Interim Report 1H.

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Interim Report 1H

2011

Sparekassen Vendsyssel Østergade 15 DK-9760 Vrå CVR. nr.: 64806815 Tel.: +45 82 22 90 00 Fax.: +45 82 22 95 94 [email protected] www.sparv.dk

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Contents

Management’s review

Main activities

Sparekassen Vendsyssel is a strong, locally rooted garantor savings bank, primarily active in Vendsyssel and Han Herred (North Jutland). Sparekassen Vendsyssel’s mission is to offer private customers and small and medium-sized corporate customers an optimal solution to their overall financial needs. Therefore, Sparekassen Vendsyssel also provides competitive solutions within housing, insurance, pension, and investment.

History

Sparekassen Vendsyssel was established in 2001 as the result of a merger between Vrå Sparekasse and Jelstrup-Lyngby Sparekasse. Hellevad-Ørum Sparekasse merged with Sparekassen Vendsyssel on 1 January 2005. In 2006, first Brovst Sparekasse and then Jerslev Sparekasse became part of Sparekassen Vendsyssel. Most recently, Ulsted Sparekasse merged with Sparekassen Vendsyssel in 2008. In 2009, Sparekassen Vendsyssel took over four branches from EBH

Bank,a bank which was being shut down.

Development in activities and

financial affairs

A satisfactory profit

In the first half of 2011, Sparekassen Vendsyssel generated a profit of DKK 54.3m before tax. The Bank’s management considers this to be very satisfactory taken the current mar-ket situation into consideration. The result was generated in a period of continued turmoil in the global economy. The financial crisis in the Middle East has resulted in rising oil prices and thus higher costs for both households and companies. In Denmark several banks have collapsed, which has resulted in considerable costs to the rest of the banking sector. The agricultural sector has had financial difficulties during the last few years, but now we begin to see positive indicators and incipient improvements in earnings.

Impairment losses on loans etc. were on level with 2010 and therefore still markedly higher than the level prior to the financial crisis.

Summary 1H 2011

DKK 1.000 1H 2011 1H 2010 1H 2009

Net income from interest and fees _249.121 _252.037 _227.428

Other operating income 229 163 85

Staff costs and administrative expenses _123.158 _117.497 _104.623

Amortisation,depreciation and impairment of property, plant and

equipment and intangible assets 4.401 4.068 3.259

Operating profit 121.791 130.635 119.631

Market value adjustments 4.453 20.994 2.096

Profit on investments in associates and group enterprises 1.977 4.443 -1.136

Other operating costs excl. Bank Rescue Package 1/ payments to the

Private Contingency Association 0 50 30

Impairment on loans and receivables etc. 55.145 53.669 62.060

Profit on ordinary activities before costs to Bank Rescue Package 1/

payments to the Private Contingency Association 73.076 102.353 58.501

Expenses related to government guarantee cf. Bank Rescue Package 1/

payments to the Private Contingency Association 18.778 15.827 14.361

Provision for losses related to Bank Rescue Package 1 0 1.162 9.825

Profit on ordinary activities before tax 54.298 85.363 34.315

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Operating profit, i.e. profit before impairment losses on loans and receivables and market value adjustments and tax, total-led DKK 121.8m in 1H 2011. Compared to 1H 2010, this is a decrease of DKK 8.8m, corresponding to 6.8 per cent. The operating profit meets the expectations stated in the 2010 Annual report.

The decline in the operating profit was due to a small decre-ase in net income from interest and fees, primarily caused by declining activity in the mortgage-related business areas, in-creasing staff costs and administrative expenses due to wage adjustments provided for by collective agreements, rising payroll taxes and appointment of new employees. Other administrative expenses showed a minor decrease. In addition, the total profit for 1H 2011 was affected by significant contributions to the Danish Guarantee Fund for Depositors and Investors related to the collapses of Amager-banken and Fjordbank Mors. Sparekassen Vendsyssel’s share of the total contribution amounted to DKK 18.8m.

In the autumn of 2008, the now collapsed Morsø Bank merged with Sparekassen Spar Mors. In the process of this merger, Nykredit arranged an issue of subordinated capital of DKK 120m to increase the core capital in Morsø Bank. Sparekassen Vendsyssel acquired DKK 7.5m of this issue. In December 2009, the issue was reconstructed whereby a part of the acquired subordinated capital was converted to bonds and shares. In the autumn of 2010, Morsø Bank and Morsø Sparekasse merged and created Fjordbank Mors. Sparekassen Vendsyssel’s total profit for 1H 2011 was negatively affected by the above-mentioned conditions. The loss totalled DKK 7.0m and was divided as follows: Impairment losses on loans DKK 2.2m, marked value adjustments on bonds DKK 4.4m, and marked value adjustments on shares DKK 0.4m. In 1H 2011, Sparekassen Vendsyssel had excess liquidity of 213.4 per cent as compared to the statutory requirement.

The Supervisory Diamond

In a letter of June 2010, the Danish Financial Supervisory Authority informed banks of five risk indicators, the so-called Supervisory Diamond, within which all banks should find themselves from the end of 2012.

The figure shows the limit values determined by the Danish Financial Supervisory Authority, and Sparekassen Vendsyssel’s position within each area as of 31 December 2010 and 30 June 2011.

Specification of the guarantee capital 1H 2011:

1.000 kr. %

Sparekassen Vendsyssels Fund

-Klokkerholm 19.003 2,5

Sparekassen Vendsyssels Fund - Brovst 39.925 5,4 Sparekassen Vendsyssels Fund -

Jerslev 62.700 8,4

Sparekassen Vendsyssels Fund - Ulsted 60.000 8,0 The Private Contingency Association 55.000 7,4

236.628 31,7

24.519 other guarantors with a

maxi-mum of DKK 250m each 509.236 68,3

Total guarantee capital, 1H 745.864 100,0

The figure clearly shows Sparekassen Vendsyssel’s strength, as we have ample leeway and freedom of action in relation to the limit values.

Compared to 30 June 2010, the Bank’s total equity has risen by DKK 90.3m to DKK 1.45bn. Guarantee capital accounted for DKK 745.9m or 51.5 per cent of the Bank’s total equity as per 30 June 2011.

