Interim Report H1 2014/15

Company announcement no 11 2014/15
Copenhagen, 22 September 2014



Interim Report for the period 1 February 2014 – 31 July 2014
Scandinavian Private Equity A/S (SPEAS) recorded a profit for H1 2014/15 of DKK 46.4m. Equity stood at DKK 860m, corresponding to a book value per share of DKK 19,474. Extraordinary dividend of DKK 1,500 per share to be distributed.

The Board of Directors of SPEAS has today considered and approved the Company’s Interim Report for the period 1 February 2014 – 31 July 2014. The Interim Report contains the following highlights:

  • Investments in private equity funds generated a return of DKK 50.7m. Less costs incurred of DKK 2.1m, depreciation and amortisation of DKK 1.8m and net financial expenses of DKK 0.4m, net profit for the period came to DKK 46.4m.
  • Investments in private equity funds amounted to DKK 754m, or 88% of net assets.
  • In H1 2014/15, SPEAS completed the divestment of its investment commitments to IK VII, which originally amounted to EUR 10m., without impact on net profit.
  • In H1 2014/15 SPEAS contributed DKK 22.7m to the private equity funds under the investment commitments made.
  • In the same period, the Company received DKK 59.7m as proceeds from exits, recapitalisation, the sale of the investment in IK VII, etc.
  • Early June 2014, a dividend of DKK 2,800 per share, equal to a total of DKK 124m, were distributed.
  • The Board of Directors has decided to distribute an extraordinary dividend of DKK 1,500 per share. The dividend is payable on 29 September 2014, and the SPEAS share will trade ex-dividend as of Wednesday 24 September 2014.
  • Equity stood at DKK 860m at 31 July 2014, equal to a book value per share of DKK 19,474 against a quoted price of DKK 18,210 as at the same date. The book value per share increased by 5.2% in the financial period.
  • Given the Company’s current asset allocation, return expectations are equivalent to a long-term return on equity of 7-8% pa. Full-year results 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 11 140922 H1 UK