INTERNATIONAL ENERGY INSURANCE PLC INTERNATIONAL ENERGY INSURANCE PLC
Management Accounts
for the period ended 31 March 2021
INTERNATIONAL ENERGY INSURANCE PLC
MANAGEMENT ACCOUNTS
FOR THE PERIOD ENDED 31 MARCH, 2021
Contents | Page(s) |
Statement of Financial Position | 3 |
Statement of Comprehensive Income & Other Income | 4 |
Statement of Changes in Equity | 6 |
Statement of Cash Flows | 8 |
Notes to the Financial Statements | 9 |
Supplementary financial information: | |
Revenue Account |
INTERNATIONAL ENERGY INSURANCE PLC | |||||
(139,999,999) | (139,999,999) | (139,999,999) | (139,999,999) | ||
CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION | |||||
AS AT 31 MARCH 2021 | |||||
Group | Company | ||||
31-Mar-21 | 31-Dec-20 | 31-Mar-21 | 31-Dec-20 | ||
Note | =N='000 | =N='000 | =N='000 | =N='000 | |
Assets | |||||
Cash and cash equivalents | 1 | 253,307 | 266,589 | 145,809 | 147,204 |
Financial assets | 2 | ||||
- Fair value through profit or loss | 2.1 | 87,593 | 93,609 | 87,593 | 93,609 |
- Fair value through other comprehensive income | 2.2 | 247,281 | 247,281 | 247,281 | 247,281 |
- Debt instruments at amortised cost | 2.3 | 519 | 519 | 519 | 519 |
Trade receivables | 3 | 156,090 | 132,908 | 1,145 | - |
Other receivables and prepayments | 4 | 432,020 | 413,772 | 12,799 | 1,997 |
Reinsurance assets | 5 | 294,005 | 294,005 | 294,005 | 294,005 |
Deferred acquisition costs | 6 | 6,753 | 10,465 | 6,753 | 10,465 |
Investment in subsidiary | 7 | - | - | 1,000,000 | 1,000,000 |
Investment properties | 8 | 3,617,500 | 3,617,500 | 3,617,500 | 3,617,500 |
Intangible assets | 9 | 18,292 | 17,652 | - | - |
Property, plant and equipment | 10 | 3,571,980 | 3,576,091 | 3,068,433 | 3,072,362 |
Statutory deposit | 11 | 322,500 | 322,500 | 322,500 | 322,500 |
Total assets | 9,007,840 | 8,992,890 | 8,804,337 | 8,807,441 | |
Liabilities | |||||
Insurance contract liabilities | 12 | 3,865,197 | 4,110,675 | 3,865,197 | 4,110,675 |
Trade payables | 13 | 19,084 | 73,016 | 13,809 | 23,905 |
Provision and other payables | 14 | 1,316,429 | 1,250,237 | 1,198,597 | 1,175,086 |
Current income tax payable | 15 | 599,702 | 525,521 | 585,731 | 512,464 |
Deferred tax liabilities | 16 | 246,476 | 246,476 | 206,209 | 206,209 |
Borrowings | 17.2 | 13,537,660 | 13,576,160 | 13,537,660 | 13,537,660 |
Deposit for shares | 18 | 317,233 | 317,233 | 317,233 | 317,233 |
Total liabilities | 19,901,781 | 20,099,318 | 19,724,436 | 19,883,232 | |
Equity | |||||
Share capital | 19 | 642,043 | 642,043 | 642,043 | 642,043 |
Share premium | 20 | 963,097 | 963,097 | 963,097 | 963,097 |
Statutory contingency reserve | 21 | 1,635,026 | 1,629,867 | 1,588,159 | 1,583,143 |
Capital reserve | 22 | 7,926,398 | 7,926,399 | 7,926,398 | 7,926,399 |
Accumulated losses | 23 | (23,873,838) | (24,108,118) | (23,674,995) | (23,825,671) |
Property revaluation reserve | 24 | 1,501,417 | 1,501,417 | 1,482,917 | 1,482,917 |
Fair value reserve | 25 | 152,283 | 152,283 | 152,283 | 152,283 |
Equity attributable to the owners of the parent | (11,053,574) | (11,293,013) | (10,920,098) | (11,075,790) | |
Non-controlling interest | 26 | 159,635 | 186,587 | - | - |
Total deficit | (10,893,939) | (11,106,426) | (10,920,098) | (11,075,790) | |
Total liabilities and equity | 9,007,840 | 8,992,891 | 8,804,337 | 8,807,442 | |
These consolidated and separate financial statements were signed by: | |||||
____________________________________ | ________________________________ | ||||
Mr. Emmanuel Bassey | Mr. Ebun Ayeni | ||||
Chief Financial Officer | Managing Director | ||||
FRC/2013/ICAN/00000000635 | FRC/2015/CIIN/00000011052 |
See accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements which form an integral part of these consolidated and separate financial statements.
