Annual Report 2012/13

Company announcement no 6 2013/14
Copenhagen, 19 April 2013

Annual Report for the financial year 2012/13
Profit for the financial year 2012/13 came to DKK 16.4m. Equity stood at DKK 907m, corresponding to a book value per share of DKK 20,162.

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has today considered and approved the Company’s Annual Report for the financial year 2012/13, which ended on 31 January 2013. The Annual Report contains the following highlights:

  • The Company recorded a net profit of DKK 16.4m for the year. Investments in private equity funds provided a total return of DKK 23.8m, primarily owing to successful divestment of portfolio companies.
  • Investments in private equity funds amount to DKK 754m, or 83% of net assets. In the financial year, the Company has made new investment commitments to IK VII and Norvestor VI of EUR 10m and NOK 80m, respectively. Further, SPEAS has acquired a minor, secondary share of Litorina III, increasing investments in this fund by 7%, corresponding to a book value of DKK 5m.
  • In the financial year, the private equity funds have invested in 17 new companies and divested six. For this purpose, SPEAS contributed DKK 130m to the private equity funds in accordance with the investment commitments made and received DKK 108m as proceeds from the sold companies, recapitalisation etc.
  • SPEAS’s cash amounted to DKK 150m, or 17% of net assets.
  • As at 31 January, 2013 SPEAS has received exit proceeds from the private equity funds concerning a total of 13 investments, of which six in the financial year 2012/13. Exit proceeds total DKK 312m, corresponding to 2.0x invested amount and a gross return as at 31 January 2013 of 16.7% pa (IRR).
  • Equity stood at DKK 907m at 31 January 2013, equal to a book value per share of DKK 20,162 against a quoted price of DKK 14,950 at 18 April 2013. Book value per share has increased by 2.4% in the financial year.
  • In the financial year, SPEAS bought back another 986 own shares (2.0% of the share capital) totalling DKK 14.2m, as the share price was considered attractive compared with the Company’s other investment alternatives.
  • SPEAS forecasts a profit in the range of DKK 55m-65m for the financial year 2013/14 ending on 31 January 2014. The results for the year will depend on the development in financial markets.

For further information, please contact:
Ole Mikkelsen, CEO, tel +45 70 25 10 55, mobile +45 30 66 96 30

2013 06 130419 Annual Report

2013 06 130419 Highlights