AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE 11 February 2009 AMANDA CAPITAL PLC'S FINANCIAL STATEMENTS 1 JANUARY TO 31 DECEMBER 2008 SUMMARY OF THE EVENTS IN JANUARY-DECEMBER - The Group's net sales totalled EUR 6.1 million (EUR 16.6 million from 1 Jan. to 31 Dec. 2007). - During the period under review, a write-down of EUR 2.6 million of the Group's private equity fund portfolio was made with impact on the company result. - The Group's operating profit excluding a non-recurring item and the write-down was EUR 4.7 million (EUR 12.6 million). The non-recurring item (EUR 4.2 million) was registered in the second quarter of the year for the settlement with Interglobia's bankrupt's estate and Interavanti Oyj. - The Group's operating profit was EUR -2.1 million (EUR 12.6 million). - Consolidated earnings after taxes were EUR -1.3 million (EUR 9.7 million). - Earnings per share excluding the non-recurring item and write-downs were EUR 0.17 (EUR 0.43). - Earnings per share were EUR -0.06 (EUR 0.43). - The equity to assets ratio was 90.8% (90.7%). - Equity per share was EUR 1.82 (EUR 2.67) at the end of the period under review. - The aggregate return of Amanda Group's private equity investments since the beginning of investment operations was 25.2% p.a.(IRR). SUMMARY OF THE EVENTS IN OCTOBER-DECEMBER - The Group's net sales totalled EUR -0.9 million (EUR 1.5 million from 1 Oct. to 31 Dec. 2007). - Consolidated earnings after taxes were EUR -1.5 million (EUR 0.4 million). - During the period under review, a write-down of EUR 2.6 million of the Group's private equity fund portfolio was made with impact on the company result. - Earnings per share were EUR -0.07 (EUR 0.02). FINANCIAL DEVELOPMENT During the period under review (1 Jan. to 31 Dec. 2008), the net sales from the management and consultation of private equity investments developed according to plans and were EUR 4.6 million. During the financial period, Amanda reached an agreement on the management services for the Finnish State Pension Fund's Other Investments, which increased the assets under Amanda's management by approximately EUR 600 million to EUR 2.500 million at the time of the conclusion of the agreement. The share of management fees was 74.8% of the net sales and the net investment income accounted for 25.2% of the net sales. Due to the challenging market situation, both the number and euro amount of exits carried out in Amanda's investment portfolio, consisting of 28 private equity funds, was lower in 2008 than during the previous year. Above all in the second half of 2008, the exit market came to an almost total standstill. Owing to the present market situation, the exit market will be challenging in the near future. As a result of the decrease in the private equity funds' market values, Amanda made a profit and loss write-down of EUR 2.6 million relating to its own investments. From 1 Jan. to 31 Dec. 2008, the consolidated net sales totalled EUR 6.1 million (EUR 16.2 million from 1 Jan. to 31 Dec. 2007). Fees from the management and consultation of private equity funds accounted for EUR 4.6 million (EUR 4.4 million) of the net sales. The net investment income totalled EUR 1.5 million (EUR 11.8 million), including a profit and loss write-down of EUR 2.6 million. The result for the period was EUR -1.3 million (EUR 9.7 million). The Group's expenses and depreciation totalled EUR 8.2 million (EUR 4.0 million). Personnel expenses amounted to EUR 1.6 million (1.5 million) and depreciation was EUR 0.7 million (EUR 0.8 million). Other operating expenses totalled EUR 5.9 million (EUR 1.7 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 consists 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 fourth quarter of 2008 From 1 Oct. to 31 Dec. 2008, the consolidated net sales totalled EUR -0.9 million (EUR 1.5 million from 1 Oct. to 31 Dec. 2007). Fees from the management and consultation of private equity funds accounted for EUR 1.2 million (EUR 1.0 million) of the net sales. The net investment income totalled EUR -2.1 million (EUR 0.5 million), including a profit and loss write-down of EUR 2.6 million. The Group's result for the fourth quarter was EUR -1.5 million (EUR 0.4 million). The Group's expenses and depreciation totalled EUR 1.0 million (EUR 1.0 million). Personnel expenses amounted to EUR 0.4 million (EUR 0.4 million) and depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses totalled EUR 0.4 million (EUR 0.4 million). BALANCE SHEET The consolidated balance sheet total was EUR 45.6 million (EUR 67.0 million), and shareholders' equity amounted to EUR 41.4 million (EUR 60.7 million). EUR 3.5 million (0.0) of the short-tem debt was interest-bearing, and the remaining EUR 0.7 million (EUR 6.3 million) was interest-free short-term debt. Amanda's equity to assets ratio was high at 90.8% (90.7%). Of the balance sheet total, 76.5% (57.5%) was invested in private equity and 7.2% (32.6%) in liquid assets. Consolidated goodwill accounted for 3.9% (2.7%) of the balance sheet total and other intangible assets amounted to 9.1% (7.1%). The other balance sheet items accounted for 3.3% (0.1%). BUSINESS ACQUISITIONS The Group made no business acquisitions during the financial year. 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 4.6 million of net sales during the financial year, which corresponds to expectations. In March 2008, Amanda reached an agreement on the management services for the State Pension Fund's other investments, which increased the assets under Amanda's management by approximately EUR 600 million at the time of the conclusion of the agreement. The fundraising of Amanda IV West private equity fund of funds has been extended until May 2009, due to the market situation. By the end of 2008, a total of EUR 90.0 million had been raised to the fund. At the end of the period under review, the assets under Amanda's management totalled EUR 2.5 billion (original investment commitments). EUR 132.5 million of the assets under management were Amanda's own investment commitments, EUR 442.5 million assets in the private equity funds of funds managed by Amanda, and EUR 1.9 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 In the last quarter of 2008, Amanda Capital Plc made one new private equity fund investment. Amanda made an investment in the Amanda Warehousing L.P. private equity fund of funds under its own management. The fund will be used as basis when the fundraising to the Amanda V private equity fund will begin. 