Alm. Brand Formue A/S - Annual Report 2009
Highlights of the attached Annual Report 2009 of Alm. Brand Formue:
• The company recorded a highly satisfactory profit of DKK 83.8 million after
tax
• The company achieved a return on equity of 35.1%, bringing its equity to DKK
280 million
• In 2009, the company posted a profit of DKK 83.8 million after tax, against a
loss of DKK 337.9 million in 2008. This performance was in line with the
guidance provided in connection with the release of the interim report for Q3
2009 for a full-year profit of around DKK 80 million after tax. The highly
satisfactory performance was primarily attributable to positive value
adjustments of the company's equity portfolio, equalling a gain of DKK 81.8
million.
• At 31 December 2009, the company's equity portfolio totalled 30.2% of the
aggregate capital invested, while the company's bond portfolio totalled 69.8%.
The company expects to reduce its proportion of equities to slightly more than
25% in 2010.
• The company achieved a return on equity of 35.1% p.a. in 2009, bringing
equity to DKK 280 million at 31 December 2009. The Board of Directors
recommends to the annual general meeting that no dividend be paid.
• The company maintained a low gearing in 2009. The debt/equity ratio remains
below the expected average of 3.0. The gearing was kept low due to the
company's expectations that interest rates will rise in 2010.
• The company expects to post a profit of around DKK 30 million after tax in
2010, corresponding to a return on equity of slightly more than 10%.
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
