Quarter 3 - financial statement for 2025

INTERNATIONAL ENERGY INSURANCE PLC

Management Account

for the period ended 30th September 2024

Table of contents

Result at a Glance

Shareholding Structure and rree float Status

Statement of Profit or Loss and Other Comprehensive Income

Statement of Financial Position Statement of Changes in Equity Notes to the Financial Statements

Page

3

5

7

8

9

1

INTERNA TIONAL ENERE Y INSU'PA NCE PLC

Management Account -both September zoz$

Financial Hig h lights

for the period ended 3o September zoz5

FINANCIAL POSITION

In thousands of naira

Premium receivables

Other receivables and prepayments Reinsurance contract assets Investment properties

Intangible assets

Property, plant and equipment Statutory deoosit

Total Assets

Cash and cash equivalents Financial assets

Insurance contract liabilities Other Techmeal liabilities Provisions and other payables Current income tax payable Deferred tax liabilities

Lease obligations

   $o-Sept-z      3• Dec-eS    Changes      %    

3 54*, 9 S.3›•.37° I^.78o,o8i) (33)

J,0S9 ••S a,o 6,z39 •3 o86 i

zo6, zog zo6, zog

9,oozr (9,00a) (zoo)

Borrowings Deposit for shares Total liabilities

Share capital Share premium Other Reserves

Total Equity

6z,°A3 6z,og$ -

g6$,ogy 9^3, 9

$,6o, 688 ( , joy, » *4,8A7.788

7 *4$,8z8 (7*8 * 98*)

(z6z)

Total habilities and equ ty

" "”"

INCOME STATEMENT

Insurance Revenue

Insurance Service expenses

Net expenses on Reinsurance contracts nsurance Service Result

Investment return

Operating expenses and other expenses

3

INTERNA TIONAL ENEPG Y INSURA NCE PLC

Management Account -both September zozg

SharehoIdingSt'uctureandFreefloatStatus

for the period ended y ath September aoa3

Company name Year end Reporting Period

Share Price at end of reporting period

International Energy Insurance Plc 3zstDecember

$o•Sept•ad

NT./* 13 December zoz$: N1-7"t

Declaration:

1. International Energy Insurance Plc with a free float percentage of §z.66% as at 3° September z°*s,is compliant with The Exchange‘s Free Float requirements for companies lasted on the Main Board.

2. International Energy Insurance Plc with a free float value of NgZz,*83,8^5* I‹ as at 3° September dozy, is compliant with The Exchange's Free Float requirements for companies listed on the Main Board

Securities Trading Policy

In compliance with Rule zz s Disclosure of Dealings in Issuers' Shares, Rulebool‹ of the EXchanpe zoo (Issuers Rule) International Enerpy Insurance Plc maintains a Security *rading Policy which guides Directors, Audit Committee members, employees and all individuals categorised as insiders as to their dealings in the company's securities. ”he policy is periodically reyiewed by the Board and updated, The Company has made specific inquiries to all its director and other insiders and is not ware of any infringement of the policy during the period under review.

Rules Governing Free Float Requirements

In accordance with Rule z,z - Rules Governing Free Float Requirement:

International Energy Insurance Plc complies with the Exchange's free Float requirement.

INTERNA TIONAL ENERG Y INSURA NCF. PLC

A4anogement Account- both September work

Investment income

Net gains on FVTPL investments

Net gains on investment property

9 a877*7

97,8o8

iO.1

Net foreign exchange income/(expense) Net investment income

Finance expenses from insurance contracts issued Finance income from reinsurance contracts held Net insurance finance expenses

10.2

*9'*

             3ky 

         $8$,892 

Net insurance nnd investment result

Other income

Credit loss reversal/(expense)

Other finance cost Operating expenses Profit before income tax

i,876,•7°

3 (2to63)

'4.3 (9  ?7A)

2t99°i 2Z

i688,9*7

Income tax expense

3°.*

Profit for the end of period i, i58,563 

Earnings per share

Basic earning per share (Kobo)

*7 66 #9

The accounting policies and the accompanying notesy m an integral port of thesefinancial statements.

