Eureko announces 2009 results

The reporting year 2009, has been an eventful time for Eureko. Following unprecedented market conditions in 2008, numerous initiatives were started throughout the Group in the knowledge that every crisis offers the opportunity for a new beginning.

While part of the sizeable loss over 2008 can be attributed to the global financial crisis, it was also evident that, at operational level, improvements were necessary. Eureko benefited from the economic recovery that started tentatively in early 2009 and picked up during the year.

At the same time, we also saw the first positive results of our own structural changes. At year-end 2009, we are reporting a net profit of € 1.4 billion compared to a negative result of € 2.1 billion over 2008, helped by the stabilisation of financial markets and further supported by the financial compensation following our settlement on PZU.

We certainly did not enter the Polish market thinking we would leave it a decade later. However, the financially acceptable exit, after years of fruitless negotiations, ultimately proved to be in the best future interests of our Group.