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2009-10-30 10:45:00 CET 2012-02-03 16:01:26 CET REGULATED INFORMATION Leverator - Interim report (Q1 and Q3)LEVERATOR PLC INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2009Leverator Plc Stock Exchange Release 30 October 2009 at 11.45 a.m. LEVERATOR PLC INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2009 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. 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 -------------------------------------------------------------------------------- | Issued tranches (trading code LEVJ816216) | -------------------------------------------------------------------------------- | Tranche | Issue date | Size of the | Date of | Subscription | | | | tranche, | listing | price, % | | | | MEUR | | | -------------------------------------------------------------------------------- | 1st tranche | 12 July 2004 | 8.0 | 13 July 2004 | 100.00 | -------------------------------------------------------------------------------- | 2nd tranche | 5 June 2006 | 40.0 | 13 June 2006 | 99.137 | -------------------------------------------------------------------------------- | 3rd tranche | 28 March 2007 | 48.0 | 13 April 2007 | 98.290 | -------------------------------------------------------------------------------- | 4th tranche | 28 April 2009 | 36.0 | 5 May 2009 | 97.389 | -------------------------------------------------------------------------------- | 5th tranche | 18 June 2009 | 60.0 | 25 June 2009 | 98.468 | -------------------------------------------------------------------------------- Leverator issued fourth and fifth tranches during the review period. The size of the fourth tranche was MEUR 36.0 and the subscription price was 97.389%. The tranche was listed on 5 May 2009. The size of the fifth tranche was MEUR 60.0 and the subscription price was 98.468 %. The fifth and last tranche was listed on 25 June 2009. During the review period Leverator forwarded a total of MEUR 96.0 loan to CMM IV from the proceeds received from the issue of the fourth and fifth tranches. 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 61,124 (EUR 37,380 for the review period 1 January - 30 September 2008) and financial income and expenses totalled EUR 134,175 (EUR 102,837). The result for the review period was EUR 43,392 (EUR 36,645). 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 -------------------------------------------------------------------------------- | | MEUR | -------------------------------------------------------------------------------- | Outstanding balance to Leverator | 192.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CMM IV's mezzanine loans and associated options and shares: | | -------------------------------------------------------------------------------- | - acquisition cost | 164.8 | -------------------------------------------------------------------------------- | - value appreciation | -3.3 | -------------------------------------------------------------------------------- | Net cash assets | 40.9 | -------------------------------------------------------------------------------- | Commitments at call from Limited Partners | 10.0 | -------------------------------------------------------------------------------- | Clawback at call | 10.9 | -------------------------------------------------------------------------------- | Total | 223.3 | -------------------------------------------------------------------------------- The values given above are reported by CMM IV's management company. Net cash assets MEUR 40.9 include MEUR 5 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 -------------------------------------------------------------------------------- | | MEUR | -------------------------------------------------------------------------------- | Balance of bonds at nominal value | 192.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leverator's receivable from CMM IV at nominal value | 192.0 | -------------------------------------------------------------------------------- | Net cash assets | 0.6 | -------------------------------------------------------------------------------- | Total | 192.5 | -------------------------------------------------------------------------------- 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 management On 12 May 2009 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 Hannu Tarkkonen and Mr Kyösti Ylikortes. The members elected Mr Jyrki Orpana 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. The amount of unpaid interest receivables mentioned under CMM IV's solvency is expected to rise during 2009-2010. 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 2009 and 2010. Leverator Plc will publish its Financial Statements 1 January - 31 December 2009 on 5 February 2010. Helsinki 30 October 2009 LEVERATOR PLC Board of Directors For further information, please contact: Martti Timgren, CEO, tel. +358 207 207 582 or mobile +358 50 531 9772 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 September 2009 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 2008. The Interim Report has not been audited. APPENDIX 1. INCOME STATEMENT, BALANCE SHEET, STATEMENT OF CHANGES IN EQUITY AND CASH FLOW STATEMENT -------------------------------------------------------------------------------- | INCOME STATEMENT, | | | | | | | IFRS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | 1.7.- | 1.1.- | 1.7.- | 1.1.- | 1.1.