Copenhagen, 2011-05-11 14:02 CEST (GLOBE NEWSWIRE) -- Highlights of the attached interim report for the first quarter of 2011 of Alm. Brand Formue A/S:
- The company posted a loss of DKK 9.0 million after tax in Q1 2011, against a profit of DKK 34.1 million after tax in the year-earlier period.
- However, in light of market developments, the Q1 performance was satisfactory, and the company retains its expectations of a full-year profit of DKK 35 million after tax.
- The net asset value per share fell in Q1 2011 from DKK 110.50 to DKK 103.15, equivalent to a fall of 6.7%. Dividend payments of DKK 6 per share in the first quarter were the main reason for the decline in net asset value. At 31 March 2011, the share price was DKK 89.00, which was on a par with the price at 31 December 2010. As a result, the price/net asset value rose from 0.81 at 31 December 2010 to 0.86 at 31 March 2011.
- The equity gearing was 3.0 at 31 March 2011, against 2.4 at 31 December 2010. The company increased its gearing in the first quarter of 2011, expecting that the level of interest rates will stabilise over the next few months.
- In accordance with the adopted share buyback programme, commencing on 8 February 2011 and ending on 31 January 2012, the company has begun to buy own shares. Under the current share buyback programme, the company has bought 35,721 own shares at an average price of DKK 88.
Please direct any questions regarding the announcement to Bo Overvad, Chief Executive, on tel. +45 35 47 48 49.
Alm. Brand Formue A/S
| Søren Boe Mortensen | |
| Chairman |
