Interim Results

FBD Holdings PLC 30 August 2000 INTERIM RESULTS For the Half Year Ended 30th June 2000 HIGHLIGHTS - EURO 2000 1999 Increase Euro000's Euro000's % Gross premiums written 101,174 87,314 +16% Operating profit 15,975 9,390 +70% Operating earnings per 32.18c 18.47c +74% share Dividend per share 7.20c 6.50c +11% HIGHLIGHTS - IR£ 2000 1999 Increase IR£000's IR£000's % Gross premiums written 79,681 68,765 +16% Operating profit 12,581 7,395 +70% Operating earnings per 25.34p 14.55p +74% share Dividend per share 5.67p 5.119p +11% Commenting on the results, Mr. Paul O'Callaghan, Chief Executive, stated: 'Our business continues to grow strongly with excellent growth in premium income and profits. New business is buoyant and prudent management of risk has contributed to reduced underwriting losses. The Group's portfolio of quality property investments produced excellent results during the period.' ENDS 30th August, 2000 For Reference: FBD Holdings plc Paul O'Callaghan, Chief Executive Tel: 353 1 409 3200 Philip Fitzsimons, Deputy Chief Executive Tel: 353 1 409 3200 Murray Consultants: Joe Murray/Grainne O'Brien Tel: 353 1 632 6400 FBD HOLDINGS PLC INTERIM STATEMENT FBD Holdings plc announces Operating Profits of Euro15.975 million (IR£12.581m) for the half year ended 30th June 2000. This represents an increase of 70 per cent on the Euro9.39 million (IR£7.395m) reported for the same period last year. Operating EPS is 74 per cent higher at 32.18 cents (25.34 pence) compared with 18.47 cents (14.55 pence). The interim dividend has been increased by 11 per cent to 7.2 cents (5.670461 pence) from 6.5 cents (5.119166 pence). The underlying performance of the Group improved with strong growth in premium income and a reduction in underwriting losses. Excellent returns from the Group's broadly based property portfolio added significantly to operating profits. The improvement in the Technical Insurance Account is a result of a better underwriting outcome, with losses reducing from Euro6.9m. (IR£5.4m.) to Euro6m. (IR£4.7m.), and an increase in the amount of investment income attributable to the Technical Account. The improvement in underwriting performance arose on the motor account. Liability and property underwriting experience remained similar to 1999. Premium income grew strongly, with gross written premiums, at Euro101m. (IR£80m.), up 16 per cent on the corresponding 1999 period. This growth is attributable to a number of factors, including buoyant new business volumes, higher sums insured and revised rates in selected risk categories. Other Income of Euro9.8m. (IR£7.7m.) represents a major increase on the previous year. This Income includes earnings from our non-underwriting businesses, namely, insurance/assurance broking, IFSC activities and property investments in Ireland and abroad. The Group's portfolio of quality property investments produced excellent results during the period. The major benefit was the profit realised on the development of the Guild Street office block in Dublin's International Financial Services Centre. In addition, the Sunset Beach and La Cala operations in Spain further strengthened in profitability. The strong operating performance more than offset the negative impact which Short Term Fluctuations in Investment Returns had on net assets. These Short Term Fluctuations resulted primarily from the continuing weak performance of Irish financial equities. Overall, net assets per share grew by 3 per cent to 339.74 cents (267.57 pence) in the six months under review. Interim Dividend The Directors have declared an interim ordinary dividend of 7.2 cents (5.670461 pence) compared to 6.5 cents (5.119166 pence) in 1999, an increase of 11%. The interim dividend will be paid on 13th October 2000, to shareholders on the Company's register at close of business on 15th September 2000. The interim dividend is subject to Withholding Tax (DWT), except for shareholders who are exempt from DWT and have furnished a properly completed Composite Resident Form to the Company's Registrar. Outlook Progress