2010-05-05 14:02:21 CEST
2010-05-05 14:03:18 CEST
REGULATED INFORMATION
Amanda Capital - Company Announcement
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2010
AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 5 MAY 2010 AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2010 SUMMARY OF THE EVENTS IN JANUARY-MARCH - The Group's management fees totalled EUR 1.0 million (EUR 1.1 million from 1 Jan. to 31 March 2009). - The Group's net investment income was EUR 0.4 million (EUR -2.4 million) - The Group's operating profit was EUR 0.6 million (EUR -2.2 million). - Consolidated earnings after taxes were EUR 0.3 million (EUR -1.6 million). - Earnings per share were EUR 0.013 (EUR -0.07). - The equity to assets ratio was 91.2% (91.1%). - Equity per share was EUR 1.76 (EUR 1.66) at the end of the period under review. - The aggregate return of Amanda Group's private equity investments since the beginning of the investment operations was 22.1% p.a.(IRR). FINANCIAL ENVIRONMENT During the period under review (1 January to 31 March 2010), the net sales from the management and consultation of private equity investments totalled EUR 1.0 million. The net investment income was EUR 0.4 million. The private equity portfolio gave a profit of EUR 0.4 million during the period under review. During the period, the assets under management remained at the same level as at the end of 2009, approximately EUR 2 600 million. The private equity market continued to be challenging, but the positive signs of recovery in the market, which could be seen towards the end of 2009, continued during the period under review. During the period, some exits took place in Amanda's investment portfolio consisting of 28 private equity funds, and the market values of the target funds continued to increase, following the trend that began in the last quarter of 2009. Consequently, we estimate that we saw the bottom of the private equity investment market at the end of 2009, and that a turn for the better has taken place. Due to the market situation, the exit market is, however, likely to remain challenging in the near future as well. Financial development in the period under review The fees from the management and consultation of private equity funds totalled EUR 1.0 million from 1 January to 31 March 2010 (EUR 1.1 million from 1 Jan. to 31 March 2009). The net investment income was EUR 0.4 million (EUR -2.4 million). The net sales of the Group were EUR 1.4 million (EUR -1.3 million). The profit for the period was EUR 0.3 million (EUR -1.6 million). The Group's expenses and depreciation totalled EUR 0.8 million (EUR 0.9 million). Personnel expenses amounted to EUR 0.3 million (EUR 0.3 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.3 million (EUR 0.4 million). BALANCE SHEET The consolidated balance sheet total was EUR 43.8 million (EUR 41.5 million) and shareholders' equity EUR 40.0 million (EUR 37.8 million). EUR 2.0 million (EUR 2.5 million) of the short-term debt was interest-bearing, and the remaining EUR 1.9 million (EUR 1.2 million) was interest-free. Amanda's equity to assets ratio was high at 91.1% (91.2%). Of the balance sheet total, 74.7% (67.6%) was invested in private equity and 6.0% (8.0%) in liquid assets. Consolidated goodwill accounted for 4.1% (4.3%) of the balance sheet total and other intangible assets amounted to 7.5% (9.6%). The other balance sheet items accounted for 7.7% (10.5%). MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS Amanda Group provides asset management, investment advice, management and reporting services for 13 investment portfolios. The raising of fund to Amanda V East L.P., a private equity fund of funds continued. The fund makes investments in unlisted companies in Russia and Eastern Europe through private equity funds. The target size of the fund is EUR 150 million. The management and consultation of private equity investments generated EUR 1.0 million of net sales during the financial period, which corresponds to expectations. At the end of the period under review, the assets under Amanda's management totalled EUR 2.6 billion (original investment commitments). EUR 113.0 million of the assets under management were Amanda's own investment commitments, EUR 442.3 million assets in the private equity funds of funds managed by Amanda, and EUR 2.1 billion was covered by consultation. With these assets, investments have been made in more than 150 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS In the first quarter of 2010, Amanda Capital Plc did not make any new, direct investments in private equity funds. Amanda's investments in private equity funds of funds managed by Amanda continued with their active investment operations. Amanda has investments in 23 private equity funds and five 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 81.9% (74.2%). Amanda's over-commitment degree was 158.1% (215.3%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 1.8 million and returned approximately EUR 0.9 million to the company as capital returns and EUR 0.4 million as distribution of profits. Detailed 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 During the period under review, the private equity funds in Amanda's investment portfolio concentrated on the management of the existing investment objects. During the period, Gresham IV private equity fund made two additional investments in James Grant Group by acquiring a company called First Artist Management and part of Michael Kay Company. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS During the period under review, the following exits took place in Amanda's portfolio: Permira Europe III private equity fund sold its share in Freenet AG, which is the largest independent provider of telecommunication services in Germany. The assets have been returned to Amanda in the first quarter of 2010. Montague III private equity fund has agreed to sell Sebia SA to funds managed by Cinven. Sebia is a diagnostics company in the field of oncology. The deal will require approval by authorities, and the assets are likely to be returned to Amanda during the first half of 2010. SHAREHOLDERS, SHARE CAPITAL AND SHAREHOLDERS' EQUITY The shareholders' equity of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. During the period under review Amanda did not repurchase any own shares. At the end of the period under review, Amanda held a total of 475 618 own shares acquired for hedging the share-based incentive plan and 91 657 own shares acquired based on authorisations by General Meetings, in total 567 275 shares. Amanda Capital Plc had 3 649 shareholders on 31 March 2010. The ten largest shareholders as of 31 March 2010 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.2 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Ulkomarkkinat Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Mandatum Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator-Holding Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Amanda's shareholders' equity was affected by the profit for the period and the changes in the fair value reserve EUR 0.8 million. These changes are specified in detail in the financial statements attached to the release. The Annual General Meeting of Amanda Capital Plc, held on 14 April 2010, decided to authorise the Board of Directors to decide on the issuance of shares and/or special rights entitling to shares, decided to authorise the Board of Directors to acquire and transfer a maximum of 2,200,000 of company's own shares and decided to authorise the Board of Directors to decide on possible distribution of assets from the reserve for invested unrestricted equity. The decisions of the Annual General Meeting are found in the appendix to this stock exchange release. PERSONNEL At the end of the period under review, the Group had 14 employees (15 employees). The salaries and wages paid to the personnel totalled EUR 0.3 million (EUR 0.3 million) during the period. 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, foreign exchange risk and liquidity 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. At the Due Diligence stage, the fund's return history, personnel, documentation and other factors essentially related to the administration and development of the fund are examined. The final investment proposals are submitted to Amanda Capital Plc's Board of Directors for assessment and decision-making. Liquidity risk The Group's liquidity is monitored continuously, and good liquidity is maintained by only investing the surplus liquidity in objects with a low risk, which can be turned into cash rapidly and at a clear market price. The availability and flexibility of financing has been arranged with a limit promise. The exits of private equity funds from their target companies have a major impact on liquidity. The international credit crisis has had a strong impact on the private equity business. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The financial market continues to be cautious, but it can be expected that the market for mergers and acquisitions and thereby the return of capital to investors will recover gradually. On the other hand, 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 liquidity. PRINCIPLES FOR DRAWING UP THE REPORT From 1 January 2009, the Group has applied the following amended standard: IAS 1 Presentation of Financial Statements. The amended standard has an impact on the manner of presenting the income statement. From 1 January 2009, the Group has applied the new IFRS 8 standard, Operating Segments, but it has not had any impact on the interim report, as Amanda still has only one operating segment. 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 2009. The calculation of the key ratios is presented in the financial statements. As for the net investment income, Amanda Group's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The information in the interim report has not been audited. EVENTS AFTER THE REPORTING PERIOD Amanda Capital Plc's Annual General Meeting was held on 14 April 2010. The company has published a stock exchange release on the decisions of the AGM, which is found in the appendix to this interim report release. CORPORATE GOVERNANCE STATEMENT Amanda Capital Plc's Corporate Governance Statement was issued as a separate document from the Report by the Board of Directors during week 12. OUTLOOK OF THE PRIVATE EQUITY MARKET The international credit crisis and the following economic recession have had a strong impact on the private equity business. The bank financing for large buyout deals has been reduced, and it has also become more difficult to get bank financing for small and medium-sized buyout investments. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The market for mergers and acquisitions has started to recover gradually and thereby the return of capital to investors also will recover gradually. The most part of the private equity market has used debt financing moderately and made appropriately priced investments that are expected to continue to yield a return that is typical of the private equity industry in the long term. As a result of the recovery in the market for mergers and acquisitions, we believe that we have seen the bottom of the private equity investment market and that a turn for the better has taken place. At the moment, private equity funds have at their disposal a large amount of capital for new investments during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies. The private equity business is expected to continue to grow globally owing to the good returns. COMPANY OUTLOOK The expansion of Amanda's business from investment operations to the management and consultation of private equity investments has proven to be a good strategy. 