The Supervisory Diamond for banks 2010

Sum of large exposures

Lending growth Excess liquidity coverage Commercial property exposure Stable funding Limit values Sparekassen Vendsyssel 1H 2011 Sparekassen Vendsyssel 2H 2010

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Tekster der knytter sig til siden

Consolidated financial statements

In addition to the parent company, Sparekassen Vendsys-sel, the Sparekassen Vendsyssel Group comprises the 100% owned subsidiary Ejendomsselskabet Vendsyssel ApS. In the 2010 Annual Report the associated enterprises Amanah Kredit A/S and Spar Pantebrevsinvest A/S were recognised on a pro rate basis (25 pct.) for the first time. The comparative figures in the consolidated financial statements for 1H 2011 have been restated accordingly.

Ejendomsselskabet Vendsyssel ApS owns and operates some of the properties the Bank uses as domicile properties. Moreover, there is a significant income from the renting out of an investment property to an independent party. Amanah Kredit A/S and Spar Pantebrevsinvest A/S exercise property financing.

There are no major transactions between the Bank and its subsidiaries beyond property rental charges and interest on deposits and loans.

Income statement

Net income from interest and fees

Net interest and fee income decreased in 1H 2011 by 1.2 per cent from DKK 252.0m in 2010 to DKK 249.1m in 2011. Net interest income decreased by 0.7 per cent due to increased pressure on the interest margin. Fee and commissions recei-ved decreased by 1.4 per cent in the period, primarily caused by declining activity in the mortgage-related business areas.

Market value adjustments

Sparekassen Vendsyssel recorded positive market value adjustments of DKK 4.5m in 1H 2011, a significant decline compared to market value adjustments of DKK 21.0m in the same period in 2010. In 1H 2010, the market value adjust-ments on bonds were DKK 10.2m, whereas the market value adjustment were negative in 1H 2011 and amounted to DKK -14.1m. Market value adjustments were positive for the port-folio of shares and contributed by DKK 19.1m. Of the total market value adjustments of shares, DKK 20.9m was at-tributable to the portfolio of strategic investments of which the majority was a result of the merger between EgnsINVEST and Sparinvest.

Exchange rate adjustments totalled DKK -0.5m in 1H 2011. The Bank’s bond portfolio, which is measured at the amor-tised cost price, DKK 1.84bn, will be held to maturity and is therefore not market-value adjusted via operations during the period.

Staff costs and administrative expenses

Sparekassen Vendsyssel’s staff costs and administrative

ex-penses totalled DKK 123.2m in the period, compared to DKK 117.5m in 2010. The 4.8 per cent increase was mainly due to appointment of new employees, rising payroll taxes, wage adjustments provided for by collective agreements and general increases in prices.

Amortisation, depreciation and impairment of property, plant and equipment and intangible assets

Amortisation, depreciation and impairment of property, plant and equipment and intangible assets rose in 1H from DKK 4.1m in 2010 to DKK 4.4m in 2011.

Other operating costs

In 1H 2011, other operating costs totalled DKK 18.8m and were exclusively contributions to the Danish Guarantee Fund for Depositors and Investors due to the collapses of Ama-gerbanken and Fjordbank Mors, DKK 11.7m and DKK 7.1m respectively.

In 1H 2010, other operating costs totalled DKK 15.9m, which were payments to Bank Rescue Package I and therefore not comparable to the 2011 amount.

Impairment losses on loans etc.

Impairment losses on loans etc. amounted to DKK 55.1m in 1H 2011, which is on the same level as in 1H 2010 and cor-Management’s review

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responds to the amount stated in the budget for the period. For full-year, the total impairment losses on loans etc. are expected to be at the same level as in 2010.

The impairment ratio for the period was 0.6 while the ac-cumulated impairment ratio was 3.7.

Profit on investments in associated and group enterprises

In 1H 2011, investments in associates and group enterprises generated a profit of DKK 2.0m of which DKK 1.0m was at-tributable to the associates.

Balance sheet and guarantees

Loans and guarantees

1H 2011 showed a modest and controlled growth in loans from DKK 97.1m to DKK 6.39bn. Guarantees fell by DKK 185.1m to DKK 2.35bn. The total of loans and guarantees ac-counted for DKK 8.7bn and are therefore virtually unchanged compared to year-end 2010.

Shares and bonds

In 1H 2011, the total bond portfolio amounted to DKK 2.79bn, which is a decrease of DKK 679m compared to year-end 2010. DKK 1.84bn of the bond portfolio must be measu-red at amortised cost, which means that fluctuations in the portfolio values do not affect the market value adjustments. The share portfolio increased by DKK 28.4m to DKK 351.5m, primarily due to acquisitions and market value adjustments caused by the merger between EgnsINVEST and Sparinvest. Of the share portfolio, investments in jointly owned compa-nies such as DLR Kredit, PBS, SDC, Multidata Holding, PRAS, EgnsINVEST, Sparinvest, Garanti Invest, Letpension, etc., totalled DKK 298.5m.

Land and buildings

In 1H 2011, domicile properties, i.e. property from which banking business is operated, totalled DKK 77.8m, while other properties totalled DKK 27.8m. At group level, the equivalent numbers were DKK 103.4m and DKK 67.4m respectively.

Payables to credit institutions and central banks

In 1H 2011, debt to other financial institutions was reduced by DKK 97.2m to DKK 395.9m compared to year-end 2010.

Deposits and other debt

Total deposits, including pooled deposits, was reduced by

DKK 58.8m to DKK 6.41bn in 1H 2011, a decrease of 0.9 per cent.

Equity

Compared to year-end 2010, total equity increased by DKK 63.3m to DKK1.45bn in the period. Guarantee capital rose by DKK 16.8m, while unrestricted equity rose by DKK 46.5m.

General

Customers and guarantors

In 1H 2011, Sparekassen Vendsyssel gained 682 new customers in net terms. The total number of customers was 55,770 as at 30 June 2011.

Sparekassen Vendsyssel gained net 467 new guarantors in 1H 2011, bringing the total to 24,519.

No events have occurred after the end of the period that influence the Bank’s interim profit, its assets and liabilities and equity, and its financial position as at 30 June 2011.

Uncertainty overrecognition and measurement

Uncertainty over recognition and measurement is mainly associated with impairment losses on loans. The Bank constantly seeks to improve its methods for recognition and measurement of these but assesses uncertainty to be at a level that is insignificant for the half-year report.

