AMANDA CAPITAL PLC STOCK EXCHANGE RELEASE
7 MAY 2008
AMANDA CAPITAL PLC'S INTERIM REPORT 1 JANUARY TO 31 MARCH 2008
SUMMARY OF THE EVENTS IN JANUARY-MARCH
- The Group's net sales totalled EUR 2.3 million (EUR 2.6 million from 1
Jan. to 31 March 2007).
- Consolidated earnings after taxes were EUR 1.0 million (EUR 1.4 million).
- Earnings per share amounted to EUR 0.05 (EUR 0.06).
- The equity to assets ratio was 89.2% (78.8%).
- Equity per share was EUR 2.29 (EUR 2.29) at the end of the period under
review.
- During the period the company paid out a basic dividend of EUR 0.22 and an
additional dividend of EUR 0.15 per share for the financial year 2007.
- The aggregate return of Amanda Group's private equity investments since the
beginning of investment operations was 28.8% p.a. (IRR).
FINANCIAL DEVELOPMENT
In the first quarter of 2008, the net sales from the management and consultation
of private equity investments developed according to plans and increased by 6.1%
on the previous year. The share of management fees of the net sales was 45.9%,
and the net investment income amounted to 54.1% of the net sales.
In Amanda's investment portfolio, consisting of 28 private equity funds, fewer
exits were carried out than in the first quarter of 2007. The dividend for the
year 2007 totalling EUR 8.4 million was paid out during the reporting period.
Financial development in the first quarter of 2008
From 1 Jan. to 31 March 2008, the consolidated net sales totalled EUR 2.3
million (EUR 2.6 million from 1 Jan. to 31 March 2007). Fees from the management
and consultation of private equity funds accounted for EUR 1.1 million (EUR 1.0
million) of the net sales. The net investment income totalled EUR 1.3 million
(EUR 1.6 million). The profit for the first quarter of 2008 was EUR 1.0 million
(EUR 1.4 million).
The Group's expenses and depreciation totalled EUR 1.2 million (EUR 1.0
million). Personnel expenses amounted to EUR 0.5 million (EUR 0.4 million) and
depreciation was EUR 0.2 million (EUR 0.2 million). Other operating expenses
totalled EUR 0.6 million (EUR 0.4 million).
BALANCE SHEET
The consolidated balance sheet total was EUR 57.2 million (EUR
66.3 million), and shareholders' equity amounted to EUR 51.0 million (EUR 52.2
million). Amanda's equity to assets ratio was high at 89.2% (78.8%). Of the
balance sheet total, 64.0% (53.6%) was invested in private equity funds and
24.6% (34.7%) in liquid assets. Consolidated goodwill amounted to 3.1% (2.7%) of
the balance sheet total and other intangible items were 8.3% (9.0%).
BUSINESS ACQUISITIONS
The Group made no business acquisitions in the first quarter of 2008. During the
corresponding period last year, in February 2007 Amanda acquired the Proventure
companies, which have been included in the Group's figures from the beginning of
the first quarter of 2007.
MANAGEMENT AND CONSULTATION OF PRIVATE EQUITY INVESTMENTS
The management and consultation of private equity investments generated EUR 1.1
million of net sales in the first quarter of 2008, which corresponds to
expectations.
During the period under review, Amanda Group won the competitive bidding for the
State Pension Fund's management services of other investments. The State Pension
Fund (VER) chose Amanda to take care of the management of its other investments
(private equity, infrastructure, and real estate investments). The total value
of VER's private equity, infrastructure and real estate investment commitments
is about EUR 600 million, and about EUR 300 million of this has been invested.
The fundraising to the Amanda IV West private equity fund of fund, which held
its first closing in November 2007, will continue until November 2008.
At the end of the period under review, the assets under Amanda's management
totalled EUR 2.3 billion (original investment commitments). EUR 122.8 million of
the assets under management were Amanda's own investment commitments, EUR 372.5
million assets in the private equity funds of funds managed by Amanda, and EUR
1.8 million were covered by consultation. With these assets, investments have
been made in more than 100 private equity funds in Europe, the USA, Asia and
Russia.
INVESTMENT OPERATIONS
During the period under review, Amanda Capital Plc made no new investments in
private equity funds. Investments made in private equity funds are not evenly
divided between the different quarters of the year.
