Enterprise Holdings Limited. Prospectus
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- Jodie Alexandra Osborne
- 8 years ago
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1 Enterprise Holdings Limited Gibraltar, United Kingdom Prospectus dated 17 March 2015 according to 5 German Securities Prospectus Law (Wertpapierprospektgesetz, hereinafter also WpPG ) Certificate of the approval of this Prospectus in accordance with 17, 18 WpPG towards competent authorities in Austria was requested For 7.00 % Notes 2015/2020 With an aggregate principal amount of EUR 85,000,000.00
2 CONTENTS 1. Summary of Prospectus Introduction and Warning Notices Summary regarding Issuer Summary Notes - Securities Summary regarding Risks Summary of Offer German Translation of the Summary of Prospectus Einleitung und Warnhinweise Wesentliche Informationen über Emittentin Zusammenfassung bezüglich der Wertpapiere Zusammenfassung bezüglich der Risiken Zusammenfassung des Angebots Risk Factors Risks relating to the Notes The Notes may not be a suitable investment for all Investors Market price Risks Interest Rate Risks Inflation Secondary Market Transaction Costs Noteholder Resolutions Substitution of Issuer Change of Law Limited Right of Noteholders to Terminate Issuance of Further Debt Withholding Tax Risks in respect of Issuer The Insurance Industry is characterised by Equity Requirement Actuarial Risks The Issuer s Group is dependent on Third-Party Service and Facility Providers The Issuer s Operations are dependent on its Key Management Risks arising from the Loss of Accounts Receivable from the Insurance Business Changes in Governmental Regulations Changes in Tax Legislation Investment Risks Market Credit Ratings Risks relating to the General Economic Conditions IT Risks
3 Issuer is dependent on Cooperative Relations with its Employee General (Non-Life) Insurance Industry is competitive Legal Risks Exchange rate risk General Information and selected financial information Responsibility for the Notes Distribution of Information Reasons of the offering and use of Proceeds Interest of natural and legal persons involved Information provided by third Parties Rating Publication of this Prospectus Documents on Display Selected Historical Key Financial Information Profit and Loss Statement Balance Sheet Cash flow Interim financial information dated Consent to use Prospectus General Information of Issuer History and Development of the Issuer Company, Seat, Commercial Register Country and Date of Incorporation, Structures and Existence Scope of the Company s Business and contact information Share Capital, Main Characteristic of the Shares, Shareholders and Financial Year Recent Events Organisational Structure of the Issuer and the Position of Issuer within the Group Business Overview: Principal Activities Products and services in general Products and services by Region Products and services by Growth Rate Securing the business: Operational Excellence Serving Clients Maintaining valuable distribution channels Investments in Business Market and Competition UK Motor Insurance Market The French Motor Insurance Market Greek Motor Insurance Market A Similar Approach in other EU and International Markets
4 Ahead of Single Market Competitors as Well as Cross Market Competitors Material Contracts Administrative, Management and Supervisory Bodies Corporate Governance Legal and Arbitration Proceedings Significant Change Trend Information Description of the Bond and of the Public Offering Description of the Bond Date of Listing Identification Numbers Annual Yield Authorisation and Resolutions Clearing, Payments and Transfers, Payment Agent Transferability, Sale, Succession of Bonds Securitisation Description of Public Offering Volume of the Public Offering and Price Public offer, offer period, investor categories Allotment, Payment and delivery of Notes Result of the offer/inclusion in trading Terms and Conditions of the Notes Taxation German Taxation regarding the Notes German resident Noteholder Non German resident Noteholder Austrian Taxation regarding the Notes Glossary Exhibit F Financial Information F 1 1. Audited consolidated annual report including Company s balance sheet of Enterprise Holdings Ltd dated F Audited consolidated annual report including Company s balance sheet of Enterprise Holdings Ltd dated F Not audited but reviewed semiannual report of Enterprise Holdings Ltd dated F - 78 U. Signatures U 1 4
5 1. Summary of Prospectus The following constitutes the essential characteristics of and risks associated with Enterprise Holdings Ltd, (the Issuer ) and the Notes. This Summary is made up of disclosure requirements known as Elements according to the Regulation (EU) No 486/2012. These elements are numbered in Sections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of securities and Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of not applicable. 1.1 Introduction and Warning Notices A.1 Warning Section A Introduction and Warning Notices Warning that: - this Summary should be read as an introduction to the Prospectus; - any decision to invest in the Notes should be based on consideration of the Prospectus as a whole by the investor; - where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation of the Member States, have to bear the costs of translating the Prospectus, before the legal proceed-ings are initiated; and - civil liability attaches only to the Issuer which have tabled the Summary including any translation thereof, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid in-vestors when considering whether to invest in such the Notes. A.2 Consent to use Prospectus The Issuer agree to use this prospectus, including possible supplements, by institutes in the sense of 3 subsection 3 WpPG as financial intermediary (the Financial Intermediary ) in the Federal Republic of Germany or in the Federal Republic of Austria for the Public Offer of the Notes offered by this Prospectus and in accordance with the selling restrictions in the Federal Republic of Germany respectively in the Federal Republic of Austria within the period of the Exchange Offer presumable between (0:00) and (17:00) as well as within the Offer Period of the Notes presumable between (0:00) and 5
