2010-02-17 13:15:08 CET
2010-02-17 13:16:07 CET
REGULATED INFORMATION
Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2009
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 17 February 2010 AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2009 SUMMARY OF THE EVENTS IN JANUARY - DECEMBER - The Group's management fees totalled EUR 4.3 million (EUR 4.6 million 1 Jan. to 31 Dec. 2008). - The Group's net investment income was EUR -5.3 million (EUR 1.5 million). - The Group's operating profit was EUR -4.5 million (EUR -2.1 million). - The Group's operating profit excluding the loss from investment operations was EUR 1.4 million (EUR 4.7 million). - Consolidated earnings after taxes were EUR -2.6 million (EUR -1.3 million). - Earnings per share were EUR -0.1 (EUR -0.06). - The equity to assets ratio was 89.7% (90.8%). - Equity per share was EUR 1.71 (EUR 1.82) at the end of the period under review. - The aggregate return of Amanda Group's private equity investments since the beginning of the investment operations was 22.2% p.a.(IRR). SUMMARY OF THE EVENTS IN OCTOBER - DECEMBER - The Group's management fees totalled EUR 1.1 million (EUR 1.2 million 1 Oct. to 31 Dec. 2008). - The Group's net investment income was EUR -1.8 million (EUR -2.1 million). - Consolidated earnings after taxes were EUR -0.3 million (EUR -1.5 million). - Earnings per share were EUR -0.01 (EUR -0.07). FINANCIAL ENVIRONMENT The net sales from the management and consultation of private equity investments totalled EUR 4.3 million (1 Jan. to 31 Dec. 2009.) The net investment income was EUR 5.3 million negative. The loss arose when Amanda sold investment commitments worth EUR 20 million, realised the LPE investment and made a write-down of EUR 1.9 million through profit and loss account. The private equity portfolio gave a profit of EUR 0.5 million during the period under review. Adding up the fee income and the net investment income, the consolidated net sales totalled EUR -1.0 million. The assets under management were at the same level as at the end of 2008, approximately EUR 2 600 million. The private equity market continued to be challenging, but towards the end of the year we saw some positive signs of recovery in the market. There were a few exits in Amanda's investment portfolio consisting of 28 private equity funds during the financial period, and the market values of the target funds increased clearly in the last quarter. Consequently, we estimate that we have now seen the bottom of the private equity investment market and that a turn for the better has taken place. Due to the market situation, the exit market is, however, likely to remain challenging in the near future as well. Financial development in the period under review Fees from the management and consultation of private equity funds, from 1 Jan. to 31 Dec. 2009, accounted for EUR 4.3 million (EUR 4.6 million from 1 Jan. to 31 Dec. 2008). The net investment income was EUR -5.3 million (EUR 1.5 million), including a profit of EUR 0.5 million from exits in the private equity fund portfolio, a loss of EUR 2.8 million, from the realisation of the Amanda LPE Fund, a loss of EUR 1.2 million from the sale of investment commitments worth EUR 20 million and a write-down of EUR 1.9 million. Adding up the fee income and the net investment income, the consolidated net sales totalled EUR -1.0 million (EUR 6.1 million). The result for the financial period was EUR -2.6 million (EUR -1.3 million). The Group's expenses and depreciation totalled EUR 3.5 million (EUR 8.2 million). Personnel expenses amounted to EUR 1.4 million (EUR 1.6 million) and depreciation was EUR 0.7 million (EUR 0.7 million). Other operating expenses totalled EUR 1.4 million (EUR 5.9 million). The other operating expenses of the comparison period included expenses of EUR 4.2 million resulting from the settlement between Amanda and Interglobia's bankrupt's estate and Interavanti Oyj. Financial development in the last quarter of 2009 Fees from the management and consultation of private equity funds from 1 Oct. to 31 Dec. 2009 accounted for EUR 1.1 million (EUR 1.2 million from 1 Oct. to 31 Dec. 2008). The net investment income totalled EUR -1.8 million (EUR -2.1 million), including a write-down of EUR 1.9 million with an impact on the company result. Adding up the fee income and the net investment income the consolidated net sales totalled EUR -0.8 million (EUR -0.9 million). The result for the last quarter of 2009 was EUR -0.3 million (EUR -1.5 million). The Group's expenses and depreciation totalled EUR 0.9 million (EUR 1.0 million). Personnel expenses amounted to EUR 0.4 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 0.4 million). BALANCE SHEET The consolidated balance sheet total was EUR 43.4 million (EUR 45.6 million) and shareholders' equity EUR 39.0 million (EUR 41.4 million). EUR 3.0 million (EUR 3.5 million) of the short-term debt was interest-bearing, and the remaining EUR 1.4 million (EUR 0.7 million) was interest-free. Amanda's equity to assets ratio was high at 89.7% (90.8%). Of the balance sheet total, 70.8% (76.5%) was invested in private equity and 8.2% (7.2%) in liquid assets. Consolidated goodwill accounted for 4.1% (3.9%) of the balance sheet total and other intangible assets amounted to 8.0% (9.1%). The other balance sheet items accounted for 8.9% (3.3%). MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS During the period under review, Amanda has started to raise means to a private equity fund of funds called Amanda V East. 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 4.3 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 113.0 million of the assets under management were Amanda's own investment commitments, EUR 441.7 million assets in the private equity funds of funds managed by Amanda, and EUR 2.1 billion was covered by consultation. With these assets, investments have been made in more than 150 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS In 2009, Amanda Capital Plc did not make any new, direct investments in private equity funds. The investments that Amanda has previously made in the private equity funds of funds managed by 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 79.0% (78.2%). Amanda's over-commitment degree was 161.6% (209.9%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 4.6 million and returned approximately EUR 1.0 million to the company as capital returns and EUR 0.5 million as distribution of profits. A loss of EUR 1.2 million is recorded in the income statement, as Amanda sold investment commitments worth EUR 20 million, and a write-down of EUR 1.9 million with an impact on the company result. 