2011-05-19 08:00:00 CEST
2011-05-19 08:00:07 CEST
REGULATED INFORMATION
Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2011
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2011
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE
19 MAY 2011 AT 09.00am
NEW AMANDA WELL POSITIONED TO GROW
The merger between Amanda Capital, eQ Asset Management and Advium Corporate
Finance was carried out in March. The merger gives Amanda an excellent
opportunity to develop its business. The fee income of the new group will grow
substantially diminishing the dependence on income from the investments. In the
future, Amanda will only make investments in the funds managed by itself.
”I strongly believe that the new group has excellent possibilities to grow its
business. The common denominator for all of the divisions is high quality
products and customer service” says Janne Larma, CEO.
Amanda has the most experienced team of professionals within the fund-of-funds
business in Finland. Fund-of-funds being a considerable asset class and the
vast experience of the team gives possibilities for successful business
opportunities within private equity in the future.
eQ Asset Management is an established and highly regarded domestic asset
manager. Morningstar chose, for a second time, eQ Mutual Funds as the best
special equity house in Finland. The asset management industry in Finland is
expected to continue to grow, which affects positively the business of eQ Asset
Management.
Advium is one of the leading M&A advisors in Finland and the leading advisor in
large real estate transactions. The transaction activity has shown signs of
improvement at the end of the first quarter and Advium is well positioned to
take part of the potential future growth.
”We need to customise our services according to the needs and preferences of
our customers. Further, we need to be innovative. By making this happen we will
be able to succeed even in tough competition.
Additional information: Janne Larma, CEO, tel. +358 40 500 4366
Distribution: OMX Nordic Exchange Helsinki, www.amandacapital.fi
Amanda Group is a Finnish group of companies that specialises in asset
management and corporate finance operations. The Group offers services related
to mutual funds, private equity funds and hedge funds as well as traditional
asset management for institutions and individuals . The assets managed by the
Group total approximately EUR 3.7 billion. In addition, Advium Corporate
Finance Ltd, which is part of the Group, offers advisory services related to
mergers and acquisitions, real estate transactions and equity capital markets.
More information on Amanda Group is available on the following websites:
www.amandacapital.fi, www.eqvarainhoito.fi and www.advium.fi.
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2011
Summary of the events in January-March
-- Amanda Capital Plc joined forces with eQ Asset Management Group and Advium
Corporate Finance Ltd. The Group's management fees totalled EUR 0.9 million
(EUR 1.0 million from 1 Jan. to 31 March 2010)
-- The Group's net investment income was EUR 0.4 million (EUR 0.4 million).
-- The Group's operating profit was EUR 0.4 million (EUR 0.6 million).
-- Consolidated earnings after taxes were EUR 0.1 million (EUR 0.3 million).
-- Earnings per share were EUR 0.004 (EUR 0.013).
-- Equity per share was EUR 1.96 (EUR 1.76).
-- The equity to assets ratio was 88.7% (91.5%).
--
-- Janne Larma was appointed CEO of the company.
Financial environment
During the first two months of the year, share prices developed favourably and
the bond market calmed down for a moment. Political unrest in North Africa, the
earthquake in Japan and the culmination of the debt crisis in Europe put an end
to this positive development in the equity market and also increased
restlessness in the bond market. Capital market indicators, such as the outlook
of companies, their first quarter results and macro-economic indicators have,
however, mainly been good during the first months of the year. At the end of
March, the value of the global equity market was approximately at the same
level as at the beginning of the year (change in MSCI World 2.8%, Stoxx -0.4%,
HEX Cap +0.3%), but the value of the euro against the US dollar has increased
by almost 6.7%. The net subscriptions in domestic mutual funds only totalled
EUR 37 million during the firsts months of the year, and the fund capital is
approximately at the same level as at the end of 2010 (EUR 61.5 billion). Long
interest rates in the euro zone rose by about 0.4 percentage points, but at the
same time the interest rate spreads of corporate bonds narrowed. Among fixed
income instruments, high yield corporate bonds gave the best yield,
approximately +3%. The corporate bonds of emerging markets also gave a yield
exceeding 2%.
