2009-05-13 11:37:58 CEST
2009-05-13 11:38:57 CEST
REGULATED INFORMATION
Amanda Capital - Interim report (Q1 and Q3)
AMANDA CAPITAL PLC'S INTERIM REPORT 1.1 - 31.3.2009
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 13 May 2009 AMANDA CAPITAL PLC'S INTERIM REPORT 1.1 - 31.3.2009 SUMMARY OF THE EVENTS IN JANUARY-MARCH - The Group's net sales totalled EUR -1.3 million (EUR 2.3 million from 1 Jan. to 31 March 2008). - The Group's management fees totalled EUR 1.1 million (EUR 1.1 million). - A loss of EUR 2.8 million was realised from the Group's Liquid Private Equity investment during the period under review. - The Group's operating profit was EUR -2.2 million (1.1 M€). - The Group's operating profit excluding the loss from the LPE investment was EUR 0.6 million (EUR 1.1 million). - Consolidated earnings after taxes were EUR -1.6 million (EUR 1.0 million). - Earnings per share were EUR -0.07 (EUR 0.04). - The equity to assets ratio was 91.1% (89.2%). - Equity per share was EUR 1.66 (EUR 2.24) at the end of the period under review. - The aggregate return of Amanda Group's private equity investments since the beginning of investment operations was 23.3% p.a.(IRR). - Martin Paasi started as CEO of Amanda Group on 9 March 2009. FINANCIAL ENVIRONMENT The net sales of the period under review (1 Jan. to 31 March 2009) were negative, as a loss of EUR 2.8 million was realised from the Liquid Private Equity investment. Amanda's LPE Fund has been realised in full. The private equity portfolio gave a profit of EUR 0.4 million during the period under review, which means that the net investment income totalled EUR -2.4 million. During the period under review, the net sales from the management and consultation of private equity investments totalled EUR 1.1 million. The assets under Amanda's management were at the same level as at the end of 2008, approximately EUR 2 500 million. Due to the challenging market situation and the difficulties to obtain debt financing, the exits in Amanda's investment portfolio consisting of 28 private equity funds came to an almost total standstill. The valuation of Amanda's private equity fund portfolio also decreased during the period under review. We estimate that the exit market will remain challenging in the near future due to the present market situation. Financial development during the period under review From 1 Jan. to 31 March 2009, the consolidated net sales totalled EUR -1.3 million (EUR 2.3 million from 1 Jan. to 31 March 2008). Fees from the management and consultation of private equity funds accounted for EUR 1.1 million (EUR 1.1 million). The net investment income totalled EUR -2.4 million (EUR 1.3 million), including a loss of EUR 2.8 million from the realisation of the Amanda LPE Fund, with an impact on the company result. The result for the period was EUR -1,6 million (EUR 1.0 million). The Group's expenses and depreciation totalled EUR 0.9 million (EUR 1.2 million). Personnel expenses amounted to EUR 0.3 million (EUR 0.5 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.4 million (EUR 0.6 million). BALANCE SHEET The consolidated balance sheet total was EUR 41.5 million (EUR 57.2 million) and shareholders' equity amounted to EUR 37.8 million (EUR 51.0 million). EUR 2.5 million (0.0) of the short-term debt was interest-bearing, and the remaining EUR 1.2 million (EUR 6.2 million) was interest-free short-term debt. Amanda's equity to assets ratio was high at 91.1% (89.2%). Of the balance sheet total, 67.6% (64.0%) was invested in private equity and 13.3% (24.4%) in liquid assets. Consolidated goodwill accounted for 4.3% (3.1%) of the balance sheet total and other intangible assets amounted to 10.0% (8.1%). The other balance sheet items accounted for 4.8% (0.4%). 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. The fundraising of Amanda IV West private equity fund of funds has ended, and the total size of the fund is EUR 90.0 million. After the end of the period under review, the Financial Supervision Authority granted Amanda Capital Plc's fully owned subsidiary Amanda Advisors Ltd the license to act as investment firm. At the end of the period under review, the assets under Amanda's management totalled EUR 2.5 billion (original investment commitments). EUR 132.6 million of the assets under management were Amanda's own investment commitments, EUR 442.3 million assets in the private equity funds of funds managed by Amanda, and EUR 1.9 billion were covered by consultation. With these assets, investments have been made in more that 100 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS In the first quarter of 2009, Amanda Capital Plc did not make any new investments in private equity funds. 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 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 74.2% (71.8%). Amanda's over-commitment degree was 215.3% (173.0%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 0.9 million and returned approximately EUR 0.2 million to the company as capital returns and EUR 0.4 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 During the period under review, the private equity funds in Amanda's investment portfolio concentrated on the management of the existing investment objects, and the target funds made no new investments. