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
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| | Share of shares and |
| | votes, % |
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| Berling Capital Oy | 14.0 |
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| Veikko Laine Oy | 14.0 |
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| Umo Capital Oy | 12.9 |
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| Oy Hermitage Ab | 10.1 |
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| Sampo Life Insurance Company Limited | 9.0 |
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| Procurator Oy | 2.8 |
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| Alexander Management Oy | 2.1 |
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| Änkilä Petteri | 1.9 |
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| Ab Kelonia Oy | 1.8 |
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| Finnish Cultural Foundation | 1.5 |
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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
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| CONSOLIDATED INCOME STATEMENT, EUR 1 | | | | |
| 000 | | | | |
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| | | 4-6/08 | 4-6/07 | 1-6/08 | 1-6/07 | 1-12/07 |
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| NET SALES | | | | | |
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| | Net investment income | 1 198 | 854 | 2 465 | 2 427 | 12 186 |
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| | Management fees | 1 061 | 960 | 2 134 | 1 971 | 4 373 |
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| | Total | 2 259 | 1 814 | 4 599 | 4 398 | 16 559 |
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| | Depreciation and | -175 | -180 | -348 | -362 | -759 |
| | amortisation | | | | | |
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| | Other operating | -5 044 | -864 | -6 075 | -1 707 | -3 209 |
| | expenses | | | | | |
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| | Total | -5 219 | -1 043 | -6 423 | -2 069 | -3 968 |
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| OPERATING PROFIT | -2 959 | 771 | -1 824 | 2 329 | 12 591 |
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| | Financial income and | 166 | 62 | 410 | 436 | 583 |
| | expenses | | | | | |
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| PROFIT BEFORE | | | | | |
| APPROPRIATIONS | | | | | |
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| AND TAXES | -2 794 | 833 | -1 414 | 2 764 | 13 174 |
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| | Appropriations and | | | | | |
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| | taxes corresponding to | | | | | |
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| | the period's profit | 726 | -190 | 367 | -697 | -3 483 |
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| PROFIT | -2 068 | 642 | -1 047 | 2 067 | 9 691 |
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| Earnings per share, | -0.09 | 0.03 | -0.05 | 0.09 | 0.43 |
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| Earnings per share less | -0.09 | 0.03 | -0.05 | 0.09 | 0.43 |
| own shares, EUR | | | | | |
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| CONSOLIDATED BALANCE SHEET, EUR 1 000 | | |
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| | | 30.6.2008| 30.6.2007 | 31.12.2007 |
| | | | | |
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| ASSETS | | | |
--------------------------------------------------------------------------------
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| LONG-TERM ASSETS | | | |
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| | Intangible and tangible | | | |
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| | assets | 6 371 | 7 040 | 6 637 |
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| | Investments available for sale | | | |
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| | Private equity investments | 38 024 | 42 966 | 38 541 |
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| CURRENT ASSETS | | | |
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| | Accrued income and advance | 711 | 612 | 165 |
| | payments | | | |
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| | Investments available for sale | | | |
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| | Financial securities | 3 812 | 8 876 | 15 901 |
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| | Cash | 5 131 | 3 910 | 5 745 |
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| TOTAL ASSETS | 54 050 | 63 404 | 66 988 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | |
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| SHAREHOLDERS' EQUITY | 47 912 | 57 856 | 60 727 |
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| LIABILITIES | | | |
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| | Current liabilities | 6 138 | 5 548 | 6 262 |
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| | TOTAL LIABILITIES | 6 138 | 5 548 | 6 262 |
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| TOTAL SHAREHOLDERS' | | | |
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| EQUITY AND LIABILITIES | 54 050 | 63 404 | 66 988 |
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| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | |
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| | | 1-6/08 | 1-6/07 | 2007 |
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| CASH FLOWS FROM OPERATIONS | | | |
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| | Operating profit | -1 657 | 2 329 | 12 591 |
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| | Depreciation and amortisation | 348 | 362 | 759 |
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| | Investments available for sale | | | |
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| | Long-term, increase (-) decrease (+) | 516 | -10 231 | -5 273 |
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| | Short-term, increase (-) decrease (+) | 12 089 | 11 053 | 3 496 |
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| | Change in fair value reserve | -3 514 | 7 229 | 3 070 |
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| | Change in tax liability/asset | -1 763 | 3 391 | 1 947 |
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| | Investments available for sale, | | | |
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| | total change | 7 328 | 11 441 | 3 240 |
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| | Change in working capital | | | |
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| | Business receivables, increase (-) | -546 | -278 | 169 |
| | decrease (+) | | | |
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| | Interest-free debt, increase (+) decrease | -2 010 | -486 | 1 673 |
| | (-) | | | |
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| | Interest bearing debts, increase (+) | 3 500 | - | - |
