INTERNATIONAL ENERGY INSURANCE : QUARTER 3 - FINANCIAL STATEMENT FOR 2020

INTERNATIONAL ENERGY INSURANCE PLC

Unaudited/Management Accounts

for the period ended 30 September, 2020

INTERNATIONAL ENERGY INSURANCE PLC

UNAUDITED/MANAGEMENT ACCOUNTS

FOR THE PERIOD ENDED 30th SEPTEMBER, 2020

Contents	Page(s)
Statement of Financial Position	3
Statement of Comprehensive Income & Other Income	4
Statement of Cash Flows	6
Statement of Changes in Equity	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 30 SEPTEMBER, 2020
	Group		Company

	Note
Assets
Cash and cash equivalents	1
Financial assets	2
- Fair value through profit or loss	2.1
- Fair value through other comprehensive income	2.2
- Debt instruments at amortised cost	2.3
Trade receivables	3
Other receivables and prepayments	4
Reinsurance assets	5
Deferred acquisition costs	6
Investment in subsidiary	7
Investment properties	8
Intangible assets	9
Property, plant and equipment	10
Statutory deposit	11
Total assets

Liabilities

30-Sep-20	31-Dec-19	30-Sep-20	31-Dec-19
=N='000	=N='000	=N='000	=N='000
258,504	255,323	129,154	136,093
	-
108,556	108,556	108,556	108,556
122,912	136,288	122,912	136,288
56,831	57,882	56,831	57,882
151,324	120,891	98	79
396,850	353,055	16,113	13,910
279,085	268,466	279,085	268,466
4,924	4,384	4,924	4,384
-	-	1,000,000	1,000,000
3,315,000	3,315,000	3,315,000	3,315,000
16,478	17,417	-	-
3,863,319	3,795,603	3,257,124	3,273,065
322,500	322,500	322,500	322,500
8,896,283	8,755,366	8,612,296	8,636,224

Insurance contract liabilities	12	4,201,604	4,053,715	4,201,604	4,053,715
Trade payables	13	15,700	62,317	15,700	16,053
Provision and other payables	14	1,420,661	1,134,019	1,157,659	1,077,843
Current income tax payable	15	478,467	505,593	463,164	497,936
Deferred tax liabilities	16	810,058	810,606	792,722	792,724
Borrowings	17.2	12,466,004	12,505,434	12,454,954	12,454,934
Deposit for shares	18	318,127	318,127	318,127	318,127
Total liabilities		19,710,622	19,389,811	19,403,931	19,211,332
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	1,639,642	1,607,980	1,578,993	1,566,206
Capital reserve	22	7,926,398	7,926,399	7,926,398	7,926,399
Accumulated losses	23	(23,720,856)	(23,500,235)	(23,427,983)	(23,198,670)
Property revaluation reserve	24	1,501,417	1,501,417	1,482,917	1,482,917
Fair value reserve	25	42,901	42,901	42,901	42,901
Equity attributable to the owners of the parent		(11,005,358)	(10,816,399)	(10,791,634)	(10,575,108)
Non-controlling interest	26	191,020	181,954	-	-
Total deficit		(10,814,338)	(10,634,445)	(10,791,634)	(10,575,108)
Total liabilities and equity		8,896,282	8,755,366	8,612,296	8,636,224

These financial statements were approved by the Board on October 30, 2020 and signed on its behalf by:

Mr. Emmanuel Bassey	Mr. Ebunolu Ayeni
Chief Financial Officer	Ag. 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)(13,999,999)

