Company Announcement No 2 2016/17 The Supervisor

The Supervisory Board of Investeringsselskabet Luxor A/S has today considered and adopted the Company’s Annual Report for 2015/16.

Comments to the Annual Report:

• Basic earnings for the financial year increased from DKK 24.1 million in 2014/15 to DKK 31.1 million in 2015/16, which is in accordance with Company Announcement of 24 November 2016. The improvement is primarily attributable to an increase in net financial income as well as increased capital gains and improvements of losses and fair value adjustment of credit risk on the Group’s mortgage deeds.

• The Group’s results before tax for the financial year show a profit of DKK 29.1 million (DKK -10.2 million). After tax, the Group shows a profit of DKK 22.1 million (DKK -8.5 million).

The results for the year are affected by net positive fair value adjustments and realised losses on bonds including currency hedging of DKK 8.1 million, negative fair value adjustments of interest swaps and debt to mortgage credit institutes of DKK -7.5 million as well as fair value adjustments of investment properties, DKK -2.1 million.

• The net asset value per share in circulation is DKK 356.35 (DKK 354.29).

• The Supervisory Board proposes to the General Meeting that dividend of DKK 25.0 million (DKK 20.0 million) be distributed, corresponding to DKK 25.0 (DKK 20.0) per share. 

• For the coming financial year 2016/17, basic earnings of approx. DKK 24.0 million are expected. Fair value adjustments and realised losses and gains on bonds, foreign currencies and interest swaps, etc are not included in basic earnings and will at 7 December 2016 affect results for the year before tax positively by DKK 4.8 million. 

Fourth quarter of the financial year 2016:

• Basic earnings for the quarter amount to DKK 6.8 million, which is in line with the fourth quarter of the financial year 2015.

• The Group’s results before tax for the fourth quarter of the financial year 2016 show a profit of DKK 9.7 million (DKK -15.9 million). After tax, the Group shows a profit of DKK 7.0 million (DKK -13.0 million).

The results for the quarter are affected positively by DKK 4.7 million (DKK -21.4 million) relating to net positive fair value adjustments and realised gains/losses on bonds as well as fair value adjustments of investment properties, DKK -2.1 million.

For additional information concerning the Annual Report, please contact the undersigned.

         Jannik Rolf Larsen, CEO