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 concentrated on the management of the existing investment objects. In the last quarter of 2009, the EQT V private equity fund acquired a Polish company called HTL-Strefa S.A. The company manufactures, sells and markets lancing systems. In addition, the EQT V private equity fund announced that it will acquire the business operations of Springer Science+Business Media, which is the world's second largest publisher of scientific, technical and medical journals. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the last quarter of the financial year, the following exits took place in Amanda's portfolio: Balderton I private equity fund sold its share in a company called ScanSafe to Cisco Systems. ScanSafe is the leading web security provider for SaaS Web companies. In addition, the fund has sold part of its holding in Yoox S.p.A, when this company was listed. Yoox is a web shop of designer clothes with operations in 57 countries. Amanda has received the proceeds in the first quarter of 2010. Montagu Private Equity III fund has made an agreement on selling a company called British Car Auction to Clayton, Dubilier & Ricelle. The company is the leading vehicle auction company in Europe. Proceeds to Amanda are expected in the first half of 2010. Atlas VI private equity fund sold its share in a company called Novexel to AstraZenecalle. The company specialises in developing antibiotics designed to overcome the increasing global problem of microbial resistance. Proceeds to Amanda are expected in the first half of 2010. After the period under review, Finnventure Rahasto V private equity fund has agreed to sell its share in a company called Pretax. Pretax is the leading Scandinavian company within payroll and financial management services. Proceeds to Amanda are expected in the first half of 2010. After the period under review, Gresham III private equity fund has sold a company called Minivator, which manufactures stair lifts and sells and markets them in 36 countries. Proceeds to Amanda are expected in the first half of 2010. SHAREHOLDERS, SHARE CAPITAL AND SHAREHOLDERS' EQUITY The shareholders' equity of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Annual General Meeting of Amanda Capital Plc held on 30 March 2009 authorised the Board of Directors to repurchase the company's own shares. The authorisation was not used during the period under review. The Amanda shares acquired for hedging the share-based incentive plan for the Group personnel, which the Board of Directors of Amanda decided on in June 2007, are interpreted as acquisition of own shares in accordance with IFRS. At the end of the period under review, Amanda held a total of 475 618 own shares acquired for hedging the share-based incentive plan and 91 657 own shares acquired based on authorisations by General Meetings, in total 567 275 shares. Amanda Capital Plc had 3 668 shareholders on 31 December 2009. The ten largest shareholders as of 31 December 2009 -------------------------------------------------------------------------------- | | 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 | -------------------------------------------------------------------------------- | Procurator-Holding Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY During the period under review, the Trade Register gave Amanda the permission to cut down the share premium reserve according to the company balance sheet of 31 December 2007 by EUR 18 926 777.92 and the legal reserve according to the company balance sheet of 31 December 2007 by EUR 10 687 579.69. These amounts were transferred to the reserve for invested unrestricted equity. OPTIONS PROGRAMME Based on an authorisation by the Annual General Meeting held on 30 March 2009, 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, as the option rights are intended to be part of the incentive and commitment scheme for the key personnel. The option rights entitle their holders to subscribe for a maximum total of 2 000 000 new shares in the company. During the third quarter of the year, 1 350 000 option rights were subscribed for. The terms of the options programme can be found in the stock exchange release published on 16 June 2009. PERSONNEL At the end of the period under review, the Group had 15 employees (15 employees). The salaries and wages paid to the personnel totalled EUR 1.4 million (EUR 1.6 million) during the financial period. 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 will remain cautious, but it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover slowly. 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 year end report, as Amanda still has only one operating segment. The year end 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 year end report, Amanda has applied the same principles as in the financial statements for the year 2008. The calculation of the key ratios is presented in the financial statements. As for the net investment income, Amanda Capital's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The information in the release has been audited. EVENTS AFTER THE REPORTING PERIOD After the period under review, Amanda published a stock exchange release announcing that it has been informed of exits from the private equity fund portfolio that give Amanda a cash flow exceeding one million euros. CORPORATE GOVERNANCE STATEMENT Amanda Capital Plc's Corporate Governance Statement will be issued as a separate document from the Report by the Board of Directors 2010 during week 12. 