2009-10-28 11:21:41 CET
2009-10-28 11:22:40 CET
REGULATED INFORMATION
Amanda Capital - Interim report (Q1 and Q3)
AMANDA CAPITAL PLC'S INTERIM REPORT 1.1- 30.9.2009
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 28 October 2009 AMANDA CAPITAL PLC'S INTERIM REPORT 1.1- 30.9.2009 SUMMARY OF THE EVENTS IN JANUARY - SEPTEMBER - The Group's net sales totalled EUR -0.3 million (EUR 7.0 million from 1 Jan. to 30 Sept. 2008). - The Group's management fees totalled EUR 3.2 million (EUR 3.4 million). - The Group's operating profit was EUR -2.9 million (EUR -0.2 million). - The Group's operating profit excluding the losses resulting from the sale of the Liquid Private Equity (LPE) investment and investment commitments was EUR 1.1 million (EUR -0.2 million). - Consolidated earnings after taxes were EUR -2.2 million (EUR 0.1 million). - Earnings per share were EUR -0.10 (EUR 0.01). - The equity to assets ratio was 91.6% (88.3%). - Equity per share was EUR 1.63 (EUR 2.07) at the end of the period under review. - The aggregate return of Amanda Group's private equity investments since the beginning of the investment operations was 22.15% p.a.(IRR). SUMMARY OF THE EVENTS IN JULY - SEPTEMBER - The Group's net sales totalled EUR 1.1 million (EUR 2.4 million from 1 July to 30 Sept. 2008). - The Group's management fees totalled EUR 1.1 million (EUR 1.2 million). - The Group's net investment income was EUR 0.0 million (EUR 1.2 million). - Consolidated earnings after taxes were EUR 0.1 million (EUR 1.2 million). - Earnings per share were EUR 0.003 (EUR 0.05). FINANCIAL ENVIRONMENT The net sales of the period under review (1 Jan. to 30 Sept. 2009) were negative, as the net investment income was EUR 3.5 million negative. The loss arose when Amanda sold investment commitments worth EUR 20 million and realised the LPE investment. The private equity portfolio gave a profit of EUR 0.4 million during the period under review. The net sales from the management and consultation of private equity investments totalled EUR 3.3 million during the period. The assets under management were at the same level as at the end of 2008, approximately EUR 2 500 million. Due to the challenging market situation, the exits in Amanda's investment portfolio consisting of 28 private equity funds came to an almost total standstill. Even though the valuation of Amanda's private equity funds decreased during the period, the value of the private equity fund portfolio increased in the third quarter by EUR 0.5 million. We estimate that we have now seen the bottom of the private equity investment market and that the turn for the better has taken place. Due to the market situation, the exit market is, however, likely to remain challenging in the near future as well. Financial development in the period under review From 1 Jan. to 30 Sept. 2009, the consolidated net sales totalled EUR -0.3 million (EUR 7.0 million from 1 Jan. to 30 Sept. 2008). Fees from the management and consultation of private equity funds accounted for EUR 3.3 million (EUR 3.4 million). The net sales were negative, as the net investment income was EUR -3.5 million (EUR 3.7 million), including a loss of EUR 2.8 million, with an impact on the company result, from the realisation of the Amanda LPE Fund and a loss of EUR 1.2 million from the sale of investment commitments worth EUR 20 million euros. The result for the period was EUR -2.3 million (EUR -0.1 million). The Group's expenses and depreciation totalled EUR 2.6 million (EUR 7.2 million). Personnel expenses amounted to EUR 1.0 million (EUR 1.1 million) and depreciation was EUR 0.5 million (EUR 0.5 million). Other operating expenses totalled EUR 1.1 million (EUR 5.6 million). The other operating expenses of the comparison period included expenses of EUR 4.2 million resulting from the settlement between Amanda and Interglobia's bankrupt's estate and Interavanti Oyj. Financial development in the third quarter of 2009 From 1 July to 30 Sept. 2009, the consolidated net sales totalled EUR 1.1 million (EUR 2.4 million from 1 July to 30 Sept. 2008). Fees from the management and consultation of private equity funds accounted for EUR 1.1 million (EUR 1.2 million). The net investment income totalled EUR 0.0 million (EUR 1.2 million). The result for the third quarter was EUR 0.1 million (EUR 1.2 million). The Group's expenses and depreciation totalled EUR 0.8 million (EUR 0.8 million). Personnel expenses amounted to EUR 0.3 million (EUR 0.2 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.3 million (EUR 0.4 million). BALANCE SHEET The consolidated balance sheet total was EUR 40.4 million (EUR 53.5 million) and shareholders' equity EUR 37.0 million (EUR 47.2 million). EUR 2.0 million (EUR 3.5 million) of the short-term debt was interest-bearing, and the remaining EUR 1.4 million (EUR 2.7 million) was interest-free. Amanda's equity to assets ratio was high at 91.4% (88.6%). Of the balance sheet total, 68.2% (69.0%) was invested in private equity and 12.4% (19.4%) in liquid assets. Consolidated goodwill accounted for 4.5% (3.4%) of the balance sheet total and other intangible assets amounted to 9.0% (8.1%). The other balance sheet items accounted for 5.9% (0.1%). MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS The management and consultation of private equity investments generated EUR 1.1 million of net sales during the period under review, which corresponds to expectations. At the end of the period under review, the assets under Amanda's management totalled EUR 2.5 billion (original investment commitments). EUR 113.0 million of the assets under management were Amanda's own investment commitments, EUR 441.7 million assets in the private equity funds of funds managed by Amanda, and EUR 2.0 billion was covered by consultation. With these assets, investments have been made in more than 140 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS In the third quarter of 2009, Amanda Capital Plc did not make any new investments in private equity funds. Amanda has investments in 23 private equity funds and five 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 74.4% (78.1%). Amanda's over-commitment degree was 166.9% (177.4%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 2.2 million and returned approximately EUR 1.2 million to the company as capital returns and EUR 0.4 million as distribution of profits. A loss of EUR 1.2 million is recorded in the income statement, as Amanda sold investment commitments worth EUR 20 million. 