Interim / Quarterly Report • Aug 24, 2018
Interim / Quarterly Report
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| Six months ended 30 June |
||
|---|---|---|
| 2018 | 2017 | |
| € | € | |
| Income | ||
| Gross earned premiums | 9.158.375 | 8.802.416 |
| Reinsurer's share in earned premiums | (1.868.904) | (1.684.082) |
| Net earned premiums | 7.289.471 | 7.118.334 |
| Premium and other fees | 836.394 | 768.670 |
| Commission from reinsurers | 901.712 | 396.545 |
| Profit share from insurers' joint venture | 102.700 | 97.297 |
| Other income | 113.649 | 32.786 |
| Net (loss) / income from investments | (32.471) | 60.582 |
| Total other income | 1.921.984 | 1.355.880 |
| Total income | 9.211.455 | 8.474.214 |
| Expenses | ||
| Compensations | (5.784.808) | (5.106.068) |
| Commissions payable and other sales expenses | (1.860.892) | (1.807.090) |
| Other operating and administrative expenses from insurance operations | (1.624.718) | (1.537.167) |
| Finance costs | (24.599) | (22.085) |
| Total operating and administrative expenses from insurance operations Change in valid risk reserve |
(9.296.017) - |
(8.472.410) - |
| (Loss) / profit before taxation | (84.562) | 1.804 |
| Taxation | - | - |
| (Loss) / profit for the period | (84.562) | 1.804 |
| Other comprehensive (loss) / profit | - | |
| Income to be reclassified to profit or loss in subsequent periods | - | - |
| Total comprehensive (loss) / profit for the period attributable to company owners | (84.562) | 1.804 |
| Basic and fully diluted (loss) / earnings per share (cents) | (0.29) | (0.01) |
| (Loss) / profit for the period after taxation attributable to: | ||
| Company shareholders | (84.388) | 1.804 |
| Minority interest | (174) | - |
| (84.562) | 1.804 | |
| Total comprehensive (loss) / profit for the period after taxation attributable to: | ||
| Company shareholders | (84.388) | 1.804 |
| Minority interest | (174) | - |
| (84,562) | 1,804 |
| 30.6.2018 | 31.12.2017 | |
|---|---|---|
| € | € | |
| ASSETS | ||
| Property, plant and equipment | 4.747.542 | 4.827.592 |
| Intangible assets | 139.096 | 159.221 |
| Investment property | 6.255.500 | 6.163.000 |
| Total Non-Current Assets | 11.142.138 | 11.149.813 |
| Trade and other receivables | 4.353.791 | 5.768.066 |
| Investments at fair value through profit and loss | 7.665.526 | 6.505.787 |
| Deferred acquisition costs | 2.140.918 | 2.053.136 |
| Taxation | 101.040 | 101.062 |
| Reinsurers' share in technical reserves | 3.575.349 | 3.585.603 |
| Cash and cash equivalents | 1.783.745 | 1.454.870 |
| Total Current Assets | 19.620.369 | 19.468.524 |
| Total Assets | 30.762.507 | 30.618.337 |
| EQUITY | ||
| Share capital | 1.129.671 | 462.485 |
| Reserves | 9.048.534 | 9.148.199 |
| Equity attributable to the Company's shareholders | 10.178.205 | 9.610.684 |
| Minority interest | 298 | 472 |
| Total equity | 10.178.503 | 9.611.156 |
| LIABILITIES | ||
| Deferred taxation | 392.595 | 392.595 |
| Total Non-Current Assets | 392.595 | 392.595 |
| Trade and other liabilities | 572.177 | 555.602 |
| Pending claims and claims administrative expenses reserve | 10.426.440 | 10.848.423 |
| Valid risk reserve | 70.472 | 70.262 |
| Insurance liabilities | 884.694 | 1.139.723 |
| Unearned premiums | 7.503,253 | 7.252.416 |
| Reinsurers' share in technical reserves | 398.504 | 386.009 |
| Bank overdraft | 335.869 | 362.151 |
| Total Current Liabilities | 20.191.409 | 20.614.586 |
| Total Liabilities | 20.584.004 | 21.007.181 |
| Total Equity and Liabilities | 30.762.507 | 30.618.337 |
| Six months ended 30 June |
|||
|---|---|---|---|
| 2018 | 2017 | ||
| € | € | ||
| Cash flow from operating activities | |||
| (Loss) / Profit for the period | (84,562) | 1,804 | |
| Adjustments for items not affecting cash movement | 217,819 | 760,292 | |
| Profit from operating activities before changes in working capital | 133,257 | 762,096 | |
| Changes in working capital | 680,925 | (703,040) | |
| 814.1825 | 59.056 | ||
| Taxes paid | 9 - |
- | |
| Net cash flow from operating activities | 814,182 | 59,056 | |
| Net cash flow (for) / from investing activities | (1,227,483) | 92,895 | |
| Net cash flow from / (for) financing activities | 767,000 | (4,997) | |
| Net increase in cash and cash equivalents | 353,699 | 146,954 | |
| Cash and cash equivalents at beginning of year | 1,092,719 | 1,846,787 | |
| Cash and cash equivalents at end of period | 1,446,418 | 1,993,741 |
| 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 2017 (adjusted) |
5,575,350 | 163,984 | 2,563,721 | € - |
- | € (1,403,553) |
6,899,502 | 726 | 6,900,228 |
| Decrease in the value of the nominal capital |
(5,215,650) | - | - | - | 4,017,655 | 1,197,995 | - | - | - |
| Total comprehensive income |
- | - | - | - | - | 1,804 | 1,804 | - | 1,804 |
| Balance as at 30 June 2017 (adjusted) |
359,700 | 163,984 | 2,563,721 | - | 4,017,655 | (203,754) | 6,901,306 | 726 | 6,902,032 |
| 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 |
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