København, 2012-08-17 13:02 CEST (GLOBE NEWSWIRE) -- Highlights of the attached interim report for the first half of 2012 of Alm. Brand Formue A/S:
- The company posted a pre-tax profit of DKK 28.1 million in H1 2012, against a pre-tax loss of DKK 25.3 million in 2011. The profit after tax amounted to DKK 27.4 million, against a loss after tax of DKK 26.0 million in 2011.
- The performance for the first six months of 2012 was satisfactory, and the company maintains its full-year guidance of a profit of around DKK 50 million after tax.
- The company posted a loss of DKK 16.9 million after tax in Q2 2012, against a Q1 profit of DKK 44.2 million. The Q2 loss was attributable to declining equity markets.
- The company's H1 performance was ahead of the benchmark.
- Net asset value per share rose by 11.2% from DKK 87.30 to DKK 97.35 in H1 2012. The increase in net asset value was attributable to positive developments in the equity markets in the first quarter of 2012. During the same period, the share price rose from DKK 65.00 to DKK 75.00, equivalent to an increase of 15.4%. At 30 June 2012, the price/net asset value was 0.77.
- The equity gearing was 2.4 at 30 June 2012, against 2.1 at 31 March 2012 and 2.5 at 31 December 2011. The company still maintains relatively low gearing, because the low yields do not produce a return sufficient to offset the risk.
- In accordance with the adopted share buyback programme, commencing on 1 February 2012 and ending on 31 January 2013, the company is buying back own shares. Under the current share buyback programme, the company has acquired 79,190 own shares for a total of DKK 6.4 million, corresponding to an average price of around DKK 81 per share. As at 30 June 2012, the company held 239,688 shares in treasury, corresponding to 7.7% of the share capital.
Please direct any questions regarding the announcement to Bo Overvad, Chief Executive, on tel. +45 35 47 48 49.
