Scandinavian Private Equity A/S : Interim Report for Q3 2013/14

Company announcement no 15 2013/14
Copenhagen, 19 December 2013



Interim Report for the period 1 August 2013 - 31 October 2013
Scandinavian Private Equity A/S (SPEAS) recorded a profit for Q3 2013/14 of DKK
14.4m. Equity stood at DKK 934m, corresponding to a book value per share of DKK
20,491.

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 August
2013 - 31 October 2013. The Interim 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 at present 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.

  * Investments in private equity funds generated a return of DKK 19.2m. Less
    costs incurred (DKK 1.1m), depreciation and amortisation (DKK 2.0m) and net
    financials (DKK 1.6m), net profit for the period came to DKK 14.4m.

  * Investments in private equity funds amounted to DKK 703m, or 75% of net
    assets (82% at 31 July 2013).

  * In Q3 2013/14 SPEAS contributed DKK 14.5m gross to the private equity funds
    and received DKK 82.3m as proceeds from exits, recapitalisation, etc.

  * SPEAS's cash amounted to DKK 224m, or 24% of net assets (17% at 31 July
    2013).

  * Equity stood at DKK 934m at 31 October 2013, equal to a book value per share
    of DKK 20,491 against a quoted price of DKK 14,940 at 31 October 2013
    (before change of strategy) and DKK 18,400 at 18 December 2013. Book value
    per share has increased by 1.6% in the financial period.

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