Cosmos Insurance Company Public LTD

Annual / Quarterly Financial Statement • Mar 31, 2023

STATEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER TOTAL INCOME for the year ended 31 December 2022

	2022	2021
	€	€
Income
Gross earned premiums	17.965.763	17.943.145
Reinsurers' share in gross earned premiums	(6.709.458)	(6.660.064)
Net earned premiums	11.256.335	11.283.081
Plus:
Premium fees and other fees	1.482.338	1.530.924
Commissions from reinsurers	1.587.037	1.543.771
Share of profit from joint venture of insurers	46.629	101.161
Net losses from investments	(808.779)	(154.913)
Other income	49.920	53.120
Total other income	2.357.145	3.074.063
Total income	13.613.480	14.357.144
Compensations	(6.550.551)	(7.403.304)
Commission expenses and other sales expenses	(3.688.619)	(3.720.844)
Other operating and administrative expenses	(2.802.286)	(2.742.809)
Finance costs	(74.711)	(70.693)
Change in the unexpired risk reserve	(74.668)	(85.559)
Total expenses from insurance operations	(13.190.835)	(14.023.209)
Profit before taxation	422.645	333.935
Taxation	(100.767)	(12.015)
Profit for the year	321.878	321.920
Other comprehensive income
Income not to be reclassified to profit or loss in subsequent periods
Revaluation of immovable property for own use	88.860	88.860
Deferred taxation on revaluation	11.727	11.143
Other total income	120.587	100.003
Total income for the year attributable to Company owners	442.465	421.923
Basic and fully diluted earnings per share (cents)	0.0057	0.0057

COSMOS INSURANCE PUBLIC COMPANY LTD

STATEMENT OF FINANCIAL POSITION as at 31 December 2022

	2022	2021
	€	€
ASSETS
Non-current assets
Property and equipment	4.560.928	4.523.374
Intangible assets	55	1.906
Investment property	5.855.000	5.919.000
Deferred tax claims	147.430	59.148
Total non-current assets	10.563.413	10.503.428
Current assets
Premiums payable	2.852.247	2.779.779
Other debtors and prepayments	1.474.263	1.372.650
Investments at fair value through profit and loss	10.360.887	10.113.719
Deferred acquisition costs	2.143.011	2.401.352
Current tax claims	9.151	9.151
Reinsurers' share in insurance technical reserves	5.550.999	5.928.237
Cash and cash equivalents	2.043.657	1.592.876
Total current assets	24.704.215	24.197.764
Total assets	35.267.628	34.701.192
EQUITY
Capital and Reserves
Share capital	1.129.671	1.129.671
Share premium reserve	2.907.588	2.907.588
Other reserves	6.056.148	5.683.683
Total equity	10.093.407	9.720.942
LIABILITIES
Non-current liabilities
Deferred tax liabilities	214.321	236.048
Total non-current liabilities	214.321	236.048
Current liabilities Other creditors and accrued expenses	1.021.551	1.338.558
Current tax liabilities	185.539	4.319
Pending claims and claims administrative expenses reserve	13.852.818	12.963.860
Unexpired risk reserve	266.269	191.601
Liabilities to reinsurers	1.060.395	1.030.611
Unearned premiums	7.923.786	8.590.546
Deferred income from reinsurers	598.760	615.956
Bank overdraft	50.782	8.751
Total current liabilities	24.959.900	24.744.202
Total liabilities	25.174.221	24.980.250
Total equity and liabilities	35.267.628	34.701.192

COSMOS INSURANCE PUBLIC COMPANY LTD

STATEMENT OF CASH FLOWS
for the year ended 31 December 2022
	2022	2021
Operating activities	€	€
Profit for the year before taxation	422.645	333.935
Adjustments for:
Depreciation	155.089	202.330
Change in the fair value of shares and securities	815.493	166.884
Change in the fair value of investment property	(39.000)	(500)
Loss/(gain) on sale of shares and securities	16.706	(1.965)
Loss/(gain) on sale of investment property	5.119	(15.648)
Interest expenses	74.711	70.693
Interest income	(30.819)	(29.820)
Profit from operations before changes in working capital	1.419.944	725.909
(Decrease)/increase in unearned premiums	(666.760)	958.806
(Increase)/decrease in premiums receivable	(72.468)	229.008
(Increase)/decrease in other debtors and advance payments	(101.613)	85.831
(Decrease)/increase in other creditors and accrued expenses	(324.542)	122.672
Increase in deferred acquisition costs	(11.659)	(26.045)
Decrease/(increase) in reinsurers' share in technical reserves	377.238	(1.950.273)
Increase in pending claims	888.958	2.233.017
Increase in unexpired risk reserve	74.668	85.559
(Decrease)/increase in deferred reinsurers' income	(17.196)	50.314
Increase/(decrease) in liabilities to reinsurers	29.784	(20.111)
Cash flows from operations	1.596.354	2.492.687
Income tax (paid)/collected	(74.268)	66.082
Net cash flow for operating activities	1.522.086	2.558.769
Investing activities
Purchase of property and equipment	(65.335)	(31.370)
Payments for expenses of investment property	-	(2.500)
Proceeds from sales of investment property	99.000	346.648
Purchase of investments at fair value through profit and loss	(2.391.015)	(4.217.834)
Proceeds from disposal and maturity of financial investments	1.298.295	1.284.420
Proceeds from maturity of notice and term deposits	-	105.194
Interest received	39.495	13.243
Net cash flow for investing activities	(1.019.560)	(2.502.199)
Financing activities
Interest paid	(73.211)	(68.709)
Repayments of liability capital from leases	(20.565)	(20.400)
Net cash flow for financing activities	(93.776)	(89.109)
Net increase/(decrease) in cash and cash equivalents	408.750	(32.539)
Cash and cash equivalents and bank overdrafts at beginning of year	1.584.125	1.616.664
Cash and cash equivalents and bank overdrafts at end of year	1.992.875	1.584.125

COSMOS INSURANCE PUBLIC HOLDINGS PUBLIC LTD

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2022

		Share premium reserve	Revaluation	Capital decrease reserve	Annuity reserve	Total
	Share capital		reserve
			€	€	€	€
	€
Balance as at 1 January 2021	1.129.671	2.907.588	3.226.741	4.017.655	(1.982.636)	9.299.019
Total income
Profit for the year	-	-	-	-	321.920	321.920
Other total income
Land and buildings
Revaluation profit after taxation	-	-	100.003	-	-	100.003
Total income for the year	-	-	100.003	-	321.920	421.923
Balance as at 31 December 2021	1.129.671	2.907.588	3.326.744	4.017.655	(1.660.716)	9.720.942
Total income
Profit for the year	-	-	-	-	321.878	321.878
Other total income
Land and buildings
Revaluation profit after taxation	-	-	120.587	-	-	120.587
Total income for the year	-	-	120.587	-	321.878	442.465
Transactions with shareholders
Deemed dividend distribution on
the profit of 2020	-	-	-	-	(70.000)	(70.000)
Total transactions with
shareholders	-	-	-	-	(70.000)	(70.000)
Balance as at 31 December 2022	1.129.671	2.907.588	3.447.331	4.017.655	(1.408.838)	10.093.407