Alm. Brand Formue A/S – Interim report for the first half of 2013
Copenhagen, 2013-08-16 14:11 CEST (GLOBE NEWSWIRE) -- Highlights of the attached interim report of Alm. Brand Formue A/S for the first half of 2013:
- The company posted a pre-tax loss of DKK 2.1 million in H1 2013, against a pre-tax profit of DKK 28.1 million in H1 2012. The loss after tax amounted to DKK 2.9 million, against a profit after tax of DKK 27.4 million in H1 2012. The H1 performance was highly unsatisfactory
- The company's H1 performance was severely impacted by the financial market fluctuations in June. The company posted negative value adjustments of DKK 37.9 million in June alone.
- Driven by the positive market developments, mainly in equities in July and the first half of August and expectations of sustained favourable equity market developments, the company maintains its guidance of a full-year profit of around DKK 50 million after tax.
- The net asset value per share fell by 6% in H1 2013 from DKK 113.25 to DKK 107.31. The decline in net asset value was mainly due to the fact that the company paid dividends of DKK 5 per share for a total of DKK 15.5 million in H1 2013. During the same period, the share price rose by 9% from DKK 87.00 to DKK 95.00. At 30 June 2013, the price/net asset value was 0.89.
- The equity gearing was 3.7 at 30 June 2013, against 2.8 at 31 March 2013 and 2.7 at 31 December 2012. The company increased its portfolio of Danish mortgage bonds in the second quarter, which combined with the decline in shareholders' equity to produce a higher debt/equity ratio. The company's bond portfolio was mainly invested in high-yielding Danish mortgage bonds, whereas the equity portfolio was predominantly placed in export-driven companies which the company believes to be reasonably priced relative to their return potential.
- In accordance with the adopted share buyback programme, commencing on 7 February 2013 and ending on 31 January 2014, the company is currently buying back own shares. Under the current share buyback programme, the company has bought 41,491 own shares for a total of DKK 4.2 million, corresponding to an average price of DKK 102 per share. As at 30 June 2013, the company held 371,700 shares in treasury, corresponding to 12.0% of the share capital.
Please direct any questions regarding this announcement to Bo Overvad, Director, on tel. +45 35 47 48 49.
