Skælskør Bank, Preliminary announcement


Company announcement                                            
no 4 / 2008                                                                     
7 February 2008                                                                 


Executive Board:                                                                
Carsten Roth                                                                    
Phone number: +45 59576000                                                      












Preliminary announcement of financial statements for 2007                       

































Preliminary announcement of financial statements - in headlines                 




Performance for 2007Very satisfactory results for the Skælskør Bank Group, above
budget.Pre-tax profit of DKK 47.6m, corresponding to a small decline of 4% on   
last year.High capital adequacy ratio of 12.6%, which is 1% up on 2006. The     
capital adequacy ratio is estimated at 8%.The difference between deposits and   
loans and advances is funded through long-term loansTranslation/market value    
adjustments amount to DKK 25.7m compared to DKK 16.5m last yearImpairment losses
on loans, advances and receivables, etc of DKK 13.0m.Dividends of DKK 4 per     
share will be paid to the shareholders                                          










































This document is an unofficial translation of the Danish original. In the event 
of any inconsistencies the Danish version shall apply.                          

--------------------------------------------------------------------------------
| Key figures             |       | 2007   |   2006 |  2005  |  2004  |  2003  |
| Skælskør Bank Group     |       |        |        |        |        |        |
| DKK'000                 |       |        |        |        |        |        |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement        |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Interest income - net   |       | 87,007 | 81,597 | 69,490 | 66,251 | 60,080 |
--------------------------------------------------------------------------------
| Net fee and commission  |       | 43,190 | 48,089 | 45,257 | 34,463 | 29,039 |
| income, etc             |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Net interest and fee    |       | 130,19 | 129,68 | 114,74 | 100,71 | 89,119 |
| income                  |       |      7 |      6 |      7 |      4 |        |
--------------------------------------------------------------------------------
| Staff costs and         |       | -93,16 | -88,97 | -80,05 | -70,00 | -61,93 |
| administrative expenses |       |      7 |      0 |      4 |      6 |      2 |
--------------------------------------------------------------------------------
| Other net operating     |       |    111 |  1,248 | -3,489 |  1,166 | -3,145 |
| expenses                |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Impairment losses on    |       | -12,96 | -8,770 |   -285 | -9,419 | -20,47 |
| loans, advances and     |       |      5 |        |        |        |      7 |
| receivables, etc        |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Core earnings           |       | 24,176 | 33,194 | 30,919 | 22,455 |  3,565 |
--------------------------------------------------------------------------------
| Translation/market      |       | 25,706 | 16,459 |  2,570 | 10,720 | 27,988 |
| value adjustments       |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Profit/loss from        |       | -2,256 |      0 |      0 |      0 |      0 |
| investments in          |       |        |        |        |        |        |
| associates              |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Profit before tax       |       | 47,626 | 49,653 | 33,489 | 33,175 | 31,553 |
--------------------------------------------------------------------------------
| Income taxes            |       | -10,33 | -11,22 | -7,959 | -8,184 | -4,448 |
|                         |       |      3 |      3 |        |        |        |
--------------------------------------------------------------------------------
| Profit for the year     |       | 37,293 | 38,430 | 25,530 | 24,991 | 27,105 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance sheet           |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Bonds and shares        |       | 384,87 | 317,71 | 378,82 | 328,28 | 371,78 |
|                         |       |      8 |      9 |      2 |      6 |      0 |
--------------------------------------------------------------------------------
| Total assets            |       | 2,549, | 2,110, | 1,772, | 1,397, | 1,314, |
|                         |       |    254 |    307 |    959 |    824 |    284 |
--------------------------------------------------------------------------------
| Equity                  |       | 299,99 | 277,44 | 250,30 | 241,22 | 219,43 |
|                         |       |      0 |      3 |      0 |      2 |      2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Business volume         |       |        |        |        |        |        |
--------------------------------------------------------------------------------
| Loans and advances      |       | 1,865, | 1,527, | 1,236, | 892,27 | 728,78 |
|                         |       |    243 |    899 |    285 |      3 |      5 |
--------------------------------------------------------------------------------
| Deposits                |       | 1,474, | 1,374, | 1,190, | 1,046, | 972,23 |
|                         |       |    450 |    119 |    211 |    506 |      1 |
--------------------------------------------------------------------------------
| Guarantees              |       | 1,638, | 1,540, | 1,159, | 868,45 | 687,70 |
|                         |       |    156 |    641 |    453 |      0 |      5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