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. the increasing number of mergers and acquisitions in Europe and
the pick-up of the debt market, continued during the period under review. Exits
took place in Amanda's investment portfolio consisting of 26 private equity
funds during the period, and the market values of the target funds continued to
increase. 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.
Business operations
Amanda Group is a Finnish group of companies that specialises in asset
management and corporate finance operations. The Group offers services related
to mutual funds, private equity funds and hedge funds as well as traditional
asset management for institutions and individuals. The assets managed by the
Group total approximately EUR 3.7 billion. In addition, Advium Corporate
Finance Ltd, which is part of the Group, offers advisory services related to
mergers and acquisitions, real estate transactions and equity capital markets.
More information on Amanda Group is available on the following websites:
www.amandacapital.fi, www.eqvarainhoito.fi and www.advium.fi.
Major events in January - March 2011
The Annual General Meeting held on 16 March 2011 decided to approve the
transaction whereby Amanda Capital Plc acquires 100% of the shares in Advium
Corporate Finance Ltd and eQ Asset Management Group Ltd as well as the
convertible bond issued by eQ Asset Management Group Ltd and authorise the
Board of Directors to decide on a share issue. On the basis of the
authorisation, the Board of Directors issued on 16 March 2011 altogether 10 302
605 new shares in Amanda Capital to the shareholders of Advium and eQ Asset
Management Group as well as the holders of the convertible bond. As a result of
the execution of the share issue and combination agreement, Advium and eQ AMG
have become fully owned subsidiaries of Amanda.
After the subscription and registration of the issued shares, the total number
of shares issued by Amanda is 33 070 351. At its constitutive meeting on 16
March 2011, the Board of Directors of Amanda Capital Plc appointed Janne Larma
CEO of Amanda Capital Plc, in accordance with a previous announcement.
Group net sales and result development
Advium Corporate Finance Ltd and eQ Asset Management Group Ltd, which were
acquired on 16 March 2011, have not had any impact on the result development of
the first quarter, as the results of said companies will be combined with the
result of Amanda Group as of 1 April 2011.
The consolidated net sales were at the same level as the year before, EUR 1.4
million (EUR 1.4 million from 1 Jan. to 31 March 2010). Management fees
decreased somewhat from the comparison period, while the net investment income
increased slightly. The Group's expenses and depreciation totalled EUR 1.0
million (EUR 0.8 million). Personnel expenses were EUR 0.3 million (EUR 0.3
million) and depreciation was EUR 0.1 million (EUR 0.2 million). Other
operating expenses were EUR 0.6 million (EUR 0.2 million)
The Group's operating profit totalled EUR 0.4 million (EUR 0.6 million). The
decrease from the corresponding period last year is mainly due to non-recurring
expenses related to the corporate acquisition, which were about EUR 0.25
million. The result for the period under review was EUR 0.1 million (EUR 0.3
million).
The favourable trend in the private equity fund market, which began in 2010,
continued in the first quarter of 2011. During the period under review, more
than six exits took place in Amanda's investment portfolio consisting of 26
private equity funds. In total they generated a cash flow exceeding two million
euros for Amanda. The market values of the target funds also continued to
increase.
Balance sheet
The consolidated balance sheet total was EUR 73.0 million (EUR 43.7 million) on
31 March 2011. The increase from the comparison period was mainly due to the
positive development of the market values of the private equity fund
investments and the transaction concluded on 16 March 2011.
At the end of the period under review, Amanda's shareholders' equity was EUR
64.7 million (EUR 40.0 million on 31 March 2010). The shareholders' equity was
influenced by the profit for the period and the change in the fair value
reserve, in total EUR 4.8 million, as well as the transaction executed on 16
March 2011, whereby 10 302 605 shares were issued at the price of EUR 1.59 per
share. The increase in the reserve for invested unrestricted equity by EUR 16.4
million is due to the share issue related to the transaction. These changes are
specified in detail in the financial statements attached to this release.
