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2014-04-30

Scandinavian Private Equity A/S : Annual Report for the financial year 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
Highlights 2013/14
http://hugin.info/137825/R/1780826/609550.pdf
Annual Report 2013/14
http://hugin.info/137825/R/1780826/609551.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scandinavian Private Equity A/S via Globenewswire

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