AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 13 AUGUST 2008 AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 30 JUNE 2008 SUMMARY OF THE EVENTS IN JANUARY-JUNE - The Group's net sales totalled EUR 4.6 million (EUR 4.4 million from 1 Jan. to 30 June 2007). - Amanda settled its dispute with Interglobia's bankrupt's estate and Interavanti Oyj and booked a non-recurring expense of EUR 4.2 million for the settlement. - Consolidated earnings after taxes excluding the non-recurring expense item were EUR 2.1 million (EUR 2.1 million). - Consolidated earnings after taxes were EUR -1.0 million (EUR 2.1 million). - Earnings per share excluding the non-recurring expense item were EUR 0.09 (0.09). - Earnings per share amounted to EUR -0.05 (EUR 0.09). - The equity to assets ratio was 88.6% (91.2%). - Equity per share was EUR 2.10 (EUR 2.54) at the end of the period under review. - During the period under review, Amanda specified its investment strategy so that the company may also invest its assets in listed private equity companies and funds. - During the period, Amanda introduced to the market a new fund, Amanda Liquid Private Equity Fund, which invests in listed private equity companies and funds. - The aggregate return of Amanda Group's private equity investments since the beginning of investment operations was 28.8% p.a.(IRR). SUMMARY OF THE EVENTS IN APRIL-JUNE - The Group's net sales totalled EUR 2.3 million (EUR 1.8 million from 1 April to 30 June 2007). - Consolidated earnings after taxes were EUR -2.1 million (EUR 0.6 million). Earnings per share amounted to EUR -0.09 (EUR 0.03). - During the period under review, Amanda settled its dispute with Interglobia's bankrupt's estate and Interavanti Oyj and booked a non-recurring expense of about EUR 4 million for the settlement. FINANCIAL DEVELOPMENT In the first half of 2008, the net sales from the management and consultation of private equity investments developed according to plans and increased by 8.3% on the previous year. The share of management fees of the net sales was 46.4%, and the net investment income accounted for 53.6% of the net sales. The euro amount of the exits carried out in Amanda's investment portfolio, consisting of 28 private equity funds, in the first half of 2008 was at the same level as during the corresponding period last year. Financial development in the first half of 2008 From 1 Jan. to 30 June 2008, the consolidated net sales totalled EUR 4.6 million (EUR 4.4 million from 1 Jan. to 30 June 2007). Fees from the management and consultation of private equity funds accounted for EUR 2.1 million (EUR 2.0 million) of the net sales. The net investment income totalled EUR 2.5 million (EUR 2.5 million). The profit for the first half of 2008 was EUR -1.0 million (EUR 2.1 million). The Group's expenses and depreciation totalled EUR 6.4 million (EUR 2.1 million). Personnel expenses amounted to EUR 0.9 million (EUR 0.7 million) and depreciation was EUR 0.3 million (EUR 0.4 million). Other operating expenses totalled EUR 5.2 million (EUR 1.0 million). The other operating expenses include EUR 4.2 million resulting from the settlement between Amanda and Interglobia's bankrupt's estate and Interavanti Oyj. EUR 4.0 million of the total amount consist of damages paid and debts of the bankrupt's estate, and the remaining part is expert fees arising from the legal proceedings. Financial development in the second quarter of 2008 From 1 April to 30 June 2008, the consolidated net sales totalled EUR 2.3 million (EUR 1.8 million from 1 April to 30 June 2007). Fees from the management and consultation of private equity funds accounted for EUR 1.1 million (EUR 1.0 million) of the net sales. The net investment income totalled EUR 1.2 million (EUR 0.9 million). The Group's result for the period was EUR -2.1 million (EUR 0.6 million). The Group's expenses and depreciation totalled EUR 5.2 million (EUR 1.0 million). Personnel expenses amounted to EUR 0.4 million (EUR 0.3 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 4.6 million (EUR 0.5 million). The other operating expenses include EUR 4.2 million resulting from the settlement between Amanda and Interglobia's bankrupt's estate and Interavanti Oyj. EUR 4.0 million of the total amount consist of damages paid and debts of the bankrupt's estate, and the remaining part is expert fees arising from the legal proceedings. BALANCE SHEET The consolidated balance sheet total was EUR 54.1 million (EUR 63.4 million), and shareholders' equity amounted to EUR 47.9 million (EUR 57.9 million). EUR 3.5 million (EUR 0.0 million) of the short term debt was interest bearing and the rest EUR 2.6 million (EUR 5.5 million) was non-interest bearing. Amanda's equity to assets ratio was high at 88.6% (91.2%). Of the balance sheet total, 77.2% (67.8%) was invested in private equity and 9.6% (19.3%) in liquid assets. Consolidated goodwill accounted for 3.3% (2.4%) of the balance sheet total and other intangible items amounted to 8.3% (8.0%). The other balance sheet items accounted for 1.6% (2.5%). BUSINESS ACQUISITIONS The Group made no business acquisitions in the first half of 2008. During the corresponding period last year, in February 2007, Amanda acquired the