in all our business units has been maintained since the half year and we look forward to a successful outcome for the full year. We are continuing to build our platforms for growth, with particular emphasis on investment in staff recruitment, training and in utilising technology to maximum benefit. The programme for full on-line computer integration of our 46 branch offices is well advanced and has already enhanced service to customers. Opportunities to develop new and existing business through E-Commerce are being pursued in parallel with our established and well proven distribution channels. A new office will be opened in Dublin city centre before the year end to service the book of business established over the past 2 years and to support our growth strategy for the Dublin market. IRISH POUNDS FBD HOLDINGS PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30TH JUNE 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) IR£000's IR£000's IR£000's Turnover 103,477 86,896 181,113 ======= ====== ====== Balance on the general business Technical account 3,973 2,280 5,173 Investment income 9,014 8,264 15,645 Realised gains on 3,538 11,802 8,269 investments Unrealised losses (9,520) (20,139) (26,374) on investments Allocated investment return transferred to the general (8,720) (7,705) (15,804) business technical account Other income 7,705 4,000 8,638 Other charges (208) (716) (1,243) Operating profit 12,581 7,395 15,907 Short term (6,799) (9,609) (21,603) fluctuations _______ _______ ________ in investment return Profit/(loss) before 5,782 (2,214) (5,696) taxation Taxation credit 227 3,240 6,115 _______ _______ ______ Profit after taxation 6,009 1,026 419 Minority interests (161) (165) (161) _______ _______ ______ Profit after taxation 5,848 861 258 and minority interests Dividends (2,365) (2,123) (5,155) _______ _______ ______ Retained 3,483 (1,262) (4,897) profit/(loss) ======= ======= ====== Operating earnings per 25.34p 14.55p 30.78p 50p ordinary share based on longer term ======= ======= ====== investment return Earnings per 50p 14.06p 2.08p 0.06p ordinary share ======= ======= ====== Dividend per 50p 5.670461p 5.119166p 11.81346p ordinary share ======== ======= ====== Net assets per 50p 267.57p 267.04p 259.73p ordinary share ======== ======== ====== IRISH POUNDS FBD HOLDINGS PLC GROUP BALANCE SHEET AS AT 30TH JUNE 2000 As at As at As at 30/6/00 30/6/99 31/12/99 Unaudited) (Unaudited) (Audited) IR£000's IR£000's IR£000's ASSETS Investments 463,942 430,992 441,786 Reinsurers' share of 37,376 42,686 30,226 technical provisions Debtors 27,329 27,258 21,576 Other assets 23,733 21,487 22,525 Prepayments and 12,752 9,505 12,524 accrued income ______ _______ ______ TOTAL ASSETS 565,132 531,928 528,637 LIABILITIES Technical provisions (409,789) (386,167) (385,177) Provision for other (4,007) (9,700) (6,154) risks and charges Creditors (34,322) (19,837) (24,126) _______ _______ ______ NET ASSETS 117,014 116,224 113,180 ======= ======= ====== CAPITAL AND RESERVES Ordinary share 20,854 20,734 20,760 capital Share premium 4,001 3,707 3,746 Reserves 86,744 86,297 83,337 _______ _______ ______ ORDINARY 111,599 110,738 107,843 SHAREHOLDERS' FUNDS Preference share 2,436 2,436 2,436 capital Minority interests 2,979 3,050 2,901 _______ _______ ______ 117,014 116,224 113,180 ======= ======= ====== IRISH POUNDS FBD HOLDINGS PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the half year ended 30th June 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 Unaudited) (Unaudited) (Audited) IR£000's IR£000's IR£000's Retained 3,483 (1,262) (4,897) profit/(loss) Exchange translation (76) 629 1,304 adjustment _______ _______ _____ Total gains/(losses) 3,407 (633) (3,593) recognised in period ======= ======= ===== RECONCILIATION OF MOVEMENT IN ORDINARY SHAREHOLDERS' FUNDS For the half year ended 30th June 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) IR£000's IR£000's IR£000's Profit after taxation 5,848 861 258 and minority interests Less: preference - - (235) dividends ______ ______ _____ Profit attributable 5,848 