EUR 0.6 million (EUR 0.0 million) of the debt was interest-bearing long-term
debt, EUR 4.3 million (EUR 2.0 million) was interest-bearing short-term debt
and the remaining EUR 1.8 million (EUR 0.7 million) was interest-free
short-term debt. Amanda's equity to assets ratio was high at 88.7% (91.5%).
Shares and share capital
Amanda Capital Plc's number of shares increased as a result of the decision by
the Annual General Meeting, according to which Amanda Capital Plc will acquire
the shares of Advium Corporate Finance Ltd and eQ Asset Management Group Ltd as
well as a convertible bond issued by eQ Asset Management Group Ltd by issuing
10 302 605 new shares. After the subscription and registration of the issued
shares, the total number of shares issued by Amanda is 33 070 351. The increase
did not influence the share capital of EUR 11 383 873.
Own shares
During the period under review, Amanda did not acquire any own shares, nor did
it have any in its possession at the end of the review period. At the end of
the comparison period, Amanda held a total of 475 618 own shares acquired for
hedging the share-based incentive plan and 91 657 shares acquired based on
authorisations by Annual General Meetings.
Shareholders
Amanda published a flagging announcement on 23 March 2011, in which Veikko
Laine Oy announced that it had acquired shares in such a manner that the
flagging threshold of 10% was exceeded. After the period under review, Amanda
published a flagging announcement on 19 April 2011, in which Fennogens
Investments S.A. announced that it had acquired shares in such a manner that
the flagging threshold of 10% was exceeded.
At the end of the period under review, Amanda did not hold any own shares. On
31 March 2011, Amanda Capital Plc had 3 401 shareholders.
Ten largest shareholders as of 31 March 2011.
share of shares and votes, %
Veikko Laine Oy 10.03
Berling Capital Oy 9.75
Fennogens Investments S.A. 9.46
Ulkomarkkinat Oy 9.06
Chilla Capital S.A. 8.06
Oy Hermitage Ab 6.94
Mandatum Life Insurance Company 6.21
Oy Cevante Ab 4.29
Linnalex Ab 2.67
Louko Antti 2.26
Option scheme 2010
During the period under review, the Board of Directors decided to allocate 450
000 options from the Option Scheme 2010 to Janne Larma, CEO. At the end of the
period, a total of 900 000 options had been allocated. Based on the
authorisation received by the Board on 14 April 2010, there are 1 100 000
unallocated options. The terms and conditions 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 and organisation
As a result of the corporate acquisition, the number of personnel increased and
totalled 57 at the end of the period. Amanda Capital Plc has 12 employees, eQ
Asset Management Group 34 employees and Advium Corporate Finance Ltd 11
employees. The overall salaries paid to the employees of Amanda Capital Group
during the period under review totalled EUR 0.3 million (EUR 0.3 million). The
sum does not include the salaries paid by Advium Corporate Finance Ltd and eQ
Asset Management.
Janne Larma was appointed CEO of the Group on 16 March 2011.
Board of Directors and auditors
The Annual General Meeting held on 16 March 2011 elected five persons to the
Board of Directors of Amanda Capital Plc: Ole Johansson, Georg Ehrnrooth, Eero
Heliövaara, Jussi Seppälä and Catharina Stackelberg-Hammarén for a period that
will end at the close of the following AGM. At its constitutive meeting, which
was held directly after the AGM, the Board elected Ole Johansson Chairman of
the Board.
The Authorised Public Accountant Firm Ernst & Young Oy with Ulla Nykky, APA, as
auditor with main responsibility, will continue as auditor of the company.
Major risks and short-term uncertainties
The risks associated with Amanda Group's business are 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.
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.
The development of the assets under management, which is closely related to the
development of the capital market, has an impact on the result of eQ, which was
acquired during the period. Success fees, which depend on the number of
corporate and real estate transactions, have a considerable impact on Advium's
result. These vary markedly within a year and based on business cycles.