6 (17:00) and declares in this connection that it accepts responsibility for the content of the prospectus also with respect to a subsequent resale or final placement of the Notes. The consent will be not subject to any further conditions. When using the Prospectus, each financial intermediary must make certain that it complies with all applicable laws and regulations in force in the respective jurisdictions. Should a financial intermediary make an offer, it shall inform the Investors of the terms and conditions of such offer at the time of the offer. 1.2 Summary regarding Issuer Section B Issuer B.1 Legal and commercial name of the Issuer Enterprise Holdings Ltd B.2 Domicile, legal form, legislation, country of incorporation. Enterprise Holdings Ltd is a limited company incorporated and operating under the laws of Gibraltar. The registered office of the Issuer is Suite 3, Second Floor, ICOM House, 1/5 Irish Town, Gibraltar. The main telephone number is B.4b Trends Not applicable, because there are no known trends affecting the Issuer and the industry in which it operates, having an effect to the Issuer. B.5 Description of the Group and the Issuer's position within the Group The issuer is the holding and parent company of a group of Companies (the Group ). The Group is an insurance company offering insurances for niche markets and white label insurance solutions for retailers together with associated service companies, which provide insurance related audit, control and marketing services. B.9 Profit forecast or estimate Not applicable because there are no profit forecasts or estimates. B.10 Qualifications in the audit report on the historical financial information Not applicable because there are no qualifications in the audit report on the historical financial information. 6
7 B.12 Selected historical key financial information/ Statement of no material adverse change in the prospects of the Issuer/ Statement of no significant changes in the financial or trading position of the Group The following three charts below headed Technical Accounts and Non-Technical Account i.e. Profit-Loss-Statement, Balance Sheet and Cash Flow of selected financial information provide an overview of each financial period covered by the historical financial information in Exhibit F. Financial information dated 31 March 2013, 31 March 2014 is selected from the audited consolidated annual reports of the Issuer, and prepared according to Gibraltar GAAP. Profit-Loss-Statement Period twelve months period Gibraltar GAAP GBP in Thousands twelve months period Gibraltar GAAP GBP in Thousand Gross written premiums 134, ,750 Net earned premiums 68,003 81,041 Claims incurred, net of Reinsurance -46,491-52,842 Balance on the Technical Account ,300 Interest Receivable 566 1,576 Profit/Loss on ordinary activities before Tax -12,600-6,194* The financial information marked thus, * in the above chart is audited but taken from the consolidated interim reports dated 30 September 2014 on page F 85. Note 1 of the consolidated interim reports on page F 92 give further details regarding this restatement. Balance Sheet Period twelve months period Gibraltar GAAP GBP in Thousands Total Assets / Total Liabilities and twelve months period Gibraltar GAAP GBP in Thousand shareholders equity 165, ,895 Equity shareholders funds -4,010-10,814* Investments 24,312 42,856 Cash at bank and in hand 21,105 25,672 Debtors 57,757 48,142 7
8 The financial information marked thus, * in the above chart is audited but taken from the audited consolidated interim reports dated 30 September 2014 on page F 89. Note 1 of the consolidated interim reports on page F 92 give further details regarding this restatement. Cash flow Period twelve months period Gibraltar GAAP GBP in Thousands twelve months period Gibraltar GAAP GBP in Thousand Net Cash flow from operating activities 1,349 16,232* Net increase/(decrease) in cash 19,336 24,006 The financial information marked thus, * is audited but taken from consolidated interim reports dated 30 September 2014 on page F 90. Note 1 of the consolidated interim reports on page F 92 give further details regarding this restatement. Selected historical key interim financial information dated Financial information dated 30 September 2014 is selected from the interim report 30 September 2014 of the Issuer, prepared according to Gibraltar GAAP and reviewed by the auditors. Comparative numbers are referring to the same period in the prior financial year (1 April 2013 bis 30 September 2014) angegeben. The interim report 30 September 2014 of the Issuer is reviewed not audited. Profit-Loss-Statement Period Six months period Gibraltar GAAP GBP in Thousands Six months period Gibraltar GAAP GBP in Thousand Gross written premiums 74,356 73,488 Net earned premiums 40,321 42,080 Claims incurred, net of Reinsurance -23,998-23,992 Balance on the Technical Account 6,268 9,035 Interest Receivable 609 1,430 Profit/Loss on ordinary activities before Tax -2,010 4,516 8
