Interim Report Q3 2014/15

Company announcement no 12 2014/15
Copenhagen, 17 December 2014



Interim Report for the period 1 August 2014 – 31 October 2014
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q3 2014/15 of DKK 42.6m. Equity stood at DKK 828m, corresponding to a book value per share of DKK 18,960. Extraordinary dividend of DKK 1,400 per share.

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

  • Investments in private equity funds generated a return of DKK 44.5m. Less costs incurred of DKK 0.7m, depreciation and amortisation of DKK 0.5m and net financial expenses of DKK 0.6m, net profit for the period came to DKK 42.6m.
  • Investments in private equity funds amounted to DKK 747m, or 90% of net assets.
  • In Q3 2014/15 SPEAS contributed DKK 17.8m to the private equity funds under the investment commitments made.
  • In the same period, the Company received DKK 68.9m as proceeds from exits, recapitalisation, etc.
  • Dividend of DKK 1,500 per share, equal to a total of DKK 66m, was distributed in September.
  • The Board of Directors has resolved to distribute extraordinary dividend of DKK 1,400 per share. Dividend will be distributed on 23 December 2014, and the SPEAS share will be traded excluding dividend as from Friday 19 December 2014.
  • Equity stood at DKK 828m at 31 October 2014, equal to a book value per share of DKK 18,960 against a quoted price of DKK 16,480 as at the same date.
  • In Q3 2014/15 the return on equity was 5.0%, and in the period Q1-Q3 2014/15 the return on equity was 9.8%.
  • Given the Company’s current asset allocation, return expectations are equivalent to a long-term return on equity of 7-8% pa. Based on achieved investment results, forecasts for this financial year now include a return on equity that exceeds the long-term return expectations. 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 12 141217 Q3 UK