2011-02-16 11:19:35 CET
2011-02-16 11:20:36 CET
REGULATED INFORMATION
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Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2010
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE
16 February 2011
AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2010
SUMMARY OF THE EVENTS IN JANUARY - DECEMBER
- The Group's management fees totalled EUR 4.0 million (EUR 4.3 million from 1
Jan. to 30 Dec. 2009).
- The Group's net investment income was EUR 1.1 million (EUR -5.3 million).
- The Group's operating profit was EUR 1.8 million (EUR -1.0 million).
- Consolidated earnings after taxes were EUR 0.8 million (EUR -2.1 million).
- Earnings per share were EUR 0.04 (EUR -0.11).
- During the period under review, equity per share increased by EUR 0.23 to EUR
1.94 (EUR 1.71).
- The equity to assets ratio was 85.9% (89.7%).
- The aggregate return of Amanda Group's private equity investments since the
beginning of the investment operations was 21.8% p.a.(IRR).
- On 21 December 2010, Amanda Capital Plc agreed to join forces with eQ Asset
Management Group and Advium Corporate Finance Ltd. If the proposed transaction
takes place, the Board of Directors of Amanda have decided to appoint Janne
Larma CEO of the company.
- The combined entity will be a strong Finnish company that specialises in the
management of private equity and alternative investments, traditional asset
management and corporate finance advisory services.
SUMMARY OF THE EVENTS IN OCTOBER - DECEMBER
- The Group's management fees totalled EUR 1.0 million (EUR 1.1 million).
- The Group's net investment income was EUR 0.0 million (EUR -1.8 million).
- The Group's operating profit was EUR 0.2 million (EUR -1.6 million).
- Consolidated earnings after taxes were EUR 0.0 million (EUR -0.3 million).
- Earnings per share were EUR 0.001 (EUR -0.01).
- On 21 December 2010, Amanda Capital Plc agreed to join forces with eQ Asset
Management Group and Advium Corporate Finance Ltd. If the proposed transaction
takes place, the Board of Directors of Amanda have decided to appoint Janne
Larma CEO of the company.
FINANCIAL ENVIRONMENT
During the period under review (1 Jan. to 31 Dec. 2010), the net sales from the
management and consultation of private equity investments totalled EUR 4.0
million. The net investment income was EUR 1.1 million, which consisted of the
profit from the private equity fund portfolio. 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 recovering from the financial crisis, but
continues to be challenging. The positive signs seen in the private equity
market, e.g. in light of the realised mergers and acquisitions and the pick-up
of the debt market, continued during the period under review. Exits took place
in Amanda's investment portfolio consisting of 28 private equity funds during
the period, and the market values of the target funds continued to increase.
During the financial period, the private equity market continued to recover
from the debt crisis. Both the number of new investments made by private equity
funds and exits from target companies started to grow compared with the
previous year. Raising means to new private equity funds was, however, still
very challenging. It was easier to obtain loans for mergers and acquisitions in
2010.
FINANCIAL DEVELOPMENT IN THE PERIOD UNDER REVIEW
From 1 Jan. to 31 Dec. 2010, the fees from the management and consultation of
private equity funds totalled EUR 4.0 million (EUR 4.3 million from 1 Jan. to
31 Dec. 2009). The net investment income was EUR 1.1 million (EUR -5.3
million). The consolidated net sales totalled EUR 5.1 million (EUR -1.0
million). The result for the financial period was EUR 0.8 million (EUR -2.6
million).
The Group's expenses and depreciation totalled EUR 3.3 million (EUR 3.5
million). Personnel expenses amounted to EUR 1.3 million (EUR 1.4 million) and
depreciation was EUR 0.7 million (EUR 0.7 million). Other operating expenses
totalled EUR 1.2 million (EUR 1.4 million).
RESULT DEVELOPMENT IN THE LAST QUARTER OF 2010
From 1 Oct. to 31 Dec. 2010, the consolidated net sales totalled EUR 1.0
million (EUR -0.8 million from 1 Oct. to 31 Dec. 2009). Fees from the
management and consultation of private equity funds accounted for EUR 1.0
million (EUR 1.1 million). The net investment income was EUR 0.0 million (EUR
-1.8 million). The operating profit of the last quarter was EUR 0.2 million
(EUR -1.6 million).
The Group's expenses and depreciation totalled EUR 0.8 million (EUR 0.9
million). Personnel expenses amounted to EUR 0.3 million (EUR 0.4 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 51.5. million (EUR 43.4 million)
and shareholders' equity EUR 44.2 million (EUR 39.0 million). EUR 5.8 million
(EUR 3.0 million) of the short-term debt was interest-bearing, and the
remaining EUR 0.5 million (EUR 0.6 million) was interest-free. Amanda's equity
to assets ratio was high at 85.9% (89.7%). Of the balance sheet total, 78.9%
(70.8%) was invested in private equity and 8.0% (8.2%) in liquid assets.
