Scandinavian Private Equity A/S : Interim Report for the

Company announcement no 11 2014/15
Copenhagen, 22 September 2014



Interim Report for the period 1 February 2014 - 31 July 2014
Scandinavian Private Equity A/S (SPEAS) recorded a profit for H1 2014/15 of DKK
46.4m. Equity stood at DKK 860m, corresponding to a book value per share of DKK
19,474. Extraordinary dividend of DKK 1,500 per share to be distributed.

The Board of Directors of SPEAS has today considered and approved the Company's
Interim Report for the period 1 February 2014 - 31 July 2014. The Interim Report
contains the following highlights:

  * Investments in private equity funds generated a return of DKK 50.7m. Less
    costs incurred of DKK 2.1m, depreciation and amortisation of DKK 1.8m and
    net financial expenses of DKK 0.4m, net profit for the period came to DKK
    46.4m.

  * Investments in private equity funds amounted to DKK 754m, or 88% of net
    assets.

  * In H1 2014/15, SPEAS completed the divestment of its investment commitments
    to IK VII, which originally amounted to EUR 10m., without impact on net
    profit.

  * In H1 2014/15 SPEAS contributed DKK 22.7m to the private equity funds under
    the investment commitments made.

  * In the same period, the Company received DKK 59.7m as proceeds from exits,
    recapitalisation, the sale of the investment in IK VII, etc.

  * Early June 2014, a dividend of DKK 2,800 per share, equal to a total of DKK
    124m, were distributed.

  * The Board of Directors has decided to distribute an extraordinary dividend
    of DKK 1,500 per share. The dividend is payable on 29 September 2014, and
    the SPEAS share will trade ex-dividend as of Wednesday 24 September 2014.

  * Equity stood at DKK 860m at 31 July 2014, equal to a book value per share of
    DKK 19,474 against a quoted price of DKK 18,210 as at the same date. The
    book value per share increased by 5.2% in the financial period.

  * Given the Company's current asset allocation, return expectations are
    equivalent to a long-term 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#1857142]
Scandinavian Private Equity A/S : Interim Report for the period 1 February 2014 - 31 July 2014

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