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Croatia osiguranje d.d.
Quarterly Report • Apr 30, 2024
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Quarterly Report
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CONSOLIDATED UNAUDITED QUARTERLY REPORT, FOR THE PERIOD 1 January 2024 – 31 March 2024
Zagreb, April 2024
This document is a translation of the original Croatian version and is intended to be used for informational purposes only. While every effort has been made to ensure the accuracy and completeness of the translation, please note that the Croatian original is binding.
CONTENT
| I. | UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 3 | |
|---|---|---|
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 4 | ||
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 6 | ||
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 8 | ||
| CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method 9 | ||
| II. | QUARTERLY MANAGEMENT REPORT 10 | |
| III. | NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE | |
| PERIOD I-III 2024 14 | ||
| MANAGEMENT BOARD STATEMENT 27 |
I. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
| Annex 1 | |||
|---|---|---|---|
| ISSUER'S GENERAL DATA | |||
| Reporting period: | 1.1.2024 31.3.2024 to |
||
| Year: | 2024 | ||
| Quarter: | 1 | ||
| Quarterly financial statements | |||
| Registration number (MB): | 03276147 | Issuer's home HR Member State |
|
| Entity's registration number | 080051022 | ||
| Personal identification number (OIB): |
26187994862 | 74780000M0GHQ1VXJU20 LEI: |
|
| Institution code: | 199 | ||
| Name of the issuer: CROATIA osiguranje d.d. | |||
| Postcode and town: | 10 000 | ZAGREB | |
| Street and house number: Vatroslava Jagića 33 | |||
| E-mail address: [email protected] | |||
| Web address: www.crosig.hr | |||
| Number of employees (end of the reporting period): |
3752 | ||
| Consolidated report: | KD | (KN-not consolidated/KD-consolidated) KN |
KD |
| Audited: | RN | (RN-not audited/RD-audited) RN |
RD |
| Names of subsidiaries (according to IFRS): | Registered office: | MB: | |
| CROATIA PREMIUM d.o.o. | ZAGREB | 01885880 | |
| CORE 1 d.o.o. | ZAGREB | 04570243 | |
| AUTO MAKSIMIR VOZILA d.o.o. | ZAGREB | 01804812 | |
| CROATIA OSIGURANJE DD | MOSTAR | 20097647 | |
| MILENIJUM OSIGURANJE A.D. | BEOGRAD | 7810318 | |
| CROATIA OSIGURANJE A.D. - ZA ŽIVOTNA OSIG. | SKOPJE | 05920922 | |
| CROATIA OSIGURANJE A.D. - ZA NEŽIVOTNA OSIG. | SKOPJE | Da 06479570 |
|
| CROATIA OSIGURANJE MIROVINSKO DRUŠTVO D.O.O. | ZAGREB | 01731742 | |
| RAZNE USLUGE D.O.O. - U LIKVIDACIJI | ZAGREB | 01892037 | |
| CROATIA - TEHNIČKI PREGLEDI D.O.O. | ZAGREB | 01450930 | |
| PBZ CROATIA OSIGURANJE DD | ZAGREB | 01583999 | |
| CO ZDRAVLJE D.O.O. | ZAGREB | 04837550 | |
| STRMEC PROJEKT d.o.o. | ZAGREB | 02586649 | |
| AGROSERVIS STP d.o.o. | VIROVITICA | 01233033 | |
| ASTORIA d.o.o. | ZAGREB | 080339352 | |
| KOREQT d.o.o. | ZAGREB | 081353961 | |
| Yes | |||
| Bookkeeping firm: | No | (Yes/No) (name of the bookkeeping firm) |
No |
| Contact person: Jelena Matijević (only name and surname of the contact person) |
|||
| Telephone: 072 00 1884 | |||
| E-mail address: [email protected] | |||
| Audit firm: | |||
| Certified auditor: | (name of the audit firm) (name and surname) |
||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2024 - 31.3.2024
| in EUR | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Item | Previous accounting period | Cumulative | Current accounting period | Previous accounting period | Quarter | Current accounting period | |||||||
| number | elements Identifier | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | ||
| 001 | 002 + 003 + 004 |
I | Income from insurance contracts |
2.838.485 | 101.502.695 | 104.341.180 | 3.324.552 | 117.654.988 | 120.979.540 | 2.838.485 101.502.695 104.341.180 | 3.324.552 117.654.988 | 120.979.540 | |||
| 002 | 1 | General measurement model | 2.697.881 | 1.314.771 | 4.012.652 | 3.144.207 | 1.211.369 | 4.355.576 | 2.697.881 | 1.314.771 | 4.012.652 | 3.144.207 | 1.211.369 | 4.355.576 | |
| 003 | 2 | Variable fee approach | 140.604 | 0 | 140.604 | 180.345 | 0 | 180.345 | 140.604 | 0 | 140.604 | 180.345 | 0 | 180.345 | |
| 004 | 3 | Premium allocation approach | 0 | 100.187.924 | 100.187.924 | 0 | 116.443.619 | 116.443.619 | 0 100.187.924 100.187.924 | 0 116.443.619 | 116.443.619 | ||||
| 005 | 006+007+….+ 012 |
II | Expenditure from insurance | -823.442 | -85.555.511 | -86.378.953 | -1.777.848 -105.597.297 -107.375.145 | -823.442 | -85.555.511 | -86.378.953 | -1.777.848 -105.597.297 -107.375.145 | ||||
| 006 | 1 | contracts Claims incurred |
-747.921 | -56.938.390 | -57.686.311 | -480.923 | -65.905.860 | -66.386.783 | -747.921 | -56.938.390 | -57.686.311 | -480.923 | -65.905.860 | -66.386.783 | |
| 007 | 2 | Commissions | -335.160 | -9.893.057 | -10.228.217 | -582.900 | -11.131.253 | -11.714.153 | -335.160 | -9.893.057 | -10.228.217 | -582.900 | -11.131.253 | -11.714.153 | |
| Other expenses related to the | |||||||||||||||
| 008 | 3 | sale of insurance | 912 | -9.755.959 | -9.755.047 | 0 | -10.997.154 | -10.997.154 | 912 | -9.755.959 | -9.755.047 | 0 | -10.997.154 | -10.997.154 | |
| 009 | 4 | Other insurance service expenses |
-788.542 | -17.523.568 | -18.312.110 | -816.897 | -17.460.484 | -18.277.381 | -788.542 | -17.523.568 | -18.312.110 | -816.897 | -17.460.484 | -18.277.381 | |
| 010 | 5 | Depreciation of insurance acquisition costs |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 011 | 6 | Losses and reversal of losses on onerous contracts |
1.601.608 | -233.477 | 1.368.131 | -137.872 | 726.253 | 588.381 | 1.601.608 | -233.477 | 1.368.131 | -137.872 | 726.253 | 588.381 | |
| 012 | 7 | Change in liabilities for claims incurred |
-554.339 | 8.788.940 | 8.234.601 | 240.744 | -828.799 | -588.055 | -554.339 | 8.788.940 | 8.234.601 | 240.744 | -828.799 | -588.055 | |
| 013 | 014 + 015 | III | Net result of (passive) reinsurance contracts |
-11.950 | -6.955.603 | -6.967.553 | -12.189 | -2.507.252 | -2.519.441 | -11.950 | -6.955.603 | -6.967.553 | -12.189 | -2.507.252 | -2.519.441 |
| 014 | 1 | Income from (passive) reinsurance contracts |
0 | 4.741.665 | 4.741.665 | 0 | 10.797.411 | 10.797.411 | 0 | 4.741.665 | 4.741.665 | 0 | 10.797.411 | 10.797.411 | |
| 015 | 2 | Expenditure from (passive) reinsurance contracts |
-11.950 | -11.697.268 | -11.709.218 | -12.189 | -13.304.663 | -13.316.852 | -11.950 | -11.697.268 | -11.709.218 | -12.189 | -13.304.663 | -13.316.852 | |
| 016 | 001 + 005 + 013 |
IV | Result from insurance contracts | 2.003.093 | 8.991.581 | 10.994.674 | 1.534.515 | 9.550.439 | 11.084.954 | 2.003.093 | 8.991.581 | 10.994.674 | 1.534.515 | 9.550.439 | 11.084.954 |
| 017 | 018 + 023 + 024 + 025 + 026 + 027 + 031 + 032 + 033 +034 |
V | Net investment result | 4.072.471 | 8.063.059 | 12.135.530 | 4.692.954 | 9.968.881 | 14.661.835 | 4.072.471 | 8.063.059 | 12.135.530 | 4.692.954 | 9.968.881 | 14.661.835 |
| 018 | 019 + 020 + 021 + 022 |
1 | Net result from investment in land and buildings |
2.684 | 3.528.458 | 3.531.142 | 2.684 | 3.551.506 | 3.554.190 | 2.684 | 3.528.458 | 3.531.142 | 2.684 | 3.551.506 | 3.554.190 |
| 019 | 1.1. | Rental gains/losses (net) | 2.684 | 3.348.028 | 3.350.712 | 2.684 | 3.546.201 | 3.548.885 | 2.684 | 3.348.028 | 3.350.712 | 2.684 | 3.546.201 | 3.548.885 | |
| 020 | 1.2. | Realised gains/losses (net) from property not for own use |
0 | 180.430 | 180.430 | 0 | 5.305 | 5.305 | 0 | 180.430 | 180.430 | 0 | 5.305 | 5.305 | |
| 021 | 1.3. | Unrealised gains/losses (net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 022 | 1.4. | from property not for own use Depreciation of land and buildings not occupied by an |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| undertaking for its own activities | |||||||||||||||
| 023 | 2 | Interest revenue calculated using the effective interest rate method |
3.164.293 | 3.604.242 | 6.768.535 | 3.171.913 | 4.798.866 | 7.970.779 | 3.164.293 | 3.604.242 | 6.768.535 | 3.171.913 | 4.798.866 | 7.970.779 | |
| 024 | 3 | Other interest income | 33.619 | 305.854 | 339.473 | 0 | 29.048 | 29.048 | 33.619 | 305.854 | 339.473 | 0 | 29.048 | 29.048 | |
| 025 | 4 | Dividend income | 70.861 | 87.351 | 158.212 | 73.657 | 57.224 | 130.881 | 70.861 | 87.351 | 158.212 | 73.657 | 57.224 | 130.881 | |
| 026 | 5 | Unrealised gains/losses (net) from financial assets at fair value through profit or loss |
213.249 | 1.132.931 | 1.346.180 | 705.690 | 791.304 | 1.496.994 | 213.249 | 1.132.931 | 1.346.180 | 705.690 | 791.304 | 1.496.994 | |
| 027 | 028 + 029 + 030 |
6 | Realised gains/losses | 121.245 | 128.118 | 249.363 | -96.831 | 893.151 | 796.320 | 121.245 | 128.118 | 249.363 | -96.831 | 893.151 | 796.320 |