Consolidated goodwill accounted for 3.5% (4.1%) of the balance sheet total and
other intangible assets amounted to 5.4% (8.0%). The other balance sheet items
accounted for 4.2% (8.9%).
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 4.0
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 advice and reporting
services.
INVESTMENT OPERATIONS
In the last 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 129.6% (161.6%). During the period under
review, the private equity funds called in capital in the amount of
approximately EUR 8.7 million and returned approximately EUR 2.7 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 co-operation with
funds managed by Kohlberg Kravis Roberts & Co (KKR) and HgCapital and
Management in a Norwegian company called Visma. The company is a leading
Scandinavian provider of financial, payroll and general administration software
and services.
The Montagu III private equity fund made an investment in a company called
Helly Hansen Pro (HH Pro). HH Pro provides personal protection and security
equipment for the maritime industry.
COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS
During the period under review, the following, published exits took place in
Amanda's portfolio:
The Permira II private equity fund sold part of its holding in the Danish
teleoperator TDC in connection with a capital rearrangement. The means were
returned to Amanda in the last quarter of 2010.
The Balderton Capital I private equity fund has sold part of its investment in
a company called Betfair in connection with its listing. Betfair is an online
betting company. The exit was profitable and the means were returned to Amanda
in the last quarter of 2010.
The Industri Kapital 1997 private equity fund sold a company called Superfos.
Superfos manufactures plastic packages mainly for the food industry, and it
primarily operates in Europe. The exit was profitable and the means were
returned to Amanda in the first half of 2011.
The Industri Kapital 2000 private equity fund sold a company called Welzorg.
Welzorg is a distributor of products facilitating the life of elderly and
handicapped persons and it operates in Sweden, Denmark and the Netherlands. The
exit was profitable and the means were returned to Amanda in the first quarter
of 2011.
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 3 597 shares at the average price of EUR 1.53.
As part of the corporate transaction published on 21 December 2010, in which
Amanda Capital Plc agreed to join forces with eQ Asset Management Group and
Advium Corporate Finance Ltd, Amanda sold at the end of the period under review
the own shares acquired for hedging the share-based incentive plan, in all 475
707 shares, and the own shares purchased based on authorisations by Annual
General Meetings, in all 111 657 shares. At the end of the period, Amanda held
no own shares. Amanda Capital Plc had 3 483 shareholders on 31 December 2010.
The ten largest shareholders as of 31 December 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 9.0
Ab Kelonia Oy 1.8
Änkilä Petteri 1.5
Procurator-Holding Oy 1.5
Finnish Cultural Foundation 1.5
Notalar Oy 1.3
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.
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
During the period under review, Amanda Capital Plc's Board decided to annul the
Option Scheme 2009. This decision was made, as all the key employees of Amanda
Capital Plc selected by the Board have either lost their Option Scheme 2009
options or exchanged them with the 2010 Option Scheme. The annulment of the
option scheme has no impact on the result for the financial period. After the
decision, Amanda Capital Plc has one valid option scheme, Option Scheme 2010.
The decision was entered in the Trade Register on 15 December 2010. 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 (15
employees). The salaries and wages paid to the personnel totalled EUR 1.3
million (EUR 1.4 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.
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 financial crisis has had a strong impact
on the private equity business. As a result of the financial 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
This financial statements bulletin has been prepared in accordance the IAS 34
Interim Financial Reporting standard. From the beginning of the financial
period, the company has introduced certain new or amended IFRS standards and
IFRIC interpretations in the manner described in the financial statements for
2009. The introduction of these new and amended standards has, however, not yet
had any impact on the reported figures in practice. For other parts, the
company has applied the same calculations principles as in the financial
statement for the year 2009. The calculation principles and formulas of the key
ratios remain unchanged and they have been presented in the financial
statements for 2009.
The figures related to the financial statements presented in this release are
based on the company's audited financial statements. The auditors' report has
been issued on 16 February 2011.
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 29 112 345.97 and the
distributable means of the Group EUR 39 665 040.82 on 31 December 2010. The
Board of Directors proposes that no dividend be paid out.
EVENTS AFTER THE REPORTING PERIOD
The PAI IV private equity fund has sold part of its holding in Chr. Hansen,
which the fund listed on the Copenhagen exchange in 2010. The exit was
profitable, and the means will be returned to Amanda in the first quarter of
2011. After this, PAI IV still owns about 25% of Chr. Hansen. The exit was
published on 25 January 2011.
OUTLOOK OF THE PRIVATE EQUITY MARKET
The international financial 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 financial 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.