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 five private equity funds of funds under the company's own management. Amanda's degree of investment (book value of private equity investments per equity) was 78.2% (63.5%). The degree of investment including the Amanda LPE investment was 84.3%. Amanda's over-commitment degree was 209.9% (150.8%). During the period under review, the private equity funds called in capital in the amount of approximately EUR 9.6 million and returned approximately EUR 5.5 million to the company as capital returns and EUR 1.5 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 continued with a moderate investment pace in the challenging market situation. Below is an example of the investments made in the last quarter of the year: The Montagu III private equity fund has made an investment in a company called Euromedic International. The company is a leading European health care company with operations in 14 countries. In 2008, its sales are expected to exceed EUR 270 million. COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS In the last quarter of the year, e.g. the following exits on which Amanda has not distributed information took place in Amanda's portfolio: The Triton Fund II private equity fund sold a company called NVS Installation AB. NVS Installation is one of the leading Nordic installation companies. The exit was profitable and the proceeds have been returned to Amanda in the first quarter of 2009. The IK 2000 private equity fund sold a company called Wehkamp, which is the leading online shop in the Netherlands. The exit is profitable and the assets will be returned to Amanda in the first quarter of 2009. SHAREHOLDERS AND SHARE CAPITAL The share capital of Amanda Capital Plc is EUR 11 383 873, divided into 22 767 746 shares. On 13 August 2008, Amanda Capital Plc's Board of Directors decided to repurchase its own shares, based on an authorisation by the Annual General Meeting. The purchased shares will be used, in accordance with the authorisation, for the development of the company's capital structure, for nullification, in possible personnel incentive and compensation schemes or as payment in business acquisitions and other arrangements, or if the Board of Directors otherwise deems that this is an advantageous way of using liquid assets. The authorisation also covers the transfer of the own shares repurchased by the company and their use in the above described way, in a manner and at a price separately decided by the Board of Directors. According to the authorisation by the Annual General Meeting, a maximum of 2 200 000 shares may be repurchased. During the financial period, the company repurchased a total of 83 420 own shares, 80 020 of which were repurchased in the last quarter of the year. 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 559 038 own shares. On 31 December 2008, Amanda Capital Plc had 3 774 shareholders. The ten largest shareholders as of 31 December 2008 -------------------------------------------------------------------------------- | | Share of shares and | | | votes, % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Berling Capital Oy | 14.2 | -------------------------------------------------------------------------------- | Veikko Laine Oy | 14.0 | -------------------------------------------------------------------------------- | Umo Capital Oy | 12.9 | -------------------------------------------------------------------------------- | Oy Hermitage Ab | 10.1 | -------------------------------------------------------------------------------- | Mandatum Life Insurance Company Limited | 9.0 | -------------------------------------------------------------------------------- | Procurator-Holding Oy | 2.8 | -------------------------------------------------------------------------------- | Alexander Management Oy | 2.1 | -------------------------------------------------------------------------------- | Änkilä Petteri | 1.9 | -------------------------------------------------------------------------------- | Ab Kelonia Oy | 1.8 | -------------------------------------------------------------------------------- | Finnish Cultural Foundation | 1.5 | -------------------------------------------------------------------------------- PERSONNEL At the end of the period under review, the Group had 15 employees (15 employees). The salaries and wages paid to the personnel totalled EUR 1.6 million (EUR 1.5 million) during the financial period. The personnel expenses comprise periodisation of expenses of EUR 0.1 million related to the personnel incentive plan. This amount has no impact on the cash flow. During the financial period, 167 shares were returned to the company from the share-based 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. THE BOARD'S DIVIDEND PROPOSAL According to guidelines set out by Amanda Capital Plc's Board of Directors, the company's aim is to distribute at least half of the profit for the financial period as dividend, taking into account the liquidity situation. The distributable means of the parent company totalled EUR -2 081 212.05 and the distributable means of the Group EUR 9 782 383.93 on 31 December 2008. The Board of Directors proposes that no dividend be paid out. 