Proventure companies, which have been included in the Group's figures from the beginning of the comparison period. MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS The management and consultation of private equity investments generated EUR 2.1 million of net sales in the first half of 2008, which corresponded to expectations. Amanda Capital expanded its product selection by establishing the Amanda SICAV-SIF - Liquid Private Equity Fund (”Amanda LPE”), which makes investments globally in listed private equity companies and funds. Amanda LPE is a Luxembourg SICAV-SIF (Specialized Investment Fund) managed by Amanda Capital Plc's fully owned subsidiary Amanda Management Company S.A., Luxemburg. The fund introduced its investment operations in May, and it is quoted daily. During the period under review, Amanda has invested EUR 3.75 million and after the period EUR 1.25 million in the Amanda LPE Fund. The fundraising to the Amanda IV West private equity fund of funds will continue actively until November 2008. By the end of the reporting period, a total of EUR 87.0 million has been raised to the fund. At the end of the period under review, the assets under Amanda's management totalled EUR 2.4 billion (original investment commitments). EUR 123.0 million of the assets under management were Amanda's own investment commitments, EUR 443.0 million assets in the private equity funds of funds managed by Amanda, and EUR 1.8 billion were covered by consultation. With these assets, investments have been made in more than 100 private equity funds in Europe, the USA, Asia and Russia. INVESTMENT OPERATIONS During the period under review, Amanda Capital Plc made no new investments in private equity funds, but it increased its degree of investment by making an investment in the Amanda LPE Fund. Investments made in private equity funds are not evenly divided between the different quarters of the year. Amanda has investments in 24 private equity funds and four private equity funds of funds under the company's own management. Amanda's degree of investment (book value of private equity investments per equity) was 79.1% (74.3%). The degree of investment including the Amanda LPE investment was 86.8%. Amanda's over-commitment degree was 179.9% (165.2%). In the first half of 2008, the private equity funds called in capital in the amount of approximately EUR 5.3 million and returned approximately EUR 1.5 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. During the period under review, Amanda Capital Plc's Board of Directors updated Amanda's investment strategy so that the company may in future also invest in listed private equity companies and funds. The new investment strategy is as follows: Amanda may make investments in private equity funds on the primary market, carry out secondary transactions and make direct investments in unlisted companies and listed private equity companies and funds. The objective is to build a well-diversified portfolio by investing in private equity funds in different geographical areas, taking into account the following restrictions: (i) Amanda's primary geographical focus is Europe, which means that more than half of the investment commitments must be made in Europe. (ii) Amanda may invest no more than 25% of the investment commitments in so-called emerging markets. (iii) Amanda may invest no more than 25% of the investment commitments in venture capital funds. (iv) The share of an individual buyout fund in Amanda's investment portfolio may not exceed 15% of the investment commitments. (v) The share of an individual venture capital fund in Amanda's investment portfolio may not exceed 10% of the investment commitments. (vi) An investment made in one company may not exceed 5% of Amanda's shareholders' equity. (vii) Amanda may take short-term credit to make investments in an amount that may not exceed 20% of the shareholders' equity. The purpose of such a credit is to guarantee Amanda's liquidity towards the private equity funds in all situations. (viii) The share of Amanda's investment commitment may not exceed 20% of the total capital of any target fund. (ix) Direct investments in unlisted companies may not, in aggregate, exceed 20% of the shareholders' equity. (x) Investments in listed private equity shares shall be made in a diversified manner and mainly through mutual funds. The value of the investments may not exceed 25% of Amanda's shareholders' equity. Amanda aims at making investment commitments by applying the so-called over-commitment strategy so that 100% of the balance sheet is invested in the private equity market. NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS The private equity funds in Amanda's investment portfolio continued with a moderate investment pace. Below are some examples of the investments made in the second quarter: The Montagu III private equity fund has acquired a company called Biffa Plc in co-operation with two other private equity investors. The company is the leading company in the UK specialising in industrial and commercial waste and environmental management. The Gresham 4 private equity fund has acquired a company called Johnson Clothing Limited. The company is the leading UK provider of services related to work clothing. The Amanda III Eastern Private Equity Fund's target fund Argus Capital Partners II private equity fund made an investment in the second largest cable TV company in the Czech republic. