Enterprise Holdings Limited
Enterprise Holdings Limited: Positive result in first nine months of fiscal year: EBITDA of GBP +5.4m, Outlook: increasing profits and cashflows, First follow-up rating for bond 2015/20 and rating update for bond 2012/17
DGAP-News: Enterprise Holdings Limited / Key word(s): 9-month figures/Rating 2016-01-28 / 12:43 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Positive result in first nine months of fiscal year: EBITDA of GBP +5.4m Outlook: increasing profits and cashflows First follow-up rating for bond 2015/20 and rating update for bond 2012/17 Financial figures summary In the past 9 months ending 31 December 2015 Enterprise Holdings Group achieved a volume of premiums of GBP 93.3 million. The technical account that mainly reflects the operational insurance business is GBP +17.3 million. Adding the charges from the non-technical account the Group results show a positive EBITDA of GBP +5.4 million for the first nine months of the current financial year. The net profit for the 9 months period is GBP +2.7 million. On 1 April the cash position was 27.6m GBP, by end of December 2015 the cash position was 28.3m GBP. Taking into account that in October 2015 the company paid 9.0m euro to buy back 2012/17 bonds there was a massive net cash inflow in the first nine months from April to December 2015 from operating activities. For the first time the consolidated figures in Q3 include all of the insurance related businesses that came into the group in the first half of fiscal year, like claims handling management, insurance brokerage, underwriting and underwriting advisory. Outlook for current fiscal year 2015/16 Andrew Flowers, CEO of Enterprise Holdings: "The results from the first nine months of the current fiscal year show that the Group operates with increasing profitability and positive cashflows. The vertical diversification strategy of bringing in new insurance related businesses to the Group now starts to pay off. Additionally by increasing the Group's equity we have significantly improved the bondholders' position. The positive results coming from the newly consolidated companies, the high reserves booked in the operational insurance company and the best practise project to achieve the Solvency II requirements gives us a high level of confidence that we will be able to pay the interest on time and to redeem both bonds at maturity. Therefore every month we transfer money for each bond into specials accounts to secure the bondholders' interest payments, respectively redemption of the principal amount." Update on Special Accounts Bond 2015/20: According to the terms and conditions of the bond, starting May 2015 every month the issuer credits 10 percent of the yearly interest payment to this separate bank account. These monies are for the payment of the yearly interests to investors. The current credit balance is 1,432,000 euro. The special account's monthly development is published regularly on the company's website www.enterprise-holdings.de -> Bond 2015/20 -> Factsheet. Bond 2012/17: Based on the estimated monthly profits since September 2012 the company has credited 17,520,000 Euro to this separate bank account and also transferred the interest payments of 2,450,000 Euro each to the bond holders on 26 September 2013 and 2014 and another 2,009,000 Euro on 26 September 2015 respectively. In October 2015 there was a one-off payment of 1,000,000 Euro to the special account and in the following 8,945,000 Euro from the credit balance have been used to redeem bonds. Therefore the current credit balance in the special account is 1,727,000 Euro. The special account's monthly development is published regularly on the company's website www.enterprise-holdings.de -> Bond 2012/17 -> Factsheet. Rating Update Based on the 9M financial figures as well as on the documents and detailed analysis provided by the company, the Creditreform Rating AG performed a review and as a result canceled the "watch" status from December 2015 for both bonds. This first follow-up rating resulted in a BBB- Rating for the bond 2015/20 that was issued end of March 2015. The first interest payment for the 7% bond will be paid to the bondholders on 30 March 2016. Rating history: March 2015: BBB+ , January 2016: BBB- For the bond 2012/17, issued in September 2012, the rating has been adjusted to BBB. The fourth interest payment for the 7% bond will be paid to the bondholders on 26 September 2016. Rating history: August 2012: A-, August 2013: A-, August 2014: A-, August 2015: A-, Januar 2016: BBB Service The non-audited 9 months Group financial statements as of 31 December 2015 are available on the company's website www.enterprise-holdings.de Additionally the new rating certificates are available on the company's website. The second follow-up rating for bond 2015/20 is scheduled for January 2017 and the fourth follow-up rating for bond 2012/17 is scheduled for August 2016. End of corporate news Enterprise Holdings Ltd. 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 general insurance solutions, apart from life insurance products. The affiliated companies deliver insurance specific auditing services as well as administrative and marketing services. The Group focuses its activities on high-yield niches within the European general insurance market. The main category of the offered insurances is in the field of automobile damage and third party insurance, legal costs insurance, household contents insurance and guarantees. Main markets are currently the United Kingdom, France, Greece and Italy. Bond issue 2015/20 Since 30 March 2015 the Enterprise Holdings' corporate bond 2015/20 is listed in the Entry Standard segment at Boerse Frankfurt (International Security Identification Number (ISIN): DE000A1ZWPT5). Bond issue 2012/17 Enterprise Holdings' corporate bond 2012/17 is listed in the Entry Standard segment at Boerse Frankfurt (International Security Identification Number (ISIN): DE000A1G9AQ4) since 26 September 2012. The originally issued volume of the bond was 35m euro. During the exchange offer that ended 26 March 2015, holders of the bond exchanged 6.3m euro into the new bond 2015/20. Additionally in October 2015 the company redeemed Euro 9.2m bonds from an investment fund. Therefore the total volume of the bond 2012/17 currently is 19.5m euro. For more information about the bonds please visit our website, especially the sections "Bond 2015/20" and "Bond 2012/17" 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 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. --------------------------------------------------------------------------- 2016-01-28 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. 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