Alm. Brand Pantebreve A/S - Annual Report 2009
Highlights of the attached Annual Report 2009 of Alm. Brand Pantebreve:
• Alm. Brand Pantebreve A/S incurred a pre-tax loss of DKK 154.9 million in
2009, against a loss of DKK 38.0 million in 2008.
• The performance was predominantly attributable to increased impairment
writedowns, resulting in direct losses, credit-related value adjustments as
well as in an unrealised reduction of the valuation of the portfolio.
• The performance was lifted by an unrealised gain on the mortgage deed
portfolio, primarily as a result of falling interest rates, and by gains on
forward exchange contracts and derivative financial instruments.
• At the date of announcement of Alm. Brand Pantebreve A/S's annual financial
statements, the company's equity represented less than 50% of its share
capital. As prescribed by section 69a of the Danish Public Companies Act
(section 119 of the new Danish Companies Act), the company's financial position
will be discussed at the company's annual general meeting.
• At the general meeting, the company intends to account for the following:
o Alm. Brand Bank has secured the necessary operating credits for the company
until end-February 2011.
o The company currently does not engage in mortgage deed acquisitions.
o The company has taken steps to enhance the dunning procedure efficiency for
mortgage deeds in arrears.
o By the end of 2010, the Board of Directors intends to conduct a renewed
assessment of the company's capital resources, including whether there is a
need to write down the share capital or to receive a capital injection.
• The company expects to incur a loss in the region of DKK 40 million in 2010,
including credit related losses and writedowns.
• An agreement has been made with the company's Chief Executive, Erik Møller,
that he will retire with effect from 31 October 2010 at the latest. Moreover,
it has been agreed that he will retire earlier if the company has found a
suitable replacement before that date.
Please direct any questions regarding the announcement to Bo Chr. Alberg,
Chairman, on tel. +45 35 47 48 49.
Alm. Brand Pantebreve A/S
Bo Chr. Alberg
Chairman
