Highlights of the attached interim report for the first quarter of 2009 of Alm.
Brand Pantebreve A/S:
• Alm. Brand Pantebreve A/S posted a profit of DKK 0.6 million before tax in Q1
2009, against a profit of DKK 12.3 million in the same period of last year.
• The performance was not satisfactory and was caused by the deteriorated
conditions in the property market, including credit losses and writedowns on
mortgage deeds.
• The performance was favourably affected by an unrealised gain on the mortgage
deed portfolio primarily as a result of the falling interest rates in the first
quarter and by gains on forward exchange contracts and derivative financial
instruments.
• The performance was adversely affected by lower-than-expected net interest
income on the mortgage deed portfolio and by higher realised credit losses and
extraordinary credit writedowns.
• At 31 March 2009, shareholders' equity stood at DKK 239 million, against DKK
238 million at 31 December 2008. Net asset value totalled DKK 144.65, compared
with DKK 144.30 at 31 December 2008.
• The company retains its guidance for 2009 and expects to generate a full-year
profit of DKK 0-25 million.
Due to a traffic accident the company's CEO, Erik Møller, is absent for an
indefinite period due to illness and the Board of Directors has therefore
appointed Jan Gauger acting CEO of the company. Jan Gauger's background
includes extensive bank training combined with an HD Graduate Diploma in
Finance, and he has held a position as departmental manager of the mortgage
deed funding department of Alm. Brand Bank A/S since 1998.
Please direct any questions regarding the announcement to Henrik Nordam,
Chairman, on tel. +45 35 47 48 49.
Yours sincerely,
Alm. Brand Pantebreve A/S
Henrik Nordam
Chairman