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Areas of activitySkælskørKorsør SlagelseDalmose Sorø KalundborgHolbæk Business  
centreLoans and                                                                 
advances27.9%6.0%16.8%11.4%5.2%4.4%17.5%10.8%Deposits40.4%8.1%21.3%14.6%3.3%3.2%
4.2%4.9%                                                                        
Comments on the financial statements for 2007                                   

                                                                                
Accounting policies                                                             
The consolidated financial statements are presented in accordance with          
International Financial Reporting Standards (IFRS) as adopted by the EU. The    
Parent financial statements are presented in accordance with the Danish         
Financial Business Act, including the Executive Order on Financial Reports for  
Credit Institutions and Investment Companies, etc and Danish Accounting         
Standards.                                                                      

The consolidated financial statements for 2007 are the Group's second set of    
financial statements presented in accordance with IFRS.                         


Financial performance                                                           
The Skælskør Bank Group's profit for 2007 amounts to DKK 47.6m before tax which 
is a decline of 4% on 2006. Results are better than those provided for in the   
budget which were DKK 42-46m.  Profit for the year is DKK 37.3m which is less   
than last year.                                                                 

Management considers this performance very satisfactory.                        

Results for 2007 have been realised in spite of a difficult market with a       
heavily fluctuating interest rate but particularly in the last half of the year 
where interest rates have been on the rise. Also, the financial crisis in the   
USA has forced up prices for liquidity.                                         

The Bank's capital adequacy ratio makes up 12,6 % which is 1% up on 2006. The   
capital adequacy ratio is estimated at 8%.                                      

In 2007, Skælskør Bank has invested in the refurbishment and modernisation of   
several branches of the Bank. Lobby banking services have been established so   
that customers may help themselves to services almost 24 hours a day.           

The Bank has had a high activity level with an increasing business volume in the
entire group. Total business volume (deposits, loans and advances and           
guarantees) has gone up by 12% from DKK 4,443m to DKK 4,978m.                   

The difference between the Bank's deposits and loans and advances is funded by  
means of long-term loans with a life between 1 and 5 years.                     

Net interest and fee income                                                     
Net interest and fee income amounts to DKK 130.2m compared with DKK 129.7m in   
2006.                                                                           

Net interest income has increased by 7% to DKK 87.0m and is positively affected 
by increasing lending and negatively affected by a declining interest rate      
margin as a result of tougher competitive conditions.                           

Net fees and commission income have decreased by 11% to DKK 43.2m.              

Translation/market value adjustments                                            
These adjustments amount to DKK 25.7m compared to DKK 16.5m last year. The      
adjustments consist of a capital gain on shares of DKK 26.8m, a capital loss on 
bonds of DKK 2.8m and exchange gain, interest yield, etc of DKK 1.7m.           

Of the total capital gain, jointly owned companies account for DKK 6.5m.        

Staff costs and administrative expenses                                         
Staff costs and administrative expenses have increased by 5% from DKK 89.0m in  
2006 to DKK 93.2m in 2007.                                                      

The increase is a result of the Bank's continued expansion and growing business 
volume. Also, the Bank has launched on a number of initiatives, such as the     
establishment of a business centre to secure better future earnings and a       
construction project at Nordre Ringgade i Slagelse, where the Bank's finance    
department, branch service and business centre will be combined in a business   
and finance centre at the end of 2008.                                          

Impairment losses on loans, advances and other receivables                      
Impairment losses on loans and advances amount to DKK 13.0m compared to DKK 8.8m
last year and are up by DKK 2m more than expected. The increase has been caused 
by a major one-off impairment loss relating to a manufacturing business where   
the basis for the sale of its products no longer exists. Other impairment losses
are small and do not vary from those previously forecasted.                     