| 028 | 6.1. | Realised gains/losses (net) from financial assets at fair value through profit or loss |
18.846 | 32.186 | 51.032 | 105.925 | 551.602 | 657.527 | 18.846 | 32.186 | 51.032 | 105.925 | 551.602 | 657.527 | |
| 029 | 6.2. | Realised gains/losses (net) from financial assets at fair value through other comprehensive income |
102.399 | 95.932 | 198.331 | -202.756 | 341.549 | 138.793 | 102.399 | 95.932 | 198.331 | -202.756 | 341.549 | 138.793 | |
| 030 | 6.3. | Other realised gains/losses (net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 031 | 7 | Net impairment / reversal of impairment of investments |
294.493 | 385.749 | 680.242 | -5.779 | 169.594 | 163.815 | 294.493 | 385.749 | 680.242 | -5.779 | 169.594 | 163.815 | |
| 032 033 |
8 9 |
Net exchange rate differences Other income from investments |
70.835 135.336 |
-559.020 66.510 |
-488.185 201.846 |
132.436 738.871 |
462.148 53.264 |
594.584 792.135 |
70.835 135.336 |
-559.020 66.510 |
-488.185 201.846 |
132.436 738.871 |
462.148 53.264 |
594.584 792.135 |
|
| 034 | 10 | Other expenditure from investments |
-34.144 | -617.134 | -651.278 | -29.687 | -837.224 | -866.911 | -34.144 | -617.134 | -651.278 | -29.687 | -837.224 | -866.911 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (STATEMENT OF PROFIT OR LOSS) For the period: 1.1.2024 - 31.3.2024
| Cumulative | Quarter | in EUR | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Item | Sum | Item | Previous accounting period | Current accounting period | Previous accounting period | Current accounting period | |||||||||
| number | elements Identifier | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | Life | Non-life | Total | ||
| 035 | 036 + 037 + 038 |
VI | Net financial expenditure from insurance and (passive) reinsurance contracts |
-804.488 | -956.231 | -1.760.719 | -1.929.556 | -1.239.304 | -3.168.860 | -804.488 | -956.231 | -1.760.719 | -1.929.556 | -1.239.304 | -3.168.860 |
| 036 | 1 | Net financial income/expenditure from insurance contracts |
-804.489 | -1.042.928 | -1.847.417 | -1.929.556 | -1.492.330 | -3.421.886 | -804.489 | -1.042.928 | -1.847.417 | -1.929.556 | -1.492.330 | -3.421.886 | |
| 037 | 2 | Net financial income/expenditure from (passive) reinsurance contracts |
1 | 86.697 | 86.698 | 0 | 253.026 | 253.026 | 1 | 86.697 | 86.698 | 0 | 253.026 | 253.026 | |
| 038 | 3 | Change of liability for investment contracts |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 039 | VII | Other income | 33.022 | 6.836.524 | 6.869.546 | 10.776 | 8.895.254 | 8.906.030 | 33.022 | 6.836.524 | 6.869.546 | 10.776 | 8.895.254 | 8.906.030 | |
| 040 | VIII | Other operating expenses | -43.258 | -9.015.042 | -9.058.300 | -51.028 | -12.192.139 | -12.243.167 | -43.258 | -9.015.042 | -9.058.300 | -51.028 | -12.192.139 | -12.243.167 | |
| 041 | IX | Other financial expenses | -14.627 | -376.937 | -391.564 | -19.602 | -421.480 | -441.082 | -14.627 | -376.937 | -391.564 | -19.602 | -421.480 | -441.082 | |
| 042 | X | Share of profit of companies consolidated using equity method, net of tax |
0 | 364.602 | 364.602 | 0 | 400.044 | 400.044 | 0 | 364.602 | 364.602 | 0 | 400.044 | 400.044 | |
| 043 | 001+005+0 13+016+01 7+035+039 +040+041+ 042 |
XI | Profit or loss of the accounting period before tax (+/-) |
5.246.213 | 13.907.556 | 19.153.769 | 4.238.059 | 14.961.695 | 19.199.754 | 5.246.213 | 13.907.556 | 19.153.769 | 4.238.059 | 14.961.695 | 19.199.754 |
| 044 | 045 + 046 | XII | Tax on profit or loss | -877.742 | -2.422.585 | -3.300.327 | -721.823 | -2.625.397 | -3.347.220 | -877.742 | -2.422.585 | -3.300.327 | -721.823 | -2.625.397 | -3.347.220 |
| 045 | 1 | Current tax expense | -857.262 | -2.336.101 | -3.193.363 | -732.910 | -2.576.331 | -3.309.241 | -857.262 | -2.336.101 | -3.193.363 | -732.910 | -2.576.331 | -3.309.241 | |
| 046 | 2 | Deferred tax expense/ income | -20.480 | -86.484 | -106.964 | 11.087 | -49.066 | -37.979 | -20.480 | -86.484 | -106.964 | 11.087 | -49.066 | -37.979 | |
| 047 | 043+ 044 | XIII | Profit or loss of the accounting period after tax (+/-) |
4.368.471 | 11.484.971 | 15.853.442 | 3.516.236 | 12.336.298 | 15.852.534 | 4.368.471 | 11.484.971 | 15.853.442 | 3.516.236 | 12.336.298 | 15.852.534 |
| 048 | 1 | Attributable to owners of the parent |
4.363.693 | 11.464.887 | 15.828.580 | 3.513.923 | 12.325.441 | 15.839.364 | 4.363.693 | 11.464.887 | 15.828.580 | 3.513.923 | 12.325.441 | 15.839.364 | |
| 049 | 2 | Attributable to non-controlling interest |
4.778 | 20.084 | 24.862 | 2.313 | 10.857 | 13.170 | 4.778 | 20.084 | 24.862 | 2.313 | 10.857 | 13.170 | |
| 050 | 051 + 056 | XIV | Other comprehensive income | -5.673.197 | 1.355.975 | -4.317.222 | 2.197.126 | 14.286.549 | 16.483.675 | -5.673.197 | 1.355.975 | -4.317.222 | 2.197.126 | 14.286.549 | 16.483.675 |
| 051 | 052 + 053 + 054 + 055 |
1 | Items that will not be reclassified to statement of profit or loss |
359.889 | 7.451.655 | 7.811.544 | 795.111 | 12.708.137 | 13.503.248 | 359.889 | 7.451.655 | 7.811.544 | 795.111 | 12.708.137 | 13.503.248 |
| 052 | 1.1. | Net change in fair value of equity securities (OCI) |
438.889 | 9.097.317 | 9.536.206 | 969.647 | 15.497.728 | 16.467.375 | 438.889 | 9.097.317 | 9.536.206 | 969.647 | 15.497.728 | 16.467.375 | |
| 053 | 1.2. | Actuarial gains/losses on defined benefit pension plans |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 054 | 1.3. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 055 | 1.4. | Tax | -79.000 | -1.645.662 | -1.724.662 | -174.536 | -2.789.591 | -2.964.127 | -79.000 | -1.645.662 | -1.724.662 | -174.536 | -2.789.591 | -2.964.127 | |
| 056 | 057 + 058 + + 063 |
2 | Items that are, or may be, reclassified to statement of profit or loss |
-6.033.086 | -6.095.680 | -12.128.766 | 1.402.015 | 1.578.412 | 2.980.427 | -6.033.086 | -6.095.680 | -12.128.766 | 1.402.015 | 1.578.412 | 2.980.427 |
| 057 | 2.1. | Net change in fair value of debt securities (OCI) |
-222.603 | -476.109 | -698.712 | 1.236.400 | 251.625 | 1.488.025 | -222.603 | -476.109 | -698.712 | 1.236.400 | 251.625 | 1.488.025 | |
| 058 | 2.2. | Exchange rate differences from translation of foreign operations |
-53.309 | -23.774 | -77.083 | 2.495 | 12.705 | 15.200 | -53.309 | -23.774 | -77.083 | 2.495 | 12.705 | 15.200 | |
| 059 | 2.3. | Effects of hedging instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 060 | 2.4. | Net financial income/expenditure from insurance contracts |
-7.193.423 | -7.155.892 | -14.349.315 | 418.185 | 2.082.361 | 2.500.546 | -7.193.423 | -7.155.892 | -14.349.315 | 418.185 | 2.082.361 | 2.500.546 | |
| 061 | 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
8 | 220.340 | 220.348 | 0 | -472.612 | -472.612 | 8 | 220.340 | 220.348 | 0 | -472.612 | -472.612 | |
| 062 | 2.6. | Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 063 | 2.7. | Tax | 1.436.241 | 1.339.755 | 2.775.996 | -255.065 | -295.667 | -550.732 | 1.436.241 | 1.339.755 | 2.775.996 | -255.065 | -295.667 | -550.732 | |
| 064 | 047+ 050 | XV | Total comprehensive income | -1.304.726 | 12.840.946 | 11.536.220 | 5.713.362 | 26.622.847 | 32.336.209 | -1.304.726 | 12.840.946 | 11.536.220 | 5.713.362 | 26.622.847 | 32.336.209 |
| 065 | 1 | Attributable to owners of the parent |
-1.304.955 | 12.824.134 | 11.519.179 | 5.709.743 | 26.610.796 | 32.320.539 | -1.304.955 | 12.824.134 | 11.519.179 | 5.709.743 | 26.610.796 | 32.320.539 | |
| 066 | 2 | Attributable to non-controlling interest |
229 | 16.812 | 17.041 | 3.619 | 12.051 | 15.670 | 229 | 16.812 | 17.041 | 3.619 | 12.051 | 15.670 | |
| 067 | XVI | Reclassification adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
As at: 31.3.2024
| Item | Sum elements Identifier |
Item | Last day of the preceding business year | At the reporting date of the current period | |||||
|---|---|---|---|---|---|---|---|---|---|
| number | 002+003 | Life | Non-life | Total | Life | Non-life | Total | ||
| 001 002 |
I 1 |
INTANGIBLE ASSETS Goodwill |
102.246 0 |
19.288.355 0 |
19.390.601 0 |
103.701 0 |
19.104.190 0 |
19.207.891 0 |
|
| 003 | 2 | Other intangible assets | 102.246 | 19.288.355 | 19.390.601 | 103.701 | 19.104.190 | 19.207.891 | |
| 004 | 005+006+007 | II | TANGIBLE ASSETS | 2.927.960 | 117.957.398 | 120.885.358 | 2.861.831 | 117.010.354 | 119.872.185 |
| 005 | 1 | Land and buildings occupied by an | 1.768.627 | 56.778.984 | 58.547.611 | 1.762.061 | 56.272.021 | 58.034.082 | |
| 006 | 2 | undertaking for its own activities Equipment |
182.736 | 15.633.777 | 15.816.513 | 172.492 | 15.748.807 | 15.921.299 | |
| 007 | 3 | Other tangible assets and inventories | 976.597 | 45.544.637 | 46.521.234 | 927.278 | 44.989.526 | 45.916.804 | |
| 008 | 009+010+014 | III | INVESTMENTS | 492.376.160 | 996.877.357 | 1.489.253.517 | 468.939.700 | 986.842.325 | 1.455.782.025 |
| 009 | A | Investments in land and buildings not occupied by an undertaking for its own |
