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 assets. * 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 the divestment. * 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 [HUG#1793528]
Scandinavian Private Equity A/S : Interim Report for the period 1 February 2014 - 30 April 2014
| Source: Scandinavian Private Equity