March 5 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:EUBG] said that its consolidated net loss excluding minority interest widened sharply to 29.6 million levs ($18.1 million/15.1 million euro) in 2020 from 2.9 million levs in 2019.
Most of the company's loss was due to the standalone performance of the holding company, which increased its net loss by 14.4% to 16.7 million levs, Eurohold Bulgaria said in an annual financial statement published earlier this week.
The group's insurance business turned to a net loss of 12.9 million levs last year from a net profit of 12.6 million levs in 2019. The only other segment to see a net loss in 2020 was the leasing segment, which turned to a net loss of 220,000 levs in 2020 from a net profit of 216,000 levs in 2019.
Eurohold Bulgaria's total revenue edged down 0.7% to 1.59 billion levs in 2020. The group's insurance business saw a 5% rise in operating revenue, to 1.39 billion levs last year.
The group's expenses rose 1.3% to 1.62 billion levs, mostly due to a 7% increase in the operating expenses of the insurance segment, to 1.35 billion levs.
Next month, the company's shareholders will vote on a proposed capital increase, through which Eurohold Bulgaria plans to raise up to 197.5 million levs ($121 million/101 million euro). The funds will be used to finance the acquisition of CEZ Group’s subsidiaries in Bulgaria, after Eurohold received the last needed regulatory approval earlier this year.
(1 euro = 1.95583 levs)