SUMMARY OF EVENTS IN JANUARY-JUNE The Group's net sales totalled EUR 4.4 million (EUR 6.3 million from 1 January to 30 June 2006). Consolidated earnings after taxes was EUR 2.1 million (EUR 4.2 million). Earnings per share amounted to EUR 0.09 (EUR 0.20). The equity to assets ratio was 91.2% (94.6%). Equity per share was EUR 2.54 (EUR 2.33) at the end of the period under review. The Amanda III Eastern Private Equity fund was closed in May at the size of EUR 110.1 million. The aggregate return of Amanda Capital Plc's private equity investments since the beginning of investment operations was 31.7% p.a.(IRR). During and after the period under review, Amanda announced several exits. EUR 10 million of the cash flow from these exits will not be recognised in the income statement until the second half of 2007, which will make the H2 result good. SUMMARY OF EVENTS IN APRIL-JUNE The Group's net sales totalled EUR 1.8 million (EUR 2.9 million from 1 April to 30 June 2006). Consolidated earnings after taxes was EUR 0.6 million (EUR 1.9 million). Earnings per share amounted to EUR 0.03 (EUR 0.09). The dividend for 2006 of EUR 0.30 per share was paid out to the shareholders in April 2007. FINANCIAL DEVELOPMENT In the first half of 2007, the net sales from the management and consultation of private equity investments increased by 185.7% on the previous year. The growth was due to the successful raising of capital to the Amanda III Eastern Private Equity fund and the acquisition of the Proventure companies. In the first half of the year, management fees accounted for 44.8% of the net sales. In Amanda's investment portfolio, consisting of 28 private equity funds, more exits were carried out than in the previous quarter. Several of these will not be recognised in the income statement before the second half of the year. Amanda made one new private equity fund investment during the period under review. Financial development in the first half of 2007 From 1 January to 30 June 2007 the Group's consolidated net sales totalled EUR 4.4 million (EUR 6.3 million from 1 January to 30 June 2006). Fees from the management and consultation of private equity funds accounted for EUR 2.0 million (EUR 0.7 million) of the net sales. The net investment income totalled EUR 2.5 million (EUR 5.5 million). The profit for the first half of the year was EUR 2.1 million (EUR 4.2 million). The Group's expenses and depreciation totalled EUR 2.1 million (EUR 0.9 million). Personnel expenses amounted to EUR 0.7 million (EUR 0.3 million), and depreciation was EUR 0.4 million (EUR 0.1 million). Other operating expenses totalled EUR 1.0 million (EUR 0.4 million). Financial development in the second quarter of 2007 From 1 April to 30 June 2007, the Group's consolidated net sales totalled EUR 1.8 million (EUR 2.9 million from 1 April to 30 June 2006). Fees from the management and consultation of private equity funds accounted for EUR 1.0 million (EUR 0.4 million) of the net sales. The net investment income was EUR 0.8 million (EUR 2.5 million), and the profit of the Group for the period was EUR 0.6 million (EUR 2.0 million). The Group's expenses and depreciation totalled EUR 1.0 million (EUR 0.4 million). The share of personnel expenses was EUR 0.3 million (EUR 0.2 million), and depreciation amounted to EUR 0.2 million (EUR 0.06 million). Other operating expenses totalled EUR 0.5 million (EUR 0.2 million). BALANCE SHEET The Group's consolidated balance sheet total was EUR 63.4 million (EUR 52.4 million), and shareholders' equity amounted to EUR 57.9 million (EUR 49.5 million). The Group's equity to assets ratio was high at 91.2% (94.6%). 67.8% (58.9%) of the balance sheet total was invested in private equity funds and 19.3% (34.9%) in liquid assets. Consolidated goodwill amounted to 2.8% (3.4%) of the balance sheet total. BUSINESS ACQUISITIONS The Group made no business acquisitions in the second quarter of 2007. The acquisition of the Proventure companies carried out in February 2007 has been completed as planned. The merger of the acquired companies with Amanda advances according to plan. Detail 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 2.0 million of net sales in the first half of 2007. The final closing of Amanda III Eastern Private Equity, a limited partnership fund established by Amanda in May 2006, took place on 26 May 2007. The fund raised assets worth EUR 110.1 million thereby exceeding its target size. The fund makes investments in unquoted companies in Russia and Eastern Europe through local private equity funds. As a result of the final closing of the Amanda III private equity fund, Amanda's net sales from the management and consultation of private equity funds will exceed EUR 4 million in 2007 (EUR 1.8 million). At the end of the period under review, the assets under Amanda's management totalled over EUR 1.5 billion (original investment commitments). With these assets, investments have been made in more than 100 private equity funds in Europe, the US, Asia, and Russia. PRIVATE EQUITY FUNDS In the second quarter of 2007, Amanda established a limited partnership fund, Amanda IV West L.P., which will make investments in unquoted companies in Western Europe through local private equity funds. Amanda Capital Plc made EUR 20 million investment commitment from its own balance sheet to the fund. Amanda has investments in 24 private equity funds and four