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

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R

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P

A

O

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Notes to the Financial Statements

20. Insurance premium revenue

2023 R’000 49 033

2022 R’000 70 995

Credit insurance – medium to long term

Credit insurance – short term

4 445

936

Investment guarantee

96 879 150 357

124 359 196 290

21. Net investment income

2023 R’000

2022 R’000

Dividend income Dividend income Local Dividend income Foreign Total dividend income

29 854 27 107 56 961

40 481 19 150 59 631

Other investment income Interest received on cash and cash equivalents

2 577

325

Change in fair value of financial assets

(55 613) (159 849) 433 513 220 628

(37 088) 132 600 141 985 237 822

Realised (loss)/gain on disposal of financial assets

Interest income

Total interest income

Total investment income 297 453 The realised losses on disposal of financial assets and negative fair value movements are attributable to the prevailing market conditions. Included in the dividend income is net accrued income of R2.1 million (2022: R1.2 million) which relating to the previous financial year settled in the current year. Included in the interest income is net accrued income of R652K (2022: R86K) which is expected to be settled in the next financial year. The interest and dividend income in the Statement of cashflows is adjusted for the items above 22. Currency translation differences The currency translation difference arises because the presentation currency (ZAR) is different to the functional currency (USD). This difference represents the changes in the foreign exchange rates between the historic or average rate and the closing rate on net assets. For monetary net assets, currency translation difference arises as result of foreign exchange rate movements. 277 589

2023 R’000

2022 R’000

Opening accumulated foreign exchange rate movements on assets and liabilities Foreign exchange gain on monetary assets and liabilities (excluding cash and cash equivalents)

(194 406)

(1 237 844)

1 715 473

846 088

Gross unearned premium reserve

(614)

175

Property, equipment and intangible assets

933 150

(525)

Payments in advance

(12)

Movements on Insurance contract liabilities and reinsurance contract assets

46 272 (27 730)

(25 743) 223 093 (194 768)

Foreign exchange (loss)/gain on cash and cash equivalents

1 540 078

YOUR EXPORT RISK PARTNER

74