2014-02-06 09:00:01 CET
2014-02-06 09:00:02 CET
REGULATED INFORMATION
Leverator - Financial Statement Release
LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2013
Leverator Plc Financial Statements Bulletin 6 January 2014 at 10.00 a.m. EET
LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY - 31 DECEMBER 2013
Business
Leverator Plc's (Leverator) business consists of the issue of bonds and the
grant of loans to CapMan Mezzanine IV L.P. mezzanine fund (CMM IV). Leverator's
result is formed by the difference between interest received from CMM IV's
loans and interest paid to bondholders. The issued bonds are listed on the
Helsinki Exchanges (Nasdaq OMX Helsinki).
Bonds
Leverator has issued a serial loan with a fixed coupon interest of 8.162%. The
bonds were issued in five tranches in accordance with the loan capital needed
by CMM IV, and investors subscribed all five tranches according to their
commitments. The final size of the bond totalled MEUR 192 on 18 June 2009. The
final loan maturity is 21 June 2016. Leverator has a call option to repay the
bonds or part thereof not earlier than 22 June 2009.
Leverator repaid 8.4%, equivalent of EUR 16,128,000, in accordance with the
terms of the loan on 23 December 2013. The outstanding bond loan totalled EUR
96,314,112 on 31 December 2013.
Issued tranches and Leverator's financial performance
Issued tranches (trading code LEVJ816216)
Tranche Issue date Size of the tranche, Date of Subscription
MEUR listing price, %
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--------------------------------------------------------------------------------
1st 12 July 2004 8.0 13 July 2004 100.00
tranche
2nd 5 June 2006 40.0 13 June 2006 99.137
tranche
3rd 28 March 48.0 13 April 98.290
tranche 2007 2007
4th 28 April 36.0 5 May 2009 97.389
tranche 2009
5th 18 June 2009 60.0 25 June 2009 98.468
tranche
Leverator's turnover for the accounting 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 93,632 (EUR 94,313 for the
review period 1 January - 31 December 2012) and financial income and expenses
totalled EUR 280,196 (EUR 350,750). The result for the accounting period was
EUR 140,856 (EUR 193,610).
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 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 31 December 2013
MEUR
Outstanding balance to Leverator 96.3
CMM IV's mezzanine loans and associated options and shares:
- acquisition cost* 63.8
- value appreciation* 15.2
Net cash assets
- bank deposits 3.3
- accumulated interest receivables** 0.5
- Leverator/accumulated interest -0.2
Commitments at call from Limited Partners 10.0
Clawback at call 10.9
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------
Total 103.5
* Figures by CMM IV's management company, as reported or with a discount.
** 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.
CMM IV's financial assets exceed the total loan receivables of Leverator by
€7.2 million on 31 December 2013 and therefore the latter's receivable due from
CMM IV presented below can be booked in full. CMM IV's financial assets
exceeded the total loan receivables of Leverator by €8.7 million on 30
September 2013 and by €10.5 million on 31 December 2012.
The values given above are reported by CMM IV's management company. The
management company's assessment of the value appreciation of mezzanine loans
and associated options and shares is based on reporting principles common to
the private equity industry. These principles aim at take into account risk
factors caused by the general economic environment. The amount of commitments
and clawback that the fund has a right to call from the Fund's Limited Partners
is based on CMM IV's fund agreement.
Leverator's solvency 31 December 2013 MEUR
Balance of bonds at nominal value 96.3
Leverator's receivable from CMM IV at nominal value 96.3
Net cash assets 0.9
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Total 97.2
Leverator's solvency exceeds the balance of the bonds.
Leverator's more detailed financial position is presented in the income
statement, balance sheet, statement of changes in equity and cash flow
statement in Appendix 1. There are no exceptional liabilities of Leverator or
CMM IV in the knowledge of Leverator's Board of Directors that should be
considered in the above calculations.
Leverator's ownership
The owners of Leverator Plc are CapMan Plc, Etera Mutual Pension Insurance
Company, Foundation for Economic Education, Ilmarinen Mutual Pension Insurance
Company, OP Life Assurance Company Ltd, Pharmacy Pension Fund, Mandatum Life
Insurance Company Limited, Varma Mutual Pension Insurance Company and
Yleisradio Pension Fund with equal holdings.
Leverator's Board of Directors
On 3 May 2013 the shareholders of Leverator Plc elected the following members
to the Company's Board of Directors: Mr Tatu Hemmo, Mrs Nina Härkönen, Mr
Staffan Jåfs, Mr Harri Lemmetti, Mr Olli Liitola, Mr Tommi Mäkelä, Mrs Katja
Salovaara, Mr Tomi Viia, and Mr Kyösti Ylikortes. The members elected Mr Tatu
Hemmo as Chairman of the Board.