3
INTERNATIONAL ENERGY INSURANCE PLC
(13,999,999) | |||
CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS | |||
FOR THE PERIOD ENDED 31 MARCH 2021 | |||
Group | |||
31-Mar-21 | 31-Mar-20 | ||
Note | =N='000 | =N='000 | |
Gross written premium | 27 | 167,202 | 162,173 |
Gross premium income | 27 | 298,523 | 146,651 |
Reinsurance expenses | 28 | (29,515) | (27,358) |
Net premium income | 269,008 | 119,293 | |
Commission income | 29 | 5,058 | 2,094 |
Net underwriting income | 274,066 | 121,387 | |
Underwriting expenses | |||
Claims expenses | 30 | 76,718 | 103,562 |
Acquisition costs | 31 | (12,402) | (14,031) |
Maintenance costs | 32 | (41,364) | (31,791) |
Total underwriting expenses | 22,952 | 57,739 | |
Underwriting results | 297,018 | 179,127 | |
Interest revenue caluculated using effective interest | |||
method | 33.1 | 3,394 | 17,356 |
Other investment income | 33.2 | 6,526 | 2,277 |
Net realised (loss)/gains | 34 | (12) | 173 |
Net fair value loss | 35 | (6,016) | - |
Other income | 36 | 284,432 | 150,960 |
Charge on impairment of assets | 37 | (693) | - |
Management expenses | 38 | (345,209) | (335,465) |
Results from operating activities | 239,440 | 14,428 | |
Finance costs | 39 | (2,178) | - |
Profit/(Loss) before income tax expense | 237,262 | 14,428 | |
Income tax expense | 15 | (73,267) | (22,482) |
Profit/(Loss) for the period | 163,995 | (8,054) | |
Profit/(Loss) for the period attributable to: | |||
Equity holders of the parent | 190,947 | (5,368) | |
Non-controlling interests | (26,952) | (2,686) | |
163,995 | (8,054) | ||
1,284,085 | 1,284,085 |
(13,999,999)
Company
31-Mar-2131-Mar-20
=N='000 =N='000
167,202 162,173
298,523 146,651
(29,515) (27,358)
269,008 119,293
5,058 2,094
274,066 121,387
76,718 103,562
(12,402) (14,031)
(41,364) (31,791)
22,952 57,739
297,018 179,127
3,394 17,356
6,526 2,277
-
173
(6,016)-
54,500-
- -
(125,757) (128,677)
228,960 | 70,256 |
- | - |
228,960 | 70,256 |
(73,267) | (22,482) |
155,693 | 47,774 |
155,693 | 47,774 |
- | - |
155,693 | 47,774 |
1,284,085 | 1,284,085 |
See accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements which form an integral part of these consolidated and separate financial statements.
4
INTERNATIONAL ENERGY INSURANCE PLC
(13,999,999)
CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2021 | |||
Group | |||
31-Mar-21 | 31-Mar-20 | ||
Note | =N='000 | =N='000 | |
Profit/(Loss) for the period | 163,995 | (8,054) | |
Other comprehensive income (OCI) | |||
Other comprehensive income to be reclassified to profit | |||
or loss in subsequent periods: | |||
Net (loss)/gain on available-for-sale financial assets | 41 | - | - |
Other comprehensive income not to be reclassified to | |||
profit or loss in subsequent periods: | |||
Net loss on equity instrument designated at fair value | |||
through other comprehensive income | - | - | |
Revaluation surplus on property | - | ||
Income tax relating to items not to be reclassified to | |||
profit or loss | 16 | - | - |
OCI for the year, net of tax | - | - | |
Total comprehensive loss for the period | 163,995 | (8,054) | |
Total comprehensive loss attributable to: | |||
Equity holders of the parent | 190,947 | (8,054) | |
Non-controlling interests | (26,952) | 1,752 | |
163,995 | (6,302) | ||
Profit/(Loss) per share: | |||
Basic and diluted loss for the year attributable to equity | |||
holders of the parent | 40 | 18.65 | 1.12 |
(13,999,999)
Company
31-Mar-2131-Mar-20
=N='000 =N='000
155,693 47,774
--
- | - |
- | - |
- | - |
- | - |
155,693 | 47,774 |
155,693 | 47,774 |
- | - |
155,693 | 47,774 |
17.835.47
See accompanying summary of significant accounting policies and notes to the consolidated and separate financial statements which form an integral part of these consolidated and separate financial statements.
5
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International Energy Insurance plc published this content on 17 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2022 16:32:02 UTC.
