2008-10-30 08:35:00 CET
2012-02-03 17:41:34 CET
REGULATED INFORMATION
Leverator - Interim report (Q1 and Q3)
LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2008
Leverator Plc Stock Exchange Release 30 October 2008 at 9.35 a.m.
LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008
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.
Bonds
Leverator has issued a serial loan with a fixed coupon interest of 8.162%. The
bonds will be issued in a maximum of five tranches in accordance with the loan
capital needed by CMM IV, and investors have committed to subscribe all five
tranches. The last tranche will be issued no later than 21 June 2009.
The tranches have a maximum size of MEUR 60 each. The maximum total issue is
MEUR 192. The bonds' trading lot is MEUR 0.5 and 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. In the event that the bonds are called prior to 22
June 2011, a premature payment premium is paid as specified in the listing
particulars.
Leverator's financial performance is impacted by the time of new tranche issues.
Issued tranches and Leverator's financial performance
--------------------------------------------------------------------------------
| Issued tranches (trading code LEVJ816216) |
--------------------------------------------------------------------------------
| Tranche | Issue date | Size of | Date of listing | Subscription |
| | | the | | price, % |
| | | tranche, | | |
| | | MEUR | | |
--------------------------------------------------------------------------------
| 1st tranche | 12 July 2004 | 8.0 | 13 July 2004 | 100.00 |
--------------------------------------------------------------------------------
| 2nd tranche | 5 June 2006 | 40.0 | 13 June 2006 | 99.137 |
--------------------------------------------------------------------------------
| 3rd tranche | 28 March 2007 | 48.0 | 13 April 2007 | 98.290 |
--------------------------------------------------------------------------------
No tranches were issued during the review period. 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 37,380 (EUR 46,223 for the review period 1 January - 30
September 2007) and financial income and expenses totalled EUR 102,837 (EUR
86,216). The result for the review period was EUR 36,645 (EUR 20,882).
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 and on the
credit limit of CMM IV. The most significant risk or uncertainty factor in
Leverator's operations is that the portfolio companies would not be able to pay
their debt to the fund, 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
--------------------------------------------------------------------------------
| | MEUR |
--------------------------------------------------------------------------------
| Outstanding balance to Leverator | 96.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CMM IV's mezzanine loans and associated options and shares: | |
--------------------------------------------------------------------------------
| - acquisition cost* | 128.1 |
--------------------------------------------------------------------------------
| - value appreciation* | 11.4 |
--------------------------------------------------------------------------------
| Net cash assets | 4.3 |
--------------------------------------------------------------------------------
| Commitments at call from Limited Partners | 24.0 |
--------------------------------------------------------------------------------
| Clawback at call | 10.9 |
--------------------------------------------------------------------------------
| Credit limit balance | -33.0 |
--------------------------------------------------------------------------------
| Total | 145.7 |
--------------------------------------------------------------------------------
* The values reported by CMM IV's management company.
CMM IV's solvency exceeds the balance of the loan receivable to Leverator;
therefore Leverator's receivable from CMM IV can be accounted for in full in the
calculation below.
Leverator's solvency
--------------------------------------------------------------------------------
| | MEUR |
--------------------------------------------------------------------------------
| Balance of bonds at nominal value | 96.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leverator's receivable from CMM IV at nominal value | 96.0 |
--------------------------------------------------------------------------------
| Net cash assets | 0.6 |
--------------------------------------------------------------------------------
| Total | 96.6 |
--------------------------------------------------------------------------------
Leverator's solvency exceeds the balance of the bonds.
Leverator's more detailed financial position is presented in the balance sheet,
income statement 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, Sampo Life
Insurance Company Ltd, Varma Mutual Pension Insurance Company and Yleisradio
Pension Fund with equal holdings.
Leverator's management
On 7 May 2008 the shareholders of Leverator Plc elected the following members to
the Company's Board of Directors: Mr Risto Autio, Mr Magnus Backström, Mr Kari
Joutsa, Mr Harri Lemmetti, Mr Olli Liitola, Mr Jyrki Orpana, Mr Jorma Tammenaho,
Mr Hannu Tarkkonen and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana
as Chairman of the Board.
Adoption of IFRS standards (IAS)
As of 1 January 2007, Leverator Plc has adopted International Financial
Reporting Standards (IFRS) in its financial reporting.
Future outlook
According to the management's best vision, no substantial changes in Leverator's
position are expected during year 2008. The time of the next tranche issue is
difficult to estimate. Changes in the Company's other financial position are not
expected during 2008. It is highly probable that the Company's interest earnings
will cover its interest payable and other expenses.
Leverator Plc will publish its Financial Statements 1 January - 31 December 2008
on 29 January 2009.
Helsinki 30 October 2008
LEVERATOR PLC
Board of Directors
For further information, please contact:
Martti Timgren, CEO, tel. +358 207 207 582 or mobile +358 50 531 9772
DISTRIBUTION
Helsinki Exchanges
Principal media
Bondholders
APPENDIX 1. Balance sheet, income statement, cash flow statement and statement
of changes in equity
Interim Report 1 January - 30 September 2008 has been prepared in compliance
with International Financial Reporting Standards (IFRS) applying IAS and IFRS
standards, as well as SIC and IFRIC interpretations, valid on 31 December 2007.