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 prices of business acquisitions are expected to normalise at a lower level than in the past years. The financial market has become more cautious as a whole, and it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover gradually. The most part of the private equity market has 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. The establishment of new private equity funds is expected to remain modest until the risks of the international financial market can be identified and the trust between the market parties can be re-established. Towards the end of 2009, there were clear signs of recovery in the market for mergers and acquisitions, and we believe that we have now seen the bottom of the private equity investment market and 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. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2010. As the operations of Amanda V East private equity fund will be launched during the financial period, we expect that our management fee will develop favourably 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: Martin Paasi, CEO, tel. +358 9 6829 6011 Appendix: Financial statements Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR | | | | | | 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 10-12/09| 10-12/08| 1-12/09 | 1-12/08 | | | | | | | | -------------------------------------------------------------------------------- | | NET SALES | | | | | -------------------------------------------------------------------------------- | | Net investment income | -1 820 | -2 127 | -5 331 | 1 540 | -------------------------------------------------------------------------------- | | Management fees | 1 067 | 1 205 | 4 295 | 4 558 | -------------------------------------------------------------------------------- | | Total | -752 | -922 | -1 036 | 6 098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and amortisation | -174 | -178 | -695 | -700 | -------------------------------------------------------------------------------- | | Other operating expenses | -685 | -829 | -2 758 | -7 522 | -------------------------------------------------------------------------------- | | Operating profit | -1 612 | -1 929 | -4 489 | -2 124 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and expenses | -91 | 26 | -172 | 447 | -------------------------------------------------------------------------------- | | Profit before tax | -1 702 | -1 903 | -4 662 | -1 678 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Income tax expense | 1 432 | 436 | 2 107 | 358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | PROFIT (LOSS) FOR THE YEAR | -270 | -1 467 | -2 555 | -1 319 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other comprehensive income: | | | | | -------------------------------------------------------------------------------- | | Available-for-sale financial | 2 070 | -4 265 | -96 | -9 641 | | | assets, net | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL COMPREHENSIVE INCOME FOR | 1 800 | -5 732 | -2 651 | -10 960 | | | THE YEAR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Earnings per share, | -0.01 | -0.06 | -0.11 | -0.06 | -------------------------------------------------------------------------------- | | Earnings per share less own | -0.01 | -0.07 | -0.12 | -0.06 | | | shares, EUR *) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | *) Own shares held by the company have been | | | | | deducted from | | | -------------------------------------------------------------------------------- | | the total amount. | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.12.2009 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | -------------------------------------------------------------------------------- | | assets | 5 348 | 6 041 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Private equity investments | 30 769 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 3 093 | 466 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | | Accrued income and advance payments | 480 | 922 | -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Financial securities | 166 | 2 496 | -------------------------------------------------------------------------------- | | Cash | 3 575 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 43 432 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 38 968 | 41 401 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | | Non-current liabilities | 824 | - | -------------------------------------------------------------------------------- | | Current liabilities | 3 640 | 4 198 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 4 464 | 4 198 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 43 432 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | | | -------------------------------------------------------------------------------- | | Operating profit | -4 489 | -2 124 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 695 | 700 | -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | 1 620 | 6 152 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | 2 330 | 13 405 | -------------------------------------------------------------------------------- | | Change in fair value reserve | -15 | -9 787 | -------------------------------------------------------------------------------- | | Change in tax | | | -------------------------------------------------------------------------------- | | liability/receivable | -1 803 | -3 762 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | -------------------------------------------------------------------------------- | | total change | 2 131 | 6 008 | -------------------------------------------------------------------------------- | | Change in working capital | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | 442 | -757 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | -------------------------------------------------------------------------------- | | decrease (-) | -58 | -2 268 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | -500 | 3 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total