Solvency and capital base

Sparekassen Vendsyssel’s solvency ratio was 18.3 per cent and thus significantly higher than the individual solvency requirement, calculated at 10.9 per cent as at 30 June 2011. Accordingly, the Banks’ solvency equity was 7.4 per cent.

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The Bank must have a capital base that supports the current risk profile. The Bank has decided to calculate credit risk according to the standardised approach and operational risk according to the basic indicator approach. Market risk is calculated according to the standardised approach. The Bank finds that there is currently no need to apply more advan-ced methods to determine the Bank’s solvency. However, the Bank is working to gradually introduce more advanced models to its risk management. The possibility of using more advanced methods in accordance with the capital adequacy rules will be reviewed on a continual basis.

According to the Danish Financial Business Act, the Board of Directors and the Board of Executives must ensure that the Bank has adequate base capital, which is the minimum capital required, in the opinion of the management, to cover all significant risks. The Bank’s approach to calculating what is adequate base capital is based on a model prepared by The Association of Local Banks, Savings Banks and Coopera-tive Banks in Denmark. In the opinion of the management, Sparekassen Vendsyssel’s capital base is adequate to cover the risks on its weighted items.

Liquidity

It is the policy of the Bank to hold liquidity reserves that exceed the requirement in section 152 (1) (ii) of the Danish Financial Business Act by at least 75 per cent. As at 30 June 2011, excess reserve was 213.4 per cent. As preparation for the expiration of Bank Rescue Package I by 30 September 2010, the bank has issued bonds with duration of up to three years, worth DKK 2.2bn. In 2H 2011, the possibility of early prepayment is likely to be used partly as the liquidity is strong.

The Bank regularly stress tests its liquidity and aims to maintain sufficient liquidity reserves to be resilient to a tough stress scenario, in which a large share of its price and credit sensitive financing cannot be refinanced.

Moreover, it is the overall objective of the Bank that loans to customers should be financed by deposits and guarantee capital. Total loans + associated impairment losses amounted to 105.5 per cent of total deposits. If guarantee capital is in-cluded, the number is 94.7 per cent, and so the target is met as at 30 June 2011.

Significant events occurring after

the end of the financial half year

No significant events have occurred since the end of the financial half-year.

Expectations for H2 2011

The Bank’s management expects that the operating profit will be around DKK 230-250m for full-year 2011, which is in line with expectations stated in the 2010 Annual Report.

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Statement by the management on the Interim Report

Statement by the management

We have today considered and approved the Interim Report of the Group and of Sparekassen Vendsyssel for the period 1 January – 30 June 2011.

The Interim Report has been prepared in accordance with the Danish Financial Business Act and the Danish Executive Order on Financial Reports for Credit Institutions and Investment Companies etc. (bekendtgørelse om finansielle rapporter for kreditinstitutter m.fl.). The Interim Report has not been audited or reviewed.

The management’s review furthermore presents fairly the development in the Bank’s activities and financial affairs and the most significant risks and uncertainties that may affect the Bank.

In our opinion, the accounting policies applied are appro-priate, and the Interim Report presents fairly the Group’s and Sparekassen Vendsyssel’s assets and liabilities, financial position, and the results of the first half of 2011.

The management’s review furthermore presents fairly the development in the Bank’s and the Group’s activities and financial affairs, and a description of material risks and uncertainties that may affect the Bank and the Group.

____________________

Vagn Hansen

Bestyrelsen:

____________________ ____________________ ____________________

Svend Westergaard Peter Have Arne Andersen

(formand) (næstformand)

____________________ ____________________ ____________________

Poul Dahlgaard Birte Dyrberg Poul D. Hansen

____________________ ____________________ ____________________

Evald Haven Peter Larsen Mogens Nedergaard

____________________ ____________________ ____________________

Dorte Folden Skole Helle S. Sørensen Hans Henrik Toft Sørensen

(medarbejdervalgt) (medarbejdervalgt)

____________________ ____________________

Søren Vad Sørensen Regnar Bering

(medarbejdervalgt) Vrå, 23 August 2011 Board of Directors: (Chairman) (Vice-Chairman) (Employee elected) (Employee elected) (Employee elected) Board of Executives

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Tekster der knytter sig til siden Income statement 1H 2011

Sparekassen Vendsyssel Group

Note

Income statement 1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

4. Interest receivable 286.411 269.265 539.793 286.954 269.826 540.983

5. Interest payable 112.255 93.804 202.175 112.586 94.155 202.877

Net interest income 174.156 175.461 337.618 174.368 175.671 338.106

Divend on shares etc. 811 898 945 811 898 945

6. Fees and commisions received 77.956 79.064 139.990 77.960 79.068 139.953

Fees and commisions paid 3.802 3.386 7.271 3.810 3.396 7.290

Net income from interest and fees 249.121 252.037 471.282 249.329 252.241 471.714

7. Market value adjustments 4.453 20.994 12.365 4.402 20.945 12.274

Other operating income 229 163 8.124 1.554 1.494 10.929

8. Staff costs and administrative expenses 123.158 117.497 232.664 122.490 116.257 230.669

Amortisation, depreciation and impair-ment of property, plant and equipimpair-ment

and intangible assets 4.401 4.068 8.677 4.516 4.252 20.424

Other operating costs 18.778 15.877 24.039 18.778 15.902 24.039

9. Impairment on loans and receivables etc 55.145 54.831 121.482 55.285 55.126 124.121 Profit on investments in associates and

group enterprises 1.977 4.443 -5.082 583 2.822 5.105

Profit on ordinary activities before tax 54.298 85.363 99.827 54.799 85.965 100.769

Tax 9.834 21.340 27.084 10.335 21.942 28.026

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Balance sheet - Assets 1H 2011

Note

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

Assets

Cash (in hand) and demand deposits

with central banks 249.872 98.718 94.343 249.872 98.718 94.343

Receivables from credit institutions and

central banks 162.858 244.257 130.611 163.741 244.861 131.707

Loans and other receivables at fair value 46.439 41.673 46.904 46.439 41.673 46.904 10. Loans and other receivables at amortised

cost 6.389.697 6.058.409 6.292.165 6.369.377 6.033.468 6.273.707

Bonds at fair value 952.927 1.411.250 1.541.657 952.927 1.411.250 1.541.657

Bonds at amortised cost 1.838.865 2.150.053 1.929.424 1.838.865 2.150.053 1.929.424