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 During the period under review, the private equity funds in Amanda's investment portfolio concentrated on the management of the existing investment objects. During the period, the Montagu III private equity fund acquired a company called ADB Airfield Solutions, which is a world leading supplier of airfield lighting solutions. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS No exits took place in Amanda's portfolio during the third quarter of the year. After the period under review, the Permira III private equity fund has sold a 14.9% share in a company called Freenet AG. Assets from the exit will be returned to Amanda during the last quarter of the year. SHAREHOLDERS, SHARE CAPITAL AND SHAREHOLDERS' EQUITY The shareholders' equity of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Annual General Meeting of Amanda Capital Plc held on 30 March 2009 authorised the Board of Directors to repurchase the company's own shares. The authorisation was not used during the period under review. 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 475 618 own shares acquired for hedging the share-based incentive plan and 91 657 own shares acquired based on authorisations by General Meetings, in total 567 275 shares. Amanda Capital Plc had 3 718 shareholders on 30 September 2009. The ten largest shareholders as of 30 September 2009 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.2 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Umo Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Mandatum Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator-Holding Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY During the period under review, the Trade Register gave Amanda the permission to cut down the share premium reserve according to the company balance sheet of 31 December 2007 by EUR 18 926 777.92 and the legal reserve according to the company balance sheet of 31 December 2007 by EUR 10 687 579.69. These amounts were transferred to the reserve for invested unrestricted equity. OPTIONS PROGRAMME Based on an authorisation by the Annual General Meeting held on 30 March 2009, the Board of Directors decided to issue a maximum of 2 000 000 option rights to key employees of the Amanda Capital Plc Group, selected by the Board. The company has a weighty financial reason for issuing option rights, as the option rights are intended to be part of the incentive and commitment scheme for the key personnel. The option rights entitle their holders to subscribe for a maximum total of 2 000 000 new shares in the company. During the third quarter of the year, 1 350 000 option rights were subscribed for. The terms of the options programme can be found in the stock exchange release published on 16 June 2009. PERSONNEL At the end of the period under review, the Group had 16 employees (15 employees). The salaries and wages paid to the personnel totalled EUR 1.0 million (EUR 1.1 million) during the period. 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, 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. Liquidity risk 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 credit crisis has had a strong impact on the private equity business. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The financial market will remain cautious, but it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover slowly. 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. PRINCIPLES FOR DRAWING UP THE REPORT From 1 January 2009, the Group has applied the following amended standard: IAS 1 Presentation of Financial Statements. The amended standard has an impact on the manner of presenting the Income Statement. From 1 January 2009, the Group has applied the new IFRS 8 standard, Operating Segments, but it has not had any impact on the interim report, as Amanda still has only one operating segment. 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 2008. 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 information in the interim report has not been audited. EVENTS AFTER THE REPORTING PERIOD After the period under review, Amanda has started to gather means to a private equity fund of funds called Amanda V East. The fund makes investments in unlisted companies in Russia and Eastern Europe through private equity funds. The target size of the fund is EUR 150 million. OUTLOOK OF THE PRIVATE EQUITY MARKET The private equity business went through a period of strong growth, both in Europe and globally, up to the end of 2007. Due to the turn in the economic situation in 2008, the private equity industry was also faced with a more challenging environment. The international credit crisis has had a strong impact on the private equity business. The credits granted by banks for above all large buyout deals have been reduced, and it has also become more difficult to get loan financing for small and medium-sized buyout investments. 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 has become more cautious as a whole, and it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover slowly. The most part of the private equity market has 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 in the long term. 