Annual Report 2011

2/10/2012 7:18 AM EST

Alm. Brand Formue A/S
Annual report/ annual accounts

Annual Report 2011

Copenhagen, 2012-02-10 13:18 CET (GLOBE NEWSWIRE) -- Highlights of the attached
Annual Report 2011 of Alm. Brand Formue: 

  -- The company posted a pre-tax loss of DKK 56.3 million in 2011, against a
     pre-tax profit of DKK 66.2 million in 2010. After tax, the performance was
     a loss of DKK 57.3 million, against a profit after tax of DKK 65.6 million
     in 2010.
  -- Due to the loss reported in 2011, no dividends will be distributed.
  -- Although not satisfactory, the performance was in line with the most recent
     guidance for a loss in the region of DKK 55 million after tax. The 2011
     loss was primarily due to a 20% decline in the Danish equity market. The
     company's 2011 performance was slightly below the benchmark.
  -- The net asset value per share declined by 21% in 2011, from DKK 110.50 to
     DKK 87.53. Dividend payments of DKK 6 per share in the first quarter of
     2011 and a falling equity market were the main reasons for the drop in net
     asset value. The share price fell by 27%, from DKK 89.00 to DKK 65.00,
     during the same period. At 31 December 2011, the price/net asset value
     ratio was 0.74.
  -- The equity gearing was 2.5 at 31 December 2011, against 2.4 at 31 December
     2010. The company maintained its equity portfolio at an unchanged level in
     2011 but reduced its bond portfolio by approximately DKK 185 million. The
     higher gearing was due to the decline in shareholders' equity in 2011.
  -- In accordance with the adopted share buyback programme, commencing on 8
     February 2011 and ending on 31 January 2012, the company is buying back own
     shares. Under the current share buyback programme, the company has bought
     103,963 own shares for a total of DKK 8.8 million, corresponding to an
     average price of DKK 84.50 per share. As at 31 December 2011, the company
     held 153,886 shares in treasury, corresponding to 4.96% of the share
     capital.
  -- In connection with the approval of the annual report for 2011, the Board of
     Directors has resolved to initiate a new share buyback programme with a
     limit of up to DKK 15 million, which will expire on 31 January 2013. 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 2012 is described in detail on the company’s website,
     www.formue.almbrand.dk.
  -- The company expects to post a profit after tax in the region of DKK 40
     million in 2012.


         Please direct any questions regarding the announcement to Bo Overvad,
Chief Executive, on tel. +45 35 47 48 49.