Income Statement AMS Osiguranje a.d.

Stocks

AMSO

RSAMSOE64799

Property & Casualty Insurance

End-of-day quote Belgrade S.E. Other stock markets 29/09/2025			5-day change	1st Jan Change
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04-29	AMS Osiguranje a.d. Reports Earnings Results for the Full Year Ended December 31, 2025	CI
30/04/25	AMS Osiguranje a.d. Reports Earnings Results for the Full Year Ended December 31, 2024	CI

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Published financial data: AMS OSIGURANJE A.D.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	4.41B	4.75B	5.81B	6.63B	7.59B
Total Interest And Dividend Income	115M	77.74M	210M	282M	308M
Gain (Loss) on Sale of Assets, Total (Rev)	-	-	20.22M	-	-
Gain (Loss) on Sale of Investments, Total (Rev)	-6.53M	34.97M	23.01M	36.19M	55M
Other Revenues, Total	7.04M	3.49M	6.64M	9.93M	4.23M
Total Revenues	4.52B	4.86B	6.07B	6.95B	7.96B
Policy Benefits	2.4B	3.14B	3.93B	4.82B	5.4B
Policy Acquisition / Underwriting Costs, Total	1.12B	1.27B	1.51B	1.85B	2.3B
Depreciation & Amortization - (IS) - (Collected)	21.51M	22.35M	32.18M	33.47M	40.86M
Selling General & Admin Expenses, Total	176M	155M	170M	182M	188M
Provision for Bad Debts	283M	219M	110M	412K	25.91M
Salaries And Other Employee Benefits	106M	124M	133M	159M	164M
Other Operating Expenses	-45.8M	-140M	-151M	-281M	-370M
Reinsurance Income Or Expense	18.51M	36.94M	60.37M	92.66M	135M
Total Operating Expenses	4.04B	4.76B	5.68B	6.67B	7.62B
Operating Income	483M	107M	390M	285M	337M
Interest Expense, Total	-3.42M	-2.5M	-6.99M	-4.66M	-4.21M
Currency Exchange Gains (Loss)	-3K	2.6M	857K	-171K	1.68M
Other Non Operating Income (Expenses)	157M	153M	-61.59M	46.23M	8.58M
EBT, Excl. Unusual Items	636M	261M	322M	326M	343M
Gain (Loss) on Sale of Assets	1.49M	-	-3.46M	-3.25M	-169K
Asset Writedown	-	-	12.63M	-	-
Legal Settlements	18.02M	19.42M	29.44M	40.92M	47.72M
Other Unusual Items	195K	100K	239K	301K	55K
EBT, Incl. Unusual Items	656M	280M	361M	364M	390M
Income Tax Expense	132M	51.19M	49.11M	41.96M	45.65M
Earnings From Continuing Operations	524M	229M	312M	322M	345M
Earnings Of Discontinued Operations	-1.38M	-12.64M	-38.38M	-27.59M	-25.88M
Extraordinary Item & Accounting Change	-	-	-	-	-
Net Income to Company	523M	216M	273M	295M	319M
Net Income - (IS)	523M	216M	273M	295M	319M
Net Income to Common Incl Extra Items	523M	216M	273M	295M	319M
Net Income to Common Excl. Extra Items	524M	229M	312M	322M	345M
Per Share Items
Net EPS - Basic	1.66K	687.34	659.54	711.05	768.9
Basic EPS - Continuing Operations	1.67K	727.52	752.12	777.6	831.34
Basic Weighted Average Shares Outstanding	315K	315K	415K	415K	415K
Net EPS - Diluted	1.66K	687.34	659.54	711.05	768.9
Diluted EPS - Continuing Operations	1.67K	727.52	752.12	777.6	831.34
Diluted Weighted Average Shares Outstanding	315K	315K	415K	415K	415K
Normalized Basic EPS	1.26K	517.63	485.56	492.01	516.64
Normalized Diluted EPS	1.26K	517.63	485.56	492.01	516.64
Payout Ratio	0.3	0.72	2.83	3.42	6.27
