Eurohold Bulgaria AD

Earnings Release • May 16, 2016

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

EUROINS INSURANCE GROUP (EIG)

The insurance holding EUROINS INSURANCE GROUP registered a 40.1% growth of premiums (GWP) for April amounted to EUR 22 mm compared to EUR 15.7 mm for the same month of 2015. (Table 1.).

Table 1.
EIG	April
	(EUR'000)		Change (%)
	04'2016	04'2015
Euroins Bulgaria	5 277	3 364	56.9%
Motor Hull	1 027	859	19.5%
Motor TPL	2 404	1 548	55.2%
Property	187	141	32.9%
Active reinsurance	818	-	-
Other	841	816	3.0%
Euroins Romania	16 068	11 378	41.2%
Motor Hull	123	99	24.3%
Motor TPL	15 407	11 044	39.5%
Property	150	101	48.3%
Other	389	134	189.0%
Euroins Macedonia	608	753	-19.2%
Motor Hull	55	55	0.3%
Motor TPL	459	458	0.4%
Property	29	82	-64.4%
Other	65	159	-59.3%
Euroins Life	58	217	-73.3%
EIG TOTAL GWP	22 011	15 712	40.09%

Source: EIG

For the first four months of 2016 the GWP of EUROINS INSURANCE GROUP registered 16.8% growth amounted to EUR 82.1 mm compared to EUR 70.3 mm for January-April 2015, according to preliminary data (Table 2.).

Euroins Bulgaria reported a significant growth in premiums by above 42% for the first four months due to both the acquisition of HDI Bulgaria as well as the increased sales of insurance products under the Directive on freedom to provide services in the EU.

Euroins Romania registered 12.2% growth in premiums for the first four 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-April
EIG		(YTD)
	(EUR'000)		Change (%)
	01-04'2016	01-04'2015
Euroins Bulgaria	17 553	12 299	42.7%
Motor Hull	3 527	3 099	13.8%
Motor TPL	8 356	5 378	55.4%
Property	949	960	-1.2%
Active reinsurance	818	-	-
Other	3 902	2 862	36.4%
Euroins Romania	61 725	54 992	12.2%
Motor Hull	480	513	-6.6%
Motor TPL	59 062	52 534	12.4%
Property	614	510	20.3%
Other	1 570	1 435	9.4%
Euroins Macedonia	2 559	2 598	-1.5%
Motor Hull	219	214	2.7%
Motor TPL	1 656	1 605	3.2%
Property	220	269	-18.4%
Other	464	510	-8.9%
Euroins Life	222	374	-40.5%
EIG TOTAL GWP	82 060	70 263	16.79%
			Source: EIG

AVTO UNION

The automotive holding AVTO UNION registered 36.4% decline with total of 293 sales of new PC and LCV for April, 2016 compared to 461 units realized in April, 2015. The highest number of sales for the month was realized by Espace Auto (Renault, Dacia) with 148 units, followed by Star Motors (Mazda) with 40 units, Nissan Sofia (Nissan) with 37 units, Auto Italia (Alfa Romeo, Fiat, Lancia, Maserati) - 36 units and Bulvaria (Opel, Chevrolet) with 32 units. (Table 3.)

Table 3.
Avto Union	April
Company	Units	Units	Change (%)
	04'16	04'15
AUTO ITALIA ALFA ROMEО,FIAT, LANCIA, MASERATI	36	19	89.5%
NISSAN SOFIA	37	39	-5.1%
NISSAN
ESPACE AUTO	148	277	-46.6%
RENAULT, DACIA
BULVARIA	32	88	-63.6%
OPEL, CHEVROLET
STAR MOTORS	40	38	5.3%
MAZDA
TOTAL	293	461	-36.4%
			Source: Avto Union

For the first four months of 2016 the automotive division of Eurohold registered 2.9% decline with 1062 sales of new PC and LCV compared to 1094 units for January-April 2015, according to preliminary data (Table 4.).

Table 4.
Avto Union	January-April (YTD)
Company	Units	Units	Change (%)
	01-04'16	01-04'15
AUTO ITALIA	98	69	42.0%
ALFA ROMEО,FIAT, LANCIA, MASERATI
NISSAN SOFIA	97	109	-11.0%
NISSAN
ESPACE AUTO	568	588	-3.4%
RENAULT, DACIA
BULVARIA	89	184	-51.6%
OPEL, CHEVROLET
STAR MOTORS	210	144	45.8%
MAZDA
TOTAL	1062	1094	-2.9%

Source: Avto Union