During the financial period, the private equity market continued to recover
from the debt crisis. Both the number of new investments made by private equity
funds and exits from target companies started to grow compared with the
previous year. Raising means to new private equity funds was, however, still
very challenging. It was easier to obtain loans for mergers and acquisitions in
2010. 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
Amanda Capital Plc has agreed to join forces with eQ Asset Management Group and
Advium Corporate Finance Ltd. The combination will result in a domestic entity
that specialises in private equity and alternative asset management,
traditional asset management and corporate finance advisory services. The
business entity to be formed will offer services related to mutual, private
equity and hedge funds as well as traditional institutional asset management.
As a result of the transaction, the assets managed by the Group will increase
from EUR 2.6 billion to EUR 3.6 billion. In addition, the business entity will
offer advisory services for mergers and acquisitions as well as real estate
transactions through Finland's leading corporate finance advisor Advium
Corporate Finance Ltd.
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.
With the now proposed corporate acquisition, Amanda will further expand its
management and asset management operations to other alternative asset classes
and traditional asset management as well as advisory services in mergers and
acquisitions. The new business entity will improve the predictability of the
company's net sales and result. The expansion of business operations will
reduce the sensitivity of Amanda's result to fluctuations in investment income.
The company aims at increasing its management and asset management operations
in future, too, both organically by establishing new funds and through possible
business acquisitions or take-overs of private equity fund portfolios.
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
Appendix: Financial statements
CONSOLIDATED INCOME STATEMENT, EUR 1 000
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10-12/10 10-12/09 1-12/10 1-12/09
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NET SALES
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Net investment income 43 -1 820 1 136 -5 331
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Management fees 951 1 067 3 972 4 295
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Total 994 -752 5 108 -1 036
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Depreciation and amortisation -171 -174 -710 -695
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Other operating expenses -591 -685 -2 570 -2 758
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Operating profit 232 -1 612 1 829 -4 489
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--------------------------------------------------------------------------------
Financial income and expenses -196 -91 -623 -172
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Profit before tax 35 -1 702 1 205 -4 662
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--------------------------------------------------------------------------------
Income tax expense -22 1 432 -371 2 107
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PROFIT (LOSS) FOR THE YEAR 13 -270 834 -2 555
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Other comprehensive income:
--------------------------------------------------------------------------------
Available-for-sale financial assets, 1 045 2 070 3 407 -96
net
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--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1 058 1 800 4 241 -2 651
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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Earnings per share, 0,001 -0,01 0,04 -0,11
--------------------------------------------------------------------------------
Earnings per share less own shares, EUR 0,001 -0,01 0,04 -0,12
*)
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--------------------------------------------------------------------------------
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*) Own shares held by the company have been deducted from
--------------------------------------------------------------------------------
the total amount.
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CONSOLIDATED BALANCE SHEET, EUR 1 000
--------------------------------------------------------------
--------------------------------------------------------------
31.12.2010 31.12.2009
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ASSETS
--------------------------------------------------------------
--------------------------------------------------------------
LONG-TERM ASSETS
--------------------------------------------------------------
Intangible and tangible
--------------------------------------------------------------
assets 4 623 5 348
--------------------------------------------------------------
--------------------------------------------------------------
Investments available for sale
--------------------------------------------------------------
Private equity investments 40 625 30 769
--------------------------------------------------------------
--------------------------------------------------------------
Deferred tax assets 1 684 3 093
--------------------------------------------------------------
--------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------
Accrued income and advance payments 441 480
--------------------------------------------------------------
Investments available for sale
--------------------------------------------------------------
Financial securities -- 166
--------------------------------------------------------------
Cash 4 112 3 575
--------------------------------------------------------------
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TOTAL ASSETS 51 486 43 432
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--------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
--------------------------------------------------------------
--------------------------------------------------------------
SHAREHOLDERS' EQUITY 44 229 38 968
--------------------------------------------------------------
--------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------
Non-current liabilities 946 824
--------------------------------------------------------------
Current liabilities 6 310 3 640
--------------------------------------------------------------
--------------------------------------------------------------
TOTAL LIABILITIES 7 256 4 464
--------------------------------------------------------------
--------------------------------------------------------------
TOTAL SHAREHOLDERS'
--------------------------------------------------------------
EQUITY AND LIABILITIES 51 486 43 432
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CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000
--------------------------------------------------------
--------------------------------------------------------
2010 2009
--------------------------------------------------------
--------------------------------------------------------
CASH FLOW FROM OPERATIONS
--------------------------------------------------------
Operating profit 1 829 -4 489
--------------------------------------------------------
Depreciation and write-downs 710 695
--------------------------------------------------------
Investments available for sale,
--------------------------------------------------------
change -4 752 2 131
