Enterprise Holdings Limited
Enterprise Holdings Limited: Fiscal Year 2013/14 Shows Higher Gross Written Premium (GWP) and Very Positive Cash Flows – Bond Investors’ Position Highly Secured with Funds in Special Account
DGAP-News: Enterprise Holdings Limited / Key word(s): Final Results/Bond 10.10.2014 / 11:23 --------------------------------------------------------------------- Fiscal Year 2013/14 Shows Higher Gross Written Premium (GWP) and Very Positive Cash Flows Bond Investors' Position Highly Secured with Funds in Special Account Financial figures summary The past business year ending 31 March 2014 brought another rise in the total volume of premiums which increased from GBP 134.8 million by 13.3% to GBP 152.7 million. This development has been accompanied by an increase in total assets from GBP 165.5 million as per 31 March 2013 to GBP 188.9 million as per 31 March 2014, mirroring the mechanism of the business model. On an operational basis the Group achieved a positive technical result of 9.3 m GBP (previous year: negative 0.7m GBP). Due to the charges from the non-technical account the Group results show a loss for the financial year of GBP 5.8 million (previous year: GBP 12.8 million). The net cash inflow from operating activities was GBP 15.6 million. Compared to GBP 1.3 million in the previous fiscal year this is a very positive development. Outlook for fiscal year 2014/15 Andrew Flowers, CEO of Enterprise Holdings: "The re-evaluation of loss provisions which was performed last year to comply with regulatory requirements has restricted our growth opportunities. The company therefore decided in the past business year to increase the efficiency of its loss regulation system by establishing a dedicated unit located in Manchester (UK). We are currently running our business with increasing profitability and significantly positive cash flows and we expect the new system to cut costs and to reduce the loss ratio significantly. The results of the first months of the current fiscal year support this expectation. For the current fiscal year we expect a relatively flat development of GWP, however, simultaneously bring the profitability to a much higher level. Based on the company's business plan and the existing level of demand for new insurance policies in different industries and geographical regions, I expect to generate strong future profits and cashflows to service the bond." The consolidated Group annual statements as of 31 March 2014 are available on the company's website www.enterprise-holdings.de A- Rating again confirmed The second follow-up rating performed by Creditreform Rating AG confirmed the A- rating that has been achieved in August 2012 when Enterprise Holdings issued a 35m euro bond, as well as the first follow-up rating from August 2013. Therefore the Enterprise Holdings' bond the only bond of a non real estate company that has been granted an A- Rating in the SME bond segment. The rating report is available on the company's website www.enterprise-holdings.de 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. To secure the payments for the interests and the principal amount to the bond holders Enterprise Holdings already has separated 10.1m euro from monthly operational profits in the special account. The second interest payment of 2.45m euro for the 7% bond has been paid to the bondholders on 26 September 2014. As of today the credit balance in the special account is 5.2m euro." The balance of this account is published regularly on the company's website www.enterprise-holdings.de -> bond -> factsheet. Upcoming Event: Deutsches Eigenkapitalforum Conference in Frankfurt Andrew John Flowers, CEO and Founder of Enterprise Holdings Ltd., will hold a presentation at the Deutsches Eigenkapitalforum Conference in Frankfurt on 25 November 2014. The conference is Europe's largest and most important capital market event for corporate financing. From 24 to 26 November 2014 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. 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. --------------------------------------------------------------------- 10.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 291043 10.10.2014
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