ENTERPRISE GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 12-MONTHS ENDED DECEMBER 31, 2012.
UNAUDITED CONSOLIDATED ...
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Enterprise Group Limited FY 2012 results

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Enterprise Group Limited FY 2012 results

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Enterprise Group Limited FY 2012 results

  1. 1. ENTERPRISE GROUP LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE 12-MONTHS ENDED DECEMBER 31, 2012. UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE 12-MONTHS ENDED DECEMBER 31, 2012 2012 2011 GH¢'000 GH¢'000 Gross Premiums 128,197 95,931 Insurance premium ceded to reinsurers (17,287) (14,521) Net Premium Written 110,910 81,410 Unearned Premiums (3,070) (1,857) Net Premium revenue 107,840 79,553 Investment income Fair value (loss)/gains on investment Other income Impairment of investment in subsidiary Profit on sale of Shares 26,123 10,828 2,212 12,752 2,592 980 Net income 147,003 Insurance claims incurred Insurance claims recovery from reinsurers Changes in insurance contract liabilities-Life fund - (28,256) (32,697) 95,877 (24,423) 4,066 (13,123) Net benefits and claims (60,953) (33,480) Operating Expenses Commission expense (29,681) (20,650) (22,095) (14,906) (111,284) (70,481) 35,719 25,396 Net Expenses Profit before National Fiscal Stability Levy and income tax UNAUDITED STATEMENT OF FINANCIAL POSITION FOR THE 12-MONTHS ENDED DECEMBER 31, 2012 ASSET 2012 GH¢'000 14,378 76 20,231 2011 GH¢'000 11,480 31 8,911 147,992 6,174 4,371 229 22,248 (869) 214,830 100,281 6,764 4,753 229 20,113 346 152,908 31,599 6,594 5,966 31,954 25,964 102,077 31,599 5,302 5,911 19,285 13,205 75,302 Technical Provisions Life Insurance Fund Unearned Premium Outstanding Claims 82,689 12,079 862 49,992 9,009 1,014 Deferred Tax Liability Total Non-Current Liabilities 95,630 60,015 Bank Overdraft Trade and other Payables Due to Reinsurers 11,152 4,465 12,000 1,648 Tax Liability Due from related parties Total Current Liabilities 1,506 17,123 1,944 1,999 17,591 Property, Plant & Equipment Intangible Assets Investment Properties Investment In Subsidiary Financial Assets Loans and Receivables Due from Reinsurers Deferred Tax Asset Cash and Bank Balances Taxation Total Assets Stated Capital Contingency Reserve Reserves Retained Earnings Non-Controlling Interest Total Equity and Surplus (1,622) (2,087) 2,436 Profit for the year attributable to: 34,097 25,470 8,627 34,097 19,045 6,700 25,745 77,606 214,830 152,908 25,745 Owners of the parent Minority Interest Profit attributable to controlling interest 112,753 Total Equity, Surplus and Liabilities National Fiscal Stability Levy Income tax expense Total Liabilities Other Comprehensive Income Net change in fair value of Available-for-sale financial assets Net Cash Generated from Operations Interest Income Income Tax Net Cash from Operating Activities 2012 GH¢'000 13,105 (1,615) 11,490 2011 GH¢'000 13,051 5,469 (1,167) 17,353 (4,847) (1,854) Cash flows from Investing Activities Deferred tax on other comprehensive income Total Comprehensive Income for the Year 34,097 25,745 Attributable to: Owners of the parent Non-controlling interest Total comprehensive income for the year 25,470 8,627 34,097 19,045 6,700 25,745 0.194 0.145 (Ghana Cedis per share) Earnings per share for profit attributable to the equity holders of the company during the year Basic and Diluted EPS UNAUDITED STATEMENT OF CONSOLIDATED CASH FLOW FOR THE 12-MONTHS ENDED DECEMBER 31,2012 Purchase of Property, Plant & Equipment Purchase of Investment Property Investment In Subsidiary Purchase Investment Proceeds from Sale of Shares Proceeds from sale of Property , plant & equipment Investment Income Net Cash used in Investing Activities Cash flow from financing Activities Dividend paid Net Increase In Cash and Cash Equivalents Cash and Cash Equivalents at 1 Jan Cash and Cash Equivalents at 31 December Analysis of Balances of cash and cash equivalents Cash and Bank Balances 20,113 Treasury bills bonds and fixed deposits Cash and Cash Equivalent (32) 739 118 1,177 (2,845) 637 51 (1,166) (6,510) 2,135 20,113 22,248 (3,482) 12,705 7,408 20,113 22,248 22,248 20,113 To the best of our knowledge, the unaudited consolidated financial statements do not contain untrue statements, misleading facts or omissions of material facts. (Sgd) George Otoo GROUP CEO (Sgd) Martin Eson-Benjamin DIRECTOR

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