Amanda has investments in 24 private equity funds and four private equity funds
of funds under the company's own management. Amanda's degree of investment (book
value of private equity investments per equity) was 71.8% (68.0%). Amanda's
over-commitment degree was 173.0% (133.2%). In the first quarter of 2008, the
private equity funds called in capital in the amount of approximately EUR 1.5
million and returned approximately EUR 0.6 million to the company as capital
returns and EUR 1.3 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 the
same moderate investment pace as in the last quarter of 2007. Examples of the
investments made:
The EQT V private equity fund has acquired a company called Securitas Direct,
which is the leading Scandinavian company in the security services sector.
The Permira IV private equity fund has acquired a company called Arysta
LifeScience, which is a global manufacturer and seller of chemical products to
the agriculture.
The Emerging Europe Growth Fund, which is a target fund of Amanda III Eastern
Private Equity Fund, made an investment in an insurance company called Insurance
Company Universalna, located in Ukraine.
COMPANIES DIVESTED BY THE PRIVATE EQUITY FUNDS
In the first quarter of the year, e.g. the following exits took place in
Amanda's portfolio:
The Gresham Private Equity Fund sold a company called Giles to Charterhouse
Capital Partners. Giles is the leading insurance broker in the U.K. The exit was
profitable, and the proceeds have been returned to Amanda during the first
quarter of 2008.
The Permira III private equity fund has sold a company called Aearo Technologies
to 3M. Aearo Technologies is one of the world's leading manufacturers of
products for personal protection. The exit was profitable, and the proceeds will
be returned to Amanda during the second quarter of the year.
Balderton Capital (formerly Benchmark Capital) has sold a company called MySQL
to Sun Microsystems. MySQL is the icon of the open source code and the designer
of one of the fastest growing source code databases in the world. The exit was
profitable, and the proceeds will probably be returned to Amanda during the year
2008.
ANNUAL GENERAL MEETING
The Annual General Meeting (AGM) of Amanda Capital Plc, which was held on 13
March 2008 in Helsinki, dealt with the following matters:
Discharge from liability
The AGM approved the financial statements of Amanda Capital Plc for the year
2007 and discharged the members of the Board of Directors and the Managing
Director from the liability for the financial year.
Payment of dividend
The AMG approved the proposal of the Board of Directors, according to which a
dividend of EUR 0.22 per share and an additional dividend of EUR 0.15 per share
will be distributed to 22 767 746 shares for the financial period that ended on
31 December 2007. Altogether EUR 5 008 904.12 will be used for the dividend and
EUR 3 415 161.90 for the additional dividend. The dividend and additional
dividend correspond to 86.9% of the profit for the period. The dividend is paid
to the shareholders who have been entered in the company's shareholder register
maintained by the Finnish Central Securities Depository Ltd on the matching day,
18 March 2008. The divided payment date was confirmed as 27 March 2008.
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 AMG
decided that a remuneration of EUR 1 500 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 Esa Karppinen as
Chairman.
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.
The authorisation of the Board of Directors to acquire and transfer company
shares
The Annual General Meeting decided to approve a proposal by the Board of
Directors for the acquisition and transfer of the company's own shares.
According to the proposal, Amanda's own shares may only be acquired with
unrestricted shareholders' equity, in one or more instalments, in the maximum
amount of 2 200 000 shares. The aggregate amount of the acquired shares may not
exceed 10% of the total share capital of the company. The shares may be acquired
for the purposes of developing the capital structure of the company, for
nullification or to be used in any incentive and compensation schemes for the
personnel, or as a consideration in business acquisitions and other
arrangements.
The shares will be acquired through the public trading at OMX Nordic Exchange at
market price. The purchase price will be paid to the sellers in accordance with
the rules of OMX and the payment schedule determined by the rules of the Finnish
Central Securities Depository.
The company may transfer (share issue) the own shares that it holds in one or
more instalments in the maximum amount of 2 200 000 shares. The transfer may
take place with deviation from the shareholders' pre-emptive right to purchase
the company's own shares. The Board of Directors shall decide on the terms of
the transfer. Shares may be used as consideration when the company acquires
business assets as well as in business acquisitions in the manner and within the
scope determined by the Board of Directors. The shares may also be used as part
of any personnel incentive and compensation schemes and for extending the
shareholder base.
The authorisation is valid until the next Annual General Meeting, but will be
terminated on 31 May 2009 at the latest.
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. At the end of the period under review, Amanda held a total of 476 000
own shares. On 31 March 2008, Amanda Capital Plc had 3 717 shareholders.
