The audited annual report of the financial holding revealed a significant squeeze in the profit of the insurance segment vs. prelim statements - down 7% to BGN 66m. On the cost side, we see also additional BGN 1.1m operating expense after the audit, attributed to loss from investments of the parent company (we guess it to be related to the sale of Bulvaria dealership in the end of 2019). As a result, the consolidated gross profit of the holding stood at BGN 118.7m, 7.5% or BGN 9.7m below the pre-audit figure. This was sufficient to completely turn around Eurohold net result from profit to loss, also assisted by almost BGN 1m higher tax expense. 2019 audited consolidated result of the holding was BGN 2.9m negative vs. BGN 5.5m net profit in the preliminary report. We should note the qualified opinion of the auditors of Eurohold, HLB Bulgaria, due to an incorrect treatment of the investment in Russian Insurance Company Euroins (an associate to the insurance sub-holding of Erohold), where the investment was reported not by the equity method, as required by IAS, and consequently BGN 5.5m profit was booked as Other comprehensive income.