The figures in the Interim Report are unaudited.
APPENDIX 1. BALANCE SHEET, INCOME STATEMENT, CASH FLOW STATEMENT AND STATEMENT
OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
| BALANCE SHEET, IFRS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR | 30.9.2008 | 30.9.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fixed assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | | | |
--------------------------------------------------------------------------------
| Other investments | 95 165 361 | 94 932 142 | 95 046 233 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total fixed assets | 95 165 361 | 94 932 142 | 95 046 233 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred tax assets | 0 | 1 930 | 139 |
--------------------------------------------------------------------------------
| Short-term receivables | 2 573 133 | 2 613 992 | 484 952 |
--------------------------------------------------------------------------------
| Cash and bank | 286 513 | 121 481 | 219 255 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total current assets | 2 859 646 | 2 737 403 | 704 346 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 98 025 007 | 97 669 545 | 95 750 579 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND | | | |
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | 102 857 | 102 857 | 102 857 |
--------------------------------------------------------------------------------
| Other reserves | 231 989 | 231 989 | 231 989 |
--------------------------------------------------------------------------------
| Retained earnings | -139 036 | -151 460 | -151 460 |
--------------------------------------------------------------------------------
| Profit/loss for the | 36 645 | 20 882 | 12 424 |
| financial year | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders' equity | 232 455 | 204 268 | 195 810 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital loan | 545 319 | 494 429 | 506 756 |
--------------------------------------------------------------------------------
| Long-term liabilities | 94 980 008 | 94 694 008 | 94 833 982 |
--------------------------------------------------------------------------------
| Short-term liabilities | 2 238 552 | 2 276 840 | 214 031 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 28 673 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 97 792 552 | 97 465 277 | 95 554 769 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY | 98 025 007 | 97 669 545 | 95 750 579 |
--------------------------------------------------------------------------------
| AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME STATEMENT, | | | | |
| IFRS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR | 1.7.- | 1.1.- | 1.7.- | 1.1.- |
| | 30.9.2008 | 30.9.2008 | 30.9.2007 | 30.9.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turnover | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel expenses | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Other operating | -8 949 | -37 380 | -9 998 | -46 223 |
| expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating loss | -8 949 | -37 380 | -9 998 | -46 223 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 34 890 | 102 837 | 36 118 | 86 216 |
| and expenses | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss before | 25 941 | 65 457 | 26 120 | 39 993 |
| taxes | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -11 933 | -28 812 | -6 370 | -19 111 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the | 14 008 | 36 645 | 19 750 | 20 882 |
| financial year | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share: | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | 0,0136 | 0,0356 | 0,0192 | 0,0203 |
| € | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN EQUITY, IFRS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share | Other | Retained | Total equity | |
| | capital | reserve | earnings | | |
| | | s | | | |
--------------------------------------------------------------------------------
| Equity on | 102 857 | 231 989 | -139 036 | 195 810 | |
| 31.12.2007 | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | 36 645 | 36 645 | |
| financial year | | | | | |
--------------------------------------------------------------------------------
| Equity on | 102 857 | 231 989 | -102 391 | 232 455 | |
| 30.9.2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share | Other | Retained | Total equity | |
| | capital | reserve | earnings | | |
| | | s | | | |
--------------------------------------------------------------------------------
| Equity on | 102 857 | 231 989 | -151 460 | 183 386 | |
| 31.12.2006 | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | 20 882 | 20 882 | |
| financial year | | | | | |
--------------------------------------------------------------------------------
| Equity on | 102 857 | 231 989 | -130 578 | 204 268 | |
| 30.9.2007 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW STATEMENT, IFRS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR | 1-9/2008 | 1-9/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Operating profit/loss | 36 645 | 20 882 | 12 424 |
--------------------------------------------------------------------------------
| Other adjustments to | -91 592 | -87 205 | -101 228 |
| operating profit | | | |
--------------------------------------------------------------------------------
| Interest paid | -3 917 760 | -3 917 760 | -7 835 520 |
--------------------------------------------------------------------------------
| Interest received | 4 039 965 | 2 949 808 | 8 043 442 |
--------------------------------------------------------------------------------
| Cash flow from operations | 67 258 | -1 034 275 | 119 118 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investments | | | |
--------------------------------------------------------------------------------
| Investments in other | 0 | -47 179 200 | -47 179 200 |
| placements | | | |
--------------------------------------------------------------------------------
| Cash flow from investments | 0 | -47 179 200 | -47 179 200 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial cash flow | | | |
--------------------------------------------------------------------------------
| Change in long-term | 0 | 48 234 819 | 47 179 200 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Financial cash flow | 0 | 48 234 819 | 47 179 200 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash funds | 67 258 | 21 344 | 119 118 |
--------------------------------------------------------------------------------
| Cash funds at start of the | 219 255 | 100 137 | 100 137 |
| period | | | |
--------------------------------------------------------------------------------
| Cash funds at end of the | 286 513 | 121 481 | 219 255 |
| period | | | |
--------------------------------------------------------------------------------
© 2024 Nasdaq, Inc. All Rights Reserved |