INTERNATIONAL ENERGY INSURANCE : QUARTER 4 - FINANCIAL STATEMENT FOR 2020

INTERNATIONAL ENERGY INSURANCE PLC

Unaudited/Management Accounts

for the year ended 31 December 2020

INTERNATIONAL ENERGY INSURANCE PLC

UNAUDITED/MANAGEMENT ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER, 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 31 DECEMBER, 2020

		Group		Company
		31-Dec-20	31-Dec-19		31-Dec-20	31-Dec-19
	Note	=N='000	=N='000		=N='000	=N='000
Assets
Cash and cash equivalents	1	258,916	255,323	139,532	136,093
Financial assets	2		-
- Fair value through profit or loss	2.1	106,282	108,556	106,282	108,556
- Fair value through other comprehensive income	2.2	136,288	136,288	136,288	136,288
- Debt instruments at amortised cost	2.3	207	57,882	207	57,882
Trade receivables	3	133,686	120,891	1,496	79
Other receivables and prepayments	4	421,272	353,055	1,997	13,910
Reinsurance assets	5	305,084	268,466	305,084	268,466
Deferred acquisition costs	6	10,550	4,384	10,550	4,384
Investment in subsidiary	7	-	-	1,000,000	1,000,000
Investment properties	8	3,490,000	3,315,000	3,490,000	3,315,000
Property, plant and equipment	10	3,518,035	3,795,603	3,078,536	3,273,065
Statutory deposit	11	322,500	322,500		322,500	322,500
Total assets		8,720,954	8,755,366	8,592,472	8,636,224
Liabilities
Insurance contract liabilities	12	4,072,575	4,053,715	4,072,575	4,053,715
Trade payables	13	29,617	62,317	26,121	16,053
Provision and other payables	14	1,320,335	1,134,019	1,151,988	1,077,959
Current income tax payable	15	551,261	505,593	536,213	497,936
Deferred tax liabilities	16	752,718	810,606	813,059	792,608
Borrowings	17.2	12,454,954	12,505,434	12,454,954	12,454,934
Deposit for shares	18	318,127	318,127		318,127	318,127
Total liabilities		19,499,587	19,389,811	19,373,037	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	1,583,096	1,566,206
Capital reserve	22	7,926,398	7,926,399	7,926,398	7,926,399
Accumulated losses	23	(23,664,976)	(23,500,235)	(23,421,017)	(23,198,670)
Property revaluation reserve	24	1,501,419	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		(10,949,477)	(10,816,399)	(10,780,565)	(10,575,108)
Non-controlling interest	26	170,847	181,954		-	-
Total deficit		(10,778,630)	(10,634,445)		(10,780,565)	(10,575,108)
Total liabilities and equity		8,720,956	8,755,366		8,592,472	8,636,224

These financial statements were approved by the Board on February 12, 2021 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)

CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS

FOR THE PERIOD ENDED 31 DECEMBER, 2020
		Group
		31-Dec-20	31-Dec-19
	Note	=N='000	=N='000
Gross written premium	27	563,007	525,947
Gross premium income	27	529,837	403,098
Reinsurance expenses	28	(80,600)	(78,917)
Net premium income		449,237	324,181
Commission income	29	14,334	12,328
Net underwriting income		463,571	336,509
Underwriting expenses
Claims expenses	30	(62,559)	(121,772)
Acquisition costs	31	(22,547)	(35,251)
Maintenance costs	32	(123,105)	(76,191)
Total underwriting expenses		(208,210)	(233,214)
Underwriting results		255,361	103,296
Interest revenue caluculated using effective interest
method	33.1	62,139	59,111
Other investment income	33.2	1,969	2,557
Net realised (loss)/gains	34	3,229	5,347
Net fair value loss	35	(2,274)	501,885
Other income	36	748,643	1,150,379
Charge on impairment of assets	37	(693)	(906)
Management expenses	38	(1,201,451)	(1,506,131)
Results from operating activities		(133,077)	315,537
Finance costs	39	(6,535)	(7,423)
Profit/(Loss) before income tax expense		(139,612)	308,114
Income tax expense	15	(38,276)	(32,726)
Profit/(Loss) for the year		(177,888)	275,388
Profit/(Loss) for the year attributable to:
Equity holders of the parent		(166,781)	273,873
Non-controlling interests		(11,107)	1,515
		(177,888)	275,388
		1,284,085	1,284,085

(13,999,999)

Company

31-Dec-2031-Dec-19

=N='000 =N='000

563,007 525,947

529,837 403,098

(80,600) (78,917)

449,237 324,181

14,334 12,328

463,571 336,509

(62,559) (121,772)

(22,547) (35,251)

(123,105) (76,191)

(208,210) (233,214)

255,361 103,296

59,738 48,758

1,969746

3,229 5,347

(2,274) 501,885

121,104 302,385

1. (906)
   (605,614) (685,281)

(167,180)	276,229
-	-
(167,180)	276,229
(38,276)	(8,816)
(205,456)	267,413
(205,456)	267,413
-	-
(205,456)	267,413
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)(13,999,999)

CONSOLIDATED AND SEPARATE STATEMENTS OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER, 2020

		Group		Company
		31-Dec-20	31-Dec-19		31-Dec-20	31-Dec-19
	Note	=N='000	=N='000		=N='000	=N='000
Profit/(Loss) for the year		(177,888)	275,388	(205,456)	267,413
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	-	4,775	-	4,775
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		-	53,752	-	53,752
Revaluation surplus on property			587,538	-	587,538
Income tax relating to items not to be reclassified to			-
profit or loss	16	-	(176,261)		-	(176,261)
OCI for the year, net of tax		-	469,804		-	469,804
Total comprehensive profit/(loss) for the year		(177,888)	745,192	(205,456)	737,217
Total comprehensive profit/(loss) attributable to:
Equity holders of the parent		(166,781)	743,677	(205,456)	737,217
Non-controlling interests		(11,107)	1,515		-	-
		(177,888)	745,192	(205,456)	737,217
Profit/(Loss) per share:
Basic and diluted loss for the year attributable to equity
holders of the parent	40	(10.36)	24.57	(13.02)	21.51

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