Scandinavian Private Equity A/S : Interim Report for Q1 2013/14

Company announcement no 10 2013/14
Copenhagen, 24 June 2013



Interim Report for the period 1 February 2013 - 30 April 2013
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q1 2013/14 of DKK
15.9m. Equity stood at DKK 934m, corresponding to a book value per share of DKK
20,439.

The Board of Directors of SPEAS has today considered and approved the Company's
Interim Report for the period 1 February 2013 - 30 April 2013. The Interim
Report contains the following highlights:

  * The Company recorded a net profit of DKK 15.9m for the period. Investments
    in private equity funds generated a return of DKK 20.4m.

  * Investments in private equity funds amounted to DKK 776m, or 83% of net
    assets (83% at 31 January 2013).

  * In Q1 2013/14 SPEAS contributed DKK 8.0m gross to the private equity funds
    and received DKK 6.5m as proceeds from exits, recapitalisations etc.

  * SPEAS's cash amounted to DKK 146m, or 16% of net assets (17% at 31 January
    2013).

  * As at 30 April 2013, SPEAS had received exit proceeds from the private
    equity funds in relation to a total of 13 fully realised investments. Exit
    proceeds totalled DKK 312m, corresponding to 2.0x the invested amount and a
    gross return of 16.7% pa (IRR) as at 30 April 2013.

  * At 30 April 2013 equity stood at DKK 934m, equal to a book value per share
    of DKK 20,439 against a quoted price of DKK 15,510 as at 21 June 2013. Book
    value per share increased by 1.4% in the financial period.

  * In Q1 2013 SPEAS acquired the management company Scandinavian Private Equity
    Partners A/S at a total purchase price of DKK 30m, settled with DKK 18.1m in
    cash and the countervalue of DKK 11.7m worth of own shares (767 shares).

  * In Q1 of the financial year, SPEAS reduced its holding of own shares by a
    net amount of 740 own shares. This reduction was due to SPEAS's partial
    settlement of the purchase money for the management company by way of own
    shares. In Q1 SPEAS bought back 27 own shares, as the share price was
    attractive compared with the Company's investment alternatives.

  * SPEAS maintains its forecast of a profit for the financial year 2013/14,
    ending on 31 January 2014, at the level DKK 55m-65m. Full-year results will
    depend on the development in financial markets and in the portfolio
    companies of the private equity funds, and the forecast is thus subject to
    considerable uncertainty.

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


 Henning Kruse Petersen          Ole Mikkelsen
 Chairman                        CEO


[HUG#1711435]