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PRESS RELEASE: 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

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

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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 http://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 http://www.enterprise-holdings.de in the section Services -> Financial Reports

End of press release

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