Investeringsselskabet Luxor A/S : 7. juni 2016 Halvårsrapport for 1. halvår 1/10-2015 - 31/3-2016 (offentliggjort på engelsk)

Microsoft Word - fonds.medd. 31. marts 2016 UK.docx

Investeringsselskabet Luxor A/S

Frederiksborggade 50, 4. 1360 København K

Telefon [phone] - CVR-nr. 49 63 99 10

Nasdaq Copenhagen A/S Announcement No 7

Nikolaj Plads 6 page 1 of 19

PO Box 1040 date 30 May 2016

DK-1007 Copenhagen K ref. IK/ls

Half-year Report as at 31 March 2016

The Supervisory Board of Investeringsselskabet Luxor A/S has today adopted the Half-year Report as at 31 March 2016.

Second quarter of the financial year:

• Basic earnings amount to DKK 5.7 million (DKK 6.3 million).

• The Group's results for the quarter before tax show a profit of DKK 5.5 million (DKK 8.6 million).

  After tax, the Group shows a profit of DKK 4.3 million (DKK 6.7 million).

  Half-year 2015/16:

• Basic earnings for the half-year increased from DKK 10.8 million to DKK 14.5 million. The increase is primarily attributable to an increase in net financial income of DKK 4.6 million.

• The Group's results before tax for the half-year show a loss of DKK 4.0 million (DKK -4.6 million). The results for the period are affected by net negative fair value adjustments and realised losses on bonds in- cluding currency hedging of DKK -12.6 million as well as negative fair value adjustments of interest swaps and debt to mortgage credit institutes of DKK -5.2 million.

• The net asset value per share in circulation is DKK 331.17 (DKK 359.07). The net asset value per share in circulation is significantly affected by the dividend distribution of DKK 50 million in January 2015, corre- sponding to DKK 50 per share.

  Expected profit for the year 2015/16

• For the financial year 2015/16, expected basic earnings are maintained at approx. DKK 24.0 million.

Fair value adjustments and losses and gains realised on bonds, foreign currencies and interest swaps, etc are not included in basic earnings and have, as from the beginning of the financial year until 19 May 2016, affected results for the year before tax by DKK -11 million. The amount covers DKK -18 million relating to the first half-year and DKK 7 million relating to the period 1 April to 19 May 2016.

For additional information concerning the Half-year Report, please contact Jannik Rolf Larsen, Manager.

Yours faithfully Investeringsselskabet Luxor A/S

Svend Rolf Larsen Jannik Rolf Larsen

CEO Manager

Announcement No 7 of 30 May 2016

Half-year Report for the period 1 October 2015 to 31 March 2016 Contents

Page

Financial Highlights of the Group................................................. 3

Half-year Report ............................................................................ 4 - 9

Management's Statement .............................................................. 10

Consolidated Statement of Comprehensive Income...................... 11

Consolidated Balance Sheet .......................................................... 12 - 13

Statement of Changes in Equity .................................................... 14

Cash Flow Statement..................................................................... 15

Segment Reporting ........................................................................ 16

Significant Notes ........................................................................... 17 - 19

Investeringsselskabet Luxor A/S er et investeringsselskab, der foretager anlægsinve- steringer for egen- og fremmedkapital. Selskabets hovedaktiviteter er fordelt på værdi- papirer og ejendomme. Der arbejdes med en fleksibel investeringsstrategi inden for en række konkrete investeringsrammer.

Koncernens overordnede målsætning er at skabe det bedst mulige langsigtede afkast til aktionærerne gennem anlægsinvesteringer for egen- og fremmedkapital inden for de fastlagte rammer for risiko.

Moderselskabet har i henhold til Lov om forvaltere af alternative investeringsfonde tilladelse til at investere i pantebreve, obligationer og ejendomme samt en dispensation til at kunne forvalte aktier modtaget i forbindelse med en erhvervsobligation i porte- føljen bliver helt eller delvis konverteret til aktier.

