Quarter 5 - financial statement for 2024

for the year ended 31st December 2024

DOYIN OWOLABI & CO.

(Chartered Accountants) 14, Falolu Street,

Off Itire Road, Surulere, Lagos.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Table of contents Page

Corporate Information 2

Results at a Glance 3

Shareholding Structure and Free float Status 4

Directors' Report 5

Management Discussion and Analysis 8

Corporate Governance Report 10

Certification Pursuant to Section 60(2) of Investment & Securities Act No. 29 of 2007 15

Risk Management Declaration 16

Report of the Audit Committee 17

Statement of Directors’ Responsibilities in Relation to the Financial Statements 18

Repor

Environmental, Social and Governance (ESG) Report19

Certification of operating effectiveness of Internal Control Over Financial Reporting - MD/CEO 20

Certification of operating effectiveness of Internal Control Over Financial Reporting - CFO 21

Report on the Effectiveness of Internal Control over Financial Reporting as of 31 December 202 22

Independent Auditor's Attestation Report on Management's Assessment of Internal Control 23

over Financial Reporting

Independent Auditor's Report 25

Statement of Profit or Loss and Other Comprehensive Income 32

Statement of Financial Position 34

Statement of Changes in Equity 35

Statement of Cashflows 36

Notes to the Financial Statements 37

Other National Disclosures:

• Valued Added Statement 110

• Five-Year Financial Summary 111

Company Secretary Detail Nominees Company

FRC/2014/00000004789

DCS Place, 8, DCS Street, Off Remi Olowude Way Lekki Phase 1, Lagos

Registered Office FF Towers, 13/14, Ligali Ayorinde Street, 9th Floor,

Victoria Island, Lagos

RC No 6126

Solicitors AARNDALE

15, Adedeji Adekola Street.

Off Freedom Way

Lekki Phase 1, Lagos

Solola & Akpana

3B, Tokunbo Omisore Street,

Off Wole Olateju, Lekki Phase 1, Lagos

Auditors Doyin Owolabi & Co. (Chartered Accountants) FRC/2013/ICAN/00000000101

14, Falolu Street, Surulere, Lagos.

Bankers Keystone Bank Limited United Bank for Africa Plc. Zenith Bank Plc.

First Bank of Nigeria Access Bank Plc.

GT Bank Plc.

Clearpay Microfinance Bank Limited

Actuaries Okpaise Olurotimi Olatokunbo FRC/2013/PRO/NAS/004/00000000738

Zamara Consulting Actuaries Nigeria Limited 4th Floor, Plot 1637, Ibuken House,

Adetokunbo Ademola Street, Victoria Island, Lagos

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Financial Highlights

for the year ended 31 December 2024

FINANCIAL POSITION

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Shareholding Structure and Free float Status

for the year ended 31 December 2024

Company name International Energy Insurance Plc

Year end 31st December

Reporting Period 31-Dec-24

Share Price at end of reporting period N1.70 (31 December 2023: N1.39)

Declaration:

1. International Energy Insurance Plc with a free float percentage of 41.66% as at 31st December 2024, is compliant with The Exchange’s Free Float requirements for companies listed on the Main Board.

2. International Energy Insurance Plc with a free float value of N909,354,719.70k as at 31st December 2024, is compliant with The Exchange’s Free Float requirements for companies listed on the Main Board

Securities Trading Policy

In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of the Exchange 2015 (Issuers Rule) International Energy Insurance Plc maintains a Security Trading Policy which guides Directors, Audit Committee members, employees and all individuals categorised as insiders as to their dealings in the company's securities. The policy is periodically reviewed 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 2,2 - Rules Governing Free Float Requirement:

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

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Directors’ Report

For the year ended 31 December 2024

The Directors present their Financial Statements on the affairs of International Energy Insurance Plc (“The Company”) together with the Company Audited Financial Statements and the Auditors’ Report for the year ended December 31, 2024.

Principal activities and Business review

The principal activities of International Energy Insurance Plc are the provision of general business risk underwriting and related financial services to corporate and retail customers.

The following are members of the Board of Directors who held office during the year and at the date of this report, these directors were:

Alhaji Buka Goni Aji, OON, CFR Chairman

Mr. Olasupo Sogelola Managing Director/CEO

Mr. Anthony Uzodinma Edeh Non-Executive Director Alhaji Mohammed N. Mijindadi Non-Executive Director

Dr. Chamberlain S. Peterside, Ph.D. Independent Non-Executive Director Dr. Adeyinka Hassan, Ph.D. Non-Executive Director

Mr. Oluwateniola O. Eleoramo Non-Executive Director

Directors’ interest in contracts

The disclosure that Dr. Adeyinka Hassan, Ph.D. is the Managing Partner at H. Michael & Co, the Company's Legal Advisers. Declaration was made in pursuant to Section 303 of the Companies and Allied Matters Act, 2020.

Directors' interest in shares

The Directors had no interest in, nor held shares in the Company.

Agents and Brokers

The Company maintains a network of licensed agents. The Company also renders services directly to its customers as well as through a varied network of brokers who are licensed by the National Insurance Commission (NAICOM) contracts during the year.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Directors’ Report (Continued)

Complaints Management Policy Framework

Complaint Management Policy has been prepared in compliance with the requirement of the Nigerian Capital Market (SEC Rules) issued by the Securities & Exchange Commission and the Nigerian Stock Exchange Directives (the NSE Directives) as well as in recognition of the importance of effective engagement in promoting shareholders/investors' confidence in the Company and the capital market.

Reinsurance

The Company had reinsurance treaty arrangements with the following companies during the year: African Reinsurance Corporation Continental Reinsurance Plc.

