2007-05-21 12:43:23 CEST
2007-05-21 12:43:23 CEST
REGULATED INFORMATION
Amanda Capital - Quarterly report
AMANDA CAPITAL PLC INTERIM REPORT, 1 JANUARY TO 31 MARCH 2007
- The Group's net sales were EUR 2.6 million (EUR 3.4 million 1 January to 31
March 2006). The net investment income included in net sales amounted to EUR 1.6
million (EUR 3.1 million) and management fees from private equity funds to EUR
1.0 million (EUR 0.3 million).
- Consolidated earnings after taxes amounted to EUR 1.4 million (EUR 2.2
million).
- The Proventure group was acquired for EUR 10.0 million during the review
period.
- Earnings per share amounted to EUR 0.06 (EUR 0.10 from 1 January to 31 March
2006 with comparable number of shares).
- The equity to assets ratio was 78.8% (93.0%).
- Equity per share at the end of the review period was EUR 2.29 (EUR 2.32).
- During the review period a dividend of EUR 0.20 per share and an additional
dividend of EUR 0.10 per share were agreed to be paid for the financial year
2006.
- The aggregate return on Amanda's private equity investments since the
beginning
of investment operations is 28.8% p.a.(IRR).
- The final closing of Amanda III Eastern Private Equity fund will take place
during May at the target size of EUR 100 million.
FINANCIAL DEVELOPMENT
Net sales from the management and consultation of private equity investments
increased organically and due to the acquisition of Proventure; its share of
total net sales was 39.3%. Amanda's investment portfolio, which consists of 25
different private equity funds, included divestments at the same pace as during
the previous quarter. Amanda did not make any new private equity fund
investments during the review period.
Amanda's consolidated net sales for the period from 1 January to 31 March 2007
amounted to EUR 2.6 million (EUR 3.4 million from 1 January to 31 March 2006).
Fees from the management and consultation of private equity investments
accounted for EUR 1.0 million of net sales (EUR 0.3 million). Net earnings from
the investment operations amounted to EUR 1.6 million (EUR 3.1 million) and the
Group's result for the review period was EUR 1.4 million (EUR 2.2 million). The
decline in net investment income compared to the comparison period resulted from
a reduction in the number of target companies divested by the private equity
funds. Exits from target companies continued to yield good return percentages.
Amanda Group's expenses and depreciation were EUR 1.0 million during the review
period (EUR 0.5 million). Personnel expenses comprised EUR 0.4 million of all
expenses (EUR 0.2 million). Proventure employed nine people at the time of
acquisition, three of whom are continuing in the service of Amanda. In addition,
personnel expenses increased due to the premium accruals of Amanda's personnel
issue, which amounted to EUR 0.06 million.
Depreciation amounted to EUR 0.2 million during the review period (EUR 0.06
million). Depreciation increased because EUR 2.85 million from the acquisition
of Proventure was activated in the balance sheet as acquisition costs for
agreements related to the management of funds. The acquisition costs will be
allocated as depreciation over the validity period of the agreements.
Other expenses amounted to EUR 0.4 million (EUR 0.2 million). The increase in
other expenses results from the acquisition of Proventure. Proventure had
offices in Helsinki and Schaffhausen in Switzerland. The termination of these
offices has been started. In addition, Amanda's move to new facilities and a new
IT environment increased other expenses during the period.
Amanda's consolidated balance sheet total was EUR 66.3 million (EUR 52.9
million), and shareholders' equity amounted to EUR 52.2 million (EUR 49.2
million). Amanda's equity to assets ratio was high at 78.8% (93.0%).
Approximately 53.6% (59.1%) of the balance sheet total was invested in private
equity funds and 26.9% (34.2 %) in liquid assets. Consolidated goodwill amounted
to 2.7% (3.4%) of the balance sheet total.
BUSINESS ACQUISITIONS
On 9 February 2007 Amanda acquired the entire stock of
the Proventure companies for EUR 10.0 million. The transaction price consisted
of the substance value of the purchased companies, EUR 7.15 million as of 31
December 2006, and EUR 2.85 million that was paid for the secure future
management fees of two funds managed by Proventure. These management fees will
amount to more than EUR 10 million in the next ten years. The funds have a
carried interest structure that may accumulate additional earnings for Amanda in
the future. The purchase price was settled entirely in cash.