9 Balance Sheet Period Six months period Gibraltar GAAP GBP in Thousands Six months period Gibraltar GAAP GBP in Thousand Total Assets / Total Liabilities and shareholders equity 185, ,788 Equity shareholders funds -6,146-6,596 Investments 34,850 35,250 Cash at bank and in hand 17,454 20,033 Debtors 66,481 60,396 Cash flow Period Six months period Gibraltar GAAP GBP in Thousands Six months period Gibraltar GAAP GBP in Thousand Net Cash (outflow)/ inflow from operating activities ,318 Net increase/(decrease) in cash 7,300-12,182* The financial information marked thus, * is further explained on section at page 52: Enterprise Insurance Company (EIC) have seen an outflow of cash in the first 6 months of trading year, which is reflected in higher claims paid and reduction in claims provision. This is the direct result of accelerating claim payments following the change of claims handler in 2014 and management's drive to provide an improved efficient claims service to EIC's policyholders. There has been no material adverse change in the prospects of the Issuer since the date of its last published audited financial statements, 31 March There have been no significant changes in the financial or trading position of the Group since 30 September B.13 Recent Events Since the interim report as of 31 March 2014 there have been no events, which are to a material extent relevant to the evaluation of the Issuer s solvency. B.14 Dependence of the Issuer upon other entities within the Group and despriction of the Group Not applicable, because the Issuer is the holding company and the owner of the Group. The Issuer is the parent company of a group, which comprises the following trading companies: EIG Services Limited ( EIGS ) and Enterprise Insurance Company plc ( EICP ). 9
10 B.15 A description of the Issuer s principal activities The Issuer is the holding company of the Group and administrates a boutique insurancegroup, offering niche general (non-life) insurance products, targeting high margin areas within the generally mature European insurance market. Main types of insurance products are Motor Vehicle Liability, Legal Expenses, Household and Warranty / Miscellaneous Financial Loss. Main markets are United Kingdom, Greece, France and Italy. B.16 Controlling Persons The Issuer is owned by two shareholders. Acquarius Trust Company Limited and Rhone B.17 Rating Holdings Limited, each of which holds 50 % of the issued equity. Acquarius Trust Company Limited is controlled by Andrew Flowers who is also CEO of the Issuer. A Credit rating assigned to this Notes was issued by Creditreform and the rating is BBB Summary Notes - Securities Section C Securities C.1 Type and class of the securities, including any security identification number Notes in bearer form with a fixed interest are offered and will be admitted to trading at Open Market/Entry Standard on the Frankfurter Wertpapier-börse (Frankfurt Stock Exchange). The International Security Identification Number (ISIN) is DE000A1ZWPT5, the security number (WKN) is A1ZWPT. C.2 Currency of the securities issue EUR C.5 Restrictions on the free transferability of the securities Not applicable, because there is no restrictions on the free transferability of the Notes C.8 Rights attached to the Notes, ranking of the Notes and limitations to the rights attached to the Notes Rights attached to the Notes Each holder of the Notes has the right vis-à-vis the Issuer to claim payment of prin-cipal and interest when such payments are due in accordance with the Terms and Conditions of the Notes. The term of the Notes begins on 30 March 2015 and expires on midnight 29 March The nominal interest rate of the Notes is 7.00 % annually. Ranking of the Notes The Notes constitute unsecured and unsubordinated obligations of the Issuer rank-ing pari passu among themselves and pari passu with all other unsecured and un-subordinated obligations of the Issuer, unless such obligations are accorded priority under mandatory provisions of statutory law. 10
11 Repayment The Note will be repaid at its nominal value of EUR 1, after the End of the Term as of 30 March Negative Pledge The Terms and Conditions of the Notes contain a negative pledge provision. Events of Default The Terms and Conditions of the Notes provide for events of default entitling Holders to demand immediate redemption of the Notes. Cross Default The Terms and Conditions of the Notes provide for cross default provisions. Change of Control The Terms and Conditions provide for a change of control clause. Resolutions of holders The Notes provide for resolutions of holders. Limitation to the Rights Not applicable, because there are no limitations of those rights attached to the Notes. C.9 Interest Interest /Interest Commencement Date The Notes bear interest from 30 March 2015 at a fixed rate of 7.00 per cent per annum payable in arrear on 30 March of each year. Maturity Date and Repayment The Notes shall be redeemed on 30 March 2020 at the nominal value of EUR 1, Yield The yield equals 7.00 per cent per annum. Representative of Holder Not applicable, no representative of the Holders has been appointed in the Terms and Conditions. C.10 Derivative Component in the Interest Payment Not applicable, because the interest of the Notes has no derivative component. C.11 Admission to trading on a regulated market Following the end of the subscription period, the Issuer intends to include the Notes in the Entry Standard segment of the Open Market at the Frankfurt Stock Exchange, probably as of 30 March The Issuer does not intend to admit or include the Notes for trading in a regulated market, but reserves the right to do so in the future. 11
12 1.4 Summary regarding Risks The Issuer believes that each business faces certain risks which may have a negative effect on its operations and profitability. The occurrence of such events may have an impact on the Issuer s ability to fulfill its obligations pursuant to the Notes. Section D Risks D.2 Key information on the key risks that are specific to the issuer Equity requirement. The insurance industry currently requires equity of 24 percent of the value of the insurance written. Financial losses and changes to regulatory framework can have a negative effect on the ability to write insurance. Actuarial risks. A difference between actuarial outcomes and assumptions in the calculation of actuarial reserves can lead to changes in the estimated profitability, and thus financial position of the Issuer. Dependence on third-party service and facility providers. The Issuer s Group is dependent on services provided by third parties. The restriction or temporary discontinuance of such services can materially affect the Issuer s Group s business. Dependence on key management. The departure or change of key members of the Issuer s Group management team could have a material adverse effect