164.500 | 138.524.858 | 138.689.358 | 164.500 | 138.588.513 | 138.753.013 | |
| activities Investments in subsidiaries, associates and |
|||||||||
| 010 | 011+012+013 | B | joint ventures | 0 | 10.122.639 | 10.122.639 | 0 | 9.122.691 | 9.122.691 |
| 011 | 1 | Shares and holdings in subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | |
| 012 | 2 | Shares and holdings in associates | 0 | 788.729 | 788.729 | 0 | 841.326 | 841.326 | |
| 013 | 3 | Shares and holdings in joint ventures | 0 | 9.333.910 | 9.333.910 | 0 | 8.281.365 | 8.281.365 | |
| 014 | 015+020+025 | C | Financial assets | 492.211.660 | 848.229.860 | 1.340.441.520 | 468.775.200 | 839.131.121 | 1.307.906.321 |
| 015 | 016 + 017 + 018 + 019 |
1 | Financial assets at amortised cost | 182.397.299 | 255.469.798 | 437.867.097 | 168.075.236 | 241.694.901 | 409.770.137 |
| 016 | 1.1 | Debt financial instruments | 156.217.211 | 145.582.408 | 301.799.619 | 137.928.386 | 138.163.117 | 276.091.503 | |
| 017 | 1.2 | Deposits with credit institutions | 22.641.157 | 93.538.693 | 116.179.850 | 26.695.920 | 88.790.691 | 115.486.611 | |
| 018 | 1.3. | Loans | 3.538.931 | 3.019.988 | 6.558.919 | 3.450.930 | 1.763.355 | 5.214.285 | |
| 019 | 1.4. | Other | 0 | 13.328.709 | 13.328.709 | 0 | 12.977.738 | 12.977.738 | |
| 020 | 021 + 022 + 023 + 024 |
2 | Financial assets at fair value through other comprehensive income |
244.485.383 | 512.244.458 | 756.729.841 | 236.159.159 | 477.154.360 | 713.313.519 |
| 021 | 2.1 | Equity financial instruments | 13.239.174 | 125.573.304 | 138.812.478 | 14.208.821 | 142.457.658 | 156.666.479 | |
| 022 | 2.2 | Debt financial instruments | 231.246.209 | 386.671.154 | 617.917.363 | 221.950.338 | 334.696.702 | 556.647.040 | |
| 023 | 2.3. | Units in investment funds | 0 | 0 | 0 | 0 | 0 | 0 | |
| 024 | 2.4. | Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| 025 | 026 + 027+…. +030 |
3 | Financial assets at fair value through profit and loss account |
65.328.978 | 80.515.604 | 145.844.582 | 64.540.805 | 120.281.860 | 184.822.665 |
| 026 | 3.1 | Equity financial instruments | 0 | 387.390 | 387.390 | 0 | 103.798 | 103.798 | |
| 027 | 3.2 | Debt financial instruments | 0 | 10.963.850 | 10.963.850 | 4.998.950 | 14.853.750 | 19.852.700 | |
| 028 | 3.3. | Units in investment funds | 65.231.979 | 68.775.194 | 134.007.173 | 59.462.416 | 105.130.716 | 164.593.132 | |
| 029 | 3.4. | Derivative financial instruments | 96.999 | 389.170 | 486.169 | 79.439 | 193.596 | 273.035 | |
| 030 | 3.5 | Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| 031 | 032 + 036 +040 | IV | ASSETS FROM INSURANCE CONTRACTS | 0 | 16.997.313 | 16.997.313 | 0 | 16.776.450 | 16.776.450 |
| 032 | 034+035+036 | 1 | General measurement model | 0 | 13.311.689 | 13.311.689 | 0 | 13.016.288 | 13.016.288 |
| 033 | 1.1. | - Assets for remaining coverage | 0 | -1.477.798 | -1.477.798 | 0 | -1.431.489 | -1.431.489 | |
| 034 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 035 | 1.3. | - Assets from claims incurred | 0 | 14.789.487 | 14.789.487 | 0 | 14.447.777 | 14.447.777 | |
| 036 | 037+038+039 | 2 | Variable fee approach | 0 | 0 | 0 | 0 | 0 | 0 |
| 037 | 2.1. | - Assets for remaining coverage | 0 | 0 | 0 | 0 | 0 | 0 | |
| 038 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 039 | 2.3. | - Assets from claims incurred | 0 | 0 | 0 | 0 | 0 | 0 | |
| 040 | 041 +042 +043 | 3 | Premium allocation approach | 0 | 3.685.624 | 3.685.624 | 0 | 3.760.162 | 3.760.162 |
| 041 | 3.1. | - Assets for remaining coverage | 0 | 6.049.909 | 6.049.909 | 0 | 5.756.562 | 5.756.562 | |
| 042 | 3.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 043 | 3.3. | - Assets from claims incurred | 0 | -2.364.285 | -2.364.285 | 0 | -1.996.400 | -1.996.400 | |
| 044 | V | ASSETS FROM REINSURANCE CONTRACTS | 3 | 54.437.607 | 54.437.610 | 163 | 54.810.617 | 54.810.780 | |
| 045 | 046 +047 | VI | DEFERRED AND CURRENT TAX ASSETS | 569.532 | 10.965.028 | 11.534.560 | 580.659 | 11.469.024 | 12.049.683 |
| 046 | 1 | Deferred tax assets | 569.532 | 9.167.766 | 9.737.298 | 580.659 | 9.194.140 | 9.774.799 | |
| 047 | 2 | Current tax assets | 0 | 1.797.262 | 1.797.262 | 0 | 2.274.884 | 2.274.884 | |
| 048 | VII | OTHER ASSETS | 5.594.054 | 70.212.759 | 75.806.813 | 6.163.800 | 69.227.439 | 75.391.239 | |
| 049 | 050 +051 +052 | 1 | CASH AT BANK AND IN HAND | 858.176 | 22.338.648 | 23.196.824 | 1.273.241 | 17.011.732 | 18.284.973 |
| 050 | 1.1 | Funds in the business account | 698.748 | 22.225.238 | 22.923.986 | 902.722 | 16.863.925 | 17.766.647 | |
| 051 | 1.2 | Funds in the account of assets covering liabilities from life insurance contracts |
159.228 | 0 | 159.228 | 370.331 | 0 | 370.331 | |
| 052 | 1.3 | Cash in hand | 200 | 113.410 | 113.610 | 188 | 147.807 | 147.995 | |
| 053 | 2 | Fixed assets held for sale and discontinued | 0 | 267.053 | 267.053 | 0 | 267.205 | 267.205 | |
| operations | |||||||||
| 054 | 001+004+008+03 | 3 | Other | 4.735.878 | 47.607.058 | 52.342.936 | 4.890.559 | 51.948.502 | 56.839.061 |
| 055 | 1+044+045+048 | VIII | TOTAL ASSETS | 501.569.955 | 1.286.735.817 | 1.788.305.772 | 478.649.854 | 1.275.240.399 | 1.753.890.253 |
| 056 | IX | OFF-BALANCE SHEET ITEMS | 12.307.214 | 71.543.758 | 83.850.972 | 13.637.195 | 72.956.467 | 86.593.662 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As at: 31.3.2024
| Item | Sum elements Identifier |
Item | Last day of the preceding business year | At the reporting date of the current period | |||||
|---|---|---|---|---|---|---|---|---|---|
| number | 058+061+062+06 | Life | Non-life | Total | Life | Non-life | Total | ||
| 057 | 6+067+071+074 | X | CAPITAL AND RESERVES | 83.624.361 | 680.786.530 | 764.410.891 | 75.187.732 | 656.505.971 | 731.693.703 |
| 058 | 059 +060 | 1 | Subscribed capital | 5.881.322 | 72.414.820 | 78.296.142 | 5.881.322 | 72.414.820 | 78.296.142 |
| 059 | 1.1 | Paid in capital - ordinary shares | 5.881.322 | 72.414.820 | 78.296.142 | 5.881.322 | 72.414.820 | 78.296.142 | |
| 060 061 |
1.2 2 |
Paid in capital - preference shares Premium on shares issued (capital reserves) |
0 0 |
0 90.448.275 |
0 90.448.275 |
0 0 |
0 90.448.275 |
0 90.448.275 |
|
| 063 +064 +065 | |||||||||
| 062 | 3 | Revaluation reserves | -9.858.749 | 57.160.437 | 47.301.688 | -7.942.607 | 70.034.564 | 62.091.957 | |
| 063 064 |
3.1 3.2 |
Land and buildings Financial assets |
0 -9.858.749 |
14.051.528 43.086.931 |
14.051.528 33.228.182 |
0 -7.942.607 |
13.990.429 56.022.157 |
13.990.429 48.079.550 |
|
| 065 | 3.3 | Other revaluation reserves | 0 | 21.978 | 21.978 | 0 | 21.978 | 21.978 | |
| 066 | 4 | Financial reserves from insurance contracts | 30.361.393 | 13.767.819 | 44.129.212 | 30.641.073 | 15.085.531 | 45.726.604 | |
| 067 | 068+069+070 | 5 | Reserves | 11.317.518 | 41.961.359 | 53.278.877 | 11.317.518 | 41.961.359 | 53.278.877 |
| 068 | 5.1. | Legal reserves | 293.906 | 3.698.235 | 3.992.141 | 293.906 | 3.698.235 | 3.992.141 | |
| 069 | 5.2. | Statutory reserve | 1.003.040 | 18.455.600 | 19.458.640 | 1.003.040 | 18.455.600 | 19.458.640 | |
| 070 | 5.3. | Other reserves | 10.020.572 | 19.807.524 | 29.828.096 | 10.020.572 | 19.807.524 | 29.828.096 | |
| 071 | 072+073 | 6 | Retained profit or loss brought forward | 28.968.496 | 363.607.420 | 392.575.916 | 31.776.503 | 354.235.981 | 386.012.484 |
| 072 | 6.1. | Retained profit | 28.968.496 | 363.607.420 | 392.575.916 | 31.776.503 | 354.235.981 | 386.012.484 | |
| 073 | 6.2. | Loss brought forward (-) | 0 | 0 | 0 | 0 | 0 | 0 | |
| 074 | 075+076 | 7 | Profit or loss for the current accounting period |
16.954.381 | 41.426.400 | 58.380.781 | 3.513.923 | 12.325.441 | 15.839.364 |
| 075 | 7.1. | Profit for the current accounting period | 16.954.381 | 41.426.400 | 58.380.781 | 3.513.923 | 12.325.441 | 15.839.364 | |
| 076 | 7.2. | Loss for the current accounting period (-) | 0 | 0 | 0 | 0 | 0 | 0 | |
| 077 | XI | SUBORDINATE LIABILITIES | 0 | 0 | 0 | 0 | 0 | 0 | |
| 078 | XII | MINORITY INTEREST | 147.467 | 599.144 | 746.611 | 151.016 | 366.906 | 517.922 | |
| 079 | 080+084+088 | XIII | LIABILITIES FROM INSURANCE CONTRACTS | 402.464.932 | 459.521.335 | 861.986.267 | 386.343.915 | 464.769.036 | 851.112.951 |
| 080 | 081+082+083 | 1 | General measurement model | 378.072.485 | 15.005.026 | 393.077.511 | 373.508.979 | 14.592.663 | 388.101.642 |
| 081 | 1.1. | - Liabilities for remaining coverage | 365.503.431 | 14.365.027 | 379.868.458 | 350.478.940 | 13.942.421 | 364.421.361 | |
| 082 | 1.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 083 | 1.3. | - Liabilities for claims incurred | 12.569.054 | 639.999 | 13.209.053 | 23.030.039 | 650.242 | 23.680.281 | |
| 084 | 085+086+087 | 2 | Variable fee approach | 24.392.447 | 0 | 24.392.447 | 12.834.936 | 0 | 12.834.936 |
