Minerva Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 27, 2016

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 3 1 December 2 0 1 5

	2015 €	2014 €
Realised gross premiums	11.042.380	11.252.946
Decrease in gross reserve of unearned premiums Gross earned premiums	10.900 11.053.280	20.870 11.273.816
Reinsurance in realised gross premiums	(1.127.135)	(1.244.672)
Reinsurers' share in the decrease of gross reserve
of unearned premiums Net earned premiums	(19.864) 9.906.281	66.301 10.095.445
Commissions and other income	645.330	712.774
(Loss)/gain from investments	(359.626)	683.297
Net income	10.191.985	11.491.516
Gross claims, benefits and variation in life branch reserve	(6.585.411)	(6.230.050)
Reinsurers' share	350.983	88.858
Net insurance claims and benefits	(6.234.428)	(6.141.192)
Acquisition costs	(2.582.473)	(2.434.388)
Management costs	(1.435.165)	(1.872.829)
Provision for doubtful claims	(741.103)	(768.780)
Expenses	(10.993.169)	(11.217.189)
Operating (loss)/profit	(801.184)	274.327
Net finance costs	(174.536)	(130.968)
(Loss)/profit before taxation	(975.720)	143.359
Taxation	36.809	(27.191)
(Loss)/profit for the year	(938.911)	116.168
(Loss)/earnings per share attributable to the Company's owners
(cent)	(1,20)	0,15
Other comprehensive income
Items not to be reclassified to profit or loss in subsequent periods
Gain on property revaluation	106.624	-
Deferred tax from revaluation	(13.328)	-
Other comprehensive income for the year	93.296	116.168
Total (expenses))/income for the year attributable to the
Company's owners	(845.615)	116.168

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 3 1 December 2 0 1 5

	Sh are ita l cap €	sha re mi pre um res erv e €	rty pro pe alu ati rev on res erv e €	Di ffe fro ren ce m πόc sio f on ver n o ita l in to cap eur o €	Αn ity nu res erv e €	To tal ity equ €
Ba lan 1 J 20 15 at ce as anu ary for th Lo ss e y ear	13 .33 0.5 32 -	4.3 17 .35 4 -	3.2 36 .86 0 -	67 .44 8 -	( 13 .47 4.0 11) ( 93 8.9 11)	7.4 78 .18 3 ( 93 8.9 11)
Ot her reh siv e i co mp en nc om e Ga in lua tio ert on pr op y r eva n fer red lua tio De ta ert x o n p rop y r eva n Ot her reh siv e i e f the co mp en nc om or ye ar	- - -	- - -	10 6.6 24 ( 13 .32 8) 93 .29 6	- - -	- - -	10 6.6 24 ( 13 .32 8) 93 .29 6
Sp eci al ibu tio n f def e i n d ed div ide nd di ibu tio ntr str co or enc eem n	-	-	-	-	( 46 .47 6)	( 46 .47 6)
Ba lan 31 D mb 20 15 at ce as ece er	13 .33 0.5 32	4.3 17 .35 4	3 .33 0.1 56	67 .44 8	( 14 .45 9.3 98 )	6.5 86 .09 2
lan Ba 1 J 20 14 at ce as anu ary fit for th Pro e y ear	13 .33 0.5 32 -	4.3 17 .35 4 -	3.2 36 .86 0 -	67 .44 8 -	( 13 .59 0.1 79 ) 11 6.1 68	7.3 62 .01 5 11 6.1 68
Ba lan 31 D mb 20 14 at ce as ece er	13 .33 0.5 32	4.3 17 .35 4	3 .23 6.8 60	67 .44 8	( 13 .47 4.0 11)	7.4 78 .18 3

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 20% for the years 2012 and 2013 and 17% for 2014 onwards 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 2 0 1 5