| | decrease (-) | | | |
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| Total change in working capital | 944 | -764 | 1 842 |
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| | Personnel issue paid over par | 128 | - | 256 |
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| | Personnel incentive programme | - | - | 59 |
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| | Cash flows from operations before | | | |
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| | financial items and taxes | 7 091 | 13 368 | 18 747 |
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| | Financial income and expenses | 410 | 436 | 583 |
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| | Deferred taxes | 349 | -697 | -3 483 |
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| CASH FLOWS FROM OPERATIONS | 7 850 | 13 107 | 15 847 |
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| CASH FLOWS FROM INVESTMENTS | | | |
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| | Investing activities to investments | -82 | -4 348 | -4 342 |
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| CASH FLOWS FROM FINANCING | | | |
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| | Dividends paid | -8 424 | -6 830 | -6 830 |
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| | Aquisition of own shares | 174 | -1 004 | -1 915 |
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| | Other changes | -131 | - | - |
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| CASH FLOWS FROM FINANCING | -8 381 | -7 834 | -8 745 |
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| Increase/decrease in liquid assets | -613 | 925 | 2 760 |
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| Liquid assets at the beginning | | | |
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| of the period | 5 745 | 2 985 | 2 985 |
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| Liquid assets at the end | | | |
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| of the period | 5 131 | 3 910 | 5 745 |
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| Liquid assets contain cash and bank deposits. | | | |
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| CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | |
| EQUITY | | | | |
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| | | Share | Share | Other | Fair | Retaine | Total |
| | | capit | premi | reserve | value | d | |
| | | al | um | s | reserve | earning | |
| | | | reser | | | s | |
| | | | ve | | | | |
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| Shareholders' equity | | | | | | |
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| 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 |
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| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 30 June 2007 |11 384 |18 994 | 9 684 | 6 261 | 11 533 | 57 856 |
| | | | | | | |
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| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 1 Jan. 2007 |11 384 |18 994 | 8 902 | 2 102 | 19 345 | 60 727 |
| | | | | | | |
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| | 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 | | | | | | |
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| | Other Changes | | | | | -131 | -131 |
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| Shareholders' equity | | | | | | |
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| 30 June 2008 |11 384 |18 994 | 9 076 | -1 412 | 9 870 | 47 912 |
| | | | | | | |
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| CONSOLIDATED KEY RATIOS | | | |
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| | 2008 | 2008 | 2007 |
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| | | **) | |
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| Earnings per share, | -0.05 | 0.09 | 0.09 |
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| Earnings per share less own shares, EUR *) | -0.05 | 0.09 | 0.09 |
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| Equity per share | 2.10 | 2.24 | 2.54 |
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| Equity per share, less own shares, EUR *) | 2.15 | 2.29 | 2.57 |
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| Return on investment, ROI % p.a. | -3.8 | | 7.2 |
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| Return on equity, ROE % p.a. | -3.9 | 7.1 | 7.2 |
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| Equity to assets ratio, % | 88.6 | 7.4 | 91.2 |
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| Stock price at end of period, EUR | 3.39 | 89.3 | 3.78 |
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| Number of personnel at the | | 3.39 | |
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| end of the period | 16 | 16 | 14 |
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| Private equity investments to | | | |
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| equity ratio, % | 79.4 | 74.5 | 74.3 |
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| Investment commitments to | | | |
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| equity ratio, % | 179.9 | 168.9 | 165.2 |
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| *) Own shares has been deducted from the total | | | |
| amount | | | |
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| The ROI and ROE ratios have been annualised. | | | |
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| **)The non-recurring settlement expence has been | | |
| eleminated | | |
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| CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | |
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| Book value of private equity funds 1 January 2008 | | 38 541 |
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| Increase through acquisition | | - |
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| Drawdowns to private equity funds | | 5 285 |
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| Return of capital from the funds | | -1 416 |
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| Net changes in the book values of | | |
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| private equity funds | | -4 386 |
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| Book value of private equity funds 30 June 2008 | | 38 024 |
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| REMAINING COMMITMENTS |
| |
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| Amanda Capital Plc's remaining commitments in private equity funds on 30 |
| June |
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| 2008 stood at EUR 48.2 million (EUR 52.6 million on 30 June 2007). Other |
| |
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| liabilities at the end of the reporting period was EUR 0.5 million (EUR 0.5 |
| |
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| million). | | | | | | | | |
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