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2012-11-01 10:00:00 CET 2012-11-01 10:00:01 CET REGULATED INFORMATION Leverator - Interim report (Q1 and Q3)LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2012Leverator Plc Interim Report 1 November 2012 at 11:00 a.m. EET LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2012 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% of the original loan capital, equivalent to EUR 16,000,128, in accordance with the terms of loan on 21 June 2012. The outstanding bond loan totalled EUR 133,178,112 on 30 September 2012. 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 53,335 (EUR 58,282 for the review period 1 January - 30 September 2011) and financial income and expenses totalled EUR 268,709 (EUR 206,964). The result for the review period was EUR 162,608 (EUR 110,026). 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 30 September 2012 MEUR Outstanding balance to Leverator 133.2 CMM IV's mezzanine loans and associated options and shares: - acquisition cost* 108.7 - value appreciation* -21.2 Net cash assets - bank deposits 28.6 - outstanding interest receivables** 0.4 - accumulated interest receivables** 2.0 - Leverator/accumulated interest -3.1 Commitments at call from Limited Partners 10.0 Clawback at call 10.9 ------ ------ Total 136.3 * Figures reported by CMM IV's management company taking also into account a 15% allowance for depreciation. ** 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 30 September 2012 MEUR Balance of bonds at nominal value 133.2 Leverator's receivable from CMM IV at nominal value 133.2 Net cash assets 0.8 ------ ------ Total 133.9 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 4 May 2012 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 the current and subsequent year. These, in turn, might weaken the fund's ability to meet in full its debt to Leverator Plc, which would affect Leverator Plc's solvency. It is highly probable that Leverator Plc's interest earnings will cover its interest payable and other expenses in 2012. Leverator Plc will publish its Financial Statements Bulletin 1 January-31 December 2012 on 8 February 2013. Helsinki 1 November 2012 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 Interim Report 1 January-30 September 2012 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 2011. The information presented is un-audited. APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and Cash Flow Statement INCOME STATE MENT, IFRS EUR 1.7.- 30.9.2012 1.1.- 30.9.2012 1.7.- 30.9.2011 1.1.- 30.9.2011 1.1.- 31.12.2011 -------------------------------------------------------------------------------- ------------ Turnov 0 0 0 0 0 er Person 0 0 0 0 -24,400 nel expen ses Other -13,014 -53,335 -18,348 -58,282 -73,734 opera ting expen ses Operat -13,014 -53,335 -18,348 -58,282 -98,134 ing loss Financ 83,237 268,709 93,372 206,964 301,123 ial incom e and expen ses Profit 70,223 215,374 75,024 148,682 202,989 befor e taxes Income -17,205 -52,767 -19,472 -38,656 -52,777 taxes Profit 53,019 162,608 55,552 110,026 150,212 for the finan cial year Total compr ehensi ve incom e, IFRS The compa ny does not have items includ ed in compr ehensi ve incom e. Earnin gs per share : Earnin 0.0515 0.1581 0.0540 0.1070 0.1460 gs per share , € BALANCE SHEET, IFRS EUR 30.9.2012 30.9.2011 31.12.2011 -------------------------------------------------------------------- ASSETS Non-current assets Investments Other investments 133,178,112 149,178,240 149,178,240 Total non-current assets 133,178,112 149,178,240 149,178,240 Current assets Current receivables 3,131,219 3,457,715 337,863 Cash and bank 629,702 466,664 575,600 Total current assets 3,760,921 3,924,379 913,463 TOTAL ASSETS 136,939,033 153,102,619 150,091,703 EUR 30.9.2012 30.9.2011 31.12.2011 -------------------------------------------------------------------- SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 102,857 102,857 102,857 Retained earnings 506,207 355,995 355,995 Profit for the financial year 162,608 110,026 150,212 Total shareholders' equity 771,672 568,878 609,064 Liabilities Non-current liabilities 133,178,112 149,178,240 149,178,240 Current liabilities 2,989,249 3,355,501 304,399 Total liabilities 136,167,361 152,533,741 149,482,639 TOTAL SHAREHOLDERS' EQUITY 136,939,033 153,102,619 150,091,703 AND LIABILITIES STATEMENT OF CHANGES IN EQUITY, IFRS Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2011 102,857 0 506,207 609,064 Profit for the 162,608 162,608 financial year Equity on 30.9.2012 102,857 0 668,815 771,672 -------------------------------------------------------------------------------- Share Other Retained Total capital reserves earnings equity -------------------------------------------------------------------------------- Equity on 31.12.2010 102,857 0 355,995 458,852 Profit for the 110,026 110,026 financial year Equity on 30.9.2011 102,857 0 466,021 568,878 -------------------------------------------------------------------------------- CASH FLOW STATEMENT, IFRS EUR 1-9/2012 1-9/2011 1-12/2011 ---------------------------------------------------------------------------- Cash flow from operations Operating profit 162,608 110,026 150,212 Other adjustments to operating profit -294,979 -331,688 -449,411 Interest paid -6,087,964 -6,973,613 -13,061,577 Interest received 6,274,437 7,187,213 13,461,650 Cash flow from operations 54,102 -8,062 100,874 Cash flow from investments Change in long-term loan receivables 16,000,128 21,701,760 21,701,760 Cash flow from investments 16,000,128 21,701,760 21,701,760 Financial cash flow Change in long-term liabilities -16,000,128 -21,701,760 -21,701,760 Financial cash flow -16,000,128 -21,701,760 -21,701,760 Change in cash funds 54,102 -8,062 100,874 Cash funds at start of the period 575,600 474,726 474,726 Cash funds at end of the period 629,702 466,664 575,600 |
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