AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE
13 May 2009
AMANDA CAPITAL PLC'S INTERIM REPORT 1.1 - 31.3.2009
SUMMARY OF THE EVENTS IN JANUARY-MARCH
- The Group's net sales totalled EUR -1.3 million (EUR 2.3 million from 1 Jan.
to 31 March 2008).
- The Group's management fees totalled EUR 1.1 million (EUR 1.1 million).
- A loss of EUR 2.8 million was realised from the Group's Liquid Private Equity
investment during the period under review.
- The Group's operating profit was EUR -2.2 million (1.1 M€).
- The Group's operating profit excluding the loss from the LPE investment was
EUR 0.6 million (EUR 1.1 million).
- Consolidated earnings after taxes were EUR -1.6 million (EUR 1.0 million).
- Earnings per share were EUR -0.07 (EUR 0.04).
- The equity to assets ratio was 91.1% (89.2%).
- Equity per share was EUR 1.66 (EUR 2.24) 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 23.3% p.a.(IRR).
- Martin Paasi started as CEO of Amanda Group on 9 March 2009.
FINANCIAL ENVIRONMENT
The net sales of the period under review (1 Jan. to 31 March 2009) were
negative, as a loss of EUR 2.8 million was realised from the Liquid Private
Equity investment. Amanda's LPE Fund has been realised in full. The private
equity portfolio gave a profit of EUR 0.4 million during the period under
review, which means that the net investment income totalled EUR -2.4 million.
During the period under review, the net sales from the management and
consultation of private equity investments totalled EUR 1.1 million. The assets
under Amanda's management were at the same level as at the end of 2008,
approximately EUR 2 500 million.
Due to the challenging market situation and the difficulties to obtain debt
financing, the exits in Amanda's investment portfolio consisting of 28 private
equity funds came to an almost total standstill. The valuation of Amanda's
private equity fund portfolio also decreased during the period under review. We
estimate that the exit market will remain challenging in the near future due to
the present market situation.
Financial development during the period under review
From 1 Jan. to 31 March 2009, the consolidated net sales totalled EUR -1.3
million (EUR 2.3 million from 1 Jan. to 31 March 2008). Fees from the management
and consultation of private equity funds accounted for EUR 1.1 million (EUR 1.1
million). The net investment income totalled EUR -2.4 million (EUR 1.3 million),
including a loss of EUR 2.8 million from the realisation of the Amanda LPE Fund,
with an impact on the company result. The result for the period was EUR -1,6
million (EUR 1.0 million).
The Group's expenses and depreciation totalled EUR 0.9 million (EUR 1.2
million). Personnel expenses amounted to EUR 0.3 million (EUR 0.5 million) and
depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses
totalled EUR 0.4 million (EUR 0.6 million).
BALANCE SHEET
The consolidated balance sheet total was EUR 41.5 million (EUR
57.2 million) and shareholders' equity amounted to EUR 37.8 million (EUR 51.0
million). EUR 2.5 million (0.0) of the short-term debt was interest-bearing, and
the remaining EUR 1.2 million (EUR 6.2 million) was interest-free short-term
debt. Amanda's equity to assets ratio was high at 91.1% (89.2%). Of the balance
sheet total, 67.6% (64.0%) was invested in private equity and 13.3% (24.4%) in
liquid assets. Consolidated goodwill accounted for 4.3% (3.1%) of the balance
sheet total and other intangible assets amounted to 10.0% (8.1%). The other
balance sheet items accounted for 4.8% (0.4%).
MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS
The management and consultation of private equity investments generated EUR 1.1
million of net sales during the period under review, which corresponds to
expectations.
The fundraising of Amanda IV West private equity fund of funds has ended, and
the total size of the fund is EUR 90.0 million.
After the end of the period under review, the Financial Supervision Authority
granted Amanda Capital Plc's fully owned subsidiary Amanda Advisors Ltd the
license to act as investment firm.
At the end of the period under review, the assets under Amanda's management
totalled EUR 2.5 billion (original investment commitments). EUR 132.6 million of
the assets under management were Amanda's own investment commitments, EUR 442.3
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 that 100 private equity funds in Europe, the USA, Asia and
Russia.
INVESTMENT OPERATIONS
In the first quarter of 2009, Amanda Capital Plc did not make any new
investments in private equity funds. 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 74.2% (71.8%). Amanda's
over-commitment degree was 215.3% (173.0%). During the period under review, the
private equity funds called in capital in the amount of approximately EUR 0.9
million and returned approximately EUR 0.2 million to the company as capital
returns and EUR 0.4 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
During the period under review, the private equity funds in Amanda's investment
portfolio concentrated on the management of the existing investment objects, and
the target funds made no new investments.
COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS
In the first quarter of the year, no exits took place in Amanda's portfolio.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Amanda Capital Plc, which was held on 30
March 2009 in Helsinki, dealt with the following matters:
Discharge from liability
The AGM confirmed the company's financial statements for the year 2008 and
discharged the members of the Board of Directors and the CEO from the liability
for the financial year.
Use of the result shown on the balance sheet
The AGM confirmed the proposal by the Board of Directors, according to which the
result for the financial year of EUR -8 220 600.57 will be entered in the profit
and loss account and no dividend will be paid out.
Board of Directors and remuneration
The AGM re-elected the following persons to the Board of Directors: Peter
Fagernäs, Esa Karppinen, Pertti Laine, Petri Niemisvirta and Topi Piela. The AGM
decided that a remuneration of EUR 2 000 per month will be paid to the Chairman
of the Board and EUR 1 000 per month to the members of the Board of Directors.
The Board convened immediately after the AGM and elected Topi Piela as Chairman
of the Board.
Auditors
The Authorised Public Accounting Firm Ernst & Young Oy, with Kunto Pekkala, APA,
as the auditor in charge will continue as auditor of the company.
Authorising the Board of Directors to decide on the issuance of shares as well
as the issuance of special rights entitling to shares
The AGM authorised the Board of Directors to decide on the issuance of a maximum
of 11 000 000 shares through a share issue and/or by issuing warrants and/or
other special rights entitling to shares, referred to in chapter 10 section 1 of
the Limited Liability Companies Act, in one or several instalments in accordance
with the proposal by the Board of Directors. The Board may decide to issue
either new shares or own shares already held by the company. The maximum amount
of the proposed authorisation corresponds to approximately 48.3% of all the
company shares at the date of the AGM. It is proposed that the authorisation be
used for financing and carrying out possible business acquisitions or other
arrangements, for consolidating the company's balance sheet and financing
position, for carrying out commitment and incentive schemes for the personnel or
for other purposes decided by the Board of Directors. It is further proposed
that the authorisation comprise the right of the Board of Directors to decide on
all the terms of the share issue and the issuance of special rights according to
chapter 10 section 1 of the Limited Liability Companies Act, including the
persons who will receive the shares or special rights entitling to shares and
the amount of the consideration to be paid. Therefore, the authorisation
comprises the right to issue shares or special rights in deviation from the
shareholders' pre-emptive rights (directed issue), as set out by law. It is
proposed that the authorisation cancel previous corresponding authorisations and
be in force until 31 December 2010.
The authorisation of the Board of Directors to acquire and transfer the
company's own shares
The AGM authorised the Board to resolve to repurchase a maximum of 2 200 000
company shares with means included in the company's unrestricted equity so that
the company together with its subsidiaries at no time holds or holds as pledge
more than 10 per cent of all the company shares. Shares may be acquired for
developing the company's capital structure, for nullification or for use in
accordance with possible personnel incentive and compensation schemes or as
consideration in business acquisitions and other arrangements. The shares shall
be repurchased at a market price formed in public trading at Nasdaq OMX
Helsinki. The repurchase may be made otherwise than in proportion to the
shareholdings of the shareholders (directed repurchase), provided that the
company has a weighing financial reason for doing so. It is proposed that the
authorisation cancel previous corresponding authorisations and be in force 18
months from the date of the decision.
SHAREHOLDERS AND SHARE CAPITAL
The share capital of Amanda Capital Plc is EUR 11 383 873, divided into
22 767 746 shares.
The Board of Directors of Amanda Capital Plc decided to repurchase its own
shares, based on an authorisation by the AGM held in 2008. During the period
under review, the company repurchased a total of 8 237 own shares, and at the
end of the period the company held 91 657 own shares in total.
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 567 275 own shares. On 31
March 2009, Amanda Capital Plc had 3 746 shareholders.
The ten largest shareholders as of 31 March 2009
--------------------------------------------------------------------------------
| | 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 |
--------------------------------------------------------------------------------
CHIEF EXECUTIVE OFFICER
The Board of Directors of Amanda Capital Plc appointed Martin Paasi, M.Sc.
(Econ.), CEFA, CEO of the company. He took over the job on 9 March 2009.