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 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. COMPANY OUTLOOK The expansion of Amanda's business from investment operations to the management and consultation of private equity investments has proven to be a good strategy. 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 2009. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting later stage 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: Martin Paasi, CEO, tel. +358 9 6829 6011 Appendix: Financial statements Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi APPENDIX -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | | STATEMENT, EUR 1 000 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 7-9/09 | 7-9/08 | 1-9/09 | 1-9/08 | 1-12/08 | -------------------------------------------------------------------------------- | | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment | 6 | 1 201 | -3 512 | 3 667 | 1 540 | | | income | | | | | | -------------------------------------------------------------------------------- | | Management fees | 1 064 | 1 220 | 3 228 | 3 353 | 4 558 | -------------------------------------------------------------------------------- | | Total | 1 070 | 2 421 | -284 | 7 020 | 6 098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other operating | - | - | 0 | - | - | | | income | | | | | | -------------------------------------------------------------------------------- | | Depreciation and | -173 | -174 | -521 | -522 | -700 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating | -619 | -618 | -2 073 | -6 693 | -7 522 | | | expenses | | | | | | -------------------------------------------------------------------------------- | | Operating profit | 277 | 1 628 | -2 878 | -195 | -2 124 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income | -55 | 11 | -81 | 421 | 447 | | | and expenses | | | | | | -------------------------------------------------------------------------------- | | Profit before | 222 | 1 639 | -2 959 | 225 | -1 678 | | | tax | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Income tax | -149 | -445 | 675 | -78 | 358 | | | expense | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | PROFIT (LOSS) | 73 | 1 195 | -2 285 | 147 | -1 319 | | | FOR THE YEAR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other | | | | | | | | comprehensive | | | | | | | | income: | | | | | | -------------------------------------------------------------------------------- | | Available-for-sa | -428 | -2 436 | -2 915 | -7 263 | -13 029 | | | le financial | | | | | | | | assets | | | | | | -------------------------------------------------------------------------------- | | Income tax | | | | | | | | relating to | | | | | | | | components of | | | | | | -------------------------------------------------------------------------------- | | other | 111 | 632 | 750 | 1 887 | 3 387 | | | comprehensive | | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | | Other | | | | | | | | comprehensive | | | | | | | | income for the | | | | | | -------------------------------------------------------------------------------- | | year, net of tax | -317 | -1 804 | -2 166 | -5 376 | -9 641 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL | -243 | -609 | -4 450 | -5 229 | -10 960 | | | COMPREHENSIVE | | | | | | | | INCOME FOR THE | | | | | | | | YEAR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Earnings per | 0.003 | 0.05 | -0.10 | 0.01 | -0.06 | | | share, | | | | | | -------------------------------------------------------------------------------- | | Earnings per | 0.003 | 0.05 | -0.10 | 0.01 | -0.06 | | | share less own | | | | | | | | shares, EUR *) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | *) Own shares held by the company | | | | | | have been deducted from the total | | | | | | amount. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.9.2009 | 30.9.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 5 520 | 6 219 | 6 041 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 27 522 | 36 891 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 2 323 | - | 466 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 499 | 1 002 | 922 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 166 | 4 557 | 2 496 | -------------------------------------------------------------------------------- | | Cash | 4 341 | 4 815 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 40 371 | 53 485 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 37 000 | 47 237 | 41 401 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Current liabilities | 3 371 | 6 248 | 4 198 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 3 371 | 6 248 | 4 198 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 40 371 | 53 485 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-9/09 | 1-9/08 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | -2 878 | -195 | -2 124 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 521 | 522 | 700 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 4 867 | 1 649 | 6 152 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 2 330 | 11 343 | 13 405 | -------------------------------------------------------------------------------- | | Change in fair value reserve | -2 080 | -5 548 | -9 787 | -------------------------------------------------------------------------------- | | Change in tax | | | | -------------------------------------------------------------------------------- | | liability/receivable | -1 857 | -2 101 | -3 762 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | 3 260 | 5 344 | 6 008 | -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 423 | -837 | -757 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | | -------------------------------------------------------------------------------- | | decrease (-) | 673 | -1 413 | -2 268 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | -1 