| 085 | 2.1. | - Liabilities for remaining coverage | 21.480.024 | 0 | 21.480.024 | 9.278.280 | 0 | 9.278.280 | |
| 086 | 2.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 087 | 2.3. | - Liabilities for claims incurred | 2.912.423 | 0 | 2.912.423 | 3.556.656 | 0 | 3.556.656 | |
| 088 | 089 +090 +091 | 3 | Premium allocation approach | 0 | 444.516.309 | 444.516.309 | 0 | 450.176.373 | 450.176.373 |
| 089 | 3.1. | - Liabilities for remaining coverage | 0 | 117.318.118 | 117.318.118 | 0 | 124.036.073 | 124.036.073 | |
| 090 | 3.2. | - Assets for insurance acquisition cash flows | 0 | 0 | 0 | 0 | 0 | 0 | |
| 091 092 |
3.3. XIV |
- Liabilities for claims incurred LIABILITIES FROM REINSURANCE |
0 3.499 |
327.198.191 4.021.037 |
327.198.191 4.024.536 |
0 12.223 |
326.140.300 3.991.551 |
326.140.300 4.003.774 |
|
| 093 | XV | LIABILITY FOR INVESTMENT CONTRACTS | 0 | 0 | 0 | 0 | 0 | 0 | |
| 094 | 095+096 | XVI | OTHER PROVISIONS | 478.484 | 8.007.169 | 8.485.653 | 426.625 | 7.499.523 | 7.926.148 |
| 095 | 1 | Provisions for pensions and similar obligations | 405.514 | 7.679.540 | 8.085.054 | 376.329 | 7.171.894 | 7.548.223 | |
| 096 | 2 | Other provisions | 72.970 | 327.629 | 400.599 | 50.296 | 327.629 | 377.925 | |
| 097 | 098+099 | XVII | DEFERRED AND CURRENT TAX LIABILITIES | 4.066.910 | 33.825.783 | 37.892.693 | 4.963.864 | 37.785.233 | 42.749.097 |
| 098 | 1 | Deferred tax liability | 3.801.081 | 20.229.017 | 24.030.098 | 4.230.830 | 23.380.850 | 27.611.680 | |
| 099 | 2 | Current tax liability | 265.829 | 13.596.766 | 13.862.595 | 733.034 | 14.404.383 | 15.137.417 | |
| 100 | 101+102+…+105 | XVIII | FINANCIAL LIABILITIES | 994.024 | 47.246.171 | 48.240.195 | 956.730 | 51.453.903 | 52.410.633 |
| 101 | 1 | Loan liabilities | 0 | 79.534 | 79.534 | 0 | 45.451 | 45.451 | |
| 102 | 2 | Liabilities for issued financial instruments | 0 | 0 | 0 | 0 | 0 | 0 | |
| 103 | 3 | Liabilities for derivative financial instruments | 18.872 | 72.193 | 91.065 | 28.812 | 193.646 | 222.458 | |
| 104 | 4 | Liability for unpaid dividend | 0 | 212.528 | 212.528 | 0 | 212.528 | 212.528 | |
| 105 | 5 | Other financial liabilities | 975.152 | 46.881.916 | 47.857.068 | 927.918 | 51.002.278 | 51.930.196 | |
| 106 | 107+108+109 | XIX | OTHER LIABILITIES | 9.790.278 | 52.728.648 | 62.518.926 | 10.607.749 | 52.868.276 | 63.476.025 |
| 107 | 1 | Liabilities for disposal and discontinued operations |
0 | 1.047 | 1.047 | 0 | 935 | 935 | |
| 108 | 2 | Accruals and deferred income | 2.570.106 | 15.248.722 | 17.818.828 | 3.197.671 | 16.467.288 | 19.664.959 | |
| 3 | Other liabilities | 7.220.172 | 37.478.879 | 44.699.051 | 7.410.078 | 36.400.053 | 43.810.131 | ||
| 109 | |||||||||
| 110 | 057+077+078+07 9+092+093+094+ 097+100+106 |
XX | TOTAL LIABILITIES | 501.569.955 | 1.286.735.817 | 1.788.305.772 | 478.649.854 | 1.275.240.399 | 1.753.890.253 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period: 1.1.2024 - 31.3.2024
| u eurima | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the parent | |||||||||||
| Item number |
Item | Paid in capital (ordinary and preference shares) |
Premium on shares issued |
Revaluation reserves |
Financial reserves from insurance contracts |
Capital reserves (legal, statutory, other) |
Retained profit or loss brought forward |
Profit/loss for the year |
Total capital and reserves |
Attributable to non controlling interests* |
Total capital and reserves |
| I. | Balance as at 1 January of the previous year | 78.216.975 90.448.275 | 17.137.031 | 83.552.702 53.359.689 330.942.064 | 58.198.604 711.855.340 | 1.369.771 | 713.225.111 | ||||
| 1. | Change in accounting policies | 0 | 0 | -3.088.097 | 0 | 0 | 1.711.565 | 0 | -1.376.532 | -9.723 | -1.386.255 |
| 2. | Correction of errors from prior periods | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| II. | Balance as at 1 January of the previous year (restated) 78.216.975 90.448.275 | 14.048.934 | 83.552.702 53.359.689 332.653.629 | 58.198.604 710.478.808 | 1.360.048 | 711.838.856 | |||||
| III. | Comprehensive income or loss for the previous year | 0 | 0 | 34.639.202 -39.423.491 | 0 | 0 | 58.380.780 | 53.596.491 | 41.455 | 53.637.946 | |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 0 |
58.380.780 | 71.725 | 58.452.505 | ||
| 2. | Other comprehensive income or loss for the previous year |
0 | 0 | 34.639.202 -39.423.491 | 0 | 0 | 0 | -4.784.289 | -30.270 | -4.814.559 | |
| 2.1. | Unrealised gains or losses on tangible assets (land and buildings) |
0 | 0 | 36.495 | 0 | 0 | 0 | 0 | 36.495 | 2.190 | 38.685 |
| 2.2. | Unrealised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 34.846.103 | 0 | 0 | 0 | 0 | 34.846.103 | -122 | 34.845.981 |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | -236.963 | 0 | 0 | 0 | -236.963 | 0 | -236.963 | |
| 2.4. | Net financial income/expenditure from insurance contracts |
0 | 0 | 0 -40.386.179 | 0 | 0 | 0 | -40.386.179 | -33.462 | -40.419.641 | |
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 | 962.688 | 0 | 0 | 0 | 962.688 | 1.466 | 964.154 |
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | -6.433 | 0 | 0 | 0 | 0 | -6.433 | -342 | -6.775 |
| IV. | Transactions with owners (previous period) | 79.167 | 0 | -1.386.448 | 0 | -80.812 | 59.922.287 -58.198.603 | 335.591 | -654.893 | -319.302 | |
| 1. | Increase/decrease in subscribed capital | 79.167 | 0 | 0 | 0 | -80.812 | 0 | 0 | -1.645 | 0 | -1.645 |
| 2. | Other contributions by owners | 0 | 0 | 0 | 0 | 0 | 314.778 | 0 | 314.778 | -622.640 | -307.862 |
| 3. | Payment of share in profit/dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32.394 | -32.394 |
| 4. | Other distribution to owners | 0 | 0 | -1.386.448 | 0 | 0 | 59.607.509 -58.198.603 | 22.458 | 141 | 22.599 | |
| V. | Balance on the last day of the previous year reporting period |
78.296.142 90.448.275 | 47.301.688 | 44.129.211 53.278.877 392.575.916 | 58.380.781 764.410.890 | 746.610 | 765.157.500 | ||||
| VI. | Balance as at 1 January of the current year | 78.296.142 90.448.275 | 47.301.688 | 44.129.211 53.278.877 392.575.916 | 58.380.781 764.410.890 | 746.610 | 765.157.500 | ||||
| 1. | Change in accounting policies | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Correction of errors from prior periods | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| VII. | Balance as at 1 January of the current year (restated) | 78.296.142 90.448.275 | 47.301.688 | 44.129.211 53.278.877 392.575.916 | 58.380.781 764.410.890 | 746.610 | 765.157.500 | ||||
| VIII. | Comprehensive income or loss for the year | 0 | 0 | 14.883.782 | 1.597.393 | 0 | 0 | 15.839.364 | 32.320.539 | 15.670 | 32.336.209 |
| 1. | Profit or loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | 15.839.364 | 15.839.364 | 13.170 | 15.852.534 |
| 2. | Other comprehensive income or loss for the year | 0 | 0 | 14.883.782 | 1.597.393 | 0 | 0 | 0 | 16.481.175 | 2.500 | 16.483.675 |
| 2.1. | Unrealised gains or losses on tangible assets (land and buildings) |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2.2. | Unrealised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | 14.982.392 | 0 | 0 | 0 | 0 | 14.982.392 | -150 | 14.982.242 |
| 2.3. | Realised gains or losses on financial assets at fair value through other comprehensive income |
0 | 0 | -113.810 | 0 | 0 | 0 | 0 | -113.810 | 0 | -113.810 |
| 2.4. | Net financial income/expenditure from insurance contracts |
0 | 0 | 0 | 1.988.903 | 0 | 0 | 0 | 1.988.903 | 2.840 | 1.991.743 |
| 2.5. | Net financial income/expenditure from (passive) reinsurance contracts |
0 | 0 | 0 | -391.510 | 0 | 0 | 0 | -391.510 | -190 | -391.700 |
| 2.6. | Other changes in equity unrelated to owners | 0 | 0 | 15.200 | 0 | 0 | 0 | 0 | 15.200 | 0 | 15.200 |
| IX. | Transactions with owners (current period) | 0 | 0 | -93.513 | 0 | 0 | -6.563.432 -58.380.781 | -65.037.726 | -244.358 | -65.282.084 | |
| 1. | Increase/decrease in subscribed capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2. | Other contributions by owners | 0 | 0 | 0 | 0 | 0 | -40.467 | 0 | -40.467 | -244.356 | -284.823 |
| 3. | Payment of share in profit/dividend | 0 | 0 | 0 | 0 | 0 | -65.000.265 | 0 | -65.000.265 | 0 | -65.000.265 |
| 4. | Other transactions with owners | 0 | 0 | -93.513 | 0 | 0 | 58.477.300 -58.380.781 | 3.006 | -2 | 3.004 | |
| X. | Balance on the last day of the current year reporting period |
78.296.142 90.448.275 | 62.091.957 | 45.726.604 53.278.877 386.012.484 | 15.839.364 731.693.703 | 517.922 | 732.211.625 |
CONSOLIDATED STATEMENT OF CASH FLOWS – indirect method
For the period: 1.1.2024 - 31.3.2024
| in EUR | |||||
|---|---|---|---|---|---|
| Item number |
Sum elements | Identifier | Item | Current business period |
Same period of the previous year |
| 001 | 002+018+035 + | I | CASH FLOW FROM OPERATING ACTIVITIES | 63.737.237 | -102.036.214 |
| 002 | 036 + 037 003+004 |