Proventure was a private equity investment management company previously held by
private shareholders. The companies included in the acquired group operated as
general partners in the established private equity funds: First European Fund
Investments L.P. and European Fund Investments II L.P. A number of foreign and
domestic institutions have invested a total of EUR 175 million in the funds. The
acquired companies will be merged with Amanda to the extent it is reasonable for
the operations of Amanda.
ACCOUNTING PRINCIPLES
The interim report has been prepared in accordance with the recognition and
valuation principles of the IFRS standards. Only those requirements of the IAS
34 standard that are necessary for the preparation of a three-month interim
report have been followed. Those accounting principles and calculation methods
used in the financial statement of 2006 have been applied to the interim report.
Amanda Capital Plc acquired Proventure on 9 February, 2007. The results of
Proventure have been consolidated in the Amanda group starting from 1 January
2007. The interim report has not been audited.
MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS
The management and consultation of private equity investments generated EUR 1.0
million in net sales during the review period. The acquisition of Proventure had
a positive effect on net sales of the management and consultation of private
equity investments. The business acquisition increased Amanda's assets under
management by approximately EUR 175 million to EUR 1.3 billion (original
investment commitments) of which investments have been made to over 100 private
equity funds in Europe, the USA, Asia and Russia.
In May 2006 Amanda established a limited partnership fund, Amanda III Eastern
Private Equity L.P., which makes investments in Russian and Eastern European
unquoted companies through local private equity funds. By the end of the review
period the fund had EUR 78.8 million in investment commitments. The fund will
continue fund-raising and its final closing will take place during May 2007 at
the target size of EUR 100 million.
After the final closing of Amanda III Eastern Private Equity L.P. Amanda's
management fees from the management and consultancy of private equity
investments will exceed EUR 4.0 million in 2007 (in 2006 the management fees
were EUR 1.8 million).
PRIVATE EQUITY FUNDS
Amanda did not make any new private equity fund investments during the review
period.
Information on Amanda Capital's investments in private equity funds are showm at
company website: www.amandacaptital.fi
These private equity funds have made investments in more than 300 companies.
Amanda Capital's degree of investment (book value of investments/equity) was
68.0% (63.6%). The private equity funds called in capital of approximately EUR
1.6 million during the review period and returned approximately EUR 2.3 million
to the company as capital returns and EUR 1.6 million as distribution of
profits.
NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS
The private equity funds made several new investments during the financial
period. Examples of the investments are:
- The PAI Europe IV private equity fund has invested in a French company;
Lafarge Roofing. The company is among the world's leading manufacturers of roof
materials and chimney systems.
The Gresham Fund 4 private equity fund acquired Esterform Packaging, the leading
English designer and manufacturer of PET plastic bottles. Esterform has 220
employees and its 2006 net sales amounted to more than GBP 32 million.
EQT V private equity fund acquired CBR, a wholesale dealer of women's clothing.
The company supplies clothes under three brands to approximately 8 000 retail
stores.
COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS
Below listed the most significant divestments of the review period:
The Permira Europe II private equity fund has sold a part of its holding in
Ferretti S.p.a. to another private equity investor. Ferretti is the world's
leading manufacturer and supplier of luxurious boats. Examples of Ferretti's
boat brands are Ferretti, Riva, CRN, Mochi and Itama.
Charterhouse Capital Partners VII private equity fund has divested TDF SA. The
company is a leading provider of wireless services to non-commercial TV- and
radio companies and teleoperators. The company has a strong position also with
the commercial TV - and radio companies.
Gresham III private equity fund has sold its holding in Individual Restaurant
Company (IRC) to Bank Restaurant Group (Bank). IRC is a British restaurant chain
with 16 restaurants under two brands.
The Permira Europe III private equity fund has sold its holding in Grand Navi
Veloci S.p.A to other private equity investors. The company operates cruise
vessels in the Mediterranean and maintains ferry traffic from Italy to Sardinia
and Sicily, among other routes.
ANNUAL GENERAL MEETING
The Annual General Meeting of the shareholders of Amanda Capital Plc was held on
Wednesday, 28 March, 2007 in Helsinki and dealt with the following matters:
Release from liability for the Board of Directors and the CEO
Amanda Capital Plc's Annual General Meeting approved the company's financial
statements for 2006 and granted release from liability to the members of the
Board of Directors and the Managing Director.
Payment of dividends
According to the proposal it was decided that a dividend of EUR 0.20 per share
and an additional dividend of EUR 0.10 per share will be distributed for
22 767 746 shares for the financial year ended 31 December, 2006. A total of EUR
6,830,323.80 will be used for dividends corresponding to 113.7% of the profit
for the period. The dividend was paid to shareholders who, on the matching day,
2 April 2007, were entered as shareholders in the Register of Shareholders
maintained by the Finnish Central Depository Ltd. 11 April 2007 was confirmed as
the date for dividend payment.
