2008-10-29 10:59:33 CET
2008-10-29 11:00:32 CET
REGULATED INFORMATION
Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2008
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 29 OCTOBER 2008 AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2008 SUMMARY OF THE EVENTS IN JANUARY-SEPTEMBER - The Group's net sales totalled EUR 7.0 million (EUR 15.1 million from 1 Jan. to 30 Sept. 2007). - The Group's operating profit excluding a non-recurring item was EUR 4.0 million (EUR 12.1 million). The non-recurring item (EUR 4.2 M€) was registered in the second quarter of the year for the settlement with Interglobia's bankrupt's estate and Interavanti Oyj. - The Group's operating profit was EUR -0.2 million (EUR 12.1 million). - Consolidated earnings after taxes excluding the non-recurring item were EUR 3.3 million (EUR 9.3 million). - Consolidated earnings after taxes were EUR 0.1 million (EUR 9.3 million). - Earnings per share excluding the non-recurring item were EUR 0.14 (EUR 0.41). - Earnings per share were EUR 0.01 (EUR 0.41). - The equity to assets ratio was 88.3% (90.6%). - Equity per share was EUR 2.07 (EUR 2.61) at the end of the period under review. - Amanda's CEO Petteri Änkilä resigned 29th of August 2008 from the company and Petter Hoffström was nominated Acting CEO. - The aggregate return of Amanda Group's private equity investments since the beginning of investment operations was 27.6% p.a.(IRR). SUMMARY OF THE EVENTS IN JULY-SEPTEMBER - The Group's net sales totalled EUR 2.4 million (EUR 10.7 million from 1 July to 30 Sept 2007). - Consolidated earnings after taxes were EUR 1.2 million (EUR 7.2 million). - Earnings per share were EUR 0.05 (EUR 0.33). - Amanda's CEO Petteri Änkilä resigned 29th of August 2008 from the company and Petter Hoffström was nominated Acting CEO. FINANCIAL DEVELOPMENT In the first three quarters of 2008, the net sales from the management and consultation of private equity investments developed according to plans and were at the same level as in 2007. The share of management fees of the net sales was 47.8% and the net investment income accounted for 52.2% of the net sales. Due to the challenging market situation, both the number and euro amount of exits carried out in Amanda's investment portfolio, consisting of 28 private equity funds, in the third quarter was lower than during the corresponding period last year. Financial development in the first three quarters of 2008 From 1 Jan. to 30 Sept. 2008, the consolidated net sales totalled EUR 7.0 million (EUR 15.1 million from 1 Jan. to 30 Sept. 2007). Fees from the management and consultation of private equity funds accounted for EUR 3.4 million (EUR 3.4 million) of the net sales. The net investment income totalled EUR 3.6 million (EUR 11.7 million). The profit for the first three quarters of 2008 was EUR 0.1 million (EUR 9.3 million). The Group's expenses and depreciation totalled EUR 7.2 million (EUR 3.0 million). Personnel expenses amounted to EUR 1.1 million (EUR 1.1 million) and depreciation was EUR 0.5 million (EUR 0.6 million). Other operating expenses totalled EUR 5.6 million (EUR 1.3 million). The other operating expenses include EUR 4.2 million resulting from the settlement between Amanda and Interglobia's bankrupt's estate and Interavanti Oyj. EUR 4.0 million of the total amount consists of damages paid and debts of the bankrupt's estate, and the remaining part is expert fees arising from the legal proceedings. Financial development in the third quarter of 2008 From 1 July to 30 Sept. 2008, the consolidated net sales totalled EUR 2.4 million (EUR 10.7 million from 1 July to 30 Sept. 2007). Fees from the management and consultation of private equity funds accounted for EUR 1.2 million (EUR 1.4 million) of the net sales. The net investment income totalled EUR 1.2 million (EUR 9.2 million). The Group's profit for the period was EUR 1.2 million (EUR 7.2 million). The Group's expenses and depreciation totalled EUR 0.8 million (EUR 0.9 million). Personnel expenses amounted to EUR 0.2 million (EUR 0.4 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.4 million (EUR 0.3 million). BALANCE SHEET The consolidated balance sheet total was EUR 54.1 million (EUR 64.2 million), and shareholders' equity amounted to EUR 47.9 million (EUR 58.2 million). EUR 3.5 million (EUR 0.0 million) of the short-term debt was interest bearing and the rest EUR 2.7 million (EUR 6.0 million) was non-interest bearing. Amanda's equity to assets ratio was high at 88.3% (90.6%). Of the balance sheet total, 68.9% (54.2%) was invested in private equity and 17.5% (34.1%) in liquid assets. Consolidated goodwill accounted for 3.4% (2.8%) of the balance sheet total and other intangible assets amounted to 8.1% (7.8%). The other balance sheet items accounted for 2.1% (1.1%). BUSINESS ACQUISITIONS The Group made no business acquisitions in the first three quarters of 2008. During the corresponding period last year, in February 2007, Amanda acquired the Proventure companies, which have been included in the Group's figures from the beginning of the comparison period. MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS The management and consultation of private equity investments generated EUR 3.4 million of net sales in the first three quarters of 2008, which corresponded to expectations. During the period under review, Amanda has invested EUR 1.25 million in the Amanda LPE Fund. Amanda established the fund in the second quarter of 2008. The Amanda SICAV-SIF - Liquid Private Equity Fund (”Amanda LPE”) makes investments globally in listed private equity companies and funds. The fundraising to the Amanda IV West private equity fund of funds will continue actively until November 2008. By the end of the reporting period, a total of EUR 90.0 million has been raised to the fund. At the end of the period under review, the assets under Amanda's management totalled EUR 2.4 billion (original investment commitments). EUR 122.8 million of the assets under management were Amanda's own investment commitments, EUR 440.6 million assets in the private equity funds of funds managed by Amanda, and EUR 1.8 billion were covered by consultation. With these assets, investments have been made in more than 100 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS During the period under review, Amanda Capital Plc made no new investments in private equity funds, but it increased its degree of investment by making an investment in the Amanda LPE Fund. Investments made in private equity funds are not evenly divided between the different quarters of the year. Amanda has investments in 24 private equity funds and four 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 78.1% (59.8%). The degree of investment including the Amanda LPE investment was 87.5%. Amanda's over-commitment degree was 177.4% (155.0%). In the first three quarters of 2008, the private equity funds called in capital in the amount of approximately EUR 7.5 million and returned approximately EUR 3.5 million to the company as capital returns and EUR 3.3 million as distribution of profits. 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 The private equity funds in Amanda's investment portfolio continued with a moderate investment pace in the challenging market situation. Below are some examples of the investments made in the third quarter: The Amanda IV West Private Equity Fund's target fund Norvestor V private equity fund made an investment in a Norwegian company called RenoNorde SA. The company specialises in waste collection and is the market leader in Norway. The Amanda IV West Private Equity Fund's target fund Segulah IV private equity fund made an investment in a Swedish company called Gunnebo Industrier, an international engineering company with operations in 16 countries. The Amanda III Eastern Private Equity Fund's target fund the Emerging European Growth Fund made an investment in a Russia leasing company. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the third quarter of the year, e.g. the following exits took place in Amanda's portfolio: The Permira III Europe private equity fund sold a company called Jet Aviation Holding AG. Jet Aviation is a leading independent provider of business aviation services. The exit is profitable and the assets are likely to be returned to Amanda during the fourth quarter of 2008. The Finnventure V private equity fund sold its share in StaffPoint Oy to G.W.Sohlberg Ab, Varma and the operative management of the company. StaffPoint is the leading employee leasing company in Finland, which provides employment for about 18 000 people annually. The exit is profitable and the assets were returned to Amanda in the second quarter of 2008. The Charterhouse VII private equity fund has sold a company called Epolia. Epolia is the second largest operator of parking facilities in France and the sixth largest in Europe. The exit is profitable and the assets were returned to Amanda in the third quarter of the year. The EQT V private equity fund has sold a company called Norgani Hotels. Norgani Hotels was established in 2005 and is today the leading hotel property investor in Scandinavia. The exit is profitable and the assets were returned to Amanda in the third quarter of the year. The fund has the right to further call in part of the returned assets. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. On 13 August 2008, Amanda Capital Plc's Board of Directors decided to repurchase its own shares, based on an authorisation by the Annual General Meeting. The purchased shares will be used, in accordance with the authorisation, for the development of the company's capital structure, for nullification, in possible personnel incentive and compensation schemes or as payment in business acquisitions and other arrangements, or if the Board of Directors otherwise deems that this is an advantageous way of using liquid assets. The authorisation also covers the transfer of the own shares repurchased by the company and their use in the above described way, in a manner and at a price separately decided by the Board of Directors. According to the authorisation by the Annual General Meeting, a maximum of 2 200 000 shares may be repurchased. During the period under review, the company purchased 3 400 shares. 