Company announcement no 2 2010/11
Copenhagen, 26 April 2011
Annual Report for the financial year 2010/11
Profit for the financial year 2010/11 came to DKK 117.2m. Equity stood at DKK
884.2m, corresponding to a book value per share of DKK 18,687.
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
2010/11, which ended on 31 January 2011. The Annual Report contains the
following highlights:
* The Company recorded a net profit of DKK 117.2m for the year. Investments
through private equity funds yielded a total return of DKK 110.6m, and
investments in listed shares in private equity companies now fully divested
provided a return of DKK 6.8m. Following the placement of cash, net
financials totalled DKK 7.7m.
* Investments through private equity funds amount to DKK 719m, and the
uncalled proportion of the Company's investment commitments to private
equity funds totals approximately DKK 294m, which the funds may invest in
new companies over the next few years.
* In the financial year, the private equity funds have invested in 18 new
companies and divested 2. For this purpose, SPEAS contributed DKK 173m to
the private equity funds in accordance with the investment commitments made
and received DKK 12m as proceeds from the sold companies. The value of the
proceeds received is slightly higher than the latest carrying amount.
* In addition, SPEAS has deposited DKK 162m with Danish banks.
* Equity stood at DKK 884.2m at 31 January 2011, equal to a book value per
share of DKK 18,687 against a quoted price of DKK 12,800 at 20 April 2011.
* In the financial year, SPEAS bought back another 1,242 own shares totalling
DKK 13.4m, 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
2011/12 ending on 31 January 2012. 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#1508887]
