Scandinavian Private Equity A/S : Annual Report for the financial year 2013/14

Company announcement no 4 2014/15
Copenhagen, 30 April 2014



Annual Report for the financial year 2013/14
Profit for the financial year 2013/14 came to DKK 47.7m. Equity stood at DKK
954m, corresponding to a book value per share of DKK 21,182.

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
2013/14, which ended on 31 January 2014. The Annual Report contains the
following highlights:

  * On 14 November 2013 SPEAS announced a change of strategy. Based on the
    unsatisfactory price/book value, SPEAS's Board of Directors has decided that
    SPEAS must prioritise distribution to shareholders over new investment
    commitments in order to maximise value creation for shareholders, also in
    the short term. Distribution will be in the form of share buybacks and/or
    dividends.

  * The Board of Directors recommends a dividend distribution of DKK 2,800 per
    share of a nominal value of DKK 10,000.

  * Investments in private equity funds generated a return of DKK 67.7m. Less
    costs incurred (DKK 5.3m), depreciation and amortisation (DKK 6.9m) and net
    financials (DKK 7.5m), net profit for the financial year came to DKK 47.7m.

  * Investments in private equity funds amount to DKK 740m, or 78% of net
    assets.

  * In the financial year, the private equity funds have invested in 13 new
    companies and divested nine. For this purpose, SPEAS contributed DKK 82m to
    the private equity funds in accordance with the investment commitments made
    and received DKK 163m as proceeds from the sold companies, recapitalisation
    etc.

  * SPEAS's cash amounted to DKK 210m, or 84% of the uncalled investment
    commitments to private equity funds.

  * Equity stood at DKK 954m at 31 January 2014, equal to a book value per share
    of DKK 21,182 against a quoted price of DKK 18,850 at 29 April 2014. Book
    value per share has increased by 5.1% in the financial year.

  * Given the Company's current asset allocation, the Company's return
    expectations are equivalent to a median return on equity of 7-8% pa. 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


[HUG#1780826]