2010-08-06 08:20:00 CEST
2012-02-03 15:17:02 CET
REGULATED INFORMATION
Leverator - Interim report (Q1 and Q3)
LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 JUNE 2010
Leverator Plc Stock Exchange Release 6 August 2010 at 9.20 a.m.
LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 JUNE 2010
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 bonds' trading lot is MEUR 0.5 and the final loan maturity is 21 June 2016.
Leverator has a call option to repay the bonds or part thereof not earlier than
22 June 2009. In the event that the bonds are called prior to 22 June 2011, a
premature payment premium is paid as specified in the listing particulars.
Issued tranches and Leverator's financial performance
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| Issued tranches (trading code LEVJ816216) |
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| Tranche | Issue date | Size of the | Date of | Subscription |
| | | tranche, | listing | price, % |
| | | MEUR | | |
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| 1st tranche | 12 July 2004 | 8.0 | 13 July 2004 | 100.00 |
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| 2nd tranche | 5 June 2006 | 40.0 | 13 June 2006 | 99.137 |
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| 3rd tranche | 28 March 2007 | 48.0 | 13 April 2007 | 98.290 |
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| 4th tranche | 28 April 2009 | 36.0 | 5 May 2009 | 97.389 |
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| 5th tranche | 18 June 2009 | 60.0 | 25 June 2009 | 98.468 |
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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 31,866 (EUR 33,937 for the
review period 1 January - 30 June 2009) and financial income and expenses
totalled EUR 143,352 (EUR 73,766). The result for the review period was EUR
82,501 (EUR 23,183).
Leverator paid down last tranche of its capital loan by EUR 300,000 during the
second quarter (January-June 2009: EUR 0).
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
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| | MEUR |
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| Outstanding balance to Leverator | 192.0 |
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| CMM IV's mezzanine loans and associated options and shares: | |
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| - acquisition cost* | 160.2 |
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| - value appreciation* | -8.6 |
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| Net cash assets | |
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| - bank deposits | 35.9 |
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| - outstanding interest receivables** | 2.9 |
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| - accumulated interest receivables** | 2.8 |
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| - Leverator/accumulated interest | -0.4 |
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| Commitments at call from Limited Partners | 10.0 |
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| Clawback at call | 10.9 |
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| Total | 213.7 |
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* Figures reported by CMM IV's management company.
** 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. Net cash
assets MEUR 41.2 include MEUR 2.9 interest receivables, which CMM IV's portfolio
companies have been unable to pay in accordance with original loan terms to CMM
IV due to restrictions in the portfolio companies' senior loan agreements. 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
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| | MEUR |
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| Balance of bonds at nominal value | 192.0 |
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| Leverator's receivable from CMM IV at nominal value | 192.0 |
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| Net cash assets | 0.3 |
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| Total | 192.3 |
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Leverator's solvency exceeds the balance of the bonds.
Leverator's more detailed financial position is presented in the income
statement, balance sheet, 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 7 May 2010 the shareholders of Leverator Plc elected the following members to
the Company's Board of Directors: Mr Risto Autio, Mr Karri Alameri, Mr Kari
Joutsa, Mr Harri Lemmetti, Mr Olli Liitola, Mr Jyrki Orpana, Mr Jorma Tammenaho,
Mr Tatu Hemmo and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana as
Chairman of the Board.
Leverator's management
Mr. Olli Liitola, M.Sc. (Eng.), Senior Partner at CapMan, has been appointed
Leverator's CEO.
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. The amount of unpaid interest receivables
mentioned under CMM IV's solvency is expected to rise during 2010. 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 the Company's interest earnings will cover its
interest payable and other expenses in 2010.
Leverator Plc will publish its Interim Report 1 January - 30 September 2010 on 5
November 2010.
