FINANCIAL HIGHLIGHTS | |||
2018 N'000 | 2017 N'000 | Growth % | |
Major statement of financial position | |||
Total assets | 8,931,717 | 8,880,485 | 0.58 |
Shareholders' funds 2,515,475 2,203,861 14.14 | |||
Major statement of comprehensive | |||
income | |||
Gross premium | 1,044,107 | 1,596,995 | (34.62) |
Net premium earned | 671,126 | 986,217 | (31.95) |
Investment income | 32,463 | 38,625 | (15.95) |
Other income | 5,700 | 18,439 | (69.09) |
Net underwriting and claims expenses | 21,767 | (1,031,801) | (102.11) |
(Loss)/profit before taxation | 335,273 | (497,385) | 167.41 |
(Loss)/profit after taxation 315,275 (507,385) 162.14
Information per 50k ordinary share | |||
Earnings per share (kobo) | 3 | (5) | 163.24 |
Net assets (kobo) | 1 | 1 | 0.01 |
Stock exchange quotation (kobo) at 31 | |||
March | 50 | 50 | - |
Price earning ratio 0.07 (0.11) (1.63) | |||
Number of 50k shares issued | 9,341,088 | 9,341,088 | - |
Number of employees | 319 | 319 | - |
Number of branches 19 19 - | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2019 | |||||
31 | March 2019 | 31 | December 2018 | ||
ASSETS | Note | N'000 | N'000 | ||
Cash and cash equivalents | 8 | 401,343 | 412,084 | ||
Financial assets | 9 | 337,012 | 342,106 | ||
Trade receivables | 10 | 310,883 | 212,564 | ||
Reinsurance assets | 11 | 1,049,383 | 1,053,008 | ||
Other receivables and prepayments | 12 | 1,549,117 | 1,546,408 | ||
Deferred acquisition cost | 13 | 199,928 | 157,229 | ||
Investment in subsidiary | 14 | 327,937 | 327,937 | ||
Investment properties | 15 | 1,520,000 | 1,520,000 | ||
Deffered tax assets | 16.1 | - | - | ||
Leased assets | 17 | 157,704 | 168,733 | ||
Property ,plant and equipment | 18 | 2,738,960 | 2,797,656 | ||
Statutory deposit | 19 | 300,000 | 300,000 | ||
Intangible asset | 20 | 39,450 | 42,760 | ||
Total assets | 8,931,717 | 8,880,485 | |||
LIABILITIES | |||||
Insurance contract liabilities | 21 | 2,984,405 | 3,129,557 | ||
Financial Liabilities | 22 | 2,878,725 | 2,909,454 | ||
Trade payables | 23 | 86,061 | 204,553 | ||
Other payables | 24a | 338,495 | 314,504 | ||
Deferred tax liabilities | 16.1 | 98,050 | 98,050 | ||
Employee benefit liability | 26 | - | - | ||
Taxation | 27 | 30,506 | 20,506 | ||
Total liabilities | 6,416,242 | 6,676,624 | |||
EQUITY Issued share capital | 28 28a | 4,670,544 | 4,670,544 | ||
Share premium | 28c | 434,164 | 434,164 | ||
Revaluation reserve | 28d | 1,595,299 | 1,595,299 | ||
Fair value reserve | 28e | 364,813 | 368,475 | ||
Contingency reserve | 28f | 2,239,154 | 2,207,830 | ||
Retained earnings | 28g | (6,788,499) | (7,072,451) | ||
Shareholders' funds | 2,515,475 | 2,203,861 | |||
Non controlling interest | 28h | - | - | ||
2,515,475 | 2,203,861 | ||||
Total Liabilities and Equity | 8,931,717 | 8,880,485 | |||
Approved by the Board of Directors on 22nd April 2019. | |||||
SIGNED ON BEHALF OF THE BOARD OF DIRECTORS BY : | |||||
………………………………….. | …………………………………… | …………………………………. |
Jide Omotere | Bayo Fakorede | Prince Turoti Samuel |
Chief Financial Officer | Managing Director | Chairman |
FRC/2013/ICAN/00000002180 | FRC/2013/CIIN/00000004099 | FRC/2014/ICAN/00000006807 |
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2019
31
March 2019
31
March 2018
Note N'000 N'000
Gross Premiums written 29 1,044,107 1,596,995
Gross Premium Income 29a 782,544 1,309,746
Reinsurance expenses 29b (111,419) (323,530) | |||
Net Premium Income | 29 | 671,126 | 986,217 |
Fees and Commission Income | 30 | 27,339 46,442 | |
Net underwriting Income | 698,464 1,032,659 | ||
Claims expense | 31 | 185,846 | (795,092) |
Underwriting expenses | 32 | (164,078) (236,709) | |
Net underwriting and claims expenses | 21,767 (1,031,801) | ||