WAICA Reinsurance Corporation Plc. Nigerian Reinsurance Corporation

FBS Reinsurance Limited PTA/ZEP Reinsurance Company

NCA Reinsurance Company Aveni Reinsurance

Post balance sheet events

There has been no material change in the Company’s financial position since 31st December, 2024 that would have affected the true and fair view of the Company’s state of affairs as at that date.

Property and Equipment

Investment in property and equipment during the year is limited to the amounts shown in the Note 27 to the financial statements. In the opinion of the directors, the market value of property and equipment is not less than the value indicated in the financial statements.

Research and Development

The Company is not involved in any research and development activities.

Employment and Employees:

Employment of disabled persons

The Company believes in giving full and fair consideration to all current and prospective staff. No disabled person (2023: Nil) is currently employed by The Company. There are procedures in respect for those employees who became disabled, to be assigned duties that are commensurate to their disabilities.

Employees’ Involvement and Training

The Company is committed to keeping employees fully informed as much as possible regarding the Company’s performance and progress. Views of employees are sought, where practicable, on matters which particularly affect them as employees. The Company runs an open door management policy. Management, professional and technical expertise are the Company’s major assets and investment in developing such skills is continuous. The Company’s expanding skills base is being brought about by a wide range of in-house and external training. Opportunities for career development within the Company have also been broadened. Incentive schemes designed to meet the circumstances of each individual are implemented wherever appropriate and some of these schemes include productivity bonus, promotion and salary review.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Management Discussion and Analysis For the year ended 31 December 2024

Management objectives

This Management Discussion and Analysis (“MD & A”) is designed to provide the readers with an overview of the Company’s profile, business strategies, performance update and its forward-looking statements.

The Management Discussion and Analysis has been prepared as at 31 December 2024 and should be read in conjunction with the audited financial statements and the related notes to the audited financial statements.

International Energy Insurance Plc is a registered Company incorporated in Nigeria and its major business activities are provision of Insurance risk underwriting to Public Sector, corporate and individuals customers in Nigeria. The Company is also established and run in such a way that it will become one of the major operators in the Insurance Industry in Nigeria with future outlook to expand and to diversify its business.

Management focus in the period to come is to adopt initiatives and actions that will guarantee the growth of the Company including introducing additional capital necessary to reposition the Company

Business Strategy of the Company and Overall Performance

IEI Plc is running a (5) five year strategic cycle plan from 2023 - 2027. Our ambition is to be a major key player in the Insurance Industry in Nigeria, focusing on more revenue generation and market share within the corporate and retail market segments. We would pay more attention to improving Operational Efficiency to deliver quality service, Simple and unique customer experience across all selling points. We will seek to maintain best practice in buisness ethics. Our Brokers remain our biggest partners, we would strive to strengthen our relationships with them. We will continue to grow the market by pursuing new customer segments and distribution channels. We can only serve these new segments by understanding the customer and coming up with innovative products that meet their needs, that is within their budget and easily accessible. We believe that the Retail and Travel Insurance segments will deliver the next phase of our growth. We would work towards driving insurance uptake by segment by becoming the Insurer they think of in momemts that matter.

Financial performance

The following is a summary of the Company’s operating results:

In thousands of naira                  2024            2023        Changes            % 

The Company reported profit of N3.162Billion for the year ended 31st December 2024 compared to the profit of N931Million expereinced in the prior year 2023 and Insurance Revenue grew by 106% compared to that of 2023.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Management Discussion and Analysis (Continued)

The Company reported an insurance result at the end of the year amounted to an insurance service result of N3.416Billion compare to an insurance service result of N2.301Billion reported during the year ended 31 December 2023.

Operating expenses for the year totalled N2.657Billion (December 2023: N1.610Billion), representing 106% increase when compared to prior year expense. The Company has continued to put structures in place to ensure costs incurred are optimised and value created.

Forward Looking Statements

The Management Discussion and Analysis contains factual statements relating to International Energy Insurance Plc's financial and other projections, expected future plans, event, financial and operating results, objectives and performance as well as underlying assumptions all of which involve risk and uncertainties. These statement reflect management's current belief and are based on information available to International Energy Insurance Plc and are subject to certain risk, uncertanties and assumptions.

Some aspects of the statement above relate to the Company's future outlook. Reference to the Company's or Management's budget, estimates, excpectations, forecasts, predictions or projections constitute aspect of the "forward looking statements". Such statements may also be deduced from the use of conditional or forward-looking terminologies including but not limited to words such as "anticipates", "believes", "estimates", "expects". "may", "plans", "projects", "should", "will", or the adverse varliants of such which appear within the body of this document.

Many factors and assumptions may affect the manifestation of the Company's projections, including, but not limited to, production rate, claims rate, employee turnover, relationships with brokers, agents and suppliers, economic and political conditions, non-compliance with laws or regulations by the Company's employees, brokers, agents, suppliers, and/or partners, and other factors that are beyond its control.

Without prejudice to the Company, such forward looking statements reflect Management's current belief and are based on available information which are subject to risks and uncertainties as identified. Therefore, the eventual action and /or outcome could differ materally from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes.

The forward-looking statements in this document reflect the Company's expectations at the time the Company's Board of Directors approved this document, and are subject to change after this date. The Company does not undertake any obligation to update publicly or to revise any such forward-looking statements, unless required by applicable legislation or regulation.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Corporate Governance Report

The Board of Directors (the “Board”) of International Energy Insurance Plc (“IEI” or “the Company”) remains committed to upholding the highest standards of corporate governance, ethics, and professionalism. We recognize our primary responsibility to foster a culture of integrity, transparency, and accountability across the organization. In pursuit of this objective, the Board continues to ensure strict compliance with ethical standards, applicable laws, regulations and guidelines governing the conduct of business generally as well as our primary sector, insurance in Nigeria, as we work toward the sustainable achievement of our corporate goals.

