Scandinavian Private Equity A/S : Interim Report for the period 1 February 2013 - 31 July 2013

Company announcement no 11 2013/14
Copenhagen, 23 September 2013



Interim Report for the period 1 February 2013 - 31 July 2013
Profit for H1 2013/14 amounted to DKK 3.7m. Equity stood at DKK 920m,
corresponding to a book value per share of DKK 20,174.

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 February
2013 - 31 July 2013. The Interim Report contains the following highlights:


  * Investments in private equity funds generated a return of DKK 14.0m. After
    deduction for costs (DKK (3.1m)), amortisation (DKK (2.9m)), net financials
    (DKK (4.1m)) and tax (DKK (0.2m)), the Company recorded a net profit of DKK
    3.7m for the period.

  * Investments in private equity funds amounted to DKK 752m, or 82% of net
    assets (83% at 31 January 2013).

  * In H1 2013/14 SPEAS contributed DKK 39.8m gross to the private equity funds
    and received DKK 55.7m as proceeds from exits, recapitalisation, etc.

  * SPEAS's cash amounted to DKK 158m, or 17% of net assets (17% at 31 January
    2013).

  * As at 31 July 2013, SPEAS had received exit proceeds from the private equity
    funds in relation to a total of 16 fully realised investments. Exit proceeds
    totalled DKK 342m, corresponding to a net multiple of 1.6x the invested
    amount and net returns of 14.4% pa (IRR) as at 31 July 2013.

  * Equity stood at DKK 920m at 31 July 2013, equal to a book value per share of
    DKK 20,174 against a quoted price of DKK 15,580 at 20 September 2013. The
    book value per share increased by 0.1% 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 H1 of the financial year, SPEAS reduced its holding of own shares by a
    net amount of 632 own shares. This reduction is due to SPEAS's partial
    settlement of the purchase sum for the management company in own shares. In
    the first half of the financial year SPEAS has bought back 135 own shares.

  * Based on the realised profit for the financial period, SPEAS now forecasts a
    profit in the range of DKK 25m-35m for the financial year ending on 31
    January 2014 against a previous profit forecast in the range of 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




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