The Group's net sales increased by 76.6% to EUR 16.6 million (EUR 9.4 million 1
January to 31 December 2006). The net investment income accounted for EUR 11.8
million and the management of private equity funds for EUR 4.4 million of the
net sales.
Consolidated earnings after taxes increased to EUR 9.7 million (EUR 6.0
million).
Earnings per share amounted to EUR 0.43 (EUR 0.26).
The equity to assets ratio was 90.7% (95.5%).
Equity per share was EUR 2.67 (EUR 2.48) at the end of the financial period.
Private equity investments gave a return of 33.0% on the capital invested in
private equity funds.
The aggregate return of Amanda Capital Plc's private equity investments since
the beginning of investments operations was 31.0% p.a.(IRR).
The basic dividend proposal of the Board of Directors for the financial period
2007 is EUR 0.22 per share and an additional dividend EUR 0.15 per share.
FINANCIAL DEVELOPMENT
During the financial period 2007, the net sales from the management and
consultation of private equity investments increased by 141.4% on the previous
year. The growth of management fees was due to both the successful raising of
capital to the Amanda III and Amanda IV private equity funds and the acquisition
of the Proventure companies. The share of management fees of the net sales was
26.4%.
The net investment income reached a record level of EUR 11.8 million in 2007. In
Amanda's investment portfolio, consisting of 28 private equity funds, several
exists were carried out in 2007. Above all private equity funds that make
mid-market investments from buyout funds succeeded well in selling their target
companies. During the financial period, Amanda made two new private equity fund
investments from its own balance sheet.
The Group's net sales totalled EUR 16.6 million in 2007 (EUR 9.4 million in
2006). Fees from the management and consultation of private equity funds
accounted for EUR 4.4 million (EUR 1.8 million) of the net sales. The net
investment income totalled EUR 11.8 million (EUR 7.6 million). Other operating
income amounted to EUR 0.3 million (EUR 0.0 million), and the profit for the
period was EUR 9.7 million (EUR 6.0 million).
The Group's expenses and depreciation totalled EUR 4.0 million (EUR 1.8
million). Personnel expenses amounted to EUR 1.5 million (EUR 0.8 million) and
the share of depreciation was EUR 0.8 million (EUR 0.2 million). Other operating
expenses totalled EUR 1.7 million (EUR 0.7 million).
BALANCE SHEET
The consolidated balance sheet total was EUR 67.0 million (EUR
59.0 million), and shareholders' equity amounted to EUR 60.7 million (EUR 56.4
million). Amanda's equity to assets ratio was high at 90.7% (95.5%). Of the
balance sheet total, 57.5% (56.4%) was invested in private equity funds and
32.2% (37.9%) in liquid assets. Consolidated goodwill amounted to 2.7% (3.0%) of
the balance sheet total.
BUSINESS ACQUISITIONS
The Group made no business acquisitions in the fourth quarter of 2007. The
merger of the Proventure companies, acquired in February, with Amanda advances
according to plans. Detailed information on the acquisition of the Proventure
companies is presented in the appendices to this report.
MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS
In 2007, the management and consultation of private equity investments generated
EUR 4.4 million of net sales, which corresponds to expectations.
In 2007, the assets under Amanda's management increased by more than EUR 400
million. The acquisition of the Proventure companies increased the assets under
management by EUR 175 million, the successful raising of capital to the Amanda
III and IV private equity funds by EUR 117 million and the expansion of the
consultation business by EUR 138 million.
At the end of the period under review, the assets under Amanda's management
totalled EUR 1.6 billion (original investment commitments). EUR 123.5 million of
the assets under management were Amanda's own investment commitments, EUR 433.5
million assets in the private equity funds of funds managed by Amanda, and EUR
1 085.3 million were covered by consultation. With these assets, investments
have been made in more than 100 private equity funds in Europe, the US, Asia,
and Russia.
At the moment, Amanda is raising capital to the Amanda IV West private equity
fund of funds. The first closing of the fund took place in November 2007 in the
amount of EUR 77 million. The fund makes investments in unlisted companies in
Western Europe through local private equity funds. The fund will continue to
raise capital in 2008, and the final closing will take place by 9 November 2008.