PERSONNEL
At the end of the period under review, the Group had 16 employees (14
employees). The salaries and wages paid to the personnel totalled EUR 0.3
million (EUR 0.5 million) during the period.
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, foreign exchange risk and
liquidity 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.
Liquidity risk
The Group's liquidity is monitored continuously, and good liquidity is
maintained by only investing the surplus liquidity in objects with a low risk,
which can be turned into cash rapidly and at a clear market price. The
availability and flexibility of financing has been arranged with a limit promise
from a credit institution.
PRINCIPLES FOR DRAWING UP THE REPORT
From 1 January 2009, the Group has applied the following amended standard: IAS 1
Presentation of Financial Statements. The amended standard has an impact on the
manner of presenting the Income Statement. From 1 January 2009, the Group has
applied the new IFRS 8 standard, Operating Segments, but it has not had any
impact on the interim report, as Amanda still has only one operating segment.
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 2008. 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 information in the interim report has not been audited.
EVENTS AFTER THE REPORTING PERIOD
After the end of the period under review, the Financial Supervision Authority
granted Amanda Capital Plc's fully owned subsidiary Amanda Advisors Ltd the
license to act as investment firm.
The Board of Directors of Amanda has decided to end the operations of the Amanda
Liquid Private Equity fund in its present form. As part of this process, a loss
of EUR 2.8 million for said investment has been included in the result of the
period under review.
After the end of the period under review, the trade register gave permission to
Amanda to transfer the Share Premium Reserve, at 31 December 2007 by EUR 18 926
777.92 and the Other Reserves at 31 December 2007 shall be decreased by EUR 10
687 579.69 by transferring all the funds to the Company's reserve for invested
unrestricted equity. After the transfers of the funds, both Share Premium
Reserve and Other Reserves are nil.
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 above all large buyout
deals have been reduced, 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 has
become more cautious as a whole, and it can be expected that 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 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: Martin Paasi, CEO, tel. +358 9 6829 6011
Appendix: Financial statements
Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 1-3/09 | 1-3/08 | 1-12/08 |
--------------------------------------------------------------------------------
| | NET SALES | | | |
--------------------------------------------------------------------------------
| | Net investment income | -2 364 | 1 267 | 1 540 |
--------------------------------------------------------------------------------
| | Management fees | 1 069 | 1 073 | 4 558 |
--------------------------------------------------------------------------------
| | Total | -1 295 | 2 340 | 6 098 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Other operating income | 0 | - | - |
--------------------------------------------------------------------------------
| | Depreciation and amortisation | -173 | -173 | -700 |
--------------------------------------------------------------------------------
| | Other operating expenses | -712 | -1 031 | -7 522 |
--------------------------------------------------------------------------------
| | Operating profit | -2 180 | 1 136 | -2 124 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Financial income and expenses | -12 | 244 | 447 |
--------------------------------------------------------------------------------
| | Profit before tax | -2 192 | 1 380 | -1 678 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Income tax expense | 570 | -359 | 358 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | PROFIT (LOSS) FOR THE YEAR | -1 622 | 1 021 | -1 319 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Other comprehensive income: | | | |
--------------------------------------------------------------------------------
| | Available-for-sale financial assets | -2 623 | -3 076 | -13 029 |
--------------------------------------------------------------------------------
| | Income tax relating to components of | | | |
--------------------------------------------------------------------------------
| | other comprehensive income | 682 | 800 | 3 387 |
--------------------------------------------------------------------------------
| | Other comprehensive income for the | | | |
--------------------------------------------------------------------------------
| | year, net of tax | -1 941 | -2 276 | -9 641 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | TOTAL COMPREHENSIVE INCOME FOR THE | -3 563 | -1 256 | -10 960 |
| | YEAR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Earnings per share, | -0.07 | 0.04 | -0.6 |
--------------------------------------------------------------------------------
| | Earnings per share less own shares, | -0.07 | 0.05 | -0.6 |
| | EUR *) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | *) Own shares held by the company have been deducted from | |
--------------------------------------------------------------------------------
| | the total amount. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 31.3.2009 | 31.3.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LONG-TERM ASSETS | | | |
--------------------------------------------------------------------------------
| | Intangible and tangible | | | |
--------------------------------------------------------------------------------
| | assets | 5 868 | 6 510 | 6 041 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Investments available for sale | | | |
--------------------------------------------------------------------------------
| | Private equity investments | 28 089 | 36 603 | 32 389 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Deferred tax assets | 1 874 | - | 466 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| | Accrued income and advance | 184 | 113 | 922 |