Balance sheet                                                                   
At year-end 2007, the consolidated balance sheet totals DKK 2,549m compared with
last year's DKK 2,110m, which is a rise of 21%.                                 

Deposits                                                                        
Deposits are up from DKK 1,374m in 2006 to DKK 1,474m in 2007, which is an      
increase by 7%.                                                                 

Loans and advances                                                              
Loans, advances and other receivables are up from DKK 1,528m in 2006 to DKK     
1,865m in 2007, which is an increase by 22%.                                    

Equity                                                                          
Equity is up from DKK 277m in 2006 to DKK 300m in 2007, or 8%.                  


Outlook for 2008                                                                


Group earnings expectations for 2008 are based on the assumption that the       
present growth in the Danish economy will be maintained in 2008. Total net      
interest income is expected to rise by 20% as a result of an increase in loan   
growth and an expectation that the average interest rate is increasing. Net fee 
income is expected to increase slightly as a result of the Bank's growing       
activity level.                                                                 

We expect a pre-tax profit between DKK 43m and DKK 48m.                         


Other circumstances                                                             


In early 2007 the Competition Council judged that Skælskør Bank, together with 6
other local banks, had violated the Danish Competition Act in specific respects.
Skælskør Bank did not agree with this judgment and lodged an appeal with the    
Competition Appeals Tribunal.                                                   
                                                                                
The Competition Appeals Tribunal pronounced its judgment in October 2007 and    
gave the following comments: that the local banks had not formed a cartel, nor  
had they shared the market or coordinated prices, and their cooperation had not 
had any impact on competition. The judgment solely affirmed a violation of      
section 6(1) of the Competition Act about the purpose of the cooperation. The   
Competition Authority has reported this matter to the Danish Public Prosecutor  
for Serious Economic Crime.                                                     
                                                                                
Skælskør Bank is awaiting a decision in the matter.                             

The printed annual report are expected to be on February 27th 2008.             

Statement by Management on the annual report                                    


Today we have considered and approved the annual report of Skælskør Bank        
Aktieselskab for 2007.                                                          

The consolidated financial statements have been prepared in accordance with     
International Financial Reporting Standards as adopted by the EU, and the Parent
financial statements have been prepared in accordance with the Danish Financial 
Business Act. Further, the annual report has been prepared in accordance with   
additional Danish disclosure requirements for annual reports of listed financial
companies.                                                                      

We consider the applied accounting policies appropriate for the annual report to
provide a true and fair view of the Group's and the Parent's financial position 
at 31 December 2007 and of the results of their operations as well as the       
consolidated cash flows for the financial year 2007.                            


Skælskør, 7 Februar 2008                                                        



                                 Skælskør Bank                                  
                                                                                

          Peter Melchior                                 Carsten Roth           
         Chairman of the Board                  Chief Executive Officer         







































Invitation to Annual General Meeting                                            

Skælskør Bank is holding its Annual General Meeting on Saturday, 8 March 2008,  
at 1 p.m. at the Skælskør Badminton Center at Skælskør Hallen, Sorøvej 90 in    
Skælskør, with the following                                                    
	AGENDA                                                                         
Election of Chairman of the Meeting.                                            
Report by the Supervisory Board on the Bank's operations in the past year.      
Presentation of the annual report with the independent auditor's report.        
Resolution to distribute profit or to cover losses according to the adopted     
annual report.                                                                  
Election of members to the Supervisory Board.                                   
The Supervisory Board proposes re-election of:                                  
	Peter Nielsen, Executive Officer - Skælskør                                    
	Christian Boye, Executive Officer - Korsør                                     
	                                                                               