PRIVATE EQUITY FUNDS
In 2007, Amanda made two new private equity fund investments from its own
balance sheet. In the third quarter of 2007, Amanda Capital Plc made an
investment commitment of five million euros in the MB Equity Fund IV private
equity fund. MB Equity Fund IV is a Finnish private equity fund that will
continue with the previous investment strategy of MB Funds. The investment
object of MB Funds consists of medium-sized companies in Scandinavia.
In the second quarter of 2007, Amanda established the Amanda IV West private
equity fund. The first closing of the fund in the amount of EUR 77.0 million
took place in the fourth quarter. The fund makes investments in unlisted
companies in Western Europe through local private equity funds. Amanda made an
investment commitment of EUR 20 million in the fund.
Amanda has investments in 24 private equity funds and four private equity funds
of funds under the company's own management. During the financial period one of
Amanda's investment objects, the Sponsor Fund I, was dissolved. Amanda's degree
of investment (book value of private equity investments per equity) was 63.5%
(59.0%). Amanda's over-commitment degree was 150.8% (121.4%). In 2007, the
private equity funds called in capital in the amount of approximately EUR 9.1
million and returned approximately EUR 9.3 million to the company as capital
returns and EUR 11.8 million as distribution of profits.
Information on Amanda's current private equity investments can be found on the
company website at www.amandacapital.fi.
NEW INVESTMENTS MADE BY THE PRIVATE EQUITY FUNDS
The private equity funds in Amanda's investment portfolio made, e.g. the
following investments in the fourth quarter of 2007:
The Gresham 4 private equity fund acquired a company called Hotter. The company
is the leading manufacturer of footwear for elderly people in the UK. The fund
has also acquired a company called 7City Learning, which offers training for the
100 largest financial institutions globally.
The EQT V private equity fund bought a company called SAG, which provides build
and maintenance outsourcing services for utilities in their transmission and
distribution grids. SAG's main location is Germany, but it also has operations
in France, Poland and the Czech Republic.
The Emerging Europe Growth Fund, a target fund of the Amanda III Eastern Private
Equity Fund, made investments in two banks: FinComBank operates in Moldova and
MTB in Belarus.
COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS
In the fourth quarter of 2007, e.g. the following exits took place in Amanda's
portfolio:
The Montagu III private equity fund sold a company called Open International to
Towergate. Open International is the leading IT and software supplier for
insurance brokers in the UK.
The Fenno Fund sold its holding in Affecto Plc. AffectoGenimap was listed in
2005, and changed its name to Affecto Plc in 2007.
The Nexit Infocom 2000 private equity fund made a partial exit from Ecrio and
returned assets from its escrow account in connection with the Hybrid Graphics
Oy deal.
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, are interpreted as acquisition of own shares in accordance with IFRS.
Consequently, Amanda held a total of 476 000 own shares at the end of the
financial period. Amanda Capital Plc had 3 566 shareholders on 31 December 2007.
--------------------------------------------------------------------------------
| Ten largest shareholders as of 31 December 2007 |
--------------------------------------------------------------------------------
| | | Holding, % |
--------------------------------------------------------------------------------
| Berling Capital Oy | | 14.00 |
--------------------------------------------------------------------------------
| Veikko Laine Oy | | 14.00 |
--------------------------------------------------------------------------------
| Umo Capital Oy | | 12.86 |
--------------------------------------------------------------------------------
| Oy Hermitage Ab | | 10.08 |
--------------------------------------------------------------------------------
| Sampo Life Insurance Company Limited | | 9.02 |
--------------------------------------------------------------------------------
| Procurator Oy | | 2.84 |
--------------------------------------------------------------------------------
| Alexander Management Oy *) | | 2.09 |
--------------------------------------------------------------------------------
| Änkilä Petteri Juha Väinämö | | 1.89 |
--------------------------------------------------------------------------------
| Ab Kelonia Oy | | 1.78 |
--------------------------------------------------------------------------------
| Finnish Cultural Foundation | | 1.49 |
--------------------------------------------------------------------------------
*) According to IFRS, these shares are interpreted as acquisition of Amanda's
own shares.
PERSONNEL
At the end of the financial period, the Group had 15 employees. The average
number of employees during the financial period was 14. The overall salaries and
wages paid to the personnel totalled EUR 1.5 million (EUR 0.8 million) during
the year. The personnel expenses comprise periodisation of expenses of EUR 0.4
million related to the personnel incentive plan. This amount has no impact on
the cash flow.