| | payments | | | |
--------------------------------------------------------------------------------
| | Investments available for sale | | | |
--------------------------------------------------------------------------------
| | Financial securities | 2 198 | 8 726 | 2 496 |
--------------------------------------------------------------------------------
| | Cash | 3 316 | 5 252 | 3 286 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 41 529 | 57 203 | 45 599 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 37 846 | 51 005 | 41 401 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| | Current liabilities | 3 683 | 6 199 | 4 198 |
--------------------------------------------------------------------------------
| | TOTAL LIABILITIES | 3 683 | 6 199 | 4 198 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | 41 529 | 57 203 | 45 599 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 1-3/09 | 1-3/08 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | CASH FLOW FROM OPERATIONS | | | |
--------------------------------------------------------------------------------
| | Operating profit | -2 180 | 1 136 | -2 124 |
--------------------------------------------------------------------------------
| | Depreciation and write-downs | 173 | 173 | 700 |
--------------------------------------------------------------------------------
| | Investments available for sale | | | |
--------------------------------------------------------------------------------
| | Long-term, increase (-) | | | |
--------------------------------------------------------------------------------
| | decrease (+) | 4 299 | 1 937 | 6 152 |
--------------------------------------------------------------------------------
| | Short-term, increase (-) | | | |
--------------------------------------------------------------------------------
| | decrease (+) | 298 | 7 175 | 13 405 |
--------------------------------------------------------------------------------
| | Change in fair value reserve | -1 929 | -2 249 | -9 787 |
--------------------------------------------------------------------------------
| | Change in tax | | | |
--------------------------------------------------------------------------------
| | liability/receivable | -1 408 | -524 | -3 762 |
--------------------------------------------------------------------------------
| | Investments available for sale, | | | |
--------------------------------------------------------------------------------
| | total change | 1 260 | 6 339 | 6 008 |
--------------------------------------------------------------------------------
| | Change in working capital | | | |
--------------------------------------------------------------------------------
| | Business receivables, increase (-) | | | |
--------------------------------------------------------------------------------
| | decrease (+) | 738 | 52 | -757 |
--------------------------------------------------------------------------------
| | Interest-free debt, increase (+) | | | |
--------------------------------------------------------------------------------
| | decrease (-) | 484 | 461 | -2 268 |
--------------------------------------------------------------------------------
| | Interest bearing debts, | | | |
--------------------------------------------------------------------------------
| | increase (+)decrease (-) | -1 000 | - | 3 500 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total change in working capital | 223 | 513 | 475 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Personnel issue paid over par | - | 64 | 128 |
--------------------------------------------------------------------------------
| | Personnel incentive programme | - | - | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Cash flow from operations before | | | |
--------------------------------------------------------------------------------
| | financial items and taxes | -523 | 8 225 | 5 187 |
--------------------------------------------------------------------------------
| | Financial income and expenses | -12 | 244 | 447 |
--------------------------------------------------------------------------------
| | Deferred taxes | 570 | -359 | 358 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | CASH FLOW FROM OPERATIONS | 34 | 8 110 | 5 993 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | CASH FLOW FROM INVESTMENTS | | | |
--------------------------------------------------------------------------------
| | Investing activities to investments | - | -46 | -104 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | CASH FLOW FROM FINANCING | | | |
--------------------------------------------------------------------------------
| | Dividends paid | - | -8 424 | -8 424 |
--------------------------------------------------------------------------------
| | Aquisition of own shares | -6 | - | 24 |
--------------------------------------------------------------------------------
| | Other changes | 3 | -133 | 53 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | CASH FLOW FROM FINANCING | -3 | -8 557 | -8 347 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | INCREASE/DECREASE IN LIQUID ASSETS | 31 | -493 | -2 459 |
--------------------------------------------------------------------------------
| | Liquid assets 1 January | 3 286 | 5 745 | 5 745 |
--------------------------------------------------------------------------------
| | Liquid assets 31 March | 3 316 | 5 252 | 3 286 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Liquid assets contain cash and bank deposits. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | |
| EQUITY | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | |Share |Share |Other |Fair |Retained | Total |
| | |capital |Premium |reserves|value |earnings | |
| | | |Account | |reserve | | |
| | | | | | | | |
| | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 1 Jan. 2008 | 11 384 | 18 994 | 8 902 | 2 102 | 19 345 | 60 727 |
--------------------------------------------------------------------------------
| | Change in Fair | | | | 27 | | 27 |
| | Value | | | | | | |
