2007-10-31 11:21:10 CET
2007-10-31 11:21:10 CET
REGULATED INFORMATION
Amanda Capital - Quarterly report
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 SEPTEMBER 2007
SUMMARY OF EVENTS IN JANUARY-SEPTEMBER - The Group's net sales totalled EUR 15.1 million (EUR 8.1 million from 1 January to 30 September 2006). - Consolidated earnings after taxes were EUR 9.3 million (EUR 5.3 million). - Earnings per share amounted to EUR 0.41 (EUR 0.23). - The equity to assets ratio was 90.6% (94.7%). - Equity per share was EUR 2.61 (EUR 2.41) at the end of the period under review. - The aggregate return of Amanda Capital Plc's private equity investments since the beginning of investment operations was 31.0% p.a.(IRR). SUMMARY OF EVENTS IN JULY-SEPTEMBER - The Group's net sales totalled EUR 10.7 million (EUR 1.8 million from 1 January to 30 September 2006). - Consolidated earnings after taxes were EUR 7.2 million (EUR 1.1 million). - Earnings per share amounted to EUR 0.33 (EUR 0.05). - A cash flow exceeding EUR 11 million was recognised as revenue from earlier informed exits during the period. In the previous interim report we assessed that this amount would be recognised in the second half of 2007. FINANCIAL DEVELOPMENT During the first nine months of 2007, the net sales from the management and consultation of private equity investments increased by 197.1% on the previous year. The growth of management fees was due to both the successful raising of capital to the Amanda III private equity fund and the acquisition of the Proventure companies. The share of management fees of the net sales fell to 22.7%, as the net investment income reached a record level. In Amanda's investment portfolio, consisting of 29 private equity funds, several exits were carried out during the third quarter of 2007, and many of these were also recognised as revenue during said quarter. Amanda made one new private equity fund investment during the period under review. Financial development in the first nine months of 2007 From 1 January to 30 September 2007, the consolidated net sales totalled EUR 15.1 million (EUR 8.1 million from 1 January to 30 September 2006). Fees from the management and consultation of private equity funds accounted for EUR 3.4 million (EUR 1.2 million) of the net sales. The net investment income totalled EUR 11.7 million (EUR 6.9 million). The profit for the first nine months of 2007 was EUR 9.3 million (EUR 5.3 million). The Group's expenses and depreciation totalled EUR 3.0 million (EUR 1.3 million). Personnel expenses amounted to EUR 1.1 million (EUR 0.6 million), and depreciation was EUR 0.6 million (EUR 0.2 million). Other operating expenses totalled EUR 1.3 million (EUR 0.5 million). Financial development in the third quarter of 2007 From 1 July to 30 September 2007, the consolidated net sales totalled EUR 10.7 million (EUR 1.8 million from 1 July to 30 September 2006). Fees from the management and consultation of private equity funds accounted for EUR 1.4 million (EUR 0.4 million) of the net sales. The net investment income was EUR 9.2 million (EUR 1.4 million), and the profit of the Group for the third quarter was EUR 7.2 million (EUR 1.1 million). The Group's expenses and depreciation totalled EUR 0.9 million (EUR 0.4 million). The share of personnel expenses was EUR 0.4 million (EUR 0.2 million), and depreciation amounted to EUR 0.2 million (EUR 0.06 million). Other operating expenses totalled EUR 0.3 million (EUR 0.2 million). BALANCE SHEET The consolidated balance sheet total was EUR 64.2 million (EUR 58.1 million), and shareholders' equity amounted to EUR 58.2 million (EUR 55.0 million). Amanda's equity to assets ratio was high at 90.6% (94.7%). Of the balance sheet total, 54.2% (56.0%) was invested in private equity funds and 34.1% (38.6%) in liquid assets. Consolidated goodwill amounted to 2.8% (3.1%) of the balance sheet total. BUSINESS ACQUISITIONS The Group made no business acquisitions in the third quarter of 2007. The merger of the Proventure companies, acquired in February 2007, with Amanda advances according to plans. Detailed information on the acquisition of the Proventure companies is presented in the appendices to this report. MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS The management and consultation of private equity investments generated EUR 3.4 million of net sales in the first nine months of 2007, which corresponds to plans. At the end of the period under review, the assets under Amanda's management totalled EUR 1.5 billion (original investment commitments). EUR 121.7 million of the assets under management were Amanda's own investment commitments, EUR 372.5 million assets in the private equity funds of funds managed by Amanda, and EUR 1 054.9 million were covered by consultation. With these assets, investments have been made in more than 100 private equity funds in Europe, the US, Asia, and Russia. The raising of funds to the Amanda IV West private equity fund of funds, which was established by Amanda in June, was launched in autumn, and the fund will hold its first closing in the fourth quarter of 2007. PRIVATE EQUITY FUNDS In the third quarter of 2007, Amanda Capital Plc made an investment commitment of five million euros in the MB Equity Fund IV private equity fund. MB Equity Fund IV is a Finnish private equity fund, which will continue with the previous investment strategy of MB Funds. The investment object of MB Funds consists of medium-sized companies in Scandinavia. Amanda has investments in 25 private equity funds and four private equity funds of funds under the company's own management. Amanda's degree of investment (book value of private equity investments per equity) was 59.8% (59.1%). Amanda's over-commitment degree was 155.0% (128.5%). In the first nine months of 2007, the private equity funds called in capital in the amount of approximately EUR 6.6 million and returned approximately EUR 7.6 million to the company as capital