In furtherance of its oversight function, the Board has maintained a consistent focus on regulatory compliance and engagement. Through our corporate governance reporting mechanisms, we have provided timely explanations and disclosures to relevant regulators, reaffirming our commitment to transparency and ethical business conduct.

IEI conducts its operations within a robust regulatory framework, guided by the enabling laws under which it was incorporated and the corporate governance codes and directives issued by the National Insurance Commission (NAICOM), the Financial Reporting Council of Nigeria (FRCN), the Nigerian Exchange Group (NGX), the Securities and Exchange Commission (SEC), and the Corporate Affairs Commission (CAC). In addition, we align our governance practices with global best practice standards to ensure operational excellence and long-term sustainability.

Following the acquisition of a 50.61% majority stake by Norrenberger Advisory Partners Limited (“NAPL”), a mandatory take-over offer (“MTO”) to minority shareholders of the Company by NAPL was triggered in accordance with Section 131, Part XII of the Investment & Securities Act (as amended) and Rule 4 of the SEC Rules & Regulations on Mergers, Takeover, and Acquisition, 2021. NAPL made an MTO to the minority shareholders for the acquisition of up to 634,212476 ordinary shares in IEI at a price of N1.60k on the same terms and conditions agreed with the shareholders that sold shares to NAPL in the initial transaction. Following the MTO, NAPL now holds 51.17% majority stake in the Company.

The Company’s business has been strengthened through strategic initiatives such as targeted talent acquisition at both executive and junior levels, product innovation, and the integration of technology into core business processes. These efforts have contributed to measurable progress, including increased premium income, improved public perception, and a growing share of the market.

STRENGTHENING CONTROLS AND ACCOUNTABILITY

In line with our commitment to prudent risk management, the Company has enhanced its internal control frameworks to safeguard stakeholder interests and promote operational integrity. As reflected in the Statement of Directors’ Responsibilities and the accompanying financial disclosures, IEI adheres to globally accepted accounting standards, thereby ensuring the accuracy, transparency, and reliability of our financial reporting.

ETHICAL STANDARDS

The Board remains steadfast in its commitment to ethical leadership and integrity in all aspects of the Company’s operations. IEI upholds a culture where ethical considerations and due process are embedded in decision-making at every level. In line with this commitment, all directors and employees are required to disclose any interests that may give rise to a conflict with their fiduciary responsibilities, particularly those involving affiliations within the insurance sector. To reinforce this standard, the Company has implemented a suite of governance and ethics policies designed to guide conduct and promote accountability throughout the organization.

CORPORATE STRUCTURE

Shareholders’ Meeting

In line with its commitment to sound corporate governance, the Company acknowledges its shareholders as the highest decision-making authority, as provided in the Company’s Memorandum and Articles of Association. The Annual General Meeting (“AGM”) of the Company, a statutory obligation is to be held annually while an Extra-Ordinary General Meeting may be convened at the request of the Board or shareholders representing at least ten percent (10%) of the Company’s paid-up share capital.

These meetings are open to all shareholders and/or their duly appointed proxies, with adequate notice provided to encourage broad participation. While the Company did not hold an Annual General Meeting in 2024, a shareholders’ meeting was properly convened in connection with the Mandatory Take Over (MTO).

The Board of Directors of International Energy Insurance Plc has overall responsibility for ensuring that the highest standards of corporate governance are maintained and adhered to by the Company. The following structures have been put in place for the execution of corporate governance strategy:

Governance Structure

The Board of Directors bears ultimate responsibility for ensuring the Company adheres to the highest standards of corporate governance. To support this mandate, the Company has instituted a multi-tiered governance framework comprising:

The Board of Directors of International Energy Insurance Plc has overall responsibility for ensuring that the highest standards of corporate governance are maintained and adhered to by the Company. The following structures have been put in place for the execution of corporate governance strategy:

1. Board of Directors

2. Board Committees

3. Management and;

4. Consultants (where necessary)

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Corporate Governance Report

BOARD OF DIRECTORS

During the period under review, the Board met to set policies for the operations of the Company and ensured that it maintained a professional relationship with the Company’s Auditors to promote transparency in financial and non-financial reporting.

The Board met seven (7) times within the year under review. The Board Members are:

*Following the resignation of H. Michael and Co. as Company Secretary with effect from 14th May 2024, Detail Nominees Company was appointed as the new Company Secretary effective 15th May 2024.

ROLES OF THE CHAIRMAN AND MANAGING DIRECTOR

In alignment with the NAICOM Guidelines on Corporate Governance for the Insurance Industry and the Nigerian Code of Corporate Governance 2018, IEI maintains a clear separation between the roles of the Chairman and the Managing Director/Chief Executive Officer (“MD/CEO”). This structure promotes an appropriate balance of power, ensures effective oversight, and supports sound governance practices.

The Chairman is primarily responsible for the leadership and overall effectiveness of the Board. Working closely with the MD/CEO and the Company Secretary, the Chairman sets the agenda for Board meetings and ensures that discussions are conducted in a structured and productive manner. He fosters a cohesive Board culture, ensures the availability of accurate and timely information to all Directors, and encourages active participation and accountability. The Chairman also acts as the principal liaison between the Board and the MD/CEO and presides over general meetings of shareholders.

The MD/CEO is charged with the day-to-day management of the Company and is accountable for implementing the strategic objectives and policies approved by the Board. He leads the execution of the Company’s long-term business strategy, oversees operational efficiency, and ensures that business decisions align with the Company’s overall vision to deliver sustainable value to stakeholders.

By maintaining this separation of roles and clear delineation of responsibilities, the Company continues to enhance the effectiveness of its governance structure and decision-making processes.