1 | Cash flow before changes in operating assets and liabilities | 14.582.485 | 14.528.287 |
| 003 | 1.1 | Profit/loss of the accounting period | 15.852.534 | 15.853.442 | |
| 004 | 005+006+…+017 | 1.2 | Adjustments: | -1.270.049 | -1.325.155 |
| 005 | 1.2.1 | Depreciation of property and equipment | 2.840.677 | 2.316.875 | |
| 006 | 1.2.2 | Amortization of intangible assets | 1.099.870 | 948.659 | |
| 007 | 1.2.3 | Loss from impairment of intangible assets | 0 | 0 | |
| 008 | 1.2.4 | Other financial cost | 0 | 0 | |
| 009 | 1.2.5 | Impairment and gains/losses on fair valuation | -1.641.543 | -1.186.675 | |
| 010 | 1.2.6 | Interest expenses | 440.753 | 391.564 | |
| 011 | 1.2.7 | Interest income | -7.999.827 | -7.108.008 | |
| 012 | 1.2.8 | Profit from the sale of branch | 0 | 0 | |
| 013 | 1.2.9 | Share in profit of associates | -400.044 | -364.602 | |
| 014 | 1.2.10 | Equity-settled share-based payment transactions | 0 | 0 | |
| 015 | 1.2.11 | Cost of income tax | 3.347.220 | 3.300.327 | |
| 016 | 1.2.12 | Profit/loss from the sale of tangible assets (including land and buildings) | -3.317 | -182.379 | |
| 017 | 1.2.13 | Other adjustments | 1.046.162 | 559.084 | |
| 018 | 019+020+…+034 | 2 | Increase/decrease in operating assets and liabilities | 39.138.885 | -125.306.664 |
| 019 | 2.1 | Increase/decrease in financial assets at fair value through other comprehensive income | 58.804.882 | 27.176.314 | |
| 020 | 2.2 | Increase/decrease in financial assets at fair value through statement of profit or loss | -37.625.645 | -142.886.727 | |
| 021 | 2.3 | Increase/decrease in financial assets at amortised cost | 26.161.092 | 1.068.590 | |
| 022 | 2.4 | Increase/decrease in assets/liabilities from insurance contracts | -8.155.063 | -2.784.621 | |
| 023 | 2.5 | Increase/decrease in assets/liabilities from reinsurance contracts | -866.333 | 144.763 | |
| 024 | 2.6 | Increase/decrease in tax assets | -515.123 | -1.401.283 | |
| 025 | 2.7 | Increase/decrease in receivables | 0 | 0 | |
| 026 | 2.8 | Increase/decrease in investments in real estate | -63.655 | 1.362.834 | |
| 027 | 2.9 | Increase/decrease in property for own use | 0 | 0 | |
| 028 | 2.10 | Increase/decrease in other assets | -3.895.005 | 7.055.339 | |
| 029 | 2.11 | Increase/decrease in liabilities from investment contracts | 0 | 0 | |
| 030 | 2.12 | Increase/decrease in other provisions | -559.505 | -251.425 | |
| 031 032 |
2.13 2.14 |
Increase/decrease in tax liabilities Increase/decrease in financial liabilities |
299.707 4.596.434 |
725.519 -9.847.928 |
|
| 033 | 2.15 | Increase/decrease in other liabilities | -889.032 | -4.547.584 | |
| 034 | 2.16 | Increase/decrease in accruals and deferred income | 1.846.131 | -1.120.455 | |
| 035 | 3 | Income tax paid | -2.305.382 | -2.702.888 | |
| 036 | 4 | Interest received | 12.190.369 | 11.286.839 | |
| 037 | 5 | Dividend received | 130.880 | 158.212 | |
| 038 | 039+040+…+045 | II | CASH FLOW FROM INVESTING ACTIVITIES | -2.671.620 | -4.116.258 |
| 039 | 1 | Cash receipts from the sale of tangible assets | 22.638 | 14.528 | |
| 040 | 2 | Cash payments for the purchase of tangible assets | -1.488.203 | -2.574.710 | |
| 041 | 3 | Cash receipts from the sale of intangible assets | 0 | 0 | |
| 042 | 4 | Cash payments for the purchase of intangible assets | -921.232 | -1.556.076 | |
| 043 | 5 | Cash receipts from the sale of branches, associates and joint ventures | 0 | 0 | |
| 044 | 6 | Cash payments for the purchase of branches, associates and joint ventures | -284.823 | 0 | |
| 045 | 7 | Cash receipts and payments based on other investing activities | 0 | 0 | |
| 046 | 047+048++057 | III | CASH FLOW FROM FINANCING ACTIVITIES | -66.129.273 | -721.899 |
| 047 | 1 | Cash receipts resulting from the increase of initial capital | 0 | 0 | |
| 048 | 2 | Cash receipts from issuing redeemable preference shares | 0 | 0 | |
| 049 | 3 | Cash receipts from short-term and long-term loans received | 0 | 0 | |
| 050 | 4 | Cash receipts from sales of own shares | 0 | 0 | |
| 051 | 5 | Cash receipts from exercise of share options | 0 | 0 | |
| 052 | 6 | Cash payments relating to redeemable preference shares | 0 | 0 | |
| 053 | 7 | Cash payments for the repayment of short-term and long-term loans received | -30.400 | -34.086 | |
| 054 | 8 | Cash payments for the redemption of own shares | 0 | 0 | |
| 055 | 9 | Cash payments for interest | -138 | -688 | |
| 056 | 10 | Cash payments for dividend | -65.000.265 | 0 | |
| 057 | 11 | Cash payments for rental obligations | -1.098.470 | -687.125 | |
| 058 | 001+038+046 | IV | NET CASH FLOW | -5.063.656 | -106.874.371 |
| 059 | V | EFFECT OF EXCHANGE RATE FLUCTUATIONS ON CASH AND CASH EQUIVALENTS | 151.805 | 488.185 | |
| 060 | 058+059 | VI | NET INCREASE/DECREASE OF CASH AND CASH EQUIVALENTS | -4.911.851 | -106.386.186 |
| 061 | 1 | Cash and cash equivalents at the beginning of period | 23.196.824 | 134.674.730 | |
| 062 | 060+061 | 2 | Cash and cash equivalents at the end of period | 18.284.973 | 28.288.544 |
II. QUARTERLY MANAGEMENT REPORT
In the period observed, total income from insurance contracts at the Group level amounted to EUR 121m and increased by 15.9 percent compared to the same period of the previous year. The total non-life insurance income amounted to EUR 117.7m and increased by 15.9 percent. Total life insurance income increased by 17.1 percent and amounted to EUR 3.3m.
Total expenditure from insurance contracts at the Group level amounted to EUR 107.4m in the period observed and increased by 24.3 percent compared to the same period of the previous year. The total non-life insurance expenditure amounted to EUR 105.6m and increased by 23.4 percent. Total life insurance expenditure increased by 115.9 percent and amounted to EUR 1.8m.
Total net result from insurance contracts at the Group level amounted to EUR 11.1m and the net result is 0.8 percent higher compared to the same period of the previous year.
Total assets of the Group as at 31 March 2024 amounted to EUR 1.8 billion, representing a decrease of 1.9 percent compared to 31 December 2023.
Liabilities from insurance contracts as at 31 March 2024 amounted to EUR 851.1m, which represents a decrease of 1.3 percent compared to 31 December 2023.
Unaudited consolidated financial statements for the first quarter of the 2024 will be available on the web sites of CROATIA osiguranje d.d., Zagreb Stock Exchange and Officially appointed mechanism for the central storage of regulated information.
Significant business events in the reporting period
Stable profit and growth in insurance income, along with the continuation of digitalization and the expansion of the Polyclinic network - the key features of Croatia osiguranje operations in the first quarter of 2024
The digital business segment recorded positive results in the first quarter of 2024. Realized premium from total digital business increased by 21 percent compared to the same period last year, while the number of clients using the Moja Croatia mobile application increased by 16 percent. Laqo, Croatia's digital brand, achieved premium growth of 33 percent compared to the same period last year. In the first quarter of 2024, the total digital business segment recorded growth of 29 percent. In February, Croatia osiguranje launched Koreqt, an advanced digital platform for comparing and selecting products and services. It is a project that keeps pace with the growing trend of online shopping and enables users better search quality of services and products, but also to compare prices and offers of different partners more easily.
CROATIA osiguranje investments in healthcare in the last three years amounts to around EUR 20m. At the end of 2023, with the opening of new business units in Osijek, Zadar and Varaždin, in addition to previously opened in Zagreb, Split, Rijeka, Pula and Koprivnica, the strategic goal of providing top medical services to residents throughout Croatia was achieved. Due to the growing demand and increase in the volume of work, Croatia Poliklinika in Split was moved to a larger and more modern space with a wide range of medical activities and new modern medical equipment. In the first quarter of 2024, Croatia Poliklinika recorded a 53 percent increase in revenue compared to the same period of the previous year. The team of top doctors and medical staff has increased by 40 percent compared to the same period last year, and the positive trend of patient satisfaction has continued, among which 97 percent are those who emphasize the friendliness and commitment of the Croatia Poliklinika staff.
In less than a year since its launch, Croatia's Spektar benefits package has been activated by more than 65,000 households in Croatia, with over 83,000 members using it through the Moja Croatia application.