Underwriting results | 7 | 720,232 | 858 |
Investment income | 33 | 32,463 | 38,625 |
Net realised gain/(loss) on financial assets | 34 | - | - |
Other income | 35 | 5,700 | 18,439 |
Operating and administrative expenses | 36 | (399,590) | (516,964) |
Interest on convertible bond | 37 | (23,531) | (38,342) |
Impairment loss on trade receivables 38 - - | |||
Profit / (Loss) before taxation | 335,273 | (497,385) | |
Taxation | 27.1 | (19,998) (10,000) | |
Profit / (Loss) for the year | 315,275 (507,385) | ||
Other comprehensive income | |||
Net fair value gain (loss) on available for sale | |||
financial assets | 28e | (3,662) 14,615 | |
Foreign exchange translation gain/(loss) | 28f | - - | |
Appreciation on investment in subsidiary Total comprehensive income/(loss) for the year | - - 311,613 (492,770) | ||
Profit/(Loss) attributable to: | |||
Owner of equity | 315,275 | (507,385) | |
Non controlling interest - -
315,275 (507,385)
Total comprehensive income/(loss) attributable to :
Owner of equity 311,613 (492,770)
Non controlling interest - -
311,613 (492,770)
Earning per share(kobo)
Actual 3 (5)
Adjusted 3 (5)
The statement of significant accounting policies on pages 12 to 38 and the accompanying notes on pages 43 to 96 form part of these financial statement.
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2019 | |||||||
COMPANY | |||||||
Fair value | |||||||
Share | Share | Revaluation | (Available for | Contigency | Retained | Total | |
Capital | Premium | Reserve | sale) Reserve | Reserve | Earnings | Equity | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Balance as at 1 January 2018 Total comprehensive income for the year | 4,670,544 | 434,164 | 1,595,299 | 417,141 | 2,077,338 | (8,936,237) | 258,250 |
- | - | - | 14,615 | - | - | 14,615 | |
Issue of share capital | - | - | - | - | - | - | - |
Transfer to contigency reserve | - | - | - | - | 47,910 | (47,910) | - |
Transfer from (to) retained earning | - | - | - | - | - | (507,385) | (507,385) |
Dividend | - | - | - | - | - | - | - |
Revaluation surplus | - - - | - | - | - - | |||
Balance as at 30 March 2018 | 4,670,544 434,164 1,595,299 | 431,757 | 2,125,248 | (9,491,532) (234,520) | |||
Balance as at 1 January 2019 Total comprehensive income for the year | 4,670,544 | 434,164 | 1,595,299 | 368,475 | 2,207,830 | (7,072,451) | 2,203,862 |
- | - | - | (3,662) | - | - | (3,662) | |
Issue of share capital | - | - | - | - | - | - | - |
Transfer to contigency reserve | - | - | - | - | 31,323 | (31,323) | - |
Transfer from (to) retained earning | - | - | - | - | - | 315,275 | 315,275 |
Dividend | - | - | - | - | - | - | - |
Revaluation surplus | - - - | - | - | - - | |||
Balance as at 30 March 2019 | 4,670,544 434,164 1,595,299 | 364,813 | 2,239,154 | (6,788,499) 2,515,475 | |||
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2019 | ||||
31 | 31 | |||
March | March | |||
2019 | 2018 | |||
Cash flow from operating activities | Note | N'000 | N'000 | |
Premium received from policy holders | 945,787 | 1,367,417 | ||
Reinsurance receipts in respect of claims | 144,315 | 110,947 | ||
Reinsurance cost | (107,794) | (311,830) | ||
Cash paid to and on behalf of employees | (191,943) | (246,895) | ||
Other operating cash payments/receipts | (396,262) | (667,516) | ||
Commission paid | (11,773) | (28,539) | ||
Claims paid | (365,183) | (509,279) | ||
Tax paid | (9,998) | - | ||
Net cash provided by operating activities | 44 | 7,149 | (285,694) | |
Cash flow from investing activities | ||||
Purchase of property,plant and equipment | 18 | (2,438) | (26,807) | |
Purchase of intangible asset | (500) | (9) | ||
Fund placement proceed | (47,416) | 56,477 | ||
Dividend received | 15,162 | - | ||
