Cosmos Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 7, 2021

STATEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER TOTAL INCOME for the year ended 31 December 2020

	2020	2019
	€	€
Income
Gross earned premiums	17.404.519	17.691.177
Reinsurers' share in gross earned premiums	(5.613.279)	(5.829.116)
Net earned premiums	11.791.240	11.862.061
Plus:
Premium fees and other fees	1.570.272	1.578.228
Commission from reinsurers	1.309.070	1.533.617
Share of profit from joint venture of insurers	159.596	174.475
Net (expenses)/income from investments	(220.742)	105.047
Other income	39.430	22.615
Total other income	2.857.626	3.413.982
Total income	14.648.866	15.276.043
Compensations	(7.575.332)	(9.508.602)
Commissions payable and sales expenses	(3.705.030)	(3.844.878)
Other operating and administrative expenses	(2.853.904)	(3.044.306)
Finance costs	(54.434)	(39.388)
Change in the unexpired risk reserve	(97.042)	44.000
Total expenses from insurance operations	(14.285.742)	(16.393.174)
Profit / (loss) before taxation	363.124	(1.117.131)
Taxation	(88.599)	120.520
Profit / (loss) for the year	274.525	(996.611)
Other comprehensive loss
Income to be reclassified to profit or loss in subsequent periods
Revaluation of immovable property for own use	93.740	95.423
Deferred taxation in revaluation	150.925	(9.961)
Other total comprehensive income	244.665	85.462
Total income/(loss) for the year attributable to Company owners	519.190	(911.149)
Basic and fully diluted profit/(loss) per share (cents)	0.00486	(0.01764)

COSMOS INSURANCE PUBLIC COMPANY LTD

STATEMENT OF FINANCIAL POSITION as at 31 December 2020

	2020	2019
	€	€
ASSETS
Non-current assets
Property and equipment	4.561.342	4.778.317
Intangible assets Investment property	46.038 6.247.000	67.664 6.280.500
Deferred taxation	74.639	157.601
Total non-current assets	10.929.019	11.284.082
Current assets
Premiums payable	3.008.787	3.207.912
Other debtors and prepayments	1.441.906	1.443.870
Investments at fair value through profit and loss	7.345.224	7.596.010
Deferred acquisition costs	2.375.307	2.191.759
Current taxation	76.376	76.376
Reinsurers' share in insurance technical reserves	3.977.964	3.327.551
Notice and term deposits	105.194	254.565
Cash and cash equivalents	1.630.432	1.827.464
Total current assets	19.961.190	19.925.507
Total assets	30.890.209	31.209.589
EQUITY
Capital and Reserves
Share capital	1.129.671	1.129.671
Share premium reserve	2.907.588	2.907.588
Other reserves	5.261.760	4.742.570
Total equity	9.299.019	8.779.829
LIABILITIES
Non-current liabilities
Deferred tax liabilities	256.129	402.122
Total non-current liabilities	256.129	402.122
Current liabilities
Creditors and accrued costs	1.234.304	1.219.021
Pending claims and claims administrative expenses reserve	10.730.843	10.979.887
Unexpired risk reserve	106.042	9.000
Liabilities to reinsurers	1.050.722	1.829.932
Unearned premiums	7.633.740	7.453.365
Deferred income from reinsurers	565.642	469.773
Bank overdraft	13.768	66.660
Total current liabilities	21.335.061	22.027.638
Total liabilities	21.591.190	22.429.760
Total equity and liabilities	30.890.209	31.209.589

COSMOS INSURANCE PUBLIC COMPANY LTD

STATEMENT OF CASH FLOWS

for the year ended 31 December 2020
	2020	2019
Operating activities	€	€
Profit/(loss) for the year before taxation	363.124	(1.117.131)
Adjustments for:
Depreciation	195.386	227.841
Change in the fair value of shares and securities	(94.708)	(131.782)
Change in the fair value of investment property	310.976	6.000
Profit from sale of property and equipment	(10.250)	-
Profit from sale of shares and securities	(5.992)	-
Interest expense	54.434	39.388
Interest income	(18.540)	(28.030)
Profit/(loss) from operations before changes in working capital	794.430	(1.003.714)
Increase in unearned premiums	180.375	488.500
(Increase) / decrease in premiums receivable	199.125	(94.624)
Decrease in other debtors and advance payments	1.964	308.474
(Increase)/decrease in other creditors and accrued expenses	(33.441)	25.032
Increase in deferred acquisition costs	(183.548)	(120.012)
(Increase)/decrease in reinsurers' share in technical reserves	(650.413)	326.287
Decrease in pending claims	(249.044)	(357.617)
Increase/(decrease) in unexpired risk reserve	97.042	(44.000)
Increase in deferred reinsurers' income	95.869	129.449
(Decrease)/increase of liabilities to reinsurers	(779.210)	330.035
Cash flows for operations	(526.851)	(12.190)
Income tax paid	(705)	(50.596)
Net cash flow for operating activities	(527.556)	(62.786)
Investing activities
Purchase of property and equipment	(61.737)	(59.949)
Purchase of software programmes	(5.548)	(1.904)
Proceeds from sale of property and equipment	10.250	-
Payments for expenses of property for investment	(7.476)	-
Purchase of investments at fair value through profit and loss	(2.032.033)	(1.314.061)
Proceeds from disposal and maturity of financial investments	2.383.519	1.579.740
Proceeds from maturity of notice and term deposits	149.371	355.300
Interest received	18.540	6.697
Net cash flow from investing activities	454.886	565.823
Financing activities
Interest paid	(52.720)	(39.388)
Repayments of liability capital from leases	(18.750)	-
Net cash flow for financing activities	(71.470)	(39.388)
Net (decrease)/increase in cash and cash equivalents	(144.140)	463.649
Cash and cash equivalents at beginning of year	1.760.804	1.297.155
Cash and cash equivalents at end of year	1.616.664	1.760.804

STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2020

		Share		Capital
		premium	Revaluation	decrease	Revenue
	Share	reserve	reserve	reserve	reserve	Total
	capital	€	€	€	€	€
	€
Balance as at 1 January 2019	1.129.671	2.907.588	2.896.614	4.017.655	(1.260.550)	9.690.978
Total loss	-	-	-	-	(996.611)	(996.611)
Loss for the year
Other total income
Land and buildings
Revaluation profit after taxation	-	-	85.462	-	-	85.462
Total loss for the year	-	-	85.642	-	(996.611)	(911.149)
Balance as at 31 December 2019	1.129.671	2.907.588	2.982.076	4.017.655	(2.257.161)	8.779.829
Total income	-	-	-	-	274.525	274.525
Profit for the year
Other total income
Land and buildings
Revaluation profit after taxation	-	-	244.665	-	-	244.665
Total profit for the year	-	-	244.665	-	274.525	519.190
Balance as at 31 December 2020	1.129.671	2.907.588	3.226.741	4.017.655	(1.982.636)	9.299.019