Q4’14 net profit of Chimimport falls 50.3% YoY (NEGATIVE)

Preliminary 2014 net profit (after minorities) of Chimimport came to BGN 75.5m, down by 13.1% YoY. In Q4’14 alone net profit dropped 50.3% YoY to BGN 4.9m. 2014 EPS came to BGN 0.52 (BGN 0.35 on fully diluted base), while Q4’14 EPS were BGN 0.03 (BGN 0.02 on fully diluted base). In 2014 the net result from non-financial activities declined by 10.7% to BGN 77.4m (down by 60.3% to BGN 9.6m in Q4’14 alone), net insurance income was down by 12.4% to BGN 18.8m (up by 14.1% to BGN 10.5m in Q4’14), while net interest income increased by 4.4% to BGN 97m (up by 6.3% in Q4’14 to BGN 25.9m). The net result from transactions with financial instruments was up by 1.2% to BGN 73.5m (down by 43.6% in Q4’14 to BGN 22m). Administrative cost decreased by 0.6% in 2014 to BGN 211.1m (down by 9.2% to BGN 80.3m in Q4’14). Other financial income improved by 22.2% YoY to BGN 80.3m (up by 4.7% in Q4’14 to BGN 29.2m). The allocations to insured individuals also increased by 69.5% YoY to BGN 55.2m in 2014 (down by 58.7% in Q4’14 to BGN 7.4m) and the net profit before minority interest declined by 9% YoY to BGN 90.9m (down by 10.8% in Q4’14). Total assets of the group increased 12% in 2014 to BGN 7 392m.