Gothaer Allgemeine Versicherung AG Group Annual Report for ...

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Consolidated Financial Statements Consolidated Statement of Comprehensive Income € million Notes 2011 2010 I. Statement of income (recognized through profit or loss) 1. Premiums written a) Gross 1,496.1 1,456.9 b) Reinsurers’ share 231.3 223.4 [22] 1,264.8 1,233.5 2. Change in unearned premiums a) Gross –3.3 –8.1 b) Reinsurers’ share 5.1 3.2 [22] –8.4 –11.3 3. Net premiums earned [22] 1,256.4 1,222.2 4. Investment result [23] 105.8 104.1 of which: income from associated companies 4.6 7.3 5. Other income [24] 180.2 189.0 Total income 1,542.4 1,515.3 6. Policyholder benefits a) Gross 1,003.1 952.0 b) Reinsurers’ share 144.6 130.4 [25] 858.5 821.6 7. Underwriting expenses a) Gross 434.1 449.0 b) Reinsurers’ share 61.5 60.8 [26] 372.5 388.2 8. Other expenses [27] 210.0 213.3 Total expenses 1,441.0 1,423.1 9. Operating result 101.4 92.2 10. Financing expenses 17.7 17.8 11. Expense arising from interest on long-term borrowings –0.3 0.0 12. Taxes on income [28] 33.2 –15.7 13. Profit for the year before transfer of profit 50.7 90.1 14. Expense from transfer of profit 80.0 57.1 15. Result for the year after transfer of profit –29.3 33.1 of which attributable to shareholders of the parent company –31.9 30.7 of which attributable to minority interests 2.6 2.4 II. Other comprehensive income (recognized directly in equity) 16. Unrealized gains and losses on investments [29] –21.5 35.6 17. Change in valuation at equity –0.8 –0.5 III. Comprehensive income –51.5 68.2 of which attributable to shareholders of the parent company –57.0 57.9 of which attributable to minority interests 5.5 10.3 46 Gothaer Allgemeine Group Annual Report 2011
Consolidated Financial Statements Statements of Changes in Equity € million Group equity Minority interests Total Subscribed capital and capital reserves Revenue reserves Other reserves Consolidated profit for the year Balance as of 1 January 2010 307.6 557.8 43.8 41.6 21.8 972.6 Allocation to revenue reserves 0.0 41.6 0.0 –41.6 0.0 0.0 Comprehensive income 0.0 –0.5 27.8 30.7 10.3 68.3 of which profit for the year 0.0 0.0 0.0 30.7 2.4 33.1 of which other comprehensive income 0.0 –0.5 27.8 0.0 7.9 35.2 Dividend 0.0 0.0 0.0 0.0 –1.4 –1.4 Other 0.0 0.0 0.0 0.0 0.0 0.0 Balance as of 31 December 2010 307.6 598.9 71.6 30.7 30.7 1,039.5 Allocation to revenue reserves 0.0 30.7 0.0 –30.7 0.0 0.0 Increase in capital reserves 18.0 0.0 0.0 0.0 0.0 18.0 Comprehensive income 0.0 –0.8 –24.3 –31.9 5.4 –51.5 of which profit for the year 0.0 0.0 0.0 –31.9 2.6 –29.3 of which other comprehensive income 0.0 –0.8 –24.3 0.0 2.8 –22.2 Dividend 0.0 0.0 0.0 0.0 –1.5 –1.5 Other 0.0 0.0 0.0 0.0 0.0 0.0 Balance as of 31 December 2011 325.6 628.8 47.3 –31.9 34.6 1,004.4 * See also the table 15 Other reserves The subscribed capital and capital reserves of the Group parent, Gothaer Allgemeine Versicherung AG, come to a total of € 325.6 million (PY: € 307.6 million).The subscribed capital in the amount of € 153.4 million consists of 300,000 no par value shares with an arithmetical participation in the share capital of € 511.3. Of the 300,000 shares 39,999 shares were paid in with 50 %. To meet solvency requirements we increased our capital reserves by € 18.0 million. The capital reserves in the amount of € 182.4 million (PY: € 164.4 million) consist exclusively of share premiums. In 2011, consolidated loss for the year after transfer of result came to € –31.9 million (PY: € 30.7 million). Earnings per share are determined by dividing Group net profit for the year by the average number of common shares issued during the period. Earnings per share came to € –106.5 (PY: € 102.2). Gothaer Allgemeine Group Annual Report 2011 47
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Gothaer Allgemeine Versicherung AG
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