Shares etc. 351.479 312.521 323.094 351.479 312.521 323.094

Investments in associates 37.140 37.440 40.134 30.261 27.186 29.678

Investments in group enterprises 4.830 7.256 3.860 0 0 0

Pooled assets 263.249 134.455 221.553 263.249 134.455 221.553

Intangible assets 18.894 18.894 18.894 18.894 18.894 18.894

Land and buildings total 105.589 109.666 105.195 170.792 185.218 170.263

Of which

Investment properties 27.790 31.791 29.688 67.432 70.839 69.330

Business premises 77.799 77.875 75.507 103.360 114.379 100.934

Other property, plant and equipment 23.739 25.666 25.278 23.825 25.666 25.370

Current tax assets 0 0 2.867 489 0 3.355

Deferred tax assets 0 0 0 0 18 5

Temporarily acquired assets 24.749 15.353 18.999 25.626 16.527 19.875

Other assets 152.158 126.933 160.477 153.011 129.666 161.331

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Balance sheet - Liabilities 1H 2011

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

Liabilities Debt

Amounts owed tocredit institutions and

central banks 395.885 439.828 493.063 425.422 470.398 523.191

Deposits and other debt 6.150.938 6.810.991 6.251.471 6.150.938 6.810.669 6.249.670

Pooled deposits 263.249 134.455 221.553 263.249 134.455 221.553

Bonds issued at amortised cost 1.823.954 1.473.734 1.976.636 1.823.954 1.473.734 1.973.636

Current tax liabilities and equity 4.639 12.801 0 5.862 13.784 770

Other liabilities and equity 198.024 193.031 290.859 199.913 195.218 293.764

Prepayments 2.903 4.264 2.847 2.903 4.264 2.847

Total debt 8.839.592 9.069.105 9.236.429 8.872.242 9.102.522 9.265.431

Provisions

Provisions for deferred tax 4.676 2.402 4.676 8.388 6.616 8.380

Provisions for losses on guarantees 10.352 41.803 10.924 10.352 41.803 10.924

Total provisions 15.028 44.205 15.600 18.740 48.419 19.304

Subordinated debt 321.790 321.447 321.625 321.790 321.447 321.625

Equity

Share capital/guarantee capital 745.864 714.972 729.054 745.864 714.972 729.054

Revaluation reserves 400 400 400 400 400 400

Statutory reserves 0 8.370 0 5.246 3.424 4.662

Retained earnings 699.811 634.045 655.348 694.565 638.990 650.685

Total equity 1.446.075 1.357.786 1.384.801 1.446.075 1.357.786 1.384.801

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Change in equity

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

Equity

Guarantee capital

Guarantee capital, beginning of year 729.054 704.213 704.213 729.054 704.213 704.213

Additions during the year 44.560 69.063 100.896 44.560 69.063 100.896

Disposals during the year 27.750 58.304 76.055 27.750 58.304 76.055

Guarantee capital 745.864 714.972 729.054 745.864 714.972 729.054

Revaluation reserves

Revaluation reserves, beginning of year 400 400 400 400 400 400

Total revaluation reserves 400 400 400 400 400 400

Statutory reserves

Statutory reserves, beginning of year 0 4.744 4.744 4.662 2.488 969

Transferred from this year’s earnings 0 3.309 -5.062 584 619 3.375

Other adjustments 0 317 318 0 317 318

Statutory reserves 0 8.370 0 5.246 3.424 4.662

Retained earnings

Retained earnings, beginning of year 655.348 573.331 573.331 650.685 575.587 577.105

Retained earnings 44.464 64.023 77.805 44.464 64.023 69.368

Retransfers of reserves 0 -3.309 0 -584 -620 0

Other adjustments 0 0 4.212 0 0 4.212

Retained earnings, end of period 699.811 634.045 655.348 694.565 638.990 650.685

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Note 1

Accounting policies

The Interim Report has been prepared in accordance with the Danish Financial Business Act and the Danish Execu-tive Order on Financial Reports for Credit Institutions and Investment Companies etc. (according to the executive order on account). Compared to 2010 year-end, the accounting policies are otherwise unchanged.

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Note 2 - Financial risks and policies and objectives relating to the management of financial risks

Financial risks and policies and

objectives relating to the

manage-ment of financial risks

The Bank is exposed to various types of risks. The primary risk types are credit risk on lending and market risk: interest rate risk, currency risk, share risk, liquidity risk and property risk. The following describes the Bank’s credit risks, the various market risks and operational risks.

Credit risk

Credit risk is the risk that the Bank will suffer a loss due to other parties being unable to meet their obligations. The Bank’s Board of Directors has laid down the framework for the Bank’s total credit risk, partly in instructions to the Board of Executives and partly in a general credit policy. The Board of Executives has allocated credit lines to relevant persons.

Credit risk of non-financial counterparties

The operational responsibility for the management of the Bank’s credit risk on non-financial counterparties is handled by the Bank’s credit unit. The credit exposure is supervised in the credit unit and by the Executive Board.

The Board of Directors receives regular reports on risks and the distribution on sectors and segments.

Credit policy

A specific credit policy has been prepared and adopted by the Bank’s Board of Directors. The aim of the credit policy is

to strike a balance between earnings and risk. The primary

customer groups are private individuals, agricultural custo-mers and small and medium-sized enterprises in market areas where the Bank is represented by a branch. Customers with a geographical location outside the Bank’s primary area are assumed to have some other relation to the Bank or its employees.

Credit is granted on the basis of a thorough financial insight into the customer’s affairs.

In Sparekassen Vendsyssel, we do not use credit score mo-dels.

Follow-up and management

A central credit unit regularly monitors developments in the credit quality of exposures. This unit regularly carries out sy-stematic control of the Bank’s entire portfolio of exposures. For exposures that develop negatively, the Customer Mana-ger prepares a separate action plan, possibly in collaboration with the credit unit. The assessment of whether there is an objective indication of impairment on a loan or a guarantee is made by the credit unit, which also calculates the extent of any impairment.

Weak exposures

Individual impairment losses on exposures are made when

it is probable based on objective criteria that the customer will not in full or in part be able to repay loans or credits. The internal risk management and reporting uses a wider defini-tion of risk than impairment losses. For a further definidefini-tion, see “Internal risk” below.