The ten largest shareholders as of 31 March 2008
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| | Share of shares and |
| | votes, % |
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| Berling Capital Oy | 14.0 |
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| Veikko Laine Oy | 14.0 |
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| Umo Capital Oy | 12.9 |
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| Oy Hermitage Ab | 10.1 |
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| Sampo Life Insurance Company Limited | 9.0 |
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| Procurator Oy | 2.8 |
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| Alexander Management Oy | 2.1 |
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| Änkilä Petteri | 1.9 |
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| Ab Kelonia Ab | 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 14 employees (13). The
salaries and wages paid to the personnel totalled EUR 0.5 million (EUR 0.4
million) during the 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.
ESSENTIAL RISKS AND UNCERTAINTIES ASSOCIATED WITH THE OPERATIONS
The risks associated with Amanda Group's business mainly consist of
investment-related risks, i.e. the market risk and foreign exchange risk. Risks
are managed comprehensively through an investment process and investment
strategy confirmed by Amanda Capital Plc's Board of Directors.
The investment objects are selected through an investment process, in which the
Investment Committee screens potential investment objects that are subjected to
a Due Diligence review. At the Due Diligence stage, the fund's return history,
personnel, documentation and other factors essentially related to the
administration and development of the fund are examined. The final investment
proposals are submitted to Amanda Capital Plc's Board of Directors for
assessment and decision-making.
DISPUTES
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.
Helsinki Court of Appeal has ruled on 31 March 2008 that the judges initially
appointed to try the case are disqualified to handle the lawsuits filed against
Amanda Capital Plc by Interglobia Ltd's bankrupt's estate and Interavanti Plc.
There will be a new hearing in 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.
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. 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 interim report has not been audited.
EVENTS AFTER THE PERIOD UNDER REVIEW
After the period under review, Amanda Capital Plc's Board of Directors has
updated its investment strategy so that the company may in future also invest in
listed private equity companies and funds. The new
investment strategy is as follows:
Amanda may make investments in private equity funds on the primary market, carry
out secondary transactions and make direct investments in unlisted companies and
listed private equity companies and funds.
The objective is to build a diversified portfolio by investing in different
private equity funds in different geographical areas taking into account the
following restrictions:
(i) Amanda's primary geographical focus is Europe, which means that more than
half of the investment commitments must be invested in Europe.
(ii) Amanda may invest no more than 25% of the investment commitments in
so-called emerging markets.
(iii) Amanda may invest no more than 25% of the investment commitments in
venture capital funds.
(iv) The share of an individual buyout fund in Amanda's investment portfolio may
not exceed 15% of the investment commitments.
(v) The share of an individual venture capital fund in Amanda's investment
portfolio may not exceed 10% of the investment commitments.
(vi) An investment made in one company may not exceed 5% of Amanda's
shareholders' equity.
(vii) Amanda may take short-term credit to make investments in an amount that
may not exceed 20% of the shareholder's equity. The purpose of such a credit is
to guarantee Amanda's liquidity towards the private equity funds in all
situations.
(viii) The share of Amanda's investment commitments may not exceed 20% of the
total capital of any target fund.
(ix) Direct investments in unlisted companies may not, in aggregate, exceed 20%
of the shareholders' equity.
(x) Investments in listed private equity shares shall be made in a diversified
manner and mainly through mutual funds. The value of the investments may not
exceed 25% of Amanda's shareholder's equity.
The objective of Amanda is to make investment commitments by applying the
so-called over-commitment strategy so that 100% of the balance sheet is invested
in the private equity market.
In addition, Amanda Capital will expand its product selection from traditional
private equity funds of funds in the form of limited partnerships into equity
funds. Amanda SICAV-SIF - Liquid Private Equity Fund (“Amanda LPE”) will invest
globally in listed private equity firms and funds.
Amanda LPE is intended for well-informed investors who wish to have access to an
asset class with an excellent return history in a liquid form. Amanda LPE will
be a Luxemburg SICAV-SIF (Specialized Investment Fund), which is managed by
Amanda Capital Plc's wholly owned subsidiary Amanda Management Company S.A.,
Luxemburg, to be established. The value of the fund will be quoted daily, and
its investment operations will start in May 2008.
Amanda Capital Plc will invest EUR 5 million in the new fund.
OUTLOOK OF THE PRIVATE EQUITY MARKET
The past five years have been a period of strong growth for the private equity
business, both in Europe and globally. In 2006, private equity funds raised
record amounts of capital in Europe, about EUR 112 billion. The corresponding
figure for 2007 was only about EUR 80 billion, due to the poor development
towards the end of the year. The international credit crisis has had an impact
on the private equity business in the second half of 2007 and at the beginning
of 2008, as banks have become less willing to provide financing 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 one new fund in addition to the Amanda LPE
Fund, which will start investment operations in May.
