Copenhagen, 2012-05-14 14:24 CEST (GLOBE NEWSWIRE) -- Highlights of the attached interim report for the first quarter of 2012 of Alm. Brand Formue A/S:
- The company posted a pre-tax profit of DKK 44.4 million in Q1 2012, against a pre-tax loss of DKK 8.8 million in 2011. After tax, the profit was DKK 44.2 million, compared with a loss after tax of DKK 9.0 million in 2011.
- The Q1 performance was highly satisfactory, and the company raises its guidance for 2012 from a profit of around DKK 40 million after tax to a profit of around DKK 50 million after tax.
- The company's Q1 performance was ahead of the benchmark.
- The net asset value per share rose by 18% from DKK 87.30 to DKK 102.83 in Q1 2012. The increase in net asset value was attributable to positive developments in the equity markets. During the same period, the share price rose from DKK 65.00 to DKK 82.00, equivalent to an increase of 26%. At 31 March 2012, the price/net asset value was 0.80.
- The equity gearing was 2.1 at 31 March 2012, against 2.5 at 31 December 2011. The company maintains a relatively low gearing, as long-term interest rates are expected to increase moderately in 2012. However, significant fluctuations may occur.
- In accordance with the adopted share buyback programme, commencing on 1 February 2012 and ending on 31 January 2013, the company is buying back own shares. Under the current share buyback programme, the company has acquired 31,811 own shares for a total of DKK 2.6 million, corresponding to an average price of around DKK 82 per share. As at 31 March 2012, the company held 192,309 shares in treasury, corresponding to 6.3% of the share capital.
Please direct any questions regarding the announcement to Bo Overvad, Chief Executive, on tel. +45 35 47 48 49.
