DGAP-News: Enterprise Holdings Limited / Key word(s): Half Year
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
Further growth in GWP and profit in second half of current fiscal year
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
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.
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.
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
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
80331 Munich, Germany
Tel: +49 89 139 28890
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
End of Corporate News
02.01.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
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