861 23 to ordinary shareholders Dividends (2,365) (2,123) (4,920) New share capital 349 121 186 issued Other recognised (76) 629 1,304 (losses)/gains ______ _______ _____ 3,756 (512) (3,407) Ordinary 107,843 111,250 111,250 shareholders' funds ______ ______ _____ at beginning of period Ordinary 111,599 110,738 107,843 shareholders' funds at end of period ====== ====== ===== EUROS FBD HOLDINGS PLC GROUP PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30TH JUNE 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) Euro000's Euro000's Euro000's Turnover 131,389 110,335 229,966 ====== ======= ===== Balance on the general business Technical account 5,045 2,895 6,568 Investment income 11,446 10,493 19,865 Realised gains on 4,492 14,985 10,500 investments Unrealised losses on (12,088) (25,571) (33,488) investments Allocated investment return transferred to the general (11,072) (9,783) (20,067) business technical account Other income 9,783 5,079 10,968 Other charges (264) (909) (1,578) Operating profit 15,975 9,390 20,198 Short term (8,633) (12,201) (27,430) fluctuations _______ ______ _______ in investment return Profit/(loss) before 7,342 (2,811) (7,232) taxation Taxation credit 288 4,114 7,764 ______ ______ ______ Profit after taxation 7,630 1,303 532 Minority interests (205) (209) (204) ______ ______ _____ Profit after taxation 7,425 1,094 328 and minority interests Dividends (3,003) (2,696) (6,546) ______ ______ _____ Retained 4,422 (1,602) (6,218) profit/(loss) ====== ====== ===== Operating earnings per 32.18c 18.47c 39.08c 50p ordinary share based on longer term ====== ====== ===== investment return Earnings per 50p 17.85c 2.64c 0.08c ordinary share ====== ====== ===== Dividend per 50p 7.20c 6.50c 15.00c ordinary share ===== ====== ===== Net assets per 50p 339.74c 339.07c 329.79c ordinary share ===== ====== ===== EUROS FBD HOLDINGS PLC GROUP BALANCE SHEET AS AT 30TH JUNE 2000 As at As at As at 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) Euro000's Euro000's Euro000's ASSETS Investments 589,085 547,247 560,953 Reinsurers' share of 47,458 54,200 38,379 technical provisions Debtors 34,700 34,610 27,396 Other assets 30,135 27,283 28,601 Prepayments and 16,192 12,069 15,902 accrued income ______ ______ _____ TOTAL ASSETS 717,570 675,409 671,231 LIABILITIES Technical provisions (520,325) (490,331) (489,074) Provision for other (5,088) (12,316) (7,814) risks and charges Creditors (43,580) (25,188) (30,634) ______ ______ _____ NET ASSETS 148,577 147,574 143,709 ====== ====== ====== CAPITAL AND RESERVES Ordinary share 26,479 26,327 26,360 capital Share premium 5,080 4,707 4,756 Reserves 110,142 109,574 105,816 ______ ______ _____ ORDINARY 141,701 140,608 136,932 SHAREHOLDERS' FUNDS Preference share 3,093 3,093 3,093 capital Minority interests 3,783 3,873 3,684 ______ _______ ______ 148,577 147,574 143,709 ====== ======= ====== EUROS FBD HOLDINGS PLC STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the half year ended 30th June 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) Euro000's Euro000's Euro000's Retained 4,422 (1,602) (6,218) profit/(loss) Exchange translation (96) 799 1,656 adjustment _______ ______ _____ Total gains/(losses) 4,326 (803) (4,562) recognised in period ======= ====== ===== RECONCILIATION OF MOVEMENT IN ORDINARY SHAREHOLDERS' FUNDS For the half year ended 30th June 2000 Half Half Year Year Year Ended Ended Ended 30/6/00 30/6/99 31/12/99 (Unaudited) (Unaudited) (Audited) Euro000's Euro000's Euro000's Profit after taxation 7,425 1,094 328 and minority interests Less: preference - - (299) dividends _______ ______ ______ Profit attributable 7,425 1,094 29 to ordinary shareholders Dividends (3,003) (2,696) (6,247) New share capital 443 153 236 issued Other recognised (96) 799 1,656 (losses)/gains ______ ______ _____ 4,769 (650) (4,326) Ordinary 136,932 141,258 141,258 shareholders' funds ______ ______ _____ at beginning of period Ordinary 141,701 140,608 136,932 shareholders' funds at end of period ====== ====== =====

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