returns and EUR 11.7 million as distribution of profits. Information on Amanda's current private equity fund investments can be found on the company website at www.amandacapital.fi. NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS The private equity funds in Amanda's investment portfolio made new investments moderately in the third quarter of 2007, e.g.: The MB IV private equity fund has acquired a company called Forchem Oy, which has one of the largest tall oil refineries in the world. Forchem's products are used in a number of chemical industry applications, such as paints, coatings, fuel additives, adhesives, printing inks, and pulp and paper chemicals. The Montagu III private equity fund acquired a company called Jemella Group together with the company's operative management. The company is a leading manufacturer and marketer of hair styling products, and it operates under the brand ”ghd”. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS The most significant exits recognised as revenue during the third quarter: The Charterhouse VII private equity fund has sold its holding in Saga to a new company to be established. This transaction will bring together two companies, Saga and AA. Saga's business includes insurance operations, financial services, holidays, cruises, publishing operations and other services targeted at people aged 50 and over. AA is the UK's leading motoring organisation with more than 15 million members. AA's business operations also include insurance brokerage, publishing operations, and a driving school. The EQT IV private equity fund sold shares of its investment object Tognum in an IPO. The EQT IV private equity fund's holding in Tognum will fall from 84.1% to 19.9%. Tognum manufactures diesel engines for fast speed ferries, large yachts and armoured vehicles. The MB Equity Fund II has sold its holding in Inspecta Ltd to the private equity investor 3i. Inspecta Ltd is a company that offers testing, inspection and certification services. Its core business involves ensuring the safety, reliability, usability and quality of a variety of technical devices, assemblies, products, or processes within, e.g. the industrial sector, energy production, construction and retail. MB Funds has, together with the other owners, sold Medivire Työterveyspalvelut to Suomen Terveystalo. Suomen Terveystalo is the largest group of private medical centres in Finland and it provides health care and nursing services. The Permira Europe III private equity fund has sold SBS Broadcasting to ProSiebenSat 1 Media Ag. SBS is one of Europe's leading companies engaged in radio and television broadcasting. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Amanda shares acquired for hedging the share-based incentive plan for the Group personnel, which the Board of Directors of Amanda decided on in June, are interpreted as acquisition of own shares in accordance with IFRS. At the end of the period under review, Amanda held a total of 476 000 own shares. On 30 September 2007, Amanda Capital Plc had 3 608 shareholders. The ten largest shareholders as of 30 September 2007 -------------------------------------------------------------------------------- | | Share of shares and | | | voles, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Berling Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Umo Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Sampo Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Nordea Fennia Plus mutual fund | 1.8 | -------------------------------------------------------------------------------- | Ab Kelonia Ab | 1.8 | -------------------------------------------------------------------------------- PERSONNEL At the end of the period under review, the Group had 14 employees (10). ESSENTIAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE OPERATIONS The risks associated with Amanda Group's business mainly consist of investment-related risks, i.e. the market risk and foreign exchange risk. Risks are managed comprehensively through an investment process and investment strategy confirmed by Amanda Capital Plc's Board of Directors. The investment objects are selected through an investment process, in which the Investment Committee screens potential investment objects that are subjected to a Due Diligence review that covers the fund's return history, personnel, documentation and other factors essentially related 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 bankrupt's estate and Interavanti Oyj. On 19 September 2005, Interavanti Oyj and Interglobia's bankrupt's estate filed an appeal against the decision by Helsinki District Court with the Court of Appeal. Amanda Capital's management, Board of Directors and legal advisers regard the lawsuits as unfounded. The legal processes do not as such have any impact on Amanda Capital Plc's regular business operations. PRINCIPLES FOR DRAWING UP THE REPORT The interim report has been prepared in accordance with International Financial Reporting Standards, IFRS, and IAS 34 Interim Financial Reporting, approved by the EU. In the preparation of the interim report, Amanda has applied the same principles as in the financial statements for the year 2006. Also the calculation for key ratios is shown in the financial statements for the year 2006. The Proventure companies, which were acquired by Amanda Capital Plc on 9 February 2007, have been consolidated with Amanda Group from 1 January 2007. As for the net investment income, Amanda Capital's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The administration of the personnel incentive plan, which the Board of Directors of Amanda decided on on 15 June 2007, has been outsourced to Alexander Management Ltd. As part of the outsourcing, Alexander Management has purchased a number of Amanda shares from the market. These purchases are treated as purchases of own shares in IFRS reporting. The information in the interim report has not been audited. EVENTS