Highlights of the attached interim report for the first half of 2008 of Alm.
Brand Pantebreve A/S:
• Alm. Brand Pantebreve A/S recorded a pre-tax loss of DKK 16.1m in H1 2008 and
a loss of DKK 12.1m after tax, compared with a pre-tax profit of DKK 7.0m and a
profit of DKK 5.2m after tax in the same period of last year.
• The performance for the first six months was not satisfactory.
• The H1 performance was adversely affected by rising interest rates in the
first half-year and by provision for losses on corporate mortgage deeds. In
addition, the performance was adversely affected by foreign exchange losses as
a result of the appreciation of CHF during the period. The sustained low level
of early redemptions had a positive influence on the H1 performance.
• Shareholders' equity stood at DKK 255m at 30 June 2008, against DKK 267m at
31 December 2007. Net asset value amounted to DKK 154.27 at 30 June 2008
compared with DKK 161.55 at 31 December 2007.
• The company's portfolio of mortgage deeds declined from DKK 1,771m at 31
December 2007 to DKK 1,752m at 30 June 2008.
• In view of the unsatisfactory H1 performance and projections for the
company's operations and credit losses in the second half-year, the company
downgrades its full-year profit forecast to breakeven as announced in company
announcement no. 7 of 11 August 2008. The financial forecast is based on
unchanged levels of interest rates and exchange rates relative to 1 August
2008.
Please direct any questions regarding the announcement to Henrik Nordam,
Chairman, or to Erik Møller, Senior Vice President, on tel. +45 35 47 48 49.
