Minerva Insurance Company Public LTD

Annual / Quarterly Financial Statement • Sep 27, 2021

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the half year ended 30 June 2021

	1/1/2021-	1/1/2020-
	30/6/2021	30/6/2020
	€	€
Realised gross premiums	8.147.861	7.206.532
(Increase)/decrease in gross reserve of unearned premiums	(72.511)	114.434
Gross earned premiums	8.705.350	7.320.966
Reinsurance in realised gross premiums	(744.267)	(642.404)
Reinsurers' share in gross reserve of unearned premiums	(46.371)	(72.539)
Net earned premiums	7.284.712	6.606.023
Commissions and other income Profit from investments	562.807 112.967	424.584 43.519
Net income	7.960.486	7.074.126
Gross claims, benefits and change in life branch reserve	(4.025.407)	(3.344.654)
Reinsurers' share	119.627	74.287
Net insurance claims and benefits	(3.905.780)	(3.270.367)
Acquisition costs	(2.724.908)	(2.461.207)
Administrative expenses	(980.674)	(1.040.645)
Provisions and write-offs of doubtful claims	(20.000)	-
Expenses	(7.631.362)	(6.772.219)
Profit from operations	329.124	(301.907)
Net finance costs	(97.401)	(95.325)
Profit for the period before taxation	231.723	206.582
Taxation	(4.368)	(4.460)
Profit for the period	227.355	(201.122)
Earnings per share attributable to the Company's owners
(cents)	0.23	0.26
Other comprehensive income Items not to be reclassified to profit or loss in subsequent
periods
Gain on revaluation of financial assets available for sale	25.873	4.676
Other comprehensive income for the period	25.873	4.676
Comprehensive income for the period attributable to the
Company's owners	253.228	206.798

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021

	30/6/2021	31/12/ 2020
	€	€
ASSETS
Property, plant and equipment	4.693.267	4.764.928
Intangible assets	76.710	99.113
Investment property	9.270.871	8.970.590
Assets with right of use	876.649	974.804
Investments held to maturity	99.349	315.821
Financial assets available for sale	3.796.773	3.513.039
TOTAL NON-CURRENT ASSETS	18.813.619	18.638.295
Financial assets at fair value through profit and loss	2.455.349	2.340.345
Insurance and other claims	7.096.220	6.945.842
Deferred acquisition costs	2.633.615	2.794.180
Reinsurers' share in claims and technical reserves	1.110.803	1.114.636
Cash and bank deposits	4.488.803	4.456.243
TOTAL CURRENT ASSETS	17.784.790	17.651.246
TOTAL ASSETS	36.598.409	36.289.541
EQUITY
Share capital	999.992	16.999.865
Reserves	6.532.657	(9.700.444)
Total equity	7.532.649	7.299.421
LIABILITIES
Life Insurance reserve	4.596.851	4.829.368
Subordinated loans	1.764.339	1.738.265
Bank loans	487.129	673.722
Lease liabilities	683.622	807,832
Deferred taxation	889.930	889.930
TOTAL NON-CURRENT LIABILITIES	8.421.871	8.939.117
General Insurance reserves	15.863.762	15.436.310
Insurance and other liabilities	3.558.229	3.622.825
Bank overdrafts	572.216	340.382
Current portion of bank loans	383.981	383.981
Lease liabilities	211.574	211.574
Taxation due	54.127	55.931
TOTAL CURRENT LIABILITIES	20.643.889	20.051.003
TOTAL LIABILITIES	29.065.760	28.990.120
TOTAL EQUITY AND LIABILITIES	36.598.409	36.289.541

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the half-year ended 30 June 2021

	Share Capital	Share Premium reserve	Property revaluation reserve	Investment revaluation reserve	Contribution reserve	Annuity reserve	Capital reduction	Total equity
	€	€	€	€	€		reserve	€
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
Other comprehensive income Gain on revaluation of investments available for
sale	-	-	-	25.873	-	-	-	25.873
Other comprehensive income for the year	-	-	-	25.873	-	-	-	25.873
Changes in capital Decrease in nominal value of share	(15,999,873)	-	-	-	-	15.572.639	427.234	-
Capital increase costs	-	(20.000)	-	-	-	-	-	(20.000)
Total changes in capital	(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
Balance as at 1 January 2020	13.330.532	4.317.354	3.606.337	8.728	557.876	(14.846.945)	-	6.973.882
Profit for the period	-	-	-	-	-	202.122	-	202.122
Gain on revaluation of investments available for sale
Other comprehensive income for the year	- -	- -	- -	4.676 4.676	- -	- -	- -	4.676
Balance as at 30 June 2020	13.330.532	4.317.354	3.606.337	13.404	557.876	(14.644.823)	-	7.180.680

MINERVA INSURANCE COMPANY PUBLIC LIMITED CONDENSED CONSOLIDATED STATEMENT OF

CASH FLOWS

for the half-year ended 30 June 2021

	1/1/2021 –	1/1/2020 –
	30/6/2021	30/6/2020
	€	€
Cash flow from operations	656.635	785.486
Interest paid	(57.012)	(58.258)
Readjustment of blocked deposits to secure bank facilities	(1.264.280)	-
Tax paid	(6.172)	(7.165)
Net cash flow (in) / from operations	(670.829)	720.063
Cash flow from investing activities
Payments for purchase of property, plant and equipment	(47.733)	(257.854)
Payments for purchase of intangible assets	(14.584)	(42.214)
Payments for purchase of investment property	(300.281)	(1.700)
Payments for purchase of financial assets at fair value
through profit and loss	(316.309)	(140.451)
Payments for purchase of investments held to maturity	-	(311.254)
Payments for right of use	(119.720)	(115.248)
Payments for purchase of financial assets available for sale	(377.998)	(401.565)
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	400.900
Proceeds from sale of financial assets available for sale	120.137	-
Interest received	20.929	38.344
Net cash flow in investing activities	(606.132)	(831.042)
Proceeds from new loans minus repayment of loans	(186.593)	(180.411)
Net cash flow in financing activities	(186.593)	(180.411)
Net decrease in cash and cash equivalents	(1.463.554)	(291.390)
Cash and cash equivalents at beginning of period	4.115.861	4.908.220
Cash and cash equivalents at end of period	2.652.307	4.616.830
Cash and cash equivalents consist of:
Cash in hand and at bank and term deposits	3.224.523	4.959.849
Bank overdrafts	(572.216)	(343.019)
	2.652.307	4.616.830