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the second quarter of the year, e.g. the following exits took place in Amanda's portfolio: The EQT IV private equity fund sold the remaining shares in Tognum to Daimler AG. Tognum manufactures diesel engines for fast speed ferries, large yachts and armoured vehicles. The exit is profitable and the assets were returned to Amanda in the second quarter of the year. The Gresham III private equity fund has sold a company called Speciality Retail Holdings Limited. The company is a reseller of men's clothing in the UK. The Gresham III private equity fund also divested another company, PIMS Group LTD, by selling it to Inflexion. The exit is profitable and the assets have been returned to Amanda in the first half of the year. The Permira III private equity fund has sold a company called Debitel AG to Freenet AG. Debitel is a German retail chain of telecommunications equipment and services. The exit is profitable and the assets were returned to Amanda in the second quarter of the year. Industri Kapital has sold a company called CPS Color to Nordic Capital. CPS Color is a provider of tinting systems. The exit is profitable and the assets have been returned to Amanda in the third quarter of the year. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. The Amanda shares acquired for hedging the share-based incentive plan for the Group personnel, which the Board of Directors of Amanda decided on in June 2007, are interpreted as acquisition of own shares in accordance with IFRS. At the end of the period under review, Amanda held a total of 475 451 own shares. On 30 June 2008, Amanda Capital Plc had 3 732 shareholders. The ten largest shareholders as of 30 June 2008 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.0 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Umo Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Sampo Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- PERSONNEL At the end of the period under review, the Group had 16 employees (13). The salaries and wages paid to the personnel totalled EUR 0.9 million (EUR 0.7 million) in the first half of the year. The personnel expenses comprise periodisation of expenses of EUR 0.2 million related to the personnel incentive plan. This amount has no impact on the cash flow. During the period under review, 459 shares were paid to the personnel based on the personnel incentive plan. ESSENTIAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE OPERATIONS The risks associated with Amanda Group's business mainly consist of investment-related risks, i.e. the market risk and foreign exchange risk. Risks are managed comprehensively through an investment process and investment strategy confirmed by Amanda Capital Plc's Board of Directors. The investment objects are selected through an investment process, in which the Investment Committee screens potential investment objects that are subjected to a Due Diligence review. 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. DISPUTES Amanda Capital Plc has settled its dispute with Interglobia's bankrupt's estate and Interavanti Oyj. Amanda has booked a non-recurring expense of EUR 4 million for the settlement in its second quarter result. It is possible that Amanda will receive part of these means from third parties. The claims were related to transactions carried out in 1997 by Amanda Capital Plc's predecessor Finvest Oyj in order to purchase the shares of three subsidiaries of the Interglobia Group and sell the shares in its subsidiary Interglobia Ltd to the Canadian company Beninco Holdings Canada Inc. 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. Based on matters that emerged at the Court of Appeal, Amanda's Board of Directors, management and advisors deemed that the settlement reached was reasonable with regard to the size of the risk associated with the legal proceedings. 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 2007. The calculation of the key ratios is presented in the financial statements. As for the net investment income, Amanda Capital's net sales are recognised in Amanda's income statement in different quarters due to factors independent of the company. The administration of the personnel incentive plan, which the Board of Directors of Amanda decided on 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. OUTLOOK OF THE PRIVATE EQUITY MARKET The past five years have been a period of strong growth for the private equity business, both in Europe and globally. In 2006, private equity funds raised record amounts of capital in Europe, about EUR 112 billion. The corresponding figure for 2007 was only about EUR 80 billion, due to the poor development towards the end of the year. The international credit crisis has had an impact on the private equity business in the second half of 2007 and at the beginning of 2008, as banks have become less willing to provide financing above all for large buyout deals. Loan financing for small and medium-sized buyout investments has, however, been available despite the credit crisis. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The prices of business acquisitions are expected to normalise at a lower level than in the past years. The financial market and economy as a whole have become more cautious, and exits from target companies and the return of capital to investors are likely to slow down on short term. The most part of the private equity market has, however, 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. The establishment of new private equity funds is expected to slow down until the risks of the international financial market can be identified. At the moment, private equity funds have at their disposal a record amount of capital for new investments, which will look for investment objects during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies, and the global growth of the private equity business is expected to continue owing to the good returns. COMPANY OUTLOOK Amanda has, in accordance with its strategy, expanded its business from investment operations to the management and consultation of private equity investments by carrying out two business acquisitions and by establishing two private equity funds. The management of private equity investments is characterised by long-term management agreements that produce a stable cash flow and improve the predictability of the company's net sales and result. The expansion of business operations has reduced the sensitivity of Amanda's result to fluctuations in investment income. The company aims at increasing its management operations in future, too, both organically by establishing new funds and through possible business acquisitions. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2008. In 2008, Amanda is planning to launch at least one new fund this year in addition to the Amanda LPE Fund, which started its investment operations in May. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting more mature companies. This strategy has resulted in excellent returns, and the long-term returns on investments are expected to remain good for the foreseeable future. A quarter is, however, too short a period for measuring the success of investment operations in the private equity business, where the investment horizon is several years. AMANDA CAPITAL PLC Board of Directors Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 6011 Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR 1 | | | | | | 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 4-6/08 | 4-6/07 | 1-6/08 | 1-6/07 | 1-12/07 | -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | | Net investment income | 1 198 | 854 | 2 465 | 2 427 | 12 186 | -------------------------------------------------------------------------------- | | Management fees | 1 061 | 960 | 2 134 | 1 971 | 4 373 | -------------------------------------------------------------------------------- | | Total | 2 259 | 1 814 | 4 599 | 4 398 | 16 559 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation and | -175 | -180 | -348 | -362 | -759 | | | amortisation | | | | | | -------------------------------------------------------------------------------- | | Other operating | -5 044 | -864 | -6 075 | -1 707 | -3 209 | | | expenses | | | | | | -------------------------------------------------------------------------------- | | Total | -5 219 | -1 043 | -6 423 | -2 069 | -3 968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | -2 959 | 771 | -1 824 | 2 329 | 12 591 | -------------------------------------------------------------------------------- | | Financial income and | 166 | 62 | 410 | 436 | 583 | | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE | | | | | | | APPROPRIATIONS | | | | | | -------------------------------------------------------------------------------- | AND TAXES | -2 794 | 833 | -1 414 | 2 764 | 13 174 | -------------------------------------------------------------------------------- | | Appropriations and | | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | | -------------------------------------------------------------------------------- | | the period's profit | 726 | -190 | 367 | -697 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | -2 068 | 642 | -1 047 | 2 067 | 9 691 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | -0.09 | 0.03 | -0.05 | 0.09 | 0.43 | -------------------------------------------------------------------------------- | Earnings per share less | -0.09 | 0.03 | -0.05 | 0.09 | 0.43 | | own shares, EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 30.6.2008| 30.6.2007 | 31.12.2007 | | | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | | -------------------------------------------------------------------------------- | | assets | 6 371 | 7 040 | 6 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Private equity investments | 38 024 | 42 966 | 38 541 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | | Accrued income and advance | 711 | 612 | 165 | | | payments | | | | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Financial securities | 3 812 | 8 876 | 15 901 | -------------------------------------------------------------------------------- | | Cash | 5 131 | 3 910 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 