ROLE OF THE BOARD

The Board of Directors of International Energy Insurance Plc is charged with providing overall strategic direction and oversight to ensure the long term success, sustainability, and ethical operation of the Company. It is responsible for promoting sustainable shareholder value while balancing the interests of all stakeholders, including regulators, employees, clients, and the wider community.

In discharging its oversight responsibilities, the Board:

* defines the Company’s corporate strategy, objectives, and performance metrics, and monitors their implementation by Management.

* provides policy direction to Management and ensures alignment between short-term goals and the Company’s longterm strategic vision.

* reviews and approves the annual budget and major business plans, including investments, acquisitions, and divestments.

* ensures the integrity and reliability of the Company’s accounting and financial reporting systems, including the approval of quarterly, half-yearly, and annual financial statements.

* oversees the internal control environment, ensuring that robust risk management and compliance frameworks are in place and effectively

* ensures the integrity and reliability of the Company’s accounting and financial reporting systems, including the approval of quarterly, half-yearly, and annual financial statements.

* oversees succession planning for key executive positions and ensures that the Company is adequately resourced with the right leadership and talent.

* approves the constitution and membership of Board Committees, including their charters and mandates.

* conducts performance evaluations of the Managing Director and Executive Management team.

* ensures that the Company’s operations reflect high ethical standards and comply with all applicable laws and regulations.

* promotes transparency, disclosure, and effective communication with shareholders and other stakeholders

BOARD MEETINGS

The Board meets quarterly to deliberate on key matters related to the Company’s performance, strategic direction, risk oversight, and governance responsibilities. Emergency meetings may be convened as needed to address urgent issues requiring immediate attention.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Corporate Governance Report

In line with good governance practices, all Directors receive timely notice of meetings, together with the agenda and comprehensive meeting

packs, to enable adequate preparation and effective participation. Where a Director is unable to attend a meeting, the meeting materials are still Decisions requiring urgent action between scheduled meetings may be taken through written resolutions, as permitted under the Company’s

Directors’ Board Meeting Attendance in 2024

The record of the Directors’ attendance at Board meetings during the year under review is as shown below.

The Board met seven (7) times during the year under review as shown below.

Key

BOARD COMMITTEES

The Board carries out its oversight responsibilities through four standing committees (“Committees”), each established to support the effective discharge of specific governance functions. The Committees operate in accordance with formal charters that clearly define their purpose, composition, authority, meeting frequency, tenure, and reporting obligations to the Board.

In line with corporate governance best practice, the Chairman of the Board does not sit on any of the Committees, thereby maintaining independence and clarity of oversight.

The Committees of the Board are:

1. Statutory Audit and Compliance Committee

2. Finance, Investment & General-Purposes Committee

3. Enterprise Risk Management Committee

4. Nominations, Governance & Remuneration Committee

1. STATUTORY AUDIT & COMPLIANCE COMMITTEE

   Statutory Audit and Compliance Committee (the “SAC Committee”) is established in compliance with Section 404 of the Companies and Allied Matters Act (CAMA) 2020 and plays a vital role in supporting the Board’s oversight of the Company’s financial reporting and compliance framework. The Committee is responsible for monitoring the integrity of the Company’s financial statements, reviewing internal and external audit processes, and ensuring adherence to legal and regulatory requirements.

   The Statutory Audit & Compliance Committee is composed of five members: two (2) Non-Executive Directors and three (3) shareholder representatives, in accordance with statutory provisions. It works closely with the internal and external auditors to ensure that the Company maintains effective internal controls and risk management systems.

   The Statutory Audit & Compliance Committee also reviews the adequacy of financial disclosures and makes recommendations on matters

   related to the appointment, remuneration, and performance of the external auditors. The members of the Statutory Audit & Compliance Committee are:

   S/N	Name	Designation
   1	Mr. Moses Igbrude	Chairman/ Shareholders' Representative
   2	Mr. Oyinwola Mosunmola	Member/ Shareholders' Representative
   3	Chief Augustine Anono*	Member/ Shareholders' Representative
   4	Dr. Chamberlain S. Peterside, Ph.D.	Member/Independent Non-Executive Director
   5	Mr. Anthony Uzodinma Edeh	Member/Non-Executive Director

   * Deceased

   INTERNATIONAL ENERGY INSURANCE PLC

   Financial Statements for the year ended 31st December 2024

   Corporate Governance Report

   The Statutory Audit & Compliance Committee met seven (7) times during the year under review as shown below.

   Key

   6	Present
   X	Absent
   D	Decease d

   S/N	Name	Designation	Jan 31, 2024	Feb 26, 2024	Mar 21, 2024	Apr 26, 2024	Apr 29, 2024	Jul 31, 2024	Oct 15, 2024
   1	Mr. Moses Igbrude	Chairman/ Shareholders' Representative	6	6	6	6	6	6	6
   2	Mr. Oyinwola Mosunmola	Member/ Shareholders' Representative	6	6	6	6	6	6	6
   3	Chief Augustine Anono*	Member/ Shareholders' Representative	6	X	6	X	6	D	D
   4	Dr. Chamberlain S. Peterside, Ph.D.	Member/Independent Non- Executive Director	6	6	6	6	6	6	6
   5	Mr. Anthony Uzodinma Edeh	Member/Non-Executive Director	6	6	6	6	6	6	6

2. FINANCE, INVESTMENT & GENERAL PURPOSES COMMITTEE

   The Finance, Investment & General Purposes Committee (the “FIGP Committee”) supports the Board in fulfilling its strategic and financial oversight responsibilities. The Committee serves as a delegated forum for evaluating and making informed recommendations on investment opportunities, capital allocation, and the optimal utilization of the Company’s financial resources.

