DGAP-News: Enterprise Holdings Limited / Key word(s): Half Year Results/Interim Report Enterprise Holdings Limited: Semi-annual report shows strong growth in premiums and profit - Current fiscal year ending 31 March 2014 probably becomes best year in history 02.01.2014 / 08:15 --------------------------------------------------------------------- Strong growth in gross written premiums (GWP) The non-audited interim figures for the 6 months period from 1 April until 30 September 2013 show 74.3m GBP in gross written premium (GWP) compared to 56.7m GBP for the 6 months period that ended 30 September 2012. Very positive profit figures On an operational basis the Group achieved a positive technical result of 11.1m GBP (previous year: 3.3m GBP) which resulted in an earnings before interest, tax and amortization (EBITDA) figure of 6.9m GBP (p/y: loss 2.7m GBP). Outlook: Further growth in GWP and profit in second half of current fiscal year expected Andrew Flowers, CEO of Enterprise Holdings Ltd: 'We continue to expect a very strong organic growth in the existing insurance schemes and therefore for the current fiscal year we forecast an increase in gross written premium to the range of 175m to 200m GBP. In the previous fiscal year 2012/13 that ended 31 March 2013 we achieved 134.8m GBP. Last year we also increased the technical reserves for claims provisions in the UK motor market and set them on the basis of a 'worst case scenario'. The first results from our internal reserves review, which we currently perform, allowed us to release a smaller part of the existing reserves as of 30.09.2013, which has direct impact on our semi-annual financial result. Beside positive contribution from the operational business we expect that we can release an additional substantial amount of the existing reserves by end of the current fiscal year. With the combination of these two effects we are optimistic that 2013/14 will become the most profitable year in the company's history.' Update on Special Account According to the terms and conditions of the bond, the issuer shall deposit an amount equal to 50% of the issuer's estimated monthly net distributable profits in a specially designated bank account until the monies deposited in such account reach a level equivalent to the aggregate of the principal amount of the Bond and any interest due during the term. Based on the estimated November results in December the company transferred another 400,000 euro to the special account. As of today the total amount deposited in this separate bank account is 5,950,000 euro. Less 2,450,000 euro for first years' interest payment on 26 September 2013 the current net cash balance is 3,500,000 euro. The special account development is published regularly on the company's website www.enterprise-holdings.de -> bond -> factsheet. Semi-annual report The un-audited semi-annual report for the six months from 1st April 2013 to 30th September 2013 is now available for download on the company's website www.enterprise-holdings.de in the section Services -> Financial Reports End of press release Enterprise Holdings Group - an owner-lead insurance firm Lead by its founder the company holds several other subsidiaries together with affiliated service companies. The group offers independent white label solutions, apart from life insurance products. The affiliated companies deliver insurance specific auditing services as well as control and marketing services. The group focuses its activities on high-yield niches within the European insurance market. The main category of the offered insurances is in the field of automobile third party insurance, legal costs insurance, household contents insurance and guarantees. Main markets are currently Great Britain, France and Greece. Bond issue Enterprise Holdings' corporate bond is listed in the Entry Standard segment at Boerse Frankfurt (International Security Identification Number (ISIN): DE000A1G9AQ4). The follow-up rating in 2013 confirmed the A- rating that has been achieved in August 2012 when Enterprise Holdings issued a 35m euro bond. For more information about the bond please visit our website, especially the section 'Bond' at www.enterprise-holdings.de Bond Investor Relations / Press Please direct all your requests to: max. Equity Marketing GmbH Maximilian Fischer Marienplatz 2 80331 Munich, Germany Tel: +49 89 139 28890 E-Mail: ir@enterprise-holdings.de IMPORTANT NOTE - Disclaimer Prospective investors of the Securities should recognise that the Securities constitute a risk investment, which can lead to a total loss of their investment in the Securities. Potential investors must therefore be prepared and able to sustain a partial or even a total loss of the invested capital. Any investors interested in purchasing the Securities should assess their financial situation, to ensure that they are in a position to bear the risks of loss connected with the Securities. Therefore, please contact your credit and securities institutions. The admissibility of the acquisition of a security may at various conditions, especially your nationality be bound. Please inform yourself before an investment. This information does not constitute an offer to sell or a solicitation of an offer to purchase any securities of Enterprise Holdings Limited ('issuer'). A decision on an investment in the securities of the issuer may only be made on the basis of the securities prospectus ('prospectus') which is approved by the Federal Financial Supervisory Authority (BaFin) and is published on the website www.enterprise-holdings.de. Only the information contained in the prospectus is binding in connection with the offer. This information may not be disseminated outside of Germany and Austria, in particular not in the United States, to US Persons according to regulation S of the US Securities Act of 1933 or to publications with a general circulation in the United States. Any person who fails to comply with these restrictions may violate the security laws of certain jurisdictions, in particular of the United States. Bonds in Enterprise Holdings Limited are not publicly offered outside of Germany and Austria. The Notes will not be registered under the Securities Act of 1933, or any applicable state or foreign securities laws, and are subject to substantial restrictions on transfer. In particular, the Notes may not be offered or sold in the U.S., or to or for the benefit of U.S. persons, absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. The securities mentioned in this press release are not being and will not be offered for sale to the public in the United States, Australia, Canada and Japan. End of Corporate News --------------------------------------------------------------------- 02.01.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 246535 02.01.2014
DGAP-News: Enterprise Holdings Limited: Semi-annual report shows strong growth in premiums and profit - Current fiscal year ending 31 March 2014 probably becomes best year in history
| Source: EQS Group AG