INTERNATIONAL ENER G Y INSURANCE PLC

Can agement Acrount- 3oth 5epi ember zos

Statement of Comprehensive Income

for the period ended 3•thSeptember z••s In thousands of naira

Profit/(Loss) for the year

Items that may be reclassified to profit or loss

Note     $o•Sept-z$ 

8s ,8O7

  3°-5ept-z$

i„q8,q6j

Net gains on investments in debt securities measured at FVOCI Change in Fair value on equity instrument designated at fair value through other comprehensive income

Other comprehensive income, net of tax

Total comprehensive income for the year

Total comprehensive income attributable to: Owners of the Company

i8 (96,8s9)

               (96,®59)              

               z,¥8,z,63  

i,i§8,§63

The accounting policies and the accompanying notesjorm an integral part of thesefinancial statements.

33

INTERNATIONAL ENERGV INSPRANCE PtC

Manogeio ent Accoun ts- 3oth Septem te amy

Statement of Financial Position As at both September zoz$

in thousands of naira

Assets

Cash and cash equivalents Financial assets

Fair value through profit or loss

Fair value through other comprehensive income At Amortised cost

Premium receivable Reinsurance contract assets

Other receivables and prepayments Investment properties

Intangible assets Property and equipment Statutory deposit

Total assets

Note

*9

*9.*

*9.*

zo

$o-Sept-•s

3°6, 3

6zz,oaq

903 609

3iDec-*C

*9/97

Liabilities and equity Liabilities

Insurance contract liabilities Other Technical liabilities Provisions and other payables Current income tax liabilities Deferred tax liabilities

Laase obligations Borrowings Deposit for shares

Total liabilities

Equity

Share capital Share premium

lrredeemable Deposit for shares /ConvertibIe Debt Statutory contingency reserve

Capital reserve

Property revaluation reserve Fair value reserve Accumulated losses

Total equity of the Company

zy

z8

*9 3o

33

34

g6.z 6qz,o#g

g6 g63,*97

$8 y,gz6,399

yg ao6 ztz8

z,y67 897

**5,53®

z, 6o,8iz

337, *8

zo6,zo9

g 00ft

i6, 9#,z83

   z,o66,o09

, s6,7°®

6qzo j 6jo

3,336,$zo y,gz6,399

Total liabilities and equity

These financiaI statements were approved on zyth October z°•s and signed on its behalf by:,

Uyi Osagie

Chief Financial Officer FRC/zoa6/ICAN/ooooooz$yo§

Anthony Uzodinma Edeh

Non-Executive Director FRC/zoz$/PRO/FORM Coy/ooh/oooooozz8zz

The accompanying accounting polioiea and nofes lo the finanoia| slatemenls form an integral part of lhese financial slalements.

34

INTERNATIONAL ENERGY INSURANCE PLC

Management Account - both September zor$

Statement of Changes in Equity

jar the year ended $zst December dozy

In thousands or naira

As at z January zoz§

Impact of initial application of IFRS zy Restated balance as at z January zozg

Profit for the year

Other comprehensive income Total comprehensive income/loss

Transactions with owners of the Company

Contributions and distributions Transfer between reserves

At 3• December zozg

Profit for the end of period

Other comprehensive income/(loss) Total comprehensive profit/(loss)

Transactions with owners of the Company Contributions and distributions Reclassification of long term borrowing Transfer between reserves

As at both September z°•s

Trredeemable Deposit for

shares/ Statutory Property

Share Share Convertible Contingency Capital Accumulated revaluation Fair value capital premium Debts reserve reserve losses reserve reserve

-

* 7€5 €€^ 7 926399 (2§,67^.ag6) z,zo6 zrz8

gz8,688

(*°.77*,*93)

6qz,°43 g63°97

6qa,O$j 963,°97

-

-

8z,B°7

-

(g6,8s9)

Iss, ss›

Total

8 i,8o

(9*.®59)

See accompanying summary of significant accounting policies and notes to the financial statements which form an integral part of these financial statements.

lNTfRNATlONAt fled Y1N5U8AL C£ PIC Ma nagement ncco unt - 30th September 2025

Statement of Cash flows

for the period ended 3othSeptember z••s

In thousands of naira

Operating activities

Premium received from oolicy folders Reinsurance premium paid

Fees and Commission received

Commission paid and other underwriting expenses Insurance benefT ts and C|aims paid to custome rs CIaims received from re-insurers