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, on 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 financial statements release has been audited. OUTLOOK OF THE PRIVATE EQUITY MARKET The private equity business has gone through a period of strong growth, both in Europe and globally, up to the end of 2007. As the economic situation started to deteriorate in 2008, the situation also became more challenging for the private equity industry. The international credit crisis has had a strong impact on the private equity business. The credits granted by banks for all large buyout deals have been reduced dramatically, and it has also become more difficult to get loan financing for small and medium-sized buyout investments. As a result of the credit crisis, the liquidity, pricing and terms of the loan market have become tighter. The 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 will slow down in the 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 in the long term. The establishment of new private equity funds is expected to slow down until the risks of the international financial market can be identified and the trust between the market parties can be re-established. At the moment, private equity funds have at their disposal a large amount of capital for new investments during the following 3 to 4 years. Private equity investments have proven to be a competitive way of owning and managing companies. The private equity business is expected to continue to grow owing to the good global returns. COMPANY OUTLOOK The expansion of Amanda's business from investment operations to the management and consultation of private equity investments has proven to be a good strategy. The management of private equity investments is characterised by long-term management agreements that produce a stable cash flow and improve the predictability of the company's net sales and result. The expansion of business operations has reduced the sensitivity of Amanda's result to fluctuations in investment income. The company aims at increasing its management operations in future, too, both organically by establishing new funds and through possible business acquisitions. Based on the effective agreements, the net sales of this business area will exceed EUR 4.0 million in 2009. Amanda has continued with its selective investment operations and mainly concentrated its investments in private equity funds targeting later stage companies. This strategy has resulted in excellent returns, and the long-term returns on investments are expected to remain good for the foreseeable future. A quarter is, however, too short a period for measuring the success of investment operations in the private equity business, where the investment horizon is several years. AMANDA CAPITAL PLC Board of Directors Additional information: Petter Hoffström, Acting CEO, tel. +358 09 6829 6012 Appendix: Financial statements Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi APPENDIX FINANCIAL STATEMENTS -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, EUR | | | | | | 1 000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | |10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 | | | | | | | | -------------------------------------------------------------------------------- | NET SALES | | | | | -------------------------------------------------------------------------------- | | Net investment income | -2 127 | 481 | 1 540 | 12 186 | -------------------------------------------------------------------------------- | | Management fees | 1 205 | 1 001 | 4 558 | 4 373 | -------------------------------------------------------------------------------- | | Total | -922 | 1 482 | 6 098 | 16 559 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Depreciation | -178 | -174 | -700 | -759 | -------------------------------------------------------------------------------- | | Operating expenses | -829 | -838 | -7 522 | -3 209 | -------------------------------------------------------------------------------- | | Total | -1 007 | -1 012 | -8 223 | -3 968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | -1 929 | 470 | -2 124 | 12 591 | -------------------------------------------------------------------------------- | | Financial income and expenses | 26 | 100 | 447 | 583 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT BEFORE APPROPRIATIONS | | | | | -------------------------------------------------------------------------------- | AND TAXES | -1 903 | 570 | -1 678 | 13 174 | -------------------------------------------------------------------------------- | | Appropriations and | | | | | -------------------------------------------------------------------------------- | | taxes corresponding to | | | | | -------------------------------------------------------------------------------- | | the period's profit | 436 | -195 | 358 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT | -1 467 | 375 | -1 319 | 9 691 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.6 | 0.02 | -0.6 | 0.43 | -------------------------------------------------------------------------------- | Earnings per share less own | -0.7 | 0.01 | -0.6 | 0.43 | | shares, EUR *) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *) Own shares held by the company have been deducted | | | | from the total amount | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LONG-TERM ASSETS | | | -------------------------------------------------------------------------------- | | Intangible and tangible | | | -------------------------------------------------------------------------------- | | assets | 6 041 | 6 637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Private equity investments | 32 389 | 38 541 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Deferred tax assets | 466 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- | | Accrued income and advance payments | 922 | 165 | -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Financial