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS

FOR THE PERIOD ENDED 30 SEPTEMBER, 2020

			Group
		3 months	9 months	3 months	9 months
		30-Sep-20	30-Sep-2030-Sep-19	30-Sep-19
	Note	=N='000	=N='000	=N='000	=N='000
Gross written premium	27	171,987	426,227	148,942	358,098
Gross premium income	27	88,613	350,001	63,720	322,772
Reinsurance expenses	28	(14,843)	(44,411)	(27,349)	(65,079)
Net premium income		73,771	305,590	36,372	257,694
Commission income	29	(661)	1,092	5,465	9,845
Net underwriting income		73,109	306,683	41,836	267,538
Underwriting expenses
Claims expenses	30	(61,304)	(78,264)	(29,935)	48,738
Acquisition costs	31	(6,651)	(28,656)	(4,608)	(26,502)
Maintenance costs	32	(32,263)	(87,000)	(1,565)	(22,466)
Total underwriting expenses		(100,219)	(193,919)	(36,108)	(230)
Underwriting results		(27,109)	112,763	5,728	267,308
effective interest method
	33.1	7,892	34,203	3,627	30,048
Other investment income	33.2	78	1,742	(0)	187
Net realised (loss)/gains	34	1,500	2,206	-	-
Net fair value loss	35	-	(35,580)	(13)	(86,602)
Other income	36	219,510	697,093	216,692	670,110
Charge on impairment of assets	37	(693)	(693)	-	(747)
Management expenses	38	(325,141)	(969,246)	(283,234)	(905,560)
Results from operating activities		(123,963)	(157,512)	(57,199)	(25,256)
Finance costs	39	(6,535)	(6,535)	-	-
Loss before income tax expense		(130,498)	(164,047)	(57,199)	(25,256)
Income tax expense	15	(15,491)	(24,910)	(18,539)	(3,157)
Loss for the year		(145,988)	(188,957)	(75,738)	(28,413)
Loss for the year attributable to:
Equity holders of the parent		(150,714)	(201,076)	(73,052)	(25,727)
Non-controlling interests		4,726	12,119	(2,686)	(2,686)
		(145,988)	(188,957)	(75,738)	(28,413)

(13,999,999)			#########
	Company
3 months	9 months	3 months	9 months
30-Sep-20	30-Sep-2030-Sep-19	30-Sep-19
=N='000	=N='000	=N='000	=N='000
171,987	426,227	148,942	358,098
88,613	350,001	63,720	322,772
(14,843)	(44,411)	(27,349)	(65,079)
73,771	305,590	36,372	257,694
(661)	1,092	5,465	9,845
73,109	306,683	41,836	267,538
(61,304)	(78,264)	(29,935)	48,738
(6,651)	(28,656)	(4,608)	(26,502)
(32,263)	(87,000)	(1,565)	(22,466)
(100,219)	(193,919)	(36,108)	(230)
(27,109)	112,763	5,728	267,308
7,083	31,802	279	21,469
78	1,742	(0)	187
1,500	2,206	-	-
-	(35,580)	(13)	(86,602)
6,715	69,554	2	50,000
(693)	(693)	-	(747)
(106,732)	(373,409)	(147,096)	(381,838)
(119,158)	(191,615)	(141,101)	(130,224)
-	-	-	-
(119,158)	(191,615)	(141,101)	(130,224)
(15,491)	(24,910)	(18,539)	(32,556)
(134,648)	(216,525)	(159,641)	(162,781)
(134,648)	(216,525)	(159,641)	(162,781)
-	-	-	-
(134,648)	(216,525)	(159,641)	(162,781)

4

INTERNATIONAL ENERGY INSURANCE PLC
	(13,999,999)			(13,999,999)	(13,999,999)			#########
CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER, 2020
	Group					Company
	3 months	9 months	3 months	9 months		3 months	9 months	3 months	9 months
	30-Sep-20	30-Sep-2030-Sep-19	30-Sep-19		30-Sep-2030-Sep-20	30-Sep-1930-Sep-19
Note	=N='000	=N='000	=N='000	=N='000		=N='000	=N='000	=N='000	=N='000
Loss for the year	(145,988)	(188,957)	(75,738)	(28,413)	(134,648)	(216,525)	(159,641)	(162,781)
Other comprehensive income (OCI)
reclassified to profit or loss in
financial assets
41	-	-	-	-	-	-	-	-
reclassified to profit or loss in
subsequent periods:
Net loss on equity instrument designated
at fair value through other comprehensive
	-	-	-	-	-	-	-	-
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 year	(145,988)	(188,957)	(75,738)	(28,413)	(134,648)	(216,525)	(159,641)	(162,781)
Total comprehensive loss attributable to:
Equity holders of the parent	(155,054)	(201,076)	(73,052)	(30,165)	(134,648)	(216,525)	(159,641)	(162,781)
Non-controlling interests	9,066	12,119	(2,686)	1,752		-	-		-
	(145,988)	(188,957)	(75,738)	(28,413)	(134,648)	(216,525)	(159,641)	(162,781)
Loss per share:
Basic and diluted loss for the year
40	-	(15.66)	-	(5.69)	-	(16.86)	-	(12.43)

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.

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