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

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U

U

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A

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Statement of Financial Position as at 31 March 2023

2023 R’000

2022 R’000

Note(s)

Assets Intangible assets

6 7 8 9

-

285

Property and equipment

26 319 110 679

2 678

Deferred tax

50 755

Financial assets at fair value Reinsurance contract assets

7 633 095

4 578 311

151 566

7 697 7 697

Provision for reinsurance unearned premiums Provision for reinsurance claims reserves

10.1 10.2

6 655

144 911 100 154

-

Current tax receivable

29 11 12

2 066

Trade and other receivables Cash and cash equivalents

1 184 201 2 355 461

1 007 019 4 487 620

Total assets

11 561 475 10 136 431

Equity and liabilities Equity Share capital and share premium Foreign currency translation reserve

13

316 051

316 051

3 829 797

2 289 719

Fair value adjustment through other comprehensive income reserve

(71 307)

(27 545)

Retained earnings

2 532 481 6 607 022

4 068 489 6 646 714

Total equity

Liabilities Insurance contract liabilities

3 963 257 1 583 987

2 767 171 1 539 070

Provision for unearned premiums Provision for unexpired risks Provision for claims reserves Reinsurance deferred acquisition cost

14.1 14.2 14.3

753 909

457 382 770 719

1 625 361

1 024

1 185

Employee benefit liability Trade and other payables Financial liabilities at fair value

15 16

29 119 314 151 108 457 22 373 516 072

27 459 129 056

9

-

Lease liability

17 18

140

Liability for interest make-up

564 706

Total liabilities

4 954 453

3 489 717

Total equity and liabilities

11 561 475 10 136 431

YOUR EXPORT RISK PARTNER

16