Interim Report H1 2015/16

Company announcement no 8 2015/16
Copenhagen, 29 September 2015

Interim Report for the period 1 February 2015 – 31 July 2015
Scandinavian Private Equity A/S (SPEAS) recorded a profit for H1 2015/16 of DKK 76.3m. Equity stood at DKK 724m, corresponding to a book value per share of DKK 16,697. Extraordinary dividend of DKK 2,000 per share.

The Board of Directors of SPEAS has today considered and approved the Company’s Interim Report for the period 1 February 2015 – 31 July 2015. The Interim Report contains the following highlights:

  • Investments in private equity funds generated a total return of DKK 79.1m. Less costs incurred of DKK 1.6m, depreciation and amortisation of DKK 1.2m and net financials of DKK 0.1m, net profit for the period came to DKK 76.3m.
  • Investments in private equity funds amounted to DKK 715m, or 99% of net assets.
  • In H1 2015/16, SPEAS contributed DKK 14.5m to the private equity funds under the investment commitments made.
  • In the same period, the Company received DKK 130.0m as proceeds from exits, recapitalisations, etc.
  • Ordinary dividend of DKK 1,500 per share was distributed on 3 June 2015, and extraordinary dividend of DKK 1,500 per share was distributed on 31 July 2015. In the financial period under review, SPEAS distributed total dividend of DKK 130m.
  • The Board of Directors has resolved to distribute extraordinary dividend of DKK 2,000 per share on 6 October 2015, and the SPEAS share will be traded excluding dividend as from Friday 2 October 2015.
  • At 31 July 2015, equity stood at DKK 724m, corresponding to a book value per share of DKK 16,697.
  • Return on equity came to 9.8% in H1 2015/16.
  • Given the Company’s current asset allocation, the Company expects a long-term return on equity of 8-9% 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

2015/16 H1