Cash oa Td to and on behalf of Employees Othe r oDerating cashoutflow

Cash used in operating activities

income tax paid

Net cash used in operating activities

^9

8.i

a3

*S.*47 *3°'73C

Investing activities

Purch ase of property, plant and eauipment Purchdse of equities meas ured at FVTPL

Proceeds from disposaI of prope rty, plant and equioment

Pt rchase of investment prope rties *S Proceed from disposal of placements

Purchase of lntangible assets n6

Dividend received 9

Othe r income received

Pi'oceeds from sale of associ ate company Interest rece wed

Purch ase of financial asset Purch ase of equity investme nt

Cash provided by investing activities

(276,6z)

(6,75*)

(397,6z6)

*3'9CS

Financing activities Payment of lease liabilities Interest paid

Withdrawal/Repayment of deposeI for shares

35 (6,94*)

(z,o63) d"39)

3y (3é°°é°°)

Cash used in financing activities

Net decrease in cash and cash equivalents

Cash and cash eauivalents at beginning of the year Effect of fore Tpn exchange differences

12 3iy *7›23* 

Cash and cash equivalents at end of tha period     5 3** 37°  

The accounting podicies and the accompanying notes form an integral part of these financial statements.

53

Notes to the F-Isa net al Statem eats - Conti nued

s lnsura nce revenue

insurance revenue from contracts mea sured Under PAA (Note GB) Total lnsurande revenu e

7 lnsurance servi ce expenses

incurred claims

losses oc oncross ronirncts Orid reverrel o/ the Iosses

Othet di ect|y attributable expenses (Note ZJ Tota| Insurance Service Expenses for the year

8 Net expenses from reinsurance contracts heId

)n thousands of naira Reinsv ror+ce commission

55pnges in risk Od usrment on re/nsurOnre

set expenses/fom reinsufonce contracts held

g 1nvestm cut income

/n thomoods o/ nOtrO

Interest income - bank deposits Interest on statutory depo sit

nterest on treas ury bil Is (within go days) nterest on Com rnerci al Papers

Devidend income earned

Foreign eXchange gain (casf1 and cash equivalent)

a Net Realised gains/(loss) on financial assets

g eailsed gain on sales of Quoted equity securities (see note 9 ^) Unrealised gain on sales of Ou oted equity securities (See Note tg'*)

Nct la ir vat ue 9aim(1oss j on investme nt propeni es {see note z3)

tt Other income

Sundry income

Gain on disposai oIfixed assets

z, Net credit impairment loss

In thousands of naira

Ca sh and cash equivaien ts (see note zg)

     $o Sept-•   

3o-Sept-z5

365,g63

3o-Sept-z5

No-Sept-z$

97 8"8

No-Sept-,s 36,zy3

go-Sept-z$

   3°-Sept•2G

*9 *"*

INT8RNAT!ONAL ENERGY Ifi!SLJRANCE PLC

Mona9ement Accouat 30tb Septembe c 2025

Notes to the Financial Statements Continued

ln thousands af naira

Interest on lease obligations

   3°•Sept-a'i 

z,o6$

  3°-Sept-az+

Ineterst charged on Working Capital Funding

Net finance costs/expenses

     5,9°fi  

In thousands of naira

Employee benefit expenses (Note :t§. ) Other operating expenses (Note zg.z)

In thousands of naira Wages and salaries Other staff costs Pensions

tn thousands of naira

Directors emoluments Auditors remuneration Depreciation Amortisation

Lecjal fees and other fees

Motor running expenses

Subscription Donations

Brand and Communications Repairs and maintenance Rent and rates

Postage and telephone Transport and trave||ing Printing and stationery Security expenses

Oil and diesel Insurance and license

State and local government levy NAICOM Levy

Entertainment expenses Board Expenses

Filing fees Office Cleaning

Newspapers & Periodicals ICT consumables

!nt:e*-net subscription

Dank charges Electricity and utilities Fines and penalty Marketing expenses

Corporate strategy expenses Staff productivity bonus AGM Expenses

Other Expenses

Less:

  3°•Sept-z$

8°3,°9

$o-Sept•a$

3 9

68$ o

68,

zo,$g8

g6,"77

g8o

95, 9?