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 or take-overs of private equity fund portfolios. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2010. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting later stage 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: Martin Paasi, CEO, tel. +358 9 6829 6011 Appendix: Financial statements, Stock Exchange release 14 April, 2010 Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi APPENDIX -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-3/10 | 1-3/09 | 1-12/09 | -------------------------------------------------------------------------------- | | NET SALES | | | | -------------------------------------------------------------------------------- | | Net investment income | 416 | -2 364 | -5 331 | -------------------------------------------------------------------------------- | | Management fees | 1 019 | 1 069 | 4 295 | -------------------------------------------------------------------------------- | | Total | 1 435 | -1 295 | -1 036 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and amortisation | -173 | -173 | -695 | -------------------------------------------------------------------------------- | | Other operating expenses | -666 | -712 | -2 758 | -------------------------------------------------------------------------------- | | Operating profit | 597 | -2 180 | -4 489 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Financial income and expenses | -144 | -12 | -172 | -------------------------------------------------------------------------------- | | Profit before tax | 453 | -2 192 | -4 662 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Income tax expense | -147 | 570 | 2 107 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | PROFIT (LOSS) FOR THE YEAR | 306 | -1 622 | -2 555 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | | Available-for-sale financial assets, | 798 | -1 941 | -96 | | | net | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL COMPREHENSIVE INCOME FOR THE | 1 104 | -3 563 | -2 651 | | | YEAR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Earnings per share, | 0.013 | -0.07 | -0.11 | -------------------------------------------------------------------------------- | | Earnings per share less own shares, | 0.014 | -0.07 | -0.12 | | | EUR *) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | *) Own shares held by the company have been deducted from | | -------------------------------------------------------------------------------- | | the total amount. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 5 182 | 5 868 | 5 348 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 32 762 | 28 089 | 30 769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 2 497 | 1 874 | 3 093 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 451 | 184 | 480 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 166 | 2 198 | 166 | -------------------------------------------------------------------------------- | | Cash | 2 647 | 3 316 | 3 575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 43 706 | 41 529 | 43 432 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 39 994 | 37 846 | 38 968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Non-current liabilities | 652 | - | 824 | -------------------------------------------------------------------------------- | | Current liabilities | 3 060 | 3 683 | 3 640 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 3 712 | 3 683 | 4 464 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 43 706 | 41 529 | 43 432 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-3/10 | 1-3/09 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | 597 | -2 180 | -4 489 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 173 | 173 | 695 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | -1 993 | 4 299 | 1 620 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | - | 298 | 2 330 | -------------------------------------------------------------------------------- | | Change in fair value reserve | 798 | -1 929 | -15 | -------------------------------------------------------------------------------- | | Change in tax | | | | -------------------------------------------------------------------------------- | | liability/receivable | 424 | -1 408 | -1 803 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | -771 | 1 260 | 2 131 | -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | | -------------------------------------------------------------------------------- | | decrease (+) | 30 | 738 | 442 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | | -------------------------------------------------------------------------------- | | decrease (-) | 320 | 484 | -58 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | -------------------------------------------------------------------------------- | | increase (+)decrease (-) | -1 000 | -1 000 | -500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total change in working capital | -650 | 223 | -117 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel incentive programme | | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | -652 | -523 | -1 780 | -------------------------------------------------------------------------------- | | Financial income and expenses | -144 | -12 | -172 | -------------------------------------------------------------------------------- | | Deferred taxes | -147 | 570 | 2 107 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM OPERATIONS | -943 | 34 | 155 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to investments | -7 | - | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Aquisition of own shares | -3 | -6 | -7 | -------------------------------------------------------------------------------- | | Other changes | 25 | 3 | 145 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | CASH FLOW FROM FINANCING | 22 | -3 | 137 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | INCREASE/DECREASE IN LIQUID ASSETS | -928 | 31 | 290 | -------------------------------------------------------------------------------- | | Liquid assets 1 January | 3 575 | 3 286 | 3 286 | -------------------------------------------------------------------------------- | | Liquid assets 31 March | 2 647 | 3 316 | 3 575 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Liquid assets contain cash and bank deposits. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED | | | | | | | SHAREHOLDERS' EQUITY | | | | | | -------------------------------------------------------------------------------- | | | Share| Share | Invested| Other | Fair | Retai-| Total | | | | capi-| Pre- | unres-|reserves| value | ned| | | | | tal| mium | tricted | |reserve| ear-| | | | | |Account| equity | | | nings| | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2009 |11 384| 18 994| - | 8 926 | -7 685| 9 782 | 41 401 | | | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | -1 941| | -1 941 | | | income | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | 12 | | 12 | -------------------------------------------------------------------------------- | | Profit for | | | | | | -1 622| -1 622 | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | -1 929| -1 622| -3 551 | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Purchase of | | | | -6 | | | -6 | | | Own Shares | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | | 3 | 3 | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 March 2009 |11 384| 18 994| - | 8 920 | -9 615| 8 164 | 37 846 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2010 |11 384| - | 29 614 | -1 769 | -7 701| 7 439 | 38 968 | | | | | | | | | | -------------------------------------------------------------------------------- | | Comprehensive | | | | | 798 | | 798 | | | income | | | | | | | | -------------------------------------------------------------------------------- | | Profit for | | | | | | 306 | 306 | | | the period | | | | | | | | -------------------------------------------------------------------------------- | | Total Income | | | | | | | | | | and Expences | | | | | | | | -------------------------------------------------------------------------------- | | for the | | | | | 798 | 306 | 1 104 | | | Reporting | | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Purchase of | | | | -3 | | | -3 | | | Own Shares | | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | | | -100 | -100 | | | dividends | | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | | 25 | 25 | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | | equity | | | | | | | | -------------------------------------------------------------------------------- | 31 March 2010 |11 384| 0 | 29 614 | -1 771 | -6 903| 7 670 | 39 994 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | -------------------------------------------------------------------------------- | | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit (loss) for the year (1 000 EUR) | 306 | -1 622 | -------------------------------------------------------------------------------- | Earnings per share, | 0.013 | -0.07 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | 0.014 | -0.07 | -------------------------------------------------------------------------------- | Equity per share | 1.76 | 1.66 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR | 1.80 | 1.70 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 4.2 | -15.1 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 3.1 | -16.4 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 91.5 | 91.1 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 1.74 | 1.70 | -------------------------------------------------------------------------------- | Number of personnel at the | | | -------------------------------------------------------------------------------- | end of the period | 14 | 16 | -------------------------------------------------------------------------------- | Private equity investments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 81.9 | 74.2 | -------------------------------------------------------------------------------- | Investment commitments to | | | -------------------------------------------------------------------------------- | equity ratio, % | 158.1 | 215.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan 2009 | 30 769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Drawdowns to private equity funds | 1 844 | -------------------------------------------------------------------------------- | Return of capital from the funds | -942 | -------------------------------------------------------------------------------- | Changes of private equity funds in fair value reserve | 1 091 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net investment income | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 31 Mars 2010 | 32 762 | -------------------------------------------------------------------------------- REMAINING COMMITMENTS On 31 Mars 2010, Amanda Capital Plc's remaining commitments in private equity funds stood at EUR 30.5 million (EUR 53.4 million on 31 Mars 2009). Other liabilities totalled EUR 0.2 million (EUR 0.4 million on 31 Mars 2009). AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 14 April, 2010 DECISIONS OF THE ANNUAL GENERAL MEETING OF AMANDA CAPITAL PLC The Annual General Meeting of Amanda Capital Plc, held today in Helsinki, handled the following matters: The Financial Statement of Amanda Capital Group for year 2009 was approved and the Board of Directors and the CEO were discharged from the liability for the financial period. Resolution on the use of the profit shown on the balance sheet and the payment of dividends According to the proposal of the Board of Directors it was decided that the loss of EUR -4.417.616,72 for the financial period will be