Royal Exchange Assurance Nigeria Plc 3Q 2013 results

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Royal Exchange Plc 3Q 2013 results

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Royal Exchange Assurance Nigeria Plc 3Q 2013 results

  1. 1. ROYAL EXCHANGE PLC Unaudited Statement of Financial Position As At 30th September 2013 GROUP Investment in subsidiaries Deferred Acqusition Cost Trade Receivables Other Receivables Reinsurance Assets Statutory Deposits Intangible Assets Investment Properties Property, Plant and Equipment Employees Retirement Benefits/LSA Deferred Tax Assets 1 2 3 4 5 6 7 8 9 10 11 12 13 14a 22a Total Assets 30-Sep-2013 N'000 31-Dec-2012 N'000 30-Sep-2013 N'000 31-Dec-2012 N'000 2,421,627 737,929 352,351 3,160,527 1,338,057 435,830 412,961 2,937,965 238,606 500,239 380,550 1,724,392 555,000 33,936 6,356,974 579 7,620,464 46,135 434,772 171,965 418,381 188,533 1,584,733 555,000 38,035 6,356,474 1,379,719 49,370 434,772 33,064 7,620,464 38,637 1,250 26,617 - 1,875 20,641 - 18,464,155 Note ASSETS Cash and Cash Equivalents Loans and Advances Advances under finance lease Financial Assets: COMPANY 16,301,795 7,720,032 7,689,694 1,517,882 49,370 EQUITY & LIABILITIES Share Capital & Reserves: Ordinary Share Capital Share Premium Contingency Reserve Retained Earnings (General Reserve) Treasury shares Other component of equity 24 24 25a 25b 25c 25d 2,572,685 2,690,936 863,468 2,934,925 (500,000) (52,538) 2,572,685 2,690,936 722,231 2,695,350 (500,000) (52,538) 2,572,685 2,690,936 1,607,321 (2,200) 2,572,685 2,690,936 1,606,162 (2,200) 8,509,476 8,128,664 6,868,742 6,867,583 15 16 204,335 48,192 48,192 17 18 19 20 21 22b 23 14b 241,771 717,395 946,674 6,068,519 567,712 684,931 475,150 369,863 635,069 593,225 4,878,504 573,494 80,525 475,150 581,023 255,422 14,845 1,688 436,014 289,039 80,525 14,845 9,954,679 8,173,131 851,290 822,111 18,464,155 16,301,795 7,720,032 7,689,694 - - - Total Equity Liabilities: Borrowings Deferred Income Trade Payables Provisions and Other Payables Depositors' fund Insurance Liabilities Investment contract liabilities Income Tax Dividend Payable Employees Retirement Benefit Obligations Liabilities Total Equity & Liabilities 519,109
  2. 2. ROYAL EXCHANGE PLC Unaudited IFRS Financial Results For FOR THE 3RD QUARTER ENDED 30TH SEPTEMBER 2013 INCOME STATEMENT Group 30-Sep-2013 Note Gross Written Premium Gross premium income Reinsurance expenses Net premium income Fees and commission income Total underwriting income Insurance claims and benefits incurred - Gross Insurance claims and benefits incurred - Recoverable from reinsurers N'000 N'000 27 24 Allowance for impairment Management expenses Total expenses 23 5,975,581 5,558,478 (1,406,998) 4,151,480 270,914 4,422,394 5,497,492 (1,361,576) 4,135,916 284,608 4,420,524 - - 2,230,954 1,649,676 - - (168,647) 1,481,029 1,276,975 2,758,004 - - 1,188,583 111,087 412,548 63,605 356,975 (479) 2,132,319 1,662,520 100,695 533,674 44,385 16,006 (930) 2,356,350 - - 194,950 194,950 296,181 296,181 123,604 (1,695,904) (1,572,300) 26b Foreign exchange gains/(loss) NET INCOME PROFIT AFTER TAXATION N'000 (550,756) 1,680,198 1,553,613 3,233,811 26a 26a Net fair value gain or (loss) Profit Before Tax Taxation expenses N'000 Company 30-Sep-2013 30-Sep-2012 6,429,725 Claims expenses Underwriting expenses Underwiting profit Net Interest income Investment & other income Other operating income 30-Sep-2012 194,950 296,181 (234,142) (1,402,594) (1,636,736) (193,791) (193,791) (106,409) (106,409) 560,019 (179,206) 719,614 (230,276) 1,159 - 189,772 - 380,813 489,338 1,159 189,772 Other comprehensive income - - - - Net Actuarial Gains/Losses of Defined Benefit Obligations - - - - Other Comprehensive Income, net of taxes - - - - Total Comprehensive Income for the year Earnings Per Share- Basic (kobo) 380,813 489,338 1,159 189,772
