Annual Report 2018/19
16 December 2019
Announcement No 2 2019/20
The Supervisory Board of Investeringsselskabet Luxor A/S has today considered and adopted the Company’s Annual Report for 2018/19.
The Annual Report:
·Basic earnings amount to DKK 29.0 million (DKK 27.1 million), which is higher than the expected basic earnings level of approx. DKK 28 million stated in the Interim Report of 29 August 2019. The higher basic earnings are primarily attributable to increased net yield on mortgage deeds and bad debts recovered.
Basic earnings are calculated as profit before tax for the year adjusted for fair value adjustments of financial assets, interest swaps and debt.
·The Group’s profit before tax amounts to DKK 19.7 million (DKK 29.6 million). The Group’s profit after tax amounts to DKK 15.3 million (DKK 23.3 million).
The Group’s profit before tax is DKK 9.3 million lower than basic earnings due to:
- DKK 6.5 million from fair value adjustments of securities;
- DKK 0.2 million from fair value adjustments of investment properties;
- DKK -16.0 million from fair value adjustments of interest swaps and fair value adjustments of debt to mortgage credit institutes as well as expenses relating to the raising of mortgage credit loans.
Dividend:
·The Supervisory Board proposes to the General Meeting that dividend of DKK 23 million (DKK 23 million) be distributed, corresponding to DKK 23 (DKK 23) per share, which is a dividend yield of 5.5%.
Fourth quarter of the financial year 2019
- Basic earnings for the quarter amount to DKK 6.6 million (DKK 8.7 million).
- The Group’s profit before tax amounts to DKK 3.8 million (DKK 13.8 million).
The profit before tax for the quarter is DKK 2.8 million lower than basic earnings due to:
- DKK 0.8 million from fair value adjustments of investment properties;
- DKK 0.1 million from fair value adjustments of securities;
- DKK -3.7 million from fair value adjustments of interest swaps and fair value adjustments of debt to mortgage credit institutes as well as expenses relating to the raising of mortgage credit loans.
Expected basic earnings for 2019/20:
- For the coming financial year 2019/20, basic earnings of approx. DKK 31 million are expected.
- Fair value adjustments of interest swaps are not included in basic earnings and would at 9 December 2019 affect the Group’s profit before tax by DKK 3.8 million.
For additional information concerning the Annual Report, please contact Jannik Rolf Larsen, CEO
(tel: +45 33325015).
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