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the first quarter of the year, no exits took place in Amanda's portfolio. ANNUAL GENERAL MEETING The Annual General Meeting (AGM) of Amanda Capital Plc, which was held on 30 March 2009 in Helsinki, dealt with the following matters: Discharge from liability The AGM confirmed the company's financial statements for the year 2008 and discharged the members of the Board of Directors and the CEO from the liability for the financial year. Use of the result shown on the balance sheet The AGM confirmed the proposal by the Board of Directors, according to which the result for the financial year of EUR -8 220 600.57 will be entered in the profit and loss account and no dividend will be paid out. Board of Directors and remuneration The AGM re-elected the following persons to the Board of Directors: Peter Fagernäs, Esa Karppinen, Pertti Laine, Petri Niemisvirta and Topi Piela. The AGM decided that a remuneration of EUR 2 000 per month will be paid to the Chairman of the Board and EUR 1 000 per month to the members of the Board of Directors. The Board convened immediately after the AGM and elected Topi Piela as Chairman of the Board. Auditors The Authorised Public Accounting Firm Ernst & Young Oy, with Kunto Pekkala, APA, as the auditor in charge will continue as auditor of the company. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares The AGM authorised the Board of Directors to decide on the issuance of a maximum of 11 000 000 shares through a share issue and/or by issuing warrants and/or other special rights entitling to shares, referred to in chapter 10 section 1 of the Limited Liability Companies Act, in one or several instalments in accordance with the proposal by the Board of Directors. The Board may decide to issue either new shares or own shares already held by the company. The maximum amount of the proposed authorisation corresponds to approximately 48.3% of all the company shares at the date of the AGM. It is proposed that the authorisation be used for financing and carrying out possible business acquisitions or other arrangements, for consolidating the company's balance sheet and financing position, for carrying out commitment and incentive schemes for the personnel or for other purposes decided by the Board of Directors. It is further proposed that the authorisation comprise the right of the Board of Directors to decide on all the terms of the share issue and the issuance of special rights according to chapter 10 section 1 of the Limited Liability Companies Act, including the persons who will receive the shares or special rights entitling to shares and the amount of the consideration to be paid. Therefore, the authorisation comprises the right to issue shares or special rights in deviation from the shareholders' pre-emptive rights (directed issue), as set out by law. It is proposed that the authorisation cancel previous corresponding authorisations and be in force until 31 December 2010. The authorisation of the Board of Directors to acquire and transfer the company's own shares The AGM authorised the Board to resolve to repurchase a maximum of 2 200 000 company shares with means included in the company's unrestricted equity so that the company together with its subsidiaries at no time holds or holds as pledge more than 10 per cent of all the company shares. Shares may be acquired for developing the company's capital structure, for nullification or for use in accordance with possible personnel incentive and compensation schemes or as consideration in business acquisitions and other arrangements. The shares shall be repurchased at a market price formed in public trading at Nasdaq OMX Helsinki. The repurchase may be made otherwise than in proportion to the shareholdings of the shareholders (directed repurchase), provided that the company has a weighing financial reason for doing so. It is proposed that the authorisation cancel previous corresponding authorisations and be in force 18 months from the date of the decision. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Board of Directors of Amanda Capital Plc decided to repurchase its own shares, based on an authorisation by the AGM held in 2008. During the period under review, the company repurchased a total of 8 237 own shares, and at the end of the period the company held 91 657 own shares in total. 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 567 275 own shares. On 31 March 2009, Amanda Capital Plc had 3 746 shareholders. The ten largest shareholders as of 31 March 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 | -------------------------------------------------------------------------------- CHIEF EXECUTIVE OFFICER The Board of Directors of Amanda Capital Plc appointed Martin Paasi, M.Sc. (Econ.), CEFA, CEO of the company. He took over the job on 9 March 2009. 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 0.3 million (EUR 0.5 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 from a credit institution. 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 end of the period under review, the Financial Supervision Authority granted Amanda Capital Plc's fully owned subsidiary Amanda Advisors Ltd the license to act as investment firm. The Board of Directors of Amanda has decided to end the operations of the Amanda Liquid Private Equity fund in its present form. As part of this process, a loss of EUR 2.8 million for said investment has been included in the result of the period under review. After the end of the period under review, the trade register gave permission to Amanda to transfer the Share Premium Reserve, at 31 December 2007 by EUR 18 926 777.92 and the Other Reserves at 31 December 2007 shall be decreased by EUR 10 687 579.69 by transferring all the funds to the Company's reserve for invested unrestricted equity. After the transfers of the funds, both Share Premium Reserve and Other Reserves are nil. OUTLOOK OF THE PRIVATE EQUITY MARKET The private equity business has gone through a period of strong growth, both in Europe and globally, up to the end of 2007. As the economic situation started to deteriorate in 2008, the situation also became more challenging for the private equity industry. 