Future outlook
Developments in the general market environment in the next few years may
continue to cause difficulties in the ability of fund's portfolio companies to
pay interest on their mezzanine loans and repay principal to the fund in
accordance with original loan terms. Restrictions in the portfolio companies'
senior loan agreements may in certain cases prevent the companies from meeting
their interest payments in accordance with the original loan terms during 2014.
The aforementioned issues might, in turn, weaken the fund's ability to meet its
debt to Leverator Plc in full, which would affect Leverator Plc's solvency. It
is possible that the fund's solvency weakens further during 2014.
It is probable that Leverator Plc's interest earnings will cover its interest
payable and other expenses in 2014.
Leverator Plc will publish its Interim Report 1 January-31 March 2014 on 8 May
2014.
Helsinki 6 February 2014
LEVERATOR PLC
Board of Directors
For further information, please contact:
Olli Liitola, CEO, tel. +358 207 207 506 or mobile +358 400 605 040
DISTRIBUTION
NASDAQ OMX Helsinki
Principal media
Bondholders
www.leverator.fi
APPENDIX 1. Income statement, balance sheet, statement of
changes in equity and cash flow statement
The Financial Statements Bulletin 1 January-31 December 2013 has been prepared
in compliance with International Financial Reporting Standards (IFRS) and the
accounting principles applied are the same as in the financial statements for
2012. The information presented is audited.
APPENDIX 1. Income Statement, Balance Sheet, Statement of Changes in Equity and
Cash Flow Statement
LEVERATO
R PLC
INCOME
STATEME
NT, IFRS
EUR 1.10.- 31.12.2013 1.1.-31.12.2013 1.10.- 31.12.2012 1.1.-31.12.2012
--------------------------------------------------------------------------------
Turnover 0 0 0 0
Personne -24 000 -24 000 -23 200 -23 200
l
expense
s
Other -21 993 -69 632 -17 778 -71 113
operati
ng
expense
s
Operatin -45 993 -93 632 -40 978 -94 313
g loss
Financia 69 367 280 196 82 041 350 750
l income
and
expense
s
Profit 23 374 186 564 41 063 256 437
before
taxes
Income -5 727 -45 708 -10 060 -62 827
taxes
Profit 17 647 140 856 31 003 193 610
for the
financi
al year
Total comprehensive income, IFRS
The company does not have items included in comprehensive income.
Earnings
per
share:
Earnings 0,0172 0,1369 0,0301 0,1882
per
share,
€
LEVERATO
R PLC
LEVERATOR PLC
BALANCE SHEET, IFRS
EUR 31.12.2013 31.12.2012
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ASSETS
Non-current assets
Investments
Other investments 96,314,112 112,442,112
Total non-current assets 96,314,112 112,442,112
Current assets
Current receivables 230,712 283,131
Cash and bank 911,301 748,982
Total current assets 1,142,013 1,032,113
TOTAL ASSETS 97,456,124 113,474,225
EUR 31.12.2013 31.12.2012
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SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity
Share capital 102,857 102,857
Retained earnings 699,817 506,207
Profit for the financial year 140,856 193,610
Total shareholders' equity 943,530 802,674
Liabilities
Non-current liabilities 96,314,112 112,442,112
Current liabilities 198,482 229,439
Total liabilities 96,512,594 112,671,551
TOTAL SHAREHOLDERS' EQUITY 97,456,124 113,474,225
AND LIABILITIES
LEVERATOR PLC
STATEMENT OF CHANGES IN EQUITY, IFRS
Share Other Retained Total
capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2012 102,857 0 699,817 802,674
Profit for the 140,856 140,856
financial year
Equity on 31.12.2013 102,857 0 840,673 943,530
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Share Other Retained Total capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2011 102,857 0 506,207 609,064
Profit for the 193,610 193,610
financial year
Equity on 31.12.2012 102,857 0 699,817 802,674
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LEVERATOR PLC
CASH FLOW STATEMENT, IFRS
EUR 1-12/2013 1-12/2012
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Cash flow from operations
Operating profit 140,856 193,610
Other adjustments to operating profit -259,642 -373,173
Interest paid -9,177,525 -11,522,963
Interest received 9,458,630 11,875,908
Cash flow from operations 162,319 173,382
Cash flow from investments
Change in long-term loan receivables 16,128,000 36,736,128
Cash flow from investments 16,128,000 36,736,128
Financial cash flow
Change in long-term liabilities -16,128,000 -36,736,128
Financial cash flow -16,128,000 -36,736,128
Change in cash funds 162,319 173,382
Cash funds at start of the period 748,982 575,600
Cash funds at end of the period 911,301 748,982
Olli Liitola, CEO, tel. +358 207 207 506 or mobile +358 400 605 040
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