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

Total value

2023

R’000 Change %

Reported value

652 207 614 285 695 491 665 671 639 601 642 754 661 659 642 754 661 659 575 140 496 414 676 613 612 856 541 838 566 805 583 475 566 805 583 475

Mid point discount rate of 19,11% – higher by 1% Mid point discount rate of 19,11% – lower by 1% Terminal Growth rate of 3,93% – higher by 0,5% Terminal Growth rate of 3,93% – lower by 0,5% Minority discount of 15,5% – higher by 1% Minority discount of 15,5% – lower by 1% Marketability discount of 15,5% – higher by 1% Marketability discount of 15,5% – lower by 1% Mid point discount rate of 11,57% – higher by 1% Mid point discount rate of 11,57% – lower by 1% Terminal Growth rate of 3,52% – higher by 0,5% Terminal Growth rate of 3,52% – lower by 0,5% Minority discount of 15,5% – higher by 1% Minority discount of 15,5% – lower by 1% Marketability discount of 15,5% – higher by 1% Marketability discount of 15,5% – lower by 1% 2022 Reported value

(5,81)

6,64 2,06

(1,93) (1,45)

1,45

(1,45)

1,45

Total value

R’000 Change %

(13,69)

17,64

6,56

(5,79) (1,45)

1,45

(1,45)

1,45

Valuation process The Income approach was used as a primary valuation approach to determine the fair value of the instrument. To test the reasonability of the value derived using the income approach; market approach using the listed price of the comparable shares and net asset value were used.

Reconciliation of financial assets available for sale

Foreign exchange gain and currency translation R’000 Foreign exchange loss and currency translation R’000 132 886

Total loss in statement of other comprehen‑ sive income R’000 Total profit in statement of other comprehen‑ sive income R’000 (55 819)

Closing balance R’000 652 207

Dividends received R’000

Opening balance R’000 575 140

Dividend income R’000

2023

Financial assets

24 522

(24 522)

Closing balance R’000 575 140

Dividends receivable R’000

Opening balance R’000 586 158

Dividend income R’000

2022

Financial assets

19 150

3 458

(19 150)

(14 476)

10. Reinsurance contract assets The Corporation entered into a reinsurance agreement, the reinsurance contract assets relate to the provision for unearned premiums for the reinsurance and provision for claims reserve. The liability for the provision for claims reserve was raised for the project that is reinsured ensuing the default on debt; this then resulted into the Corporation also raising an asset for the provision for claim reserve.

YOUR EXPORT RISK PARTNER

60