on the Group s business. Loss of accounts receivable from the insurance business. Non-payment of receivables could adversely affect the Issuer s Groups business. Changes in governmental law and regulation. Changes in law and regulation, including sector specific regulations or the interpretation of such law and regulation, may have a negative impact on the operations of and products offered by the Issuer s Group. Changes in tax law. Changes to tax laws may affect the attractiveness of certain tax efficient products of the Issuer. Failure to adapt by developing new products could have a material adverse effect on Issuer s Group. Investment risks. The Issuer s Group investment portfolio is mainly exposed to fixed income securities. Fluctuations in such markets may affect the market value and liquidity of such securities. Credit Ratings. The business of Issuer s group may become exposed to credit rating risks. A downgrade in ratings may affect relationships with customers, sales of insurance products and cost of borrowing. 12
13 General Economic Conditions. Continued or worsening economic conditions in the United Kingdom and elsewhere could result in declining interest in insurances, and may have a material adverse effect on Issuer s Group s business and operations. IT-Risks. The use of information technology encompasses the risk of unauthorized data access and misuse which could adversely affect Issuer s Group s business. Dependence on relations with employees. The Issuer s Group is dependent on qualified personnel and cannot give assurances that it will be able to retain key employees or recruit appropriately qualified replacements to accommodate future growth. Competitive Industry. The Issuer s Group operates in several markets and is in competition with a number of big as well as small insurance companies. Should competitors be successful in increasing their market share at the Issuer s expense, business prospects and profits could be materially adversely affected. Legal Risks: Court decisions, changes in law and regulation, legal disputes and arbitration proceedings may materially impact the Issuer s Group s business. Exchange rate risk: The Issuer's business is exposed to fluctuations of exchange rates, which are caused by events that are beyond the Issuer's control. These fluctuations may have a material adverse effect in the Issuer's business. D.3 Key information on the key risks that are specific to the securities Suitability. The Notes may not be suitable for every potential investor. Interested potential investors must ensure that they have the requisite knowledge and liquidity to assess the risks and suitability of the investment on its own facts. Market price risks. The market price of the Notes depends on various factors which may adversely effect the value of the Notes. Interest Rate risks. In the event of a general rise of the level of interest rates during the term of the Notes is it likely according to experience that additional price risks regarding the Notes may occur. Inflation. There is a risk that the Holder of the Note will face a loss at the end of the term of the Notes, if the inflation is higher than the nominal yield, because the Notes are offered with a fixed coupon. Secondary Market. Application has been made to trade the Notes on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange, but there is no certainty that a market for the Notes will develop, continue or be liquid. Investors may not be able to sell, their notes or only very limited amounts of the Notes. 13
14 Transaction costs. Incidental costs such as commissions or brokerage fees may reduce the profitability of the Notes. Noteholder resolutions. The Terms and Conditions provide for the passing of Noteholder Resolutions by majority vote in accordance with the German Bond Act (Schuldverschreibungsgesetz), investors may be outvoted and lose certain rights against the Issuer. Substitution of Issuer. If the Issuer exercises its right to be substituted pursuant to the Terms and Conditions, the substitution may, pursuant to German Tax legislation, trigger tax on any gain derived from such an exchange. The Noteholder may not be able to enforce indemnity rights against the Issuer and the substitute. Change of law. No assurance can be given as to the impact of changes in legislation or administrative practice after the date of this Prospectus. Limited Right of Noteholders to Terminate. The Terms and Conditions do not provide for a general right of termination for Noteholders prior to the Maturity Date. Issuance of Further Debt. Further debt issued may reduce the amount recoverable by the Noteholders upon insolvency of the Issuer or may result in the Issuer deferring interest payments. Withholding Tax. The Issuer will not make any payments to the Holders of the Notes for taxes and duties. 14
15 1.5 Summary of Offer Section E Offer E.2b Reasons for the offer and use of proceeds The reason for the offer is to generate sufficient funds to support future growth. The total nominal amount of the bond of EUR 85m is the aggreate of the new placement volume and the Exchange Offer. The new placement volume is EUR 50m. The volume of the Exchange Offer is EUR 35m. The Issuer will accept only an amount of subscriptions up to the maximum nominal amount of EUR 50m regardless of the fact of the Exchange Offer for the Notes 2012 / 2017 with an additional amount of EUR 35m might be outstanding. Accordingly, the proceed from the issue cannot be more than EUR 50m and the net proceeds from the offer will amount to approximately EUR 47.5m. The Exchange Offer of the existing bond 2012/2017 will increase the liquidity of these Notes and allows the Issuer to extend the bond 2012/2017 for three years with the same conditions (coupon) and thereby to increase the financial planning reliability. The Issuer intends to grow revenue over the next 12 months to over GBP 250m (EUR 332m), i.e. the aim is to achieve additional revenue of approximately GBP 100 million (EUR 133m). The Issuer has a pipeline