private equity funds of funds under the company's own management. Amanda Capital's degree of investment (book value of private equity investments per equity) was 74.3% (62.3%). Amanda's over-commitment degree (book value of private equity investments + remaining commitment per equity) was 165.2% (117.5%). In the first half of 2007, the private equity funds called in capital in the amount of approximately EUR 4.2 million and returned approximately EUR 5.2 million to the company as capital returns and EUR 2.5 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 second quarter of 2007, e.g.: The PAI Europe IV private equity fund made an investment in Kaufman & Broad SA, which is quoted on Euronext. The company is the leading actor in the French real estate development market. The Montagu III private equity fund acquired a company called Unifeeder, which is the leading feeder traffic operator of transportation containers in Northern Europe. It transports containers from large European ports to smaller ports. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS Below is a list of the most significant exits recognised as revenue during the period under review: The Permira Europe II private equity fund sold its holding in Rodenstock GmbH. The company is the leading manufacturer of lenses and frames in Germany with production facilities in 10 countries and sales offices in more than 80 countries. Industri Kapital sold the garden equipment manufacturer Gardena to Husqvarna. Gardena is the leading manufacturer of high-class garden equipment in Europe, and its products are sold in more than 80 countries. In the second quarter of 2007, Amanda Capital Plc has also announced several exits that have not yet been recognised in the income statement of Amanda by the end of the period under review, e.g.: The IK 2000 private equity fund sold Ceva Santé Animale, which is a French veterinary pharmaceuticals laboratory. The company has operations in 144 countries. The IK 2000 private equity fund sold Eltel Networks to 3i. Eltel Networks is the market leader in the installation and maintenance of electrical and telecommunication networks in Northern Europe. The company has 8 200 employees in Europe, mainly in Scandinavia, the Baltic countries and Poland. The MB Equity Fund II has agreed to sell 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. Completion of the transaction is subject to approval by the relevant authorities. 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 III private equity fund has sold its holding in Intelsat Ltd to the international private equity investment company BC Partners. Intelsat is the leading provider of global satellite connections to, e.g. the media and network services. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. On 30 June 2007, Amanda Capital Plc had 3 668 shareholders. The ten largest shareholders as of 30 June 2007 Share of shares and votes% Veikko Laine Oy, 14.0 Berling Capital Oy , 13.8 Umo Capital Oy, 12.9 Oy Hermitage Ab, 10.1 Sampo Life Insurance Company Limited, 9.0 Procurator Oy, 2.8 Nordea Fennia Plus mutual fund, 2.2 Mutual Insurance Company Pension Fennia, 2.0 Nordea Bank Finland Plc, nominee register, 1.9 Änkilä Petteri, 1.9 PERSONNEL At the end of the period under review, the Group had 14 employees (9). On 15 June 2007, the Board of Directors of Amanda decided on a new share-based incentive plan covering the entire personnel of the Group. The plan has one three-year earning period that covers the calendar years 2007 through 2009. The potential return is based on the company's share price adjusted with the dividend. The remuneration is paid in three instalments in 2008, 2009 and 2010 in the form of company shares and cash. The cash payment covers the taxes and tax-like charges arising from the remuneration. The shares obtained as remuneration may not be sold within two years of the end of the calendar year on which the remuneration is based (commitment period). If the employment of a person ends during the commitment period, he must return the shares paid as remuneration to the company without compensation. The remuneration paid out within the frames of the incentive plan corresponds to about 680 000 shares in Amanda Capital Plc at the most, i.e. 2.99% of the share capital (including the part paid in cash). 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 thorough 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 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. 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'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 published Stock Exchange Releases on the following exits, which are likely to be recognised in the income statement of Amanda in the second half of 2007: 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%, if the over-allotment option is fully exercised. Tognum manufactures diesel engines for fast speed ferries, large yachts and armoured vehicles. 