Amanda has continued with its selective investment operations and mainly
concentrated its investments in private equity funds targeting more mature
companies. This strategy has resulted in excellent returns, and the long-term
returns on investments are expected to remain good for the foreseeable future. A
quarter is, however, too short a period for measuring the success of investment
operations in the private equity business, where the investment horizon is
several years.
AMANDA CAPITAL PLC
Board of Directors
Additional information: Petteri Änkilä, CEO, tel. +358 9 6829 6011
Distribution: OMX Nordic Exchange, Helsinki, www.amandacapital.fi
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| CONSOLIDATED INCOME STATEMENT, EUR 1 000 | | |
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| | | 1-3/08 | 1-3/07 | 1-12/07 |
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| NET SALES | | | |
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| | Net investment income | 1 267 | 1 573 | 12 186 |
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| | Management fees | 1 073 | 1 011 | 4 373 |
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| | Total | 2 340 | 2 584 | 16 559 |
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| | Depreciation and amortisation | -173 | -183 | -759 |
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| | Other operating expenses | -1 031 | -844 | -3 209 |
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| | Total | -1 204 | -1 026 | -3 968 |
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| OPERATING PROFIT | 1 136 | 1 558 | 12 591 |
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| | Financial income and expenses | 244 | 374 | 583 |
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| PROFIT BEFORE APPROPRIATIONS | | | |
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| AND TAXES | 1 380 | 1 932 | 13 174 |
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| | Appropriations and | | | |
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| | taxes corresponding to | | | |
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| | the period's profit | -359 | -507 | -3 483 |
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| PROFIT | 1 021 | 1 425 | 9 691 |
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| Earnings per share, | 0.04 | 0.06 | 0.43 |
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| Earnings per share less own shares, EUR | 0.05 | 0.06 | 0.43 |
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| CONSOLIDATED BALANCE SHEET, EUR 1 000 | | | |
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| | | 31.3.2008 | 31.3.2007 | 31.12.2007 |
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| ASSETS | | | |
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| LONG-TERM ASSETS | | | |
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| | Intangible and tangible | | | |
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| | assets | 6 510 | 7 233 | 6 637 |
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| | Investments available for sale | | | |
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| | Private equity investments | 36 603 | 35 529 | 38 541 |
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| CURRENT ASSETS | | | |
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| | Accrued income and advance | 113 | 5 116 | 165 |
| | payments | | | |
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| | Investments available for sale | | | |
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| | Financial securities | 8 726 | 6 284 | 15 901 |
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| | Cash | 5 252 | 12 109 | 5 745 |
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| TOTAL ASSETS | 57 203 | 66 271 | 66 988 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
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| SHAREHOLDERS' EQUITY | 51 005 | 52 219 | 60 727 |
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| LIABILITIES | | | |
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| | Non-current liabilities | - | 325 | - |
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| | Current liabilities | 6 199 | 13 727 | 6 262 |
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| | TOTAL LIABILITIES | 6 199 | 14 052 | 6 262 |
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| TOTAL SHAREHOLDERS' | | | |
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| EQUITY AND LIABILITIES | 57 203 | 66 271 | 66 988 |
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| CONSOLIDATED CASH FLOW STATEMENT, EUR 1 000 | | |
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| | | 1-3/08 | 1-3/07 | 2007 |
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| OPERATIONS | | | |
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| | Operating profit | 1 136 | 1 558 | 12 591 |
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| | Depreciation and write-downs | 173 | 183 | 759 |
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| | Investments available for sale | | | |
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| | Long-term, increase (-) | | | |
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| | decrease (+) | 1 937 | -2 920 | -5 273 |
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| | Short-term, increase (-) | | | |
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| | decrease (+) | 7 175 | 13 646 | 3 496 |
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| | Change in fair value reserve | -2 249 | 1 290 | 3 070 |
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| | Change in tax | | | |
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| | liability/receivable | -524 | 1 294 | 1 947 |
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| | Investments available for sale, | | | |
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| | total change | 6 339 | 13 310 | 3 240 |
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| | Change in working capital | | | |
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| | Business receivables, increase (-) | | | |
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| | decrease (+) | 52 | -4 782 | 169 |
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| | Interest-free debt, increase (+) | | | |
--------------------------------------------------------------------------------
| | decrease (-) | 461 | 9 721 | 1 673 |
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| | Interest bearing debts, | | | |
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| | increase (+)decrease (-) | - | 393 | - |
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| Total change in working capital | 513 | 5 332 | 1 842 |
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| | Personnel issue paid over par | 64 | 64 | 256 |
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| | Personnel incentive programme | - | - | 59 |