of prospective insurances in 2015 amounting to GBP 115 million (EUR 153 million) of possible Gross Written Premiums (GWP), which requires additional retained equity of GBP 28 million (EUR 37 million). Furthermore it is the intention of the Issuer to achieve its next stage of growth with a lower level of quota share reinsurance support. Currently quota share is at 50% of GWP. The issuer plans to reduce this percentage to a probable 25% of the total written book on an annualised basis, commencing in the upcoming financial year. Whilst this strategy requires higher levels of capital it will deliver increased profitability as the the coupon of this offer is lower than the costs for the alternative quota share facility. The Issuer also wants to expand business across Europe through acquisitions. The rest of the proceeds from the bond issue, which are not used for revenue growth or improving quota share per centage, lay the basis to react very flexibly and quickly to offers for attractive acquisition opportunities that fit to the Issuers business model. The basis for generating the GWP, lowering quota share reinsurance support or making acquisitions is not only the net proceeds but also agreements and negotiations with the insurance brokers or other intermediaries and a careful assessment of the risks involved in the prospective transaction. Based on this procedure the prospective transactions will be considered by Issuer in the priority indicated by mentioning the generating the GWP first, lowering quota share reinsurance support second and making acquisitions as a third option in terms of priority. However, as such transactions are subject to the procedure and assessment of the risks involved as described above, the priority as stated above might be subject to change based on an evaluation of the involved risks and the profit margins. 15
16 In the event that not all of the Notes are placed, the Issuer reserves the right to use the proceeds from the issue for the indicated purposes on a pro rata basis. E.3 Terms and conditions of the offer Bond is offered as Notes in bearer form with a fixed interest. The Notes have an offering volume of EUR 85 million. Until the listing of the Notes at Open Market/Entry Standard at the Frankfurter Wertpapierbörse (Frankfurt Stock Exchange), the offer price will be 100 per cent of the nominal value of each of the Notes (EUR 1,000.00). The Notes are intended to be offered to the public between 19 March to 26 March 2015 (the Offer Period). However, the public offer shall end before the end date above when all the Notes have been allotted. The Issuer reserves the right to extend or reduce the offer period before its end date. In the event of an extention of the offer an additional offering document has to be approved and published in accordance with 16 WpPG. Listing of the Notes at Open Market/Entry Standard at the Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) is intended to take place 30 March Exchange Offer Bond 2012/ 2017 The Issuer offers between 19 March 2015, 0:00 and 26 March 2015, 17:00 (the Exchange Offer Period ) all holders of the notes issued per resolution of the board dated 25 July 2012 in a volume of 35m euros (ISIN DE 000A1G9AQ4) (the "2012/2017 Notes") to exchange said 2012/2017 Notes against the Notes, which are the subject matter of this prospectus (the Exchange Offer ). The exchange ratio is 1:1. A holder of the 2012/2017 Note wishing to accept the exchange offer shall receive one Note, which is the subject matter of this prospectus, an Exchange Incentive of EUR in cash for each 2012/2017 Note plus interest accrued on the 2012/2017 Note. The exchange offer is limited to a nominal volume of 35M euros in new Notes. E.4 Description of any interest that is material to the issue including conflicting interests. The selling agents are entitled to customary fees, partly depending on the success of the issuance of the Notes (number of placed Notes multiplied with the offer price). E.7 Estimated expenses charged to the investor by the Issuer Not applicable, because Issuer will not charge any surcharges or expenses to the Investor. 16
17 2. German Translation of the Summary of Prospectus Der folgende Abschnitt stellt die Zusammenfassung der wesentlichen mit der Enterprise Holdings Limited (nachfolgend auch Emittentin ) und den unter diesem Prospekt zu begebenden Schuldverschreibungen verbundenen Merkmalen und Risiken dar. Diese Zusammenfassung besteht aus Angabepflichten -auch bekannt als Elemente - entsprechend der delegierten Verordnung (EU) 486/2012. Diese Elemente sind unterteilt in die Abschnitt A E (A.1 E.7). Diese Zusammenfassung enthält alle Elemente, die für eine Zusammenfassung für diese Art von Anlage und Emittent erforderlich sind. Da einige Elemente nicht behandelt werden müssen, mag es Lücken in der Abfolge der Nummerierung der Elemente geben. Auch wenn die Einfügung eines Elementes in der Zusammenfassung für diese Anlagen und Emittentin erforderlich ist, ist es möglich, dass insoweit keine relevante Information bezüglich des Elementes erfolgt. In diesem Fall ist eine kurze Beschreibung des Elementes in die Zusammenfassung mit dem Hinweis entfällt aufzunehmen. 2.1 Einleitung und Warnhinweise A.1 Warnhinweise Abschnitt A - Einleitung und Warnhinweise Die Zusammenfassung sollte als Einführung zu dem Prospekt verstanden werden. Der Anleger sollte jede Entscheidung zur Anlage in die Schuldverschreibungen auf die Prüfung des gesamten Prospekts stützen. Für den Fall, dass vor einem Gericht Ansprüche auf Grund der in diesem Prospekt enthaltenen Informationen geltend gemacht werden, könnte der als Kläger auftretende Anleger in Anwendung der einzelstaatlichen Rechtsvorschriften der Staaten des Europäischen Wirtschaftsraums die Kosten für die Übersetzung des Prospekts vor Prozessbeginn zu tragen haben. Diejenigen Personen, die die Verantwortung für diese Zusammenfassung einschließlich der Übersetzung hiervon übernommen haben oder von denen der Erlass ausgeht, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit den anderen Teilen des Prospekts gelesen wird, oder sie, wenn sie zusammen mit den anderen Teilen des Prospekts gelesen wird, nicht alle erforderlichen Schlüsselinformationen vermittelt. 17