  3. 3. ROYAL EXCHANGE PLC Consolidated Statement of Changes in Equity-Group FOR THE PERIOD ENDED 30TH SEPTEMBER 2013 Share Capital N'000 As at 1 January 2013 2,572,685 Share Premium N'000 Contingency Reserve N'000 Retained Earnings N'000 2,690,936 722,231 2,695,350 Treasury Shares N'000 (500,000) Actuarial gain/(loss) reserve N'000 (52,538) Other Component of N'000 (52,538) Total N'000 - 8,128,664 380,813 - 380,813 Profit for the year Dividend paid Transfer to contingency reserves Revaluation Surplus/(Deficits) Changes in fair value of AFS Investments 141,237 (141,237) As at 30 September 2013 2,572,685 2,690,936 863,468 2,934,926 (500,000) (52,538) (52,538) 8,509,477 As at 1 January 2012 2,572,685 2,690,936 525,193 2,474,268 (500,000) 87,770 87,770 (140,308) (140,308) 7,850,852 623,935 (205,815) (140,308) - (52,538) (52,538) Profit for the year Dividend paid Net actuarial gains/(losses) Transfer from share premium Transfer to contingency reserves As at 30 December 2012 - 2,572,685 2,690,936 197,038 722,231 623,935 (205,815) (197,038) 2,695,350 (500,000) 8,128,664 ROYAL EXCHANGE PLC Consolidated Statement of Changes in Equity-Company FOR THE PERIOD ENDED 30TH DSEPTEMBER 2013 Share Capital N'000 As at 1 January 2013 2,572,685 Share Premium N'000 2,690,936 Contingency Reserve N'000 Retained Earnings N'000 1,606,162 - Profit for the year Dividend paid Transfer to contingency reserves Revaluation Surplus/(Deficits) Changes in fair value of AFS Investments - Treasury Shares - (2,200) Other Component of 1,159 - (2,200) - As at 30 September 2013 2,572,685 2,690,936 - 1,607,321 As at 1 January 2012 2,572,685 2,690,936 - 1,647,142 2,690,936 - 1,606,162 6,867,583 1,159 - - (2,200) 6,868,742 4,367 4,367 6,915,130 (6,567) 2,572,685 Total N'000 (2,200) 164,835 (205,815) Profit for the year Dividend paid Net actuarial gains/(losses) As at 30 December 2012 Actuarial gain/(loss) reserve - (6,567) (2,200) (2,200) 164,835 (205,815) (6,567) 6,867,583
  4. 4. ROYAL EXCHANGE PLC STATEMENT OF CASH FLOWS FOR THE 3RD QUARTER ENDED 30 SEPTEMBER 2013 Group Note Cash flows from operating activities Premium income Interest received Interest paid Claims recovered from reinsurance Depositors Fund Increase Commission income Commission expense Reinsurance premium paid Net VAT input/output Other operating cash payments Loans and Advances Claims paid Other income Tax paid 31-Dec-12 N'000 6,325,429 177,049 (65,960) 550,756 (353,449) 270,914 (791,367) (1,267,339) (2,301,804) (241,489) (2,230,954) 63,126 22 Net cash (used in)/provided by operating activities Cash flows from investing activities: Proceeds from disposal of fixed assets Investment properties additions Purchase of fixed assets Proceeds from disposal of investments Dividend income Rental income from investment properties Interest income Financial assets investment 30-Sep-2013 N'000 6,987,926 251,748 (51,637) 588,504 287,865 190,217 (767,774) (1,755,447) (16,152) (3,338,421) (192,261) (2,185,511) 233,452 134,912 (33,616) 101,296 13 Company 30-Sep-2013 31-Dec-12 N'000 N'000 (160,133) 194,950 (200,030) 260,855 232,510 (234,949) 34,817 60,825 (56,704) (2,439) 34,817 4,121 11,576 (500) (304,211) 617,015 111,475 38,300 162,247 222,562 2,444 (7,990) (153,852) 467,948 97,023 34,563 90 (241,119) (644) - 1,566 (17,975) 133,800 - Net cash provided by/(used in) investing activities 858,464 199,107 (644) 117,391 Cash flows from financing activities: Dividend paid (80,525) (125,290) - (125,290) Net cash (used in)/from financing activities: Net(decrease)/increase in cash & cash equivalents Cash and cash equivalents at the beginning of the year (80,525) 879,234 1,338,057 (125,290) 71,378 1,266,679 34,173 (1,109) (125,290) (3,778) 2,669 Cash and cash equivalents at the end of the period 2,217,292 1,338,057 33,064 13 42 (1,109)

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