Interim Report Q1 2013/14

Company announcement no 10 2013/14
Copenhagen, 24 June 2013

Interim Report for the period 1 February 2013 – 30 April 2013
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q1 2013/14 of DKK 15.9m. Equity stood at DKK 934m, corresponding to a book value per share of DKK 20,439.

The Board of Directors of SPEAS has today considered and approved the Company’s Interim Report for the period 1 February 2013 – 30 April 2013. The Interim Report contains the following highlights:

  • The Company recorded a net profit of DKK 15.9m for the period. Investments in private equity funds generated a return of DKK 20.4m.
  • Investments in private equity funds amounted to DKK 776m, or 83% of net assets (83% at 31 January 2013).
  • In Q1 2013/14 SPEAS contributed DKK 8.0m gross to the private equity funds and received DKK 6.5m as proceeds from exits, recapitalisations etc.
  • SPEAS’s cash amounted to DKK 146m, or 16% of net assets (17% at 31 January 2013).
  • As at 30 April 2013, SPEAS had received exit proceeds from the private equity funds in relation to a total of 13 fully realised investments. Exit proceeds totalled DKK 312m, corresponding to 2.0x the invested amount and a gross return of 16.7% pa (IRR) as at 30 April 2013.
  • At 30 April 2013 equity stood at DKK 934m, equal to a book value per share of DKK 20,439 against a quoted price of DKK 15,510 as at 21 June 2013. Book value per share increased by 1.4% in the financial period.
  • In Q1 2013 SPEAS acquired the management company Scandinavian Private Equity Partners A/S at a total purchase price of DKK 30m, settled with DKK 18.1m in cash and the countervalue of DKK 11.7m worth of own shares (767 shares).
  • In Q1 of the financial year, SPEAS reduced its holding of own shares by a net amount of 740 own shares. This reduction was due to SPEAS’s partial settlement of the purchase money for the management company by way of own shares. In Q1 SPEAS bought back 27 own shares, as the share price was attractive compared with the Company’s investment alternatives.
  • SPEAS maintains its forecast of a profit for the financial year 2013/14, ending on 31 January 2014, at the level DKK 55m-65m. Full-year results will depend on the development in financial markets and in the portfolio companies of the private equity funds, and the forecast is thus subject to considerable uncertainty.

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

2013 10 130624 Q1 UK