Election of members to the Committee of Representatives.                        
	The Supervisory Board proposes re-election of:                                 
	Niels Micheelsen, Executive Officer - Slagelse 		Thomas Waagø, Optician - Sorø 
	Per D. Andersen, Executive Officer - Skælskør 		Bjarne Graabæk Mikkelsen,      
							Employment Service Consultant - Korsør                                   
	The Supervisory Board proposes election of:                                    
	Ingrid Rugbjerg Jensen, Head of Institution - Flakkebjerg                      
	Resigns as provided by the Articles of Association:                            
	Nils Peter Enkegaard, Principal of School - Næstved                            
	Jørgen Kok, Vice-Principal of School - Skælskør                                

	Voluntary resignation:                                                         
	Claus Rosenfeldt, Executive Officer - Sorø  			                                
Appointment of auditor.                                                         
	The Supervisory Board proposes re-appointment of:                              
	Deloitte                                                                       
Proposals from the Supervisory Board or shareholders:                           
	From the Supervisory Board:                                                    
Authorisation of the Supervisory Board until the next Annual General Meeting to 
let the Bank acquire up to 10% of the Bank's share capital at a price of +/- 10%
of the share price at any time, see section 48(2 and 3) of the Danish Public    
Companies Act.                                                                  
Section 1(2) of the Articles of Association is amended to the effect that the   
Bank's registered office shall be the municipality of "Slagelse" as a result of 
the municipality reform effective from 1 January 2007.                          
Section 2 of the Articles of Association: In subsections 2 and 3 entry in the   
Bank's register of shareholders is amended to entry with Aktiebog Danmark.      
Section 5(1) of the Articles of Association is amended to the effect that the   
general meeting shall in future be held in the municipality of Slagelse.        
Subsection 2 thereof is amended as follows: The general meeting shall be        
convened by the Supervisory Board at at least two weeks' and no more than four  
weeks' notice in a national newspaper as well as in a local newspaper.   	      
The Bank's share capital is reduced by DKK 1,000,000 (corresponding to 50,000   
shares of DKK 20) from DKK 37,000,000 to DKK 36,000,000. The share capital will 
be reduced by using shares of the Bank's own portfolio.                         
As a result of the reduction in capital, it is proposed to amend section 2(1) of
the Articles of Association to the effect that the Bank's future share capital  
shall amount to "DKK 36,000,000".                                               