Interest received | 17,301 | 38,625 | ||
Net cash provided by investing activities | (17,891) | 68,286 | ||
Cash flow from financing activities | ||||
Change in borrowings | - | 183,000 | ||
Proceeds from issue of share capital | - | - | ||
Repayment of finance lease liabilities | - | - | ||
Net cash used in financing activities | - | 183,000 | ||
Net increase/(decrease) in cash and cash equivalents | ||||
(10,741.54) | (34,408) | |||
Cash and cash equivalents at the beginning of the year | 412,084 | 976,660 | ||
Cash and cash equivalents at the end of the year | 401,343 | 942,253 | ||
Represented by: | ||||
Cash at bank and in hand | 8 | 401,343 | 942,253 | |
Cashbook overdrawn | - | - | ||
401,343 | 942,253 | |||
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019
RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENT
The Group's objectives with respect to capital management are to maintain a capital base that is
structured to exceed regulatory and to best utilize capital allocations
Insurance industry regulator measures the financial strength of Non-life insurers using a solvency margin model, NAICOM generally expects non-life insurer to comply with this capital adequacy requirement.
Section 24 of the Insurance Act 2003 defines Solvency Margin of a Non-life insurer as the difference between the admissible assets and liabilities and this shall not be less than 15% of net premium income (gross premium income less re-insurance premium paid) or the minimum capital base (3 billion) whichever is higher.
The test compares insurers' capital against the risk profile. The regulator indicated that the insurer should produce a minimum solvency margin of 100%. During the period, the Group consistently operated above the minimum. The regulator has the authority to request more extensive reporting and can place restrictions on the Group's operations as deemed necessary if the Group falls below this requirement.
The solvency margin for the Company as at 31 March 2019 is as follows:
ASSETS:
ADMISSIBLE | IN ADMISSIBLE | TOTAL | |||
N'000 | N'000 | N'000 | |||
Cash and cash equivalents | 401,343 | - | 401,343 | ||
Financial assets | 337,012 | - | 337,012 | ||
Insurance receivables | 310,883 | 310,883 | |||
Reinsurance assets | 1,049,383 | - | 1,049,383 | ||
Other receivables | - | 1,549,117 | 1,549,117 | ||
Deferred acquisition cost | 199,928 | - | 199,928 | ||
Investment in subsidiary | - | 327,937 | 327,937 | ||
Investment properties and land | 1,520,000 | - | 1,520,000 | ||
Leased assets | 157,704 | 157,704 | |||
Property and equipment | 2,738,960 | - | 2,738,960 | ||
Statutory deposit | 300,000 | - | 300,000 | ||
Intangible assets | - | 39,450 | 39,450 | ||
Total assets | 7,015,213 | 1,916,504 | 8,931,717 | ||
LIABILITIES Investment contract liabilities | - | - | |||
Insurance ccontract liabilities | 2,984,405 | - | 2,984,405 | ||
Borrowings | 2,878,725 | - | 2,878,725 | ||
Trade payables | 86,061 | - | 86,061 | ||
Other payables | 338,495 | - | 338,495 | ||
Deferred tax liabilities | - | 98,050 | 98,050 | ||
Current income tax liabilities | 30,506 | - | 30,506 | ||
Total liabilities | 6,318,192 | 98,050 | 6,416,242 | ||
SOLVENCY MARGIN | 697,021 | ||||
MINIMUM REQUIRED | 3,000,000 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019 RISK MANAGEMENT FRAMEWORK (CON'TD) CAPITAL MANAGEMENTThe Company further developed an internal capital adequacy model that assesses the risk of assets, policy liabilities and other exposures by applying various factors. The model calculates the capital required for each class of the broad risks identified by the Company and aggregates through co-variance methodology that considers the relationship between these risk categories.
