Highlights of the attached Annual Report 2008 of Alm. Brand Pantebreve A/S:
• The company posted a pre-tax loss DKK 38.0m in 2008, as compared with a
profit of DKK 22.2m in 2007. The loss after tax was DKK 28.5m in 2008, against
a profit of DKK 16.6m in 2007.
• The performance was not satisfactory but in line with the most recent
full-year guidance, which projected a loss of DKK 30-40m. The loss of DKK 38.0m
before tax corresponds to a negative return on equity of 15.0%.
• The 2008 performance was adversely affected by rising losses and credit
writedowns on mortgage deeds as well as by exchange rate losses. On the other
hand, declining interest rates towards the end of the year had a positive
effect on the company's results.
• Shareholders' equity was DKK 238m at 31 December 2008, as compared with DKK
267m at the year-earlier date. Net asset value amounted to DKK 144.30 at 31
December 2008, compared with DKK 161.52 at 31 December 2007.
• The company's portfolio of mortgage deeds declined from DKK 1,771m at 31
December 2007 to DKK 1,754m at 31 December 2008.
• We expect a pre-tax profit in the region of DKK 0-25m in 2009.
Please direct any questions regarding the announcement to Henrik Nordam,
Chairman, or to Erik Møller, Chief Executive, on tel. +45 35 47 48 49.
Alm. Brand Pantebreve A/S
Henrik Nordam
Chairman