W, zd

3,893

tzy 69§

6

2,s69

3 :t8

35 °Z

6zjo

239

  $o-Sept ozi 

d33,3 9

  *.3s9,8y8  

   a,8g$,*97  

  3°-Septo§ 

zt8z,5yt

,987

     z8, y6a  

  3°-Sept•oz+

z6,66y

:t$, ooo zz8,g8o

$,zoo z68,6y gz,c6y

zo,o6y

6oo

** ° 7

6,j88

* ,99

',938

S,®77 3+93

z,6j3

z3,598

z6,a5g 8 3y8

who,ooo

*8,68q

*,359,8y8

Staff productivity bonus - "Provision no longer required"

!n thousands of naira

Otfier directly attributable expenses (Note y) Non - Attributable expenses

     (65°, oo) gg8 68g

  9**,*7# 

  **3°*7*  

63

iNTeRfiJA TIONAL ENERGY IfiJSURAN6E PLC

Management Account - 30th September 2025

Notes to the Financial Statements - Continued

Compensation of key management personnel

Key management personnel of tfie Company includes aI! directors, executives and non-executive, and senior The summary of compensation of key management personnel for the year is as follows:

The table below shows the number of employees (excluding Directors} of the Company who earned emoluments in

Emolument range

=N=z,Ooo oOZ - =N-3."°°,°°^

=N=$,ooo,o os - =N=g,ooo,noo

=N-§, ooo,ooh =N=$,ooo, ooo

=N=$/ ooo,o or - =N=8 ooo,ooo

=N=8,ooo,ooh - =N= onoao,aoo

Number

9

zs

i8

Number

'9

=N=zo,ooo,ooz - and above

              zo   

72

Basic loss per share is calculated by dividing the results attributable to shareholders by the weighted average number of ordinary’ shares in issue at the reporting date.

The following reflects the loss and share data used in the basic loss per share computations:

In thousands of naira $o-Sept-z   $o Sept-,§ 

Net profit/losses attributable to owners Weighted average number of shares for the year

Basic and di|uted loss pei sham e

Change in fair value gain/(loss) on financial assets FVOCI

8yi,8oy

:t,z8g,o8$

       66  

   3°-Sept-z$

(96,8$9)

   (g6,8$g) 

i,*;8,q63

64

eg. ¥ Ft nanetaI assets at pa ir Va Iue INra ugh Oth er tompre hensiy a In4D W 4•

Equ i+y instruments designated e t rair value through other comprehenaiv e in<>

Heritage 8anking Compnny Limited WAICA RE

EAIPN

First Aluminium

West Afric• c'lass Industry

UNION BANlt oF NIGERIA*

s.°s°

The additions duri ng the year were the equtt tas o toekz formerly ‹lassified Vhdet the g00tAd 4gVttl94 WhT*h have been de-lslted on tha N igerian Stock flxchange. (NGX)

Additions/(Disposal)*

Investment written oFf as Bed Debt - Heritage 8enk At End of peri ad

Additions during the yeer inte'rest earned

g ac)asst ficaIt on to Casq end cash Eg uiva Ients (Sed itste II) 6 0d t0OW kg'g)

A t I2nd of period

1 8rea gdown of Finan Ia] aszeIN a t a mortise d Nos t. e Commert a I papars insued by V FD Grou p

b avtoal Funds with CardinalStone Money Marl‹et Fund

zo Premi um redeivablbs

at Begun Tng of year

Add: cross Premium written

Less: Premium Received from polic'/ holders At End of pariod

1. Age enalysis of Premium recei yabIe

   {i) Wi thin z§ Days

   ‹ii› Within c5" 3o Days

   ‹iii) WTfhin > - go Days

   {iyj Wi thi n gt Days Above z8o Days

   {b) The analysis of Due from Brokers is as follows:

   Due from Insuran

   (98r8S9)

   $o-Sept- s

   g*-Dec- zg

   3i -Dec- z5

   zg,gy0

   ai Reinsurance enntr•ct •ssets

   As»ato for remaining Noverege {Note H.x) Assets for In urred Claims (N ate za.z)