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 products 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. Completion of the transaction is subject to approval by the relevant authorities. Permira Europe III has sold its stake in SBS Broadcasting to ProSiebenSat 1. SBS is one of Europe's leading broadcasting groups. In addition to this Charterhouse VII - private equity fund and Permira Europe III have recapitalized six different target companies, which will generate cash flows to Amanda during the second half 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 once more raised record amounts of capital in Europe, about EUR 112 billion. Private equity funds have also been fairly successful in finding investment objects for their increased assets, and the 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. The rising interest rate development and 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. No substantial changes are expected in the exit market in 2007 compared with the previous year. The large amount of money available for private equity funds will probably mean that the proportion of sales to other private equity funds of the exits will remain high. The other exit options of private equity investors, e.g. selling the target companies to other companies and stock exchange listings, also continue to be exit alternatives worth consideration. COMPANY OUTLOOK Over the past year, 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 will reduce 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. The net sales of this business area will exceed EUR 4.0 million in 2007. Amanda has continued with its disciplined investment operations and made investments very selectively, despite the wide range of options available. Amanda 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. AMANDA CAPITAL PLC Board of Directors Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 6011 Distribution: OMX Nordic Exchange in Helsinki, www.amandacapital.fi APPENDIX FINANCIAL STATEMENT TABLES -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 | | | | | | 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 4-6/07 | 4-6/06 | 1-6/07 | 1-6/06 | 1-12/06 | -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 854 | 2 501 | 2 427 | 5 555 | 7 557 | -------------------------------------------------------------------------------- | | Management fees | 960 | 375 | 1 971 | 714 | 1 812 | -------------------------------------------------------------------------------- | | Total | 1 814 | 2 876 | 4 398 | 6 269 | 9 369 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -180 | -62 | -362 | -123 | -246 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating expenses | -864 | -336 | -1 707 | -750 | -1 576 | -------------------------------------------------------------------------------- | | Total | -1 043 | -398 | -2 069 | -873 | -1 822 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | 771 | 2 478 | 2 328 | 5 396 | 7 547 | -------------------------------------------------------------------------------- | | Financial income and | 62 | 116 | 436 | 216 | 536 | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE APPROPRIATIONS | | | | | | -------------------------------------------------------------------------------- | AND TAXES | 833 | 2 595 | 2 764 | 5 612 | 8 083 | -------------------------------------------------------------------------------- | | Appropriations and | | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | | -------------------------------------------------------------------------------- | | the period's profit | -190 | -651 | -698 | -1 436 | -2 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | 642 | 1 944 | 2 067 | 4 176 | 6 009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.03 | 0.09 | 0.09 | 0.20 | 0.26 | -------------------------------------------------------------------------------- | Earnings per share less own | 0.03 | 0.09 | 0.09 | 0.20 | 0.26 | | shares, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 7 040 | 3 178 | 3 054 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 42 966 | 30 839 | 33 268 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 612 | 76 | 334 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 8 876 | 16 800 | 19 397 | -------------------------------------------------------------------------------- | | Cash | 3 910 | 1 471 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 63 404 | 52 363 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 57 856 | 49 533 | 56 395 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Non-current liabilities | 0 | 201.5 | 0 | -------------------------------------------------------------------------------- | | Current liabilities | 5 548 | 2 629 | 2 643 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 5 548 | 2 830 | 2 643 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 63 404 | 52 363 | 59 038 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 | | | | | | 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | 4-6/07 | 4-6/06 | 1-6/07 | 1-6/06 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATIONS | | | | | | -------------------------------------------------------------------------------- | | Operating profit | 771 | 2 478 | 2 329 | 5 396 | 7 547 | -------------------------------------------------------------------------------- | | Depreciation and | 179 | 62 | 362 | 122 | 245 | | | write-downs | | | | | | -------------------------------------------------------------------------------- | | Investments available for | | | | | | | | sale | | | | | | -------------------------------------------------------------------------------- | | | Long-term, increase | | | | | | | | | (-) | | | | | | -------------------------------------------------------------------------------- | | | decrease (+) | -7 311 | 437 | -10 | 976 | -1 454 | | | | | | | 231 | | | -------------------------------------------------------------------------------- | | | Short-term, increase | | | | | | | | | (-) | | | | | | -------------------------------------------------------------------------------- | | | decrease (+) | -2 593 | -11 | 11 053 | -1 543 | -4 140 | -------------------------------------------------------------------------------- | | | Change in fair value | 5 939 | -1 606 | 7 229 | -2 767 | -1 665 | | | | reserve | | | | | | -------------------------------------------------------------------------------- | | | Change in tax | | | | | | -------------------------------------------------------------------------------- | | | liability/receivable | 2 097 | -566 | 3 391 | -949 | -581 | -------------------------------------------------------------------------------- | | Investments available for | | | | | | | | sale, | | | | | | -------------------------------------------------------------------------------- | | total change | -1 868 | -1 746 | 11 442 | -4 283 | -7 840 | -------------------------------------------------------------------------------- | | Change in working capital | | | | | | -------------------------------------------------------------------------------- | | | Business receivables, | | | | | | | | | increase (-) | | | | | | -------------------------------------------------------------------------------- | | | decrease (+) | 4 504 | 193 | -278 | -61 | -319 | -------------------------------------------------------------------------------- | | | Interest-free debt, | | | | | | | | | increase (+) | | | | | | -------------------------------------------------------------------------------- | | | decrease (-) | -10 207 | -263 | -486 | 382 | 29 | -------------------------------------------------------------------------------- | | Interest bearing debts, | | | | | | -------------------------------------------------------------------------------- | | | increase (+)decrease | -393 | -35 | 0 | -71 | -273 | | | | (-) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working | -6 096 | -105 | -764 | 250 | -563 | | capital | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Dividends paid | 0 | 0 | -6 830 | -3 189 | -3 189 | -------------------------------------------------------------------------------- | | Personnel issue paid over | -64 | 0 | 0 | 0 | 128 | | | par | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations | | | | | | | | before | | | | | | -------------------------------------------------------------------------------- | | financial items and taxes | -7 078 | 689 | 6 539 | -1 704 | -3 672 | -------------------------------------------------------------------------------- | | | Financial income and | 62 | 116 | 436 | 216 | 536 | | | | expenses | | | | | | -------------------------------------------------------------------------------- | | | Deferred taxes | -190 | -651 | -697 | -1 436 | -2 074 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | -7 206 | 154 | 6 278 | -2 924 | -5 210 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | | | Acquisition of | 12 | 0 | -4 348 | 0 | 0 | | | | subsidiary | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | | -------------------------------------------------------------------------------- | | Payment from share issue | 0 | 0 | 0 | 0 | 3 800 | -------------------------------------------------------------------------------- | | Aquisition of own shares | -1 004 | 0 | -1 004 | 0 | 0 | -------------------------------------------------------------------------------- | | Total Financing | -1 004 | 0 | -1 004 | 0 | 3 800 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid | -8 198 | 154 | 926 | -2 924 | -1 410 | | assets | | | | | | -------------------------------------------------------------------------------- | Liquid assets at the | | | | | | | beginning | | | | | | -------------------------------------------------------------------------------- | of the period | 12 109 | 1 317 | 2 985 | 4 395 | 4 395 | -------------------------------------------------------------------------------- | Liquid assets at the end | | | | | | -------------------------------------------------------------------------------- | of the period | 3 911 | 1 471 | 3 911 | 1 471 | 2 985 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank | | | | | | deposits. | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | Other | Fair | | | | -------------------------------------------------------------------------------- | | | Share | re- | value | Retaine | | | | | | | | | d | | | -------------------------------------------------------------------------------- | | | capital | serves | reserv | earning | Profi | Total | | | | | | e | s | t | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 | 11 384 | 29 681 | -968 | 16 298 | | 56 395 | -------------------------------------------------------------------------------- | | Changes in | | | | | | | | | Investments | | | | | | | -------------------------------------------------------------------------------- | | Available for | | | 7 229 | | | 7 229 | | | Sale | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 2 067 | 2 067 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | -6 830 | | -6 830 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Own shares according to IFRS | -1 004 | | | | -1 004 | -------------------------------------------------------------------------------- | | Changes/correctio | | | | -1 | | -1 | | | ns | | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 June 2007 | 11 384 | 28 677 | 6 261 | 9 467 | 2 067 | 57 856 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2006 | 10 630 | 26 635 | 698 | 13 349 | | 51 312 | -------------------------------------------------------------------------------- | | Changes in | | | | | | 0 | | | Investments | | | | | | | -------------------------------------------------------------------------------- | | Available for | | | -2 767 | | | -2 767 | | | Sale | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 4 177 | 4 177 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Payment of | | | | -3 189 | | -3 189 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 June 2006 | 10 630 | 26 635 | -2 069 | 10 160 | 4 177 | 49 533 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | | -------------------------------------------------------------------------------- | | H1/2007 | H1/2006 | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.09 | 0.18 | 0.26 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR | 0.09 | 0.18 | 0.26 | -------------------------------------------------------------------------------- | Equity per share | 2.54 | 2.33 | 2.48 | -------------------------------------------------------------------------------- | Equity per share, lessa own shares, EUR | 2.57 | 2.33 | 2.48 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | 7.2 | 22.2 | 15.0 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | 7.2 | 16.6 | 11.2 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 91.2 | 94.6 | 95.5 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 3.38 | 2.86 | 3.43 | -------------------------------------------------------------------------------- | Number of personnel at the | | | | -------------------------------------------------------------------------------- | end of the period | 14 | 9 | 10 | -------------------------------------------------------------------------------- | Private equity investments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 74.3 | 63.6 | 59.0 | -------------------------------------------------------------------------------- | Investment commitments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 165.2 | 117.4 | 121.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ROI and ROE ratios have been annualized based | | | | | on the | | | | -------------------------------------------------------------------------------- | figures of the half year result. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) 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 | | 4 229 | -------------------------------------------------------------------------------- | Return of capital | | -5 285 | -------------------------------------------------------------------------------- | Net changes in the book values of | | | -------------------------------------------------------------------------------- | private equity funds | | 9 840 | -------------------------------------------------------------------------------- | Book value ofprivate equity funds 30 June 2007 | | 42 966 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The following assets and liabilities have been booked for the acquired | | bussiness | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | | | Net fair value of | | Book value | | | | | | | | before | | -------------------------------------------------------------------------------- | | | | identifiable asset | | the business | | | | | | and | | | | -------------------------------------------------------------------------------- | | | | liabilitsies | | combination | | -------------------------------------------------------------------------------- | Intangible asset | | | 4.2 | | 0.0 | | -------------------------------------------------------------------------------- | Tangible assets | | | 0.1 | | 0.1 | | -------------------------------------------------------------------------------- | Receivables | | | 9.1 | | 9.1 | | -------------------------------------------------------------------------------- | Investments in private | 0.9 | | 0.9 | | | equity funds | | | | | -------------------------------------------------------------------------------- | Other investments | | | 0.7 | | 0.7 | | -------------------------------------------------------------------------------- | Cash and Cash | | 0.3 | | 0.3 | | | equivalents | | | | | | -------------------------------------------------------------------------------- | 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 | | 10.0 | | | | | cash | | | | | | -------------------------------------------------------------------------------- | Professional fees | | | 0.3 | | | | -------------------------------------------------------------------------------- | Acquisition cost | | | 10.3 | | | | -------------------------------------------------------------------------------- | Net asset value of acquired | 10.3 | | | | | companies | | | | | -------------------------------------------------------------------------------- | Goodwill | | | 0.0 | | | | -------------------------------------------------------------------------------- REMAINING COMMITMENTS Amanda Capital Plc's remaining commitments in private equity funds on 30 June 2007 stood at EUR 52.6million (EUR 27.4 million on 30 June 2006). Other liabilities at the end of the reporting period was EUR 0.5 million (EUR 0.1 million).