Risk spreading

The distribution of the Bank’s loan and guarantee portfolio on business sectors can be seen in note number 10. The largest individual industry group is loans and guaran-tee commitments to agriculture, the fishing industry and forestry. The Bank’s primary market area is characterised by the fact that agriculture in particular is a dominant business and therefore, it is also natural that the Bank’s loans and guarantee commitments for this industry form a material share of the overall balance sheet. In connection with its co-ownership of the mortgage credit institution DLR Kredit

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Note 2

A/S, the Bank is further exposed to the sector. As at 30 June 2011, the Bank’s shareholding in DLR Kredit A/S totalled DKK 168.8m.

Loans and guarantee commitments for property admini-stration also comprise a significant share of total loans and guarantees. This was, among other things, distributed on a considerable number of limited partnerships which focused on financing of a solid and return-generating asset as well as some wealthy limited partners who are liable for the Bank’s loans and guarantee commitments.

According to the Bank’s credit policy, the best possible collateral must always be secured. For investment credits, i.e. loan facilities granted for the purchase of securities, a stop-loss service clause has been included. According to this service clause, the Bank must monitor the investment agreement. If the agreement, cf. the concluded agreement, is in ”yellow or red light”, the Bank will contact the customer to agree whether to terminate the agreement or deposit additional capital as security. However, it should be pointed out that only limited investment credits have been granted to the Bank’s customers.

Major exposures

Exposures that exceed 10 per cent of the Bank’s capital base and are thus classified as major exposures are monitored on an ongoing basis. At 30 June 2011, the sum of these major exposures was 14.4 per cent of the capital base.

Internal risk

Solvency reserve

The impairment rules stipulated in ss. 51-54 of the Danish Executive Order on Financial Reports for Credit Institutions, which states that write-downs for impairment should only be effected if there are objective indications of impairment, mean that not all the Bank’s credit risks are reflected in los-ses and impairment loslos-ses. Consequently, the Bank prepares a separate statement of the internal risk calculated on the basis of the size of the individual exposure, the value of any security provided, and a prudent assessment of future ability to pay. Furthermore, the Bank regularly assesses other weak exposures which do not yet show any objective indications of impairment. These assessments are based on a principle of prudency. The internal credit risk of exposures is ter-med excess risk and corresponds to the amount reserved for credit risk in the statement of the individual solvency

requirement. At 30 June 2011, the excess risk totalled DKK 772m. This amount comprises the outcome of a stress test of the Bank’s total loans and guarantees and a capital reserve for customers with financial problems.

At 30 June, the corrective account was DKK 343.3m, which means that a total of DKK 1,115.2m has been set aside to cover the Bank’s credit risk.

Individual impairment losses

Due to the business structure of the market area in which the Bank operates, the Bank has considerable loans and guaran-tees to the agricultural sector. These loans and guaranguaran-tees total DKK 1,645.2m, corresponding to 18.0 per cent of total loans and guarantees.

Overall, the portfolio is estimated to be solid and charac-terised by a satisfactory diversification into various types of production. In connection with the annual review of expo-sures, the exposures showing an objective indication for impairment have been assessed to decide whether

write-downs are necessary, as stipulated in the accounting rules. Impairment losses and provisions for loans and guarantees to the agricultural sector total DKK 67.3m, corresponding to an accumulated impairment ratio of 4.1 per cent.

In addition to any write-downs, solvency has been reserved for the exposures showing signs of weakness. Weak exposures are categorised in accordance with the criteria as used by the Danish Financial Supervisory Authority.

Despite many improvements in the existing settlement prices within certain agricultural segments, many farmers will still find it difficult to generate a profit on their farms. Therefore,

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Note 2

the Bank has for the past few years had to finance operating losses for a number of farmers. This will also be the case in the years to come. Most likely, it will therefore be necessary to make material write-downs for impairment on the agricul-tural segment in the coming years.

According to Danish legislation, the Bank is not allowed to make provisions for future losses. Instead, the Bank’s management has decided to make an additional general industry-specific solvency reserve for loans and guarantees to the agricultural sector of DKK 31.3m.

At 30 June 2011, the total solvency reserve and write downs for impairment on loans and guarantees to the agricultural sector totalled DKK 256.2m, corresponding to 15.6 per cent of gross loans and guarantees to the agricultural sector. The Bank’s individual solvency requirement was 10.9 per cent at 30 June 2011. As compared to the actual solvency of 18.3 per cent, the Bank still has a solid solvency cover that exceeds the statutory requirements by 7.4 per cent.

For private customers, individual write-downs for impairment have been effected if the customer has breached the exposu-re. A current assessment of the value of the provided security has been recognised in the calculation of impairment losses.

Group write-downs

Group write-downs for impairment of loan portfolios are made when loan portfolios disclose objective impairment indications. For the calculation of these group write-downs, a mathematical and statistical model prepared by the Associa-tion of Local Banks, Savings Banks and Cooperative Banks in Denmark, which also maintains and develops the model, is used. The model takes 12 groups into account: One group for public authorities, one group for private customers and eight (industry) groups for corporate customers.

The model has been verified as valid by the Danish Financial Supervisory Authority, and the Bank has deemed that the model’s estimates fit its own circumstances. The calculation of group write-downs for impairment includes a number of objective factors such as unemployment figures, develop-ment in housing prices, interest rate developdevelop-ments, forced property sales, bankruptcies, fuel prices, etc.

Realised final losses

In 1H 2011, the Bank had a loss of DKK 15.6m of which DKK 13.1m had been written down for impairment or provided for.

This amount includes Sparekassen Vendsyssel’s share of the final adjustment regarding Bank Rescue Package I-losses of DKK 0.2m.

Market risks

Market risk is the risk of changes in the market value of the Bank’s assets and liabilities as a result of changes in market conditions. The Bank’s market risk includes interest rate risk, share risk and currency risk.

The Board of Directors lays down the overall political fra-mework and principles of the risk management. The Board of Directors receives regular reports on the development in risks and the use of the allocated risk framework. Sparekas-sen Vendsyssel’s fundamental policy in relation to market risk is that it never takes on market risks that may affect its room for manoeuvre.

For each type of market risk, the Bank has laid down a spe-cific framework, and an element of the risk assessment is to ensure a reasonable balance between risk and return. The Bank’s total market risk is managed on the basis of instructions from the Board of Directors to the Board of Executives. The Executive Board and the Board of Directors regularly receive reports on the Bank’s market risks.

