Tag Archives: 2013F

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

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

Interim Report H1 2013/14

Company announcement no 11 2013/14
Copenhagen, 23 September 2013



Interim Report for the period 1 February 2013 – 31 July 2013
Profit for H1 2013/14 amounted to DKK 3.7m. Equity stood at DKK 920m, corresponding to a book value per share of DKK 20,174.

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 February 2013 – 31 July 2013. The Interim Report contains the following highlights:

  • Investments in private equity funds generated a return of DKK 14.0m. After deduction for costs (DKK (3.1m)), amortisation (DKK (2.9m)), net financials (DKK (4.1m)) and tax (DKK (0.2m)), the Company recorded a net profit of DKK 3.7m for the period.
  • Investments in private equity funds amounted to DKK 752m, or 82% of net assets (83% at 31 January 2013).
  • In H1 2013/14 SPEAS contributed DKK 39.8m gross to the private equity funds and received DKK 55.7m as proceeds from exits, recapitalisation, etc.
  • SPEAS’s cash amounted to DKK 158m, or 17% of net assets (17% at 31 January 2013).
  • As at 31 July 2013, SPEAS had received exit proceeds from the private equity funds in relation to a total of 16 fully realised investments. Exit proceeds totalled DKK 342m, corresponding to a net multiple of 1.6x the invested amount and net returns of 14.4% pa (IRR) as at 31 July 2013.
  • Equity stood at DKK 920m at 31 July 2013, equal to a book value per share of DKK 20,174 against a quoted price of DKK 15,580 at 20 September 2013. The book value per share increased by 0.1% in the financial period.
  • In Q1 2013 SPEAS acquired the management company Scandinavian Private Equity Partners A/S at a total purchase price of DKK 30m, settled with DKK 18.1m in cash and the countervalue of DKK 11.7m worth of own shares (767 shares).
  • In H1 of the financial year, SPEAS reduced its holding of own shares by a net amount of 632 own shares. This reduction is due to SPEAS’s partial settlement of the purchase sum for the management company in own shares. In the first half of the financial year SPEAS has bought back 135 own shares.
  • Based on the realised profit for the financial period, SPEAS now forecasts a profit in the range of DKK 25m-35m for the financial year ending on 31 January 2014 against a previous profit forecast in the range of DKK 55m-65m. 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 11 130923 H1 UK

Interim Report Q1 2013/14

Company announcement no 10 2013/14
Copenhagen, 24 June 2013



Interim Report for the period 1 February 2013 – 30 April 2013
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q1 2013/14 of DKK 15.9m. Equity stood at DKK 934m, corresponding to a book value per share of DKK 20,439.

The Board of Directors of SPEAS has today considered and approved the Company’s Interim Report for the period 1 February 2013 – 30 April 2013. The Interim Report contains the following highlights:

  • The Company recorded a net profit of DKK 15.9m for the period. Investments in private equity funds generated a return of DKK 20.4m.
  • Investments in private equity funds amounted to DKK 776m, or 83% of net assets (83% at 31 January 2013).
  • In Q1 2013/14 SPEAS contributed DKK 8.0m gross to the private equity funds and received DKK 6.5m as proceeds from exits, recapitalisations etc.
  • SPEAS’s cash amounted to DKK 146m, or 16% of net assets (17% at 31 January 2013).
  • As at 30 April 2013, SPEAS had received exit proceeds from the private equity funds in relation to a total of 13 fully realised investments. Exit proceeds totalled DKK 312m, corresponding to 2.0x the invested amount and a gross return of 16.7% pa (IRR) as at 30 April 2013.
  • At 30 April 2013 equity stood at DKK 934m, equal to a book value per share of DKK 20,439 against a quoted price of DKK 15,510 as at 21 June 2013. Book value per share increased by 1.4% in the financial period.
  • In Q1 2013 SPEAS acquired the management company Scandinavian Private Equity Partners A/S at a total purchase price of DKK 30m, settled with DKK 18.1m in cash and the countervalue of DKK 11.7m worth of own shares (767 shares).
  • In Q1 of the financial year, SPEAS reduced its holding of own shares by a net amount of 740 own shares. This reduction was due to SPEAS’s partial settlement of the purchase money for the management company by way of own shares. In Q1 SPEAS bought back 27 own shares, as the share price was attractive compared with the Company’s investment alternatives.
  • SPEAS maintains its forecast of a profit for the financial year 2013/14, ending on 31 January 2014, at the level DKK 55m-65m. 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 10 130624 Q1 UK