Cosmos Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 25, 2014

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2013

	2013	2012
	€	€
Income
Gross earned premiums	22.304.551	25.017.213
Share of reinsurers on earned premiums	(14.539.860)	(17.251.243)
Net earned premiums	7.764.691	7.765.970
Insurance fees and other fees	1.450.505	1.637.202
Commissions from reinsurers	5.525.265	7.124.166
Other total income	6.975.770	8.761.368
Total income	14.740.461	16.527.338
Expenses
Compensations	(5.981.116)	(6.710.323)
Commissions payable and other selling expenses	(4.682.975)	(5.479.156)
Other operating and administrative expenses from insurance activities	(3.027.033)	(3.422.878)
Total operating and administrative expenses from insurance activities	(13.691.124)	(15.612.357)
Variation on risk reserve in effect	23.815	(23.815)
Technical insurance result	1.073.152	891.166
Income from investments	264.962	328.825
Insurance operating result	1.338.114	1.219.991
Results of portfolio investments	(58.420)	(727.601)
Deficit from revaluation of investment property	(403.055)	(305.555)
	(461.475)	(1.033.156)
Other income	153.302	369.122
Share of profit from insurers joint venture	156.451	88.777
Other expenses	(930.695)	(1.095.456)
Finance cost	(136.185)	(172.922)
Administrative expenses of subsidiary	(13.428)	(10.695)
Profit (loss) before taxation	106.084	(634.339)
Taxation	(114.081)	(33.778)
Loss for the year	(7.997)	(668.117)
Loss for the year attributable to:-
Owners of the Company	(8.221)	(670.189)
Minority interest	224	2.072
	(7.997)	(668.117)
Basic and fully diluted loss per share (cent)	(0,05)	(3,73)

Consolidated balance sheet

As at December 31, 2013 2013 2012 € € ASSETS Property, plant and equipment 4.997.445 5.499.861 Intangible assets 388.449 443.750 Investment property 2.960.945 3.364.000 Long term debtors 820.000 920.000 Total non current assets 9.166.839 10.227.611 Trade and other claims 8.443.247 9.970.843 Investments at fair value via the results 2.104.282 1.310.927 Taxation 60.500 - Deferred acquisition costs 2.324.487 2.686.795 Share of reinsurers on technical reserves 11.920.997 13.344.258 Cash and equivalent to cash 2.593.314 3.715.730 Total current assets 27.446.827 31.028.553 Total assets 36.613.666 41.256.164 EQUITY Share capital 5.575.350 5.575.350

Share premium	163.984	163.984
Revaluation reserve	2.123.309	2.396.409
Profit and loss reserve	(1.261.828)	(1.230.479)
Total equity	6.600.815	6.905.264
LIABILITIES
Deferred taxation	444.453	486.740
Long term loans	-	822.314
Long term insurance liabilities	3.160.041	2.250.000
Total non current liabilities	3.604.494	3.559.054
Trade and other liabilities	753.839	1.384.032
Current installments of long term insurance liabilities	242.662	2.612.633
Pending claims and administration of claims reserve	14.805.174	15.004.210
Unearned premiums	7.951.324	9.508.028
Risk reserve in effect	-	23.815
Taxation	-	7.576
Share of reinsurers in technical reserves	2.075.225	1.986.263
Current installments of loans	423.455	265.289
Bank overdraft	156.678	-
Total current liabilities	26.408.357	30.791.846
Total liabilities	30.012.851	34.350.900

Total equity and liabilities 36.613.666 41.256.164