Investeringsselskabet Luxor A/S Announces Group Earnings Results for the Fourth Quarter, Parent and Group Earnings Results for the Full Year Ended September 30, 2013; Provides Earnings Guidance for Fiscal 2014; Proposes Final Dividend for Fiscal 2013
January 20, 2014 at 05:00 pm IST
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Investeringsselskabet Luxor A/S announced group earnings results for the fourth quarter, parent and group earnings results for the full year ended September 30, 2013. For the quarter, the group reported total income of DKK 13.7 million against DKK 16.8 million against for the same period a year ago. Profit/loss before tax was DKK 8.4 million against DKK 7.6 million. Net profit was DKK 10.33 million against 1.067 million for the same period a year ago. Earnings per diluted share was DKK 10.3 against DKK 1.1 for the same period a year ago. The results are influenced by negative fair value adjustments and realised losses on securities as well as positive fair value adjustments of debt to credit institutions, mortgage debt and interest swaps. The decrease in EPS is primarily due to lower net interest on mortgage deeds and bonds.
For the full year, the group reported total income of DKK 47.7 Million against DKK 37.1 million for the same period a year ago. Profit before tax was DKK 14.4 million against DKK 0.5 million for the same period a year ago. Net profit was DKK 6.1 million against DKK 6.1 million for the same period a year ago. Basic earnings per share was DKK 2.4 against DKK 1.3 for the same period a year ago. Return on equity was 2.57% against 0.27% for the same period a year ago. The results for the quarter are influenced by net negative fair value adjustments and realised losses on securities as well as positive fair value adjustments of debt to credit institutions, mortgage debt and interest swaps. The increase is earnings per share is primarily due to lower negative fair value adjustment of credit risk on mortgage deeds. Cash flows from operating activities were DKK 6,830,000 against DKK 48,281,000 for the same period a year ago. Capital investments were DKK 225 0,000. Return on equity was 6.03% 6.15% for the same period a year ago. Cash flows from operating activities are significantly affected by the outflow of cash in connection with properties acquired for the purpose of resale.
For the full year, for the parent company reported total income of DKK 43,920,000 against DKK 33,325,000 for the same period a year ago. Profit before tax was DKK 14,205,000 against loss before tax of DKK 470,000 for the same period a year ago. Net profit was DKK 10.36 million against DKK 1.11 million for the same period of last year. Earnings per diluted share was DKK 10.4 against DKK 1.1 for the same period a year ago. Cash flows from operating activities were DKK 5,196,000 DKK 46,822,000 for the same period a year ago. Capital investments were DKK 225,000.
For the coming financial year 2013/14, a profit before tax of DKK 12.0 to 17.0 million is expected. The expected profit for the year includes basic earnings of DKK 12.0 to DKK 16.0 million.
Based on an overall assessment of results for the year, existing budgets, etc, the Supervisory Board has decided to propose distribution of final dividend of DKK 6.0 per share corresponding to DKK 6.0 million against DKK 0 per share for the same period of last year.
Investeringsselskabet Luxor A/S is a Denmark-based investment company. It is principally engaged in making investments in both Danish and foreign fixed capital, primarily in securities and real estate. It has four business segments: Mortgage deeds, Bonds, Shares and Investment properties. The Companyâs mortgage portfolio comprises single family-houses, flats, holiday houses, farms, and commercial and agricultural real estate, among others. Its bond portfolio comprises Appvion Inc, EDP Finance EMTN, Abertis Infraestruct, DLG Finance A/S, Superior Energy Services Inc, Allegheny Technologies Inc and Pitney Bowes Inc, among others. Its investment property portfolio includes offices, shops, warehouses and production facilities. The Company has two subsidiaries: DI-Ejendoms Invest A/S and Metalvarefabriken Luxor A/S.
Investeringsselskabet Luxor A/S Announces Group Earnings Results for the Fourth Quarter, Parent and Group Earnings Results for the Full Year Ended September 30, 2013; Provides Earnings Guidance for Fiscal 2014; Proposes Final Dividend for Fiscal 2013