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

5.2 Liquidity risk Liquidity risk is the risk that the Corporation will not be able to meet its financial obligations as they fall due. The Corporation is exposed to daily cash requirements to meet operational expenses as well as claims as they fall due. The Corporation has established an operational cash task team which meets on a weekly basis to review weekly and rolling monthly cash forecasts. The task team is mandated to ensure that funds which are intended to meet operational expenses are made available when required. The Corporation’s investment strategy is set to be cognisant of the term of financial liabilities and assets. Operational cash task team monitors adherence to liquidity requirements. The liquidity profile of all financial assets and liabilities is reflected below:

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000

2023

Financial assets Financial assets at fair value Trade and other receivables Cash and cash equivalents Reinsurance contract assets Financial liabilities Trade and other payables Derivative instruments Insurance contract liabilities

2 904 491

2 573 784

2 154 820

7 633 095 1 178 700 2 355 461

522 093

553 473

103 134

2 355 461

-

-

147 099

3 953

514

151 566

5 929 144

3 131 210

2 258 468

11 318 822

311 239 108 457

848

- -

312 087 108 457

-

1 985 445

776 398 22 614 378 360

1 201 414

3 963 257

Lease liability

5 009

-

27 623 671 510

Liability for interest make up Deferred acquisition cost

152 312

140 838

337

608

79

1 024

2 562 799

1 178 828

1 342 331

5 083 958

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000

2022

Financial assets Financial assets at fair value Trade and other receivables Cash and cash equivalents Reinsurance contract assets Financial liabilities Trade and other payables Insurance contract liabilities

1 857 915

1 161 219

1 559 177

4 578 311 1 000 755 4 487 620

298 948

545 242

156 565

4 487 620

-

-

2 317

4 470

910

7 697

6 646 800

1 710 931

1 716 652

10 074 383

127 555

787

98

128 440

1 089 205

711 120

966 846

2 767 171

Lease liability

145

-

-

145

Liability for interest make up Deferred acquisition cost

136 679

426 344

110 399

673 422

357

688

140

1 185

1 353 941

1 138 939

1 077 483

3 570 363

YOUR EXPORT RISK PARTNER

50