 Other business.                                                                
As for a description of the share capital's size and the shareholders' voting   
rights, according to section 73(5) of the Danish Public Companies Act, please   
refer to the Company's Articles of Association.                                 
Entrance cards may be ordered until Monday, 3 March 2008 via our home page      
www.sbbank.dk or at one of our branches.  After the Annual General Meeting the  
Bank will host a light meal at Skælskør Hallen.                                 
                                Yours faithfully                                
                               Supervisory Board                                
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| Income statement     |        |          |           |           |           |
--------------------------------------------------------------------------------
|                      | Skælsk | Skælskør | Skælskør  | Skælskør  |           |
|                      |   ør   | Bank A/S | Bank A/S  | Bank A/S  |           |
|                      |  Bank  |  Group   |  Parent   |  Parent   |           |
|                      |  A/S   |          |           |           |           |
|                      | Group  |          |           |           |           |
--------------------------------------------------------------------------------
| DKK'000              |  2007  |   2006   |   2007    |   2006    |           |
--------------------------------------------------------------------------------
|                      |        | AS-Schem |           |           |           |
|                      |        | a        |           |           |           |
--------------------------------------------------------------------------------
| Interest income      | 150,03 |  114,021 |   150,327 |   114,244 |           |
|                      |      1 |          |           |           |           |
--------------------------------------------------------------------------------
| Interest expenses    | -63,02 |  -32,424 |   -63,196 |   -32,759 |           |
|                      |      4 |          |           |           |           |
--------------------------------------------------------------------------------
| Net interest income  | 87,007 |   81,597 |    87,131 |    81,485 |           |
--------------------------------------------------------------------------------
| Dividends on shares, |  1,510 |      654 |     1,510 |       654 |           |
| etc                  |        |          |           |           |           |
--------------------------------------------------------------------------------
| Fees and commission  | 46,314 |   50,825 |    46,350 |    45,402 |           |
| income               |        |          |           |           |           |
--------------------------------------------------------------------------------
| Ceded fees and       | -4,634 |   -3,390 |    -4,139 |    -4,104 |           |
| commission expenses  |        |          |           |           |           |
--------------------------------------------------------------------------------
| Net interest and fee | 130,19 |  129,686 |   130,852 |   123,437 |           |
| income               |      7 |          |           |           |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation/market   | 25,706 |   16,459 |    21,959 |    15,614 |           |
| value adjustments    |        |          |           |           |           |
--------------------------------------------------------------------------------
| Other operating      |  3,127 |    4,940 |       373 |       123 |           |
| income               |        |          |           |           |           |
--------------------------------------------------------------------------------
| Staff costs and      | -93,16 |  -88,970 |   -93,510 |   -78,240 |           |
| administrative       |      7 |          |           |           |           |
| expenses             |        |          |           |           |           |
--------------------------------------------------------------------------------
| Depreciation,        | -3,016 |   -3,692 |    -3,976 |    -3,268 |           |
| amortisation and     |        |          |           |           |           |
| impairment losses on |        |          |           |           |           |
| intangible assets    |        |          |           |           |           |
| and property, plant  |        |          |           |           |           |
| and equipment        |        |          |           |           |           |
--------------------------------------------------------------------------------
| Impairment losses on | -12,96 |   -8,770 |   -12,965 |    -8.770 |           |
| loans, advances and  |      5 |          |           |           |           |
| receivables, etc     |        |          |           |           |           |
--------------------------------------------------------------------------------
| Profit/loss from     | -2,256 |        0 |     4,329 |       954 |           |
| investments in group |        |          |           |           |           |
| enterprises and      |        |          |           |           |           |
| associates after tax |        |          |           |           |           |
--------------------------------------------------------------------------------
| Profit before tax    | 47,626 |   49,653 |    47,062 |    49,850 |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax (on       | -10,33 |  -11,223 |    -9,729 |   -11,223 |           |
| profit for the year) |      3 |          |           |           |           |
--------------------------------------------------------------------------------
| Profit for the year  | 37,293 |   38,430 |    37,333 |    38,430 |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Proposed             |        |          |           |           |           |
| distribution of      |        |          |           |           |           |
| profit               |        |          |           |           |           |
--------------------------------------------------------------------------------
| Transfer to reserve  |        |          |     3,564 |         0 |           |
| for net revaluation  |        |          |           |           |           |
| under the equity     |        |          |           |           |           |
| method               |        |          |           |           |           |
--------------------------------------------------------------------------------
