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

Included in the level 1 category are financial assets that are measured in whole by reference to published quotes in an active market. A financial instrument is regarded as quoted in an active market if quoted prices are readily available from an exchange, dealer, broker, industry group, pricing service or regulatory agency and those prices represent actual and regularly occurring market transactions on an arms‑length basis. The prices for these instruments are sourced from: c South African listed equities, bonds, property – Johannesburg Stock Exchange; c Global listed equities and bonds – Bloomberg and MSCI indices; c Money market – Bloomberg; c Collective investment scheme – Bloomberg and the Exchanges; and c Derivative instruments – SAFEX; Included in the level 2 category are financial assets measured using valuation techniques based on assumptions supported by prices from an observable current market transaction. However, these prices are not determined in an active market. Inputs used in the valuation techniques include quoted market prices, interest rates, observable yield curves and credit spreads. Below are the valuation techniques and inputs used for level 2 instruments: c Bonds and Money market – discounted cashflow and spreads; c Collective investment scheme – net assets value; and c Derivative instruments – valued using mean quote for traded equivalent contract.

Reconciliation of financial assets and liabilities at fair-value through profit or loss

Interest and dividends net of management fees and other costs R’000 Interest and dividends net of management fees and other costs R’000 464 629

Foreign exchange gain and currency translation R’000

Total loss in statement of comprehen‑ sive income R’000

Closing balance R’000

Net purchases R’000

Opening balance R’000

2023

Financial assets and liabilities

4 003 171

(215 462)

1 282 941

1 337 152

6 872 431

Foreign exchange gain and currency translation R’000

Total gain in statement of comprehen‑ sive income R’000

Closing balance R’000 4 003 171

Opening balance R’000 3 717 007

Net sales R’000

2022

Financial assets

169 944

95 513

(44 428)

65 135

Fair-value hierarchy of financial assets available for sale

2023 R’000

2022 R’000

Level 3 Unlisted equities

652 207 575 140 Included in level 3 are financial assets whose fair value is determined using valuation techniques based on assumptions neither supported by prices from observable current market transactions in the same instrument nor based on available market data. The instruments classified in this level were valued by discounting future cash flows from the instruments. The following is the qualitative information about the significant unobservable inputs and their relationship to fair value, used in level 3 fair value measurements:

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