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