The Supervisory Board of Investeringsselskabet Luxor A/S has today adopted the Half-year Report as at 31 March 2015.
Second quarter of the financial year:
- Basic earnings amount to DKK 6.3 million (DKK 0.6 million), which is higher than expected. The improvement is primarily attributable to an increase of net financial income of DKK 1.5 million and an improvement of net loss/gain on mortgage deeds of DKK 0.3 million. In comparison, basic earnings for the first quarter of the financial year amounted to DKK 4.5 million.
- The Group’s results before tax show a profit of DKK 8.6 million (DKK 2.5 million). The results are influenced by positive fair value adjustments on bonds of DKK 46.9 million, realised losses on bonds of DKK 12.4 million and negative fair value adjustments of debt to credit institutions, mortgage credit loans and interest swaps of DKK 30.8 million, primarily as a consequence of hedged USD movements. In comparison, results before tax for the first quarter of the financial year showed a loss of DKK 13.3 million.
Half-year, first - second quarters 2014/15:
- Basic earnings for the half-year increased from DKK 3.3 million to DKK 10.8 million. The increase is primarily attributable to an improvement of losses and fair value adjustment of credit risk on mortgage deeds of DKK 2.5 million and an increase of net financial income of DKK 4.6 million.
- The Group’s results before tax for the half-year show a loss of DKK 4.6 million (DKK 7.1 million).
- The net asset value per share in circulation is DKK 359.07 (DKK 406.99) after distribution of DKK 50.00 per share.
Expected profit for the year 2014/15
- The expected profit for the year before tax is adjusted to DKK 5.0 - 9.0 million compared with previously DKK 2.0 - 6.0 million. The expected profit for the year includes basic earnings of an unchanged DKK 17.0 - 21.0 million.
Change in Company Management
The Supervisory Board has decided to appoint Jannik Rolf Larsen, Manager, as a member of the Executive Board as at 1 June 2015. At the same time, Jannik Rolf Larsen resigns from the Supervisory Board, see page 8.
This Half-year Report includes:
- Financial Highlights of the Group
- Half-year Report
- Management’s Statement
- Consolidated Statement of Comprehensive Income for the Period 1 October 2014 - 31 March 2015
- Consolidated Balance Sheet at 31 March 2015
- Statement of Changes in Equity
- Cash Flow Statement
- Segment Information
- Significant Notes
Svend Rolf Larsen, CEO
