15 April 2015 Announcement No. 09/2015
The Annual General Meeting was held in accordance with the published agenda, and the Annual Report including the proposal submitted by the Board of Directors for the appropriation of the result for the financial year was adopted.
The AGM adopted the proposal submitted by the Board of Directors to reduce the Company's share capital by a total of 10,000,000 own shares. The reduction in share capital will be at a stock market price of DKK 169.89 per share, corresponding to the average price at which the shares were bought back. Consequently, a total of DKK 1,698,926,935 has been transferred.
After the final implementation of the reduction, the share capital will be DKK 105,000,000.
Furthermore, the AGM adopted the proposals submitted by the Board of Directors to authorise the Board of Directors to buy own shares and to increase the ordinary basic remuneration paid to the Board of Directors.
Michael Pram Rasmussen, Desirée Schultz, Per Mathiesen and Aage Nedergaard Smidt retired from the Board of Directors. Bjarne Graven Larsen was elected as a new member of the Board of Directors. All the other Board members elected at the AGM − Anders Colding Friis, Torbjörn Magnusson, Birgitte Nielsen, Annette Sadolin and Søren Thorup Sørensen − were re-elected.
Mette Jensen, Tina Møller Carlsson and Ann-Jeanette Bakbøl, having been newly elected at the election of employees on 8 April 2015, see announcement No. 08/2015, joined the Board of Directors.
The Board of Directors elected Søren Thorup Sørensen as Chairman and Torbjörn Magnusson as Deputy Chairman from among its members.
Per Mathiesen retired from the Remuneration Committee. The Board of Directors has elected Mette Jensen as a new member. Following these changes the Remuneration Committee comprises Søren Thorup Sørensen (Chairman), Torbjörn Magnusson and Mette Jensen.
The Audit Committee comprises Søren Thorup Sørensen (Chairman), Annette Sadolin and Birgitte Nielsen.
The Nomination Committee comprises Søren Thorup Sørensen (Chairman) and Torbjörn Magnusson.
The Company's auditor, Deloitte, Statsautoriseret Revisionspartnerselskab, was re-elected.
Topdanmark's profit forecast model for 2015 continues to be DKK 900-1,000m (see announcement No. 05/2015) subject to an annual 7.0% return on equities and unchanged foreign exchange rates from the level on 5 February 2015. Furthermore, it is assumed that the return on interest-bearing assets hedging the discounted provisions is just sufficient to cover discounting and revaluation of the provisions, while the return on the remaining interest-bearing assets is assumed to be 1.73% (risk-free interest rate plus 2.0pp).
The expected share buy-back for 2015 also remains unchanged at DKK 1.8bn. At 14 April 2015 Topdanmark had bought back own shares of DKK 473m, which leaves a balance of DKK 1,327m of the 2015 programme.
Please direct any queries to: Steffen Heegaard, Group Communications and IR Director Mobile +45 4025 3524
Topdanmark A/S Reg. No. 78040017 Borupvang 4 2750 Ballerup