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. Amanda
has tried to diversify the risks related to the investment operations by making
investments in private equity funds that make investments in different
geographic areas and fields of industry. 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. For the parent
company's part, the final investment proposals are submitted to Amanda Capital
Plc's Board of Directors for assessment and decision-making. The final
investment proposals regarding the funds managed by Amanda are submitted for
assessment and decision-making to the Board of the company that is the general
partner.
DISPUTES
On 30 June 2005, Helsinki District Court dismissed the lawsuits filed against
Amanda Capital Plc by Interglobia Ltd's bankrupt's estate and Interavanti Oyj.
On 19 September 2005, Interavanti Oyj and Interglobia's bankrupt's estate filed
an appeal against the decision by Helsinki District Court with the Court of
Appeal.
Background:
Interglobia Ltd's bankrupt's estate filed two lawsuits against Amanda Capital
Plc in 2003. These lawsuits concerned transactions carried out in 1997 by Amanda
Capital Plc's predecessor, the undivided Finvest Oyj, to purchase the shares of
three subsidiaries of the Interglobia Group and sell its shares in one of its
subsidiaries, Interglobia Ltd.
These two lawsuits are partly overlapping, and their capital value is
approximately EUR 10.2 million. In connection with this matter, Interavanti Oyj
filed a lawsuit at Helsinki District Court, demanding compensation in the amount
of EUR 2.9 million of Amanda Capital Plc.
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 14 565 730.49, and the
distributable means of the Group EUR 19 344 862.58 on 31 December 2007. The
Board of Directors proposes that a basic dividend of EUR 0.22 per share and due
to Amanda's good private equity investment results 2007 an additional dividend
of EUR 0.15 per share to be paid out to 22 767 746 shares for the financial
period that ended on 31 December 2007. According to the proposal, a total of EUR
5 008 904.12 will be used for the basic dividend payment and for the additional
dividend EUR 3 415 161.90, i.e. 89.9% of the profit for the period. The Board of
Directors feels that the proposed dividend does not pose any risk on the
liquidity of the company.
PRINCIPLES FOR DRAWING UP THE REPORT
The financial statements release 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 financial statements
report, Amanda has applied the same principles as in the financial statements
for the year 2006. The calculation of the key ratios is presented in the
financial statements. The Proventure companies, which were acquired by Amanda
Capital Plc on 9 February 2007, have been consolidated with Amanda Group from 1
January 2007. As for the net investment income, Amanda 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 financial statements release has been audited.
EVENTS AFTER THE PERIOD UNDER REVIEW
There have been no major events after the period under review.
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, and the figure for
2007 is expected to be at the same level. The international credit crisis had an
impact on the private equity business in the second half of 2007, as banks have
become less willing to provide financing 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 will launch at least two new funds.
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 OYJ
Board of Directors
Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 600
Distribution:
OMX Nordic Exchange, Helsinki, www.amandacapital.fi
The Amanda Group is a private equity management company. Its parent company is
the first publicly listed private equity fund of funds in Scandinavia. Amanda
has investments in 24 private equity funds and in four funds of funds under
Amanda's own management.
Amanda Group is one of Finland's largest management companies of private equity
fund investments. It manages several private equity fund portfolios under
consultancy agreements and six private equity funds of funds with several
domestic and international institutions as investors. Amanda Group currently has
EUR 1.6 billion of assets under management (original investment commitments)
with which it has made investments in more than 100 private equity funds in
Europe, the US, Asia, and Russia.
