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 166 | 166 | 166 | -------------------------------------------------------------------------------- | | Cash | 3 993 | 4 341 | 3 575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 49 244 | 40 371 | 43 432 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 42 124 | 37 000 | 38 968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Non-current liabilities | 828 | - | 824 | -------------------------------------------------------------------------------- | | Current liabilities | 6 292 | 3 371 | 3 640 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 7 120 | 3 371 | 4 464 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 49 244 | 40 371 | 43 432 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR | | | | | 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-9/10 | 1-9/09 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | 1 597 | -2 878 | -4 489 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 538 | 521 | 695 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | -7 092 | 4 867 | 1 620 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | - | 2 330 | 2 330 | -------------------------------------------------------------------------------- | | Change in fair value reserve | 2 362 | -2 080 | -15 | -------------------------------------------------------------------------------- | | Change in tax | | | | -------------------------------------------------------------------------------- | | liability/receivable | 1 166 | -1 857 | -1 803 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | -3 564 | 3 260 | 2 131 | -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 0 | 423 | 442 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | | -------------------------------------------------------------------------------- | | decrease (-) | 152 | 673 | -58 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | 2 500 | -1 500 | -500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total change in working capital | 2 652 | -404 | -117 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | 1 222 | 500 | -1 780 | -------------------------------------------------------------------------------- | | Financial income and expenses | -427 | -81 | -172 | -------------------------------------------------------------------------------- | | Deferred taxes | -349 | 675 | 2 107 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | 447 | 1 093 | 155 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to | -2 | 0 | -3 | | | investments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Aquisition of own shares | -7 | -36 | -7 | -------------------------------------------------------------------------------- | | Other changes | -21 | -1 | 145 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | -28 | -37 | 137 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | INCREASE/DECREASE IN LIQUID ASSETS | 417 | 1 056 | 290 | -------------------------------------------------------------------------------- | | Liquid assets 1 January | 3 575 | 3 286 | 3 286 | -------------------------------------------------------------------------------- | | Liquid assets 30 June | 3 993 | 4 341 | 3 575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Liquid assets contain cash and bank deposits. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY, EUR 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Shar | Investe | Other | Fair | Retaine | Total | | | | capit | e | d | reser | value | d | | | | | al | Prem | unrestr | ves | reserve | earning | | | | | | ium | icted | | | s | | | | | | Acco | equity | | | | | | | | | unt | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2009 |11 384 |18 994| - | 8 926 | -7 685 | 9 782 | 41 401 | | | | | | | | | | -------------------------------------------------------------------------------- | | Comprehens | | | | | -2 166 | | -2 166 | | | ive income | | | | | | | | -------------------------------------------------------------------------------- | | Other | | | | | 86 | | 86 | | | Changes | | | | | | | | -------------------------------------------------------------------------------- | | Profit for | | | | | | -2 285 | -2 285 | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total | | | | | | | | | | Income and | | | | | | | | | | Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -2 080 | -2 285 | -4 364 | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Purchase | | | | -36 | | | -36 | | | of Own | | | | | | | | | | Shares | | | | | | | | -------------------------------------------------------------------------------- | | Other | |-18994| 29 614 |-10 688| | 66 | -1 | | | Changes | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 30 September |11 384 | 0 | 29 614 |-1 797 | -9 765 | 7 564 | 37 000 | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2010 |11 384 | - | 29 614 |-1 769 | -7 701 | 7 439 | 38 968 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Comprehens | | | | | 2 362 | | 2 362 | | | ive income | | | | | | | | -------------------------------------------------------------------------------- | | Profit for | | | | | | 821 | 821 | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total | | | | | | | | | | Income and | | | | | | | | | | Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | 2 362 | 821 | 3 183 | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Purchase | | | | -7 | | | -7 | | | of Own | | | | | | | | | | Shares | | | | | | | | -------------------------------------------------------------------------------- | | Other | | | | | | -21 | -21 | | | Changes | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 30 September |11 384 | - | 29 614 |-1 775 | -5 339 | 8 239 | 42 124 | | 2010 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) for the year (EUR 1 000) | 821 | -2 285 | -------------------------------------------------------------------------------- | Earnings per share, | 0,04 | -0,10 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | 0,04 | -0,10 | -------------------------------------------------------------------------------- | Equity per share | 1,85 | 1,63 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR | 1,90 | 1,67 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 3,7 | -6,9 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 2,7 | -7,8 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 85,5 | 91,6 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 1,51 | 2,02 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 13 | 16 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 89,9 | 74,4 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 129,1 | 166,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2010 | 30 769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Drawdowns to private equity funds | 6 229 | -------------------------------------------------------------------------------- | Return of capital from the funds | -2 344 | -------------------------------------------------------------------------------- | Changes of private equity funds in fair value reserve | 3 208 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 30 September 2010 | 37 862 | -------------------------------------------------------------------------------- REMAINING COMMITMENTS On 30 September 2010, Amanda Capital Plc's remaining commitments in private equity funds stood at EUR 16.5 million (EUR 34.2 million on 30 September 2009Other liabilities totalled EUR 0.1 million (EUR 0.3 million on 30 September 2009
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