Scandinavian Private Equity A/S : Interim Report for the period 1 February 2014 - 30 April 2014
ET | Source:Scandinavian Private Equity
Company announcement no 7 2014/15
Copenhagen, 18 June 2014
Interim Report for the period 1 February 2014 - 30 April 2014
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q1 2014/15 of DKK
26.6m. Equity stood at DKK 974m, corresponding to a book value per share of DKK
21,798 before dividend distribution of DKK 2,800 per share.
The Board of Directors of SPEAS has today considered and approved the Company's
Interim Report for the period 1 February 2014 - 30 April 2014. The Interim
Report contains the following highlights:
* Investments in private equity funds generated a return of DKK 28.4m. Less
costs incurred of DKK 0.9m, depreciation and amortisation of DKK 1.3m and
net financials of DKK 0.4m, net profit for the period came to DKK 26.6m.
* Investments in private equity funds amounted to DKK 737m, or 76% of net
* In Q1 2014/15, SPEAS completed the divestment of its investment commitment
to IK VII, which originally amounted to EUR 10m. At 31 January 2014, the
book value of the investment amounted to DKK 15.3m. The Company's total
uncalled investment commitments were reduced by DKK 58.6m in connection with
* In Q1 2014/15, SPEAS contributed DKK 5.2m to the private equity funds in
accordance with the investment commitments made.
* In the same period, the Company received DKK 36.3m as proceeds from exits,
recapitalisations, the sale of the investment in IK VII, etc.
* SPEAS's cash amounted to DKK 233m before dividend distribution of DKK 2,800
per share, equal to a total of DKK 124m excluding dividend on treasury
shares, which were paid out immediately following the Annual General Meeting
held on 26 May 2014.
* Equity stood at DKK 974m at 30 April 2014, equal to a book value per share
of DKK 21,798 (before dividend distribution of DKK 2,800 per share) against
a quoted price of DKK 19,000 as at the same date. The book value per share
increased by 2.9% in the financial period.
* Given the Company's current asset allocation, return expectations are
equivalent to a median return on equity of 7-8% pa. 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
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