Highlights of the attached interim report for the first quarter of 2010 of Alm.
Brand Pantebreve A/S:
• Alm. Brand Pantebreve A/S posted a loss of DKK 18.6 million in Q1 2010,
against a profit of DKK 0.6 million in the same period of last year.
• The performance was attributable to the adverse economic trends that led to
recognition of losses and necessitated writedowns, particularly on private
mortgage deeds - with both Danish and Swedish mortgage deeds being affected.
• The performance was lifted by an unrealised gain on the mortgage deed
portfolio, which was primarily due to a fall in interest rates and an
unrealised gain on SEK hedging.
• Shareholders' equity stood at DKK 64.5 million at 31 March 2010, against DKK
83.2 million at 31 December 2009. The net asset value per share was DKK 39 at
31 March 2010, against DKK 50 at 31 December 2009.
• As a result of the performances recorded in recent reporting periods, the
company currently has an equity gearing of 21, compared with a target gearing
of 7.
• The company lowers its guidance from a full-year loss of around DKK 40
million to a loss of DKK 60-70 million.
• As part of his plans for retirement, Chief Executive Erik Møller resigns his
position effective today and Chairman Bo Chr. Alberg has been appointed new
Chief Executive. The Board of Directors has elected former Deputy Chairman
Søren Boe Mortensen new Chairman and Mark Thorsen new Deputy Chairman.
Please direct any questions regarding the announcement to Søren Boe Mortensen,
Chairman, on tel. +45 35 47 48 49.
Alm. Brand Pantebreve A/S
Søren Boe Mortensen
Chairman
