Minerva Insurance Company Public LTD

CONSOLIDATED PROFIT AND LOSS ACCOUNT

Realized gross premiums Decrease in gross stock of unearned	13.681.668	15.596.370
premiums	1.012.649	2.424.864
Gross earned premiums	14.694.317	18.021.234
Reinsurance in realized gross premiums Reinsurance share in (decrease)/increase of gross	(1.596.247)	(1.889.953)
stock of unearned premiums	(223.003)	121.689
Net earned premiums	12.875.067	16.252.970
Commissions and other fees receivable	539.590	767.260
Expenses from investments Other income from operations Revaluation of investment property	(506.823) 58.846 (19.719)	(4.503.908) 119.248 -

Net income	12.946.961	12.635.570
Gross claims, provisions and variation in
provision of life sector stock Reinsurance share in gross claims, provisions and variation in provision of life sector	(6.765.748)	(7.766.401)
stock	218.468	344.761
Net insurance claims and provisions	(6.547.280)	(7.421.640)
Acquisition cost	(3.239.060)	(3.938.966)
Administrative expenses Expenses for acquisition of financial means Bad debt provision	(2.565.461) (20.958) (1.650.604)	(2.845.558) (1.406) (1.513.018)
Expenses	(14.023.363)	(15.620.588)
Loss from operations	(1.076.402)	(2.985.018)
Finance income	663	615
Finance cost	(290.847)	(303.540)
Net finance cost	(290.184)	(302.925)
Loss before taxation	(1.366.586)	(3.287.943)
Taxation	(32.411)	(40.340)
Loss of the year attributable to owners of
the company	(1.398.997)	(3.328.283)
Loss per share attibutable to owners of
the Company (cents)	(1,78)	(4,24)

	2012	2011
	€	€
ASSETS
NON CURRENT ASSETS
Property, plant and equipment	2.023.047	2.190.397
Intangible assets	165.605	153.759
Investment property	10.059.741	9.989.908
	12.248.393	12.334.064
CURRENT ASSETS
Financial assets at fair value via the profit and	2.613.351	4.442.267
loss account
Insurance and other claims	10.303.126	11.825.220
Deferred acquisition cost	1.333.371	1.617.164
Share of reinsurance in claims and technical	1.922.779	2.292.068
stock
Cash and cash equivalents	20.040.436	23.412.408
	36.213.063	43.589.127
TOTAL ASSETS	48.461.456	55.923.191
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital	13.330.532	13.330.532
Reserves	(6.441.841)	(5.009.736)
Total equity attributable to owners of the	6.888.691	8.320.796
company

LONG-TERM LIABILITIES
Life sector stock	12.510.046	15.865.956
Long-term loans and hire/purchase creditors	2.499.577	2.123.735
Deferred taxation	989.536	995.187
	15.999.159	18.984.878
CURRENT LIABILITIES Insurance stock	21.303.012	24.438.153
Insurance and other liabilities	2.499.561	2.444.277
Bank overdrafts	1.247.997	1.210.884
Current installments of long-term loans and	511.470	511.470
hire/purchase creditors
Taxation due	11.566	12.733
	25.573.606	28.617.517
TOTAL LIABILITIES	41.572.765	47.602.395

TOTAL EQUITY AND LIABILITIES 48.461.456 55.923.191