AFTER THE PERIOD UNDER REVIEW After the period under review, Amanda has continued to raise capital to the Amanda IV West private equity fund established by Amanda in June. The fund will hold its first closing in the fourth quarter of 2007. OUTLOOK OF THE PRIVATE EQUITY MARKET The private equity market has grown strongly in both Europe and globally, particularly in the past two years. In 2006, private equity funds raised record amounts of capital in Europe, about EUR 112 billion. This growth seems to continue in 2007, as more capital has been raised to private equity funds during the first nine months of the year than during the corresponding period in 2006, both in Europe and the US. The third quarter of the year was, none the less, the poorest fund raising quarter in more than two years. Private equity funds have also been fairly successful in finding investment objects for their increased assets, and the well-functioning exit market has made exits from the target companies possible. The large amount of money that has flown into the industry and the good liquidity of the debt market have increased the average prices paid for companies during the past few years. The recent uncertainty in the corporate loan market may cause problems for certain individual target companies of private equity funds that have a high share of debt financing. The most part of the private equity market, however, uses debt financing moderately and makes appropriately priced investments that continue to yield a return that is typical of the private equity industry. In the second half of 2007, there have been some signs that the exit market will not reach the same level as the unexceptionally fast exits market in 2006 and the first half of 2007. COMPANY OUTLOOK Over the past two years, Amanda has expanded its business from investment operations to the management and consultation of private equity investments by carrying out two business acquisitions and by establishing two private equity funds. The management of private equity investments is characterised by long-term management agreements that produce a stable cash flow and improve the predictability of the company's net sales and result. The expansion of business operations has reduced the sensitivity of Amanda's result to fluctuations in investment income. The company aims at increasing its management operations in future, too, both organically by establishing new funds and through possible business acquisitions. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2007. Amanda has continued its selective investment operations and has mainly concentrated its investments in private equity funds targeting more mature companies. This strategy has resulted in excellent returns, and the long-term returns on investments are expected to remain good for the foreseeable future. A quarter is however too short a period for measuring the success of investment operations in the private equity business, where the investment horizon is several years. AMANDA CAPITAL PLC Board of Directors Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 6011 Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi APPENDIX: TABLES -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, | | | | | | EUR 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 7-9/07 | 7-9/06 | 1-9/07 | 1-9/06 | 1-12/06 | -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 9 278 | 1 372 | 11 705 | 6 927 | 7 557 | -------------------------------------------------------------------------------- | | Management fees | 1 401 | 436 | 3 372 | 1 151 | 1 812 | -------------------------------------------------------------------------------- | | Total | 10 679 | 1 808 | 15 077 | 8 078 | 9 369 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -223 | -62 | -585 | -185 | -246 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating expenses | -664 | -324 | -2 371 | -1 074 | -1 576 | -------------------------------------------------------------------------------- | | Total | -887 | -386 | -2 956 | -1 259 | -1 822 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 9 792 | 1 423 | 12 121 | 6 819 | 7 547 | -------------------------------------------------------------------------------- | | Financial income and | 47 | 123 | 483 | 340 | 536 | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE APPROPRIATIONS | | | | | | -------------------------------------------------------------------------------- | AND TAXES | 9 839 | 1 546 | 12 604 | 7 159 | 8 083 | -------------------------------------------------------------------------------- | | Appropriations and | | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | | -------------------------------------------------------------------------------- | | the period's profit | -2 590 | -402 | -3 288 | -1 838 | -2 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | 7 249 | 1 144 | 9 316 | 5 321 | 6 009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.32 | 0.05 | 0.41 | 0.23 | 0.26 | -------------------------------------------------------------------------------- | Earnings per share less own | 0.33 | 0.05 | 0.42 | 0.23 | 0.26 | | shares, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.9.2007 | 30.9.