Supplemental Items
EBITDA	496M	120M	405M	303M	364M
EBITA	483M	107M	390M	285M	337M
EBIT	483M	107M	390M	285M	337M
EBITDAR	-	-	-	321M	378M
Total Revenues (As Reported)	-	4.69B	5.74B	6.56B	7.48B
Effective Tax Rate - (Ratio)	20.13	18.28	13.61	11.52	11.7
Total Current Taxes	97.37M	48.31M	82.21M	31.06M	45.68M
Total Deferred Taxes	34.74M	2.88M	-33.1M	10.9M	-22K
Normalized Net Income	398M	163M	201M	204M	214M
Interest on Long-Term Debt	-	-	2.33M	4.58M	3.35M
Supplemental Operating Expense Items
General and Administrative Expenses	752K	762K	-	-	-
Net Rental Expense, Total	-	-	-	17.36M	13.46M
Imputed Operating Lease Interest Expense	-	-	-	6.36M	4.05M
Imputed Operating Lease Depreciation	-	-	-	11M	9.41M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	2.92B	2.58B	4.09B	3.96B	3.75B
Investment In Equity and Preferred Securities, Total	22.48M	22.48M	22.48M	22.48M	22.48M
Trading Asset Securities, Total	115M	89.32M	101M	237M	288M
Real Estate Owned	319M	351M	353M	366M	366M
Total Other Investments	2.13B	1.39B	1.93B	2.57B	3.37B
Total investments	5.5B	4.44B	6.49B	7.16B	7.79B
Cash And Equivalents	760M	2.3B	877M	721M	505M
Reinsurance Recoverable - (IS)	82.07M	621M	594M	871M	1.02B
Other Receivables - (Insurance Template)	795M	759M	1.03B	1.1B	1.48B
Deferred Policy Acquisition Costs - (BS)	472M	555M	643M	795M	1.05B
Gross Property Plant And Equipment	499M	675M	740M	1.65B	1.57B
Accumulated Depreciation	-145M	-206M	-275M	-364M	-287M
Net Property Plant And Equipment	354M	469M	465M	1.29B	1.28B
Other Intangibles, Total	16.02M	24.22M	96.4M	295M	502M
Other Current Assets, Total	62.68M	223M	116M	153M	207M
Deferred Tax Assets Long-Term (Collected)	-	-	17.49M	17.49M	17.49M
Other Long-Term Assets, Total	121M	312M	363M	125M	90.38M
Total Assets	8.16B	9.7B	10.69B	12.51B	13.95B
Liabilities
Accounts Payable, Total	9.8M	16.17M	41.59M	59.02M	73.62M
Accrued Expenses, Total	68.88M	69.12M	122M	88.31M	94.58M
Insurance And Annuity Liabilities	242M	426M	332M	436M	583M
Unpaid Claims	2.09B	2.34B	2.72B	3.39B	3.74B
Unearned Premiums	2.41B	3.02B	3.42B	3.95B	4.44B
Reinsurance Payable - (BS)	114M	286M	274M	425M	474M
Current Portion of Leases	48.19M	61.93M	30M	74.57M	62.32M
Long-Term Leases	48.9M	50.87M	28.33M	70.51M	16.42M
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue, Current	7.83M	-	-	395K	390K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	120M	213M	236M	291M	396M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non-Current	44.53M	47.42M	12.15M	23.04M	23.04M
Other Non Current Liabilities	41.89M	29.46M	119M	64.43M	102M
Total Liabilities	5.24B	6.56B	7.34B	8.87B	10.01B
Common Stock, Total	642M	642M	642M	1.44B	1.44B
Retained Earnings	2.16B	2.38B	2.61B	2.09B	2.39B
Comprehensive Income and Other	117M	117M	102M	106M	109M
Total Common Equity	2.92B	3.14B	3.35B	3.64B	3.94B
Total Equity	2.92B	3.14B	3.35B	3.64B	3.94B
Total Liabilities And Equity	8.16B	9.7B	10.69B	12.51B	13.95B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	315K	315K	315K	315K	315K