Corporate acquisitions
On 16 March 2011, Amanda Capital Plc acquired 100 % of the shares in Advium
Corporate Finance Ltd and eQ Asset Management Group Ltd and the convertible
bond issued by eQ Asset Management Group Ltd. The combined entity is a strong
Finnish company that specialises in the management of private equity and
alternative investments, asset management and corporate finance advisory
services. The value of the transaction totalled EUR 16.6 million, and it was
paid by issuing a total of 10 302 605 new shares in Amanda Capital. Of the
shares, 5 854 563 were allocated to the shareholders of Advium Corporate
Finance Ltd, and their purchase price was EUR 9.4 million. 3 903 042 shares
were allocated to the shareholders of eQ Asset Management Group Ltd, their
purchase price being EUR 6.3 million, and 545 000 shares were issued for
acquiring the convertible bond issued by eQ Asset Management Group Ltd, the
purchase price being EUR 0.9 million. The purchase price comprises a transfer
tax of EUR 0.2 million.
The purchase price exceeded Advium Corporate Finance Ltd's net assets by EUR
9.3 million and eQ Asset Management Group Ltd's net assets by EUR 5.2 million.
As for Advium, EUR 2.0 million was allocated to intangible assets by
calculating a fair value for the Advium brand. For eQ Asset Management Group
Ltd's part, EUR 2.5 million was allocated to intangible assets by calculating
fair values for the concluded customer agreements and the brand. A deferred tax
liability allocated to these assets was recorded in the amount of EUR 0.1
million. The remaining goodwill, for Advium EUR 7.3 million and for eQ Asset
Management Group Ltd EUR 2.8 million, is based on the personnel, which offers
Amanda the opportunity of expanding its operations to new areas and increasing
its customer base and product selection.
Had Advium Corporate Finance and eQ Asset Management Group been acquired at the
beginning of 2011, their impact on Amanda Group's net sales had been EUR 1.6
million during the period under review.
Acquired net assets and goodwill at preliminary values(EUR
million):
Advium eQ Asset Management
Cash and investments 0.5 1.3
Tangible assets 0.1 0.1
Intangible assets 0.0 0.7
Receivables 0.5 0.8
Financial liabilities -0.6 -1.4
Other liabilities -0.4 -0.4
Acquired net assets 0.1 1.0
Adjustment of the acquisition cost 0.0 0.1
of the convertible bond
Acquisition cost 9.4 6.3
Unallocated acquisition cost 9.3 5.2
Fair value of the brand 2.0 2.0
Customer agreements 0.0 0.5
Calculated tax 0.1
Goodwill 7.3 2.8
Events after the reporting period
The results of Advium and eQ Asset Management, acquired during the period under
review, will be consolidated with Amanda Group as of 1 April 2011. The tables
below and the short description of the business operations are not part of the
interim report. They are presented in order to give the reader more information
about the companies acquired.
Amanda Capital's Board has decided to introduce three separate segments as of 1
April 2011: Asset Management, Corporate Finance and Investments. The Asset
Management segment consists of the business operations of eQ Asset Management
Group and the asset management, investment advice, management and reporting
services related to Amanda Capital's private equity fund investments. The
Corporate Finance segment consists of Advium Corporate Finance Ltd's business
operations. The Investments segment consists of the private equity fund
investments in Amanda Capital's balance sheet.
After the end of the reporting period Amanda Capital´s board of directors has
appointed Janne Larma, Petter Hoffström, Lauri Lundström and Annamaija Peltonen
to the management team of Amanda.
The private equity of Amanda Capital Plc's investments segment have paid or
announced to pay distributions of over EUR 1.0 million after the end of the
reporting period.
eQ Asset Management Group
The operating environment of eQ Asset Management Group was more challenging
than expected during the first months of the year due to the earthquake in
Japan, the political unrest in North Africa and the debt crisis in Europe.
Institutional clients have been cautious in making new investments, which was
also reflected on new asset management sales. The assets under management
increased, however, in January-March to EUR 1 052 million (12/2010 EUR 1 045
million). The Mutual Fund eQ Emerging Dividend, which makes investments in
dividend stock in emerging markets, was launched in February. Morningstar,
which makes international fund management company comparisons, rated eQ Fund
Management Company Ltd the best special equity house in Finland in 2011, the
second time in a row.
eQ Asset 1-3/2011
Management Ltd Oy
----------------------------------
Net sales EUR 1.2 million
----------------------------------
Operating profit EUR 0.0 million
----------------------------------
Personnel 34
----------------------------------
Advium Corporate Finance
Advium Corporate Finance acts as advisor in mergers and acquisitions, large
real estate transactions and different transactions in the equity capital
market.
