Business Report 2011 - Prisma Kreditversicherungs AG

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Outlook for 2012 Despite the recent recovery, a number of factors suggest that we are heading into a renewed economic crisis. Due to the ongoing sovereign debt crisis, attempting to make even remotely reliable forecasts is a pointless exercise. However, PRISMA is still committed to meeting its long-term objectives: profitable growth, market development, and consolidation of our market leadership. We are cautiously optimistic as we move into 2012. Our plans remain as ambitious as ever. We also have a range of measures in reserve that could be implemented quickly and at any time in response to a deterioration in our operating environment. PRISMA will continue to focus on acquiring new customers and on the measured and quality-driven assessment and assumption of the default risk faced by our insured clients. Result for the business year Profit on ordinary activities amounted to 9,571,832.00 EUR, the profit after tax was 7,490,882.01 EUR. Allocations to the risk reserve under section 73 a Austrian Insurance Supervision Act (Versicherungsaufsichtsgesetz [VAG]) totalled 112,527.00 EUR, and those to the unappropriated reserve 3,100,000.00 EUR. The profit for the year was 4,278,355.01 EUR. No events of material importance occurred after the balance sheet date. Appropriation of profits The Board of Management proposes to use the profit for the 2011 financial year amounting to 4,340,466.69 EUR as follows: Distribution of a dividend of 717.00 EUR per share 4,302,000.00 EUR Brought forward to new account 38,466.69 EUR Vienna, 31 January 2012 61
Annual Financial Statements Balance Sheet as at 31 December 2011 62 Assets A. Intangible assets 2011 2010 in EUR in TEUR I. Other intangible assets 100,477.65 66 B. Investments I. Investments in group undertakings 1. Shares in related companies 150,000.00 150 II. Other financial investments 1. Shares and other variable-yield securities 3,120,842.26 3,129 2. Debt securities and other fixed-income securities 40,176,034.85 27,946 3. Deposits with banks 12,000,000.00 3,000 C. Accounts receivable I. Accounts receivable arising out of direct insurance business from 1. policyholders 1,540,306.55 1,580 2. intermediaries 280.82 4 II. Accounts receivable arising out of reinsurance operations 4,949.00 112 III. Other accounts receivable 2,902,175.86 2,136 D. Interest receivable pro rata 424,508.66 352 E. Other assets I. Rents and office equipment 485,994.55 518 II. Cash at bank and in hand 12,258,334.72 22,913 III. Other 8,237,612.00 6,301 F. Prepayments and accrued income 383,171.67 276 Vienna, 31. 1. 2012 81,784,688.59 68,483
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Page 4 and 5: Introduction from the Board of Mana
Page 6 and 7: This suggests that it would be more
Page 10 and 11: Liabilities A. Capital and reserves
Page 12 and 13: II. Non-technical account 2011 2010

Business Report 2011 - Prisma Kreditversicherungs AG

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