Scandinavian Private Equity A/S : Annual Report for the financial year 2012/13

Company announcement no 6 2013/14
Copenhagen, 19 April 2013



Annual Report for the financial year 2012/13
Profit for the financial year 2012/13 came to DKK 16.4m. Equity stood at DKK
907m, corresponding to a book value per share of DKK 20,162.

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
2012/13, which ended on 31 January 2013. The Annual Report contains the
following highlights:


  * The Company recorded a net profit of DKK 16.4m for the year. Investments in
    private equity funds provided a total return of DKK 23.8m, primarily owing
    to successful divestment of portfolio companies.

  * Investments in private equity funds amount to DKK 754m, or 83% of net
    assets. In the financial year, the Company has made new investment
    commitments to IK VII and Norvestor VI of EUR 10m and NOK 80m, respectively.
    Further, SPEAS has acquired a minor, secondary share of Litorina III,
    increasing investments in this fund by 7%, corresponding to a book value of
    DKK 5m.

  * In the financial year, the private equity funds have invested in 17 new
    companies and divested six. For this purpose, SPEAS contributed DKK 130m to
    the private equity funds in accordance with the investment commitments made
    and received DKK 108m as proceeds from the sold companies, recapitalisation
    etc.

  * SPEAS's cash amounted to DKK 150m, or 17% of net assets.

  * As at 31 January, 2013 SPEAS has received exit proceeds from the private
    equity funds concerning a total of 13 investments, of which six in the
    financial year 2012/13. Exit proceeds total DKK 312m, corresponding to 2.0x
    invested amount and a gross return as at 31 January 2013 of 16.7% pa (IRR).

  * Equity stood at DKK 907m at 31 January 2013, equal to a book value per share
    of DKK 20,162 against a quoted price of DKK 14,950 at 18 April 2013. Book
    value per share has increased by 2.4% in the financial year.

  * In the financial year, SPEAS bought back another 986 own shares (2.0% of the
    share capital) totalling DKK 14.2m, as the share price was considered
    attractive compared with the Company's other investment alternatives.

  * SPEAS forecasts a profit in the range of DKK 55m-65m for the financial year
    2013/14 ending on 31 January 2014. 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

Yours sincerely
Scandinavian Private Equity A/S


 Jens Erik Christensen        Ole Mikkelsen
 Chairman                     CEO




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