2016-02-04 09:30:00 CET
2016-02-04 09:30:00 CET
REGLAMENTUOJAMA INFORMACIJA
Leverator - Financial Statement Release
LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2015
Leverator Plc Financial Statements Bulletin 4 February 2016 at 10.30 a.m.
EET
LEVERATOR PLC FINANCIAL STATEMENTS BULLETIN 1 JANUARY – 31 DECEMBER 2015
Business
Leverator Plc’s (“Leverator” or the “Issuer”) business consists of the issue of
bonds and the grant of loans to CapMan Mezzanine IV L.P. mezzanine fund (“CMM
IV” or the “Fund”). 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 Helsinki).
Bonds
Leverator has issued a serial loan with a fixed coupon interest of 8.162% (the
“Bonds”). 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 Bonds totalled MEUR 192 on 18 June
2009. The maturity of the Bonds was extended by two years and they mature on 21
June 2018. Leverator has a call option to repay the Bonds or part thereof not
earlier than 22 June 2009.
The Bonds’ outstanding principal totalled EUR 70,313,856 on 31 December 2015.
Leverator did not make any instalments of the Bond in 2015.
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, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 2015 was EUR 0, because the Issuer’s interest earnings
and interest expenses are presented as financial items in the income statement.
Leverator’s operating loss was EUR 117,680 (EUR 83,079 for 2014) and financial
income and expenses totalled EUR 175,863 (EUR 206,740). The result for the year
was EUR 46,547 (EUR 98,311).
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 2015
MEUR
Outstanding balance to Leverator 70.3
CMM IV’s mezzanine loans and associated options and shares:
- acquisition cost* 39.8
- value appreciation* -6.3
Net cash assets
- bank deposits 0.6
- Leverator/accumulated interest -0.2
Commitments at call from Limited Partners 9.0
Clawback at call 10.9
-----
-----
Total 53.7
* Figures by CMM IV's management company, as reported or with a discount.
CMM IV's financial assets were EUR 16.6 million below the total loan
receivables of Leverator on 31 December 2015 and therefore the latter's
receivable due from CMM IV presented below cannot be booked in full. CMM IV’s
financial assets were EUR 10.8 million below the total loan receivables of
Leverator on 30 September 2015 and EUR 6.6 million below on 31 December 2014.
The deterioration of CMM IV’s solvency was mainly due to the value depreciation
of one portfolio company investment.
Due to the requirement from the senior lenders, CMM IV has been required to
partly convert its loans to portfolio companies into preferred shares and
extend the loan terms of the remaining loans to portfolio companies beyond the
original loan terms. Developments in the general market environment in the next
few years may continue to cause difficulties for Fund portfolio companies to
pay interest on their mezzanine loans and repay principal to the Fund in
accordance with the revised loan terms. Restrictions in the portfolio
companies’ senior loan agreements may in certain cases prevent the companies
from meeting their interest payments during 2016 despite revisions of the
original loan terms. The aforementioned issues might, in turn, weaken the
Fund’s ability to meet its debt to Leverator Plc in full, which would affect
Leverator’s solvency. It is possible that CMM IV’s solvency weakens further
during 2016.
According to the management company the targeted exit valuations of CMM IV’s
mezzanine loans and associated options and shares are higher than their current
valuation, and therefore the Fund may potentially be able to pay back the loan
to Leverator. Given the two year extension to the Bond’s maturity and the
maturity of Leverator’s loans to CMM IV, it is possible that the value of the
Fund’s portfolio by the time of the Bond’s maturity in June 2018, in addition
to commitments at call from Limited Partners, would be sufficient for the Fund
to meet its obligations to Leverator in full. This outlook is highly uncertain.
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 2015
MEUR
Balance of the Bonds at nominal value 70.3
Leverator’s receivable from CMM IV at nominal value 70.3
Net cash assets 1.1
CMM IV’s solvency deficit -16.6
------
------
Total 54.8
At current value Leverator’s solvency is below 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. The balance of the Bonds was booked as a current
liability and the receivable from CMM IV was booked as a current asset as of 31
December 2015. The Bonds’ maturity, and by extension the maturity of the loan
to CMM IV, was extended by two years in January 2016, and the balance should
therefore be considered a non-current liability and the receivable a
non-current asset when assessing Leverator’s solvency. 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 2015 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 Jari Pussinen, and Mr Kyösti Ylikortes. The members elected Mr
Tatu Hemmo as Chairman of the Board.
Events after the end of the financial year
Leverator’s bondholders approved on 20 January 2016 the proposal by the Board
of Directors to extend the maturity of the Bonds by two years to 21.6.2018. The
consent relating to this extension becomes effective on the condition that
Leverator (i) makes an additional redemption (outside Condition 6 (b) of the
terms and conditions of the Bonds) in a total amount of EUR 12.6 million on 15
February 2016 to the relevant bondholders holding Bonds on such date, and (ii)
deposits a consent fee of 2% of the outstanding principal amount after all
redemptions made as at 21.6.2016 to an escrow account. The coupon of the Bonds
and other terms remain the same.