APPENDIX FINANCIAL STATEMENT TABLES
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 10-12/0 | 10-12/0 | 1-12/07 | 1-12/06 |
| | | 7 | 6 | | |
--------------------------------------------------------------------------------
| NET SALES | | | | | |
--------------------------------------------------------------------------------
| | Net investment income | 481 | 630 | 12 186 | 7 557 | |
--------------------------------------------------------------------------------
| | Management fees | 1 001 | 661 | 4 373 | 1 812 | |
--------------------------------------------------------------------------------
| | Total | 1 482 | 1 291 | 16 559 | 9 369 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Depreciation and | -174 | -62 | -759 | -246 | |
| | amortisation | | | | | |
--------------------------------------------------------------------------------
| | Other operating expenses | -838 | -501 | -3 209 | -1 576 | |
--------------------------------------------------------------------------------
| | Total | -1 012 | -563 | -3 968 | -1 822 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT | 470 | 729 | 12 591 | 7 547 | |
--------------------------------------------------------------------------------
| | Financial income and | 100 | 196 | 583 | 536 | |
| | expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT BEFORE APPROPRIATIONS | | | | | |
--------------------------------------------------------------------------------
| AND TAXES | 570 | 925 | 13 174 | 8 083 | |
--------------------------------------------------------------------------------
| | Appropriations and | | | | | |
--------------------------------------------------------------------------------
| | taxes corresponding to | | | | | |
--------------------------------------------------------------------------------
| | the period's profit | -195 | -237 | -3 483 | -2 074 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PROFIT | 375 | 688 | 9 691 | 6 009 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | 0.02 | 0.03 | 0.43 | 0.26 | |
--------------------------------------------------------------------------------
| Earnings per share less own | 0.01 | 0.03 | 0.43 | 0.26 | |
| shares, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, EUR 1 000 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM ASSETS | | |
--------------------------------------------------------------------------------
| | Intangible and tangible | | |
--------------------------------------------------------------------------------
| | assets | 6 637 | 3 054 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Investments available for sale | | |
--------------------------------------------------------------------------------
| | Private equity investments | 38 541 | 33 268 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | |
--------------------------------------------------------------------------------
| | Accrued income and advance payments | 165 | 334 |
--------------------------------------------------------------------------------
| | Investments available for sale | | |
--------------------------------------------------------------------------------
| | Financial securities | 15 901 | 19 397 |
--------------------------------------------------------------------------------
| | Cash | 5 745 | 2 985 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 66 988 | 59 038 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 60 727 | 56 395 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| | Current liabilities | 6 262 | 2 643 |
--------------------------------------------------------------------------------
| | TOTAL LIABILITIES | 6 262 | 2 643 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | 66 988 | 59 038 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 10-12/07 | 10-12/06 | 2007 | 2006 |
--------------------------------------------------------------------------------
| OPERATIONS | | | | |
--------------------------------------------------------------------------------
| | Operating profit | 470 | 728 | 12 591 | 7 547 |
--------------------------------------------------------------------------------
| | Depreciation and write-downs | 174 | 75 | 759 | 245 |
--------------------------------------------------------------------------------
| | Investments available for sale | | | | |
--------------------------------------------------------------------------------
| | Long-term, increase (-) | | | | |
--------------------------------------------------------------------------------
| | decrease (+) | -3 168 | -1 002 | -5 273 | -1 454 |
--------------------------------------------------------------------------------
| | Short-term, increase (-) | | | | |
--------------------------------------------------------------------------------
| | decrease (+) | -95 | -1 231 | 3 496 | -4 140 |
--------------------------------------------------------------------------------
| | Change in fair value reserve | 2 001 | 671 | 3 070 | -1 665 |
--------------------------------------------------------------------------------
| | Change in tax | | | | |
--------------------------------------------------------------------------------
| | liability/receivable | 455 | 308 | 1 947 | -581 |
--------------------------------------------------------------------------------
| | Investments available for | | | | |
| | sale, | | | | |
--------------------------------------------------------------------------------
| | total change | -807 | -1 254 | 3 240 | -7 840 |
--------------------------------------------------------------------------------
| | Change in working capital | | | | |
--------------------------------------------------------------------------------
| | Business receivables, increase | | | | |
| | (-) | | | | |
--------------------------------------------------------------------------------
| | decrease (+) | -10 | -63 | 169 | -319 |
--------------------------------------------------------------------------------
| | Interest-free debt, increase | | | | |
| | (+) | | | | |
--------------------------------------------------------------------------------