18 A.2 Zusätzliche Informationen Die Emittentin stimmt der Verwendung dieses Wertpapierprospekts, einschließlich etwaiger Nachträge, durch Insitute i.s.v. 3 Abs. 3 WpPG in Deutschland sowie in Österreich als Finanzintermediären (die Finanzintermediäre ) für die Zwecke des öffentlichen Angebots der unter diesem Prospekt begebenen Schuldverschreibungen im Rahmen der geltenden Verkaufsbeschränkungen in Deutschland bzw. in Österreich innerhalb der Frist für das Umtauschangebot (voraussichtlich) (0:00 Uhr) bis (17:00 Uhr) sowie innerhalb der Angebotsfrist für die Schuldverschreibungen (voraussichtlich) (0:00 Uhr) bis (17:00 Uhr) zu und übernimmt die Haftung für den Inhalt dieses Proepkts auch hinsichtlich der späteren Weiterveräußerung oder endgültigen Platzierung von Schuldverschreibungen durch diese Finanzintermediäre, die die Zustimmung zur Verwendung des Prospekts erhalten. Die Zustimmung ist an keine weiteren Bedingungen geknüpft. Bei der Nutzung des Prospektes hat jeder Finanzintermediär sicherzustellen, dass er alle anwendbaren, in den jeweiligen Jurisdiktionen geltenden Gesetze und Rechtsvorschriften beachtet. Für den Fall, dass ein Finanzintermediär ein Angebot macht, wird er die Anleger zum Zeitpunkt der Angebotsvorlage über die Angebotsbedingungen unterrichten. 18
19 2.2 Wesentliche Informationen über Emittentin Abschnitt B Emittent B.1 Gesetzliche und kommerzielle Bezeichnung des Emittenten. Enterprise Holdings Ltd B.2 Sitz und Rechtsform des Emittenten, das für den Emittenten geltende Recht und Land der Gründung der Gesellschaft. Enterprise Holdings Ltd wurde als Kapitalgesellschaft mit beschränkter Haftung in Gibraltar gegründet und die Gesetze von Gibraltar sind die für die Emittentin geltende Rechtsordnung. Der Sitz der Emittentin ist Suite 3, Second Floor, ICOM House, 1/5 Irish Town, Gibraltar. Die Telefonnummer ist B.4b Trends Entfällt, da keine jüngsten Trends bekannt sind, die sich auf die Emittentin und die Branche, in der die Emittentin tätig ist, auswirken könnten. B.5 Ist der Emittent Teil einer Gruppe, Beschreibung der Gruppe und der Stellung des Emittenten innerhalb dieser Gruppe Die Emittentin ist die Holding- und Muttergesellschaft einer Firmengruppe ( Gruppe ). Die Gruppe besteht aus einem Versicherungsunternehmen, welches Versicherungen für Nischenmärkte und White Label Versicherungsprodukte für Einzelhändler und sonstige Versicherungsanbieter anbietet und Gesellschaften, die Dienstleistungen bezüglich der versicherungstechnischen Beurteilung, der Kontrolle und des Marketings erbringen. B.9 Gewinnprognosen oder schätzungen Entfällt, da keine Gewinnprognosen oder -schätzungen vorliegen. B.10 Beschränkungen in Bestätigungsvermerken Entfällt, da es keine Beschränkungen im Bestätigungsvermerk zu den historischen Finanzinformationen gibt. B.12 Ausgewählte wesentliche historische Finanzinformationen/ Erklärung, dass keine wesentliche Veränderungen bezüglich der Aussichten der Emittentin eingetreten sind Erklärung, dass keine keine wesentlichen Veränderungen bei der Finanzlage oder Handelspositionen der Gruppe eingetreten sind Die folgenden drei Tabellen Gewinn- und Verlustrechnung, Bilanz und Cash-Flow aus den ausgewählten Finanzinformationen stellen einen Überblick über die historischen Finanzinformationen dar, die in Anhang F beigefügt sind. Finanzinformationen zum 31.März 2013, 31.März 2014 sind aus den geprüften Konzernabschlüssen der Emittentin entnommen und nach Gibraltar GAAP erstellt und geprüft. 19
20 Gewinn- und Verlustrechnung Period Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Bruttoprämieneinnahmen Nettoerlöse Schäden nach Abzug Rückversicherung Versicherungs-technisches Ergebnis Zinsergebnis Ergebnis vor Steuern * Die Finanzinformationen, die mit einem * in der oben stehenden Tabelle markiert sind, sind geprüft aber aus dem Zwischenfinanzbericht vom 30. September 2014 auf Seite F 85 entnommen. Anmerkung 1 (Note 1) des Zwischenfinanzberichts gibt auf Seite F 92 weitergehende Informationen zu dieser aktualisierten Darstellung. Bilanz Period Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Bilanzsumme 165, ,895 Eigenkapital -4,010-10,814* Investments 24,312 42,856 Liquide Mittel 21,105 25,672 Forderungen 57,757 48,142 Die Finanzinformationen, die mit einem * in der oben stehenden Tabelle markiert sind, sind geprüft aber aus dem Zwischenfinanzbericht vom 30. September 2014 auf Seite F 89 entnommen. Anmerkung 1 (Note 1) des Zwischenfinanzberichts gibt auf Seite F 92 weitergehende Informationen zu dieser aktualisierten Darstellung. Cash flow Period Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 12 Monate Gibraltar GAAP GBP in Tausend Freier Cash flow aus Geschäftstätigkeit 1,349 16,232* Veränderung der liquiden Mittel 19,336 24,006 20
21 Die Finanzinformationen, die mit einem * in der oben stehenden Tabelle markiert sind, sind geprüft aber aus dem Zwischenfinanzbericht vom 30. September 2014 auf Seite F 90 entnommen. Anmerkung 1 (Note 1) des Zwischenfinanzberichts gibt auf Seite F 92 weitergehende Informationen zu dieser aktualisierten Darstellung. Ausgewählte wesentliche historische Zwischenfinanzinformationen zum Finanzinformationen zum 30. September 2014 sind dem einer prüferischen Durchsicht unterzogenen Zwischenfinanzbericht zum 30. September 2014 entnommen. Die Vergleichzahlen beziehen sich auf den denselben Zeitraum im vorangegangenen Geschäftsjahr (1. April 2013 bis 30. September 2013). Finanzinformationen zum 30. September 2014 sind nach Gibraltar GAAP erstellt und wurden einer prüferischen Durchsicht unterzogen. Gewinn- und Verlustrechnung Zeitraum Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Bruttoprämieneinnahmen 74,356 73,488 Nettoerlöse 40,321 42,080 Schäden nach Abzug Rückversicherung -23,998-23,992 Versicherungs-technisches Ergebnis 6,268 9,035 Zinsergebnis 609 1,430 Ergebnis vor Steuern -2,010 4,516 Bilanz Zeitraum Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Bilanzsumme 185, ,788 Eigenkapital -6,146-6,596 Investments 34,850 35,250 Liquide Mittel 17,454 20,033 Forderungen 66,481 60,396 21