Investeringsselskabet Luxor A/S is an investment company investing sharehold- ers' equity and debt capital in capital investments. The Company's main activities are distributed on mortgage deeds, bonds and properties. The Company has adopted a flexible investment strategy within a number of specific investment frameworks.

The overall objective of the Group is to achieve the best possible long-term return on investments for the shareholders by investing shareholders' equity and debt capital in capital investments within the risk frameworks established.

Pursuant to the Danish Act on Alternative Investment Fund Managers, Investe- ringsselskabet Luxor A/S is permitted to invest in mortgage deeds, bonds and properties and has been granted an exemption in respect of being permitted to manage shares received in connection with a corporate bond in the portfolio being wholly or partly converted into shares.

FINANCIAL HIGHLIGHTS OF THE GROUP

OCTOBER - MARCH

DKK million	2015/16 half-year	2014/15 half-year	2013/14 half-year	2014/15 full year
Key figures
Income..........................................................	27.4	17.3	30.7	59.9
Gross earnings..............................................	17.4	42.9	18.6	43.1
Profit/loss before tax ....................................	-4.0	-4.6	7.1	-10.2
Net profit/loss for the period........................	-3.1	-3.7	5.4	-8.5
Basic earnings ..............................................	14.5	10.8	3.3	24.1
Assets ...........................................................	885.1	913.2	840.4	915.5
Equity...........................................................	331.2	359.1	407.0	354.3
Investment in property, plant and
equipment.....................................................	0.1	0.1	0.0	0.7
Profit/loss for analytical purposes:
Net profit/loss for the period (after tax) .......	-3.1	-3.7	5.4	-8.5
Ratios
Values per DKK 100 share
Earnings per share (EPS) (DKK) ................. Net asset value per share in	-3.12	-3.70	5.37	-8.48
circulation (DKK) ........................................	331.17	359.07	406.99	354.29
Return on equity in percentage p.a...............	-1.82	-1.92	2.64	-2.21
Equity share in percentage ...........................	37.42	39.32	48.43	38.70
Share capital
Nominal share capital,
end of period (DKK million) .......................	100.0	100.0	100.0	100.0
Number of shares in
circulation (DKK million)............................	100.0	100.0	100.0	100.0

Official price on the Stock Exchange per DKK 100 share:

Lowest..........................................................	310	261	216	261
Highest .........................................................	360	362	240	362
End of period................................................	322	310	240	317
Volume of trade on the Stock Exchange, number of shares ..........................................	11,803	6,070	10,633	32,385
Listed on the Stock Exchange, number of shares ..........................................	825,000	825,000	825,000	825,000

The key figures have been calculated in accordance with "Recommendations and key figures 2015" issued by the Danish Society of Financial Analysts. EPS and diluted EPS are in accordance with IAS 33.

HALF-YEAR REPORT

Basic earnings and results

The Group's basic earnings amount to DKK 14.5 million (DKK 10.8 million), the increase being primarily attributable to increased net financial income.

Basic earnings are calculated as profit/loss before tax for the half-year adjusted for fair value adjust- ments of securities, debt and foreign exchange movements and realised losses on securities.

The Group's results before tax amount to DKK -4.0 million (DKK -4.6 million). After recognition of tax for the period of DKK -0.9 million (DKK -0.9 million), the results for the period after tax amount to DKK -3.1 million (DKK -3.7 million). The results for the period are affected by net neg- ative fair value adjustments and realised losses on bonds including currency hedging of DKK -12.6 million as well as negative fair value adjustments of interest swaps and debt to mortgage credit in- stitutes of DKK -5.2 million.

Business areas

The Group's balance sheet, which compared with the same time last year has decreased from DKK

913.2 million to DKK 885.1 million, includes the following business areas:

2015/16 DKK million	2014/15 DKK million
Mortgage deeds..............................	561.2	431.9
Bonds .............................................	78.1	234.4
Shares.............................................	1.9	1.7
Total securities...............................	641.2	668.0
Investment properties.....................	180.5	180.1
Total...............................................	821.7	848.1

Below, the individual business areas are described. The financing and the effect of currency hedg- ing as well as currency exposure and hedging of currency risk are described in the section financing and debt.