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 exits from target companies and the return of capital to investors will slow down in the short term. 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 owing to the good global 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 -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-3/09 | 1-3/08 | 1-12/08 | -------------------------------------------------------------------------------- | | NET SALES | | | | -------------------------------------------------------------------------------- | | Net investment income | -2 364 | 1 267 | 1 540 | -------------------------------------------------------------------------------- | | Management fees | 1 069 | 1 073 | 4 558 | -------------------------------------------------------------------------------- | | Total | -1 295 | 2 340 | 6 098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other operating income | 0 | - | - | -------------------------------------------------------------------------------- | | Depreciation and amortisation | -173 | -173 | -700 | -------------------------------------------------------------------------------- | | Other operating expenses | -712 | -1 031 | -7 522 | -------------------------------------------------------------------------------- | | Operating profit | -2 180 | 1 136 | -2 124 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and expenses | -12 | 244 | 447 | -------------------------------------------------------------------------------- | | Profit before tax | -2 192 | 1 380 | -1 678 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Income tax expense | 570 | -359 | 358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | PROFIT (LOSS) FOR THE YEAR | -1 622 | 1 021 | -1 319 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | | Available-for-sale financial assets | -2 623 | -3 076 | -13 029 | -------------------------------------------------------------------------------- | | Income tax relating to components of | | | | -------------------------------------------------------------------------------- | | other comprehensive income | 682 | 800 | 3 387 | -------------------------------------------------------------------------------- | | Other comprehensive income for the | | | | -------------------------------------------------------------------------------- | | year, net of tax | -1 941 | -2 276 | -9 641 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL COMPREHENSIVE INCOME FOR THE | -3 563 | -1 256 | -10 960 | | | YEAR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Earnings per share, | -0.07 | 0.04 | -0.6 | -------------------------------------------------------------------------------- | | Earnings per share less own shares, | -0.07 | 0.05 | -0.6 | | | EUR *) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | *) Own shares held by the company have been deducted from | | -------------------------------------------------------------------------------- | | the total amount. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 5 868 | 6 510 | 6 041 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 28 089 | 36 603 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 1 874 | - | 466 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 184 | 113 | 922 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 2 198 | 8 726 | 2 496 | -------------------------------------------------------------------------------- | | Cash | 3 316 | 5 252 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 41 529 | 57 203 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 37 846 | 51 005 | 41 401 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Current liabilities | 3 683 | 6 199 | 4 198 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 3 683 | 6 199 | 4 198 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 41 529 | 57 203 | 45 599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-3/09 | 1-3/08 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | -2 180 | 1 136 | -2 124 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 173 | 173 | 700 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 4 299 | 1 937 | 6 152 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 298 | 7 175 | 13 405 | -------------------------------------------------------------------------------- | | Change in fair value reserve | -1 929 | -2 249 | -9 787 | -------------------------------------------------------------------------------- | | Change in tax | | | | -------------------------------------------------------------------------------- | | liability/receivable | -1 408 | -524 | -3 762 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | 1 260 | 6 339 | 6 008 | -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 738 | 52 | -757 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | | -------------------------------------------------------------------------------- | | decrease (-) | 484 | 461 | -2 268 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | -1 000 | - | 3 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total change in working capital | 223 | 513 | 475 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel issue paid over par | - | 64 | 128 | -------------------------------------------------------------------------------- | | Personnel incentive programme | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | -523 | 8 225 | 5 187 | -------------------------------------------------------------------------------- | | Financial income and expenses | -12 | 244 | 447 | -------------------------------------------------------------------------------- | | Deferred taxes | 570 | -359 | 358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | 34 | 8 110 | 5 993 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to investments | - | -46 | -104 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Dividends paid | - | -8 424 | -8 424 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -6 | - | 24 | -------------------------------------------------------------------------------- | | Other changes | 3 | -133 | 53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | -3 | -8 557 | -8 347 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | INCREASE/DECREASE IN LIQUID ASSETS | 31 | -493 | -2 459 | -------------------------------------------------------------------------------- | | Liquid assets 1 January | 3 286 | 5 745 | 5 745 | -------------------------------------------------------------------------------- | | Liquid assets 31 March | 3 316 | 5 252 | 3 286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Liquid assets contain cash and bank deposits. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | |Share |Share |Other |Fair |Retained | Total | | | |capital |Premium |reserves|value |earnings | | | | | |Account | |reserve | | | | | | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2008 | 11 384 | 18 994 | 8 902 | 2 102 | 19 345 | 60 727 | -------------------------------------------------------------------------------- | | Change in Fair | | | | 27 | | 27 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | -2 276 | | -2 276 | | | income | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 1 021 | 1 021 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | -2 249 | 1 021 | -1 229 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -8 424 | -8 424 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | 64 | 64 | | | Incentive Plan | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | -133 | -133 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 31 March 2008 | 11 384 | 18 994 | 8 902 | -147 | 11 872 | 51 005 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2009 | 11 384 | 18 994 | 8 926 | -7 685 | 9 782 | 41 401 | -------------------------------------------------------------------------------- | | Change in Fair | | | | 12 | | 12 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | -1 941 | | -1 941 | | | income | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | -1 622 | -1 622 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | -1 929 | -1 622 | -3 551 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | -6 | | | -6 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | | 0 | | | Incentive Plan | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | 3 | 3 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 31 March 2009 | 11 384 | 18 994 | 8 920 | -9 615 | 8 164 | 37 846 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) for the year (1 000 EUR) | -1 622 | 1 021 | -------------------------------------------------------------------------------- | Earnings per share, | -0.07 | 0.04 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | -0.07 | 0.05 | -------------------------------------------------------------------------------- | Equity per share | 1.66 | 2.24 | -------------------------------------------------------------------------------- | Equity per share, lessa own shares, EUR | 1.70 | 2.29 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | -15.1 | 7.3 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | -16.4 | 7.3 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 91.1 | 89.2 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 1.7 | 3.5 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 16 | 14 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 74.2 | 71.8 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 215.3 | 173.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total amount | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 988 | -------------------------------------------------------------------------------- | Return of capital from the funds | -160 | -------------------------------------------------------------------------------- | Net changes in the book values of | | -------------------------------------------------------------------------------- | private equity funds | -5 127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Write-down recorded as permanent | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 31 March 2009 | 28 089 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REMAINING COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On 31 March 2009, Amanda Capital Plc's remaining commitments in private | -------------------------------------------------------------------------------- | equity funds stood at EUR 53.4 million (EUR 51.6 million on 31 Mars 2008). | | | -------------------------------------------------------------------------------- | Other liabilities totalled EUR 0.4 million (EUR 0.5 million on 31 Mars | | 2008). | --------------------------------------------------------------------------------
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