--------------------------------------------------------
Change in working capital
--------------------------------------------------------
Business receivables, increase (--)
--------------------------------------------------------
decrease (+) 39 442
--------------------------------------------------------
Interest-free debt, increase (+)
--------------------------------------------------------
decrease (--) -130 -58
--------------------------------------------------------
Interest bearing debts,
--------------------------------------------------------
increase (+)decrease (--) 2 800 -500
--------------------------------------------------------
--------------------------------------------------------
Total change in working capital 2 709 -117
--------------------------------------------------------
--------------------------------------------------------
Cash flow from operations before
--------------------------------------------------------
financial items and taxes 496 -1 780
--------------------------------------------------------
Financial income and expenses -623 -172
--------------------------------------------------------
Deferred taxes -371 2 107
--------------------------------------------------------
--------------------------------------------------------
CASH FLOW FROM OPERATIONS -498 155
--------------------------------------------------------
--------------------------------------------------------
CASH FLOW FROM INVESTMENTS
--------------------------------------------------------
Investing activities to investments 15 -3
--------------------------------------------------------
--------------------------------------------------------
CASH FLOW FROM FINANCING
--------------------------------------------------------
Aquisition of own shares -31 -7
--------------------------------------------------------
Sale of own shares 1 085 --
--------------------------------------------------------
Other changes -34 145
--------------------------------------------------------
--------------------------------------------------------
CASH FLOW FROM FINANCING 1 020 137
--------------------------------------------------------
--------------------------------------------------------
INCREASE/DECREASE IN LIQUID ASSETS 537 290
--------------------------------------------------------
Liquid assets 1 January 3 575 3 286
--------------------------------------------------------
Liquid assets 31 December 4 112 3 575
--------------------------------------------------------
--------------------------------------------------------
Liquid assets contain cash and bank deposits.
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CHANGE IN CONSOLIDATED
SHAREHOLDERS' EQUITY, EUR 1 000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share Share Invested Other Fair Retained Total
capita Premium unrestrict reserve value earnings
l Account ed equity s reserve
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders'
equity
--------------------------------------------------------------------------------
1 Jan. 2009 11 384 18 994 -- 8 926 -7 685 9 782 41 401
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comprehens -96 -96
ive income
--------------------------------------------------------------------------------
Other 80 80
Changes
--------------------------------------------------------------------------------
Profit for -2 555 -2 555
the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total -15 -2 555 -2 570
Comprehens
ive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Purchase -7 -7
of Own
Shares
--------------------------------------------------------------------------------
Transfers -18 994 29 681 -10 688 0
between
equity
--------------------------------------------------------------------------------
Other -67 212 145
Changes
--------------------------------------------------------------------------------
Shareholders'
equity
--------------------------------------------------------------------------------
31 December 11 384 0 29 614 -1 769 -7 701 7 439 38 968
2009
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders'
equity
--------------------------------------------------------------------------------
1 Jan. 2010 11 384 -- 29 614 -1 769 -7 701 7 439 38 968
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in 881 2 526 3 407
Fair value
--------------------------------------------------------------------------------
Profit for 834 834
the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total 881 3 360 4 241
Comprehens
ive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Purchase 2 2
of own
shares
--------------------------------------------------------------------------------
Sale of 1 766 -681 1 085
own shares
--------------------------------------------------------------------------------
Other -67 -67
Changes
--------------------------------------------------------------------------------
Shareholders'
equity
--------------------------------------------------------------------------------
31 December 11 384 -- 29 614 0 -6 819 10 051 44 229
2010
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CONSOLIDATED KEY RATIOS
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2010 2009
------------------------------------------------------
------------------------------------------------------
Profit (loss) for the year (EUR 1 000) 834 -2 555
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Earnings per share, 0,04 -0,11
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Earnings per share less own shares, EUR 0,04 -0,12
------------------------------------------------------
Equity per share 1,94 1,71
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Equity per share, less own shares, EUR 1,99 1,76
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Return on investment, ROI % p.a. 3,2 -5,4
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Return on equity, ROE % p.a. 2,0 -6,4
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Equity to assets ratio, % 85,9 89,7
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Stock price at end of period, EUR 1,73 1,71
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Number of personnel at the
------------------------------------------------------
end of the period 13 15
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Private equity investments to
------------------------------------------------------
equity ratio, % 91,8 79,0
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Investment commitments to
------------------------------------------------------
equity ratio, % 129,6 161,6
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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 8 727
---------------------------------------------------------------
Return of capital from the funds -2 722
---------------------------------------------------------------
Changes of private equity funds in fair value reserve 4 481
---------------------------------------------------------------
---------------------------------------------------------------
Net investment income -630
---------------------------------------------------------------
---------------------------------------------------------------
Book value of private equity funds 31 December 2010 40 625
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REMAINING COMMITMENTS
On 31 December 2010, Amanda Capital Plc's remaining commitments in private
equity funds stood at EUR 16.7 million (EUR 32.2 million on 31 December 2009).
Other liabilities totalled EUR 0.2 million (EUR 0.2 million on 31 December
2009).
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