Board of Directors
The following people were selected as members of Amanda's Board of Directors:
Peter Fagernäs, Esa Karppinen, Pertti Laine, Petri Niemisvirta and Topi Piela.
The Board of Directors elected Esa Karppinen as its chairman at the organising
meeting.
Emoluments to the Board of Directors
The Annual General Meeting decided that no meeting fees be paid to the Board of
Directors.
Auditor
The Authorised Public Accounting Firm Ernst & Young Oy, with Mr. Kunto Pekkala,
APA, as the auditor in charge will continue as the company's auditor. Fees to
the auditor will be paid according to invoices.
Acquisition and transfer of treasury shares authorised by the Board of Directors
The meeting approved the Board of Directors' proposal for the purchase and
transfer of treasury shares. According to the proposal, a maximum of 2,200,000
of Amanda's shares can only be acquired using the company's unrestricted
shareholders' equity in one or more item(s). The maximum amount of the shares to
be acquired comprises less than 10 per cent of all of the company's shares. The
shares can be acquired for developing the company's equity structure or
annulment, or they can be used for possible incentive and reward systems for the
personnel or as collateral in possible business acquisitions and other
arrangements.
The shares will be acquired in public trading on the Helsinki Stock Exchange at
the prevailing market price. The purchase price of the shares will be paid to
the sellers within the payment period determined on the basis of the rules and
regulations of the Helsinki Stock Exchange and the Finnish Central Securities
Depository.
A total of 2,200,000 of treasury shares held by the company can be transferred
(share issue) in one or more item(s). The transfer may deviate from the
pre-emptive right of the shareholders. The Board of Directors will decide upon
the terms and conditions of transferring the treasury shares. Shares can be
transferred as compensation in the acquisition of property belonging to the
company's business operations and in possible business acquisitions in the
manner decided upon and to the extent ordered by the Board of Directors. Shares
can also be transferred as part of possible incentive and reward systems
directed to the personnel.
The authorisations shall be valid until the termination of the next Annual
General Meeting; however, ending on 31 May 2008 at the latest.
The Board of Directors' proposal for amendments to the articles of association
The Board of Directors' proposal was approved, according to which Amanda's
articles of association shall be changed due to the new Companies Act (624/2006)
that entered into force on 1 September 2006. The primary content of the changes
is the following:
1. Article 3 concerning the company's minimum and maximum capital and the
nominal share value shall be removed.
2. Article 4 concerning the book-entry system shall be changed so that sections
other than the statement on the company's shares belonging to the book-entry
system will be removed.
3. Article 7 of the articles of association shall be changed so that the term
”representation right” pertaining to the new Companies Act shall be used instead
of the authorisation to sign for the company.
4. Article 8 will be changed so that the company has one auditor that must be an
accounting firm approved by the Central Chamber of Commerce.
5. Article 11 shall be changed so that the financial statement, including the
consolidated financial statement, and the annual report, which is no longer part
of the financial statement, are to be presented in the Annual General Meeting,
where the confirmation of the financial statement and the use of the earnings
stated in the balance sheet shall be decided upon, and the notation on deciding
upon the number of auditors shall be removed.
6. Article 12 shall be removed as unnecessary.
7. Article numbers shall be changed to correspond with the above-mentioned
changes.
SHAREHOLDERS AND SHARE CAPITAL
Amanda Capital Plc's share capital is EUR 11,383,873, divided into 22,767,746
shares. Amanda Capital Plc had 3,777 shareholders on 31 March 2007.
The ten largest shareholders as of 31 March 2007 are:
share of shares and votes -%
Veikko Laine Oy, 13.99%
Berling Capital Oy , 13.85%
Umo Capital Oy, 12.86%
Oy Hermitage Ab, 10.08%
Sampo Life Insurance Company Limited, 9.02%
Procurator Oy, 2.60%
Mutual Insurance Company Pension Fennia, 2.40%
Änkilä Petteri, 1.90%
Nordea Fennia Plus, investment fund, 1.87%
Nordea Bank Oyj, Management register, 1.83%
PERSONNEL
At the end of the review period the group employed 13 people (nine people).
