Investeringsselskabet Luxor A/S : 8. marts 2016 delårsrapport for 1. kvartal 1/10-2015 - 31/12-2015 (offentliggjort på engelsk)

Microsoft Word - fonds.medd. 31. december 2015- engelsk.doc

LUXOR

Investeringsselskabet A

S

Frederiksborggade 50, 1360 København K  Telefon [phone]  Telefax 33 12 41 70  CVR-nr. 49 63 99 10

Nasdaq Copenhagen A/S Announcement No 5

Nikolaj Plads 6 page 1 of 19

PO Box 1040 date 29 February 2016

DK-1007 Copenhagen K ref. IK/ls

Interim Report

as at 31 December 2015

The Supervisory Board of Investeringsselskabet Luxor A/S has today adopted the Interim Report as at 31 De- cember 2015.

First quarter of the financial year:

• Basic earnings amount to DKK 8.8 million (DKK 4.5 million), which is DKK 3.7 million higher than expected. The improvement is primarily attributable to an increase in net financial income of DKK 1.8 million and an improvement of net loss/gain on mortgage deeds of DKK 1.5 million.

• The Group's results before tax for the period show a loss of DKK 9.5 million (DKK -13.3 million).

  After tax, the Group shows a loss of DKK -7.4 million (DKK -10.4 million).

  The results are negatively affected by DKK 18.3 million, of which DKK -16.4 million relates to net negative fair value adjustments and realised losses on bonds as a result of volatility in the bond mar- ket and a widening of the yield spread to government bonds, among other things as a consequence of exposure to the energy and commodity sectors as well as currency hedging, and DKK -1.9 million relates to other fair value adjustments etc not included in basic earnings.

• The net asset value per share in circulation is DKK 346.89 (DKK 402.38). The net asset value per share in circulation is significantly affected by the dividend distribution of DKK 50 million in Janu- ary 2015, corresponding to DKK 50 per share.

  
  

  Expected profit for the year 2015/16

• At present, basic earnings of approx. DKK 24.0 million are expected for the financial year 2015/16 compared to approx. DKK 20.0 million previously expected.

Fair value adjustments and losses and gains realised on bonds, foreign currencies and interest swaps, etc are not included in basic earnings and will from the beginning of the financial year until 18 Feb- ruary 2016 affect results for the year before tax by approx. DKK -29.8 million, of which approx.

DKK -18.3 million relates to the period until 31 December 2015 and approx. DKK -11.5 million to the period 1 January to 18 February 2016.

For additional information concerning this Interim Report, please contact Jannik Rolf Larsen, Manager.

Yours faithfully Investeringsselskabet Luxor A/S

Svend Rolf Larsen Jannik Rolf Larsen

CEO Manager

Announcement No 5 of 29 February 2016

Interim Report for the period 1 October to 31 December 2015 Contents

Page

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

Interim 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

Investeringsselskabet Luxor A/S er et investeringsselskab, der foretager anlægsinve- steringer for egen- og fremmedkapital. Selskabets hovedaktiviteter er fordelt på vær- dipapirer 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 til- ladelse 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.

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

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 - DECEMBER

DKK million	2015/16 Q1	2014/15 Q1	2013/14 Q1	2014/15 Full year
Key figures
Income..........................................................	4.2	17.1	14.1	59.9
Gross earnings..............................................	3.7	-0.8	7.7	43.1
Profit/loss before tax ....................................	-9.5	-13.3	4.7	-10.2
Net profit/loss for the period........................	-7.4	-10.4	3.5	-8.5
Basic earnings ..............................................	8.8	4.5	2.7	24.1
Assets ...........................................................	917.2	893.9	794.9	915.5
Equity...........................................................	346.9	402.4	411.2	354.3
Investment in property, plant and equipment	0.1	0.0	0.0	0.7
Profit/loss for analytical purposes:
Net profit/loss for the period (after tax) .......	-7.4	-10.4	3.5	-8.5
Ratios
Values per DKK 100 share
Earnings per share (EPS) (DKK) .................	-7.40	-10.40	3.52	-8.48
Net asset value per share in
circulation (DKK) ........................................	346.89	402.38	411.15	354.29
Return on equity in percentage p.a...............	-8.45	-10.20	3.44	-2.21
Equity share in percentage ...........................	37.82	45.01	51.72	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 .........................................................	355	305	233	362
End of period................................................	350	305	233	317
Volume of trade on the Stock Exchange, number of shares ..........................................	5,718	7,685	6,062	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" is- sued by the Danish Society of Financial Analysts. EPS and diluted EPS are in accordance with IAS 33.

INTERIM REPORT

Basic earnings and results

The Group's basic earnings amount to DKK 8.8 million (DKK 4.5 million).

Basic earnings are calculated as profit/loss before tax for the period adjusted for fair value adjust- ments of securities, debt and foreign exchange movements and realised losses on securities. Basic earnings are DKK 3.7 million higher than expected, which is primarily attributable to an increase in the Group's net financial income of DKK 1.8 million and an improvement of net loss/gain on mort- gage deeds of DKK 1.5 million.

At present, basic earnings of approx. DKK 24.0 million are expected for the financial year 2015/16 compared to approx. DKK 20.0 million previously expected.

The Group's results before tax amount to DKK -9.5 million (DKK -13.3 million). After recognition of tax for the period of DKK -2.1 million (DKK -2.9 million), the results for the period after tax amount to DKK -7.4 million (DKK -10.4 million). The results for the period are affected by net negative fair value adjustments and realised losses on bonds as well as currency hedging of DKK

16.4 million. Business areas

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

893.9 million to DKK 917.2 million, includes the following business areas:

2015/16 DKK million	2014/15 DKK million
Mortgage deeds..............................	544.9	392.8
Bonds .............................................	125.3	243.4
Shares.............................................	1.9	0.0
Total securities...............................	672.1	636.2
Investment properties.....................	180.5	180.1
Total...............................................	852.6	816.3

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.