22 Cash flow Zeitraum Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Abrechnungsperiode 6 Monate Gibraltar GAAP GBP in Tausend Netto Cash flow (Abfluss)/ Zufluss) aus Betriebstätigkeit ,318 Nettomittelzufluss/(Abfluss) in liquider Mittel 7,300-12,182* Die Finanzinformation, die mit einem * gekennzeichnet ist, wird in Abschnitt auf Seite 52 erläutert. Enterprise Insurance Company (EIC) hat einen Cash Abfluss in den ersten sechs Monaten des Geschäftsjahres 2014/2015 verzeichnet, der sich aus den höheren Auszahlungen bezüglich Versicherungsansprüche und reduzierten Vergütungen ergibt. Es handelt sich somit um ein direktes Ergebnis der Beschleunigung der Auszahlungen bezüglich Versicherungsansprüche aufgrund des Wechsels des Dienstleiters für diese Tätigkeiten in 2014 und dem Interesse der Geschäftsführung Versicherungsansprüche der Kunden der EIC so effizient wie möglich zu behandeln. Die Aussichten der Emittentin haben sich seit dem Datum des letzten veröffentlichten geprüften Abschlusses, 31. März 2014, nicht wesentlich verschlechtert. Es haben sich keine wesentlichen Änderungen in der Finanzlage oder der Handelsposition der Gruppe seit dem 30. September 2014 ergeben. B.13 Letzte Entwicklungen Seit dem Halbjahresabschluss zum 31. März 2014 haben sich keine neuen, die Solvenz der Emittentin beeinflussenden Faktoren ergeben. B.14 Angabe zur Abhängigkeit der Emittentin von anderen Unternehmen innerhalb der Gruppe und Beschreibung der Gruppe Entfällt, da die Emittentin die Muttergesellschaft der Gruppe ist. Die Emittentin ist die Muttergesellschaft der folgenden beiden Gesellschaften: EIG Services Limited ( EIGS ) and Enterprise Insurance Company plc ( EICP ). B.15 Beschreibung der Haupttätigkeiten des Emittenten Die Emittentin ist die Muttergesellschaft der Gruppe und betreibt als Gruppe ein Versicherungsunternehmen mit Versicherungsprodukten im Bereich der Sachversicherungen, wobei Bereiche mit hohen Gewinnspannen innerhalb des allgemeinen ausgereiften Europäischen Versicherungsmarktes besetzt werden. Die hauptsächlichen Versicherungsprodukte sind KFZ-Haftpflicht-versicherungen, Rechtsschutzversicherungen, Hausratversicherungen, Garantieversicherungen und verschiedene Versicherungsprodukte gegen diverse Finanzverluste. Die Emittentin ist hauptsächlich im Vereinigten Königreich, Griechenland, Frankreich und Italien tätig. 22
23 B.16 Beherrschungsverhältnisse Die Emittentin hat zwei Gesellschafter. Acquarius Trust Company Limited and Rhone Holdings Limited, die jeweils 50 % der ausgegebenen Anteile halten. Acquarius Trust Company Limited wird von Andrew Flowers kontrolliert, der auch Geschäftsführer der Emittentin. B.17 Rating Die Anleihe wurde von der Creditreform Rating AG mit einem Rating BBB+ bewertet. 2.3 Zusammenfassung bezüglich der Wertpapiere Abschnitt C Wertpapiere C.1 Beschreibung von Art und Gattung der angebotenen Wertpapiere, einschließlich jeder Wertpapiererkennung Inhaberschuldverschreibungen mit einem fixen Zinssatz werden angeboten und sollen in den Handel am Open Market/Entry Standard der Frankfurter Wertpapierbörse einbezogen werden. Die International Security Identification Number (ISIN) ist DE000A1ZWPT5, Die Wertpapierkennnummer (WKN) ist A1ZWPT. C.2 Währung der Wertpapieremission EUR C.5 Beschreibung aller etwaigen Beschränkungen für die freie Übertragbarkeit der Wertpapiere Entfällt, da die Schuldverschreibungen frei übertragbar sind C.8 Beschreibung der mit den Wertpapieren verbundenen Rechte einschließlich der Rangordnung sowie der Beschränkungen dieser Rechte Mit den Schuldverschreibungen verbundene Rechte Jeder Gläubiger hat das Recht, von der Emittentin die gemäß den Emissionsbedingungen fälligen Zahlungen von Zinsen und Kapital zu verlangen. Die Laufzeit der Schuldverschreibungen beginnt am 30. März 2015 und endet am 29. März 2020, 24 Uhr. Die jährliche Verzinsung der Schuldverschreibungen beträgt 7,00 %. Rang der Schuldverschreibungen Die Schuldverschreibungen stellen ungesicherte, nicht nachrangige Verbindlich-keiten der Emittentin dar, die untereinander und mit allen anderen ungesicherten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind, so-weit diesen Verbindlichkeiten nicht durch zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird. Rückzahlung Die Schuldverschreibungen werden zu ihrem Nominalbetrag von EUR 1.000,00 nach Laufzeitende am zurückgezahlt. 23
24 Negativerklärung Die Bedingungen der Schuldverschreibungen enthalten eine Negativverpflichtung. Kündigungsgründe Die Anleihebedingungen der Schuldverschreibungen sehen Kündigungsgründe vor, die die Gläubiger berechtigen, die unverzügliche Rückzahlung der Schuld-verschreibungen zu verlangen. Cross-Default Die Anleihebedingungen der Schuldverschreibungen enthalten eine Cross-Default- Bestimmung. Kontrollwechsel Die Anleihebedingungen enthalten eine Kontrollwechselbestimmung. Gläubigerversammlung Die Anleihebedingungen enthalten Bestimmungen zu Gläubigerbeschlüssen. Beschränkungen der mit den Schuldverschreibungen verbundenen Rechte Entfällt, da keine Beschränkung der Rechte erfolgt. C.9 Zinsen Zinssatz / Verzinsungsbeginn Die Schuldverschreibungen sind vom 30. März 2015 an, zu einem festen Zinssatz von 7,00 % per annum fest verzinslich. Die Zinsen sind nachträglich am 30. März eines jeden Jahres zahlbar. Fälligkeitstermin und Rückzahlungsverfahren Die Schuldverschreibungen werden am 30. März 2020 zu ihrem Rückzahlungsbetrag entsprechend dem Nominalbetrag von EUR 1000,00 zurückgezahlt. Rendite Die Rendite entspricht 7,00 % per annum. Die Rendite wird von der Emittentin errechnet. Name des Vertreters der Inhaber der Schuldverschreibungen Entfällt. In den Anleihebedingungen wurde kein gemeinsamer Vertreter bestimmt. C.10 Derivative Komponente bei der Zinszahlung Entfällt, da die Schuldverscheibungen keine derivative Komponente haben. C.11 Zulassung zum Handel Die Emittentin plant, die Schuldverschreibungen nach Ablauf der Zeichnungsfrist (voraussichtlich ab dem 30. März 2015) in den Teilbereich Entry Standard im Open Market an der Frankfurter Wertpapierbörse einzubeziehen. Die Emittentin plant keine Zulassung oder Einbeziehung der Schuldverschreibungen zum Handel an einem organisierten Markt, behält sich aber eine entsprechende Zulassung oder Einbeziehung vor. 24