54 050 | 63 404 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 47 912 | 57 856 | 60 727 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | | Current liabilities | 6 138 | 5 548 | 6 262 | -------------------------------------------------------------------------------- | | TOTAL LIABILITIES | 6 138 | 5 548 | 6 262 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 54 050 | 63 404 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-6/08 | 1-6/07 | 2007 | -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATIONS | | | | -------------------------------------------------------------------------------- | | Operating profit | -1 657 | 2 329 | 12 591 | -------------------------------------------------------------------------------- | | Depreciation and amortisation | 348 | 362 | 759 | -------------------------------------------------------------------------------- | | Investments available for sale | | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) decrease (+) | 516 | -10 231 | -5 273 | -------------------------------------------------------------------------------- | | Short-term, increase (-) decrease (+) | 12 089 | 11 053 | 3 496 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Change in fair value reserve | -3 514 | 7 229 | 3 070 | -------------------------------------------------------------------------------- | | Change in tax liability/asset | -1 763 | 3 391 | 1 947 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | | -------------------------------------------------------------------------------- | | total change | 7 328 | 11 441 | 3 240 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Change in working capital | | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | -546 | -278 | 169 | | | decrease (+) | | | | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) decrease | -2 010 | -486 | 1 673 | | | (-) | | | | -------------------------------------------------------------------------------- | | Interest bearing debts, increase (+) | 3 500 | - | - | | | decrease (-) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working capital | 944 | -764 | 1 842 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Personnel issue paid over par | 128 | - | 256 | -------------------------------------------------------------------------------- | | Personnel incentive programme | - | - | 59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flows from operations before | | | | -------------------------------------------------------------------------------- | | financial items and taxes | 7 091 | 13 368 | 18 747 | -------------------------------------------------------------------------------- | | Financial income and expenses | 410 | 436 | 583 | -------------------------------------------------------------------------------- | | Deferred taxes | 349 | -697 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM OPERATIONS | 7 850 | 13 107 | 15 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM INVESTMENTS | | | | -------------------------------------------------------------------------------- | | Investing activities to investments | -82 | -4 348 | -4 342 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING | | | | -------------------------------------------------------------------------------- | | Dividends paid | -8 424 | -6 830 | -6 830 | -------------------------------------------------------------------------------- | | Aquisition of own shares | 174 | -1 004 | -1 915 | -------------------------------------------------------------------------------- | | Other changes | -131 | - | - | -------------------------------------------------------------------------------- | CASH FLOWS FROM FINANCING | -8 381 | -7 834 | -8 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid assets | -613 | 925 | 2 760 | -------------------------------------------------------------------------------- | Liquid assets at the beginning | | | | -------------------------------------------------------------------------------- | of the period | 5 745 | 2 985 | 2 985 | -------------------------------------------------------------------------------- | Liquid assets at the end | | | | -------------------------------------------------------------------------------- | of the period | 5 131 | 3 910 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank deposits. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Share | Share | Other | Fair | Retaine | Total | | | | capit | premi | reserve | value | d | | | | | al | um | s | reserve | earning | | | | | | reser | | | s | | | | | | ve | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 |11 384 |18 994 | 10 688 | -968 | 16 298 | 56 395 | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | Available for Sale | | | | | | | -------------------------------------------------------------------------------- | | - Change in Fair | | | | 7 229 | | 7 229 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | 2 067 | 2 067 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | 7 229 | 2 067 | 9 296 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -6 830 | -6 830 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Purchase of Own | | | -1 004 | | | -1 004 | | | Shares | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | -1 | -1 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 June 2007 |11 384 |18 994 | 9 684 | 6 261 | 11 533 | 57 856 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 1 Jan. 2007 |11 384 |18 994 | 8 902 | 2 102 | 19 345 | 60 727 | | | | | | | | | -------------------------------------------------------------------------------- | | Investments | | | | | | | | | Available for Sale | | | | | | | -------------------------------------------------------------------------------- | | - Change in Fair | | | | -3 514 | | -3 514 | | | Value | | | | | | | -------------------------------------------------------------------------------- | | Profit for the | | | | | -1 047 | -1 047 | | | period | | | | | | | -------------------------------------------------------------------------------- | | Total Income and | | | | | | | | | Expences | | | | | | | -------------------------------------------------------------------------------- | | for the Reporting | | | | -3 514 | -1 047 | -4 562 | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Payment of | | | | | -8 424 | -8 424 | | | dividends | | | | | | | -------------------------------------------------------------------------------- | | Purchase of Own | | | 174 | | | 174 | | | Shares | | | | | | | -------------------------------------------------------------------------------- | | Personnel | | | | | 128 | 128 | | | Incentive Plan | | | | | | | -------------------------------------------------------------------------------- | | Other Changes | | | | | -131 | -131 | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | 30 June 2008 |11 384 |18 994 | 9 076 | -1 412 | 9 870 | 47 912 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED KEY RATIOS | | | | -------------------------------------------------------------------------------- | | 2008 | 2008 | 2007 | -------------------------------------------------------------------------------- | | | **) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | -0.05 | 0.09 | 0.09 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR *) | -0.05 | 0.09 | 0.09 | -------------------------------------------------------------------------------- | Equity per share | 2.10 | 2.24 | 2.54 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR *) | 2.15 | 2.29 | 2.57 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | -3.8 | | 7.2 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | -3.9 | 7.1 | 7.2 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 88.6 | 7.4 | 91.2 | -------------------------------------------------------------------------------- | Stock price at end of period, EUR | 3.39 | 89.3 | 3.78 | -------------------------------------------------------------------------------- | Number of personnel at the | | 3.39 | | -------------------------------------------------------------------------------- | end of the period | 16 | 16 | 14 | -------------------------------------------------------------------------------- | Private equity investments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 79.4 | 74.5 | 74.3 | -------------------------------------------------------------------------------- | Investment commitments to | | | | -------------------------------------------------------------------------------- | equity ratio, % | 179.9 | 168.9 | 165.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares has been deducted from the total | | | | | amount | | | | -------------------------------------------------------------------------------- | The ROI and ROE ratios have been annualised. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | **)The non-recurring settlement expence has been | | | | eleminated | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 January 2008 | | 38 541 | -------------------------------------------------------------------------------- | Increase through acquisition | | - | -------------------------------------------------------------------------------- | Drawdowns to private equity funds | | 5 285 | -------------------------------------------------------------------------------- | Return of capital from the funds | | -1 416 | -------------------------------------------------------------------------------- | Net changes in the book values of | | | -------------------------------------------------------------------------------- | private equity funds | | -4 386 | -------------------------------------------------------------------------------- | Book value of private equity funds 30 June 2008 | | 38 024 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REMAINING COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Amanda Capital Plc's remaining commitments in private equity funds on 30 | | June | -------------------------------------------------------------------------------- | 2008 stood at EUR 48.2 million (EUR 52.6 million on 30 June 2007). Other | | | -------------------------------------------------------------------------------- | liabilities at the end of the reporting period was EUR 0.5 million (EUR 0.5 | | | -------------------------------------------------------------------------------- | million). | | | | | | | | | --------------------------------------------------------------------------------