   Specifically, the Committee advises the Board on strategic financial planning, including the review of Key Performance Indicators, capital structure, funding strategies, and the approval of capital expenditure and specific capital projects. It plays a critical role in ensuring that investment decisions are supported by sound analysis and align with the Company’s long-term objectives.

   The FIGP Committee also performs oversight functions to ensure that the Company’s financial resources are deployed efficiently and in compliance with applicable laws, regulatory requirements, and Board-approved policies. By providing informed guidance and oversight, the Committee contributes to strengthening the Company’s financial health and driving sustainable growth.

   The members of the Finance, Investment & General Purposes Committee are:.

   S/N	Name	Designation
   1	Mr. Anthony Uzodinma Edeh	Chairman
   2	Mr. Oluwateniola O. Eleoramo	Member
   3	Mr. Olasupo Sogelola	Member

   The FIGP Committee met four (4) times during the year under review as shown below.

   Key

   6	Present
   X	Absent

   S/N	Name	Designation	Feb 06, 2024	May 07, 2024	Jul 30, 2024	Oct 21, 2024
   1	Mr. Anthony Uzodinma Edeh	Chairman	6	6	6	6
   2	Mr. Oluwateniola O. Eleoramo	Member	6	6	6	6
   3	Mr. Olasupo Sogelola	Member	6	6	6	X

3. ENTERPRISE RISK MANAGEMENT COMMITTEE

   The Enterprise Risk Management Committee (“ERM Committee”) is delegated by the Board to provide oversight of the Company’s risk management framework and ensure the effective governance of enterprise-wide risks. The ERM Committee is responsible for identifying, assessing, and monitoring all material risks that could impact the Company’s operations, strategy, and reputation.

   The ERM Committee plays a central role in defining the Company’s risk appetite and tolerance levels, ensuring that these are aligned with strategic objectives. It oversees the development and implementation of systems, processes, and internal controls designed to manage risks across all facets of the business.

   In fulfilling its mandate, the Committee monitors and provides guidance on the management of various categories of risk, including strategic, operational, financial, regulatory, reputational, environmental, and ethical risks. It also ensures the Company’s risk management practices are compliant with applicable laws, regulations, and internal policies.

   The members of the Enterprise Risk Management Committee are:

   S/N	Name	Designation
   1	Dr. Adeyinka Hassan, Ph.D	Chairman
   2	Dr. Chamberlain S. Peterside, Ph.D.	Member
   3	Alhaji Mohammed N. Mijindadi	Member

   INTERNATIONAL ENERGY INSURANCE PLC

   Financial Statements for the year ended 31st December 2024

   Corporate Governance Report

   The ERM Committee met four (4) times during the year under review as shown below.

   Key

   6	Present
   X	Absent

   S/N	Name	Designation	Feb 02, 2024	May 06, 2024	Jul 29, 2024	Oct 24, 2024
   1	Dr. Adeyinka Hassan, Ph.D.	Chairman	6	6	6	6
   2	Dr. Chamberlain S. Peterside,	Member	6	6	6	6
   3	Alhaji Mohammed N. Mijindadi	Member	6	6	6	6

   Corporate Governance Report

4. NOMINATIONS, GOVERNANCE & REMUNERATION COMMITTEE

The Nominations, Governance & Remuneration Committee (“NGR Committee”) is responsible for advising the Board on matters relating to Board composition, corporate governance practices, and the remuneration framework for Directors and staff. The Committee plays a critical role in ensuring that the Company maintains high standards of leadership, accountability, and ethical conduct.

A key focus of the NGR Committee is the periodic review of the structure, size, diversity, and overall effectiveness of the Board and its Committees. It is mandated to recommend changes as necessary to ensure that the Board is properly constituted to discharge its duties effectively and in line with applicable regulations and best practices.

The NGR Committee oversees a transparent and merit-based nomination process, which includes defining the selection criteria for Board appointments, assessing potential candidates for qualifications, relevant experience, and potential conflicts of interest, and recommending suitable individuals to the Board for approval. It also evaluates existing Directors for re-nomination, considering their performance, contributions, and continued alignment with the Company’s strategic goals. All Director appointments recommended by the Committee are subject to the approval of the Board and, where applicable, confirmation by shareholders at the general meeting in accordance with the Company’s Articles of Association and applicable regulations.

The members of the Nominations, Governance & Remuneration Committee are:.

The NGR Committee met four (4) times during the year under review as shown below.

Key

Certl0cctlon Pursuant to Sectlon 6o(a) of lnyastmant and Se«ui1tIae Act No. sq ofzéo7

we the undo/slgned, hereby cartlfy tha fo1IowIng with regards to our • dited ftnancTaJ statemenu for the yeer ended Oecemb•.^3* ••.•

thet:

(Ilj

{ill)

wehsve revlewed the repon and to tha best of our knowledge, the report does not contain:

• Any untrue statement efa maierlal fact, or

  €jmlsslon to state a material fact, whlcfi would mete the statements, misleading In the ll9fit of cIrcvm• n* •^de^ ! 8 •**8

  statements wera made;

• To the best of our knowledge, the fJnanclal statements and other flnanclal Informatlon IncI,uded in the report fairly present in all ms‹e lal respects the flñancJal condltlon end results of operation of the'Company as of, and for the years presented in the report.

  Wei:

• ere responslble for establishing and malntalnlng TntgrnaT controls.

