Cosmos Insurance Company Public LTD

Quarterly Report • Sep 13, 2019

COSMOS INSURANCE PUBLIC COMPANY LTD INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2019

	Six months ended 30 June
	2019	2018
	€	€
Income
Gross earned premiums	8.752.026	9.158.375
Reinsurer's share in earned premiums	(2.798.384)	(1.868.904)
Net earned premiums	5.953.642	7.289.471
Plus:
Premium and other fees	813.192	836.394
Commission from reinsurers	785.035	901.712
Profit share from insurers' joint venture	64.214	102.700
Other income	6.816	113.649
Net income / (loss) from investments	125.152 1.794.409	(32.471) 1.921.984
Total other income Total income	7.748.051	9.211.455
Expenses
Compensations Commissions payable and other sales expenses	(4.395.522) (1.941.319)	(5.784.808) (1.860.892)
Other operating and administrative expenses from insurance operations	(1.492.935)	(1.624.718)
Finance costs	(21.763)	(25.599)
Total operating and administrative expenses from insurance operations	(7.851.449)	(9.296.017)
Change in valid risk reserve	-	-
Loss before taxation	(103.398)	(84.562)
Taxation	(364)	-
Loss for the period	(103.762)	(84.562)
Other comprehensive (loss) / profit
Income to be reclassified to profit or loss in subsequent periods
Revaluation of immovable property	46.463	-
Other comprehensive total income	46.463	-
Total comprehensive loss for the period attributable to Group owners	(57.299)	(84.562)
Basic and fully diluted loss per share (cents)	(0.19)	(0.15)
(Loss) / profit for the period after taxation attributable to:
Company shareholders	(104.702)	(84.388)
Minority interest	940	(174)
	(103.762)	(84.562)
Total comprehensive (loss) / profit for the period after taxation attributable to:
Company shareholders	(58.239)	(84.388)
Minority interest	940	(174)
	(57.229)	(84.562)

COSMOS INSURANCE PUBLIC COMPANY LTD

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2019

	30.6.2019	31.12.2018
	€	€
ASSETS
Property, plant and equipment	4.807.194	4.785.890
Intangible assets	87.732	109.973
Investment property	6.286.500	6.286.619
Deferred taxation	248.619	248.619
Total Non-Current Assets	11.430.045	11.430.982
Trade and other receivables	4.400.504	4.531.776
Investments at fair value through profit and loss	7.304.979	7.729.907
Deferred acquisition costs	2.152.910	2.071.747
Taxation	25.780	25.780
Reinsurers' share in technical reserves	3.662.790	3.653.838
Cash and cash equivalents	2.301.082	2.003.142
Total Current Assets	19.848.045	20.016.190
Total Assets	31.278.090	31.447.172
EQUITY
Share capital	1.129.671	1.239.671
Reserves	8.498.994	8.557.233
Equity attributable to the Company's shareholders	9.628.665	9.686.904
Minority interest	4	(936)
Total equity	9.628.669	9.685.968
LIABILITIES
Deferred taxation	604.349	604.349
Total Non-Current Assets	604.349	604.349
Trade and other liabilities	870.936	866.404
Pending claims and claims administrative expenses reserve	10.442.409	11.337.504
Valid risk reserve	53.000	53.000
Insurance liabilities	1.437.021	1.499.897
Unearned premiums	7.558,704	6.964.865
Reinsurers' share in technical reserves	429.610	340.324
Bank overdraft	253.392	94.861
Total Current Liabilities	21.045.072	21.156.855
Total Liabilities	21.649.421	21.761.204
Total Equity and Liabilities	31.278.090	31.447.172

COSMOS INSURANCE PUBLIC COMPANY LTD

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2019

		Six months ended 30 June
	2019	2018
	€	€
Cash flow from operating activities
Loss for the period	(103.762)	(84.562)
Adjustments for items not affecting cash movement	587.654	217.819
Profit from operating activities before changes in working capital	483.892	133.257
Changes in working capital	(725,659)	680.925
	(241.767) 5	814.182
Taxes paid	9 -	-
Net cash flow from operating activities	(241,767)	814.182
Net cash flow from / (for) investing activities	381,176	(1.227.483)
Net cash flow from financing activities	-	767.000
Net increase in cash and cash equivalents	139,409	353.699
Cash and cash equivalents at beginning of year	1,908,281	1.092.719
Cash and cash equivalents at end of period	2.047.690	1.446.418

COSMOS INSURANCE PUBLIC COMPANY LTD

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2019

	Share capital €	Share premium reserve €	Revaluation reserve €	Contribution against non issued capital	Capital reduction reserve €	Profit and loss account reserve	Equity attributable to company shareholders	Minority interest €	Total equity €
Balance as at 1 January 2018	462,485	2,022,865	2,815,837	€ 900,000	4,017,655	€ (608,158)	9,610,684	472	9,611,156
Total comprehensive income	-	-	-	-	-	(84,388)	(84,388)	(174)	(84,562)
Share issue	667,186	1,000,780	-	(900,000)	-	-	767,966	-	767,966
Share issue costs	-	(116,057)	-	-	-	-	(116,057)	-	(116,057)
Balance as at 30 June 2018	1,129,671	2,907,588	2,815,837	-	4,017,655	(692,546)	10,178,205	298	10,178,503
Balance as at 1 January 2019	1,129,671	2,907,588	2,896,614	-	4,017,655	(1.264,624)	9.686,904	(936)	9,685,968
Total comprehensive income	-	-	46.463	-	-	(104.702)	(58.239)	940	(57.299)
Balance as at 30 June 2019	1.129.671	2.907.588	2.943.077	-	4.017.655	(1.369.326)	9.628.665	4	9.628.669