On 19 January 2024, the Management Board and the Supervisory Board proposed to the General Assembly the payment of a dividend in the total amount of EUR 65,000,265.19, or EUR 151.27 per share. On 5 March 2024, the General Assembly passed a decision on the payment of the dividend, and the dividend was paid on 18 March 2024.
Geopolitical and macroeconomic situation, conflicts and challenges
The geopolitical situation in the world in 2024 is still without signs of calming down and improvement. There are no signs of a possible end to the war in Ukraine and the resulting sanctions against the Russian Federation. The Group respects all introduced sanctions regulations and has no direct operations in insurance and reinsurance business with Russia and Ukraine, and reinsurance contracts through the Sanction & Embargo clause exempt reinsurance transactions with states under any sanctions. The insurance conditions on the direct side exclude damages caused by war. Contributing to the deterioration of the geopolitical situation in 2024 were new geopolitical tensions in the Middle East, where, in addition to the war in the Gaza initiated by Hamas attack on Israel in October 2023 and by Houthi attacks on ships in the Red Sea, the situation was further aggravated by Iran's attack on Israel in April 2024. Considering all the above, different scenarios and impacts on the world economy are possible.
The end of 2023 represented the end of the cycle of raising interest rates by the ECB and the FED, so if there are no new macroeconomic disturbances that would affect the growth of inflation rates, a lowering of the reference rates of central banks is expected at the end of 2024 and the possible gradually correction of interest curves that have been inverted recently. As a result of such expectations, in December 2023 a drop in bond market yields was visible on the financial markets, which was partially canceled in the first quarter of 2024. Regardless, due to negative geopolitical events, there is considerable uncertainty in the macroeconomic sense, so despite the fact that inflation in the EU and the USA shows signs of weakening (according to Eurostat, the annual inflation rate in the EU in January 2024 was 3.1%, and in February 2024, 2.8%, while it was 4.8% in Croatia for both months), in the event of an escalation of the geopolitical situation, different scenarios are also possible, i.e. a new change in the inflationary trend and the risk of reduced economic growth. However, due to the high capitalization, i.e. the Group's solvency (temporary quarterly SCR ratio of the Group as of 31 December 2023 is 262%, whereby on 20 May 2024 expects a public announcement of a slightly lower annual SCR ratio of the Group as of 31 December 2023 due to the inclusion of capital reduction for the foreseeable additional dividend in 2024), the results of the ORSA process show that the Group is resistant to various stressful circumstances and would continue to operate in accordance with the regulatory requirements.
Significant events after the end of the reporting date
On 8 April 2024, the Management and Supervisory Board proposed to the General Assembly an additional dividend payment from retained earnings in the total amount of EUR 16,049,146.52, or EUR 37.35 per share and the dividend payment from the net profit realized in 2023 in the total amount of EUR 33,954,693.37, i.e. EUR 79.02 per share. The Company has been operating successfully in the past years, with a growing level of profit and high capital adequacy rates, both at the Company level and at the Group level, and it is expected that during the year 2024 the capital adequacy should be maintained above the level of 200%.
The Company announced that the member of the Management Board, Vančo Balen, will leave the company by 30 April 2024 on personal request, for private reasons.
Expected development in the future
The further development of the insurance market in the Republic of Croatia will be greatly influenced, in addition to the previously mentioned geopolitical situation, by climate change, to a lesser extend inflation and rising wages, and the expected drop in interest rates.
We have witnessed that every month in the last 9 months (since June 2023) has been the "warmest" month ever and is on average over 1.5 Celsius degrees warmer than the pre-industrial reference period. The temperature for the period April 2023 - March 2024 is the highest in the history of measurements. Warmer air and sea are a good basis for the development of extremely strong storms, whose damages can be compared with the damage traditionally associated with hurricanes. Accordingly, insurance prices, primarily property, in areas that are not traditionally associated with major natural disasters could experience significant corrections in insurance prices / conditions.
Although inflation in the Republic of Croatia is slowing down, it is still among the highest in the EU and is currently just under 5%. This especially applies to the prices of services which are still at a relatively high 8% growth rate. Regardless of the slightly higher realized inflation for Q1 2024, inflation expectations for the whole 2024 year are still between 3% and 4% (depending on the source). The nominal increase in the average net salary compared to the same period last year (according to the CBS) is 12.8% (influence of the minimum wage increase in the Republic of Croatia and the change in the tax/surcharge system). In accordance with the above, further price corrections of insurance services are possible.
The growth of life insurance is greatly influenced by the movement of interest rates. Although interest rates have recovered from extremely low yields during the pandemic, current expectations are that these rates will start falling again (inverted curve). Due to all the above, it is difficult to predict whether life insurance will continue to decline as in previous years or whether the market will finally turn around.
Research and development activities
The Group continuously monitors environmental events and invests in market research, directs and supports the activities of affiliated companies that are in the function of organic growth and recognition of business opportunities and realization of new acquisitions.
Description of the most significant risks and uncertainties
In relation to the most significant risks and uncertainties which were described in the audited financial statements for the year 2023, in the period observed there were no significant changes in relation to the risks to which the Group is exposed in the course of its business, except as described in the chapter Significant business events in the reporting period.
Zagreb, 30 April 2024
| Member of the Management Board | President of the Management Board |
|---|---|
| Luka Babić | Davor Tomašković |
| Member of the Management Board | Member of the Management Board |
| Vančo Balen | Robert Vučković |
III. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD I-III 2024
1. GENERAL INFORMATION
The Group consolidated the following entities as at 31 March 2024:
| 31 March 2024 | ||||||
|---|---|---|---|---|---|---|
| Group | Activity | Shares directly held by parent (%) |
Shares held by the Group (%) |
Shares held by non controlling interests (%) |
||
| Subsidiaries registered in Croatia which are | ||||||
| consolidated: | ||||||
| Croatia premium d.o.o., Zagreb | Real estate business | 100.00 | 100.00 | - | ||
| M teh d.o.o. - |
Equipment rental | 100.00 | 100.00 | - | ||
| Core 1 d.o.o., Zagreb | Real estate business | 100.00 | 100.00 | |||
| Razne usluge d.o.o. (u likvidaciji) | - | 100.00 | 100.00 | - | ||
| AUTO MAKSIMIR VOZILA d.o.o. | Insurance agency | 100.00 | 100.00 | - | ||
| KOREQT d.o.o. | Real estate business | 100.00 | 100.00 | - | ||
| Strmec projekt d.o.o | Real estate business | 100.00 | 100.00 | - | ||
| CO Zdravlje d.o.o. | Consulting and services |
100.00 | 100.00 | - | ||
| - CROATIA Poliklinika, Zagreb |
Healthcare | - | 100.00 | - | ||
| Croatia-Tehnički pregledi d.o.o., Zagreb | MOT* | 100.00 | 100.00 | - | ||
| - Herz d.d., Požega |
MOT | - | 100.00 | - | ||
| - Slavonijatrans-Tehnički pregledi d.o.o., Sl. Brod |
MOT | - | 76.00 | 24.00 | ||
| - STP Pitomača, Pitomača |
MOT | - | 100.00 | - | ||
| - STP Blato |
MOT | - | 100.00 | - | ||
| - Autoprijevoz d.d. |
MOT | - | 79.12 | 20.88 | ||
| - Crotehna d.o.o., Ljubuški |
MOT | - | 100.00 | - | ||
| Croatia osiguranje mirovinsko društvo | ||||||
| d.o.o., Zagreb | Fund management | 100.00 | 100.00 | - | ||
| ASTORIA d.o.o. | Real estate business | 100.00 | 100.00 | - | ||
| Subsidiaries registered abroad which are | ||||||
| consolidated | ||||||
| Milenijum osiguranje a.d.o., Beograd | Insurance | 100.00 | 100.00 | - | ||
| Croatia osiguranje d.d., Mostar | Insurance | 97.12 | 97.12 | 2.88 | ||
| Croatia remont d.d., Čapljina** - |
MOT | - | 96.92 | 3.08 | ||
| - Croauto d.o.o., Mostar |
MOT | - | 100.00 | - | ||
| - Skadenca d.o.o. |
Insurance agency | - | 100.00 | - | ||
| Technical | ||||||
| examination and | ||||||
| - Tia auto d.o.o. |
analysis of motor | - | 100.00 | - | ||
| vehicles | ||||||
| Croatia osiguranje d.d., non-life insurance company, Skopje |
Insurance | 100.00 | 100.00 | - | ||
| Croatia osiguranje d.d., life insurance company, Skopje |
Insurance | 95.00 | 100.00 | - |
*MOT – Motor vehicle examination stations
In consolidation, the equity method is used for the valuation of investments in associates Agroservis - STP d.o.o., Virovitica (37%) and joint venture PBZ CROATIA osiguranje d.d. (50.0%).
The following is a summary of financial information for PBZ CROATIA osiguranje d.d. for the last year for which the annual financial statements have been adopted and which have been presented for the Group using the equity method.
| Summary statement of financial position | 31 December 2023 | ||
|---|---|---|---|
| in EUR'000 | |||
| Financial assets | 17,579 | ||
| Cash and cash equivalents | 558 | ||
| Other assets | 1,412 | ||
| Total assets | 19,549 | ||
| Liabilities | 1,450 | ||
| Capital and reserves | 18,099 | ||
| Total equity and liabilities | 19,549 | ||
| Summary financial information | 31 December 2023 | ||
| in EUR'000 | |||
| Opening balance of net assets at 1 January 2023 | 17,364 | ||
| Profit for the period | 3,388 | ||
| Dividends | (2,653) | ||
| Closing balance of net assets | 18,099 | ||
| Share in profit of joint venture @ 50% | 9,049 | ||
| Carrying amount | 9,049 |
CROATIA osiguranje d.d., Zagreb, Vatroslava Jagića 33 (parent company) is registered in the Court Register of the Commercial Court in Zagreb, Republic of Croatia, under the Company's Court Reg. No. ("MBS") 080051022 and PIN ("OIB") 26187994862. The Company's principal activity is non-life and life insurance business together with activities that are related to insurance activities and reinsurance business in the non-life insurance segment. Among other important activities, the Group also carries out activities of pension fund management, technical examinations and providing medical services of clinics.
CROATIA osiguranje d.d. is majorly owned by ADRIS GRUPA d.d., Rovinj and is included in the consolidated financial statements of ADRIS GRUPA d.d. which are available on the website of ADRIS GRUPA d.d.
The average number of employees of the Group during the current period is 3,750.
Supervisory Board and Management Board
According to the Company Act, Insurance Act and the Articles of Association of the Company the Company's bodies are: the General Assembly, the Supervisory Board and the Management Board. Obligations and responsibilities of the members of these bodies are determined by the mentioned acts.