| Proposed dividends   |        |          |     7,400 |     7,400 |           |
--------------------------------------------------------------------------------
| Retained earnings    |        |          |    26,369 |    31,030 |           |
--------------------------------------------------------------------------------
| Total                |        |          |    37,333 |    38,430 |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET           |         |          |           |           |       |
--------------------------------------------------------------------------------
|                         | Skælskø | Skælskør | Skælskør  | Skælskør  |       |
|                         |    r    | Bank A/S | Bank A/S  | Bank A/S  |       |
|                         |  Bank   |  Group   |  Parent   |  Parent   |       |
|                         |   A/S   |          |           |           |       |
|                         |  Group  |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | DKK'000           |  2007   |   2006   |   2007    |   2006    |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|  |  | Assets                      |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Cash and demand deposits    |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | with central      | 125,535 |   29,586 |   125,535 |    29,586 |       |
|  |  | banks             |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Receivables from credit     |  149,956 |    64,227 |   149,956 | 149,9 |
|  |  | institutions and            |          |           |           |    56 |
|  |  | central banks               |          |           |           |       |
|  |  |                      64,227 |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Loans, advances and other   | 1,527,89 | 1,883,356 | 1,533,296 | 1,533 |
|  |  | receivables at              |        9 |           |           |  ,296 |
|  |  | amortised cost              |          |           |           |       |
|  |  |                   1,865,243 |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Bonds at fair     | 244,831 |  214,417 |   244,831 |   214,417 |       |
|  |  | value             |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Shares, etc       | 140,047 |  103,302 |   130,195 |    97,448 |       |
--------------------------------------------------------------------------------
|  |  | Investments in    |   5,146 |        0 |         0 |         0 |       |
|  |  | associates        |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Investments in    |       - |        - |    38,564 |    34,235 |       |
|  |  | group enterprises |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Intangible assets |       0 |        0 |         0 |         0 |       |
--------------------------------------------------------------------------------
|  |  | Total land and    |  62,922 |   55,261 |    27,782 |    31,744 |       |
|  |  | buildings         |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Investment        |  25,121 |   13,171 |         0 |     5,401 |       |
|  |  | property          |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Owner-occupied    |  37,801 |   42,090 |    27,782 |    26,343 |       |
|  |  | property          |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Other property,   |  12,530 |    5,467 |    12,530 |     5,467 |       |
|  |  | plant and         |         |          |           |           |       |
|  |  | equipment         |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Current tax       |   1,946 |      691 |     2,561 |     1,271 |       |
|  |  | assets            |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Deferred tax      |   3,261 |    1,323 |     3,269 |     1,325 |       |
|  |  | assets            |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Other assets      |  23,188 |   22,329 |    20,000 |    18,384 |       |
--------------------------------------------------------------------------------
|  |  | Prepayments       |     378 |       76 |       378 |        75 |       |
--------------------------------------------------------------------------------
|  |  | TOTAL ASSETS      | 2,549,2 | 2,110,30 | 2,553,228 | 2,117,204 |       |
|  |  |                   |      54 |        7 |           |           |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
|  |  | Equity and        |         |          |           |           |       |
|  |  | liabilities       |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Liabilities       |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Payables to credit          |  321,659 |   536,745 |   321,659 |       |
|  |  | institutions and central    |          |           |           |       |
|  |  | banks                       |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Deposits and      | 1,474,4 | 1,374,11 | 1,478,876 | 1,382,111 |       |
|  |  | other payables    |      50 |        9 |           |           |       |
--------------------------------------------------------------------------------
|  |  | Other liabilities |  34,495 |   30,189 |    34,001 |    29,291 |       |
--------------------------------------------------------------------------------
|  |  |   Deferred income |   1,215 |    1,525 |     1,217 |     1,328 |       |
--------------------------------------------------------------------------------
|  |  | TOTAL LIABILITIES | 2,046,9 | 1,727,49 | 2,050,839 | 1,734,389 |       |
|  |  |                   |      05 |        2 |           |           |       |
--------------------------------------------------------------------------------
|  |  | PROVISIONS        |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Provisions for pensions and |    1,427 |     1,427 |     1,427 |       |
|  |  | similar commitments         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Provisions for    |     161 |    1,992 |       161 |     1,992 |       |
|  |  | loss on           |         |          |           |           |       |
|  |  | guarantees        |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  |  Other provisions |   1,205 |    2,393 |     1,205 |     2,393 |       |
--------------------------------------------------------------------------------
|  |  |  TOTAL PROVISIONS |   2,793 |    5,812 |     2,793 |     5,812 |       |
--------------------------------------------------------------------------------
|  |  | SUBORDINATE DEBT  |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  |  Subordinate debt | 199,566 |   99,560 |   199,566 |    99,560 |       |
--------------------------------------------------------------------------------