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 6 818 | 3 129 | 3 054 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 34 840 | 32 491 | 33 268 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 156 | 47 | 334 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 16 339 | 18 166 | 19 397 | -------------------------------------------------------------------------------- | | Cash | 6 088 | 4 237 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 64 241 | 58 070 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 58 228 | 54 972 | 56 395 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Non-current liabilities | 0 | 166 | 0 | -------------------------------------------------------------------------------- | | Current liabilities | 6 013 | 2 932 | 2 643 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 6 013 | 3 098 | 2 643 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 64 241 | 58 070 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR | | | | | | 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 7-9/07 | 7-9/06 | 1-9/07 | 1-9/06 | 2006 | -------------------------------------------------------------------------------- | OPERATIONS | | | | | | -------------------------------------------------------------------------------- | | Operating profit | 9 792 | 1 423 | 12 121 | 6 819 | 7 547 | -------------------------------------------------------------------------------- | | Depreciation and | 223 | 48 | 585 | 170 | 245 | | | write-downs | | | | | | -------------------------------------------------------------------------------- | | Investments available for | | | | | | | | sale | | | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | | | -------------------------------------------------------------------------------- | | decrease (+) | 8 126 | -1 428 | -2 105 | -452 | -1 454 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | | | -------------------------------------------------------------------------------- | | decrease (+) | -7 462 | -1 366 | 3 591 | -2 909 | -4 140 | -------------------------------------------------------------------------------- | | Change in fair value | -6 160 | 431 | 1 069 | -2 336 | -1 665 | | | reserve | | | | | | -------------------------------------------------------------------------------- | | Change in tax | | | | | | -------------------------------------------------------------------------------- | | liability/receivable | -1 899 | 60 | 1 492 | -889 | -581 | -------------------------------------------------------------------------------- | | Investments available for | | | | | | | | sale, | | | | | | -------------------------------------------------------------------------------- | | total change | -7 395 | -2 303 | 4 047 | -6 586 | -7 840 | -------------------------------------------------------------------------------- | | Change in working capital | | | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | | | -------------------------------------------------------------------------------- | | decrease (+) | 457 | -195 | 179 | -256 | -319 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | | | -------------------------------------------------------------------------------- | | decrease (-) | 2 363 | 244 | 1 877 | 626 | 29 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | 0 | -36 | 0 | -107 | -273 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working | 2 820 | 13 | 2 056 | 263 | -563 | | capital | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Dividends paid | 0 | 0 | -6 830 | -3 189 | -3 189 | -------------------------------------------------------------------------------- | | Personnel issue paid over | 63 | 0 | 63 | 0 | 128 | | | par | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations | | | | | | | | before | | | | | | -------------------------------------------------------------------------------- | | financial items and taxes | 5 503 | -819 | 12 042 | -2 523 | -3 672 | -------------------------------------------------------------------------------- | | Financial income and | 47 | 124 | 483 | 340 | 536 | | | expenses | | | | | | -------------------------------------------------------------------------------- | | Deferred taxes | -2 591 | -402 | -3 288 | -1 838 | -2 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | 2 959 | -1 097 | 9 237 | -4 021 | -5 210 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | | Acquisition of subsidiary | 0 | 0 | -4 349 | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | | -------------------------------------------------------------------------------- | | Payment from share issue | 0 | 3 864 | 0 | 3 864 | 3 800 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -781 | 0 | -1 785 | 0 | 0 | -------------------------------------------------------------------------------- | | Total Financing | -781 | 3 864 | -1 785 | 3 864 | 3 800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid | 2 178 | 2 767 | 3 103 | -157 | -1 410 | | assets | | | | | | -------------------------------------------------------------------------------- | Liquid assets at the | | | | | | | beginning | | | | | | -------------------------------------------------------------------------------- | of the period | 3 910 | 1 471 | 2 985 | 4 395 | 4 395 | -------------------------------------------------------------------------------- | Liquid assets at the end | | | | | | -------------------------------------------------------------------------------- | of the period | 6 088 | 4 238 | 6 088 | 4 238 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank deposits. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Other | Fair | Retaine | Profit | Total | | | | capital | reserv | value | d | | | | | | | es | reserv | earning | | | | | | | | e | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 | 11 384 | 29 681 | -968 | 16 298 | | 56 395 | -------------------------------------------------------------------------------- | | Changes in | | | | | | | | | Investments | | | | | | | -------------------------------------------------------------------------------- | | Available for | | | 1 069 | | | 1 069 | | | Sale | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 9 316 | 9 316 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | -6 830 | | -6 830 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Own shares | | -1 785 | | | | -1 785 | | | according to IFRS | | | | | | | -------------------------------------------------------------------------------- | | Changes/correctio | | | | 62 | | 62 | | | ns | | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 September 2007 | 11 384 | 27 896 | 101 | 9 530 | 9 316 | 58 227 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2006 | 10 630 | 26 635 | 698 | 13 349 | | 51 312 | -------------------------------------------------------------------------------- | | Changes in | | | | | | 0 | | | Investments | | | | | | | -------------------------------------------------------------------------------- | | Available for | | | -2 336 | | | -2 336 | | | Sale | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 5 321 | 5 321 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | -3 189 | | -3 189 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Personnel Issue | 754 | 3 046 | | 64 | | 3 864 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 September 2006 | 11 384 | 29 681 | -1 638 | 10 224 | 5 321 | 54 972 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | | -------------------------------------------------------------------------------- | | 1-9/07 | 1-9/06 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.41 | 0.23 | 0.26 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | 0.42 | 0.23 | 0.26 | -------------------------------------------------------------------------------- | Equity per share | 2.56 | 2.33 | 2.48 | -------------------------------------------------------------------------------- | Equity per share, lessa own shares, EUR | 2.61 | 2.33 | 2.48 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 21.7 | 22.2 | 15.0 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 21.7 | 16.6 | 11.2 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 90.6 | 94.6 | 95.5 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 3.36 | 2.89 | 3.43 | -------------------------------------------------------------------------------- | Number of personnel at the | | | | -------------------------------------------------------------------------------- | end of the period | 14 | 9 | 10 | -------------------------------------------------------------------------------- | Private equity investments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 59.8 | 59.1 | 59.0 | -------------------------------------------------------------------------------- | Investment commitments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 155.0 | 117.0 | 121.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ROI and ROE ratios have been annualized based | | | | | on the | | | | -------------------------------------------------------------------------------- | nine months figures for the financial year. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total | | | | | amount | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2007 | | 33 268 | -------------------------------------------------------------------------------- | Increase through acquisition | | 914 | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | | 6 592 | -------------------------------------------------------------------------------- | Return of capital from the funds | | -7 593 | -------------------------------------------------------------------------------- | Net changes in the book values of | | | -------------------------------------------------------------------------------- | private equity funds | | 1 659 | -------------------------------------------------------------------------------- | Book value ofprivate equity funds 30 September 2007 | | 34 840 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The following assets and liabilities have been | | -------------------------------------------------------------------------------- | booked for the acquired | | | | | bussiness | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | Net fair value of | | Book value before | -------------------------------------------------------------------------------- | | identifiable | | the business | | | asset | | | -------------------------------------------------------------------------------- | | and liabilitsies | | combination | -------------------------------------------------------------------------------- | Intangible asset | 4.2 | | 0.0 | -------------------------------------------------------------------------------- | Tangible assets | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Receivables | 9.1 | | 9.1 | -------------------------------------------------------------------------------- | Investments in private equity | 0.9 | | 0.9 | | funds | | | | -------------------------------------------------------------------------------- | Other investments | 0.7 | | 0.7 | -------------------------------------------------------------------------------- | Cash and Cash equivalents | 0.3 | | 0.3 | -------------------------------------------------------------------------------- | Total | 15.2 | | 11.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing liabilities | 0.5 | | 0.5 | -------------------------------------------------------------------------------- | Other liabilities | 0.7 | | 0.7 | -------------------------------------------------------------------------------- | Deferred Tax liabilities | 1.1 | | 0.0 | -------------------------------------------------------------------------------- | Other interest free | 2.7 | | 2.7 | | liabilities | | | | -------------------------------------------------------------------------------- | Total | 4.9 | | 3.8 | -------------------------------------------------------------------------------- | Net Asset Value | 10.3 | | 7.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase price paid in cash | 10.0 | | | -------------------------------------------------------------------------------- | Professional fees | 0.3 | | | -------------------------------------------------------------------------------- | Acquisition cost | 10.3 | | | -------------------------------------------------------------------------------- | Net asset value of acquired | 10.3 | | | | companies | | | | -------------------------------------------------------------------------------- | Goodwill | 0.0 | | | --------------------------------------------------------------------------------
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