7 April 2016
Announcement No. 23/2016
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 remove the existing age limit of 70 years set out in Article 16(2) of the Articles of Association.
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 settled at a stock market price of DKK 187.98 per share, corresponding to the average price at which the shares were bought back. Consequently, a total of DKK 1,879,817,622 has been transferred.
After the final implementation of the reduction, the share capital will be DKK 95,000,000.
Furthermore, The AGM adopted the proposal submitted by the Board of Directors that the ordinary basic remuneration to be paid to the Board of Directors remain at DKK 350,000 for the 2016 financial year.
Anders Colding Friis retired from the Board of Directors. Lone Møller and Jens Aaløse were elected new members of the Board of Directors. The other Board members elected at the AGM − Torbjörn Magnusson, Birgitte Nielsen, Annette Sadolin and Søren Thorup Sørensen − were re-elected.
The Board of Directors elected Søren Thorup Sørensen Chairman and Torbjörn Magnusson Deputy Chairman from among its members.
The Audit Committee consists of Søren Thorup Sørensen (Chairman), Annette Sadolin and Birgitte Nielsen.
The Remuneration Committee consists of Søren Thorup Sørensen (Chairman), Torbjörn Magnusson and Mette Jensen.
The Nomination Committee consists of Søren Thorup Sørensen (Chairman) and Torbjörn Magnusson.
The Company's auditor, Deloitte, Statsautoriseret Revisionspartnerselskab, was re-elected.
Topdanmark's profit forecast model for 2016 continues to be DKK 800-900m (see announcement No. 16/2016) subject to an annual 7.0% return on equities, and unchanged foreign exchange rates from the level of 29 January 2016. 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 1.96% (risk-free interest rate plus 2.0pp).
The expected share buy-back for 2016 also remains unchanged at DKK 1.250m. By 6 April 2016, Topdanmark had bought back own shares at a value of DKK 53m which leaves a balance of DKK 1.197m of the 2016 buy-back programme.
Please direct any queries to:
Steffen Heegaard, Group Communications and IR Director
Mobile phone no.: +45 4025 3524
Topdanmark A/S
Reg. No. 78040017
Borupvang 4
2750 Ballerup