ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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Notes to the Financial Statements

11. Trade and other receivables

2023 R’000

2022 R’000

Insurance receivables Premium receivables Salvages receivables

863 773 80 234 17 815 961 822

876 099 68 585 23 066 967 750

Trade receivables due from related parties

Non-Insurance receivables Unsettled investments trades and accrued income

216 604

32 926

Other receivables (mainly prepayments, sundry debtors, staff and travel cost recoveries receivables)

5 775

6 343

222 379

39 269

1 184 201 1 007 019 The outstanding balance for insurance receivables is not considered to be at risk due to COVID‑19 or Russian/Ukraine conflict as a result no provision for doubtful debts was raised. In an event of a claim, all outstanding premiums will be deducted from the claim amount. The movement in the trade and other receivables presented in note 28 excludes the derecognition of the premium receivable (refer to note 14 for the detailed disclosure), unsettled investment trades, foreign exchange movements and translation effect on the trade and other receivables balance. The total of these exclusions is R423 million (2022: R419 million).

12. Cash and cash equivalents

2023 R’000

2022 R’000

Cash at bank and on hand

407 644

166 075

Short term deposits

1 947 817 2 355 461

4 321 545

4 487 620 The aggregate interest rate on cash at bank and on hand at the reporting date was 2.076% (2022: 0.185%). Included in the short term deposits is foreign currency surplus funds of R1.9 billion (2022: R4.2 billion) invested in fixed deposits with the financial institutions.

YOUR EXPORT RISK PARTNER

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