Cosmos Insurance Company Public LTD

Interim / Quarterly Report • Sep 16, 2022

for the period from 1 January 2022 to 30 June 2022	1/1/2022 –	1/1/2021 –
	30/6/2022	30/6/2021
	€	€
Income
Gross earned premiums	9.267.885	8.310.886
Reinsurers' share in gross earned premiums	(3.780.454)	(2.815.140)
Net earned premiums	5.487.431	5.495.746
Plus:
Premium fees and other fees	720.345	752.094
Commission from reinsurers	844.842	838.595
Share of profit from joint venture of insurers	75.097	31.914
Net expenses from investments	(804.740)	(83.784)
Other income	32.500	35.578
Total other income	868.044	1.574.397
Total income	6.355.475	7.070.143
Compensations	(2.969.860)	(3.544.763)
Commissions payable and other sales expenses	(1.823.334)	(1.821.374)
Other operating and administrative expenses	(1.434.707)	(1.368.742)
Finance costs	(38.874)	(30.106)
Change in the unexpired risk reserve	-	-
Total expenses from insurance operations	(6.266.775)	(6.764.985)
Profit before taxation	88.700	305.158
Taxation	(21.156)	(559)
Profit for the year	67.544	304.599
Other comprehensive loss
Income not to be reclassified to profit or loss in subsequent periods	-	-
Revaluation of immovable property for own use	-	-
Deferred taxation in revaluation	-	-
Other total comprehensive income	-	-
Total income for the period attributable to Company owners	67.544	304.599
Basic and fully diluted profit per share (cents)	0.12	0.54

INTERIM CONDENSED STATEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER TOTAL INCOME

COSMOS INSURANCE PUBLIC COMPANY LTD

INTERIM STATEMENT OF FINANCIAL POSITION as at 30 JUNE 2022

	30 June	31 December
	2022	2021
	€	€
ASSETS
Non-current assets
Property and equipment	4.503.571	4.523.374
Intangible assets	971	1.906
Investment property	5.906.000	5.919.000
Deferred taxation	59.148	59.148
Total non-current assets	10.469.690	10.503.428
Current assets
Premiums payable	3.137.954	2.779.779
Other debtors and prepayments	1.411.727	1.372.650
Investments at fair value through profit and loss	10.013.974	10.113.719
Deferred acquisition costs	2.407.372	2.401.352
Current tax claims	9.151	9.151
Reinsurers' share in insurance technical reserves	5.087.112	5.928.237
Cash and cash equivalents	1.881.823	1.592.876
Total current assets	23.949.113	24.197.764
Total assets	34.418.803	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	5.751.227	5.683.683
Total equity	9.788.486	9.720.942
LIABILITIES
Non-current liabilities
Deferred tax liabilities	240.082	236.048
Total non-current liabilities	240.082	236.048
Current liabilities
Other creditors and accrued costs	1.662.211	1.338.558
Current tax liabilities	16.464	4.319
Pending claims and claims administrative expenses reserve	13.160.707	12.963.860
Unexpired risk reserve	191.601	191.601
Liabilities to reinsurers	799.693	1.030.611
Unearned premiums	7.843.251	8.590.546
Deferred income from reinsurers	580.562	615.956
Bank overdraft	135.745	8.751
Total current liabilities	24.390.235	24.744.202
Total liabilities	24.630.317	24.980.250
Total equity and liabilities	34.418.803	34.701.192

COSMOS INSURANCE PUBLIC COMPANY LTD

INTERIM STATEMENT OF CASH FLOWS

for the period from 1 January 2022 to 30 June 2022

	1/1/2022-	1/1/2021-
	30/6/2022	30/6/2021
Operating activities	€	€
Profit for the year before taxation	88.700	305.158
Adjustments for:
Depreciation	76.958	103.558
Change in the fair value of shares and securities	781.034	70.359
Loss from sale of shares and securities	19.387	184
Profit from sale of property for investment	(2.179)	-
Interest expense	38.874	30.106
Interest income	(15.359)	(6.120)
Profit from operations before changes in working capital	987.415	503.245
(Decrease)/increase in unearned premiums	(747.295)	127.887
Increase in premiums receivable	(358.175)	(391.969)
(Increase)/decrease in other debtors and advance payments	(48.637)	93.899
Increase in other creditors and accrued expenses	333.141	485.840
Increase in deferred acquisition costs	(6.020)	(10.528)
Decrease/(increase) in reinsurers' share in technical reserves	841.125	(237.475)
Increase in pending claims	196.847	499.821
(Decrease)/increase in deferred reinsurers' income	(35.394)	9.629
(Decrease)/increase of liabilities to reinsurers	(230.918)	180.941
Cash flows from operations	932.089	1.261.290
Income tax paid	(4.978)	(559)
Income tax collected	-	67.225
Net cash flow from operating activities	927.111	1.327.956
Investing activities
Purchase of property and equipment	(56.220)	(13.706)
Proceeds from sale of property for investment	15.179	-
Payments for expenses of property for investment	-	(2.500)
Purchase of investments at fair value through profit and loss	(1.714.882)	(1.142.270)
Proceeds from disposal and maturity of financial investments	1.014.206	391.252
Proceeds from maturity of notice and term deposits	-	105.194
Interest received	24.918	6.120
Net cash flow for investing activities	(716.799)	(655.910)
Financing activities
Interest paid	(38.160)	(29.023)
Repayments of liability capital from leases	(10.200)	(10.200)
Net cash flow for financing activities	(48.360)	(39.223)
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period	161.952 1.584.125	632.823 1.616.664
Cash and cash equivalents at end of period	1.746.077	2.249.487

INTERIM STATEMENT OF CHANGES IN EQUITY

for the period from 1 January 2022 to 30 June 2022

		Share		Capital
	Share	premium reserve		Revaluation	decrease reserve	Revenue reserve	Total
				reserve
	capital	€	€	€	€	€
	€
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 profit 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 period	-	-	-	-	67.544	67.544
Other total income
Land and buildings
Revaluation profit after taxation	-	-	-	-	-	-
Total profit for the period	-	-	-	-	67.544	67.544
Balance as at 31 June 2022	1.129.671	2.907.588	3.326.744	4.017.655	(1.593.172)	9.788.486