Correction: Annual Report 2017
Reason for correction: Adjustment of graph in the Annual Report p. 34.
Annual Report 2017
Financial performance and events during the year
Net profit for the year was DKK 334 million, up from DKK 188 million in 2016. The improvement was mainly attributable to significantly lower levels of loan impairment charges.
At 31 December 2017, loans totalled DKK 34.5 billion, total assets were DKK 58.2 billion and equity was DKK 9.3 billion, including proposed dividends for the financial year. The company had first lien mortgages on 562 vessels at the end of 2017.
The total capital ratio was 19.7% at 31 December 2017 after proposed dividends. The tier 1 capital ratio was also 19.7%. After recognition of the combined capital buffer requirement, the excess capital adequacy was 8.9 percentage points.
In 2017, bond buybacks totalled DKK 14.9 billion. New bond issues in 2017 totalled nominally DKK 19.2 billion with an average maturity of 6.7 years, increasing the average maturity of bonds by 2.3 years relative to 2016. The liquidity position thus remains robust during the financial year 2017.
The company expects to pay dividends of DKK 237 million to its shareholders, of which the Danish
Maritime Fund will receive DKK 50 million.
