ECIC AR 2024 9TH

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

Integrated Report 2024

E X P O R T C R E

L T D

O C

A S

C

R I

D I

F

T

A

I

N

H

S

T

U

U

R

O

A

S

N

F

C

O

E

N

C

O

O

I

R

T

P

A

O

R

Value Creation

Table 19: Value added statement

AFS Note

2023 Restated

2024

%

% 2022

% 2021

% 2020

%

Wealth created

Net income Profit on exchange differences

1 324 867

873 661

1 019 109

1 597 952

879 696

27

-

-

65 431

408 754

-

Claims recovered / Salvages income / Change in claims reserves Interest Make-Up Scheme fair value movements Paid to suppliers Loss for the year / Use of retained earnings Deferred tax

& 22

-

-

83 644

69 331

114 140

# 16

-

- -

39 489 55 648 (52 923)

- -

34 704 20 278 (68 485)

28 307 765

(43 770)

(18 735)

(49 799)

@

495 851

525 794

-

-

-

2 084 713

1 380 720

1 210 398

2 026 238

980 333

Distribution of wealth

Employee costs

25

66 592

3% 109 142

8% 103 380

9% 92 375

5% 96 320

10%

Interest Make-Up Scheme

# 16

55 386

3% 10 781

1% -

0% 64 375

3% -

0%

Loss on exchange differences

27 191 384

9% 550 195

40% -

0% -

0% 347 899

35%

Government Taxes

28 208 446

10% 1 232

0% 31

0% 150 115

7% 440 089

45%

Socio-Economic Development

25

3 268

0% 6 662

0% 13 901

1% 25 998

1% 39 653

4%

Net insurance finance expenses & 22

51 531

2% 24 580

2% -

-

-

Net Incurred claims / Claims paid / Change in claims reserves & 22 1 508 106

72% 678 128

49% 753 750

62% -

0% 37 265

4%

Retained for growth

-

0% -

0% 339 336

28% 1 693 375

84% 19 107

2%

Depreciation and amortisation

6 506

3 067

4 994

7 719

4 762

Deferred tax

28

-

284 416

-

18 317

Profit for the year / losses relating to future transactions @

(6 506)

(287 483)

334 342

1 667 339

14 345

2 084 713 100.0% 1 380 720 100.0% 1 210 398 100.0% 2 026 238 100.0% 980 333 100.0%

# Net income earned / cost incurred on the IMU Scheme. This does not include the capital payments made on the IMU liability @ As a loss was made, an adjustment is made to reflect Retained for growth as NIL. & Net insurance finance expenses is as a result of discounting the net insurance contract assets and liabilities under IFRS 17. These were previously not discucounted under IFRS 4

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