Scandinavian Private Equity A/S: Annual Report for the

Company announcement no 4 2012/13
Copenhagen, 17 April 2012



Annual Report for the financial year 2011/12
Profit for the financial year 2011/12 came to DKK 38.0m. Equity stood at DKK
904.5m, corresponding to a book value per share of DKK 19,681.

The Board of Directors of Scandinavian Private Equity A/S (SPEAS) has today
considered and approved the Company's Annual Report for the financial year
2011/12, which ended on 31 January 2012. The Annual Report contains the
following highlights:

  * The Company recorded a net profit of DKK 38.0m for the year. In view of the
    current market conditions, this is considered acceptable, particularly in
    light of the strong positive cash flow from exits.

  * Investments in private equity funds provided a total return of DKK 45.8m,
    primarily owing to successful divestment of portfolio companies as well as
    improved performance of portfolio companies. Net financials came to DKK
    0.8m.

  * Investments in private equity funds amount to DKK 706m, and the uncalled
    investment commitments total DKK 270m, which the funds may invest in new
    companies over the next few years. After the end of the financial year,
    SPEAS has made two additional investment commitments totalling DKK 152m;
    including these the uncalled investment commitments total DKK 422m.

  * SPEAS has deposited DKK 201m with Danish banks and has also established
    satisfactory credit facilities to cover uncalled investment commitments.

  * In the financial year, the private equity funds have invested in 15 new
    companies and divested four. For this purpose, SPEAS contributed DKK 138m to
    the private equity funds in accordance with the investment commitments made
    and received DKK 204m as proceeds from the sold companies, recapitalisation
    etc.

  * As at 31 January, 2012 SPEAS has received exit proceeds from the private
    equity funds concerning a total of seven investments, of which four in this
    financial year. Exit proceeds total DKK 194m, corresponding to 2.2x invested
    amount and a gross return as at 31 January 2012 of 25.2% pa (IRR).

  * Equity stood at DKK 904.5m at 31 January 2012, equal to a book value per
    share of DKK 19,681 against a quoted price of DKK 13,940 at 16 April 2012.

  * In the financial year, SPEAS bought back another 1,363 own shares totalling
    DKK 17.7m, as the share price was considered attractive compared with the
    Company's other investment alternatives.

  * SPEAS forecasts a profit in the range of DKK 55m-65m for the financial year
    2012/13 ending on 31 January 2013. 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#1603050]
Scandinavian Private Equity A/S: Annual Report for the financial year 2011/12

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