ECS Total Common Shares Outstanding	315K	315K	315K	315K	315K
Book Value / Share	9.29K	9.97K	10.65K	11.57K	12.53K
Tangible Book Value	2.91B	3.11B	3.25B	3.35B	3.44B
Tangible Book Value Per Share	9.24K	9.9K	10.35K	10.63K	10.94K
Total Debt	97.09M	113M	58.33M	145M	78.74M
Net Debt	-663M	-2.19B	-819M	-576M	-427M
Debt Equivalent Oper. Leases	-	-	-	139M	108M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	9.26M	9.26M	18.51M	18.51M	18.51M
Buildings, Total	219M	295M	299M	690M	690M
Machinery, Total	95.07M	104M	156M	175M	212M
Full Time Employees	308	322	346	340	353

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	523M	216M	273M	295M	319M
Depreciation, Depletion & Amortization	60.36M	67.7M	81.46M	106M	119M
Total Depreciation, Depletion & Amortization	60.36M	67.7M	81.46M	106M	119M
Amortization of Deferred Charges, Total	1.32M	2.03M	2.19M	3.6M	23.16M
Other Operating Activities	-44.65M	558M	233M	58.06M	-102M
Cash from Operations	540M	844M	590M	463M	360M
Capital Expenditure	-76.33M	-511M	-300M	-352M	-286M
Sale of Property, Plant, and Equipment	1.26M	475K	104M	65.97M	564K
Investment in Marketable and Equity Securities, Total	-1.22B	1.17B	-1.9B	-430M	-352M
Other Investing Activities, Total	22.51M	33.8M	94.01M	108M	82.09M
Cash from Investing	-1.27B	698M	-2B	-609M	-555M
Long-Term Debt Repaid, Total	-	-	-	-	-
Total Debt Repaid	-	-	-	-	-
Common Dividends Paid	-1.56M	-1.55M	-7.74M	-10.08M	-20M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-1.56M	-1.55M	-7.74M	-10.08M	-20M
Cash from Financing	-1.56M	-1.55M	-7.74M	-10.08M	-20M
Foreign Exchange Rate Adjustments	14K	-743K	-337K	-480K	78K
Net Change in Cash	-737M	1.54B	-1.42B	-156M	-216M
Supplemental Items
Cash Interest Paid	5K	3K	43K	18K	844K
Cash Income Tax Paid (Refund)	108M	76.08M	55.53M	111M	39.13M
Net Debt Issued / Repaid	-	-	-	-	-
Levered Free Cash Flow	-211M	1.03B	127M	256M	-211M
Unlevered Free Cash Flow	-209M	1.04B	131M	259M	-208M
Change In Net Working Capital	497M	-1.41B	-104M	-324M	275M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.96	0.75	2.39	1.53	1.59
Return on Total Capital	11.15	2.14	7.32	4.95	5.39
Return On Equity %	19.69	7.55	9.61	9.22	9.09
Return on Common Equity	19.69	7.55	9.61	9.22	9.09
Margin Analysis
Gross Profit Margin %	22.23	9.27	10.27	4.12	3.14
SG&A Margin	6.24	5.74	4.99	4.9	4.41
EBITDA Margin %	10.97	2.47	6.67	4.36	4.58
EBITA Margin %	10.69	2.21	6.42	4.1	4.23
EBIT Margin %	10.69	2.21	6.42	4.1	4.23
Income From Continuing Operations Margin %	11.59	4.71	5.14	4.64	4.33
Net Income Margin %	11.56	4.45	4.5	4.24	4.01
Net Avail. For Common Margin %	11.59	4.71	5.14	4.64	4.33
Normalized Net Income Margin	8.8	3.35	3.32	2.93	2.69
Levered Free Cash Flow Margin	-4.68	21.25	2.09	3.69	-2.65
Unlevered Free Cash Flow Margin	-4.63	21.29	2.16	3.73	-2.62
Asset Turnover
Asset Turnover	0.59	0.54	0.6	0.6	0.6
Fixed Assets Turnover	14.74	11.83	13	7.94	6.2
Receivables Turnover (Average Receivables)	12.52	14.56	12.54	8.97	7.27
Inventory Turnover (Average Inventory)	186.05	181.72	100.74	61.76	47.88
