Investeringsselskabet Luxor A/S - Company Announcement No 1 2018/19

The Supervisory Board of Investeringsselskabet Luxor A/S has today considered and adopted the Company’s Annual Report for 2017/18.

The Annual Report:

• Basic earnings amount to DKK 27.1 million (DKK 24.9 million), which is higher than the expected basic earnings level of approx. DKK 24.9 million stated in the Interim Report of 27 August 2018.

The higher basic earnings are primarily attributable to an increase in net yield on mortgage deeds and bad debts recovered.

• The Group’s profit before tax amounts to DKK 29.6 million (DKK 27.4 million). The Group’s profit after tax amounts to DKK 23.3 million (DKK 20.9 million).

The Group’s profit before tax is DKK 2.5 million higher than basic earnings due to:

• DKK 1.8 million from fair value adjustments etc of investment properties;
• DKK 0.8 million from fair value adjustments of interest swaps and fair value adjustments of debt to mortgage credit institutes;
• DKK -0.1 million from fair value adjustments of securities as well as realised gains on bonds and shares.

Dividend:

• The Supervisory Board proposes to the General Meeting that dividend of DKK 23 million (DKK 22 million) be distributed, corresponding to DKK 23 (DKK 22) per share, which is a payout ratio of 98.6% and a dividend yield of 5.4%.

Fourth quarter of the financial year 2018:

• Basic earnings for the quarter amount to DKK 8.7 million (DKK 6.0 million).
  
   
• The Group’s profit before tax amounts to DKK 13.8 million (DKK 4.9 million).

                       

The Group’s profit before tax is DKK 5.1 million higher than basic earnings due to:

• DKK 2.3 million from fair value adjustments of interest swaps and fair value adjustments of debt to mortgage credit institutes;
• DKK 1.8 million from fair value adjustments etc of investment properties;
• DKK 1.0 million from fair value adjustments of securities as well as realised gains/losses on bonds and shares.

Expected basic earnings for 2018/19:

• For the coming financial year 2018/19, basic earnings of approx. DKK 28 million are expected.
• Fair value adjustments of interest swaps are not included in basic earnings and would at 6 December 2018 affect the Group’s profit before tax by DKK -2.3 million.

For additional information concerning the Annual Report, please contact Jannik Rolf Larsen, CEO

(tel: ).

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