Minerva Insurance Company Public LTD

Interim / Quarterly Report • Sep 22, 2022

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

for the half year ended 30 June 2022

	1/1/2022-	1/1/2021-
	30/6/2022	30/6/2021
	€	€
Realised gross premiums	8.210.601	8.147.861
(Increase)/decrease in gross reserve of unearned premiums	2.587	(72.511)
Gross earned premiums	8.213.188	8.705.350
Reinsurance in realised gross premiums	(957.283)	(744.267)
Reinsurers' share in gross reserve of unearned premiums	63.704	(46.371)
Net earned premiums	7.319.609	7.284.712
Commissions and other income	553.458	562.807
Profit from investments	(52.252)	112.967
Net income	7.820.815	7.960.486
Gross claims, benefits and change in life branch reserve	(5.532.070)	(4.025.407)
Reinsurers' share	1.097.820	119.627
Net insurance claims and benefits	(4.434.250)	(3.905.780)
Acquisition costs	(2.873.000)	(2.724.908)
Administrative expenses	(1.116.485)	(980.674)
Reversal of provision/(provisions and write-offs) of doubtful	526.400	(20.000)
claims
Expenses	(7.897.335)	(7.631.362)
(Loss)/Profit from operations	(76.520)	329.124
Net finance costs	(99.957)	(97.401)
(Loss)/Profit for the period before taxation	(176.477)	231.723
Taxation	(4.066)	(4.368)
(Loss)/Profit for the period	(180.543)	227.355
(Loss)/Profit per share attributable to the Company's
owners (cents)	(0.06)	0.23
Other comprehensive (expenses)/income
Items not to be reclassified to profit or loss in subsequent
periods
(Loss)/gain on revaluation of financial assets available for sale	(200.386)	25.273
Other comprehensive (expenses)/income for the period	(200.386)	25.273
Comprehensive (expenses)/income for the period attributable to the Company's owners
	(380.929)	252.628

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2022

	30/6/2022	31/12/ 2021
	€	€
ASSETS
Property, plant and equipment	4.847.202	4.849.670
Intangible assets	66.345	42.115
Investment property	9.409.955	9.415.647
Assets with right of use	654.320	765.549
Financial assets available for sale	3.396.839	3.742.178
TOTAL NON-CURRENT ASSETS	18.374.661	18.812.159
Financial assets at fair value through profit and loss	3.708.068	2.671.149
Insurance and other claims	7.514.636	7.301.502
Deferred acquisition costs	2.963.431	3.013.743
Reinsurers' share in claims and technical reserves	1.408.973	1.307.213
Cash and bank deposits	3.991.577	4.419.987
TOTAL CURRENT ASSETS	19.586.685	18.713.094
TOTAL ASSETS	37.961.346	37.528.253
EQUITY
Share capital	3.281.230	3.281.230
Reserves	6.380.250	6.761.179
Total equity	9.661.480	10.042.409
LIABILITIES
Life Insurance reserve	4.318.787	4.357.601
Subordinated loans	312.256	302.989
Bank loans	543.948	398.698
Lease liabilities	482.192	591.927
Deferred taxation	918.124	918.124
TOTAL NON-CURRENT LIABILITIES	6.578.307	6.569.339
General Insurance reserves	17.260.833	16.784.259
Insurance and other liabilities	2.771.395	2.964.465
Bank overdrafts	1.014.909	600.186
Current portion of bank loans	385.924	275.574
Lease liabilities	236.265	236.265
Taxation due	52.233	55.756
TOTAL CURRENT LIABILITIES	21.721.559	20.916.505
TOTAL LIABILITIES	28.299.866	27.485.844
TOTAL EQUITY AND LIABILITIES	37.961.346	37.528.253

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the half-year ended 30 June 2022

	Share Capital €	Share Premium reserve	Property revaluation reserve	Investment revaluation reserve	Contribution reserve	Annuity reserve	Capital reduction reserve	Total equity
		€	€	€	€	€	€	€
Balance as at 1 January 2022	3.281.230	1.610.256	3.917.317	63.664	191.930	550.778	427.234	10.042.409
Loss for the period	-	-	-	-	-	(180.543)	-	(180.543)
Loss on revaluation of investments available for
sale	-	-	-	(200.386)	-	-	-	(200.386)
Other comprehensive expenses for the period	-	-	-	(200.386)	-	-	-	(200.386)
Balance as at 30 June 2022	3.281.230	1.610.256	3.917.317	(136.722)	191.930	370.235	427.234	9.661.480
Balance as at 1 January 2021	16.999.865	648.021	3.746.201	38.391	557.876	(14.690.933)	-	7.299.421
Profit for the period	-	-	-	-	-	227.355	-	227.355
Gain on revaluation of investments available for
sale	-	-	-	25.873	-	-	-
Other comprehensive income for the period Capital movements	-	-	-	25.873	-	-	-	25.873
Decrease in nominal value of share Expenses for capital	(15.999.873)	-	-	-	-	15.572.639	427.234	-
increase	-	(20.000)	-	-	-	-	-	(20.000)
Total capital movements	(15.999.873)	(20.000)	-	-	-	15.572.639	427.234	(20.000)
Balance as at 30 June 2021	999.992	628.021	3.746.201	64.264	557.876	1.109.061	427.234	7.532.649

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the half-year ended 30 June 2022

1/1/2022 – 30/6/2022 € 1/1/2021 – 30/6/2021 € Cash flow from operations prior to changes in working capital 304.114 532.277 Increase in insurance and other claims (213.134) (170.378) Decrease in deferred acquisition expenses 50.312 160.565 (Decrease)/increase in reinsurers share in claims and technical reserves (101.760) 3.833 Decrease in life insurance reserve (38.814) (232.517) Increase in general insurance reserves 476.574 427.452 Decrease in insurance and other liabilities (193.070) (64.597) Cash flow from operations 284.222 656.635 Interest paid (82.513) (57.012) Adjustment of blocked deposits for obtaining bank facilities - (1.264.280) Tax paid (7.589) (6.172) Net cash flow (in) / from operations 194.120 (670.829) Cash flow from investing activities Payments for purchase of property, plant and equipment (115.806) (47.733) Payments for purchase of intangible assets (48.593) (14.584) Payments for purchase of investment property (464.308) (300.281) Payments for purchase of financial assets at fair value through profit and loss (1.180.551) (316.309) Payments for lease liabilities (117.911) (119.720) Payments for purchase of financial assets available for sale (450.850) (377.998) Proceeds from sale of investment property 470.000 - Proceeds from sale of financial assets at fair value through profit and loss - 176.708 Proceeds from sale of investment held to maturity - 252.719 Proceeds from sale of financial assets available for sale 593.567 120.137 Interest received 19.099 20.929 Net cash flow in investing activities (1.295.353) (606.132) Cash flow from financing activities Decrease/(increase) in blocked term deposits and unblocked deposits over three months 473.401 (1.261.030) Proceeds from new loans minus repayment of loans 258.600 (186.593) Net cash flow (from)/in financing activities 732.001 (1.447.623) Net decrease in cash and cash equivalents (369.232) (2.724.584) Cash and cash equivalents at beginning of period 1.499.362 4.115.861 Cash and cash equivalents at end of period 1.130.130 1.391.277

Cash and cash equivalents consisting of :
Cash in hand and at bank and term deposits	3.991.577	4.488.803
Bank overdrafts	(1.014.909)	(572.216)
Blocked term deposits	(1.265.961)	(1.264.280)

1.130.180 1.391.277

Unblocked term deposits over three months (580.577) (1.261.030)