Short Term Liquidity
Current Ratio	0.77	0.84	0.65	0.65	0.7
Quick Ratio	0.74	0.7	0.55	0.52	0.56
Operating Cash Flow to Current Liabilities	0.11	0.13	0.08	0.05	0.04
Days Sales Outstanding (Average Receivables)	29.16	25.06	29.1	40.8	50.24
Days Outstanding Inventory (Average Inventory)	1.96	2.01	3.62	5.93	7.62
Average Days Payable Outstanding	241.71	228.13	213.52	209.35	216.13
Cash Conversion Cycle (Average Days)	-210.6	-201.06	-180.8	-162.61	-158.27
Long Term Solvency
Total Debt/Equity	3.32	3.6	1.74	3.99	2
Total Debt / Total Capital	3.22	3.47	1.71	3.83	1.96
LT Debt/Equity	1.67	1.62	0.85	1.94	0.42
Long-Term Debt / Total Capital	1.62	1.57	0.83	1.86	0.41
Total Liabilities / Total Assets	64.21	67.65	68.66	70.91	71.74
EBIT / Interest Expense	141.53	42.89	55.78	61.21	79.94
EBITDA / Interest Expense	159.2	69.94	67.44	84.09	108.25
(EBITDA - Capex) / Interest Expense	136.85	-134.18	24.45	8.37	40.42
Total Debt / EBITDA	0.18	0.64	0.12	0.37	0.17
Net Debt / EBITDA	-1.22	-12.49	-1.74	-1.47	-0.94
Total Debt / (EBITDA - Capex)	0.21	-0.34	0.34	3.72	0.46
Net Debt / (EBITDA - Capex)	-1.42	6.51	-4.79	-14.77	-2.51
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.45	7.54	24.84	14.54	14.41
Gross Profit, 1 Yr. Growth %	9	-51.71	38.29	-54.06	-12.78
EBITDA, 1 Yr. Growth %	-7.38	-75.81	35.27	-25.12	20.09
EBITA, 1 Yr. Growth %	-7.57	-77.78	35.92	-26.9	18.14
EBIT, 1 Yr. Growth %	-7.57	-77.78	35.92	-26.9	18.14
Earnings From Cont. Operations, 1 Yr. Growth %	-11.15	-56.34	36.25	3.39	6.91
Net Income, 1 Yr. Growth %	-10.92	-58.64	26.46	7.81	8.13
Normalized Net Income, 1 Yr. Growth %	-8.05	-59.07	23.43	1.33	5.01
Diluted EPS Before Extra, 1 Yr. Growth %	-10.91	-56.21	36.25	3.39	6.91
Net Property, Plant and Equip., 1 Yr. Growth %	36.04	32.47	-0.75	176.39	-0.36
Inventory, 1 Yr. Growth %	44.31	17.45	212.35	63.55	40.24
Accounts Receivable, 1 Yr. Growth %	68.63	14.19	71.75	53.84	32.85
Total Assets, 1 Yr. Growth %	15.25	18.77	10.26	17.04	11.45
Common Equity, 1 Yr. Growth %	21.74	7.36	6.83	8.62	8.3
Tangible Book Value, 1 Yr. Growth %	21.51	7.12	4.56	2.77	2.83
Cash From Operations, 1 Yr. Growth %	-29.08	56.34	-30.09	-21.53	-22.33
Capital Expenditures, 1 Yr. Growth %	-60.79	569.32	-41.21	17.34	-18.96
Levered Free Cash Flow, 1 Yr. Growth %	-130.07	-588.57	-88.95	102.48	-182.27
Unlevered Free Cash Flow, 1 Yr. Growth %	-129.71	-594.29	-88.59	97.95	-180.34
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.71	9.48	15.87	19.58	14.47
Gross Profit, 2 Yr. CAGR %	4.61	-30.09	-18.29	-20.3	-36.7
EBITDA, 2 Yr. CAGR %	-15.61	-52.67	-9.63	0.64	-5.17
EBITA, 2 Yr. CAGR %	-15.67	-54.69	-10.18	-0.32	-7.07
EBIT, 2 Yr. CAGR %	-15.67	-54.69	-10.18	-0.32	-7.07
Earnings From Cont. Operations, 2 Yr. CAGR %	-4.17	-37.71	-22.87	18.69	5.13
Net Income, 2 Yr. CAGR %	-3.83	-39.3	-27.68	16.76	7.97
Normalized Net Income, 2 Yr. CAGR %	-8.04	-38.65	-28.87	11.84	3.15
Diluted EPS Before Extra, 2 Yr. CAGR %	-3.87	-37.63	-32.71	18.69	5.13
Net Property, Plant and Equip., 2 Yr. CAGR %	18.08	34.24	14.67	65.63	65.95
