Minerva Insurance Company Public LTD

CONSOLIDATED PROFIT AND LOSS ACCOUNT

	1/1/2013 - 30/6/2013 €	1/1/2012 - 30/6/2012 €
Realized gross premiums	6.040.543	7.322.072
Decrease in gross stock of unearned premiums	313.888	215.868
Gross earned premiums	6.354.431	7.537.940
Reinsurance in realized gross premiums	(630.070)	(834.794)
Share of reinsurance in increase of gross
stock of unearned premium	(18.967)	(101.258)
Net earned premiums	5.705.394	6.601.888
Commissions and other fees receivable	344.758	288.973
Expenses from investments	(368.836)	(905.347)
Other (expenses) income from operations	(2.043)	54.937
Net income	5.679.273	6.040.451
Gross claims and benefits	(2.211.757)	(3.377.187)
Share of reinsurance in gross claims and provisions	(102.923)	166.346
Net insurance claims and provisions	(2.314.680)	(3.210.841)
Acquisition expenses	(1.373.903)	(1.656.518)
Administrative expenses	(978.865)	(1.307.509)
Provision for bad debts	(4.435)	-
Depreciation of cash and cash equivalent	(389.907)	-
Investment expenses	(6.903)	(4.850)
Expenses	(5.068.693)	(6.179.718)
Loss from operations	(610.580)	(139.267)
Finance cost	(96.378)	(144.794)
Net finance cost	(96.378)	(144.794)
Profit/(Loss) for the period before taxation	514.202	(284.061)
Taxation	(10.390)	(17.908)

Profit /(Loss) for the period	503.812	(301.969)
Profit /(Loss) for the period attributable to owners:	503.812	(301.969)
Earnings /(Loss) per share attributable to shareholders of holding company (cent)	0,64	(0,39)

	30/6/2013	31/12/2012
ASSETS	€	€
NON CURRENT ASSETS
Property, plant and equipment	1.952.229	2.023.047
Intangible assets	201.047	165.605
Investment property	10.060.095	10.059.741
	12.213.371	12.248.393
CURRENT ASSETS
Investments at fair value via the
results	1.349.845	2.613.351
Insurance and other amounts receivable	10.112.979	10.303.126
Deferred acquisition cost	1.239.109	1.333.371
Share of reinsurance in claims and technical
reserves	1.719.410	1.922.779
Cash and equivalent to cash	19.202.529 33.623.872	20.040.436 36.213.063

TOTAL ASSETS	45.837.243	48.461.456
EQUITY AND LIABILITIES
EQUITY
Share capital	13.330.532	13.330.532
Reserves	(5.938.029)	(6.641.841)
Total equity attributable to owners of
holding company	7.392.503	6.888.691
LONG TERM LIABILITIES
Life sector reserve	10.282.766	12.510.046
Long term loans and hire/purchase creditors	2.266.769	2.499.577
Deferred taxation	989.536	989.536
	13.539.071	15.999.159
CURRENT LIABILITIES
Insurance reserves	20.271.490	21.303.012
Insurance and other liabilities	3.158.688	2.499.561
Bank overdrafts	956.311	1.247.997
Current installments of long term loans and
hire/purchase creditors Taxation	511.470 7.710	511.470 11.566
	24.905.669	5.573.606
TOTAL LIABILITIES	38.444.740	41.572.765
TOTAL EQUITY AND LIABILITIES	45.837.243	48.461.456