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

28. Cash (used in)/generated from operations

2023 R’000

2022 R’000

(Loss)/Profit before taxation Adjustments for: Depreciation and amortisation

(1 582 645)

278 725

3 067

4 719

Equipment written off IMU grant received

-

217

(150 000)

(208 078)

Interest paid

792

67

Loss/(profit) on foreign exchange differences

611 631 (56 961)

(65 431) (59 631)

Dividends income

Reinsurance commission income

(407)

(429)

Interest income

(436 148)

(142 320)

Loss on sale of equipment

-

8

Movements in provision for reinsurance unearned premiums

2 642

2 778

Fair value loss on financial assets

55 613 159 849 (277 237) 185 833 809 615 (148 706)

37 088

Realised loss/(gain) on disposal of financial assets Movements in provision for unearned premiums Movements in provision for unexpired risks Movements in provision for outstanding claims Movements in provision for reinsurance outstanding claims

(132 600) (401 748) 82 606 753 750

- -

Intangible assets derecognised

252

Movements in employee benefit liability

1 660

2 642

Fair value movements on interest make up liability Movements in trade and other receivables Movements in trade and other payables

10 781 245 590 (112 737) (677 516)

(39 489) 371 972 (73 488) 411 358

29. Tax paid

2023 R’000 2 066 (1 232)

2022 R’000

Balance at beginning of the year

(17 396)

Current tax for the year recognised in profit or loss

(31)

Accrued interest

55

-

Balance at end of the year

(100 154) (99 265)

(2 066)

(19 493)

YOUR EXPORT RISK PARTNER

78