Members of the Supervisory Board are:
| Roberto Škopac | President |
|---|---|
| Dr.sc. Željko Lovrinčević | Vice President |
| Vitomir Palinec | Member |
| Hrvoje Patajac | Member |
| Dr. sc. Zoran Barac | Member |
| Pero Kovačić | Member |
| Dr. sc. Hrvoje Šimović | Member |
Members of the Management Board are:
| Davor Tomašković | President |
|---|---|
| Robert Vučković | Member |
| Luka Babić | Member |
| Vančo Balen | Member |
Basis for preparation and consolidation
Financial statements are prepared in accordance with the Capital Market Act (Official Gazette 65/18, 17/20, 83/21 and 151/22), International Accounting Standard 34 – Interim Financial Reporting, Rules of the Zagreb Stock Exchange and the Ordinance on the contents and structure of issuers interim reports and on the form and manner of their submission to the Croatian Financial Services Supervisory Agency, which is issued by the Croatian Financial Services Supervisory Agency.
Quarterly financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2023. The Group's annual financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union. The Annual Financial Report for 2023, for the purpose of understanding the information published in the notes to the financial statements prepared for the first quarter of the 2024, is available on the company's official website, the official website of the Zagreb Stock Exchange and the Croatian Financial Services Supervisory Agency's Official Register.
Financial statements are prepared by using the accrual principle which is the underlying accounting assumption. Economic events are recognized when they occurred and are reported in financial statements for the period in which they occurred by using the underlying accounting principle of going concern.
Consolidated financial statements comprise the Company and its subsidiaries (together 'the Group'). All significant intragroup transactions and balances are eliminated.
Financial statements for the first quarter of the 2024 have not been audited.
Presentation currency
Group's financial statements are prepared in the euros as the presentation currency.
Use of estimates and judgements
Preparation of financial statements in conformity with IFRS requires the Management Board to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, and information available at the date of preparation of financial statements, the results of which form the basis of making the judgements about carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes of accounting estimates are recognised from the period in which an estimate is revised and in future periods, if the change also affects them.
Accounting policies
Accounting policies and measurement methods which are used in the preparation of financial statements for the reporting period are the same as those which are used for preparation of the audited financial statements for the year 2023. However, due to certain improvements of the accounting processes related to IFRS 17: Insurance contracts, implemented during 2023, the Group restated the amounts in the statement of comprehensive income and the statement of cash flows for the comparative period while the amounts in the statement of financial position and in the statement of changes in equity at the reporting date did not change comparative period, i.e. as at 31 December 2023.
Related party transactions
There were no unusual related party transactions of goods and services in the current reporting period.
Seasonality of business activities
Group's operations are not seasonal.
Segment reporting
The Group's reporting segments comprise the life insurance segment and the non-life insurance segment. The description of segments as well as allocation of costs between segment of life insurance and non-life insurance, capital and reserves and assets described in the annual financial statements for 2023, have not changed. There were no significant intersegmental revenues and expenses in the period observed.
Earnings per share
| 1 January-31 | 1 January-31 | |
|---|---|---|
| March 2023 | March 2024 | |
| in EUR | in EUR | |
| Profit for the year attributable to the Company's shareholders | 15,828,580 | 15,839,364 |
| Weighted average of ordinary shares | 420,947 | 420,947 |
| Earnings per share attributable to the Company's shareholders | ||
| Basic and diluted earnings per share in EUR | 37.6 | 37.6 |
Fair value
Fair value is the amount that should be received for an asset sold or paid to settle a liability in an arm's length transaction between market participants at the value measurement date. Fair value is based on quoted market prices, where available. If market prices are not available, fair value is estimated by using discounted cash flow models or other appropriate pricing techniques. Changes in assumptions on which the estimates are based, including discount rates and estimated future cash flows, significantly affect the estimates. Therefore, at this point the estimated fair value cannot be certainly achieved from the sale of a financial instrument.
| 31 March 2024 | 31 December 2023 | |||||
|---|---|---|---|---|---|---|
| Net book value |
Fair value | Difference | Net book value |
Fair value | Difference | |
| in EUR | in EUR | in EUR | in EUR | in EUR | in EUR | |
| Debt securities |
276,091,503 | 267,437,894 | (8,653,609) | 301,799,621 | 284,689,790 | (17,109,831) |
| Loans | 18,192,023 | 18,189,148 | (2,875) | 19,887,628 | 19,871,963 | (15,665) |
| Deposits | 115,486,611 | 115,486,611 | - | 116,179,851 | 116,179,851 | - |
| 409,770,137 | 401,113,653 | (8,656,484) | 437,867,100 | 420,741,604 | (17,125,496) |
The fair value of investments at amortised cost is presented below:
Methods of assessment or assumptions in determining fair value
For measuring the fair value, the Group takes into account the IFRS fair value hierarchy rules that reflect the significance of inputs used in the assessment process. Each instrument is assessed individually and in detail. The levels of the fair value hierarchy are determined on the basis of the lowest level and the input data that are important for determining the fair value of the instrument.
The table below analyses financial instruments carried at fair value using the valuation method. Different levels have been defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices or interest rates information) or indirectly (that is, derived from prices or interest rates) (Level 2).
• Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
The Group's assets measured at fair value as at 31 March 2024 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 58,034,082 | 58,034,082 |
| Investment property | - | - | 138,753,013 | 138,753,013 |
| Equity securities | 127,689,822 | - | 28,976,657 | 156,666,479 |
| Debt securities | 401,775,942 | 154,871,098 | - | 556,647,040 |
| Financial assets at fair value through | ||||
| other comprehensive income | 529,465,764 | 154,871,098 | 28,976,657 | 713,313,519 |
| Equity securities | 103,798 | - | - | 103,798 |
| Debt securities | 19,852,700 | - | - | 19,852,700 |
| Investment funds | 83,435,602 | 81,157,530 | - | 164,593,132 |
| Foreign currency forward contracts | - | 272,942 | - | 272,942 |
| Foreign currency swap | - | 93 | - | 93 |
| Financial assets at fair value through | ||||
| profit or loss | 103,392,100 | 81,430,565 | - | 184,822,665 |
| Total assets at fair value | 632,857,864 | 236,301,663 | 225,763,752 | 1,094,923,279 |
The Group's assets measured at fair value as at 31 December 2023 are presented as follows:
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| in EUR | in EUR | in EUR | in EUR | |
| Property for own use | - | - | 58,547,611 | 58,547,611 |
| Investment property | - | - | 138,689,358 | 138,689,358 |
| Equity securities | 109,827,586 | - | 28,984,892 | 138,812,478 |
| Debt securities | 446,103,640 | 171,813,723 | - | 617,917,363 |
| Financial assets at fair value through other comprehensive income |
555,931,226 | 171,813,723 | 28,984,892 | 756,729,841 |
| Equity securities | 387,390 | - | - | 387,390 |
| Debt securities | 10,963,850 | - | - | 10,963,850 |
| Investment funds | 57,057,707 | 76,949,466 | - | 134,007,173 |
| Foreign currency forward contracts | - | 462,382 | - | 462,382 |
| Other | - | 23,787 | - | 23,787 |
| Financial assets at fair value through profit or loss |
68,408,947 | 77,435,635 | - | 145,844,582 |
| Total assets at fair value | 624,340,173 | 249,249,358 | 226,221,861 | 1,099,811,392 |
The Group has adopted IFRS 13, pursuant to which it is required to disclose the fair value hierarchy of financial assets that are not measured at fair value as well as a description of valuation techniques and inputs used.
Financial liabilities, which are not valued at fair value through profit and loss account, are recorded at amortised cost. The Management Board believes that, due to fact that interest rate of these instruments is in line with market rates, the carrying value of these instruments is not significantly different from their fair value.
The fair value of deposits, loans and financial liabilities are estimated on the basis of inputs that are not commercially available rates, and are therefore classified as Level 3, or by using publicly available rates published by the Croatian national bank (for the Company's loans) and would therefore be classified as Level 2 in the fair value hierarchy. Investments with available market prices and classified in the portfolio of investments in debt securities valued at amortised cost are classified as Level 1.
The fair values of cash and cash equivalents and other receivables, i.e. other assets do not differ significantly from their carrying amounts due to the short-term nature of these financial instruments. Fair value is determined based on Level 2 inputs for cash and cash equivalents and based on Level 3 inputs for other receivables, i.e. other assets.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. The fair value of financial instruments that are classified as Level 3 is determined by using discontinued cash flow techniques or other valuation techniques by using relevant observable market data, information about current business and estimation of issuer's future business of the financial asset in question. There was no significant increase or decrease in the value of the parameters that would affect the change in the fair value of financial assets classified in Level 3 fair value.
There have been no significant reclassifications of financial assets at fair value through profit or loss from Level 1 and Level 2 to Level 3 and vice versa in statement of financial position.
The fair value of investment property is derived primarily by applying a sales comparison and income approach, and sometimes lacking information on market parameters by applying the cost method, depending on a particular property.
The fair value of the property for own use was carried out primarily by applying the income method.
The most significant inputs in the valuations were prices or rental income per square meter, generated based on comparable properties in the immediate vicinity and then adjusted by differences in key characteristics.
Information on measurements of the fair value of investment property using significant inputs that are not available on the market (Level 3) is published in the financial statements for 2023.
Intangible assets
In the period observed, intangible assets decreased by EUR 183 thousand, and this represents the net effect of increasing intangible assets due to additional investments in the observed period and reduction of intangible assets due to amortization. The Group capitalized the costs of net salaries in the amount of EUR 69.6 thousand, the costs of contributions from salaries in the amount of EUR 19.7 thousand, the costs of taxes and surcharges from salaries in the amount of EUR 13 thousand, the costs of contributions to salaries in in the amount of EUR 15.2 thousand and other employee costs in the amount of EUR 2 thousand.
