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2013-08-15 13:17:02 CEST 2013-08-15 13:18:02 CEST REGULATED INFORMATION Leverator - Interim report (Q1 and Q3)LEVERATOR PLC INTERIM REPORT 1 JANUARY – 31 MARCH 20133 May 2013 at 10:00 a.m. EEST LEVERATOR PLC INTERIM REPORT 1 JANUARY - 31 MARCH 2013 Business Leverator Plc's (Leverator) business consists of the issue of bonds and the grant of loans to CapMan Mezzanine IV L.P. mezzanine fund (CMM IV). Leverator's result is formed by the difference between interest received from CMM IV's loans and interest paid to bondholders. The issued bonds are listed on the Helsinki Exchanges (Nasdaq OMX Helsinki). Bonds Leverator has issued a serial loan with a fixed coupon interest of 8.162%. The bonds were issued in five tranches in accordance with the loan capital needed by CMM IV, and investors subscribed all five tranches according to their commitments. The final size of the bond totalled MEUR 192 on 18 June 2009. The final loan maturity is 21 June 2016. Leverator has a call option to repay the bonds or part thereof not earlier than 22 June 2009. Leverator repaid 8.3% and 10.8% of the original loan capital, equivalent to EUR 16,000,128 and EUR 20,736,000, in accordance with the terms of loan on 21 June 2012 and 21 December 2012. The outstanding bond loan totalled EUR 112,442,112 on 31 March 2013. Issued tranches and Leverator's financial performance Issued tranches (trading code LEVJ816216) Tranche Issue date Size of the tranche, Date of Subscription MEUR listing price, % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1st 12 July 2004 8.0 13 July 2004 100.00 tranche 2nd 5 June 2006 40.0 13 June 2006 99.137 tranche 3rd 28 March 48.0 13 April 98.290 tranche 2007 2007 4th 28 April 36.0 5 May 2009 97.389 tranche 2009 5th 18 June 2009 60.0 25 June 2009 98.468 tranche Leverator's turnover for the review period was EUR 0, because the Company's interest earnings and interest expenses are presented as financial items in the income statement. Leverator's operating loss was EUR 10,202 (EUR 20,365 for the review period 1 January - 31 March 2012) and financial income and expenses totalled EUR 70,276 (EUR 93,236). The result for the review period was EUR 45,356 (EUR 55,018). Leverator's solvency and risks The security for the bonds is Leverator's receivable from CMM IV. The security for this receivable to Leverator is CMM IV's mezzanine loan receivables from portfolio companies as well as associated options and portfolio company shares that are possibly subscribed on the basis of those options. Leverator's solvency to pay the bonds' interest and principal is based on CMM IV's solvency to pay the loan receivable and interest to Leverator. CMM IV's solvency is dependent on its mezzanine loan receivables from portfolio companies and on the value of associated options or shares as well as on CMM IV's right to call the commitments and clawback of the Fund's Limited Partners. The most significant risks or uncertainty factors in Leverator's operations are that the portfolio companies would not be able to pay their debt to the fund, that the fund's Limited Partners would not be able to fulfil their obligations in accordance with fund agreement or that the fund's solvency would be put at risk due to some other cause. An examination of CMM IV's solvency to manage the loan receivable to Leverator is first carried out in order to determine Leverator's solvency. CMM IV's solvency 31 March 2013 MEUR Outstanding balance to Leverator 112.4 CMM IV's mezzanine loans and associated options and shares: - acquisition cost* 108.7 - value appreciation* -11.4 Net cash assets - bank deposits 4.2 - outstanding interest receivables** 0.4 - accumulated interest receivables** 2.2 - Leverator/accumulated interest -2.6 Commitments at call from Limited Partners 10.0 Clawback at call 10.9 ------ ------ Total 122.4 * Figures by CMM IV's management company, as reported or with a discount. ** Excludes interest receivables that are outstanding or have accumulated that are not booked in the Fund's accounts because of the uncertainty whether they can be collected. As CMM IV's financial assets exceed the total loan receivables of Leverator, the latter's receivable due from CMM IV presented below can be booked in full. The values given above are reported by CMM IV's management company. The management company's assessment of the value appreciation of mezzanine loans and associated options and shares is based on reporting principles common to the private equity industry. These principles aim at take into account risk factors caused by the general economic environment. The amount of commitments and clawback that the fund has a right to call from the Fund's Limited Partners is based on CMM IV's fund agreement. Leverator's solvency 31 March 2013 MEUR Balance of bonds at nominal value 112.4 Leverator's receivable from CMM IV at nominal value 112.4 Net cash assets 0.8 ------ ------ Total 113.3 Leverator's solvency exceeds the balance of the bonds. Leverator's more detailed financial position is presented in the income statement, balance sheet, statement of changes in equity and cash flow statement in Appendix 1. There are no exceptional liabilities of Leverator or CMM IV in the knowledge of Leverator's Board of Directors that should be considered in the above calculations. Leverator's