As at period end, the Company showed a positive solvency margin of N697,020.96 and a solvency ratio of 23.23%
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019SEGMENT INFORMATION- COMPANY
Segment Information
Following the management approach of IFRS 8, the company is organised into eight operating segments. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. Management identifies its reportable segments by product line. These segments and their respective operations for the period ended 31 March, 2019 are as follows:
Fire
General accident Motor vehicle
Oil and gas Marine Aviation Bond
Engineering
General
Motor
Oil and
Fire
Accident
Vehicle
Gas
Marine
Aviation
Bond
Engineering
Total
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
Gross premium written
333,761
179,121
321,602
42,312
121,099
4,272
5,095
36,845
1,044,107
Gross premium income
228,855
102,298
269,739
101,295
44,901
3,293
878
31,285
782,544
Re-insurance expenses
(44,856)
(5,762)
(14,501)
(9,529)
(27,269)
(549)
(1,590)
(7,362)
(111,419)
Net premium income
183,999
96,536
255,238
91,765
17,632
2,744
(712)
23,924
671,126
Fee Income and commission
11,214
1,354
2,122
2,382
7,244
165
477
2,381
27,339
Investment returns -
Net underwritting income
195,213
97,889
257,360
94,148
24,876
2,909
(235)
26,305
698,464
Claim expenses(Gross)
(131,718)
(42,498)
(82,109)
(7,767)
(47,648)
(44,658)
-
(8,785)
(365,183)
Insurance claims recovered /
recoverable from reinsurers
181,755
239,341
247,760
(158,884)
47,915
(22,520)
330
15,331
551,029
Net insurance benefits and claims
50,038
196,843
165,651
(166,651)
267
(67,178)
330
6,546
185,846
Underwriting expenses
(51,878)
(21,247)
(39,495)
(24,393)
(19,701)
(872)
(171)
(6,320)
(164,078)
Total expenses
(1,840)
175,596
126,155
(191,044)
(19,434)
(68,049)
159
225
21,767
Reportable segment profit
193,372 273,485 383,516
(96,896)
5,442
(65,141)
(77)
26,530
720,232
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019SEGMENT INFORMATION CONT'D- COMPANY
The segment information provided by Management for the reporting segments for the year ended 31 March 2018
Fire
General
Accident
Motor
Vehicle
Oil and
Gas
Marine
Aviation
Bond
Engineering
Total
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
N'000
Gross premium written
372,786 302,849
470,970 200,544 179,844 1,983
9,329
58,691 1,596,995
Gross premium income
287,797
169,382
347,043
207,455
227,648
5,112
22,347
42,962
1,309,746
Re-insurance expenses
(160,910)
(10,549)
(7,123)
(121,295)
(7,273)
(16,161)
(218)
- (323,530)
Net premium income
126,887
158,833
339,920
86,160
220,376
(11,049)
22,129
42,962
986,217
Fee Income and commission
36,657
3,050
1,202
1,577
-
3,894
63
-
46,442
Investment returns
-
-
- -
- -
-
- -
Net underwritting income
163,544 161,883
341,121 87,737 220,376 (7,155)
22,192
42,962 1,032,659
Claim expenses(Gross)
(238,744)
(59,760)
(166,619)
(8,100)
(21,691)
(73)
(3,750)
(10,541)
(509,279)
Insurance claims recovered from reinsurers
(270,003)
(81,091)
(14,221)
33,089 56,800 (16,652)