--------------------------------------------------------------------------------
| | Comprehensive | | | | -2 276 | | -2 276 |
| | income | | | | | | |
--------------------------------------------------------------------------------
| | Profit for the | | | | | 1 021 | 1 021 |
| | period | | | | | | |
--------------------------------------------------------------------------------
| | Total Income and | | | | | | |
| | Expences | | | | | | |
--------------------------------------------------------------------------------
| | for the Reporting | | | | -2 249 | 1 021 | -1 229 |
| | period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Payment of | | | | | -8 424 | -8 424 |
| | dividends | | | | | | |
--------------------------------------------------------------------------------
| | Personnel | | | | | 64 | 64 |
| | Incentive Plan | | | | | | |
--------------------------------------------------------------------------------
| | Other Changes | | | | | -133 | -133 |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 31 March 2008 | 11 384 | 18 994 | 8 902 | -147 | 11 872 | 51 005 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 1 Jan. 2009 | 11 384 | 18 994 | 8 926 | -7 685 | 9 782 | 41 401 |
--------------------------------------------------------------------------------
| | Change in Fair | | | | 12 | | 12 |
| | Value | | | | | | |
--------------------------------------------------------------------------------
| | Comprehensive | | | | -1 941 | | -1 941 |
| | income | | | | | | |
--------------------------------------------------------------------------------
| | Profit for the | | | | | -1 622 | -1 622 |
| | period | | | | | | |
--------------------------------------------------------------------------------
| | Total Income and | | | | | | |
| | Expences | | | | | | |
--------------------------------------------------------------------------------
| | for the Reporting | | | | -1 929 | -1 622 | -3 551 |
| | period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Payment of | | | -6 | | | -6 |
| | dividends | | | | | | |
--------------------------------------------------------------------------------
| | Personnel | | | | | | 0 |
| | Incentive Plan | | | | | | |
--------------------------------------------------------------------------------
| | Other Changes | | | | | 3 | 3 |
--------------------------------------------------------------------------------
| Shareholders' equity | | | | | | |
--------------------------------------------------------------------------------
| 31 March 2009 | 11 384 | 18 994 | 8 920 | -9 615 | 8 164 | 37 846 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED KEY RATIOS | | |
--------------------------------------------------------------------------------
| | 2009 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (loss) for the year (1 000 EUR) | -1 622 | 1 021 |
--------------------------------------------------------------------------------
| Earnings per share, | -0.07 | 0.04 |
--------------------------------------------------------------------------------
| Earnings per share less own shares, EUR | -0.07 | 0.05 |
--------------------------------------------------------------------------------
| Equity per share | 1.66 | 2.24 |
--------------------------------------------------------------------------------
| Equity per share, lessa own shares, EUR | 1.70 | 2.29 |
--------------------------------------------------------------------------------
| Return on investment, ROI % p.a. | -15.1 | 7.3 |
--------------------------------------------------------------------------------
| Return on equity, ROE % p.a. | -16.4 | 7.3 |
--------------------------------------------------------------------------------
| Equity to assets ratio, % | 91.1 | 89.2 |
--------------------------------------------------------------------------------
| Stock price at end of period, EUR | 1.7 | 3.5 |
--------------------------------------------------------------------------------
| Number of personnel at the | | |
--------------------------------------------------------------------------------
| end of the period | 16 | 14 |
--------------------------------------------------------------------------------
| Private equity investments to | | |
--------------------------------------------------------------------------------
| equity ratio, % | 74.2 | 71.8 |
--------------------------------------------------------------------------------
| Investment commitments to | | |
--------------------------------------------------------------------------------
| equity ratio, % | 215.3 | 173.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The ROI and ROE ratios have been annualised. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) 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 2009 | 32 389 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase through acquisition | |
--------------------------------------------------------------------------------
| Drawdowns to private equity funds | 988 |
--------------------------------------------------------------------------------
| Return of capital from the funds | -160 |
--------------------------------------------------------------------------------
| Net changes in the book values of | |
--------------------------------------------------------------------------------
| private equity funds | -5 127 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Write-down recorded as permanent | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value of private equity funds 31 March 2009 | 28 089 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| REMAINING COMMITMENTS |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| On 31 March 2009, Amanda Capital Plc's remaining commitments in private |
--------------------------------------------------------------------------------
| equity funds stood at EUR 53.4 million (EUR 51.6 million on 31 Mars 2008). |
| |
--------------------------------------------------------------------------------
| Other liabilities totalled EUR 0.4 million (EUR 0.5 million on 31 Mars |
| 2008). |
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