• have designed such Internal ControT¥ £o ensure that material Information relating to the Company Is made #n0wn tO.suEh officers by others wlthin those entities p¥rtJcularly dvrlng the period In which the perlodlc reports are being prepared;

• Seva evaluated tha effectlveneys of the Company's Internal controls as Of date withln go days prior to the'r.epo

  « have presented In the report our conclusions about the effectiveness of our Internal controls based on our evaluation as of that date;

  We have' disclosed to the eudlton of the Company and audlt commlrtee:

  " ell slgnlflcent deficiencies In the daslgn or operation of Intern¥i controls Which wovld adven.efx affect the Company's ability to recerd; process, summarize and report financial data' and have Identified for rhe Companys's audJtors any material weakness in Internal controls, end

• any fraud, whether or not material, that Involves managerñent or other employees who have significant role in the Company's Internal co'ntrolsj

We have Identlfied In tha report whether or not there were slgrilficant chañ'geS Tn Internal controls or other factors that could significantly affect Internal tontrojs subsequent to the date sf our evaluation, including any corrective actions with ragard to significant deficiencies and

materlsl weaknesses.

c7th June, aoz$

Risk management Declaration

y/g Board of IntematfoneT Energy Tn sure me Ph hereby procid esa Rfk Manageme nt EiecIaration and state that t•• tfie best'c'f Its l

b. Thc BoanJ is s'afisfied with tht'efFga o€,£he process@ and syste'ms zvrrond•ng the ploductlori of flnanclaT fnformot*op of The

' Comp8rry;

The Corfipany gp@ m p #qy pty# | janagemejjt Strampy, developed Tn accordance with tfie requirements of thls guideline,

Corripâny; havfng regard* to srrcfi.factors BE the also, busJness m* and tomblexlty. of tfie Companies @^8 88*' material ^^^P^*

tg't ¿gqnc;a/ condltlon andresults of oparation alibi Comp'any as of,.and for the yea' prtsanted ^the report.

gn'th'ony Uzodinma Edeh

Non-E¥ecuitive DIzekor

16

Statement:of oirectozs" Responsibilities In Relating No the Pre paraton of the Financ(at statements for the year onded gz December zoz§

-i-he companies and allied IViatters not, ?o•o regulr•• ife oir•e state of flnandel aP¥frs of the Company at chs and of'the' ye4r and Its

proñt orloss end other comprehenilve Income.

Tharesponslbllicles Tndude ensuring that the company:

• kaeps proper accc'untlng records thct dlsclose, with reasonable accuracy, tha nnanciai position ef tha Company end Jts subsidiary end comply wIth.sha raquliamenu ofthe Companies and AI1Ied Matten Act, Joao

• a'stabIiihes adaquata Internal controls tosafeguard Itsectets end to prevent end detect freud and other Irragu4artfles; and

y p/'p'g@$ }p finanE]al §tp'tementS U8{ft§ SU]t6b e BcggWUflg QOTIU8¥ ¥UQg0l ted bg F¥BS00¥b) B ¥f1d QfUd¥0t UdgM¥ PU

and eñlmates and are cons1stently applied

-Fhe olrectois accept responsib|lIty for tata prepsratlon and fair presantatlon of 1;he*f|nancIaI. statements, which have béan. prepared using apprepfiate accounting policies supported by reasonable and prudent jadgmems end estlmétes, In confon-nity i'th International rlnandal Reporting Standards, end the relwant proylslons ef the companies •88 Jii•a

(NAiCOjvlj, thaPenslon'Raform Act ao and Flnencal Reporting Council ofNIge'r1* W zozt.

come to the anenUon ot the. Directoryto Indicate that the Company wJ1l n’ot.reman a going conc•

Anthony Uzed1nm8 Edeh Non•ñxe@tive Director

•RC/xo¥ /PRO/FORM W}{@O/OOOOooszgW

v t•oJasvpo Sogelola. N•nxs1ng orecter

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Environmental, Social and Governance (ESG) Report

International Energy Insurance (IEI Plc) demonstrates a steadfast commitment to the principles of Environmental, Social, and Governance (ESG) initiative. The initiative is anchored on the fundamental pillars of environmental protection, social responsibility, and institutional advancement. Guided by the oversight to the company's Board, a robust long-term strategy has been meticulously developed to address all pertinent ESG considerations.

The company has broadened its social impact by actively engaging in endeavours aimed at bolstering client protection principles and support. These efforts encompass transparency initiatives, the development of beneficial products tailored to safeguard diverse client interests, stringent measures to protect client data privacy, and the establishment of an effective feedback mechanism to address client's concerns, thereby enhancing service delivery. IEI Plc is dedicated to preserving and safeguarding the environment through conscientious management of water and electricity resources. Rigorous maintenance practices for generators and vehicles are upheld to minimize fuel consumption. Additionally, the company has implemented safety measures such as the installation of first aid kits and fire safety equipment across all branches and at the head office.

IEI Plc ensures that staff members receive regular training on fire safety and emergency first aid protocols. There are also closed-circuit television cameras in strategic places in the workplace to always ensure the safety of staff members and monitor movement within our facility at every given time.

Initiatives aimed at reducing energy consumption, including the installation of inverters and energy efficient bulbs, are also actively carried out. Industrial printers have been introduced to curtail paper usage, contributing to sustainability efforts. Efforts are also being taken to ensure that staff members are acquainted of their health status through comprehensive training sessions on health awareness and informative lectures facilitated by the company's health services providers.

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Certification of operating effectiveness of Internal Control Over Financial Reporting - MD/CEO

To comply with the provisions of Section 11 of SEC Guidance on implementation of Sections 60-63 of Investments and Securities Act 2007, I hereby make the following statements regarding the Internal Controls of International Energy Insurance Plc for the year ended 31 December 2024.