	2015	2014
	€	€
Cash flow from operations
Loss/profit for the year	(938.911)	116.168
Adjustments for:
Taxation	(36.809)	27.191
Depreciation of property, plant and equipment	119.497	124.172
Amortisation of intangible assets	51.649	61.439
Loss/(gain) on change in the fair value of financial assets at fair value
through profit and loss	284.818	(16.876)
Gain on the sale of financial assets at fair value
through profit and loss	(66.737)	(51.496)
Provision for doubtful claims	741.103	768.780
Loss on revaluation of investment property	592.952	-
Interest payable	174.536	130.968
Interest receivable	(321.966)	(501.289)
Dividends receivable	(31.477)	(14.210)
Cash flow from operations before changes in working capital	568.655	644.847
Decrease/(increase) in insurance and other claims	114.311	(131.328)
(Increase)/decrease in deferred acquisition costs	(383.615)	63.484
(Increase)/decrease in reinsurers' share in claims and technical reserves	(36.788)	133.696
Decrease in Life Branch reserve	(921.316)	(964.998)
Decrease in General Branch insurance reserves	(1.277.487)	(1.504.511)
Decrease in insurance and other liabilities	(526.677)	(1.273.285)
Cash flow for operations	(2.462.917)	(3.032.095)
Interest paid	(174.536)	(130.968)
Dividends received	31.477	14.210
Tax paid	(42.869)	(26.094)
Net cash flow for operations	(2.648.845)	(3.174.947)
Cash flow from investing activities
Payments for purchase of property, plant and equipment	(51.465)	(19.514)
Payments for purchase of intangible assets	(29.763)	(39.334)
Payments for purchase of investment property	(11.187)	(9.765)
Payments for purchase of financial assets at fair value
through profit and loss and investments held to maturity	(2.433.076)	(943.575)
Proceeds from sale of financial assets at fair value
through profit and loss	586.817	1.015.663
Proceeds from sales of property, plant and equipment	-	584
Interest received	321.966	501.289
Net cash flow from investing activities	(1.616.708)	505.348
Cash flow from financing activities
Repayments of loans and finance leases	(201.285)	(156.094)
Net cash flow for financing activities	(201.285)	(156.094)
Net decrease in cash and cash equivalents	(4.466.838)	(2.825.693)
Cash and cash equivalents at beginning of year	14.277.670	17.103.363
Cash and cash equivalents at end of year	9.810.832	14.277.670
Cash and cash equivalents consist of:
Cash in hand and at bank and term deposits	10.859.882	14.763.258
Bank overdrafts	(1.049.050)	(485.588)
	9.810.832	14.277.670

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2 0 1 5

	2015	2014
	€	€
Assets
Property, plant and equipment	1,892,640	1,854,048
Intangible assets	119,988	141,874
Investment property	8,965,741	9,547,506
Investments held to maturity	2,084,216	-
Total non-current assets	13,062,585	11,543,428
Financial assets at fair value through profit and loss	989,580	1,445,618
Insurance and other claims	7,720,160	8,575.574
Deferred acquisition costs	1,508,093	1,124,478
Reinsurers' share in claims and technical reserves	1,565,505	1,528,717
Cash and cash equivalents	10,589,882	14,763,258
Total current assets	22,643,220	27,437,645
Total assets	35,705,805	39,981,073
Equity
Share capital	13,330,532	13,330,532
Reserves	(6,744,440)	(5,852,349)
Total equity	6,586,092	7,478,183
Liabilities
Life Branch reserve	7,625,287	8,546,603
Borrowings	2,068,795	2,300,897
Deferred taxation	865,842	926,633
Total non-current liabilities	10,559,924	11,774,133
General Branch insurance reserves	16,098,891	17,376,378
Insurance and other liabilities	1,180,523	1,660,724
Bank overdrafts	1,049,050	485,588
Current loan instalments	225,257	194,440
Tax due	6,068	11,627
Total current liabilities	18,559,789	19,728,757
Total liabilities	29,119,713	31,502,890
Total equity and liabilities	35,705,805	38,981,073