17 April 2013
Announcement No. 06/2013
The Annual General Meeting was held in accordance with the published agenda, and the Annual Report including the proposal submitted by the Board of Directors for the appropriation of the result for the financial year was adopted.
Accordingly, the AGM adopted the proposal submitted by the Board of Directors for reducing the Company's share capital by a total of 12,500,000 own shares. The reduction in share capital will be at a stock market price of DKK 112.96 per share and a total of DKK 1,411,958,824.00 will be transferred from the Company's tied-up capital to its free reserves.
After the final implementation of the reduction the share capital will be DKK 125,000,000.
Anders Knutsen retired from the Board of Directors. Birgitte Nielsen was elected as a new member of the Board of Directors. All the other Board members elected by the AGM — Anders Colding Friis, Jens Maaløe, Michael Pram Rasmussen, Annette Sadolin and Søren Thorup Sørensen — were re-elected.
The Board of Directors elected Michael Pram Rasmussen as Chairman and Søren Thorup Sørensen as Deputy Chairman from among its members.
The Company's auditor, Deloitte, Statsautoriseret Revisionspartnerselskab, was re-elected.
Topdanmark's profit forecast model for 2013 continues to be DKK 1,050-1,150m (see announcement No. 03/2013) subject to an annual 7.0% return on equities and unchanged foreign exchange rates from the level on 22 February 2013. Furthermore it is assumed that the return on interest-bearing assets hedging the discounted provisions is just sufficient to cover discounting and revaluation of the provisions while the return on the remaining interest-bearing assets is assumed to be 2.48% (risk-free interest rate plus 2.0pp).
The expected share buy-back for 2013 also remains unchanged at DKK 2,000m. To date in 2012 Topdanmark has bought back own shares of DKK 615m which leaves a balance of DKK 1,385m of the 2013 programme.
Please direct any queries to:
Steffen Heegaard, Group Communications and IR Director
Mobile +45 4025 3524
Topdanmark A/S
Reg. No. 78040017
Borupvang 4
2750 Ballerup