Financial assets and financial liabilities
The structure of financial assets as at 31 March 2024 and 31 December 2023 was as follows:
| 31 March 2024 | ||||
|---|---|---|---|---|
| Financial assets at amortised cost |
Financial assets at fair value through other comprehensive income |
Financial assets at fair value through profit and loss account |
Total | |
| in EUR | in EUR | in EUR | in EUR | |
| Shares Shares, listed Shares, not listed |
- - - |
156,453,767 212,712 156,666,479 |
103,798 - 103,798 |
156,557,565 212,712 156,770,277 |
| Debt securities | ||||
| Government bonds | 273,229,532 | 457,961,215 | - | 731,190,747 |
| Corporate bonds | 2,861,971 | 97,474,721 | - | 100,336,692 |
| Treasury bills | - | 1,211,104 | 19,852,700 | 21,063,804 |
| 276,091,503 | 556,647,040 | 19,852,700 | 852,591,243 | |
| Derivative financial instruments | ||||
| Foreign currency swap | - | - | 93 | 93 |
| Foreign currency forward contracts | - | - | 272,942 | 272,942 |
| - | - | 273,035 | 273,035 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 157,524,296 | 157,524,296 |
| Open-ended investment funds - assets for coverage of unit-linked products |
- | - | 7,068,836 | 7,068,836 |
| - | - | 164,593,132 | 164,593,132 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 115,486,611 | - | - | 115,486,611 |
| Loans | 18,192,023 | - | - | 18,192,023 |
| 133,678,634 | - | - | 133,678,634 | |
| 409,770,137 | 713,313,519 | 184,822,665 | 1,307,906,321 |
31 December
| 2023 | ||||
|---|---|---|---|---|
| Financial assets at amortised cost |
Financial assets at fair value through other comprehensive income |
Financial assets at fair value through profit and loss account |
Total | |
| in EUR | in EUR | in EUR | in EUR | |
| Shares | ||||
| Shares, listed | - | 138,599,767 | 387,390 | 138,987,157 |
| Shares, not listed | - | 212,711 | - | 212,711 |
| - | 138,812,478 | 387,390 | 139,199,868 | |
| Debt securities | ||||
| Government bonds | 298,905,891 | 521,998,610 | 1,340,131 | 822,244,632 |
| Corporate bonds | 2,893,728 | 79,864,197 | 9,623,719 | 92,381,644 |
| Treasury bills | - | 16,054,556 | - | 16,054,556 |
| 301,799,619 | 617,917,363 | 10,963,850 | 930,680,832 | |
| Derivative financial instruments | ||||
| Interest swap | - | - | 185 | 185 |
| Foreign currency swap | - | - | 23,601 | 23,601 |
| Foreign currency forward contracts | - | - | 462,383 | 462,383 |
| - | - | 486,169 | 486,169 | |
| Investment funds | ||||
| Open-ended investment funds | - | - | 114,618,665 | 114,618,665 |
| Open-ended investment funds - assets | - | - | 19,388,508 | 19,388,508 |
| for coverage of unit-linked products | ||||
| - | - | 134,007,173 | 134,007,173 | |
| Loans and receivables | ||||
| Deposits with credit institutions | 116,179,850 | - | - | 116,179,850 |
| Loans | 19,887,628 | - | - | 19,887,628 |
| 136,067,478 | - | - | 136,067,478 | |
| 437,867,097 | 756,729,841 | 145,844,582 | 1,340,441,520 |
The structure of financial liabilities as at 31 March 2024 and 31 December 2023 was as follows:
| 31 March 2024 | 31 December 2023 | |
|---|---|---|
| in EUR | in EUR | |
| Lease liabilities | 45,486,410 | 46,214,568 |
| Loan liabilities | 45,451 | 79,534 |
| Derivative financial instruments | 222,458 | 91,065 |
| Preference shares | 1,627,500 | 1,627,500 |
| Liability for unpaid dividend | 212,528 | 212,528 |
| Other financial liabilities | 4,816,286 | 15,000 |
| 52,410,633 | 48,240,195 |
Share capital and shares
The Company's share capital with a nominal value of EUR 79,924 thousand as at 31 March 2024 is divided among 429,697 shares with a nominal value of EUR 186,00. The shares are marked as follows:
| Number of shares | Nominal amount (in 000 EUR) |
|---|---|
| 307,598 ordinary shares I. emission with ticker CROS-R-A/CROS | 57,213 |
| 113,349 ordinary shares II. emission with ticker CROS-R-A/CROS | 21,083 |
| TOTAL OF ORDINARY SHARES | 78,296 |
| 8,750 preference shares I. emission with ticker CROS-P-A/CROS2 | 1,628 |
| TOTAL OF PREFERENCE SHARES | 1,628 |
| TOTAL OF ORDINARY AND PREFERENCE SHARES | 79,924 |
Each share, ordinary and preference, provides the right to 1 (one) vote at the Company's General Assembly, Due to the guaranteed dividend payment, preference shares are classified as financial liabilities, All shares are paid in full, issued in dematerialized form, are transferable and are managed at the central depository of the Central Depository & Clearing Company.
Based on the provisions of the Act on the introduction of the euro as the official currency in the Republic of Croatia and the provisions of the Companies Act, the Company proposed at the General assembly a decision on the adjustment of the share capital and the nominal amount of the Company's shares in such a way as to increase the amount of the nominal value of the share from 185.81 EUR, calculated by conversion into euros using a fixed conversion rate with rounding to the nearest cent, to the amount of EUR 186.00. The aforementioned increase in the nominal amount of the share is carried out in order to round the nominal amount of the shares to a whole number, as prescribed by Article 163, paragraph 4 of the Companies Act.
With the purpose of aligning the share capital with the provisions of the Companies Act, the share capital is increased by the amount of EUR 80,812.35, whereby the total share capital of the Company after recalculation and adjustment amounts to EUR 79,923,642.00. This adjustment was made on 5 October 2023 after changes in the court register.
Liabilities
The structure of liabilities as at 31 March 2024 and 31 December 2023 was as follows:
| 31 March 2024 | ||||||
|---|---|---|---|---|---|---|
| No later than 1 year | 1-5 years | More than 5years | Total | |||
| in EUR | in EUR | in EUR | in EUR | |||
| Other provisions | 632,926 | 5,829,533 | 1,463,689 | 7,926,148 | ||
| Financial liabilities | 9,083,914 | 12,546,593 | 30,780,126 | 52,410,633 | ||
| Other liabilities | 59,789,510 | 2,149,069 | 1,537,446 | 63,476,025 | ||
| Total | 69,506,350 | 20,525,195 | 33,781,261 | 123,812,806 |
| 31 December 2023 | ||||||
|---|---|---|---|---|---|---|
| No later than 1 year | 1-5 years More than 5years |
|||||
| in EUR | in EUR | in EUR | in EUR | |||
| Other provisions | 1,143,643 | 5,851,309 | 1,490,701 | 8,485,653 | ||
| Financial liabilities | 4,271,721 | 12,107,808 | 31,860,666 | 48,240,195 | ||
| Other liabilities | 58,769,865 | 2,377,659 | 1,371,402 | 62,518,926 | ||
| Total | 64,185,229 | 20,336,776 | 34,722,769 | 119,244,774 |
Deferred taxes The Group on 31 March 2024 has recognized deferred tax assets and liabilities. There were no significant changes in deferred tax assets compared to 31 December 2023, while the movement of deferred tax liabilities is shown in the note below:
| in E U R |
||||||||
|---|---|---|---|---|---|---|---|---|
| d a d La n n i ing bu l d s ie d by oc cu p an ing fo de k rta un r its ow n iv it ies t ac |
d a d La n n i ing bu l d ot s n ie d by oc cu p an ing de k rta un fo its r ow n iv it ies t ac |
ina ia l a F t nc sse i la b le fo av a r le sa |
ina ia l a F ts nc sse fa ir v lue at a hro h o he t t ug r he ive co mp re ns inc om e |
f Im t o p ac I F R S 1 7 l ica ion t ap p |
ina ia l F nc res erv es fro m ins ura nc e nt ts co rac |
he Ot r |
l To ta |
|
| be De 3 1 ce m r 2 02 2 |
3, 00 2, 14 1 |
4, 5 22 9 9 1 , |
8, 1, 7 3 01 5 |
- | 6, 12, 3 7 15 4 |
6, 6 6 1 9 01 5 , |
64 4 09 , |
8, 60 6 3 5, 27 |
| f t he f irs l ica ion f Im I F R S 9 t o t a t p ac p p o |
- | - | ( ) 8, 1, 015 7 3 |
6 1, 9 3 5, 3 5 |
- | - | - | 19 1 7, 3 4 |
| ize it o d t hro h p f los Re co g n ug ro r s |
( ) 10 1, 9 7 7 |
2, 9 4 4 5 5 |
- | ( ) 1, 03 20 3 4 , |
( ) 6, 12, 4 5 5 4 4 |
- | - | ( ) 8, 89 13, 1 5 5 |
| ize ine ing d t hro h r d e Re eta co g n ug arn s |
- | - | - | - | - | - | - | - |
| ive inc ha hro h o he he C e t t ng ug r c om p re ns om e |
( ) 63 3 9, 7 |
- | - | 8 6, 6 8 7, 3 0 |
- | ( ) 8, 5 7 1, 9 21 |
- | ( ) 1, 22 5, 4 9 0 |
| i ion ig ha d f fer fro lat f fo Ex ate tra c ng e r en ce s m ns o re n ion t op era s |
( ) 67 9 4, |
( ) 3 21 7, |
- | ( ) 00 0 7, |
9, 03 5 |
( ) 8, 1 4 7 5 |
- | ( ) 8, 2 0 4 4 |
| be De 3 1 r 2 02 3 ce m |
85 6, 8 2, 02 |
8, 62 4, 9 5 5 |
- | 7, 9 11, 22 1 |
( ) 7 1, 3 5 5 |
8, 3 11, 17 0 |
64 4 09 , |
8 24 03 0, 09 , |
| ize d t hro h p f it o los Re co g n ug ro r s |
( ) 13, 213 |
6, 4 7 25 |
- | - | 3 9, 4 4 3 |
- | - | 7 2, 9 5 5 |
| ize d t hro h r ine d e ing Re eta co g n ug arn s |
- | - | - | ( ) 80 7, 7 |
- | - | - | ( ) 80 7, 7 |
| ha hro h o he he ive inc C e t t ng ug r c om p re ns om e |
- | - | - | 87 63 3, 0 7 , |
- | 89 4 27 2 , |
- | 65 15, 3, 5 5 |
| i ion ig ha d f fer fro lat f fo Ex ate tra c ng e r en ce s m ns o re n |
||||||||
| ion t op era s |
- | - | - | 3 3 1 |
8 4 4 |
- | - | 9 7 7 |
| h 2 Ma 1 3 rc 02 4 |
84 815 2, 2, |
5, 00 5, 3 5 0 |
- | 8 10 1, 9 9 5 0 , |
( ) 64 1, 3 4 |
8, 62 7 3 9, 0 |
64 4 09 , |
611 6 80 27 , , |
Commitments As at 31 March 2024, the Group's contractual obligations for future investments amount to EUR 26.9m based on binding bids for investments in alternative investment funds.
MANAGEMENT BOARD STATEMENT
Pursuant to article 20 of the Articles of Association of the Company from 31 May 2023 and article 468 of the Capital Market Law (Official Gazette 65/18, 17/20, 83/21 and 151/22), the Management Board provides this
STATEMENT
That to the best of our knowledge:
- the set of quarterly consolidated unaudited financial statements of the issuer for the period 1 January – 31 March 2024, prepared by using applicable financial reporting standards, gives a true and fair view of assets and liabilities, the financial position, profit or loss of the issuer and the entities included in consolidation,
- the management report presents an objective view of the development and business results and position of the issuer and entities included in consolidation, with description of significant risks and uncertainties to which they are exposed,
Zagreb, 30 April 2024
| Member of the Management Board | President of the Management Board |
|---|---|
| Luka Babić | Davor Tomašković |
| Member of the Management Board | Member of the Management Board |
| Vančo Balen | Robert Vučković |