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| | Cash flow from operations before | | | |
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| | financial items and taxes | 8 225 | 20 447 | 18 747 |
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| | Financial income and expenses | 244 | 374 | 583 |
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| | Deferred taxes | -359 | -507 | -3 483 |
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| CASH FLOW FROM OPERATIONS | 8 110 | 20 314 | 15 847 |
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| CASH FLOW FROM INVESTMENTS | | | |
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| | Investing activities to investments | -46 | -4 360 | -4 342 |
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| FINANCING | | | |
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| | Dividends paid | -8 424 | -6 830 | -6 830 |
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| | Aquisition of own shares | - | - | -1 915 |
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| | Other changes | -133 | - | - |
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| | Total Financing | -8 557 | -6 830 | -8 745 |
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| Increase/decrease in liquid assets | -493 | 9 124 | 2 760 |
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| Liquid assets at the beginning | | | |
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| of the period | 5 745 | 2 985 | 2 985 |
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| Liquid assets at the end | | | |
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| of the period | 5 252 | 12 109 | 5 745 |
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| Liquid assets contain cash and bank deposits. | | |
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| CHANGE IN CONSOLIDATED SHAREHOLDERS' | | | | |
| EQUITY | | | | |
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| | | Share | Share | Other | Fair | Retaine | Total |
| | | capit | Premi | reserve | value | d | |
| | | al | um | s | reserve | earning | |
| | | | Accou | | | s | |
| | | | nt | | | | |
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| Shareholders' equity | | | | | | |
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| 1 Jan. 2007 |11 384 |18 994 | 10 688 | -968 | 16 298 | 56 395 |
| | | | | | | |
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| | Investments | | | | | | |
| | Available for Sale | | | | | | |
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| | - Change in Fair | | | | 1 290 | | 1 290 |
| | Value | | | | | | |
--------------------------------------------------------------------------------
| | Profit for the | | | | | 1 425 | 1 425 |
| | period | | | | | | |
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| | Total Income and | | | | | | |
| | Expences | | | | | | |
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| | for the Reporting | | | | 1 290 | 1 425 | 2 715 |
| | period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Payment of | | | | | -6 830 | -6 830 |
| | dividends | | | | | | |
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| | Other Changes | | | | | -61 | -61 |
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| Shareholders' equity | | | | | | |
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| 31 Mars 2007 |11 384 |18 994 | 10 688 | 322 | 10 832 | 52 219 |
| | | | | | | |
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| Shareholders' equity | | | | | | |
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| 1 Jan. 2008 |11 384 |18 994 | 8 902 | 2 102 | 19 345 | 60 727 |
| | | | | | | |
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| | Investments | | | | | | |
| | Available for Sale | | | | | | |
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| | - Change in Fair | | | | -2 249 | | -2 249 |
| | Value | | | | | | |
--------------------------------------------------------------------------------
| | 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 | | | | | | |
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| | Personnel | | | | | 64 | 64 |
| | Incentive Plan | | | | | | |
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| | Other Changes | | | | | -133 | -133 |
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| Shareholders' equity | | | | | | |
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| 31 Mars 2008 |11 384 | 18 994| 8 902 | -147 | 11 872 | 51 005 |
| | | | | | | |
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| CONSOLIDATED KEY RATIOS | | |
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| | Q1/2008 | Q1/2007 |
--------------------------------------------------------------------------------
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| Earnings per share, | 0.04 | 0.06 |
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| Earnings per share less own shares, EUR | 0.05 | 0.06 |
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| Equity per share | 2.24 | 2.29 |
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| Equity per share, lessa own shares, EUR | 2.29 | 2.29 |
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| Return on investment, ROI % p.a. | 7.3 | 14.2 |
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| Return on equity, ROE % p.a. | 7.3 | 10.5 |
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| Equity to assets ratio, % | 89.2 | 78.8 |
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| Stock price at end of period, EUR | 3.47 | 3.38 |
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| Number of personnel at the | | |
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| end of the period | 14 | 13 |
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| Private equity investments to | | |
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| equity ratio, % | 71.8 | 68.0 |
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| Investment commitments to | | |
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| equity ratio, % | 173.0 | 133.2 |
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| *) Own shares has been deducted from the total amount | | |
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| The ROI and ROE ratios have been annualised. | | |
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| 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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| Drawdowns to private equity funds | | 1 375 |
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| Return of capital from the funds | | -784 |
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| Net changes in the book values of | | |
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| private equity funds | | -2 529 |
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| Book value ofprivate equity funds 31 Mars 2008 | | 36 603 |
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