   At End of period

   66

   INTERNA TIONAL ENER C Y!NSURAN€E PLC

   Mpn0gem ent Acrownt - 3stb Septemher aozy

   Notes to the Financial Statements - Continued

   Other receivables and prepayments

   In thousands of naira

   Sundry receivables (Note •3t')T b Prepayments (Note z$(ii))Less:
   Provision for Impairment (Note •3 (iiiJT At End of period

   1. Sundry receivables Intercompany Receivables Staff Debtors

      Accrued interest Income

   2. Prepayments Rent and rates

      Insurance of Company‘s assets Staff welfare

      Legal and professional fees

      Prepaid expenses on Staff HMO scheme ICT Consumables

      Minimum and deposit premium (M&D)

   3. Provision for Impairment

        3°-Sept-2§

      aij,oo6

           ’°°,7    

      S+3,788

        ?°,'79)  5°3,609 

      6i,s8y

      99, z6

         5’ €°5  

         ”3  *°*  

         2 O,y82  

        3'-Dec-zs

      'S3,S7C

         *37,3'9  

      *9°, 93

         (’W’79) 

         ’®°r7lA  

      S8,9 2 8s.082

         +9 5S°  

         ^53.57€  

      92,6s9

      9Mg6

      ’,33A

        *°,9°° 

        '37,3*9 

      In thousands of naira

        3°-Sept-is $z-Dec•z$

      At Beginning of year Allowance during the year

      '°,*79

      '°,*79

      Written-off during the year

      At End of period

             *" *79 

      Current

      z68„8

      *3®.726

      Non-current

           '3S,3'4 

           qo ,6og 

      68

      Notes to the Financial Statements - Continued

      23 Investment properties

      At Beglnning of year Improvements (see note a$(b)) Reclassification (see note a$(b)) Net fair va|ue adjustments

      At End of period 8,z8„8o8 

      gt-Dec-aq 6¿¿g,6

      Furtner analysis and details ot the investment properties including their locations are stated oeiow. These includes the carrying amount and the

      corresponding fair value adjustments recognized in the profit or loss.

      Description of properties
      	Status of
      	Title	$o•Sept-o$		3 -Dec-z5
      	Perfection
      IEI Ibadan Estate, Liberty Poad, Oke Ado, Ibadan	in progress	a,o37,Syz		*,"3".7*9
      z§, Ada Road, Port Harcourt, Rivers State	Perfection in progress	8oo,oao		¿, 8oo, oao
      Plot zg§ Jide Olri Street, Victoria island Lagos	Deed of Assignment	a,$oo,ooo
      	Perfection
      $ Swimming Pool Road, GRA, Near Gamji Gate, Kaduna, Kaduna State	in progress	•«,*•7    8,a8T,8o8

      Va|uation techniques used for fair valuation of investment properties

      This represents tfie Company's investment in building and landed property for the purpose of capital appreciation. The investment propenies are stated at fair value, which has been determined based on valuations performed by a qualified estate surveyor. The investment properties were independently yaIued by Messrs Benson Omoruyi & Co ( a registered estate surveyor & valuer) with FRC Number FRC/zot$/NlE5V/ooooooo3a°7as at both September ,oak, based on valuation model in accordance with that recommefided by the International Valuation Standards Committee. Yhe determination affair value of the investment property was supported by market evidence.

2. The movement in investment properties are as follows;

   Description/Location	IE1 lbadan Mtate, liberty Road, Olte Ado, lbadan	Road, Kaduna, Kaduna state	t4, Aba Road, Riyers State	Plot 194 Jlde Okl Street, Vlrtorle Island,		Closing Balance
   At T Janua r'/ 2024	1,384 616	118,000	3,160,000	1,650,000		6,373,615
   Additions during tha year	16,701	892		-		17,593
   	629,4 63	28,395	6P0,000	660,000		1,967,848
   At 3:I December 2074	2,030,769	144,2G7	3,800,000	2,800,000		8,349,056
   Additions during tha yea r	6,752	-
   bransfers during the year
   At end of perlad	2,037,52t	i44,287	3,800,OP0	2,300,000		,$8t,808

