COS-Semi Annual FS

for the period from 1 January 2022 to 30 June 2022

1/1/2022 -

1/1/2021 -

30/6/2022

30/6/2021

€

€

Income

Gross earned premiums

9.267.885

8.310.886

Reinsurers' share in gross earned premiums

(3.780.454)

(2.815.140)

Net earned premiums

5.487.431

5.495.746

Plus:

Premium fees and other fees

720.345

Commission from reinsurers

844.842

Share of profit from joint venture of insurers

75.097

Net expenses from investments

(804.740)

Other income

32.500

Total other income

868.044

Total income

6.355.475

Compensations

(2.969.860)

(3.544.763)

Commissions payable and other sales expenses

(1.823.334)

(1.821.374)

Other operating and administrative expenses

(1.434.707)

(1.368.742)

Finance costs

(38.874)

(30.106)

Change in the unexpired risk reserve

-

-

Total expenses from insurance operations

(6.266.775)

(6.764.985)

Profit before taxation

88.700

Taxation

(21.156)

Profit for the year

67.544

Other comprehensive loss

Income not to be reclassified to profit or loss in subsequent periods

-

Revaluation of immovable property for own use

-

Deferred taxation in revaluation

-

Other total comprehensive income

-

Total income for the period attributable to Company owners

67.544

Basic and fully diluted profit per share (cents)

0.12

0.54

30 June

31 December

2022

2021

€

€

ASSETS

Non-current assets

Property and equipment

4.503.571

4.523.374

Intangible assets

971

1.906

Investment property

5.906.000

5.919.000

Deferred taxation

59.148

59.148

Total non-current assets

10.469.690

10.503.428

Current assets

Premiums payable

3.137.954

2.779.779

Other debtors and prepayments

1.411.727

1.372.650

Investments at fair value through profit and loss

10.013.974

10.113.719

Deferred acquisition costs

2.407.372

2.401.352

Current tax claims

9.151

9.151

Reinsurers' share in insurance technical reserves

5.087.112

5.928.237

Cash and cash equivalents

1.881.823

1.592.876

Total current assets

23.949.113

24.197.764

Total assets

34.418.803

34.701.192

EQUITY

Capital and Reserves

Share capital

1.129.671

1.129.671

Share premium reserve

2.907.588

2.907.588

Other reserves

5.751.227

5.683.683

Total equity

9.788.486

9.720.942

LIABILITIES

Non-current liabilities

Deferred tax liabilities

240.082

236.048

Total non-current liabilities

240.082

236.048

Current liabilities

Other creditors and accrued costs

1.662.211

1.338.558

Current tax liabilities

16.464

4.319

Pending claims and claims administrative expenses reserve

13.160.707

12.963.860

Unexpired risk reserve

191.601

191.601

Liabilities to reinsurers

799.693

1.030.611

Unearned premiums

7.843.251

8.590.546

Deferred income from reinsurers

580.562

615.956

Bank overdraft

135.745

8.751

Total current liabilities

24.390.235

24.744.202

Total liabilities

24.630.317

24.980.250

Total equity and liabilities

34.418.803

34.701.192

1/1/2022-

1/1/2021-

30/6/2022

30/6/2021

Operating activities

€

€

Profit for the year before taxation

88.700

305.158

Adjustments for:

Depreciation

76.958

103.558

Change in the fair value of shares and securities

781.034

70.359

Loss from sale of shares and securities

19.387

184

Profit from sale of property for investment

(2.179)

-

Interest expense

38.874

30.106

Interest income

(15.359)

(6.120)

Profit from operations before changes in working capital

987.415

503.245

(Decrease)/increase in unearned premiums

(747.295)

127.887

Increase in premiums receivable

(358.175)

(391.969)

(Increase)/decrease in other debtors and advance payments

(48.637)

93.899

Increase in other creditors and accrued expenses

333.141

485.840

Increase in deferred acquisition costs

(6.020)

(10.528)

Decrease/(increase) in reinsurers' share in technical reserves

841.125

(237.475)

Increase in pending claims

196.847

499.821

(Decrease)/increase in deferred reinsurers' income

(35.394)

9.629

(Decrease)/increase of liabilities to reinsurers

(230.918)

180.941

Cash flows from operations

932.089

1.261.290

Income tax paid

(4.978)

(559)

Income tax collected

-

67.225

Net cash flow from operating activities

927.111

1.327.956

Investing activities

Purchase of property and equipment

(56.220)

(13.706)

Proceeds from sale of property for investment

15.179

-

Payments for expenses of property for investment

-

(2.500)

Purchase of investments at fair value through profit and loss

(1.714.882)

(1.142.270)

Proceeds from disposal and maturity of financial investments

1.014.206

391.252

Proceeds from maturity of notice and term deposits

-

105.194

Interest received

24.918

6.120

Net cash flow for investing activities

(716.799)

(655.910)

Financing activities

Interest paid

(38.160)

(29.023)

Repayments of liability capital from leases

(10.200)

(10.200)

Net cash flow for financing activities

(48.360)

(39.223)

Net increase in cash and cash equivalents

161.952

632.823

Cash and cash equivalents at beginning of period

1.584.125

1.616.664

Cash and cash equivalents at end of period

1.746.077

2.249.487