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
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| | Share of shares and |
| | votes, % |
--------------------------------------------------------------------------------
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| Berling Capital Oy | 14.2 |
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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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| Mandatum Life Insurance Company Limited | 9.0 |
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| Procurator-Holding 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 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
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| CONSOLIDATED INCOME STATEMENT, EUR | | | | |
| 1 000 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | |10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
| | | | | | |
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| NET SALES | | | | |
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| | Net investment income | -2 127 | 481 | 1 540 | 12 186 |
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| | Management fees | 1 205 | 1 001 | 4 558 | 4 373 |
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| | Total | -922 | 1 482 | 6 098 | 16 559 |
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| | Depreciation | -178 | -174 | -700 | -759 |
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| | Operating expenses | -829 | -838 | -7 522 | -3 209 |
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| | Total | -1 007 | -1 012 | -8 223 | -3 968 |
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| OPERATING PROFIT | -1 929 | 470 | -2 124 | 12 591 |
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| | Financial income and expenses | 26 | 100 | 447 | 583 |
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| PROFIT BEFORE APPROPRIATIONS | | | | |
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| AND TAXES | -1 903 | 570 | -1 678 | 13 174 |
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| | Appropriations and | | | | |
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| | taxes corresponding to | | | | |
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| | the period's profit | 436 | -195 | 358 | -3 483 |
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| PROFIT | -1 467 | 375 | -1 319 | 9 691 |
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| Earnings per share, EUR | -0.6 | 0.02 | -0.6 | 0.43 |
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| Earnings per share less own | -0.7 | 0.01 | -0.6 | 0.43 |
| shares, EUR *) | | | | |
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| *) Own shares held by the company have been deducted | | |
| from the total amount | | |
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| CONSOLIDATED BALANCE SHEET, EUR 1 000 | | |
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| | | 31.12.2008 | 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 | 6 041 | 6 637 |
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| | Investments available for sale | | |
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| | Private equity investments | 32 389 | 38 541 |
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| | Deferred tax assets | 466 | - |
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| CURRENT ASSETS | | |
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| | Accrued income and advance payments | 922 | 165 |
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| | Investments available for sale | | |
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| | Financial securities | 2 496 | 15 901 |
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| | Cash | 3 286 | 5 745 |
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| TOTAL ASSETS | 45 599 | 66 988 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | |
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| | SHAREHOLDERS' EQUITY | 41 401 | 60 727 |
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| LIABILITIES | | |
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| | Current liabilities | 4 198 | 6 262 |
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| | Total | 4 198 | 6 262 |
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| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 45 599 | 66 988 |
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| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | |
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| | | 2008 | 2007 |
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| CASH FLOW FROM OPERATIONS | | |
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| | Operating profit | -2 124 | 12 591 |
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| | Depreciation and write-downs | 700 | 759 |
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| | Investments available for sale | | |
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| | Long-term, increase (-) | | |
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| | decrease (+) | 6 152 | -5 273 |
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| | Short-term, increase (-) | | |
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| | decrease (+) | 13 405 | 3 496 |
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| | Change in fair value reserve | -9 787 | 3 070 |
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| | Change in tax liability/asset | -3 762 | 1 947 |
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| | Investments available for sale, | | |
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| | total change | 6 008 | 3 240 |
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| | Change in working capital | | |
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| | Business receivables, increase (-) | | |
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| | decrease (+) | -757 | 169 |
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| | Interest-free debt, increase (+) | | |
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| | decrease (-) | -2 268 | 1 673 |
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| | Interest-bearing debt, increase (+) | | |
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| | decrease (-) | 3 500 | - |
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| Total change in working capital | 475 | 1 842 |
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| Personnel issue paid over par | 128 | 256 |
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| Personnel incentive plan | - | 59 |
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| | Cash flow from operations before financial | | |
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| | items and taxes | 5 187 | 18 747 |
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| | Financial income and expenses | 447 | 583 |
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| | Deferred taxes | 358 | -3 483 |
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| CASH FLOW FROM OPERATIONS | 5 993 | 15 847 |
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| CASH FLOW FROM INVESTMENTS | | |
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| | Investing activities in investments | -104 | -4 342 |
