ECIC IR 2023

Integrated Report 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

Value Creation

AFS Note

2023 % 2022 % 2021 % 2020 % 2019 %

Wealth created Net income

667,224

1,019,109

1,597,952

879,696

1 085 004

Profit on exchange differences

25

-

65,431

408,754

-

-

Salvages income / Change in claims reserves Interest Make-Up Scheme

14

241,792

83,644

69,331

114,140

395 902

# 18

-

39,489

-

34,704

-

Deferred tax

27

47,867

55,648

-

20,278

-

Paid to suppliers

(62,960)

(52,923)

(49,799)

(68,485)

(67 851)

Loss for the year / Use of retained earnings

@

1,532,943

-

-

-

-

2,426,866

1,210,398

2,026,238

980,333

1 413 055

Distribution of wealth

Employee costs

23

109,145

4 103,380

9 92,375

5 96,320

10 97 363

7%

Interest Make Up Scheme

# 18

10,781

0

-

0 64,375

3

-

0 101 527

7%

Loss on exchange differences

611,631

25

-

0

-

0 347,899

35 582 513 41%

Government Taxes

27

1,232

0

31

0 150,115

7 440,089

45 358 658 25%

Socio-Economic Development

6,662

0 13,901

1 25,998

1 39,653

4 13 355

1%

Claims paid / Change in claims reserves

14 1,687,415

70 753,750

62

-

0 37,265

4 206 469 15%

Retained for growth

-

0 339,336

28 1,693,375

84 19,107

2 53 170

4%

Depreciation and amortisation

23

3,067

4,994

7,719

4,762

2 792

Deferred tax

27

-

-

18,317

34 393

Profit for the year @

(3,067)

334,342

1,667,339

14,345

15 985

2,426,866 100.0 1,210,398 100.0 2,026,238 100.0 980,333 100.0 1 413 055 100.0

# Net income earned / cost incurred on the IMU Scheme. This does not include the capital payments made on the IMU liability @ As a loss was made, an adjustment is made to reflect Retained for growth as NIL.

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