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

13. Share capital and share premium

2023 R’000

2022 R’000

Authorised 10 000 000 ordinary shares of R1 each

10 000

10 000

Issued 100 ordinary shares at R1 each

-

-

Share premium (100 ordinary shares issued at a premium of R3 160 504 each)

316 051

316 051

316 051

316 051

The unissued shares are under the control of the directors until the forthcoming Annual General Meeting.

14. Insurance contract liabilities 14.1 Provision for unearned premiums

2023 R’000

2022 R’000

Balance at beginning of year

1 539 070 (277 237)

2 428 106 (401 748) (423 384)

Amount transferred to the statement of comprehensive income

Premium cancellation Foreign exchange gain

(10 239)

(448)

(283)

Foreign currency translation loss/(gain)

332 841

(63 621)

Balance at end of year

1 583 987

1 539 070

Greater than 5 years R’000

Within 1 year R’000

1 to 5 years R’000

Total R’000

Maturity profile

2023 2022

360 084 318 487

776 398 711 120

447 505 509 463

1 583 987 1 539 070

14.2 Provision for unexpired risks

2023 R’000

2022 R’000

Balance at beginning of year

457 382 185 833

380 650 82 606

Amount transferred from the statement of comprehensive income

Foreign exchange gain

(1 633)

(432)

Foreign currency translation loss/(gain)

112 327 753 909

(5 442) 457 382

Balance at end of year

Due to the nature of the gross provision for unexpired risks, no maturity profile is presented.

YOUR EXPORT RISK PARTNER

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