INTERNATIONAL ENERGY INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2021

INTERNATIONAL ENERGY INSURANCE PLC

Management Accounts

for the quarter ended 31st December 2021

INTERNATIONAL ENERGY INSURANCE PLC

MANAGEMENT ACCOUNTS

FOR THE QUARTER ENDED 31ST DECEMBER 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 31ST DECEMBER 2021

		Group	Company
		31-Dec-21	31-Dec-20	31-Dec-21	31-Dec-20
	Note	=N='000	=N='000	=N='000	=N='000
Assets
Cash and cash equivalents	1	214,711	266,589	105,848	147,204
Financial assets	2
- Fair value through profit or loss	2.1	79,515	93,609	79,515	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	429	519	429	519
Trade receivables	3	174,034	132,908	-	-
Other receivables and prepayments	4	467,600	413,772	5,584	1,997
Reinsurance assets	5	294,005	294,005	294,005	294,005
Deferred acquisition costs	6	9,097	10,465	9,097	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	17,870	17,652	-	-
Property, plant and equipment	10	3,519,011	3,576,091	3,045,792	3,072,362
Deferred tax assets	16	-	-	-	-
Statutory deposit	11	322,500	322,500	322,500	322,500
Total assets		8,963,553	8,992,890	8,727,551	8,807,441
Liabilities
Insurance contract liabilities	12	4,163,915	4,110,675	4,163,915	4,110,675
Trade payables	13	26,410	73,016	18,033	23,905
Provision and other payables	14	1,452,742	1,250,237	1,337,553	1,175,086
Current income tax payable	15	559,315	525,521	547,561	512,464
Deferred tax liabilities	16	246,476	246,476	206,209	206,209
Borrowings	17.2	13,565,960	13,576,160	13,540,413	13,537,660
Deposit for shares	18	317,233	317,233	317,233	317,233
Total liabilities		20,332,050	20,099,318	20,130,917	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	1,649,400	1,629,867	1,602,533	1,583,143
Capital reserve	22	7,926,398	7,926,399	7,926,398	7,926,399
Accumulated losses	23	(24,397,302)	(24,108,119)	(24,172,637)	(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		(11,562,664)	(11,293,014)	(11,403,366)	(11,075,791)
Non-controlling interest	26	194,167	186,587		-
Total deficit		(11,368,497)	(11,106,427)	(11,403,366)	(11,075,791)
Total liabilities and equity		8,963,553	8,992,890	8,727,551	8,807,441

These consolidated and separate financial statements were approved on January 24, 2022 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

			(13,999,999)
CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS
FOR THE PERIOD ENDED 31ST DECEMBER 2021
		Group
		31-Dec-2131-Dec-20
	Note	=N='000	=N='000
Gross written premium	27	646,342	564,563
Gross premium income	27	606,676	531,388
Reinsurance expenses	28	(57,232)	(91,393)
Net premium income		549,445	439,995
Commission income	29	11,102	9,939
Net underwriting income		560,547	449,934
Underwriting expenses
Claims expenses	30	(167,186)	(69,510)
Acquisition costs	31	(31,855)	(22,655)
Maintenance costs	32	(161,928)	(121,865)
Total underwriting expenses		(360,968)	(214,030)
Underwriting results		199,578	235,904
Interest revenue caluculated using effective interest
method	33.1	14,804	46,441
Other investment income (Rental income)	33.2	9,806	2,113
Net realised (loss)/gains	34	(155)	2,616
Net fair value loss	35	(5,077)	114,443
Other income	36	1,087,305	1,002,933
Charge on impairment of assets	37	(567)	(17,191)
Management expenses	38	(1,537,737)	(1,456,139)
Results from operating activities		(232,045)	(68,880)
Finance costs	39	(8,713)	(1,091,439)
Profit/(Loss) before income tax expense		(240,758)	(1,160,319)
Income tax expense	15	(28,891)	549,917
Profit/(Loss) for the period		(269,648)	(610,402)
Profit/(Loss) for the period attributable to:
Equity holders of the parent		(277,228)	(615,035)
Non-controlling interests		7,580	4,633
		(269,648)	(610,402)
Profit/(Loss) per share:
Basic and diluted loss for the year attributable to equity
holders of the parent	40	(18.07)	(5.36)

(13,999,999)

Company

31-Dec-2131-Dec-20

=N='000 =N='000

646,342 564,563

606,676 531,388

(57,232) (91,393)

549,445 439,995

11,1029,939

560,547 449,934

(167,186) (69,510)

(31,855) (22,655)

(161,928) (121,865)

(360,968) (214,030)

199,578 235,904

11,787 43,424

9,806 1,969

1. 2,615
   (5,077) 114,164

97,982 141,408

(8,118) (17,385)

(598,277) (646,453)

(292,476) (124,354)

• (1,082,726)
  (292,476) (1,207,080)
  (35,097) 571,989
  (327,573) (635,091)

(327,573)	(635,091)
-	-
(327,573)	(635,091)
(22.78)	(94.00)

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)(13,999,999)

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2021
		Group		Company
		31-Dec-2131-Dec-20		31-Dec-21	31-Dec-20
	Note	=N='000	=N='000		=N='000	=N='000
Profit/(Loss) for the period		(269,648)	(610,402)	(327,573)	(635,091)
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		-	109,382	-	109,382
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		-	109,382		-	109,382
Total comprehensive loss for the period		(269,648)	(501,020)	(327,573)	(525,709)
Total comprehensive loss attributable to:
Equity holders of the parent		(277,228)	(505,653)	(327,573)	(525,709)
Non-controlling interests		7,580	4,633		-	-
		(269,648)	(501,020)		(327,573)	(525,709)

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