securities | 2 496 | 15 901 | -------------------------------------------------------------------------------- | | Cash | 3 286 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 45 599 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | SHAREHOLDERS' EQUITY | 41 401 | 60 727 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- | | Current liabilities | 4 198 | 6 262 | -------------------------------------------------------------------------------- | | Total | 4 198 | 6 262 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 45 599 | 66 988 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 2008 | 2007 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | | | -------------------------------------------------------------------------------- | | Operating profit | -2 124 | 12 591 | -------------------------------------------------------------------------------- | | Depreciation and write-downs | 700 | 759 | -------------------------------------------------------------------------------- | | Investments available for sale | | | -------------------------------------------------------------------------------- | | Long-term, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | 6 152 | -5 273 | -------------------------------------------------------------------------------- | | Short-term, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | 13 405 | 3 496 | -------------------------------------------------------------------------------- | | Change in fair value reserve | -9 787 | 3 070 | -------------------------------------------------------------------------------- | | Change in tax liability/asset | -3 762 | 1 947 | -------------------------------------------------------------------------------- | | Investments available for sale, | | | -------------------------------------------------------------------------------- | | total change | 6 008 | 3 240 | -------------------------------------------------------------------------------- | | Change in working capital | | | -------------------------------------------------------------------------------- | | Business receivables, increase (-) | | | -------------------------------------------------------------------------------- | | decrease (+) | -757 | 169 | -------------------------------------------------------------------------------- | | Interest-free debt, increase (+) | | | -------------------------------------------------------------------------------- | | decrease (-) | -2 268 | 1 673 | -------------------------------------------------------------------------------- | | Interest-bearing debt, increase (+) | | | -------------------------------------------------------------------------------- | | decrease (-) | 3 500 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total change in working capital | 475 | 1 842 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel issue paid over par | 128 | 256 | -------------------------------------------------------------------------------- | Personnel incentive plan | - | 59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Cash flow from operations before financial | | | -------------------------------------------------------------------------------- | | items and taxes | 5 187 | 18 747 | -------------------------------------------------------------------------------- | | Financial income and expenses | 447 | 583 | -------------------------------------------------------------------------------- | | Deferred taxes | 358 | -3 483 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | 5 993 | 15 847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM INVESTMENTS | | | -------------------------------------------------------------------------------- | | Investing activities in investments | -104 | -4 342 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW FROM FINANCING | | | -------------------------------------------------------------------------------- | | Dividends paid | -8 424 | -6 830 | -------------------------------------------------------------------------------- | | Purchase/sale of own shares | 24 | -1 915 | -------------------------------------------------------------------------------- | | Other distribution of profits | 53 | - | -------------------------------------------------------------------------------- | | Total financing | -8 347 | -8 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase/decrease in liquid assets | -2 459 | 2 760 | -------------------------------------------------------------------------------- | Liquid assets at the beginning of the period | 5 745 | 2 985 | -------------------------------------------------------------------------------- | Liquid assets at the end of the period | 3 286 | 5 745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid assets contain cash and bank deposits. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in consolidated shareholders' equity (EUR | | | | | 1 000) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | |Share | Share |Other |Fair |Retained| Total | | |capi- | premium |reserves |value |earnings| | | |tal | reserve | |reserve | | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity |11 384| 18 994 | 10 688 | -968 | 16 298 | 56 395 | | 1 Jan. 2007 | | | | | | | -------------------------------------------------------------------------------- | Investments | | | | | | | | available for sale: | | | | | | | -------------------------------------------------------------------------------- | - Change in fair | | | | 3 070 | | 3 070 | | value | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | 9 691 | 9 691 | | period | | | | | | | -------------------------------------------------------------------------------- | Total income and | | | | | | | | expenses for the | | | | | | | -------------------------------------------------------------------------------- | reporting period | | | | 3 070 | 9 