I, Mr. Olasupo Sogelola, certify that:

1. I have reviewed the Report on the Effectiveness of Internal Control over Financial Reporting as of 31 December 2024 of International Energy Insurance Plc (“the Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the entity as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I:

   1. are responsible for establishing and maintaining internal controls;

   2. have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, [and its consolidated subsidiaries, is made known to us by others within those entities,] particularly during the period in which this report is being prepared;

   3. have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards;

   4. have evaluated the effectiveness of the Company's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation.

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control system, to the Company’s auditors and the audit committee:

   1. That there are no significant deficiencies or material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

   2. That there is no fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control system.

6. The Company's other certifying officer and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of our evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.

Mr. Olasupo Sogelola (Managing Director/CEO) FRC/2016/CIIN/00000013713

17th June, 2025

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Certification of operating effectiveness of Internal Control Over Financial Reporting - CFO

To comply with the provisions of Section 11 of SEC Guidance on implementation of Sections 60-63 of Investments and Securities Act 2007, I hereby make the following statements regarding the Internal Controls of International Energy Insurance Plc for the year ended 31 December 2024.

I, Mr. Uyi Osagie, certify that:

1. I have reviewed the Report on the Effectiveness of Internal Control over Financial Reporting as of 31 December 2024 of International Energy Insurance Plc (“the Company”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the entity as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I:

   1. are responsible for establishing and maintaining internal controls;

   2. have designed such internal controls and procedures, or caused such internal controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, [and its consolidated subsidiaries, is made known to us by others within those entities,] particularly during the period in which this report is being prepared;

   3. have designed such internal control system, or caused such internal control system to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards;

   4. have evaluated the effectiveness of the Company's internal controls and procedures as of a date within 90 days prior to the report and presented in this report our conclusions about the effectiveness of the internal controls and procedures, as of the end of the period covered by this report based on such evaluation.

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control system, to the Company’s auditors and the audit committee:

   1. That there are no significant deficiencies or material weaknesses in the design or operation of the internal control system which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

   2. That there is no fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control system.

6. The Company's other certifying officer and I have identified, in the report whether or not there were significant changes in internal controls or other facts that could significantly affect internal controls subsequent to the date of our evaluation including any corrective actions with regard to significant deficiencies and material weaknesses.

Mr. Uyi Osagie (Chief Financial Officer) FRC/2016/ICAN/00000015704

17th June, 2025

INTERNATIONAL ENERGY INSURANCE PLC

Financial Statements for the year ended 31st December 2024

Report on the Effectiveness of Internal Control over Financial Reporting as of 31 December 2024

The management of International Energy Insurance Plc ("the Company") is responsible for establishing and maintaining adequate internal control over financial reporting as required by the Securities and Exchange Act, 2007 and the Financial Reporting Council (Amendment) Act, 2023

The management of International Energy Insurance Plc assessed the effectiveness of our internal control over financial reporting of the Company as of 31 December 2024 using the criteria set forth in Internal Control - Integrated Framework, 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission, (“the COSO Framework”) and in accordance with the SEC Guidance on Implementation of Sections 60 – 63 of Investments and Securities Act, 2007.

As of December 31, 2024, the management International Energy Insurance Plc did not identify any material weakness in the design and the operating effectiveness of its internal control over financial reporting. As a result, management has concluded that the Company’s internal control over financial reporting was effective.

INTERNATIONAL ENERGY INSURANCE PLC external auditor Doyin Owolabi & Co. (Chartered Accountants), which audited the financial statements included in the Financial Statements for the year ended 31st December 2024, has issued an attestation report on management’s assessment of the entity’s internal control over financial reporting. The attestation report of Doyin Owolabi & Co. (Chartered Accountants), that audited its financial statements will be filed as part of the INTERNATIONAL ENERGY INSURANCE PLC annual report.

There were no changes in our internal control over financial reporting that occurred subsequent to the date of our evaluation of the effectiveness of internal control over financial reporting that significantly affected, or are reasonably likely to significantly affect, the Company’s internal control over financial reporting.

Uyi Osagie Olasupo Sogelola

Chief Financial Officer Managing Director/CEO

FRC/2016/ICAN/00000015704 FRC/2016/CIIN/00000013713

17th June 2025 17th June 2025

Doyin Owolabi & Co.

Chartered Accountants

Independent Auditor's Limited Assurance Report

To the Shareholders of International Energy Insurance Plc

Report on Llmtted Assurance Engagement Performed on Management’s Assessment of Internal Control Over FlnancJai Reporting

Ve have performed a limited assurance engagement on whether internal contro1 over financial report! g •f International Cnergy lnsasurance Plc as of 31 December 20Z4 is effective In accordance with the chteria established in Internal Control - Integrated Framework

{2013) Issued by the Committee of Sponsoring Organi2atlons of the Treadway Commission ("the COSO Framework")] and tfie FJnancial Reporting Council of N'8^°• GUTdance on Management Report on Interhal Contra[ Over Financial Reporting.

Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us IO believe that International Energy Insurance Plc Internal control over financial reporting as of 31 December 2024 is not effective,in all material respects, fn accordance with the criteria established In the COSO framework and the Flnancial Reporting Council of NiggFT8 GUfdance on Management Report on Internal Control Over Financial Reporting.

Basis for Conclusion

We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 300'0 (Revised), Assurance EngagementsOther Than Audits or reviews of Historical Financial information Issued by the International Auditing tind Assurance Standards Board (iAAsB) and the Financial Reporting Council of Nigeria Guidance on Assurance Engagement Report on Internal Control over Financial Reporting. Our responsibilities are further described in the "Our responsibilities" section of our report.

be have complied with the independence anâ other ethica! requirements of tf›e International Code at £thi€5 f9f ProlysslonatAccountant (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IE58A).

Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform audits or Reviews of Financial Statements, or Other Assurance or Related Servlets Engagements, issued by the IAASB. This standard requires the firm to design, Implement and operate a system of quality management, including po|icies or procedures regarding compliance with ethica1requirements, professional standards and applicable legal and regulatory requirements.

