Customer inflow develops positively in negative market

January-March 2008
- Net interest and fee income amounted to DKK 46m (DKK 40m)
- EBTDA (earnings before amortisation, depreciation, impairment and tax) came
to a negative DKK 10m (a positive amount of DKK 36m) 
- The loss after tax was DKK 31m (a profit of DKK 20m)
- Total assets amounted to DKK 3,356m (DKK 2,212m)
- Total equity amounted to DKK 2,254m (DKK 1,549m)
- Capinordic maintains its earnings prospects for 2008.

Events in Q1 2008
- The increase in the net interest and fee income of 16 per cent on Q1 2007 is
attributable to a notable increase in the repeat income of the Group. 
- Consolidated net interest and fee income for Q1 2008 was affected by a slight
postponement of income from Investment Banking. The current development in the
financial markets particularly makes the structuring of Corporate Finance
transactions more complex. Capinordic therefore expects to complete several
major transactions in Q2 and Q3. 
- EBTDA was influenced by negative market value adjustments of the trading
portfolio due to the global bear market. 
- Former executive manager Steen Bryde's resignation implied an extraordinary
impairment loss on Group goodwill of DKK 12m. The impairment is specifically
related to CSV Invest ApS, a subsidiary acquired in connection with Mr Bryde's
appointment to the Executive Board. The end of Mr Bryde's employment will not
entail any further impairment of goodwill. 
- The Swedish activities saw a highly satisfactory development. The development
is reflected in both inflow of customers and successful product launches. The
positive development is a result of the corporate growth strategy and greatly
supports the future earnings basis of the Group. 
- Capinordic maintained a high customer inflow grossing about 5,500 agreements
per month, thereby increasing the assets under management by the Group, which
stood at DKK 20.3bn at the end of Q1 2008 despite the negative trend in the
financial markets. 
- Compared with relevant market indices, the return on assets under management
was satisfactory. 
- In Sweden, Capinordic launched Nordic Brokers Association AB (publ), a
company which facilitates the work of insurance brokers, increases loyalty and
supports sales. Capinordic owns 51 per cent of the shares in the company and
insurance brokers 49 per cent. The launch was satisfactory as 234 insurance
brokers were associated from the beginning, making Nordic Brokers Association
AB (publ) 40-50 per cent bigger than the closest competitors measured by the
number of insurance brokers associated. 
- The acquisition of BioFund Management Oy became final on 27 February 2008,
making Capinordic one of the Nordic leaders within investments in and the
supply of life science products. 

Events after Q1 2008
- Capinordic A/S held its Annual General Meeting on 17 April 2008, at which
Frédéric de Mevius was elected to the Supervisory Board of the Company. 

Comment by Lasse Lindblad, Group CEO:
“Capinordic maintained a satisfactory inflow of customers and assets under
management in a market characterised by negative trends. Our successful product
launches show the market's confidence in Capinordic and the strong loyalty
among our customers and distributors. Our repeat income grows, and we also
expect to complete several major Corporate Finance assignments in Q2 and Q3. I
am delighted that Capinordic adapts so well to the challenges of the financial
markets - after all, our business concept is to meet the changing demands of
the financial consumer.” 


Additional information:
Lasse Lindblad
Group CEO
Mobile: +45 4094 0708
Tel.: +45 8816 3000
E-mail: info@capinordic.com