- | | | 30.9.20 | 30.9.20 | 30.9.2008 | 30.9.200 | 31.12.200 | | | 09 | 09 | | 8 | 8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel expenses | 0 | 0 | 0 | 0 | -23 200 | -------------------------------------------------------------------------------- | Other operating | -27 187 | -61 124 | -8 949 | -37 380 | -52 963 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating loss | -27 187 | -61 124 | -8 949 | -37 380 | -76 163 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | 60 409 | 134 175 | 34 890 | 102 837 | 161 429 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss before | 33 222 | 73 051 | 25 941 | 65 457 | 85 266 | | taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -13 013 | -29 659 | -11 933 | -28 812 | -35 758 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for the | 20 209 | 43 392 | 14 008 | 36 645 | 49 508 | | financial year | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, € | 0,0196 | 0,0422 | 0,0136 | 0,0356 | 0,0481 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | 30.9.2009 | 30.9.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fixed assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | | | | -------------------------------------------------------------------------------- | Other investments | 189 622 237 | 95 165 361 | 95 289 749 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total fixed assets | 189 622 237 | 95 165 361 | 95 289 749 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Deferred tax assets | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Short-term receivables | 4 756 858 | 2 573 133 | 508 144 | -------------------------------------------------------------------------------- | Cash and bank | 466 563 | 286 513 | 377 480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total current assets | 5 223 421 | 2 859 646 | 885 624 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 194 845 658 | 98 025 007 | 96 175 373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | 102 857 | 102 857 | 102 857 | -------------------------------------------------------------------------------- | Other reserves | 231 989 | 231 989 | 231 989 | -------------------------------------------------------------------------------- | Retained earnings | -89 528 | -139 036 | -139 036 | -------------------------------------------------------------------------------- | Profit/loss for the financial | 43 392 | 36 645 | 49 508 | | year | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total shareholders' equity | 288 710 | 232 455 | 245 318 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital loan | 600 000 | 545 319 | 558 915 | -------------------------------------------------------------------------------- | Long-term liabilities | 189 226 474 | 94 980 008 | 95 132 348 | -------------------------------------------------------------------------------- | Short-term liabilities | 4 665 196 | 2 238 552 | 203 173 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 65 278 | 28 673 | 35 619 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 194 556 948 | 97 792 552 | 95 930 055 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- | AND LIABILITIES | 194 845 658 | 98 025 007 | 96 175 373 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY, IFRS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Retained | Total equity | | | capital | reserves | earnings | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -89 528 | 245 318 | | 31.12.2008 | | | | | -------------------------------------------------------------------------------- | Profit for the | | | 43 392 | 43 392 | | financial year | | | | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -46 136 | 288 710 | | 30.9.2009 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Retained | Total equity | | | capital | reserves | earnings | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -139 036 | 195 810 | | 31.12.2007 | | | | | -------------------------------------------------------------------------------- | Profit for the | | | 36 645 | 36 645 | | financial year | | | | | -------------------------------------------------------------------------------- | Equity on | 102 857 | 231 989 | -102 391 | 232 455 | | 30.9.2008 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENT, IFRS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | 1-9/2009 | 1-9/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Operating profit/loss | 43 392 | 36 645 | 49 508 | -------------------------------------------------------------------------------- | Other adjustments to operating | -111 241 | -91 592 | -136 513 | | profit | | | | -------------------------------------------------------------------------------- | Interest paid | -7 835 520 | -3 917 760 | -7 835 520 | -------------------------------------------------------------------------------- | Interest received | 4 548 088 | 4 039 965 | 8 080 750 | -------------------------------------------------------------------------------- | Cash flow from operations | -3 355 281 | 67 258 | 158 225 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments | | | | -------------------------------------------------------------------------------- | Investments in other | -94 140 840 | 0 | 0 | | placements | | | | -------------------------------------------------------------------------------- | Cash flow from investments | -94 140 840 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial cash flow | | | | -------------------------------------------------------------------------------- | Change in long-term | 97 585 204 | 0 | 0 | | liabilities | | | | -------------------------------------------------------------------------------- | Financial cash flow | 97 585 204 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash funds | 89 083 | 67 258 | 158 225 | -------------------------------------------------------------------------------- | Cash funds at start of the | 377 480 | 219 255 | 219 255 | | period | | | | -------------------------------------------------------------------------------- | Cash funds at end of the | 466 563 | 286 513 | 377 480 | | period | | | | -------------------------------------------------------------------------------- |
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