ownership The owners of Leverator Plc are CapMan Plc, Etera Mutual Pension Insurance Company, Foundation for Economic Education, Ilmarinen Mutual Pension Insurance Company, OP Life Assurance Company Ltd, Pharmacy Pension Fund, Mandatum Life Insurance Company Limited, Varma Mutual Pension Insurance Company and Yleisradio Pension Fund with equal holdings. Leverator's Board of Directors On 3 May 2013 the shareholders of Leverator Plc elected the following members to the Company's Board of Directors: Mr Tatu Hemmo, Mrs Nina Härkönen, Mr Staffan Jåfs, Mr Harri Lemmetti, Mr Olli Liitola, Mr Tommi Mäkelä, Mrs Katja Salovaara, Mr Tomi Viia, and Mr Kyösti Ylikortes. The members elected Mr Tatu Hemmo as Chairman of the Board. Future outlook Developments in the general market environment in the next few years may continue to cause difficulties in the ability of fund's portfolio companies to pay interest on their mezzanine loans and repay principal to the fund in accordance with original loan terms. Restrictions in the portfolio companies' senior loan agreements may in certain cases prevent the companies from meeting their interest payments in accordance with the original loan terms during 2013. The aforementioned issues might, in turn, weaken the fund's ability to meet its debt to Leverator Plc in full, which would affect Leverator Plc's solvency. It is possible that the fund's solvency weakens further during 2013. It is highly probable that Leverator Plc's interest earnings will cover its interest payable and other expenses in 2013. Leverator Plc will publish its Interim Report 1 January-30 June 2013 on 8 August 2013. Helsinki 3 May 2013 LEVERATOR PLC Board of Directors For further information, please contact: Olli Liitola, CEO, tel. +358 207 207 506 or mobile +358 400 605 040 DISTRIBUTION NASDAQ OMX Helsinki Principal media Bondholders APPENDIX 1. Income statement, balance sheet, statement of changes in equity and cash flow statement The Interim Report 1 January-31 March 2013 has been prepared in compliance with International Financial Reporting Standards (IFRS) and the accounting principles applied are the same as in the financial statements for 2012. The information presented is unaudited. APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and Cash Flow Statement LEVERATOR PLC INCOME STATEMENT, IFRS EUR 1.1.-31.3.2013 1.1.-31.3.2012 1.1.- 31.12.2012 -------------------------------------------------------------------------------- Turnover 0 0 0 Personnel expenses 0 0 -23,200 Other operating expenses -10,202 -20,365 -71,113 Operating loss -10,202 -20,365 -94,313 Financial income and expenses 70,276 93,236 350,750 Profit before taxes 60,074 72,871 256,437 Income taxes -14,718 -17,853 -62,827 Profit for the financial year 45,356 55,018 193,610 Total comprehensive income, IFRS The company does not have items included in comprehensive income. Earnings per share: Earnings per share, € 0.0441 0.0535 0.1882 BALANCE SHEET, IFRS EUR 31.3.2013 31.3.2012 31.12.2012 -------------------------------------------------------------------- ASSETS Non-current assets Investments Other investments 112,442,112 149,178,240 112,442,112 Total non-current assets 112,442,112 149,178,240 112,442,112 Current assets Current receivables 2,648,320 3,501,095 283,131 Cash and bank 723,530 513,867 748,982 Total current assets 3,371,850 4,014,962 1,032,113 TOTAL ASSETS 115,813,962 153,193,202 113,474,225 EUR 31.3.2013 31.3.2012 31.12.2012 -------------------------------------------------------------------- SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 102,857 102,857 102,857 Retained earnings 699,817 506,207 506,207 Profit for the financial year 45,356 55,018 193,610 Total shareholders' equity 848,030 664,082 802,674 Liabilities Non-current liabilities 112,442,112 149,178,240 112,442,112 Current liabilities 2,523,820 3,350,880 229,438 Deferred tax liabilities 0 0 0 Total liabilities 114,965,932 152,529,120 112,671,550 TOTAL SHAREHOLDERS' EQUITY 115,813,962 153,193,202 113,474,224 STATEMENT OF CHANGES IN EQUITY, IFRS Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2012 102,857 0 699,817 802,674 Profit for the 45,356 45,356 financial year Equity on 31.3.2013 102,857 0 745,173 848,030 -------------------------------------------------------------------------------- Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2011 102,857 0 506,207 609,064 Profit for the 193,610 193,610 financial year Equity on 31.12.2012 102,857 0 699,817 802,674 -------------------------------------------------------------------------------- CASH FLOW STATEMENT, IFRS EUR 1-3/2013 1-3/2012 1-12/2012 ---------------------------------------------------------------------- Cash flow from operations Operating profit 45,356 55,018 193,610 Other adjustments to operating profit -70,808 -116,751 -373,173 Interest paid 0 0 -11,522,963 Interest received 0 0 11,875,908 Cash flow from operations -25,452 -61,733 173,382 Cash flow from investments Change in long-term loan receivables 0 0 36,736,128 Cash flow from investments 0 0 36,736,128 Financial cash flow Change in long-term liabilities 0 0 -36,736,128 Financial cash flow 0 0 -36,736,128 Change in cash funds -25,452 -61,733 173,382 Cash funds at start of the period 748,982 575,600 575,600 Cash funds at end of the period 723,530 513,867 748,982 |
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