| | decrease (-) | -204 | -597 | 1 673 | 29 |
--------------------------------------------------------------------------------
| | Interest bearing debts, | | | | |
--------------------------------------------------------------------------------
| | increase (+)decrease (-) | 0 | -166 | 0 | -273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total change in working capital | -214 | -826 | 1 842 | -563 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Personnel issue paid over par | 193 | 128 | 256 | 128 |
--------------------------------------------------------------------------------
| | Personnel incentive programme | 59 | | 59 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Cash flow from operations | | | | |
| | before | | | | |
--------------------------------------------------------------------------------
| | financial items and taxes | -125 | -1 149 | 18 747 | -483 |
--------------------------------------------------------------------------------
| | Financial income and expenses | 100 | 196 | 583 | 536 |
--------------------------------------------------------------------------------
| | Deferred taxes | -195 | -236 | -3 483 | -2 074 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATIONS | -220 | -1 189 | 15 847 | -2 021 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTMENTS | | | | |
--------------------------------------------------------------------------------
| | Acquisition of subsidiary | 7 | 0 | -4 342 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANCING | | | | |
--------------------------------------------------------------------------------
| | Dividends paid | 0 | 0 | -6 830 | -3 189 |
--------------------------------------------------------------------------------
| | Payment from share issue | 0 | -64 | 0 | 3 800 |
--------------------------------------------------------------------------------
| | Aquisition of own shares | -130 | 0 | -1 915 | 0 |
--------------------------------------------------------------------------------
| | Total Financing | -130 | -64 | -8 745 | 611 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase/decrease in liquid assets | -343 | -1 253 | 2 760 | -1 410 |
--------------------------------------------------------------------------------
| Liquid assets at the beginning | | | | |
--------------------------------------------------------------------------------
| of the period | 6 088 | 4 238 | 2 985 | 4 395 |
--------------------------------------------------------------------------------
| Liquid assets at the end | | | | |
--------------------------------------------------------------------------------
| of the period | 5 745 | 2 985 | 5 745 | 2 985 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets contain cash and bank deposits. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | |
| EQUITY | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | Share | Share | Other | Fair | Retaine | Total | |
| | | capit | Premiu | reserve | value | d | | |
| | | al | m | s | reserve | earning | | |
| | | | Accoun | | | s | | |
| | | | t | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| 1 Jan. 2006 | 10 630| 15 947 | 10 688 | 698 | 13 350 | 51 312 | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | Investments | | | | | | | |
| | Available | | | | | | | |
| | for Sale | | | | | | | |
--------------------------------------------------------------------------------
| | - Change in | | | | -1 665 | | -1 665 | |
| | Fair Value | | | | | | | |
--------------------------------------------------------------------------------
| | Profit for | | | | | 6 009 | 6 009 | |
| | the period | | | | | | | |
--------------------------------------------------------------------------------
| | Total | | | | | | | |
| | Income and | | | | | | | |
| | Expences | | | | | | | |
--------------------------------------------------------------------------------
| | for the | | | | -1 665 | 6 009 | 4 344 | |
| | Reporting | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Payment of | | | | | -3 189 | -3 189 | |
| | dividends | | | | | | | |
--------------------------------------------------------------------------------
| | Personnel | 754 | 3 046 | | | 128 | 3 928 | |
| | Issue | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| 31 December |11 384 | 18 994 | 10 688 | -968 | 16 298 | 56 395 | |
| 2006 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| 1 Jan. 2007 |11 384 | 18 994 | 10 688 | -968 | 16 298 | 56 395 | |
| | | | | | | | |
--------------------------------------------------------------------------------
| | Investments | | | | | | | |
| | Available | | | | | | | |
| | for Sale | | | | | | | |
--------------------------------------------------------------------------------
| | - Change in | | | | 3 070 | | 3 070 | |
| | Fair Value | | | | | | | |
--------------------------------------------------------------------------------
| | Profit for | | | | | 9 691 | 9 691 | |
| | the period | | | | | | | |
--------------------------------------------------------------------------------
| | Total | | | | | | | |
| | Income and | | | | | | | |
| | Expences | | | | | | | |
--------------------------------------------------------------------------------
| | for the | | | | 3 070 | 9 691 | 12 760 | |
| | Reporting | | | | | | | |
| | period | | | | | | | |
--------------------------------------------------------------------------------
| | Payment of | | | | | -6 830 | -6 830 | |
| | dividends | | | | | | | |
--------------------------------------------------------------------------------
| | Purchase of | | | -1 785 | | | -1 785 | |
| | Own Shares | | | | | | | |
--------------------------------------------------------------------------------
| | Personnel | | | | | 316 | 316 | |
| | Incentive | | | | | | | |
| | Plan | | | | | | | |
--------------------------------------------------------------------------------
| | Other | | | | | -129 | -129 | |
| | Changes | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| 31 December | 11 384| 18 994 | 8 902 | 2 102 | 19 345 | 60 727 | |