|  |  | Total subordinate | 199,566 |   99,560 |   199,566 |    99,560 |       |
|  |  | debt              |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | EQUITY            |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  |    Share capital  |  37,000 |   37,000 |    37,000 |    37,000 |       |
--------------------------------------------------------------------------------
|  |  | Revaluation       |   3,721 |    1,471 |     3,721 |     1,471 |       |
|  |  | reserve           |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Statutory         |       0 |        0 |     3,564 |         0 |       |
|  |  | reserves          |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Retained earnings | 259,269 |  238,972 |   255,745 |   238,972 |       |
--------------------------------------------------------------------------------
|  |  |    TOTAL EQUITY   | 299,990 |  277,443 |   300,030 |   277,443 |       |
--------------------------------------------------------------------------------
|  |  |                   |         |          |           |           |       |
--------------------------------------------------------------------------------
|  |  | Total equity and  | 2,549,2 | 2,110,30 | 2,553,228 | 2,117,204 |       |
|  |  | liabilities       |      54 |        7 |           |           |       |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN EQUITY             |         |        |              |
--------------------------------------------------------------------------------
|                          |      |  *)      |         |        |              |
--------------------------------------------------------------------------------
|                          | Shar | Revaluat | Retaine |  Proposed  |          |
|                          |  e   |   ion    |    d    |            |          |
--------------------------------------------------------------------------------
| DKK'000                  | Capi | reserve  | earning | divide |    Total     |
|                          | tal  |          |    s    |  nds   |              |
--------------------------------------------------------------------------------
| Skælskør Bank Group      |      |          |         |        |              |
--------------------------------------------------------------------------------
| Equity at 1 January 2006 | 38,0 |  1,471   | 205,129 |  5,700 |      250,300 |
|                          |   00 |          |         |        |              |
--------------------------------------------------------------------------------
| Dividends paid           |      |          |         | -5,700 |       -5,700 |
--------------------------------------------------------------------------------
| Dividends on own shares  |      |          |     228 |        |          228 |
--------------------------------------------------------------------------------
| Disposals on acquisition |      |          | -34,117 |        |      -34,117 |
| of own shares            |      |          |         |        |              |
--------------------------------------------------------------------------------
| Additions on sale of own |      |          |  27,498 |        |       27,498 |
| shares                   |      |          |         |        |              |
--------------------------------------------------------------------------------
| Tax, 28% of gains/losses |      |          |    -319 |        |         -319 |
| realised from sale of    |      |          |         |        |              |
| own shares               |      |          |         |        |              |
--------------------------------------------------------------------------------
| Capital                  | -1,0 |          |   1,000 |        |            0 |
| injection/reduction      |   00 |          |         |        |              |
--------------------------------------------------------------------------------
| Employee shares          |      |          |   1,123 |        |        1,123 |
--------------------------------------------------------------------------------
| Profit for the year      |      |          |  31,030 |  7,400 |       38,430 |
--------------------------------------------------------------------------------
| Equity at 31 December    | 37,0 |  1,471   | 231,572 |  7,400 |      277,443 |
| 2006                     |   00 |          |         |        |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity at 1 January 2007 | 37,0 |  1,471   | 231,572 |  7,400 |      277,443 |
|                          |   00 |          |         |        |              |
--------------------------------------------------------------------------------
| Dividends paid           |      |          |         | -7,400 |       -7,400 |
--------------------------------------------------------------------------------
| Dividends on own shares  |      |          |     181 |        |          181 |
--------------------------------------------------------------------------------
| Disposals on acquisition |      |          | -34,456 |        |      -34,456 |
| of own shares            |      |          |         |        |              |
--------------------------------------------------------------------------------
| Additions on sale of own |      |          |  24,199 |        |       24,199 |
| shares                   |      |          |         |        |              |
--------------------------------------------------------------------------------
| Tax on gains/losses      |      |          |    -302 |        |         -302 |
| realised from sale of    |      |          |         |        |              |
| own shares               |      |          |         |        |              |
--------------------------------------------------------------------------------
| Employee shares          |      |          |     782 |        |          782 |
--------------------------------------------------------------------------------
| Revaluation of property  |      |  2,250   |         |        |        2,250 |
--------------------------------------------------------------------------------
| Profit for the year      |      |          |  29,893 |  7,400 |       37,293 |
--------------------------------------------------------------------------------
|                          |      |          |         |        |              |
--------------------------------------------------------------------------------
| Equity at 31 December    | 37,0 |  3,721   | 251,869 |  7,400 |      299,990 |
| 2007                     |   00 |          |         |        |              |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


