691 | 12 760 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividends paid | | | | | -6 830 | -6 830 | -------------------------------------------------------------------------------- | Purchase of own | | | -1 785 | | | -1 785 | | shares | | | | | | | -------------------------------------------------------------------------------- | Personnel incentive | | | | | 316 | 316 | | plan | | | | | | | -------------------------------------------------------------------------------- | Other changes | | | | | -129 | -129 | -------------------------------------------------------------------------------- | Shareholders' equity |11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 | | 31 Dec. 2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholder's equity |11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 | | 1 Jan. 2008 | | | | | | | -------------------------------------------------------------------------------- | Investments | | | | | | | | available for sale: | | | | | | | -------------------------------------------------------------------------------- | - Change in fair | | | | -9 787 | | -9 787 | | value | | | | | | | -------------------------------------------------------------------------------- | Profit (loss) for | | | | | -1 319 | -1 319 | | the period | | | | | | | -------------------------------------------------------------------------------- | Total income and | | | | | | | | expenses for the | | | | | | | -------------------------------------------------------------------------------- | reporting period | | | | -9 787 | -1 319 | -11 106 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividends paid | | | | | -8 424 | -8 424 | -------------------------------------------------------------------------------- | Purchase of own | | | -149 | | | -149 | | shares | | | | | | | -------------------------------------------------------------------------------- | Personnel incentive | | | 174 | | 128 | 302 | | plan | | | | | | | -------------------------------------------------------------------------------- | Other changes | | | | | 53 | 53 | -------------------------------------------------------------------------------- | Shareholders' equity |11 384| 18 994 | 8 926 | -7 685 | 9 782 | 41 401 | | 31 Dec. 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONDOLIDATED KEY RATIOS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 2008 | 2008 | 2007 | -------------------------------------------------------------------------------- | | | **) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for the period (EUR 1 000) | -1 319 | 3 763 | 9 691 | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.06 | 0.17 | 0.43 | -------------------------------------------------------------------------------- | Earnings per share less own shares, EUR*) | -0.06 | 0.17 | 0.43 | -------------------------------------------------------------------------------- | Equity per share, EUR | 1.82 | 2.04 | 2.67 | -------------------------------------------------------------------------------- | Equity per share, less own shares, EUR*) | 1.86 | 2.09 | 2.72 | -------------------------------------------------------------------------------- | Return on investment, ROI % p.a. | -2.3 | 9.4 | 16.5 | -------------------------------------------------------------------------------- | Return on equity, ROE % p.a. | -2.6 | 9.4 | 16.5 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 90.8 | 91.7 | 90.7 | -------------------------------------------------------------------------------- | Stock price at the end of the period, EUR | 1.79 | 1.79 | 3.38 | -------------------------------------------------------------------------------- | Number of personnel at the end of the | 15 | 15 | 15 | | period | | | | -------------------------------------------------------------------------------- | Private equity investments to equity | | | | -------------------------------------------------------------------------------- | ratio, % | 78.2 | 69.7 | 63.5 | -------------------------------------------------------------------------------- | Investment commitments to equity | | | | -------------------------------------------------------------------------------- | ratio, % | 209.9 | 187.0 | 150.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | *)Own shares held by the company have been deducted from the | | | total amount | | -------------------------------------------------------------------------------- | **) The non-recurring settlement expense and the write-downs deemed to be | | permanent have been eliminated. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 1 Jan. 2008 | 38 541 | -------------------------------------------------------------------------------- | Increase through acquisitions | | -------------------------------------------------------------------------------- | Draw-downs to private equity funds | 9 498 | -------------------------------------------------------------------------------- | Return of capital from the funds | -2 865 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net changes in the book values of private equity | | -------------------------------------------------------------------------------- | funds | -10 167 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Write-down recorded as permanent | -2 619 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value of private equity funds 31 Dec. 2008 | 32 389 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | REMAINING COMMITMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On 31 December 2008, Amanda Capital Plc's remaining commitments in private | | equity funds stood at EUR 54.5 million (EUR 53.0 million on 31 Dec. 2007) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other liabilities totalled EUR 0.4 million (EUR 0.5 million on 31 Dec. 2007) | | at the end of the period. | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------