Copenhagen, 2011-02-07 17:58 CET (GLOBE NEWSWIRE) -- Highlights of the attached Annual Report 2010 of Alm. Brand Formue:
- The company posted a pre-tax profit of DKK 66.2 million in 2010, against a pre-tax profit of DKK 84.5 million in 2009. The profit after tax amounted to DKK 65.6 million, against a profit after tax of DKK 83.8 million in 2009.
- The company achieved a return on equity of 21.1% after tax.
- The performance was highly satisfactory and in line with the most recent guidance for profit in the region of DKK 60 million after tax.
- Despite the company maintaining a prudent investment policy during most of 2010, the company’s net asset value per share rose by 22%. At 31 December 2010, the company had an equity gearing of 2.4.
- In September 2010, the company began buying own shares. At 31 December 2010, the portfolio of own shares totalled 0.2% of the share capital. At 18 January 2011, the company had fully utilised the specified limit of DKK 5 million, thereby completing the programme.
- In connection with the approval of the annual report for 2010, the board of directors has resolved to initiate a new share buyback programme covering up to DKK 15 million, which is scheduled to end on 31 January 2012. This programme will be subject to a cap on the purchase price per share of 95% of the book value calculated as at the date of acquisition. The share buyback programme for 2011 is described in detail on the company’s website, www.formue.almbrand.dk.
- The Board of directors proposes to the general meeting that a dividend of DKK 6.00 per share, equivalent to 28% of the profit for the year after tax, be distributed for the 2010 financial year. The proposed resolution is based on a wish to compensate the shareholders for the amended tax rules from 2009.
- In future, the company will strive to pay dividends in the region of 20% of the profit for the year after tax.
- The company expects to post a profit after tax in the region of DKK 35 million in 2011.
Please direct any questions regarding the announcement to Bo Overvad, Chief Executive, on tel. +45 35 47 48 49.