Total salaries paid to the personnel during the review period amounted to EUR
0.4 million (EUR 0.2 million). The increase in personnel expenses is explained
by the acquisition of the Proventure group and the premium periods of Amanda's
personnel issue.
DIVIDEND POLICY
As a consequence of expanding the company's business from investment operations
to the management and consultation of private equity investments, the Board of
Directors has redefined the dividend policy at the Board meeting on 5th March
2007. The objective will be to distribute at least one half of the net profit as
dividends.
ESSENTIAL RISKS ASSOCIATED WITH THE OPERATIONS
The risks associated with Amanda Group's business mainly consist of
investment-related risks - in other words, market risk and foreign exchange
risk. Risks are comprehensively managed through an investment process and
investment strategy confirmed by Amanda Capital Plc's Board of Directors.
Investments are chosen with the help of an investment process. In this process
the Investment Committee screens potential investments, which are then subjected
to a Due Diligence review covering the fund's personnel, documentation and other
factors essentially linked to the administration and development of the fund.
Final investment proposals are submitted to Amanda Capital Plc's Board of
Directors for assessment and decision-making.
DISPUTES
On 30 June 2005 Helsinki District Court dismissed the lawsuits filed against
Amanda Capital Plc by Interglobia Ltd.'s bankruptcy estate and Interavanti Oyj.
On 19 September 2005 Interavanti Oyj and Interglobia's bankruptcy estate filed
an appeal against Helsinki District Court's decision with the Court of Appeal.
Amanda Capital's management, Board of Directors and legal counsellors regard the
lawsuits as unfounded. The legal procedures as such do not have an impact on
Amanda Capital Plc's regular business operations.
DEVELOPMENTS AFTER THE REVIEW PERIOD
The following people have been recruited by the company:
Piia Latvala (32), M.Sc. (Econ), has been appointed Amanda Capital's Investor
Relations Director starting from 5 June 2007. Before transferring to Amanda
Capital, Latvala has worked as portfolio manager at OKO Asset Management, being
responsible for the selection of external fund managers and the management of
one equity fund. Prior to that she worked as stockbroker in Opstock Ltd. In
addition to Amanda Capital Plc's investor relations, Latvala's tasks include the
participation in the sales of Amanda's private equity fund products.
Marko Hovi (36), M.Sc. (Econ), has been appointed Amanda Capital's Investment
Director starting from 6 June 2007. Hovi has more than 13 years of experience in
international capital markets as he has worked in several expert and senior
positions in Handelsbanken, Deutsche Bank, Evli Plc. and Postipankki. Hovi will
join Amanda from the position of Head of Equity Cash Trading in Handelsbanken
Capital Markets.
DEVELOPMENTS IN THE PRIVATE EQUITY MARKET
The private equity market has been growing strongly in Europe and around the
world, particularly during the last two years. (Preliminary information) In 2006
a record-breaking amount of new investment commitments, EUR 90 billion, (verify)
were collected in private equity funds in Europe. Private equity funds have been
fairly successful in finding investment targets for their increased assets, and
the exit market has made exits possible. The large amount of funds that has
flown into the industry and the good liquidity of the debt markets have
increased the average price of company divestments. The rising interest rate
development may cause problems for certain target companies of private equity
funds where the share of debt financing is high. A majority of the private
equity markets, however, use debt financing moderately, making purposefully
priced investments that still produce typical returns. No substantial changes
are expected in the exit market in 2007 compared to the previous year. The large
amount of funds on the private equity market will probably mean that the
proportion of exits carried out through mutual inter-fund deals (secondary
deals) will remain high. The other exit options, like selling the target
companies to other companies and stock exchange listings, are also still
respectable exit methods.
COMPANY OUTLOOK
During a period of slightly more than a year Amanda has expanded its business
from investment operations to the management and consultation of private equity
investments through two acquisitions and a newly established fund. The
management of private equity investments is characterised by long-term
management contracts that produce a stable cash flow and improve the
predictability of Amanda's net sales and earnings. The expansion of business
operations will reduce the sensitivity of Amanda's earnings to fluctuations in
investment income. The company's future objective is to increase its management
operations and grow organically by establishing new funds and through possible
business acquisitions. Net sales from this business area will exceed EUR 4.0
million in 2007.
Amanda has continued its disciplined investment operations and made very
selective investments despite the wide variety of options available. Amanda has
mostly concentrated its investments in private equity funds targeting more
mature companies. The strategy has resulted in excellent returns, and the
long-term returns on investments are expected to remain good for the foreseeable
future.
