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DGAP-News: Enterprise Holdings Limited disclosed first semi-annual report: Accelerated growth expected in second half of current fiscal year - Positive outlook for fiscal year ending 31 March 2013

ID: 1183530
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(businesspress24) - DGAP-News: Enterprise Holdings Limited / Key word(s): Half Year
Results/Results Forecast
Enterprise Holdings Limited disclosed first semi-annual report:
Accelerated growth expected in second half of current fiscal year -
Positive outlook for fiscal year ending 31 March 2013

31.12.2012 / 19:00

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Press Release
Munich, 12/31/2012

Enterprise Holdings Limited disclosed first semi-annual report:
Accelerated growth expected in second half of current fiscal year
Positive outlook for fiscal year ending 31 March 2013

Strong growth in gross written premiums (GWP)
The gross written premiums (GWP) in Enterprise Holdings Limited for the six
months from 1st April 2012 to 30th September 2012 amounted to GBP 56.7m,
which compares with a full year forecast of above GBP 150m.

Accelerated growth in second half of current fiscal year
The funds generated from the bond issue created additional solvency capital
and enabled the company to accelerate the growth in premium volumes.
Therefore a number of new lines of business have commenced in the second
quarter.
With the expected injection of additional solvency capital and further
product launches that are ready to go live in existing and new markets in
the second half of the year the company expects to see strong volume growth
in quarters 3 and 4 as a result. GBP 18.6m of GWP was written in October
2012 only.

Strong increase in technical result in second half of current fiscal year
As a result of GWP being lower in the first half of the year than is
anticipated in the second half, the technical result was also expected to
show a lower result in the first half year relative to the second half. The
technical result for the half-year is GBP 4.28m which compares with a full
year forecast of GBP 15.4m.



One-off costs
In September 2012 Enterprise Holdings Limited issued a bond on the
Frankfurt Stock Exchange looking to raise EUR 35m to fund future expansion
plans across the Group and within the Group's main trading company,
Enterprise Insurance Company Plc. The one-off costs related to the Bond
issuance process that have been reflected in the half year figures are
approximately GBP 0.75m.

Changes in reserves calculation method
The company increased the technical reserves for claims provisions in the
UK motor market in the first half of the year. The change of the claim
handler and the shortening of the claims cycles caused a short term hit to
the profit and loss account.
However, the change of the claim handler in the UK will lead to increased
efficiency in the handling of claims and a resulting reduction in claims
costs which will accrue to the profit and loss in future months.

Outlook: Ongoing profitable growth
'Claims reserves are now set on the basis of 'worst case scenario'. It
would therefore be expected that the level of reserves carried at the half
year are more than adequate and indeed the company would expect to see the
level of reserves come down in the second half year as claims settle.
We therefore remain very optimistic that strong premium income and profit
growth will be generated in the second half of the year and beyond', states
Andrew John Flowers, CEO and Founder of Enterprise Holdings.

Semi-annual report
The un-audited semi-annual report for the six months from 1st April 2012 to
30th September 2012 is now available for download on the company's website
www.enterprise-holdings.de in the section Services ->Financial Reports

Bond issue
In September 2012 Enterprise Holdings Limited issued an A- rated bond in
the Entry Standard segment at Boerse Frankfurt (International Security
Identification Number (ISIN): DE000A1G9AQ4)
For more information about the bond issue please visit our website,
especially the section 'Bond' at www.enterprise-holdings.de


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(at)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

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31.12.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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

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197948 31.12.2012



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Date: 12/31/2012 - 19:00
Language: English
News-ID 1183530
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