Future outlook
Due to the requirement from the senior lenders, CMM IV has been required to
partly convert its loans to portfolio companies into preferred shares and
extend the loan terms of the remaining loans to portfolio companies beyond the
original loan terms. Developments in the general market environment in the next
few years may continue to cause difficulties for Fund portfolio companies to
pay interest on their mezzanine loans and repay principal to the Fund in
accordance with the revised loan terms. Restrictions in the portfolio
companies’ senior loan agreements may in certain cases prevent the companies
from meeting their interest payments during 2016 despite revisions of the
original loan terms. The aforementioned issues might, in turn, weaken the
Fund’s ability to meet its debt to Leverator Plc in full, which would affect
Leverator’s solvency. It is possible that CMM IV’s solvency weakens further
during 2016.
According to the management company the targeted exit valuations of CMM IV’s
mezzanine loans and associated options and shares are higher than their current
valuation, and therefore the Fund may potentially be able to pay back the loan
to Leverator. Given the two year extension to the Bond’s maturity and the
maturity of Leverator’s loans to CMM IV, it is possible that the value of the
Fund’s portfolio by the time of the Bond’s maturity in June 2018, in addition
to commitments at call from Limited Partners, would be sufficient for the Fund
to meet its obligations to Leverator in full. This outlook is highly uncertain.
It is probable that Leverator’s interest earnings will cover its interest
payable and other expenses in 2016.
Leverator Plc will publish its Interim Report 1 January–31 March 2016 on 4 May
2016.
Helsinki 4 February 2016
LEVERATOR PLC
Board of Directors
For further information, please contact:
Olli Liitola, CEO, tel. +358 400 605 040
DISTRIBUTION
NASDAQ Helsinki
Principal media
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 2015 has been prepared
in compliance with International Financial Reporting Standards (IFRS). The
information presented is audited.
LEVERATO
R PLC
INCOME
STATEME
NT, IFRS
EUR 1.10.- 31.12.2015 1.1.-31.12.2015 1.10.- 31.12.2014 1.1.-31.12.2014
--------------------------------------------------------------------------------
Turnover 0 0 0 0
Personne -28,800 -28,800 -26,400 -26,400
l
expense
s
Other -50,354 -88,880 -13,381 -56,679
operati
ng
expense
s
Operatin -79,154 -117,680 -39,781 -83,079
g loss
Financia 44,025 175,863 44,027 206,740
l income
and
expense
s
Profit -35,130 58,184 4,246 123,661
before
taxes
Income 7,026 -11,637 -1,467 -25,350
taxes
Profit -28,103 46,547 2,779 98,311
for the
financi
al year
Total comprehensive income,
IFRS
The
company
does
not
have
items
included
in
compreh
ensive
income.
Earnings
per
share:
Earnings -0.0273 0.0453 0.0027 0.0956
per
share,
€
LEVERATOR PLC
BALANCE SHEET, IFRS
EUR 31/12/2015 31/12/2014
-----------------------------------------------------
ASSETS
Non-current assets
Investments
Other investments 0 70,313,856
Total non-current assets 0 70,313,856
Current assets
Investments
Other investments 70,313,856 0
Current receivables 184,606 186,890
Cash and bank 1,057,700 998,426
Total current assets 71,556,162 1,185,316
TOTAL ASSETS 71,556,162 71,499,173
EUR 31/12/2015 31/12/2014
-----------------------------------------------------
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity
Share capital 102,857 102,857
Retained earnings 938,984 840,673
Profit for the financial year 46,547 98,311
Total shareholders' equity 1,088,388 1,041,841
Liabilities
Non-current liabilities 0 70,313,856
Current liabilities 70,467,774 143,475
Total liabilities 70,467,774 70,457,331
TOTAL SHAREHOLDERS' EQUITY 71,556,162 71,499,173
AND LIABILITIES
LEVERATOR PLC
STATEMENT OF CHANGES IN EQUITY, IFRS
Share Other Retained Total
capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2014 102,857 0 938,984 1,041,841
Profit for the 46,547 46,547
financial year
--------------------------------------------------------
Equity on 31.12.2015 102,857 0 985,531 1,088,388
--------------------------------------------------------------------------------
Share Other Retained Total
capital reserves earnings equity
--------------------------------------------------------------------------------
Equity on 31.12.2013 102,857 0 840,673 943,530
Profit for the 98,311 98,311
financial year
--------------------------------------------------------
Equity on 31.12.2014 102,857 0 938,984 1,041,841
--------------------------------------------------------------------------------
LEVERATOR PLC
CASH FLOW STATEMENT, IFRS
EUR 1-12/2015 1-12/2014
--------------------------------------------------------------
Cash flow from operations
Operating profit 46,547 98,311
Other adjustments to operating profit -163,057 -219,551
Interest paid -5,739,017 -6,800,087
Interest received 5,914,802 7,008,453
Cash flow from operations 59,275 87,125
Cash flow from investments
Change in long-term loan receivables 0 26,000,256
Cash flow from investments 0 26,000,256
Financial cash flow
Change in long-term liabilities 0 -26,000,256
Financial cash flow 0 -26,000,256
Change in cash funds 59,275 87,125
Cash funds at start of the period 998,426 911,301
Cash funds at end of the period 1,057,700 998,426
Olli Liitola, CEO, p. +358 400 605 040
© 2024 Nasdaq, Inc. All Rights Reserved |
| Slapukai |