500 | 3 500 | 3 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total change in working capital | -404 | 1 250 | 475 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel issue paid over par | - | 128 | 128 | -------------------------------------------------------------------------------- | | Personnel incentive programme | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | 500 | 7 049 | 5 187 | -------------------------------------------------------------------------------- | | Financial income and expenses | -81 | 421 | 447 | -------------------------------------------------------------------------------- | | Deferred taxes | 675 | -78 | 358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | 1 093 | 7 392 | 5 993 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to investments | 0 | -104 | -104 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Dividends paid | - | -8 424 | -8 424 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -36 | 164 | 24 | -------------------------------------------------------------------------------- | | Other changes | -1 | 43 | 53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | -37 | -8 217 | -8 347 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | INCREASE/DECREASE IN LIQUID ASSETS | 1 056 | -930 | -2 459 | -------------------------------------------------------------------------------- | | Liquid assets 1 January | 3 286 | 5 745 | 5 745 | -------------------------------------------------------------------------------- | | Liquid assets 30 September | 4 341 | 4 815 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Liquid assets contain cash and bank deposits. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED | | | | | | | SHAREHOLDERS' EQUITY | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Share|Invested | Other | Fair | Retai | Total | | | |capital| Prem |unrestr | reser | value | ned | | | | | | ium |icted | ves | reser | earni | | | | | | Acco |equity | | ve | ngs | | | | | | unt | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2008 |11 384 |18 994| - | 8 902 | 2 102 | 19 345| 60 727 | | | | | | | | | | -------------------------------------------------------------------------------- | | Change in Fair | | | | | -172 | | -172 | | | Value | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | -5 376| | -5 376 | | | income | | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | | 147 | 147 | | | period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -5 548| 147 | -5 400 | | | Reporting | | | | | | | | | | 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 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2009 | 11 384|18 994| - | 8 926 | -7 685| 9 782 | 41 401 | | | | | | | | | | -------------------------------------------------------------------------------- | | Change in Fair | | | | | 86 | | 86 | | | Value | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | -2 166| | -2 166 | | | income | | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | | -2 285| -2 285 | | | period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -2 080| -2 285| -4 364 | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Purchase of Own | | | | -36 | | | -36 | | | Shares | | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | | | 0 | | | Incentive Plan | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | |-18994| 29 614 |-10 688| | 66 | -1 | | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 30 September 2009 | 11 384| 0 | 29 614 | -1 797| -9 765| 7 564 | 37 000 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 9/2009 | 9/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) for the year (1 000 EUR) | -2 285 | 147 | -------------------------------------------------------------------------------- | Earnings per share, | -0.10 | 0.01 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | -0.10 | 0.01 | -------------------------------------------------------------------------------- | Equity per share | 1.63 | 2.07 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR | 1.67 | 2.12 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | -6.9 | 0.2 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | -7.8 | 0.4 | --------------------------------------------------------------------------------| Equity to assets ratio, % | 91.6 | 88.3 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 2.02 | 2.75 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 16 | 15 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 74.4 | 78.1 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 166.9 | 177.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2009 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase through acquisition | | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | 2 425 | -------------------------------------------------------------------------------- | Return of capital from the funds | -1 245 | -------------------------------------------------------------------------------- | Changes of private equity funds in fair value reserve | -5 337 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | -710 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 30 September 2009 | 27 522 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REMAINING COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On 30 September 2009, Amanda Capital Plc's remaining commitments in | | | private | | -------------------------------------------------------------------------------- | equity funds stood at EUR 34.2 million (EUR 46.9 million on 30 September | | 2008). | -------------------------------------------------------------------------------- | Other liabilities totalled EUR 0.3 million (EUR 0.5 million on 30 September | | 2008). | --------------------------------------------------------------------------------
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