INTERNATIONAL ENERGY INSURANCE PLC

Management Accounts

for the period ended 30th September 2021

INTERNATIONAL ENERGY INSURANCE PLC

MANAGEMENT ACCOUNTS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2021

Contents

Page(s)

Financial highlights

3

Statement of Financial Position

5

Statement of Comprehensive Income & Other Income

6

Statement of Changes in Equity

7

Statement of Cash Flows

9

Notes to the Financial Statements

10

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 30TH SEPTEMBER 2021

Group

Company

30-Sep-21

31-Dec-20

30-Sep-21

31-Dec-20

Note

=N='000

=N='000

=N='000

=N='000

Assets

Cash and cash equivalents

1

273,524

266,589

166,840

147,204

Financial assets

2

- Fair value through profit or loss

2.1

89,515

93,609

89,515

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

485

519

485

519

Trade receivables

3

146,366

132,908

59

-

Other receivables and prepayments

4

473,554

413,772

4,926

1,997

Reinsurance assets

5

294,005

294,005

294,005

294,005

Deferred acquisition costs

6

12,162

10,465

12,162

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

18,834

17,652

-

-

Property, plant and equipment

10

3,546,062

3,576,091

3,044,524

3,072,362

Deferred tax assets

16

-

-

-

-

Statutory deposit

11

322,500

322,500

322,500

322,500

Total assets

9,041,788

8,992,890

8,799,797

8,807,441

Liabilities

Insurance contract liabilities

12

4,165,438

4,110,675

4,165,438

4,110,675

Trade payables

13

30,951

73,016

23,728

23,905

Provision and other payables

14

1,628,180

1,250,237

1,223,767

1,175,086

Current income tax payable

15

531,744

525,521

519,990

512,464

Deferred tax liabilities

16

246,476

246,476

206,209

206,209

Borrowings

17.2

13,567,160

13,576,160

13,537,660

13,537,660

Deposit for shares

18

317,233

317,233

317,233

317,233

Total liabilities

20,487,183

20,099,318

19,994,026

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

1,646,083

1,629,867

1,599,216

1,583,143

Capital reserve

22

7,926,398

7,926,399

7,926,398

7,926,399

Accumulated losses

23

(24,475,833)

(24,108,119)

(23,960,181)

(23,825,672)

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

(11,644,513)

(11,293,014)

(11,194,228)

(11,075,791)

Non-controlling interest

26

199,120

186,587

-

Total deficit

(11,445,393)

(11,106,427)

(11,194,228)

(11,075,791)

Total liabilities and equity

9,041,789

8,992,890

8,799,797

8,807,441

These consolidated and separate financial statements were approved on October 12, 2021 by the Board of Directors and signed on its behalf by:

Mr. Emmanuel Bassey

Mr. Ebun Ayeni

Chief Financial Officer

Managing Director/CEO

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

#########

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS

FOR THE PERIOD ENDED 30TH SEPTEMBER 2021

Group

30-Sep-2130-Sep-20

Note

=N='000

=N='000

Gross written premium

27

535,765

426,227

Gross premium income

27

523,012

350,001

Reinsurance expenses

28

(79,489)

(44,411)

Net premium income

443,523

305,590

Commission income

29

14,086

4,092

Net underwriting income

457,608

309,683

Underwriting expenses

Claims expenses

30

(117,421)

(78,264)

Acquisition costs

31

(40,248)

(28,656)

Maintenance costs

32

(124,885)

(87,000)

Total underwriting expenses

(282,554)

(193,919)

Underwriting results

175,055

115,763

Interest revenue caluculated using effective interest

method

33.1

13,993

27,687

Other investment income (Rental income)

33.2

18,343

6,516

Net realised (loss)/gains

34

(141)

2,206

Net fair value loss

35

(5,077)

(35,580)

Other income

36

531,930

697,093

Charge on impairment of assets

37

(567)

(906)

Management expenses

38

(1,040,839)

(972,471)

Results from operating activities

(307,303)

(159,692)

Finance costs

39

(6,535)

(6,535)

Profit/(Loss) before income tax expense

(313,838)

(166,227)

Income tax expense

15

(37,661)

(19,947)

Profit/(Loss) for the period

(351,499)

(186,174)

Profit/(Loss) for the period attributable to:

Equity holders of the parent

(364,032)

(183,488)

Non-controlling interests

12,533

(2,686)

(351,499)

(186,174)

1,284,085

1,284,085

#########

Company

30-Sep-2130-Sep-20

=N='000 =N='000

535,765 426,227

523,012 350,001

(79,489) (44,411)

443,523 305,590

14,086 4,092

457,608 309,683

(117,421) (78,264)

(40,248) (28,656)

(124,885) (87,000)

(282,554) (193,919)

175,055 115,763

11,592 25,286

18,343 6,516

  1. 2,206
    (5,077) (35,580)

63,483 69,554

  1. (693)
    (368,682) (376,634)

(105,745)

(193,582)

-

-

(105,745)

(193,582)

(12,689)

(23,230)

(118,435)

(216,812)

(118,435)

(216,812)

-

-

(118,435)

(216,812)

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

##################

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH SEPTEMBER 2021

Group

Company

30-Sep-2130-Sep-20

30-Sep-2130-Sep-20

Note

=N='000

=N='000

=N='000

=N='000

Profit/(Loss) for the period

(351,499)

(186,174)

(118,435)

(216,812)

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

(351,499)

(186,174)

(118,435)

(216,812)

Total comprehensive loss attributable to:

Equity holders of the parent

(364,032)

(186,174)

(118,435)

(216,812)

Non-controlling interests

12,533

1,752

-

-

(351,499)

(184,422)

(118,435)

(216,812)

Profit/(Loss) per share:

Basic and diluted loss for the year attributable to equity

holders of the parent

40

(23.93)

(12.44)

(8.24)

(15.08)

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 01 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 November 2022 10:39:07 UTC.