Enterprise Holdings Limited
Enterprise Holdings Limited: Financial Figures for FY 2012/13: Strong Growth in Gross Written Premium (GWP) combined with Positive Cashflows – Ongoing Profitable Growth Scheduled – Bond Investors’ Position Highly Secured: 4.75 m euro in Special Account
Enterprise Holdings Limited / Key word(s): Final Results/Bond 30.09.2013 / 15:02 --------------------------------------------------------------------- Financial Figures for Fiscal Year 2012/13: Strong Growth in Gross Written Premium (GWP) combined with Positive Cashflows Ongoing Profitable Growth Scheduled for the Future Bond Investors' Position Highly Secured: 4.75 m euro in Special Account after 12 Months Financial figures summary The past business year brought another significant rise in the total volume of premiums which increased from GBP 75.2 million on 31 March 2012 to GBP 134.8 million as per 31 March 2013. This development has been accompanied by an increase in total assets from GBP 94.8 million as per 31 March 2012 to GBP 165.5 million as per 31 March 2013, mirroring the mechanism of the business model. Reflecting a reassessment of the loss provisions which was based on the absence of a recent claims history, one-off non-cash expenses with a total volume of GBP 19.5 million were disclosed in the annual statement as per 31 March 2013 which adversely affected the otherwise highly positive operating result as well as, accordingly, the equity ratio. Andrew Flowers, CEO of Enterprise Holdings: 'For the past three years we now have been able to generate continuously positive cash flows from our operative business and we currently face a significant increase in the volume of premiums for the period after 31 March 2013. The one-off reassessment, we were forced to do by the actuary and the regulating authorities, lead to a loss situation in fiscal 2012/13, however, did not affect the cashflows. I therefore support the rating auditors' opinion given in their recent rating report that on the basis of the anticipated claims scenario it makes the position of the bond holders more rather than less secure, since the bond is constructed in such a way that this arrangement does not affect payments into the special account from which interests and principal are being paid, while leading to a significantly increase in the loss reserves. Based on the company's business plans and the existing level of demand for new insurance policies in different industries and geographical regions, I expect the planned growth to generate strong future cashflows to service the bond.' The consolidated Group annual statements as of 31 March 2013 are available on the company's website www.enterprise-holdings.de The follow-up rating performed by Creditreform Rating AG in August 2013 confirmed the A- rating. Guidance for Fiscal Year 2014 Due to the regulations in the insurance industry 16 percent of the value of the insurance written (GWP) must be held in equity at bank. Without additional funding this limits the future growth. By underwriting new profitable niche insurance schemes it is scheduled that the annual GWP should grow to at least 250 million euro in fiscal year 2013/2014 (ending 31 March 2014). The corporate bond is listed in the Entry Standard segment at Boerse Frankfurt (International Security Identification Number (ISIN): DE000A1G9AQ4). 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 figures the company transferred another 400,000 euro for August 2013 to the account. As of today the total amount deposited in this separate bank account is 4,750,000 euro less 2,450,000 euro for first years' interest payment. The balance of this account will be published regularly on the company's website www.enterprise-holdings.de -> bond -> factsheet. The first interest payment of 2.45m euro has been paid to the bond holders on 26 September 2013. Upcoming Event: Deutsche Eigenkapitalforum Conference in Frankfurt Andrew John Flowers, CEO and Founder of Enterprise Holdings Ltd., will hold a presentation at the Deutsche Eigenkapitalforum Conference in Frankfurt on 13 November 2013. The conference is Europe's largest and most important capital market event for corporate financing. From 11 to 13 November 2013 this platform for information and networking acts as a meeting point for the entire community - comprising of entrepreneurs, investors and analysts as well as the financial services sector. 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 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 --------------------------------------------------------------------- 30.09.2013 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 --------------------------------------------------------------------- 232583 30.09.2013
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