change in working capital | -117 | 475 | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------| | Personnel issue paid over par | - | 128 | -------------------------------------------------------------------------------- | | Personnel incentive programme | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before | | | -------------------------------------------------------------------------------- | | financial items and taxes | -1 780 | 5 187 | -------------------------------------------------------------------------------- | | Financial income and expenses | -172 | 447 | -------------------------------------------------------------------------------- | | Deferred taxes | 2 107 | 358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | 155 | 5 993 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM INVESTMENTS | | | -------------------------------------------------------------------------------- | | Investing activities to investments | -3 | -104 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | | | -------------------------------------------------------------------------------- | | Dividends paid | - | -8 424 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -7 | 24 | -------------------------------------------------------------------------------- | | Other changes | 145 | 53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | 137 | -8 347 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | INCREASE/DECREASE IN LIQUID ASSETS | 290 | -2 459 | -------------------------------------------------------------------------------- | | Liquid assets 1 January | 3 286 | 5 745 | -------------------------------------------------------------------------------- | | Liquid assets 30 September | 3 575 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Liquid assets contain cash and bank deposits. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED | | | | | | | SHAREHOLDERS' EQUITY | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | |Share |Share |Invested |Other |Fair |Retained| Total| | | |capi- |Prem- |unrestr- |reserves|value |earnings| | | | |tal |ium |icted | |reserve| | | | | | |Acco- |equity | | | | | | | | |unt | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2008 |11 384|18 994 | - | 8 902 | 2 102 | 19 345 |60 727| | | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | -9 641| |-9 641| | | income | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | -146 | | -146| -------------------------------------------------------------------------------- | | Profit for the| | | | | | -1 319 |-1 319| | | period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -9 787| -1 319 |-11106| | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | | -8 424 |-8 424| | | dividends | | | | | | | | -------------------------------------------------------------------------------- | | Purchase of | | | | -149 | | | -149| | | Own Shares | | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | 174 | | 128 | 302| | | Incentive Plan| | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | | 53 | 53| -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 December 2008 |11 384|18 994 | - | 8 926 | -7 685| 9 782 |41 401| | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2009 |11 384|18 994 | - | 8 926 |-7 685 | 9 782 |41 401| | | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | -96 | | -96| | | income | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | 80 | | 80| -------------------------------------------------------------------------------- | | Profit for the| | | | | | -2 555 |-2 555| | | period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -15 | -2 555 |-2 570| | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | | | 0| | | dividends | | | | | | | | -------------------------------------------------------------------------------- | | Purchase of | | | | -7 | | | -7| | | Own Shares | | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | | | 0| | | Incentive Plan| | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | |-18 994| 29 614 |-10 688 | | 212 | 145| | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 December 2009 |11 384| 0 | 29 614 | -1 769 |-70 701| 7 439 |38 968| | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) for the year (1 000 EUR) | -2 555 | -1 319 | -------------------------------------------------------------------------------- | Earnings per share, | -0.11 | -0.06 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | -0.12 | -0.06 | -------------------------------------------------------------------------------- | Equity per share | 1.71 | 1.82 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR | 1.76 | 1.86 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | -5.4 | -2.3 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | -6.4 | -2.6 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 89.7 | 90.8 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 1.71 | 1.79 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 15 | 15 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 79.0 | 78.2 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 161.6 | 209.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2009 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase through acquisition | | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | 4 598 | -------------------------------------------------------------------------------- | Return of capital from the funds | -1 047 | -------------------------------------------------------------------------------- | Changes of private equity funds in fair value reserve | -2 113 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | -3 058 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 31 December 2009 | 30 769 | -------------------------------------------------------------------------------- REMAINING COMMITMENTS On 31 December 2009, Amanda Capital Plc's remaining commitments in private equity funds stood at EUR 32.2 million (EUR 54.5 million on 31 December 2008). Other liabilities totalled EUR 0.2 million (EUR 0.4 million on 31 December 2008).
© 2024 Nasdaq, Inc. All Rights Reserved |