Annual Report 2013/14

Company announcement no 4 2014/15
Copenhagen, 30 April 2014

Annual Report for the financial year 2013/14
Profit for the financial year 2013/14 came to DKK 47.7m. Equity stood at DKK 954m, corresponding to a book value per share of DKK 21,182.

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 2013/14, which ended on 31 January 2014. The Annual 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 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.
  • The Board of Directors recommends a dividend distribution of DKK 2,800 per share of a nominal value of DKK 10,000.
  • Investments in private equity funds generated a return of DKK 67.7m. Less costs incurred (DKK 5.3m), depreciation and amortisation (DKK 6.9m) and net financials (DKK 7.5m), net profit for the financial year came to DKK 47.7m.
  • Investments in private equity funds amount to DKK 740m, or 78% of net assets.
  • In the financial year, the private equity funds have invested in 13 new companies and divested nine. For this purpose, SPEAS contributed DKK 82m to the private equity funds in accordance with the investment commitments made and received DKK 163m as proceeds from the sold companies, recapitalisation etc.
  • SPEAS’s cash amounted to DKK 210m, or 84% of the uncalled investment commitments to private equity funds.
  • Equity stood at DKK 954m at 31 January 2014, equal to a book value per share of DKK 21,182 against a quoted price of DKK 18,850 at 29 April 2014. Book value per share has increased by 5.1% in the financial year.
  • Given the Company’s current asset allocation, the Company’s return expectations are equivalent to a median return on equity of 7-8% pa. 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

2014 04 140430 Highlights
2014 04 140430 Annual Report