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

40. Supplementary information: Financial results based on South African Rand functional currency The financial statements are prepared based on the US Dollar functional currency. Below is the statement of financial position and statement of comprehensive income on the Rand functional currency basis for information purposes:

2023 R’000

2022 R’000

Statement of financial position

Note(s)

Assets Intangible assets

6 7 8 9

-

253

Property and equipment

25 207 110 679

2 530

Deferred tax

50 755

Financial assets at fair value Reinsurance contract assets

7 633 095

4 578 311

10 29 11 12

151 566 100 154

7 697 2 066

Current tax receivable

Trade and other receivables Cash and cash equivalents

1 184 185 2 355 461 11 560 347

1 007 152 4 487 620 10 136 384

Total assets

Equity and liabilities Equity Share capital and share premium

13

316 051 (71 307)

316 051 (27 545)

Fair value adjustment through other comprehensive income reserve

Retained earnings

6 361 782 6 606 526

6 358 179 6 646 685

Total equity

Liabilities Insurance contract liabilities

3 962 625 1 583 355

2 767 153 1 539 052

Provision for unearned premiums Provision for unexpired risks Provision for claims reserves Reinsurance deferred acquisition cost

14.1 14.2 14.3

753 909

457 382 770 719

1 625 361

1 024

1 185

Employee benefit liability Trade and other payables

15 16

29 119 314 151 108 457 22 373 516 072

27 459 129 056

Financial liabilities

9

-

Lease liability

17 18

140

Liability for interest make up

564 706

Total liabilities

4 953 821 11 560 347

3 489 699 10 136 384

Total Equity and Liabilities

YOUR EXPORT RISK PARTNER

85