ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

E

D

H

S

I

L I

N

B

2

0

A

0

T

S

1

E

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

Notes to the Financial Statements

5.3.2 Financial and insurance assets that are neither past due nor impaired The analysis for financial instruments that are neither past due nor impaired and/or individually impaired at the reporting date was as follows:

Neither past due nor impaired R’000

Past due but not impaired R’000

Individually impaired R’000

Provision for doubtful debt R’000

Net carrying amount R’000

2023

Trade and other receivables

1 183 093

1 108

376

(376)

1 184 201

Neither past due nor impaired R’000

Past due but not impaired R’000

Individually impaired R’000

Provision for doubtful debt R’000

Net carrying amount R’000

2022

Trade and other receivables

1 003 747

3 272

376

(376)

1 007 019

5.3.3 Age analysis of trade and other receivables and premium debtors that are past due but not impaired

Greater than 120 R’000

<30 days R’000

31- 90 R’000

91-120 R’000

Total R’000 1 108

2023

Trade and other receivables

1 086

7

4

11

Greater than 120 R’000

<30 days R’000

31- 90 R’000

91-120 R’000

Total R’000 3 272

2022

Trade and other receivables

3 270

-

-

2

5.3.4 Reconciliation of the provision for doubtful debt

Opening balance R’000

Recovered/ reversed R’000

Closing balance R’000

Additions R’000

Write-off R’000

2023

Provision for doubtful debt

(376)

-

-

-

(376)

Opening balance R’000

Recovered/ reversed R’000

Closing balance R’000

Additions R’000

Write-off R’000

2022

Provision for doubtful debt

(217)

(310)

135

16

(376)

5.4 Regulatory solvency management The Corporation recognises share premium, retained earnings and other reserves as capital. For internal management purposes, the Corporation refers to the statutory solvency requirements as prescribed by the Prudential Authority (PA). Refer to solvency ratio in note 35. The Corporation submits quarterly and annual returns to the PA in terms of the Insurance Act, 2017 (the Act). The Corporation is required to maintain, at all times, sufficient eligible own funds as defined in the Act. The returns submitted by the Corporation to the regulator showed that the Corporation met the minimum capital requirements throughout the year.

YOUR EXPORT RISK PARTNER

52