The number of executed mergers and acquisitions continued to be at a low level
in Finland in the first quarter of 2011. The real estate market has shown signs
of recovery, and the activity in the market increased somewhat. In general, the
transaction processes are still rather long due to, e.g. the uncertain
situation in the capital market as well as economic and political
uncertainties.
During the period under review, Advium acted as advisor in one transaction. In
this transaction, Advium was the advisor of the seller as Delta Motor Group
sold 16 real estate objects to a joint venture of Sveafastigheter Fund III and
Mattila&Saxen Property Partners Oy, the debt-free purchase price being about
EUR 42 million.
Since the beginning of 2011, the number of personnel has increased by one
person, and at the end of March Advium had 11 employees.
After the period under review, Advium has acted as advisor of the buyer, as
Sponda Plc acquired of Suomi Mutual Life Assurance Company the Fennia block
located in the city centre of Helsinki at the value of EUR 122 million.
It is typical of corporate finance business that success fees have a
considerable impact on invoicing, due to which the result may vary considerably
from quarter to quarter.
Advium Corporate Finance Oy 1-3/2011
--------------------------------------------
Net sales EUR 0.4 million
--------------------------------------------
Operating profit EUR 0.0 million
--------------------------------------------
Personnel 11
--------------------------------------------
Principles for drawing up the report
This financial statements bulletin has been prepared in accordance with the
International Financial Reporting Standards (IFRS) and the IAS 34 Interim
Financial Reporting standard approved by the EU. When preparing the interim
report, Amanda has applied the same principles as in the financial statements
for the year 2010, and the calculating formulas of the key ratios have been
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.
Outlook
Amanda Capital Plc has been combined with eQ Asset Management Group and Advium
Corporate Finance Ltd. The combined entity is a strong Finnish company that
specialises in the management of private equity and alternative investments,
asset management and corporate finance advisory services. In the new business
entity, the income from business operations is divided between several income
sources, even though the result of the Group still depends on the development
and activity of the capital market. All business areas of Amanda have good
opportunities of developing in a favourable manner during the remaining part of
the year.
AMANDA CAPITAL PLC
Board of Directors
CONSOLIDATED INCOME STATEMENT, EUR 1 000
1-3/11 1-3/10 1-12/10
NET SALES
Net investment income 434 416 1 136
Management fees 943 1 019 3 972
Total 1 377 1 435 5 108
Depreciation and amortisation -144 -173 -710
Other operating expenses -854 -666 -2 570
Operating profit 378 597 1 829
Financial income and expenses -163 -144 -623
Profit before tax 215 453 1 205
Income tax expense -81 -147 -371
PROFIT (LOSS) FOR THE YEAR 135 306 834
Other comprehensive income:
Available-for-sale financial assets, net 3 955 798 3 407
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4 089 1 104 4 241
Earnings per share, 0,004 0,013 0,04
Earnings per average share, EUR *) 0,006 0,014 0,04
*) The weighted average number of shares outstanding during the period.
