Interim Report Q3 2013/14

Company announcement no 15 2013/14
Copenhagen, 19 December 2013

Interim Report for the period 1 August 2013 – 31 October 2013

Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q3 2013/14 of DKK 14.4m. Equity stood at DKK 934m, corresponding to a book value per share of DKK 20,491.

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has today considered and approved the Company’s Interim Report for the period 1 August 2013 – 31 October 2013. The Interim Report contains the following highlights:

  • On 14 November 2013 SPEAS announced a change of strategy. Based on the unsatisfactory price/book value, SPEAS’s Board of Directors has decided that SPEAS must at present prioritise distribution to shareholders over new investment commitments in order to maximise value creation for shareholders, also in the short term. Distribution will be in the form of share buybacks and/or dividends.
  • Investments in private equity funds generated a return of DKK 19.2m. Less costs incurred (DKK 1.1m), depreciation and amortisation (DKK 2.0m) and net financials (DKK 1.6m), net profit for the period came to DKK 14.4m.
  • Investments in private equity funds amounted to DKK 703m, or 75% of net assets (82% at 31 July 2013).
  • In Q3 2013/14 SPEAS contributed DKK 14.5m gross to the private equity funds and received DKK 82.3m as proceeds from exits, recapitalisation, etc.
  • SPEAS’s cash amounted to DKK 224m, or 24% of net assets (17% at 31 July 2013).
  • Equity stood at DKK 934m at 31 October 2013, equal to a book value per share of DKK 20,491 against a quoted price of DKK 14,940 at 31 October 2013 (before change of strategy) and DKK 18,400 at 18 December 2013. Book value per share has increased by 1.6% in the financial period.
  • Based on the realised profit for the financial period, SPEAS still forecasts a profit in the range of DKK 25m-35m for the financial year ending on 31 January 2014. 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 15 131219 Q3 UK