AMANDA CAPITAL PLC
Board of Directors
For more information: Managing Director Petteri Änkilä, tel. +358 (9) 6829 6011
Distribution: Helsinki Stock Exchange, www.amandacapital.fi
APPENDIX FINANCIAL STATEMENT TABLES
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| CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | |
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| | | 1-3/07 | 1-3/06 | Change % | 1-12/06 |
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| NET SALES | | | | |
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| | Net investment income | 1 568 | 3 054 | -49 % | 7 557 |
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| | Management fees | 1 016 | 339 | 200 % | 1 812 |
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| | Total | 2 584 | 3 393 | -24 % | 9 369 |
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| | Depreciation and amortisation | -183 | -62 | 195 % | -246 |
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| | Other operating expenses | -843 | -414 | 104 % | -1 576 |
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| | Total | -1 026 | -476 | 116 % | -1 822 |
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| OPERATING PROFIT | 1 558 | 2 917 | -47 % | 7 547 |
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| | Financial income and expenses | 374 | 100 | 274 % | 536 |
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| PROFIT BEFORE APPROPRIATIONS | | | | |
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| AND TAXES | 1 932 | 3 017 | -36 % | 8 083 |
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| | Appropriations and | | | | |
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| | taxes corresponding to | | | | |
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| | the period's profit | -507 | -785 | -35 % | -2 074 |
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| PROFIT | 1 425 | 2 232 | -36 % | 6 009 |
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| Earnings per share, with comparable | | | | |
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| amount of shares EUR | 0.06 | 0.10 | -40 % | 0.26 |
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| Earnings per with exact | | | | |
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| amount of shares, EUR | 0.06 | 0.11 | -45 % | 0.26 |
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| CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | |
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| | | 31.3.2007 | 31.3.2006 | 31.12.2006 |
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| ASSETS | | | |
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| LONG-TERM ASSETS | | | |
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| | Intangible and tangible | | | |
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| | assets | 7 233 | 3 299 | 3 054 |
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| | Investments available for sale | | | |
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| | Private equity investments | 35 529 | 31 814 | 33 268 |
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| CURRENT ASSETS | | | |
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| | Accrued income and advance | 5 116 | 15 | 334 |
| | payments | | | |
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| | Investments available for sale | | | |
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| | Financial securities | 6 284 | 15 257 | 19 397 |
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| | Cash | 12 109 | 4 395 | 2 985 |
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| TOTAL ASSETS | 66 271 | 54 780 | 59 038 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
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| SHAREHOLDERS' EQUITY | 52 219 | 51 312 | 56 395 |
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| LIABILITIES | | | |
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| | Non-current liabilities | 325 | 273 | 0 |
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| | Current liabilities | 13 727 | 3 195 | 2 643 |
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| | TOTAL LIABILITIES | 14 052 | 3 468 | 2 643 |
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| TOTAL SHAREHOLDERS' | | | |
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| EQUITY AND LIABILITIES | 66 271 | 54 780 | 59 038 |
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| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | |
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| | | | Q1/2007 | Q1/2006 | 2006 |
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| OPERATIONS | | | |
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| | Operating profit | 1 558 | 2 918 | 7 547 |
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| | Depreciation and write-downs | 183 | 60 | 245 |
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| | Investments available for sale | | | |
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| | | Long-term, increase (-) | | | |
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| | | decrease (+) | -2 920 | 539 | -1 454 |
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| | | Short-term, increase (-) | | | |
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| | | decrease (+) | 13 646 | -1 532 | -4 140 |
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| | | Change in fair value reserve | 1 290 | -1 161 | -1 665 |
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| | | Change in tax | 1 294 | -383 | -581 |
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| | | liability/receivable | | | |
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| | Investments available for sale, | | | |
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| | total change | 13 310 | -2 537 | -7 840 |
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| | Change in working capital | | | |
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| | | Business receivables, increase (-) | | | |
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| | | decrease (+) | -4 782 | -254 | -319 |
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| | | Interest-free debt, increase (+) | | | |
--------------------------------------------------------------------------------
| | | decrease (-) | 9 721 | 645 | 29 |
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| | Interest bearing debts, | | | |
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| | | increase (+)decrease (-) | 393 | -36 | -273 |
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| Total change in working capital | 5 332 | 355 | -563 |
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| | Dividends paid | -6 830 | -3 189 | -3 189 |
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| | Personnel issue paid over par | 64 | 0 | 128 |
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| | Cash flow from operations before | | | |