Interest rate risk

Interest rate risk is mainly linked to the bond portfolio, pri-marily Danish bonds and to a lesser extent to fixed-interest deposits and loans. The Bank’s total interest rate risk is DKK 51.2m, corresponding to 3.3 per cent of its core capital after deductions. The risk is determined as the loss in the event of an increase in the interest rate level of one percentage point. In the determination of the total interest rate risk for bonds of DKK 92.2m, DKK 83.4m is attributable to the bond portfolio at amortised cost, which does not regularly affect the item market value adjustments.

The Bank’s interest rate risk is regularly assessed based on the Bank’s expectations to the cyclical situation and macroeconomic circumstances. Based on the turbulence on the bond market, a part of the interest risk from the bond portfolio is hedged by selling bond futures. The total interest rate risk is hereby reduced by DKK 14.9m.

Currency risk

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Note 2

currency market at its own expense. The Bank’s total curren-cy risk amounts to DKK 22.5m (net), corresponding to 1.43 per cent of the core capital after deductions. The currency risk is primarily calculated on the basis of positions in EUR.

Share risk

Sparekassen Vendsyssel invests some of its assets in shares, which are generally subject to greater risk than bonds. The share portfolio consists of listed shares and investment funds with a total market price of DKK 53.6m. In addition, the Bank has unlisted shares, primarily in a number of sector companies (strategic cooperation partners in the banking sector), at a market price of DKK 290.9m. These unlisted shares are regarded as being outside the trading portfolio.

Liquidity risk

Sparekassen Vendsyssel finances its activities via deposits, Tier 1 capital from customers, the Bank’s other equity, and via the interbank market. The Bank’s strategic objective is to finance loans to customers via customer deposits, pool deposits, and Tier 1 capital. This objective has been met. Funding on the interbank market is effected by raising tradi-tional loans in other credit institutions and by issuing bonds and subordinated capital in both DKK and EUR. The Bank’s liquidity reserves are managed by maintaining sufficient cash and cash equivalents, liquid securities and credit facilities. The liquidity reserve is determined with a view to ensuring a stable and adequate liquidity level so that the Bank can meet payment obligations resulting from its level of activity in due time.

The Board of Directors’ objective is that the Bank should hold liquidity reserves that exceed the statutory

require-ments of s. 152 in the Danish Financial Business Act by at least 75 per cent.

At 30 June 2011, the Bank’s excess liquidity reserves were 213.4 per cent. The liquidity reserve was DKK 3,513.3m, and the statutory requirement is DKK 1,121.2m. Funding with a remaining term to maturity of up to 12 months totalled DKK 208.8m. This amount is amply matched by the above liquidity reserve.

The Executive Board and the Board of Directors regularly receive reports on the liquidity situation.

Operational risk

Sparekassen Vendsyssel wishes to limit operational risks, taking into account the associated costs.

Internal procedures are based on written guidelines and descriptions. Processes are optimised on a current basis, and cross-organisational controls are carried out.

To counter operational risks, internal procedures are regularly assessed by the Bank’s management, including whether other risks, e.g. in relation to the IT system, may have negative consequences for the Bank. Skandinavisk Data Center A/S (SDC) is the Bank’s primary IT service provider. The Bank’s IT contingency plan is assessed at least once a year by the Board of Directors.

Sparekassen Vendsyssel has established a compliance function that is to help ensure that the Bank always meets external and internal requirements.

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Note 3 - 5 years financial highlights

Sparekassen Vendsyssel

1H 2011 1H 2010 1H 2009 1H 2008 1H 2007

Net interest income 174.156 175.461 157.955 117.268 95.544

Net income from interest and charges 249.121 252.037 227.428 179.079 151.909

Market value adjustments 4.453 20.994 2.096 -26.490 13.129

Other operating income 229 163 85 468 463

Staff costs and administrative expenses 123.158 117.497 104.623 97.144 86.017

Amortisation, depreciation and impairment of property,

plant and equipment and intangible assets 4.401 4.068 3.259 3.831 3.432

Other operating costs 18.778 15.877 14.392 132 310

- Payment to the Private Contingency Association 0 15.827 14.361 0 0

Impairment on loans and receivables etc 55.145 54.831 71.884 1.185 -2.338

Profit on investments in associates and group enterprises 1.977 4.443 -1.136 3.025 0

Profit before tax 54.298 85.363 34.315 53.790 78.081

Tax 9.834 21.340 10.204 12.388 15.174

Net profit for 1H 44.464 64.023 24.111 41.402 62.909

Group

1H 2011 1H 2010 1H 2009

Net interest income 174.368 175.671 157.156

Net income from interest and charges 249.329 252.241 226.627

Market value adjustments 4.402 20.945 2.096

Other operating income 0 1.494 1.477

Staff costs and administrative expenses 122.490 116.257 103.996

Amortisation, depreciation and impairment of property,

plant and equipment and intangible assets 4.516 4.252 5.129

Other operating costs 18.778 15.902 14.391

- Payment to the Private Contingency Association 0 15.827 14.361

Impairment on loans and receivables etc. 55.285 55.126 71.884

Profit on investments in associates and group enterprises 583 2.822 -262

Profit before tax 54.799 85.965 34.539

Tax 10.335 21.942 10.428

Net profit for 1H 44.464 64.023 24.111

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1H 2011 1H 2010 1H 2009 1H 2008 1H 2007

Assets

Cash (in hand) and demand deposits with central banks

andcredit institutions 412.730 342.975 371.647 290.089 107.731

Loans 6.436.136 6.100.082 5.901.441 5.473.571 4.457.446

Securities portfolio 3.143.271 3.873.825 1.670.477 1.608.057 1.321.311

Property, plant and equipment 129.328 135.331 143.542 133.032 133.990

Other assets 152.158 126.933 58.755 180.988 83.398

Total assets 10.622.485 10.792.544 8.283.397 7.806.762 6.196.300

Liabilities

Amounts owed tocredit institutionsand central banks 395.885 439.828 943.460 1.790.539 1.009.836