   69

   Notes to the Financial Statements • Continued

   Intangible assets

   at z January eozk

   Additions

   W.i.P Core Application At 3z December aoa§ Additions

   W.I.P Core Application

   At end of the year/period

   Accumulated amortisation•

   At a January aoa§ Charge during the year At z December aoa§

   6,ooo

        5,z9'i 

        a$$,863

        §,§$o 

   «6767

   Charge during the year

   At end of the year/period

   Carrying amount:

   At both 'September aoo$

   At $tst December yolk

           23S728   

        **7.822   

   Notes to the Financial Statements - Continued

   Property and equipment

   At z January zozk Addltlo ns

   DIspasai

   Peelassl fixation

   At $z December woz4

   Addition s/l mp rovem ents (see note z/(i), below) DIsposals

   At 3oth September zoz$

   Ac‹umutated depre<>

   At z J annal zo2g Charge for the year Disposals

   At g Deremb er zozzi Charge for the year

   At oth Septe mder zoa$ Carrying value

   At 3ot fi Septem her cosy At est Dece m ber zozk

   Work•in- Furoiture,

   (Land & Plant and & computer

   zo,6o3

   Land Build ings Buidiing) m ack inery Motor vehicles equipment Total

   (*89)

   (*9'88S)

   79,S48 (8,y6g)

   3iB,o3a

   ea6,333

   zo,ooo

   6#,ono

   38y,3›J

   y8,353

   *8*7*7 +8*, A*7 *,°87, 477

   1. capital Worl‹-in progress - Impro vement on the Land and Building property situated at No. 6, Ohaeto Road, Port Harcourt, Rivers State.

The Company has commenced tfie reconstruction and remodelling on the Land and Buidling situated at No !3, Ohateo Stree t, Port Harcourt, Rivei's State at the cost of Nzg .y mi!lIon as at $zst December zozk.

T|›e property was transferred from Investment properl y to Propei y and equipmen t, as the Company Intends to occupy the property for its opera tions on completion

z6 Statutory deposit

3z-De c-zg

Mini slum sta tutoiy deposit

Non current

Sta tutpry de posit re prcsen ts the amounf deposited wi fh the Central Banl‹ of Nigeria iiJ a‹corda nce with 5action g (z) and get tion zo ( ) of IiJsurance Ac t Art onod. This is restrieted cash a s ma nagem en t does not ha ve access to the bd Iances in its day to day actl titles. Sta tutory deposi ts are measured at cost and a ttract interest rate a t a rate determined by the Central Bank of Nige ria.

71

Notes to the Fin ancial 5tatemen ts - Continued

/n thousands o/o0/rn

Liab+IIty for Rem aruing Coverage (see note zy z belov)

L+abil ity for Incurre d Cla ims (see note z7.i below}

INTERNATIONAL ENERGY IN5U RANCE PLC

Mana9e mc nt Accon nt 3ot h Se pte m her zoz

  3i-Dec-z5 1,653,§go

   7•é'5o6  

insurance contract liabhities excluding Insurance acguIsition cashflows, and other pre-re cognition cash flows

insurance acquis jtion cash flow assets insurance Contract Liabilities

Liabilit y for Pemaining Coverage Excluding loss component

Loss komponen t

Liability for Incurred Claims

Estm ates of present v alue of (uture Basle Allows

R!sk ad ustment for non financix Irfsk

Total Insurance contract liabilities under PAA

  3°-Se pt-z5 

5*3,6CO

  »o„j 

6 3,8d

  3i- Dec-zq 

   •i367 897   

Deposit premium Tree n ote $z a)

Premium on reinsuran be cont rant recogn ised durfng the year Reinsurance premium paid durihy the year

Additlons/TAllocation) during the year

At end of pen ad

as at the date when the trarisactions /vas in IIIa ted

In thausonds o/no/ra

3a Dec-*g

     3a-Dec-u   

(8$,y$y)

Sundr'/ ‹redi ton (see no ie $a 3)

Uncla Inned dividend (see note $z , below) z6,6zo

ag.x Unclalmed Dividend

The b¿]aIce op the Upc|a1med Dividend ir in red peat oT part of the d!virJend declared to the shareholders of the Company which has remained on unclalmed as It ddt4.