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| | financial items and taxes | 13 617 | -2 393 | -3 672 |
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| | | Financial income and expenses | 374 | 100 | 536 |
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| | | Deferred taxes | -507 | -785 | -2 074 |
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| CASH FLOW FROM OPERATIONS | 13 484 | -3 078 | -5 210 |
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| CASH FLOW FROM INVESTMENTS | | | |
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| | | Acquisition of subsidiary | -4 360 | 0 | 0 |
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| FINANCING | | | |
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| | Payment from share issue | 0 | 0 | 3 800 |
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| Increase/decrease in liquid assets | 9 124 | -3 078 | -1 410 |
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| Liquid assets at the beginning | | | |
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| of the period | 2 985 | 4 395 | 4 395 |
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| Liquid assets at the end | | | |
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| of the period | 12 109 | 1 317 | 2 985 |
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| Liquid assets contain cash and bank deposits. | | |
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| CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | |
| EQUITY | | | | |
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| | | | Other | Fair | | | |
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| | | Share | re- | value | Retained | | |
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| | | capita | serves | reserv | earnings | Profi | Total |
| | | l | | e | | t | |
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| Shareholders' equity | | | | | | |
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| 1 Jan. 2007 | 11 384 | 29 681 | -968 | 16 298 | | 56 395 |
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| | Changes in | | | | | | |
| | Investments | | | | | | |
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| | Available for | | | 1 290 | | | 1 290 |
| | Sale | | | | | | |
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| | Profit for the | | | | | 1 425 | 1 425 |
| | period | | | | | | |
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| | Payment of | | | | -6 830 | | -6 830 |
| | dividends | | | | | | |
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| | Changes/correctio | | | | -61 | | -61 |
| | ns | | | | | | |
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| Shareholders' equity | | | | | | |
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| 31 March 2007 | 11 384 | 29 681 | 322 | 9 407 | 1 425 | 52 219 |
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| Shareholders' equity | | | | | | |
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| 1 Jan. 2006 | 10 630 | 26 635 | 698 | 13 349 | | 51 312 |
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| | Changes in | | | | | | 0 |
| | Investments | | | | | | |
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| | Available for | | | -1 161 | | | -1 161 |
| | Sale | | | | | | |
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| | Profit for the | | | | | 2 233 | 2 233 |
| | period | | | | | | |
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| | Payment of | | | | -3 189 | | -3 189 |
| | dividends | | | | | | |
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| Shareholders' equity | | | | | | |
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| 31 March 2006 | 10 630 | 6 635 | -463 | 10 160 | 2 233 | 49 195 |
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| CONSOLIDATED KEY RATIOS | | |
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| | Q1/2007 | Q1/2006 |
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| Earnings per share, with comparable | | |
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| amount of shares EUR | 0.06 | 0.10 |
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| Earnings per with exact amount of shares, EUR | 0.06 | 0.11 |
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| Equity per share, with comparable | | |
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| amount of shares EUR | 2.29 | 2.29 |
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| Equity per share, with exact amount of shares, EUR | 2.29 | 2.32 |
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| Return on investment, ROI % p.a. | 14.2 | 23.1 |
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| Return on equity, ROE % p.a. | 10.5 | 17.0 |
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| Equity to assets ratio, % | 78.8 | 93 |
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| Stock price at end of period, EUR | 3.38 | 2.91 |
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| Number of personnel at the | | |
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| end of the period | 13 | 9 |
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| Private equity investments to | | |
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| equity ratio, % | 68.0 | 63.6 |
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| Investment commitments to | | |
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| equity ratio, % | 133.2 | 115.1 |
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| ROI and ROE ratios have been annualized based on the | | |
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| figures of the three month result of the year. | | |
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| *) The real amount of shares was 21 259 646 at | | |
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| the end of the reporting period 2006 | | |
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| CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | |
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| Book value of private equity funds 1 Jan 2007 | | 33 268 |
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| Increase through acquisition | | 914 |
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| Drawdowns to private equity funds | | 2 219 |
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| Return of capital | | -2 796 |
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| Net changes in the book values of | | |
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| private equity funds | | 1 924 |
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| Book value ofprivate equity funds 31 March 2007 | | 35 529 |
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REMAINING COMMITMENTS
Amanda Capital Plc's remaining commitments in private equity funds on 31 March
200t stood at EUR 34.0 million (EUR 25.3 million on 31 March 2006). Other
liabilities at the end of the reporting period was EUR 0.5 million (EUR 0.1
million).
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