We believe that the evidence we have obtainedIs suffJCfgnt and appropriate to provide a basis for our COOCluslon.

Other Matter

We have audited the financial statements of International Energy Insurance Plc in accordance with the Intematlonal Slandards ctn Auditing, and oUr report dated June 4 2025 expressed an unmodified opinion of those financial statements.

Our conclusion is not modified in respect of this matter.

Respensibilities for lntern&T CObttOl 9Ver F}nanclaf Reportlng

The Board of Directors of International Energy Insurance Pie is responsible for maintaining effective internal contra! over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included In the accompanying Management'sReporL OUF FB5ponsibility is to express a conclusion on the Company's internal control oyer financial reporting based on our assurance engagement.

I4, Falolu Sq off lira Raad, ISO Box l6, Surulere

Te4: 0a03 359 4053, 0B03 SS 1 939 I E-mail:doyinowoIabiaudit{@yahoo-com

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF INTERNATIONAL ENERGY INSURANCE PLC REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial Statements of International Energy Insurance Plc ("the Company"), which comprise the statements of financial position as at December 31 2024, and statements of profit or loss and other comprehensive income, statements of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements give a true and fair view of the financial position of the Company as at December 31 2024, and their financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) , the provisions of the Companies and Allied Matters Act, 2020, the Insurance Act 2003 and relevant policy guidelines issued by the National Insurance Commission (NAICOM), the Investment and Securities Act 2007 and in compliance with the Financial Reporting Council of Nigeria (Amendment) Act, 2023.

Basis For Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Interna tional Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Nigeria, and we have fulfilled our other ethical responsibilities In accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainity Relating to Going Concern

We draw attention to the fact that the company did not meet the regulatory solvency margin whilst there was a negative solvency margin of N18.2billion as at December 31, 2024 (2023: N20.3billion) (see note51.1 pg 95 ). The note indicates that these conditions, along with other matters, indicate the existence of a material uncertainity which may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor‘s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks o f material misstatement of the financial Statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.

25

I OEPENOENY AUOITOR'S REPORT

Doyin Owolabi & Co.

Doyin Owolabi & Co.

INDEPENDEnT AUDIFOR'S REPORT

TO THE MEMBERS OF UT ERNA7IONAL ENERGY INSURANCE PLC REPORT ON TFIE AUDIT OF ONE FTNANCIAL STATEMENTS- CONTINUED

Other informatTo n

The Directors are responsible for the other inform ation. The other information comprises the intorma tion included in the document titled "International Energy lnsur ance Plc Annual Report for the year ended December 3t 2024, which includes Corporate Informatio n, Results at a Glance - Directors' fteport, Report of the Statutory Audit Committee, Corporate Governance Report, Statement of Directors' Responsibilities in Relation to the Preparation of the £inancial Statements, Sta tement of Corporate Responsibility for the Financial Statements and other National Disclos ures. The other information does not include the financial statements and our auditor's report thereon.

Our opinio n on the financiai statemen Is does not cover the other information and we do not express an audit opinio n or any form of assurance conclusion thereon.

In connectio n with our audit af the Financial Statements, our responsibility is to read the other informatio n and, in doing so, consider whether the other inform ation is materially inconsistent with the financial statements ar our knowledge obtained in the audit, or otherwise appears to be materially misstated.

if, based on the work we have performed, we conclude thar rhere is a material misstatement of this other informatio n, we are required to repart that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Statements

The Directors are responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, the provisions of the Companies and Allied Masters Act, 2020, the insurance Act 2003 and relevant policy guidelines issued by the National Insurance Commission (NAiCOM) , the investment and Securities Act, 2007 and in compliance with rhe Financial Reporting Council of Nigeria (Amendment) Act, 2023, and for such internal control as the Directors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial sta‹ements, the Directors are responsible for assessing the Company's abillt'/ 1o continue as a going concern, disclosing, as applicable, matters related co going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative buI ro do so.

Doyin Owolabi & Co.

INDE fiENDENT AUDITOR'S REPORT

TO THE MAMBERS OF INTERNATIOIgAL ENERGY INSURANCE PLC REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS- COnTIMUED

Auditor‘s Responsibilitles for the Audit of the filnanclal Statements

Our objectives are to obtain reason able assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issve an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee tfia t an audit conduned in accordance with ISAs

will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are oon$ider ed material if, individually or in the aggregrate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As pan of an audit in accordance with ISAs, we exercise professional judgemen I and maintain professionai scepticism throughout the audit. We aiso:

• Identify and assess the risks of material misstatement of tfie financial statements, whether due to fraud or error,

  design and perform audit procedures responsive to those risM, and obtain audir evidence that is sufficient and appropridte to provide a basis for our opinion. The risk of no1 detecting a materiai misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's interna) control.

• Evaluate the appropriateness of accounting pollcTes used and the reasonableness ot accounting estimates and related disclosures made by the Directors.

• Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a ma terlal uncertainty exists related to events or conditions that may cast significant doubt on the Company's abiiiry to continue as a going concern. If we conclude tha1 a material uncertainty exists, we are required to draw attention in our auditor's report to rhe related disclosures in the financial statements or, if such disclosures are inadequate, to modlfy our opinion. Our conciuslons are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and/or the Company to cease to continue as a going concern.

• Evaluate the overaii presentation, structure and content of the consolidated and separate financial statements, induding the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner ihat achieves fair presentation.

We communicate witfi tfie Oirectors regarding, amonp other matters, tfie planned scope and IIming of the audit and significant audit findings, Including any significant deficiencies in Internal control that we Identify during our audit.