Stock exchange announcement no 10/2007
Interim Report for the period 1 August 2007 - 31 October 2007
SPEAS welcomed by reputable managers of attractive private equity
funds - investment commitment rate higher than expected
The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has
today considered and approved the Company's Interim Report. The
Interim Report has not been audited and contains the following
highlights:
SPEAS has been welcomed by reputable managers of attractive private
equity funds and has since the IPO in February 2007 entered into
investment commitments of around DKK 789m to four private equity
funds: EQT V, Industri Kapital 2007, Litorina Kapital III and Apax
Europe VII. Of the total commitments, an amount of DKK 180m has been
invested to date.
The management company Scandinavian Private Equity Partners A/S is
currently considering potential investments in several good private
equity funds. Combined with the investment commitments already made,
this indicates that SPEAS will have invested its capital in full
through private equity funds sooner than expected.
The Company recorded a net loss for the period of DKK 12.8m.
Following the placement of excess liquidity, net financials totalled
DKK 7.0m. In addition to that comes an unrealised negative market
value adjustment of DKK 13.5m of the portfolio of listed private
equity companies due to the turmoil in financial markets.
Year-to-date, the net loss came to DKK 15.1m.
Equity stood at DKK 958.8m at 31 October 2007, equal to a book value
per share of DKK 19,157 against a quoted price of DKK 14,850 at 19
December 2007.
The negative development in the value of SPEAS's portfolio of listed
private equity companies means that SPEAS now expects a loss in the
range of DKK -45m to -35m for the first financial year ending on 31
January 2008 against the previously forecasted DKK -15m to -5m. The
portfolio of listed private equity companies was built up in
accordance with the prospectus. Furthermore, a higher commitment rate
than initially assumed paves the way for a higher investment rate,
but has a negative effect on results in the short term. The 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
Yours sincerely
Scandinavian Private Equity A/S
Jens-Erik Christensen Ole Mikkelsen
Chairman Chief Executive Officer
