Eurohold Bulgaria AD

Earnings Release • Jul 15, 2016

Realized sales in June 2016 by the companies in the group of Eurohold

EUROINS INSURANCE GROUP (EIG)

The insurance holding EUROINS INSURANCE GROUP registered a 19.3% decline in premiums (GWP) for June amounted to EUR 19.1 mm compared to EUR 16 mm for the same month of 2015. (Table 1.).

Table 1.
EIG	June
	(EUR'000)		Change (%)
	06'2016	06'2015
Euroins Bulgaria	4 430	4 050	9.4%
Motor Hull	1 174	1 122	4.6%
Motor TPL	2 221	1 581	40.5%
Property	77	568	-86.5%
Active reinsurance	582	-	-
Other	377	779	-51.6%
Euroins Romania	13 729	10 995	24.9%
Motor Hull	100	122	-18.4%
Motor TPL	13 144	10 447	25.8%
Property	152	125	21.3%
Other	333	301	10.5%
Euroins Macedonia	868	863	0.5%
Motor Hull	76	78	-2.8%
Motor TPL	554	587	-5.6%
Property	146	55	166.4%
Other	92	144	-35.8%
Euroins Life	53	79	-32.9%
EIG TOTAL GWP	19 080	15 988	19.34%

Source: EIG

For the first six months of 2016 the GWP of EUROINS INSURANCE GROUP registered 3.3% growth amounted to EUR 119.8 mm compared to EUR 116 mm for January-June 2015, according to preliminary data (Table 2.).

Euroins Bulgaria reported a decline in premiums in the first six months of over 14%, which is the result of accounted in May'2015 EUR11.6 million from active reinsurance. If you eliminate the above one-off effect of reinsurance, the direct insurance business of Euroins Bulgaria was increased by approximately 37% for the first six months of 2016.

Euroins Romania registered above 11% growth in premiums for the first six months. As a result of the rapid pace of development in recent years, Euroins Romania is now the third company by market share on the Romanian insurance market. Currently, the company focuses on quality and diversification of its insurance portfolio through detailed market segmentation, which significantly reduces the levels of risk taken. For the current year the goal of management is to keep the market position and to improve significantly the financial result.

Table 2.
	January-June
EIG		(YTD)
	(EUR'000)		Change (%)
	01-06'2016	01-06'2015
Euroins Bulgaria	27 382	32 064	-14.6%
Motor Hull	5 687	5 102	11.5%
Motor TPL	12 771	8 396	52.1%
Property	1 441	1 702	-15.3%
Active reinsurance	1 400	11 565	-87.9%
Other	6 084	5 299	14.8%
Euroins Romania	87 961	79 162	11.1%
Motor Hull	655	764	-14.2%
Motor TPL	84 199	75 461	11.6%
Property	881	783	12.5%
Other	2 225	2 154	3.3%
Euroins Macedonia	4 073	4 248	-4.1%
Motor Hull	342	343	-0.4%
Motor TPL	2 655	2 639	0.6%
Property	430	387	11.1%
Other	646	880	-26.5%
Euroins Life	345	498	-30.8%
EIG TOTAL GWP	119 761	115 972	3.27%
			Source: EIG

AVTO UNION

The automotive holding AVTO UNION registered 17.5% decline with total of 430 sales of new PC and LCV for June, 2016 compared to 521 units realized in June, 2015. The highest number of sales for the month was realized by Espace Auto (Renault, Dacia) with 220 units, followed by Star Motors (Mazda) with 70 units, Auto Italia (Alfa Romeo, Fiat, Lancia, Maserati) with 40 units, Nissan Sofia (Nissan) - 56 units and Bulvaria (Opel, Chevrolet) with 25 units. (Table 3.)

Table 3.
Avto Union	June
Company	Units	Units	Change (%)
	06'16	06'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	59	59	0.0%
NISSAN SOFIA	56	97	-42.3%
NISSAN
ESPACE AUTO	220	266	-17.3%
RENAULT, DACIA
BULVARIA	25	47	-46.8%
OPEL, CHEVROLET
STAR MOTORS	70	52	34.6%
MAZDA
TOTAL	430	521	-17.5%
			Source: Avto Union

For the first six months of 2016 the automotive division of Eurohold registered 0.7% growth with 1898 sales of new PC and LCV compared to 1885 units for January-June 2015, according to preliminary data (Table 4.).

Table 4.
Avto Union	January-June (YTD)
Company	Units	Units	Change (%)
	01-06'16	01-06'15
AUTO ITALIA	194	168	15.5%
ALFA ROMEО,FIAT, LANCIA, MASERATI
NISSAN SOFIA	193	233	-17.2%
NISSAN
ESPACE AUTO	1045	987	5.9%
RENAULT, DACIA
BULVARIA	129	261	-50.6%
OPEL, CHEVROLET
STAR MOTORS	337	236	42.8%
MAZDA
TOTAL	1898	1885	0.7%

Source: Avto Union