| 2007 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED KEY RATIOS | | |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | 0.43 | 0.26 |
--------------------------------------------------------------------------------
| Earnings per share less own shares, EUR | 0.43 | 0.26 |
--------------------------------------------------------------------------------
| Equity per share | 2.67 | 2.48 |
--------------------------------------------------------------------------------
| Equity per share, lessa own shares, EUR | 2.72 | 2.48 |
--------------------------------------------------------------------------------
| Return on investment, ROI % p.a. | 16.5 | 15.0 |
--------------------------------------------------------------------------------
| Return on equity, ROE % p.a. | 16.5 | 11.2 |
--------------------------------------------------------------------------------
| Equity to assets ratio, % | 90.7 | 95.5 |
--------------------------------------------------------------------------------
| Stock price at end of period, EUR | 3.38 | 3.43 |
--------------------------------------------------------------------------------
| Number of personnel at the | | |
--------------------------------------------------------------------------------
| end of the period | 15 | 10 |
--------------------------------------------------------------------------------
| Private equity investments to | | |
--------------------------------------------------------------------------------
| equity ratio, % | 63.5 | 59.0 |
--------------------------------------------------------------------------------
| Investment commitments to | | |
--------------------------------------------------------------------------------
| equity ratio, % | 150.8 | 121.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Own shares has been deducted from the total amount | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN BOOK VALUE OF PRIVATE EQUITY FUNDS, EUR 1 000 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value of private equity funds 1 Jan 2007 | | 33 268 |
--------------------------------------------------------------------------------
| Increase through acquisition | | 915 |
--------------------------------------------------------------------------------
| Drawdowns to private equity funds | | 9 087 |
--------------------------------------------------------------------------------
| Return of capital from the funds | | -9 258 |
--------------------------------------------------------------------------------
| Net changes in the book values of | | |
--------------------------------------------------------------------------------
| private equity funds | | 4 529 |
--------------------------------------------------------------------------------
| Book value ofprivate equity funds 31 December 2007 | | 38 541 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The following assets and liabilities have been | | |
--------------------------------------------------------------------------------
| booked for the acquired | | | | |
| bussiness | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR million | Net fair | | Book value | |
| | value of | | before | |
--------------------------------------------------------------------------------
| | identifiable | | the business | |
| | asset | | | |
--------------------------------------------------------------------------------
| | and | | combination | |
| | liabilitsies | | | |
--------------------------------------------------------------------------------
| Intangible asset | 4.2 | | 0.0 | |
--------------------------------------------------------------------------------
| Tangible assets | 0.1 | | 0.1 | |
--------------------------------------------------------------------------------
| Receivables | 9.1 | | 9.1 | |
--------------------------------------------------------------------------------
| Investments in private | 0.9 | | 0.9 | |
| equity funds | | | | |
--------------------------------------------------------------------------------
| Other investments | 0.7 | | 0.7 | |
--------------------------------------------------------------------------------
| Cash and Cash equivalents | 0.3 | | 0.3 | |
--------------------------------------------------------------------------------
| Total | 15.2 | | 11.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing | 0.5 | | 0.5 | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other liabilities | 0.7 | | 0.7 | |
--------------------------------------------------------------------------------
| Deferred Tax liabilities | 1.1 | | 0.0 | |
--------------------------------------------------------------------------------
| Other interest free | 2.7 | | 2.7 | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total | 4.9 | | 3.8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net Asset Value | 10.3 | | 7.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase price paid in | 10.0 | | | |
| cash | | | | |
--------------------------------------------------------------------------------
| Professional fees | 0.3 | | | |
--------------------------------------------------------------------------------
| Acquisition cost | 10.3 | | | |
--------------------------------------------------------------------------------
| Net asset value of | 10.3 | | | |
| acquired companies | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.0 | | | |
--------------------------------------------------------------------------------
REMAINING COMMITMENTS
Amanda Capital Plc's remaining commitments in private equity funds on 31
December 2007 stood at EUR 53,0 million (EUR 35,2 million on 31 December 2006).
Other liabilities at the end of the reporting period was EUR 0.5 million (EUR
0.5 million).
Recommended Reading
-
eQ Plc interim report28 April 2026 at 8:00 a.m. January to March 2026 in brief The Group's net revenue for the reporting period was EUR 14.2 million (EUR 14.0 million 1 January - 31 March 2025)....
Read More -
eQ Plc Investor news21 April 2026, at 10:30 a.m. eQ Plc will publish its Q1 2026 interim report on Tuesday 28 April 2026 at around 8:00 a.m. eQ’s CEO Jouko Pölönen and CFO Antti Lyytikäinen will...
Read More