25 2.4 Zusammenfassung bezüglich der Risiken Abschnitt D Risiken D.2 Angaben zu den zentralen Risiken, die dem Emittenten eigen sind Eigenkapitalanforderung. In der Versicherungswirtschaft sind zurzeit 24 % Eigenkapital bezogen auf den Wert der abgeschlossenen Versicherungen notwendig. Finanzielle Verluste und Änderungen bezüglich dieser Anforderung können einen negativen Effekt auf die Fähigkeit der Emittentin haben, Versicherungen abzuschließen. Versicherungstechnische Risken. Der Unterschied zwischen versicherungstechnischen Ergebnissen und Annahmen in der Kalkulation der versicherungstechnischen Reserven kann zu Änderungen bezüglich der geschätzten Gewinne und damit der wirtschaftlichen Leistungsfähigkeit der Emittentin führen. Abhängigkeit von der Tätigkeit Dritter. Die Emittentin ist abhängig von den Leistungen Dritter. Eine Beschränkung oder Einstellung dieser Leistungen kann sich negativ auf das Geschäft des Konzerns der Emittentin auswirken. Abhängigkeit von Key Management. Der Verlust oder der Wechsel der Mitglieder des Key Managements bei dem Konzern der Emittentin kann sich negativ auf das Geschäft des Konzerns auswirken. Zahlungsausfälle im Versicherungsgeschäft. Die fehlenden Zahlungseingänge von Forderungen können sich negativ auf das Geschäft des Konzerns auswirken. Änderungen der gesetzlichen Rahmenbedingungen und Vorschriften. Änderungen der gesetzlichen Rahmenbedingungen und Vorschriften, insbesondere branchenspezifische Vorschriften oder die Interpretation solcher Gesetze und Vorschriften können sich negativ auf den Geschäftserfolg und die angebotenen Produkte des Konzerns der Emittentin auswirken. Änderungen der Steuergesetze. Änderungen der Steuergesetze können die Attraktivität bestimmter steuersparender Produkte der Emittentin beeinflussen. Die Unfähigkeit insoweit neue Produkte zu entwickeln kann sich negativ auf das Geschäft des Konzerns der Emittentin auswirken. Investitionsrisiko. Das Investmentportfolio beinhaltet in bedeutendem Umfang Anlagen mit einer festgelegten Verzinsung. Auch in diesen Märkten bestehen Kursschwankungen, die den Marktwert und die Liquidität der Anlagen beeinflussen. Kreditratings. Die Geschäftstätigkeit der Emittentin kann künftig den Risiken von Ratings ausgesetzt sein. Eine Verschlechterung des Ratings kann sich nachteilig auf die Beziehungen zu Kunden und auf den Vertrieb der Versicherungsprodukte und zu erhöhten Kreditkosten führen. Allgemeine ökonomische Bedingungen. Die fortdauernden oder sich verschlechternde ökonomische Bedingungen im Vereinigten Königreich und anderswo kann zu einem nachlassenden Interesse an Versicherungen führen und damit negative Auswirkungen auf das Geschäft und dessen Durchführung durch die Emittentin haben. 25
26 D.2 Angaben zu den zentralen Risiken, die dem Emittenten oder seiner Branche eigen sind IT Risken. Die Nutzung der Informationstechnologie führt zum Risko des unberechtigten Zugangs und des Missbrauches von Daten und dies kann nachteilige Auswirkungen auf die Geschäftstätigkeit der Emittentin haben. Abhängigkeit von Angestellten. Die Emittentin ist abhängig von qualifiziertem Personal und hat keine Sicherheit, dass sie die Fach- und Führungskräfte behält oder in der Lage sein wird, entsprechend qualifizierten Ersatz zur Bewältigung des Wachstums zu finden. Wettbewerb. Die Emittentin ist in verschiedenen Märkten tätig und steht im Wettbewerb mit großen und kleinen Versicherungsgesellschaften. Wenn Wettbewerber erfolgreich ihren Marktanteil zu Lasten der Emittentin erhöhen, kann dies nachteilige Auswirkungen auf den Gewinn sowie auf die Geschäftsaussichten der Emittentin haben. Rechtliche Risiken. Gerichtsentscheidungen, Änderungen der Gesetze und Vorschriften, gerichtliche und schiedsgerichtliche Verfahren können sich negativ auf den wirtschaftlichen Erfolg der Emittentin auswirken. Wechselkursrisiko: Das Geschäft der Emittentin ist Schwankungen der Wechselkurse ausgesetzt, die auf Ereignissen basieren, die außerhalb der Kontrolle der Emittentin liegen. Diese Schwankungen könnten erhebliche negative Auswirkungen auf das Geschäft der Emittentin haben. D.3 Angaben zu den zentralen Risiken, die den Wertpapieren eigen sind. Beschränkte anlegerbezogene Eignung. Die Schuldverschreibungen sind nicht für jeden Anleger geeignet. Vielmehr sollten interessierte Anleger über erforderliche Kenntnisse und Liquidität verfügen, um die Risiken und die Eignung einer Investition in die Schuldverschreibungen beurteilen zu können. Marktpreisrisiko. Der Kurswert der Schuldverschreibungen ist von verschiedenen Faktoren abhängig, die nachteilige Auswirkungen auf den Wert der Schuldverschreibungen haben können. Zinsänderungsrisiko. Bei allgemein steigendem Zinsniveau während der Laufzeit der Anleihe ergeben sich erfahrungsgemäß zusätzliche Kursrisiken für die Notierung der Schuldverschreibungen. Inflationsrisiko. Da die Anleihe mit einer festgeschriebenen Verzinsung angeboten wird, besteht das Risiko, dass die Anleihegläubiger am Ende der Laufzeit auf Basis der tatsächlichen allgemeinen Preisentwicklung einen Vermögensverlust erleiden, wenn die Inflation höher ist als die festgeschriebene Verzinsung der Anleihe. Zweitmarkt. Trotz der vorgesehenen Einbeziehung der Schuldverschreibungen in das Segment Entry Standard im Open Market der Frankfurter Wertpapierbörse besteht keine Gewißheit, dass ein Markt für die Schuldverschreibungen entsteht, fortbesteht oder liquide ist. Anleger können dann nicht in der Lage sein, ihre Schuldverschreibungen zu verkaufen oder nur in sehr begrenzten Umfang. 26
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