CONSOLIDATED BALANCE SHEET, EUR 1 000
31.3.2011 31.3.2010 31.12.2010
ASSETS
LONG-TERM ASSETS
Intangible and tangible
assets 19 958 5 182 4 623
Investments available for sale
Private equity investments 45 250 32 762 40 625
Accrued income 133 - -
Deferred tax assets 966 2 497 1 684
CURRENT ASSETS
Accrued income and advance payments 1 651 451 441
Investments available for sale
Financial securities 45 166 -
Cash 5 008 2 647 4 112
TOTAL ASSETS 73 012 43 706 51 486
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY 64 703 39 994 44 229
Minority interest 34 - -
LIABILITIES
Non-current liabilities 2 392 652 946
Current liabilities 5 882 3 060 6 310
TOTAL LIABILITIES 8 275 3 712 7 256
TOTAL SHAREHOLDERS'
EQUITY AND LIABILITIES 73 012 43 706 51 486
CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000
1-3/11 1-3/10 2010
CASH FLOW FROM OPERATIONS
Operating profit 378 597 1 829
Depreciation and write-downs 144 173 710
Investments available for sale,
change 812 -771 -4 752
Change in working capital
Business receivables, increase (-)
decrease (+) 95 30 39
Interest-free debt, increase (+)
decrease (-) 316 320 -130
Interest bearing debts,
increase (+)decrease (-) -2 300 -1 000 2 800
Total change in working capital -1 889 -650 2 709
Cash flow from operations before
financial items and taxes -555 -652 496
Financial income and expenses -163 -144 -623
Deferred taxes -81 -147 -371
CASH FLOW FROM OPERATIONS -798 -943 -498
CASH FLOW FROM INVESTMENTS
Investing activities to investments -5 -7 15
CASH FLOW FROM FINANCING
Aquisition of own shares - -3 -31
Sale of own shares - - 1 085
Other changes 3 25 -34
CASH FLOW FROM FINANCING 3 22 1 020
INCREASE/DECREASE IN LIQUID ASSETS -799 -928 537
Liquid assets 1 January 4 112 3 575 3 575
Liquid assets 31 March 3 313 2 647 4 112
Liquid assets contain cash and bank deposits.
CHANGE IN CONSOLIDATED SHAREHOLDERS'
EQUITY, EUR 1 000
Share Invested Other Fair Retained Total
capital unrestricted reserves value earnings equity reserve
Shareholders'
equity
1 Jan. 2010 11 384 29 614 -1 769 -7 701 7 439 38 968
Comprehensive 798 798
income
Profit for 306 306
the period
--------------------------------------------------------------------------------
Total 798 306 1 104
Comprehensiv
e income
Purchase of -3 -3
Own Shares
Payment of -100 -100
dividends
Other Changes 25 25
--------------------------------------------------------------------------------
Shareholders'
equity
31 March 2010 11 384 29 614 -1 771 -6 903 7 670 39 994
Shareholders'
equity
1 Jan. 2011 11 384 29 614 0 -6 819 10 051 44 229
Comprehensive 3 955 3 955
income
Profit for 135 135
the period
--------------------------------------------------------------------------------
Total 3 955 135 4 089
Comprehensiv
e income
Purchase of 16 381 16 381
own shares
Payment of 0
dividends
Other Changes 3 3
--------------------------------------------------------------------------------
Shareholders'
equity
31 March 2011 11 384 45 995 0 -2 865 10 189 64 703
CONSOLIDATED KEY RATIOS 2011 2010
Profit (loss) for the year (EUR 1 000) 135 306
Earnings per share, 0,004 0,013
Earnings per average share, EUR *) 0,006 0,014
Equity per share 1,96 1,76
Equity per average share, EUR *) 2,66 1,80
Return on investment, ROI % p.a. 0,1 4,2
Return on equity, ROE % p.a. 0,1 3,1
Equity to assets ratio, % 88,7 91,5
Stock price at end of period, EUR 1,79 1,74
Number of personnel at the
end of the period 57 15
Private equity investments to
equity ratio, % 69,9 81,9
Investment commitments to
equity ratio, % 94,9 158,1
*) The weighted average number of shares outstanding during the period. The
Earnings per share key ratio has not been affected by the dilution of Amanda's
Option programme 2010.
CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000
Book value of private equity funds 1 Jan 2011 40 625
Drawdowns to private equity funds 36
Return of capital from the funds 535
Changes of private equity funds in fair value reserve -1 290
Net investment income 5 344
Book value of private equity funds 31 March 2011 45 250
REMAINING COMMITMENTS
On 31 March 2011, Amanda Capital Plc's remaining commitments in private
equity funds stood at EUR 16.2 million (EUR 30.5 million on 31 March 2010).
Other liabilities totaled EUR 0.2 million (EUR 0.2 million on 31 March 2010).
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