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 478 911 own shares. On 30 September 2008, Amanda Capital Plc had 3 778 shareholders. The ten largest shareholders as of 30 September 2008 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.0 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Umo Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Mandatum Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- PERSONNEL At the end of the period under review, the Group had 16 employees (14 employees). The salaries and wages paid to the personnel totalled EUR 1.1 million (EUR 1.1 million) in the first three quarters of the year. The personnel expenses comprise periodisation of expenses of EUR 0.1 million related to the personnel incentive plan. This amount has no impact on the cash flow. During the period under review, 60 shares were returned to the company from the share-based personnel incentive plan. 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 and foreign exchange 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. PRINCIPLES FOR DRAWING UP THE REPORT The interim 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 interim report, Amanda has applied the same principles as in the financial statements for the year 2007. 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 administration of the personnel incentive plan, on which the Board of Directors of Amanda decided on 15 June 2007, has been outsourced to Alexander Management Ltd. As part of the outsourcing, Alexander Management has purchased a number of Amanda shares from the market. These purchases are treated as purchases of own shares in IFRS reporting. The information in the interim report has not been audited. OUTLOOK OF THE PRIVATE EQUITY MARKET The past five years have been a period of strong growth for the private equity business, both in Europe and globally. In 2006, private equity funds raised record amounts of capital in Europe, about EUR 112 billion. The corresponding figure for 2007 was only about EUR 80 billion, due to the poor development towards the end of the year. The international credit crisis has had an impact on the private equity business in the second half of 2007 and at the beginning of 2008, as banks have become less willing to provide financing above all for large buyout deals. Loan financing for small and medium-sized buyout investments has, however, been available despite the credit crisis. 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 and economy as a whole have become more cautious, and exits from target companies and the return of capital to investors are likely to slow down on short term. The most part of the private equity market has, however, 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. The establishment of new private equity funds is expected to slow down until the risks of the international financial market can be identified and the trust between the market parties can be re-established. At the moment, private equity funds have at their disposal a record amount of capital for new investments, which will look for investment objects during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies, and the global growth of the private equity business is expected to continue owing to the good returns. COMPANY OUTLOOK Amanda has, in accordance with its strategy, expanded its business from investment operations to the management and consultation of private equity investments by carrying out two business acquisitions and by establishing two private equity funds. 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 2008. Amanda plans to launch at least one new fund in 2008, in addition to the Amanda LPE Fund, which started its investment operations in May. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting more mature 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: Petter Hoffström, Acting CEO, tel. +358 9 6829 6012 Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 | | | | | | 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | |7-9/08 | 7-9/07 | 1-9/08 | 1-9/07 | 1-12/07 | | | | | | | | | -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 1 201 | 9 278 | 3 667 | 11 705 | 12 186 | -------------------------------------------------------------------------------- | | Management fees | 1 220 | 1 401 | 3 353 | 3 372 | 4 373 | -------------------------------------------------------------------------------- | | Total | 2 421 | 10 679 | 7 020 | 15 077 | 16 559 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -174 | -223 | -522 | -585 | -759 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating expenses | -618 | -664 | -6 693 | -2 371 | -3 209 | -------------------------------------------------------------------------------- | | Total | -793 | -887 | -7 216 | -2 956 | -3 968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 1 628 | 9 792 | -195 | 12 121 | 12 591 | -------------------------------------------------------------------------------- | | Financial income and | 11 | 47 | 421 | 483 | 583 | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE APPROPRIATIONS | | | | | | -------------------------------------------------------------------------------- | AND TAXES | 1 639 | 9 839 | 225 | 12 604 | 13 174 | -------------------------------------------------------------------------------- | | Appropriations and | | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | | -------------------------------------------------------------------------------- | | the period's profit | -445 | -2 590 | -78 | -3 288 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | 1 195 | 7 249 | 147 | 9 316 | 9 691 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.05 | 0.32 | 0.01 | 0.41 | 0.43 | -------------------------------------------------------------------------------- | Earnings per share less own | 0.05 | 0.33 | 0.01 | 0.42 | 0.43 | | shares, EUR *) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total | | | | | amount | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.9.2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 6 219 | 6 818 | 6 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 36 891 | 34 840 | 38 541 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 1 002 | 156 | 165 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 4 557 | 16 339 | 15 901 | -------------------------------------------------------------------------------- | | Cash | 4 815 | 6 088 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 53 485 | 64 241 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 47 237 | 58 228 | 60 727 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Current liabilities | 6 248 | 6 013 | 6 262 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 6 248 | 6 013 | 6 262 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 53 485 | 64 241 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-9/08 | 1-9/07 | 2007 | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | -195 | 12 121 | 12 591 | -------------------------------------------------------------------------------- | | Depreciation and amortisation | 522 | 585 | 759 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) decrease (+) | 1 649 | -2 105 | -5 273 | -------------------------------------------------------------------------------- | | Short-term, increase (-) decrease (+) | 11 343 | 3 591 | 3 496 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Change in fair value reserve | -5 548 | 1 069 | 3 070 | -------------------------------------------------------------------------------- | | Change in tax liability/asset | -2 101 | 1 492 | 1 947 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | 5 344 | 4 047 | 3 240 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | -837 | 179 | 169 | | | decrease (+) | | | | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) decrease | -1 413 | 1 877 | 1 673 | | | (-) | | | | -------------------------------------------------------------------------------- | | Interest bearing debts, increase (+) | 3 500 | - | - | | | decrease (-) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working capital | 1 250 | 2 056 | 1 842 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel issue paid over par | 128 | 63 | 256 | -------------------------------------------------------------------------------- | | Personnel incentive programme | - | - | 59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flows from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | 7 049 | 18 872 | 18 747 | -------------------------------------------------------------------------------- | | Financial income and expenses | 421 | 483 | 583 | -------------------------------------------------------------------------------- | | Deferred taxes | -78 | -3 288 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATIONS | 7 392 | 16 067 | 15 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to investments | -104 | -4 349 | -4 342 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Dividends paid | -8 424 | -6 830 | -6 830 | -------------------------------------------------------------------------------- | | Aquisition of own shares | 164 | -1 785 | -1 915 | -------------------------------------------------------------------------------- | | Other changes | 43 | - | - | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING | -8 217 | -8 615 | -8 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid assets | -930 | 3 103 | 2 760 | -------------------------------------------------------------------------------- | Liquid assets at the beginning | | | | -------------------------------------------------------------------------------- | of the period | 5 745 | 2 985 | 2 985 | -------------------------------------------------------------------------------- | Liquid assets at the end | | | | -------------------------------------------------------------------------------- | of the period | 4 815 | 6 088 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank deposits. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Share | Other | Fair | Retaine | Total | | | | capit | premi | reserve | value | d | | | | | al | um | s | reserve | earning | | | | | | reser | | | s | | | | | | ve | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 |11 384 |18 994 | 10 688 | -968 | 16 298 | 56 395 | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | Available for Sale | | | | | | | -------------------------------------------------------------------------------- | | - Change in Fair | | | | 1 069 | | 1 069 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 9 316 | 9 316 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | 1 069 | 9 316 | 10 385 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -6 830 | -6 830 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Purchase of Own | | | -1 785 | | | -1 785 | | | Shares | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | 63 | 63 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 September 2007 |11 384 | 18 994| 8 902 | 101 | 18 847 | 58 228 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2008 | 11 384| 18 994| 8 902 | 2 102 | 19 345 | 60 727 | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | Available for Sale | | | | | | | -------------------------------------------------------------------------------- | | - Change in Fair | | | | -5 548 | | -5 548 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 147 | 147 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | -5 548 | 147 | -5 400 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -8 424 | -8 424 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Purchase of Own | | | 164 | | | 164 | | | Shares | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | 128 | 128 | | | Incentive Plan | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | 43 | 43 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 September 2008 |11 384 | 18 994| 9 066 | -3 446 | 11 239 | 47 237 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | | | -------------------------------------------------------------------------------- | | 1-9/08 | 1-9/08 | 1-9/07 | 2007 | -------------------------------------------------------------------------------- | | | **) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (EUR 1 000) | 147 | 3 278 | 9 316 | 9 691 | -------------------------------------------------------------------------------- | Earnings per share, | 0.01 | 0.14 | 0.41 | 0.43 | -------------------------------------------------------------------------------- | Earnings per share less own shares, | 0.01 | 0.15 | 0.42 | 0.43 | | EUR *) | | | | | -------------------------------------------------------------------------------- | Equity per share | 2.07 | 2.21 | 2.56 | 2.67 | -------------------------------------------------------------------------------- | Equity per share, less own shares, | 2.12 | 2.26 | 2.61 | 2.72 | | EUR *) | | | | | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 0.2 | 7.6 | 21.7 | 16.5 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 0.4 | 7.9 | 21.7 | 16.5 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 88.3 | 89.0 | 90.6 | 90.7 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 2.75 | 2.75 | 3.36 | 3.38 | -------------------------------------------------------------------------------- | Number of personnel at the | | | | | -------------------------------------------------------------------------------- | end of the period | 15 | 15 | 14 | 15 | -------------------------------------------------------------------------------- | Private equity investments to | | | | | -------------------------------------------------------------------------------- | equity ratio, % | 78.1 | 73.2 | 59.8 | 63.5 | -------------------------------------------------------------------------------- | Investment commitments to | | | | | --------------------------------------------------------------------------------| equity ratio, % | 177.4 | 166.4 | 155.0 | 150.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total amount | | | -------------------------------------------------------------------------------- | **)The non-recurring settlement expence has been eliminated | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 January 2008 | 38 541 | -------------------------------------------------------------------------------- | Increase through acquisition | | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | 7 494 | -------------------------------------------------------------------------------- | Return of capital from the funds | -2 817 | -------------------------------------------------------------------------------- | Net changes in the book values of | | -------------------------------------------------------------------------------- | private equity funds | -6 327 | -------------------------------------------------------------------------------- | Book value of private equity funds 30 September 2008 | 36 891 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REMAINING COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Amanda Capital Plc's remaining commitments in private equity funds on 30 | | September 2008 stood at EUR 46.9 million (EUR 55.4 million) | | Other liabilities at the end of the reporting period was EUR 0.5 million | | (EUR 0.5million on 30 September 2007.) | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
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