Deposits including pools 6.414.187 6.945.447 5.428.838 3.986.962 3.305.955

Other liabilities 198.024 193.031 137.403 265.782 177.397

Equity 1.446.075 1.357.786 1.340.190 1.518.968 1.467.242

Total liabilities 10.622.485 10.792.544 8.283.397 7.806.762 6.196.300

Contingent liabilities

Guarantees etc. 2.343.068 2.976.431 2.913.037 3.619.349 3.539.461

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Balance continued Group

1H 2011 1H 2010 1H 2009

Assets

Cash (in hand) and demand deposits with central banks

and credit institutions 413.613 343.579 371.647

Loans 6.415.816 6.075.141 5.849.549

Securities portfolio 3.143.271 3.873.825 1.670.477

Property, plant and equipment 194.617 210.883 224.813

Other assets 153.011 129.667 60.663

Total assets 10.658.847 10.830.174 8.307.907

Liabilities

Amounts owed to credit institutionsand central banks 425.422 470.398 963.870

Deposits including pools 6.414.187 6.945.124 5.428.801

Other liabilities 199.913 195.218 137.663

Equity 1.446.075 1.357.786 1.340.190

Total liabilities 10.658.847 10.830.174 8.307.907

Contingent liabilities

Guarantees etc. 2.324.498 2.957.057 2.904.532

Irrevocable credit commitments 10.000 30.000 30.000

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1H 2011 1H 2010 1H 2009 1H 2008 1H 2007

Solvency ratio pct. 18,3 17,6 16,8 17,8 18,0

Core capital percentage pct. 17,8 17,1 16,1 17,0 17,1

Return on equity before tax pct. 3,8 6,5 2,6 3,5 5,8

Return on equity after tax pct. 3,1 4,8 1,8 2,7 4,7

Income pr. DKK 1 of expenditure DKK. 1,27 1,44 1,18 1,50 1,89

Interest rate risk pct. 3,3 -0,9 4,0 3,4 3,5

Foreign currency position pct. 1,4 3,0 11,0 16,2 17,3

Currency risk pct. 0,0 0,0 0,0 0,0 0,0

Loans and impairments thereon relative to

deposits pct. 105,5 92,4 111,7 139,5 137,9

Loans related to equity pct. 4,4 4,5 4,4 3,6 3,0

Increase in loans for the period pct. 1,5 1,5 2,9 4,2 15,1

Excess solvency against liquidity requirement by

law pct. 213,5 306,2 149,1 93,4 70,4

Total large commitments pct. 14,5 26,9 16,0 33,3 15,5

Impairment ratio pct. 0,6 0,6 0,8 0,0 0,0

Group

1H 2011 1H 2010 1H 2009

Solvency ratio pct. 18,2 17,7 16,7

Core capital percentage pct. 17,7 17,1 16,0

Return on equity before tax pct. 3,9 6,5 2,6

Return on equity after tax pct. 3,1 4,8 1,8

Income pr. DKK 1 of expenditure DKK. 1,27 1,45 1,18

Interest rate risk pct. 3,4 -0,6 4,0

Foreign currency position pct. 1,7 3,3 11,0

Currency risk pct. 0,0 0,0 0,0

Loans and impairments thereon relative to

deposits pct. 105,7 92,7 110,7

Loans related to equity pct. 4,5 4,5 4,4

Increase in loans for the period pct. 1,5 1,6 2,8

Excess solvency against liquidity requirement by

law pct. 212,1 305,5 148,7

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Note 4 - 10

Note 4 - 8

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2009

4. Interest receivable

Credit institutions and central banks 1.715 3.737 5.765 1.716 3.737 15.467

Loans and other receivables 225.832 218.491 436.085 226.373 219.052 464.597

Bonds 58.864 47.036 97.814 58.865 47.036 64.172

Other interest receivable 0 1 129 0 1 310

Total interest receivable 286.411 269.265 539.793 286.954 269.826 544.546

5. Interest payable

Credit institutions and central banks 5.033 5.610 9.429 5.932 5.961 30.658

Deposits and other debt 57.474 59.874 118.714 56.906 59.874 136.030

Bonds issued 25.559 5.024 27.020 25.559 5.024 9.424

Subordinated debt 12.484 12.416 24.817 12.484 12.416 9.135

Guarantee capital 11.684 10.880 22.108 11.684 10.880 28.138

Other interest payable 21 0 87 21 0 43

Total interest payable 112.255 93.804 202.175 112.586 94.155 213.428

6. Fees and commissions received

Securities trading and custody accounts 11.744 9.889 20.430 11.744 9.889 17.211

Payment services 2.773 1.444 2.874 2.773 1.444 2.297

Loan fees 6.780 8.609 17.017 6.780 8.609 13.386

Guarantee commission 13.961 18.212 36.301 13.961 18.212 35.621

Other fees and commissions 42.698 40.910 63.368 42.702 40.914 58.883

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Note 4 - 10

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

7. Market value adjustments

Other loans and receivables at fair value -4.899 2.391 7.621 -4.950 2.342 5.555

Bonds -9.196 7.806 -6.373 -9.196 7.806 5.439

Shares etc. 19.118 5.381 5.875 19.118 5.381 7.217

Investment properties -516 301 301 -516 301 -5.200

Foreign currency -559 4.817 4.632 -559 4.817 3.530

Currency, interest, share, raw material and

other contracts and financial derivatives 505 298 309 505 298 -264

Pooled assets 429 5.419 16.841 429 5.419 11.927

Pooled deposits -429 -5.419 -16.841 -429 -5.419 -11.927

Total market value adjustments 4.453 20.994 12.365 4.402 20.945 16.277

8 Staff costs and administrative expenses Salaries of Board of Directors, Board of Executives and Board of Representa-tives

Board of Executives 2.531 3.686 6.491 2.531 3.686 7.439

Board of Directors 769 825 1.519 769 825 1.630

Total 3.300 4.511 8.010 3.300 4.511 9.069

Staff costs

Wages and salaries 62.822 56.817 115.042 62.822 56.817 104.731

Pensions 7.325 6.606 13.695 7.325 6.606 12.591

Social security 8.329 6.895 13.463 8.329 6.895 12.218

Total staff costs 78.476 70.318 142.200 78.476 70.318 129.540

Other administrative expenses 41.382 42.668 82.454 40.714 41.428 76.100

Total staff costs and administrative

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Note 4 - 10

Note 9

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

9. Impairment

Impairment of loans, individual asses-ment

Impairment of loans, beginning of period 277.297 258.304 258.304 278.206 258.304 258.830