Inventory, 2 Yr. CAGR %	3.64	30.19	91.53	126.02	51.45
Accounts Receivable, 2 Yr. CAGR %	35.36	14.62	40.05	62.55	42.96
Total Assets, 2 Yr. CAGR %	14.21	17	14.44	13.6	14.21
Common Equity, 2 Yr. CAGR %	26.87	14.33	7.1	7.72	8.46
Tangible Book Value, 2 Yr. CAGR %	26.81	14.09	5.83	3.66	2.8
Cash From Operations, 2 Yr. CAGR %	-28.39	5.3	4.54	-25.93	-21.93
Capital Expenditures, 2 Yr. CAGR %	-16.96	62	98.37	-16.94	-2.48
Levered Free Cash Flow, 2 Yr. CAGR %	-13.39	21.23	-22.65	-52.7	29.07
Unlevered Free Cash Flow, 2 Yr. CAGR %	-13.83	21.22	-20.92	-52.47	26.11
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.45	7.65	14.37	15.42	17.83
Gross Profit, 3 Yr. CAGR %	21.12	-21.13	-12.24	-32.56	-17.86
EBITDA, 3 Yr. CAGR %	59.58	-44.36	-8.9	-15.12	6.74
EBITA, 3 Yr. CAGR %	60.36	-45.94	-9.33	-16.14	5.49
EBIT, 3 Yr. CAGR %	60.36	-45.94	-9.33	-16.14	5.49
Earnings From Cont. Operations, 3 Yr. CAGR %	60.17	-26.26	-19.14	-14.96	14.62
Net Income, 3 Yr. CAGR %	63.39	-27.41	-22.47	-17.38	13.81
Normalized Net Income, 3 Yr. CAGR %	35.25	-29.79	-22.51	-19.96	9.51
Diluted EPS Before Extra, 3 Yr. CAGR %	75.61	-26.11	-26.19	-22.36	14.62
Net Property, Plant and Equip., 3 Yr. CAGR %	1.97	22.69	21.39	53.74	39.82
Inventory, 3 Yr. CAGR %	10.24	8.05	74.29	81.71	92.78
Accounts Receivable, 3 Yr. CAGR %	29.54	12.59	31.16	44.5	51.98
Total Assets, 3 Yr. CAGR %	16.27	15.72	14.71	15.3	12.88
Common Equity, 3 Yr. CAGR %	30.56	20	11.77	7.6	7.91
Tangible Book Value, 3 Yr. CAGR %	30.77	19.87	10.82	4.8	3.38
Cash From Operations, 3 Yr. CAGR %	14.93	-7.1	-8.14	-4.99	-24.75
Capital Expenditures, 3 Yr. CAGR %	104.48	66.5	15.55	66.52	-17.62
Levered Free Cash Flow, 3 Yr. CAGR %	-15.27	54.2	-43.54	6.61	-43.12
Unlevered Free Cash Flow, 3 Yr. CAGR %	-15.59	54.27	-42.93	7.37	-43.38
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.52	9.49	13.19	12.27	14.41
Gross Profit, 5 Yr. CAGR %	15.18	-8.28	1.95	-20.8	-22.99
EBITDA, 5 Yr. CAGR %	17.69	-18.82	27.11	-15.32	-7.43
EBITA, 5 Yr. CAGR %	17.64	-20.41	27.17	-15.96	-8.43
EBIT, 5 Yr. CAGR %	17.64	-20.41	27.17	-15.96	-8.43
Earnings From Cont. Operations, 5 Yr. CAGR %	40.77	-2.58	19.58	-10.79	-10.19
Net Income, 5 Yr. CAGR %	43	-3.01	17.94	-12.21	-11.49
Normalized Net Income, 5 Yr. CAGR %	36.89	-5.3	4.6	-15.39	-13.12
Diluted EPS Before Extra, 5 Yr. CAGR %	48.76	2.94	19.58	-15.48	-14.97
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.68	5.54	6.87	38.34	37.56
Inventory, 5 Yr. CAGR %	14.74	22.43	37.5	45.16	64.76
Accounts Receivable, 5 Yr. CAGR %	46.52	35.95	23.81	30.41	35.76
Total Assets, 5 Yr. CAGR %	14.04	15.69	15.53	14.86	14.51
Common Equity, 5 Yr. CAGR %	25.32	21.42	20.61	14.93	10.43
Tangible Book Value, 5 Yr. CAGR %	25.59	21.53	20.16	13.11	7.54
Cash From Operations, 5 Yr. CAGR %	0.03	21.54	10.66	-15.15	-13.92
Capital Expenditures, 5 Yr. CAGR %	28.85	122.75	102.01	26.07	7.97
Levered Free Cash Flow, 5 Yr. CAGR %	7.47	3.07	-18.29	-1.89	-21.41
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.39	3.03	-17.75	-1.66	-21.63