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| CASH FLOW FROM FINANCING | | |
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| | Dividends paid | -8 424 | -6 830 |
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| | Purchase/sale of own shares | 24 | -1 915 |
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| | Other distribution of profits | 53 | - |
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| | Total financing | -8 347 | -8 745 |
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| Increase/decrease in liquid assets | -2 459 | 2 760 |
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| Liquid assets at the beginning of the period | 5 745 | 2 985 |
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| Liquid assets at the end of the period | 3 286 | 5 745 |
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| Liquid assets contain cash and bank deposits. |
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| Change in consolidated shareholders' equity (EUR | | | |
| 1 000) | | | |
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| |Share | Share |Other |Fair |Retained| Total |
| |capi- | premium |reserves |value |earnings| |
| |tal | reserve | |reserve | | |
| | | | | | | |
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| Shareholders' equity |11 384| 18 994 | 10 688 | -968 | 16 298 | 56 395 |
| 1 Jan. 2007 | | | | | | |
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| Investments | | | | | | |
| available for sale: | | | | | | |
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| - Change in fair | | | | 3 070 | | 3 070 |
| value | | | | | | |
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| Profit for the | | | | | 9 691 | 9 691 |
| period | | | | | | |
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| Total income and | | | | | | |
| expenses for the | | | | | | |
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| reporting period | | | | 3 070 | 9 691 | 12 760 |
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| Dividends paid | | | | | -6 830 | -6 830 |
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| Purchase of own | | | -1 785 | | | -1 785 |
| shares | | | | | | |
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| Personnel incentive | | | | | 316 | 316 |
| plan | | | | | | |
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| Other changes | | | | | -129 | -129 |
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| Shareholders' equity |11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 |
| 31 Dec. 2007 | | | | | | |
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| Shareholder's equity |11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 |
| 1 Jan. 2008 | | | | | | |
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| Investments | | | | | | |
| available for sale: | | | | | | |
--------------------------------------------------------------------------------
| - Change in fair | | | | -9 787 | | -9 787 |
| value | | | | | | |
--------------------------------------------------------------------------------
| Profit (loss) for | | | | | -1 319 | -1 319 |
| the period | | | | | | |
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| Total income and | | | | | | |
| expenses for the | | | | | | |
--------------------------------------------------------------------------------
| reporting period | | | | -9 787 | -1 319 | -11 106 |
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| Dividends paid | | | | | -8 424 | -8 424 |
--------------------------------------------------------------------------------
| Purchase of own | | | -149 | | | -149 |
| shares | | | | | | |
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| Personnel incentive | | | 174 | | 128 | 302 |
| plan | | | | | | |
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| Other changes | | | | | 53 | 53 |
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| Shareholders' equity |11 384| 18 994 | 8 926 | -7 685 | 9 782 | 41 401 |
| 31 Dec. 2008 | | | | | | |
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| CONDOLIDATED KEY RATIOS | | | |
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| | 2008 | 2008 | 2007 |
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| | | **) | |
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| Profit/loss for the period (EUR 1 000) | -1 319 | 3 763 | 9 691 |
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| Earnings per share, EUR | -0.06 | 0.17 | 0.43 |
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| Earnings per share less own shares, EUR*) | -0.06 | 0.17 | 0.43 |
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| Equity per share, EUR | 1.82 | 2.04 | 2.67 |
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| Equity per share, less own shares, EUR*) | 1.86 | 2.09 | 2.72 |
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| Return on investment, ROI % p.a. | -2.3 | 9.4 | 16.5 |
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| Return on equity, ROE % p.a. | -2.6 | 9.4 | 16.5 |
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| Equity to assets ratio, % | 90.8 | 91.7 | 90.7 |
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| Stock price at the end of the period, EUR | 1.79 | 1.79 | 3.38 |
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| Number of personnel at the end of the | 15 | 15 | 15 |
| period | | | |
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| Private equity investments to equity | | | |
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| ratio, % | 78.2 | 69.7 | 63.5 |
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| Investment commitments to equity | | | |
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| ratio, % | 209.9 | 187.0 | 150.8 |
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| *)Own shares held by the company have been deducted from the | |
| total amount | |
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| **) The non-recurring settlement expense and the write-downs deemed to be |
| permanent have been eliminated. |
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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 Jan. 2008 | 38 541 |
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| Increase through acquisitions | |
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| Draw-downs to private equity funds | 9 498 |
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| Return of capital from the funds | -2 865 |
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| Net changes in the book values of private equity | |
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| funds | -10 167 |
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| Write-down recorded as permanent | -2 619 |
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| Book value of private equity funds 31 Dec. 2008 | 32 389 |
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| REMAINING COMMITMENTS |
| |
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| 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) |
| |
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| Other liabilities totalled EUR 0.4 million (EUR 0.5 million on 31 Dec. 2007) |
| at the end of the period. |
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