New impairment during the period 61.681 66.902 131.229 61.870 67.027 131.637

Reversal of impairment from previous

periods 7.181 12.337 14.866 7.181 12.337 14.890

Final loss 12.883 6.061 97.370 12.883 6.061 97.371

Impairment of loans, individual

asses-ment 318.914 306.808 277.297 320.012 306.933 278.206

Impairment of loans, group assessment Impairment, group assessment, beginning

of period 12.332 13.726 13.726 12.367 13.726 13.783

New provisions during the period 2.760 1.660 2.732 2.757 1.660 2.732

Reversal of provisions from previous

periods _1.067 _2.896 _4.125 _1.067 _2.914 _4.148

Total provisions for losses on

guaran-tees, group assessment 14.025 12.490 12.332 14.057 12.472 12.367

Total impairment losses on loans 332.939 319.298 289.629 334.069 319.405 290.573 Individual provisions for losses on

guarantees

Individual provisions, beginning of period 10.924 36.714 36.714 10.924 36.714 36.714

New provisions during the period 190 8.944 22.627 190 8.944 22.627

Reversal of provisions from previous

periods 572 3.855 6.906 572 3.855 6.906

Final loss 190 0 41.511 190 0 41.511

Individual provisions for losses on

guarantees 10.352 41.803 10.924 10.352 41.803 10.924

Total provisions for losses on

guaran-tees 10.352 41.803 10.924 10.352 41.803 10.924

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Note 4 - 10

Note 9 continued 1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

Impairment losses during the period -64.441 -68.562 -133.960 -64.627 -68.687 -134.368

Impairment losses not previously registred -2.600 -94 -499 -2.600 -94 -2.488

This period’s reversed write-downs 8.248 15.233 18.991 8.248 15.251 19.038

Incurred in previously written off debt

receivables 3.266 3.706 8.659 3.333 3.731 8.717

- thereof interest receivable from

impair-ments 3.157 3.467 7.260 3.178 3.492 7.316

Value adjustment on temporary aquired

assets 0 -25 1.049 -21 -238 701

Influence on the result due to

write-downs on loans granted -55.527 -49.742 -105.760 -55.667 -50.037 -108.400

Allocated for losses on gurantees issued

this period -190 -8.944 -22.627 -190 -8.944 -22.627 Reversed write-downs on guarantees

iss-sued this period 572 3.855 6.906 572 3.855 6.906

Influence on the result due to losses on

guarantees 382 -5.089 -15.721 382 -5.089 -15.721

Operational influence on write-downs

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Note 4 - 10

Note 10

1H 2011 1H 2010 2H 2010 1H 2011 1H 2010 2H 2010

10. Distribution of loans, receivables and gurantees (%)

Public authorities 0,0 1,7 0,0 0,0 1,7 0,0

Trade and industry:

Agriculture, hunting, forestry and fishing 18,0 18,9 19,3 18,1 19,0 19,4

Industry and raw material extraction 5,7 2,7 3,3 5,7 2,7 3,3

Energy supply 3,8 3,6 3,8 3,8 3,6 3,8

Building and construction 5,3 5,9 6,3 5,3 5,9 6,3

Commerce 4,0 4,9 5,1 4,0 4,9 5,1

Transport, hotels and restaurants 2,4 3,4 3,2 2,4 3,5 3,2

Information og kommunikation 0,3 0,0 0,6 0,3 0,0 0,6

Credit, finance and insurance 3,2 2,4 2,6 2,8 2,4 2,2

Real estate 6,8 10,5 6,8 6,6 10,6 6,6

Other trade and industry 7,6 5,1 8,0 7,5 5,2 8,0

Total trade 57,1 57,4 59,0 56,6 57,8 58,4

Private 42,9 40,9 41,0 43,4 40,5 41,6

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Sparekassen Vendsyssel’s branches Main office Østergade 15 9760 Vrå Telephone number: 82 22 90 00 E-mail: [email protected] Brovst Stationsvej 8 9460 Brovst Telephone number: 82 22 94 60 E-mail: [email protected] Brønderslev Albani Plads 1 9700 Brønderslev Telephone number: 82 22 97 00 E-mail: [email protected] Fjerritslev Søndergade 13 9690 Fjerritslev Telephone number: 82 22 96 90 E-mail: [email protected] Frederikshavn Centrum Parallelvej 23 9900 Frederikshavn Telephone number: 82 22 99 00 E-mail: [email protected] Frederikshavn Vestby Maigårdsvej 2F 9900 Frederikshavn Telephone number: 82 22 93 30 E-mail: [email protected] Halvrimmen Aalborgvej 8, Halvrimmen 9460 Brovst Telephone number: 82 22 91 00 E-mail: [email protected] Hirtshals Jyllandsgade 14 9850 Hirtshals Telephone number: 82 22 98 50 E-mail: [email protected] Hjørring

Brinck Seidelins Gade 10 9800 Hjørring Telephone number: 82 22 98 00 E-mail: [email protected] Hundelev Vennebjergvej 7, Hundelev 9800 Hjørring Telephone number: 82 22 90 66 E-mail: [email protected] Hørby Hjørringvej 105, Hørby 9300 Sæby Telephone number: 82 22 92 33 E-mail: [email protected] Jerslev Voldgade 11 9740 Jerslev J Telephone number: 82 22 97 40 E-mail: [email protected] Klokkerholm Borgergade 19, Klokkerholm 9320 Hjallerup Telephone number: 82 22 93 20 E-mail: [email protected] København Gammel Strand 42,1 1202 København K Telephone number: 82 22 98 88 E-mail: [email protected] Lønstrup Strandvejen 62, Lønstrup 9800 Hjørring Telephone number: 82 22 92 66 E-mail: [email protected] Sindal Nørre Torv 11 9870 Sindal Telephone number: 82 22 98 70 E-mail: [email protected] Skagen Sct. Laurentii Vej 33 9990 Skagen Telephone number: 82 22 99 90 E-mail: [email protected] Skovsgård Hovedgaden 19, Skovsgård 9460 Brovst Telephone number: 82 22 94 70 E-mail: [email protected] Sæby Grønnegade 4 9300 Sæby Telephone number: 82 22 93 00 E-mail: [email protected] Ulsted Jyllensgade 14, Ulsted 9370 Hals Telephone number: 82 22 93 70 E-mail: [email protected] Aabybro Østergade 27 9440 Aabybro Telephone number: 82 22 94 40 E-mail: [email protected]

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