entered in the profit and loss account and that no dividend will be paid out. Composition of the Board of Directors and remuneration The following persons were re-elected to the Board of Directors for the next term of office: Peter Fagernäs, Esa Karppinen, Pertti Laine, Petri Niemisvirta and Topi Piela. In its organising meeting immediately following the Annual General Meeting, the Board of Directors elected Topi Piela as the Chairman of the Board. The Annual General Meeting decided that a remuneration of EUR 2 000 per month will be paid to the Chairman of the Board and EUR 1 000 per month will be paid to the members of the Board of Directors. Auditor The Authorised Public Accounting Firm Ernst & Young Oy, with Kunto Pekkala, APA, as the auditor in charge was appointed as auditor of the company. It was also decided that the auditors are paid remuneration according to invoices sent by the auditors. Proposal by the Board on an amendment to the Articles of Association Annual General Meeting decided to change section 9 of the Articles of Association to be amended as follows 9 § Notice of a General Meeting shall be delivered to the shareholders no earlier than three (3) months and no later than three (3) weeks prior to the meeting, but always at least nine (9) days prior to the general meeting record date, by publishing the notice on the company website and as a stock exchange release. In order to attend a General Meeting, a shareholder shall inform the company of attendance no later than on the date mentioned in the notice of the meeting, which is determined by the Board of Directors. This date may not be earlier than ten (10) days prior to the meeting. The authorisation of the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares The Annual General Meeting authorised the Board of Directors to decide on the issuance of a maximum of 11,000,000 shares through the issuance of shares and/or special rights entitling to shares, referred to in chapter 10 section 1 of the Limited Liability Companies Act, in one or several instalments. The Board may decide to issue either new shares or own shares already held by the company. The maximum amount of the proposed authorisation corresponds to approximately 48.3% of all the company shares at the date of the notice of the AGM. It is proposed that the authorisation be used for financing and carrying out possible business acquisitions or other arrangements, for consolidating the company's balance sheet and financing position, for carrying out commitment and incentives schemes for the personnel or for other purposes decided by the Board of Directors. It is further proposed that the authorisation comprise the right of the Board of Directors to decide on all the terms of the share issue and the issuance of special rights according to chapter 10 section 1 of the Limited Liability Companies Act, including the persons who will receive the shares or special rights entitling to shares and the amount of the consideration to be paid. Therefore, the authorisation comprises the right to issue shares or special rights in deviation from the shareholders' pre-emptive rights (directed issue), as set out by law. It was decided that this authorisation cancels previous corresponding authorisations and be in force until 31 December 2011. The authorisation of the Board of Directors to acquire and transfer the company's own shares The Annual General Meeting authorised the Board to acquire and transfer the company's own shares subject to the following provisions: The Board of Directors can repurchase a maximum of 2,200,000 company shares with means included in the company's unrestricted equity so that the company together with its subsidiaries at no time holds or holds as pledge more than 10 per cent of all the company shares. Shares may be acquired for developing the company's capital structure, for nullification or for use in accordance with possible personnel incentive and compensation schemes or as consideration in business acquisitions and other arrangements. The shares shall be repurchased at a market price formed in public trading at Nasdaq OMX Helsinki Oy. The repurchase may be made otherwise than in proportion to the shareholdings of the shareholders (directed repurchase), provided that the company has a weighing financial reason for doing so. It was decided that this authorisation cancels previous corresponding authorisations and be in force 18 months from the date of the decision. Authorising the Board of Directors to decide on possible distribution of assets from the reserve for invested unrestricted equity The Annual General Meeting authorised the Board of Directors to, at its discretion, decide on the distribution of assets from the reserve for invested unrestricted equity on the following terms: - The assets to be repaid based on the authorisation may amount to a maximum of EUR 0.05 per share. - The repayment of capital may be distributed in one or several instalments. - Based on the authorisation, the Board shall have the right to decide on all other terms of the repayment of capital. - The authorisation shall be in force to the following AGM. Amanda Capital Plc Board of Directors Additional Information: CEO, Martin Paasi 09 6829 6011 DISTRIBUTION OMX Nordic Exchange in Helsinki www.amandacapital.fi The Amanda Group is a private equity management company. Its parent company is the first publicly listed private equity fund of funds in Scandinavia. Amanda has investments in 24 private equity funds and in four funds of funds under Amanda's own management. Amanda Group offers asset management, investment advice, administrative and reporting services to private equity investors. Investments has been made to over 190 private equity funds in Europe, the USA, Asia and Russia totalling original commitments of EUR 2.6 billion.
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