Minerva Insurance Company Public LTD

Annual / Quarterly Financial Statement • Apr 28, 2017

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 3 1 December 2 0 1 6

	2016 €	2015 €
Realised gross premiums	11.348.085	11.042.380
(Increase) decrease in gross reserve of unearned premiums Gross earned premiums	(401.179) 10.946.906	10.900 11.053.280
Reinsurance in realised gross premiums	(1.116.726)	(1.127.135)
Reinsurers' share in the increase / (decrease) of gross reserve of unearned premiums	9.256	(19.864)
Net earned premiums	9.839.706	9.906.281
Commissions and other income	676.185	645.330
Gain / (loss) on investments	249.838	(359.626)
Net income	10.765.729	10.191.985
Gross claims, benefits and variation in life branch reserve	(5.796.777)	(6.585.411)
Reinsurers' share	(59.890)	350.983
Net insurance claims and benefits	(5.856.667)	(6.234.428)
Acquisition costs	(3.035.451)	(2.582.473)
Management costs	(1.486.006)	(1.435.165)
Income / (cost) of provisions and write-off of doubtful claims	32.096	(741.103)
Expenses	(10.346.028)	(10.993.169)
Operating profit / (loss)	419.701	(801.184)
Net finance costs	(136.851)	(174.536)
Profit / (loss) before taxation	282.850	(975.720)
Taxation	(151.088)	36.809
Profit / (loss) for the year	131.762	(938.911)
Earnings / (loss) per share attributable to the Company's owners
(cents)	0.27	(1,20)
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
Total income / (expenses) for the year attributable to the
Company's owners	131.762	(845.615)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 3 1 December 2 0 1 6

	Sh are ita l cap €	Sh are Pre mi um Re ser ve €	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 16 at ce as anu ary Pro fit for th e y ear	13 .33 0.5 32 -	4.3 17 .35 4 -	3.3 30 .15 6 -	67 .44 8 -	( 14 .45 9.3 98 ) 13 1.7 62	6.5 86 .09 2 13 1.7 62
Ba lan 31 D mb 20 16 at ce as ece er	0.5 13 .33 32	.35 4.3 17 4	56 3 .33 0.1	67 .44 8	( 14 .32 7.6 36 )	.85 6.7 17 4
Ba lan 1 J 20 15 at ce as anu ary Lo for th 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 De fer red lua tio ta ert x o n p rop y r eva n her reh siv e i e f the Ot co mp en nc om or ye ar	- - -	- - -	10 24 6.6 ( 13 .32 8) 93 .29 6	- - -	- - -	10 24 6.6 ( 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)
31 20 15 Ba lan at D mb ce as ece er	13 .33 0.5 32	4.3 17 .35 4	3 .33 0.1 56	.44 8 67	( 14 .45 9.3 98 )	6.5 86 .09 2

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

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 December 2 0 1 6

	2016	2015
	€	€
Cash flow from operations
Profit / (loss) for the year	131.762	(938.911)
Adjustments for:
Taxation	151.088	(36.809)
Depreciation of property, plant and equipment	119.926	119.497
Amortisation of intangible assets	34.092	51.649
Loss on change in the fair value of financial assets at fair value
through profit and loss	116.217	284.818
(Loss) / gain on the sale of financial assets at fair value
through profit and loss	34.916	(66.737)
(Reversal of provisions) / Provisions for doubtful claims	(32.096)	741.103
Loss on revaluation of investment property	-	592.952
Interest payable	136.851	174.536
Interest receivable	(282.369)	(321.966)
Dividends receivable	(16.815)	(31.477)
Cash flow from operations before changes in working capital	393.572	568.655
Decrease in insurance and other claims	507.045	114.311
Decrease / (increase) in deferred acquisition costs	43.841	(383.615)
Decrease / (increase) in reinsurers' share in claims and technical reserves	366.705	(36.788)
Decrease in life branch reserve	(1.012.002)	(921.316)
Decrease in general branch insurance reserves	(1.359.552)	(1.277.487)
Decrease in insurance and other liabilities	(135.006)	(526.677)
Cash flow for operations	(1.195.397)	(2.462.917)
Interest paid	(136.851)	(174.536)
Dividends received	16.815	31.477
Tax paid	(12.990)	(42.869)
Net cash flow for operations	(1.328.423)	(2.648.845)
Cash flow from investing activities
Payments for purchase of property, plant and equipment	(28.214)	(51.465)
Payments for purchase of intangible assets	(12.987)	(29.763)
Payments for purchase of investment property	(26.396)	(11.187)
Payments for purchase of financial assets at fair value
through profit and loss and investments held to maturity	(125.666)	(2.433.076)
Proceeds from sale of financial assets at fair value
through profit and loss	204.465	586.817
Interest received	282.369	321.966
Net cash flow from investing activities	(293.571)	(1.616.708)
Cash flow from financing activities
Repayments of loans and finance leases	(217.930)	(201.285)
Net cash flow for financing activities	(217.930)	(201.285)
Net decrease in cash and cash equivalents	(1.252.782)	(4.466.838)
Cash and cash equivalents at beginning of year	9.810.832	14.277.670
Cash and cash equivalents at end of year	8.558.050	9.810.832
Cash and cash equivalents consist of:
Cash in hand and at bank and term deposits	8.668.786	10.859.882
Bank overdrafts	(110.736)	(1.049.050)
	8.558.050	9.810.832

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2 0 1 6

Assets Property, plant and equipment Intangible assets Investment property Investments held to maturity Total non-current assets Financial assets at fair value through profit and loss Insurance and other claims Deferred acquisition costs Reinsurers' share in claims and technical reserves	€ 1,800,928 98,883 8,992,137 2,206,430 13,098,378 637,434 7,245,211 1,464,252 1,198,800 8,668,786 19,214,483	€ 1,892,640 119,988 8,965,741 2,084,216 13,062,585 989,580 7,720,160 1,508,093 1,565,505 10,589,882
Cash and cash equivalents
Total current assets		22,643,220
Total assets	32,312,861	35,705,805
Equity
Share capital	13,330,532	13,330,532
Reserves	(6,612,678)	(6,744,440)
Total equity	6,717,854	6,586,092
Liabilities
Life branch reserve	6,613,285	7,625,287
Borrowings	1,865,465	2,072,371
Deferred taxation	826,721	865,842
Total non-current liabilities	9,305,471	10,563,500
General branch insurance reserves	14,739,339	16,098,891
Insurance and other liabilities	1,045,517	1,180,523
Bank overdrafts	110,736	1,049,050
Current loan instalments	210,657	221,681
Tax due	183,287	6,068
Total current liabilities	16,289,536	18,556,213
Total liabilities	25,595,007	29,119,713
Total equity and liabilities 32,312,861		35,705,805