Announcement No 2 2014/15
The Supervisory Board of Investeringsselskabet Luxor A/S has today considered and adopted the Company’s Annual Report for 2013/14.
Comments to the Annual Report:
- Basic earnings for the financial year increased from DKK 4.9 million in 2012/13 to DKK 13.8 million in 2013/14. The improvement is primarily due to lower net losses on mortgage deeds of DKK 5.6 million, an increase in net interest of DKK 6.2 million offset by an increase in planned direct expenses relating to investment properties of DKK 2.6 million.
- The Group’s results before tax for the financial year show a profit of DKK 15.0 million (DKK 14.4 million). After tax, the Group’s profit amounts to DKK 11.1 million (DKK 10.3 million). The results are influenced by positive fair value adjustments and realised losses on securities of DKK 19.0 million (DKK -0.9 million) as well as negative fair value adjustments of debt to credit institutions, mortgage debt and interest swaps of DKK 17.8 million (DKK -6.6 million).
- Net asset value per share in circulation is DKK 412.8 (DKK 407.6).
- The Supervisory Board proposes to the General Meeting that dividend of DKK 50.0 million (DKK 6.0 million) be distributed, corresponding to DKK 50.0 (DKK 6.0) per share.
- For the coming financial year 2014/15, basic earnings in the range of 17.0 – 21.0 million and a profit before tax in the range of DKK 2.0 - 6.0 million are expected as a result of, at present, negative fair value adjustments of bonds.
Fourth quarter of the financial year 2014:
- Basic earnings for the quarter have increased from DKK 2.4 million in 2012/13 to DKK 5.6 million in 2013/14. The increase is primarily due to lower net losses on mortgage deeds and an increase in net interest income.
- The Group’s results before tax for the fourth quarter of the financial year 2014 show a loss of DKK 3.7 million (DKK 8.4 million). After tax, the Group shows a loss of DKK 3.3 million (DKK 6.1 million).
- The results for the quarter are influenced by net positive fair value adjustments and realised losses on securities of DKK 10.8 million (DKK -1.4 million) as well as negative fair value adjustments of debt to credit institutions, mortgage debt and interest swaps of DKK 17.5 million (DKK 4.8 million) as a result of a widening of the yield spread on bonds and currency hedging.
Svend Rolf Larsen, CEO
