Company announcement no 12 2011/12
Copenhagen, 15 December 2011
Interim Report for the period 1 August 2011 - 31 October 2011
Results for Q3 2011/12 were a loss of DKK 6.1m. Equity stood at DKK 922m,
corresponding to a book value per share of DKK 19,921.
The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has today
considered and approved the Company's Interim Report for the period 1 August
2011 - 31 October 2011. The Interim Report contains the following highlights:
* The Company recorded a net loss of DKK 6.1m for the period. Investments in
private equity funds generated a negative return of DKK 4.6m. Net financials
came to DKK 0.4m.
* Investments in private equity funds amounted to DKK 733m, and SPEAS's
uncalled investment commitments totalled approximately DKK 290m, which the
funds may invest in new companies in the next few years.
* SPEAS has deposited DKK 194m with Danish banks and has also established
satisfactory credit facilities to cover uncalled investment commitments.
* In Q3 2011/12 SPEAS contributed DKK 16m to the private equity funds in
accordance with the investment commitments made and received DKK 129m as
proceeds from the companies sold and recapitalisations.
* As at 31 October, 2011 SPEAS has received exit proceeds from the private
equity funds concerning a total of six investments, of which three in this
financial year. Exit proceeds total DKK 146m, corresponding to 1.9x invested
amount and a gross return as at 31 October 2011 of 21.9% pa (IRR).
* Equity stood at DKK 922m at 31 October 2011, equal to a book value per share
of DKK 19,921 against a share price of DKK 13,000 at 14 December 2011.
* In Q3 of the financial year under review, SPEAS bought back another 476 own
shares totalling DKK 6.3m as the share price was considered attractive
compared with the Company's other investment alternatives.
* SPEAS maintains its forecast of a profit in the range of DKK 55m-65m for the
financial year 2011/12 ending on 31 January 2012. 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
[HUG#1571451]