Helsinki 6 August 2010
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
Helsinki Exchanges
Principal media
Bondholders
APPENDIX 1. Income statement, balance sheet, cash flow statement and statement
of changes in equity
Interim Report 1 January - 30 June 2010 has been prepared in compliance with
International Financial Reporting Standards (IFRS) and the accounting principles
applied in the Interim Report are the same as in the financial statements for
2009. The information in the Interim Report is unaudited.
APPENDIX 1. INCOME STATEMENT, BALANCE SHEET, STATEMENT OF CHANGES IN EQUITY AND
CASH FLOW STATEMENT
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| INCOME STATEMENT, IFRS | | | | |
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| EUR | 1.4.- | 1.1.- | 1.4.- | 1.1.- | 1.1.- |
| | 30.6.20 | 30.6.2010 | 30.6.200 | 30.6.2009 | 31.12.200 |
| | 10 | | 9 | | 9 |
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| Turnover | 0 | 0 | 0 | 0 | 0 |
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| Personnel | 0 | 0 | 0 | 0 | -26 200 |
| expenses | | | | | |
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| Other operating | -23 069 | -31 866 | -23 150 | -33 937 | -70 542 |
| expenses | | | | | |
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| Operating loss | -23 069 | -31 866 | -23 150 | -33 937 | -96 742 |
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| Financial | | | | | |
| income | | | | | |
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| and expenses | 71 594 | 143 352 | 41 878 | 73 766 | 253 188 |
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| Profit/loss | 48 525 | 111 486 | 18 728 | 39 829 | 156 446 |
| before taxes | | | | | |
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| Income taxes | -12 615 | -28 985 | -7 616 | -16 646 | -51 359 |
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| Profit/loss | | | | | |
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| for the | 35 910 | 82 501 | 11 112 | 23 183 | 105 087 |
| financial year | | | | | |
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| Total comprehensive income, IFRS | | |
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| The company does not have items included in comprehensive income. |
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| Earnings per | | | | | |
| share: | | | | | |
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| Earnings per | 0,0349 | 0,0802 | 0,0108 | 0,0225 | 0,1022 |
| share, € | | | | | |
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| BALANCE SHEET, IFRS | | | |
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| EUR | 30.6.2010 | 30.6.2009 | 31.12.2009 |
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| ASSETS | | | |
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| Non-current assets | | | |
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| Investments | | | |
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| Other investments | 190 756 358 | 189 622 237 | 190 176 342 |
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| Total non-current assets | 190 756 358 | 189 622 237 | 190 176 342 |
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| Current assets | | | |
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| Deferred tax assets | 0 | 0 | 0 |
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| Current receivables | 495 833 | 448 675 | 480 873 |
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| Cash and bank | 273 733 | 487 025 | 679 049 |
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| Total current assets | 769 566 | 935 700 | 1 159 922 |
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| TOTAL ASSETS | 191 525 924 | 190 557 937 | 191 336 264 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | |
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| Shareholders' equity | | | |
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| Share capital | 102 857 | 102 857 | 102 857 |
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| Other reserves | 0 | 231 989 | 231 989 |
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| Retained earnings | 247 548 | -89 528 | -89 528 |
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| Profit/loss for the | 82 501 | 23 183 | 105 087 |
| financial year | | | |
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| Total shareholders' equity | 432 906 | 268 501 | 350 405 |
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| Liabilities | | | |
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| Capital loan | 0 | 586 660 | 600 000 |
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| Non-current liabilities | 190 549 888 | 189 226 474 | 189 873 274 |
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| Current liabilities | 427 167 | 424 037 | 425 607 |
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| Deferred tax liabilities | 115 963 | 52 265 | 86 978 |
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| Total liabilities | 191 093 018 | 190 289 436 | 190 985 859 |
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| TOTAL SHAREHOLDERS' EQUITY | | | |
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| AND LIABILITIES | 191 525 924 | 190 557 937 | 191 336 264 |
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| STATEMENT OF CHANGES IN EQUITY, IFRS | | |
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| | Share | Other | Retained | Total equity |
| | capital | reserves | earnings | |
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| Equity on 31.12.2009 | 102 857 | 231 989 | 15 559 | 350 405 |
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| Other changes | | -231 989 | 231 989 | 0 |
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| Profit for the | | | 82 501 | 82 501 |
| financial year | | | | |
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| Equity on 31.3.2010 | 102 857 | 0 | 330 049 | 432 906 |
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| | Share | Other | Retained | Total equity |
| | capital | reserves | earnings | |
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| Equity on 31.12.2008 | 102 857 | 231 989 | -89 528 | 245 318 |
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| Profit for the | | | 23 183 | 23 183 |
| financial year | | | | |
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| Equity on 30.6.2009 | 102 857 | 231 989 | -66 345 | 268 501 |
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Other reserves are linked to the capital loan that the company has received. A
proportion of this loan was paid down during the first quarter, and an
equivalent sum has been transferred from Other reserves to retained earnings.
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| CASH FLOW STATEMENT, IFRS | | | |
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| EUR | 1-6/2010 | 1-6/2009 | 1-12/2009 |
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| Cash flow from operations | | | |
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| Operating profit/loss | 82 501 | 23 183 | 105 087 |
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| Other adjustments to | -127 817 | -70 570 | -201 829 |
| operating profit | | | |
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| Interest paid | -7 835 520 | -7 835 520 | -15 671 040 |
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| Interest received | 8 075 520 | 4 548 088 | 12 624 987 |
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| Cash flow from operations | 194 684 | -3 334 819 | -3 142 795 |
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| Cash flow from investments | | | |
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| Investments in other | 0 | -94 140 840 | -94 140 840 |
| placements | | | |
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| Cash flow from investments | 0 | -94 140 840 | -94 140 840 |
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| Financial cash flow | | | |
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| Change in long-term | -600 000 | 97 585 204 | 97 585 204 |
| liabilities | | | |
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| Financial cash flow | -600 000 | 97 585 204 | 97 585 204 |
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| Change in cash funds | -405 316 | 109 545 | 301 569 |
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| Cash funds at start of the | 679 049 | 377 480 | 377 480 |
| period | | | |
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| Cash funds at end of the | 273 733 | 487 025 | 679 049 |
| period | | | |
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