Minerva Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 30, 2018

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

for the year ended 31 December 2017

	2017 €	2016 €
Realised gross premiums Increase in gross reserve of unearned premiums	11.816.291 (322.336)	11.348.085 (401.179)
Gross earned premiums	11.493.955	10.946.906
Reinsurance in realised gross premiums	(1.151.009)	(1.116.726)
Reinsurers' share in the increase of gross reserve of unearned premiums	43.239	9.526
Net earned premiums	10.386.185	9.839.706
Commissions and other income	723.700	676.185
Gain on investments	499.217	249.838
Net income	11.609.102	10.765.729
Gross claims, benefits and variation in life branch reserve	(6.881.244)	(5.796.777)
Reinsurers' share	257.457	(59.890)
Net insurance claims and benefits	(6.623.787)	(5.856.667)
Acquisition costs	(3.073.271)	(3.035.451)
Management costs	(1.399.169)	(1.486.006)
Provisions and write-off of doubtful claims	(500.512)	32.096
Expenses	(11.596.739)	(10.346.028)
Operating profit	12.363	419.701
Net finance costs	(86.791)	(136.851)
Profit / (loss) before taxation	(74.428)	282.850
Taxation	(75.517)	(151.088)
Profit / (loss) for the year	(149.945)	131.762
(Loss) / profit per share attributable to Company's owners (cents)	(0.19)	0.17
Other comprehensive income
Amounts not to be classified in profit or loss in later periods
Profit from revaluation of property	129.866	-
Deferred taxation from revaluation	866 (1.430)	-
Other comprehensive income for the year	128.436	-
Total (expenses) / income for the year attributable to Company's owners	(21.509)	131.762

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 December 2017

	Share capital €	Share Premium Reserve €	Property revaluation reserve €	Difference from πόconversion of capital into euro €	Αnnuity reserve €	Total equity €
Balance as at 1 January 2017	13.330.532	4.317.354	3.330.156	67.448	(14.327.636)	6.717.854
Loss for the year	-	-	-	-	(149.945)	(149.945)
Other comprehensive income
Gain on property revaluation			129.866			129.866
Deferred tax on property revaluation	-	-	(1.430)	-	-	(1.430)
Other comprehensive income for the year	-	-	128.436	-	-	128.436
Balance as at 31 December 2017	13.330.532	4.317.354	3.458.592	67.448	(14.477.581)	6.696.345
Balance as at 1 January 2016	13.330.532	4.317.354	3.330.156	67.448	(14.459.398)	6.586.092
Profit for the year	-	-	-	-	131.762	131.762
Balance as at 31 December 2016	13.330.532	4.317.354	3.330.156	67.448	(14.327.636)	6.717.854

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 17% will be payable on such deemed dividends to the extent that the shareholders (individuals and companies), at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2017

	2017	2016
	€	€
Cash flow from operations
Profit / (loss) for the year	(149.945)	131.762
Adjustments for:
Taxation	75.517	151.088
Depreciation of property, plant and equipment	93.974	119.926
Amortisation of intangible assets	76.575	34.092
Loss on change in the fair value of financial assets at fair value
through profit and loss	23.401	116.217
(Loss) / gain on the sale of financial assets at fair value
through profit and loss	(84.830)	34.916
Provisions for doubtful claims	500.512	(32.096)
Profit on revaluation of investment property	(56.603)	-
Interest payable	86.791	136.851
Interest receivable	(248.500)	(282.369)
Dividends receivable	(17.569)	(16.815)
Cash flow from operations before changes in working capital	299.323	393.572
Decrease in insurance and other claims	272.072	507.045
Decrease / (increase) in deferred acquisition costs	(43.528)	43.841
Decrease / (increase) in reinsurers' share in claims and technical reserves	(16.603)	366.705
Decrease in life branch reserve	(657.533)	(1.012.002)
(Increase) / decrease in general branch insurance reserves	86.005	(1.359.552)
Decrease in insurance and other liabilities	(26.470)	(135.006)
Cash flow for operations	(86.734)	(1.195.397)
Interest paid	(86.791)	(136.851)
Dividends received	17.569	16.815
Tax paid	(196.124)	(12.990)
Net cash flow for operations	(352.080)	(1.328.423)
Cash flow from investing activities
Payments for purchase of property, plant and equipment	(69.991)	(28.214)
Payments for purchase of intangible assets	(157.832)	(12.987)
Payments for purchase of investment property	-	(26.396)
Payments for purchase of financial assets at fair value
through profit and loss and investments held to maturity	(142.664)	(125.666)
Proceeds from sale of financial assets at fair value
through profit and loss	135.941	204.465
Interest received	248.500	282.369
Net cash flow from investing activities	13.954	(293.571)
Cash flow from financing activities
Repayments of loans Net cash flow for financing activities	(225.698) (225.698)	(217.930) (217.930)
Net decrease in cash and cash equivalents	(563.824)	(1.252.782)
Cash and cash equivalents at beginning of year	8.558.050	9.810.832
Cash and cash equivalents at end of year	7.994.226	8.558.050
Cash and cash equivalents consist of:
Cash in hand and at bank and term deposits	7.994.226	8.668.786
Bank overdrafts	-	(110.736)
	7.994.226	8.558.050

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2017

	2017	2016
	€	€
Assets
Property, plant and equipment	1,906,811	1,800,928
Intangible assets	180,140	98,883
Investment property	9,048,740	8,992,137
Investments held to maturity	2,206,430	2,206,430
Total non-current assets	13,342,121	13,098,378
Financial assets at fair value through profit and loss	705,586	637,434
Insurance and other claims	6,472,627	7,245,211
Deferred acquisition costs	1,507,780	1,464,252
Reinsurers' share in claims and technical reserves	1,215,403	1,198,800
Cash and cash equivalents	7,994,226	8,668,786
Total current assets	17,895,622	19,214,483
Total assets	31,237,743	32,312,861
Equity
Share capital	13,330,532	13,330,532
Reserves	(6,634,187)	(6,612,678)
Total equity	6,696,345	6,717,854
Liabilities
Life branch reserve	5,955,752	6,613,285
Borrowings	1,620,650	1,865,465
Deferred taxation	835,058	826,721
Total non-current liabilities	8,411,460	9,305,471
General branch insurance reserves	14,825,344	14,739,339
Insurance and other liabilities	1,019,047	1,045,517
Bank overdrafts Current loan instalments	- 229,774	110,736 210,657
Tax due	55,773	183,287
Total current liabilities	16,129,938	16,289,536
Total liabilities	24,541,398	25,595,007
Total equity and liabilities	31,237,743	32,312,861