--------------------------------------------------------------------------------
| Group financial ratios           | 2007  |  2006  |  2005  |  2004  |  2003  |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Capital adequacy ratio, %        |  12.6 |   11.6 |   12.8 |   13.5 |   14.8 |
--------------------------------------------------------------------------------
| Core capital ratio, %            |   7.3 |    8.6 |    9.8 |   13.7 |   15.2 |
--------------------------------------------------------------------------------
| Return on equity before tax, %   |  16.5 |   18.8 |   13.6 |   14.4 |   16.5 |
--------------------------------------------------------------------------------
| Return on equity after tax, %    |  12.9 |   14.6 |   10.4 |   10.9 |   14.1 |
--------------------------------------------------------------------------------
| Operating income over operating  |  1.44 |   1.49 |   1.40 |   1.42 |   1.37 |
| expenses                         |       |        |        |        |        |
--------------------------------------------------------------------------------
| Interest rate risk, %            |   1.1 |    1.7 |    2.5 |    1.7 |    2.2 |
--------------------------------------------------------------------------------
| Currency position, %             |  41.1 |    9.2 |   10.8 |    9.6 |   10.9 |
--------------------------------------------------------------------------------
| Currency risk, %                 |   0.1 |    0.0 |    0.0 |    0.0 |    0.0 |
--------------------------------------------------------------------------------
| Loans in ratio to deposits       | 128.7 |  113.0 |  105.3 |   89.0 |   79.8 |
--------------------------------------------------------------------------------
| Loans in ratio to equity         |   6.2 |    5.5 |    4.9 |    3.7 |    3.3 |
--------------------------------------------------------------------------------
| Loan growth for the year, %      |  22.1 |   23.7 |   37.3 |   23.4 |   10.1 |
--------------------------------------------------------------------------------
| Excess liquidity in relation to  |  35.2 |   13.3 |   39.0 |   75.2 |  155.1 |
| statutory requirements of        |       |        |        |        |        |
| liquidity, %                     |       |        |        |        |        |
--------------------------------------------------------------------------------
| The sum of large commitments, %  | 134,0 |  100.4 |   64.2 |   69.2 |   37.0 |
--------------------------------------------------------------------------------
| Share of receivables with a      |   0.4 |    0.4 |    0.6 |    1.2 |    1.5 |
| reduced interest rate, %         |       |        |        |        |        |
--------------------------------------------------------------------------------
| Impairment ratio for the year, % |   0.4 |    0.3 |    0.0 |    0.5 |    1.4 |
--------------------------------------------------------------------------------
| Accumulated impairment ratio, %  |   0.9 |    0.9 |    0.8 |    1.9 |    3.5 |
--------------------------------------------------------------------------------
| Earnings per share for the year  |  20.9 |   21.2 |   13.7 |   12.9 |   15.7 |
--------------------------------------------------------------------------------
| Book value per share             |   168 |    153 |    134 |    125 |    127 |
--------------------------------------------------------------------------------
| Dividends per share              |     4 |      4 |      3 |      1 |      3 |
--------------------------------------------------------------------------------
| Price/earnings per share         |  11.8 |   13.6 |   17.3 |   13.0 |    8.1 |
--------------------------------------------------------------------------------
| Price/book value per share       |   1.5 |    1.9 |    1.8 |    1.3 |    1.0 |
--------------------------------------------------------------------------------
| Price at year-end                |   246 |    287 |    237 |    168 |    127 |
--------------------------------------------------------------------------------
| Number of employees (average)    |   110 |    113 |    107 |     90 |     83 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The Bank changed its accounting  |       |        |        |        |        |
| policies in 2005. Financial      |       |        |        |        |        |
| highlights for 2003 have not     |       |        |        |        |        |
| been restated to reflect the new |       |        |        |        |        |
| accounting policies. Financial   |       |        |        |        |        |
| highlights for 2004 have not     |       |        |        |        |        |
| been restated to reflect the new |       |        |        |        |        |
| accounting policies for          |       |        |        |        |        |
| financial assets and             |       |        |        |        |        |
| liabilities.                     |       |        |        |        |        |
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Attachments

fondsbrsmeddelelse 4 2008 arsregnskabsmeddelelse - engelsk version.pdf