Accrued e•9enses (see note 3o z i, below}

qg q Accrued Expanses oompri ses oT the follow ing

ICT (M ieto soft licenses) & lntemeI subsci Iptlon Statutory levies, fines & Dves

37.797

Notas to the FinanciaI Statements - Continued Provisions and other payables (contd)

5taff coopera tive Other creditorz

Additions made during rhe year g$,30g

* ReclassiIncation of Amoun t due to RAML to 0 theI Borrowin9 (Working Capiral Finan‹ing) Note $g z z,797,3z9 At end of period

+ Amoun t rJue to NAML pa s reclassllied to OIleer Barrowing ‹Working CapI tal Financing) see noie g6. z, as these haa been deeme J to be due for repayment oY er 6$cIa ys tenar

at end or penod

3o.i lncome tax ex penses:

value added tax CapiI aI GaIn Tax glamp Duty

Dererred fax expense

Analy*i* of tax charge for tfie year

Edr›cat on tax aI gâ

Information teclanolo9y clevelopmen I levy

Deferred tax charge (temporary dlfferen<>

•°^,+9°

3,i6r,g 8

3,688,gy8

N ates I a IN e Financi al Stat emen t* - Continued

Deferred taxation

At beginning of year

De ferred 1n‹ome tax expense re‹ognised in profit or loss

At end of period

Payment made dur!ng tile year At end of period

Daewoo 5e‹urities (Europe) Limited (Note $$.*)

O ther BorrowIng ‹Working Capi tal Financing) (Naie gg ¥)

$$.e Borrowings Daewoo Secunities (Evrope) Limited

Reclasz ifi‹ation of Long term Oe6 t of Daevvoo Loan to IrreJeem able DeposiI for zhares

     3*-Dec-z   

$g. Other Borrowing (Worming Capital ’inan”n9)

Auctued Interest charged on Wotking Capi tal funding

International Energy Insurance Plc issued a bond valued at z,Bio,ooo,ooo Japanese Yen TJPY) to Daewoo Senmities (Emope) Limited who have acted aa the foreign aMen t. The bond has a tenor of eo years commencing on z§ January zoo8 and maturing on z$ January xoz8. The bond was lssved at a zei o coupon in telex I rate A premmm of zg6 of the face value of the bond is payable on the maturits date.

The band has aption to subscrib e to the eequity of the Compan y for the period tommencIng on z$ January oog and c'o’i’g an ¥g January zaz8. The opI Ion 1.1ghts under clause q af

the option agreemei4t slater that the Nama equivalen't valve of the bond held shâII form the consider a tion for tfie shares for whlch the option r'9hIs are being issued

The Campany ma tituted litigation again I the bon d iazuer on the grou*›d tha t the bonds were to be !ssued lot long team finance from mul t1ple indieidval and ins tltutIonal hovestors and also What iI never an titipated thaI Daeaoo who ached as her Financial Addiser, Fund arranger and Lead Manager would be the Role pin ancei, Asslgnee or Bene ficlafy of the

thaI the agreem er›I was ‹au'jht 5y "5tatute of Limitatlon", the Company trea ted Daewoo bond as principal less repaymenIs to date e*cludIng acerued In terest from aozg, based on the outcome of two review of the bond by legal and financial honsultanas Howes er, a fler our nonsulta tions Y1th the Flnanclal Reporting Council of Niger la ‹FRCN) during the period under review, the accrued interest which was preylously charged from prior to g of tile sum of N§.z6billion was reversed on rhe ovutanrJing boncl to dale, Pendin9 the determination of the naat ter in court Moreove i, the Cantpany shall hon tinue ro be appIying prevailing exehanbe i a te on rhe outs ran ding baIance un til when the matter is resoldefi Please, see below the amor tisa tion loan schedule toge ther wi th the backprovnd in forms tion on the Bond

The Boar'J has been engaging the new owner of the loan to restruc ture the said loan by exploring the best suited options to both par ties. The mee ting n yeil'Jing a positive result.

$$.z.e 0 ther Borrowln9{Warking Capl tal FInancIng)