(185)
6,449 (285,814)
Net insurance benefits and claims
(508,747)
(140,851)
(180,840)
24,989
35,108 (16,725)
(3,935)
(4,092)
(795,092)
Underwriting expenses
(76,732)
(46,097)
(67,299)
(7,786) (23,465) (491)
(4,130)
(10,709)
(236,709)
Total expenses
(585,480)
(186,948)
(248,139)
17,203 11,644 (17,216)
(8,065)
(14,801)
(1,031,801)
Reportable segment profit
(421,936)
(25,065)
92,983 104,940 232,019 (24,371)
14,127
28,161
858
31 March
2019
31 December
2018
N'000 N'000
CASH AND CASH EQUIVALENTS
Cash in hand 2,539 1,969
Due from banks and other financial
institutions (note 8.1) 398,804 410,115
401,343 412,084
Due from banks and other financial institutions
Balances held with banks 76,304 135,031
Placement with banks 322,500 275,084
398,804 410,115
Short-term deposits are made for varying period of one day and three months depending on the immediate cash requirement of the group.
For the purpose of cash flows, cash and cash equivalents comprises include cash and bank balances (as above)
401,343 412,084
31 | March 2019 | 31 | December 2018 | |
N'000 | N'000 | |||
9 | FINANCIAL ASSETS | |||
The group financial assets are summarised | ||||
below by measurement category : | ||||
Held to maturity (Note 9.1) | 9,993 | 10,468 | ||
Loans and receivables (Note 9.2) | 114,458 | 115,415 | ||
Available for sale financial asset (Note 9.3) | 212,561 | 216,223 | ||
337,012 | 342,106 | |||
9.1 | Held to maturity | |||
Government securities | 9,993 | 4,790 | ||
Treasury bills | - | 5,679 | ||
9,993 | 10,468 | |||
Due within 12 months | - | 1,350 | ||
Due after 12 months | 9,993 | 9,118 | ||
9,993 | 10,468 | |||
There are no impaired held to maturity investments at 31 March 2019 (2018 nil) | ||||
9.2 | Loan and receivables | |||
Staff loan | 114,458 | 115,415 | ||
114,458 | 115,415 | |||
114,458 | 115,415 | |||
Due within 12 months | 48,022 | 93,561 | ||
Due after 12 months | 66,437 | 21,854 | ||
114,458 | 115,415 | |||
9.2a | Staff loan | 117,107 | 118,063 | |
Allowance for impairment (Note 9.2c) | (2,648) | (2,648) | ||
114,458 | 115,415 | |||
For loans and receivables exceeding 12 months, the estimated | fair values of | the | loans and |
receivables are the discounted amount of the estimated future cash flows expected to be received. Expected cash flows are discounted factor at current market rates to determine fair value. For loans and receivables with maturity period of below 12 months, no discounting was applied.
9.2c Movement on the provision for impaired loans and receivables | are as follows : | |
Company | Staff loan | Total |
N'000 | N'000 | |
At beginning of year | 2,648 | 2,648 |
Provision for impairment Provision no longer required Amount written off during the year as uncollectible | - | - - - |
Unused amount reversed | 2,648 | - 2,648 |
Company Company
31 March
2019
31 December
2018
N'000 N'000
Available for sale investment
Listed 115,970 119,632
Unlisted 96,591 96,591
212,561 216,223
Due within 12 months - -
Due after 12 months 212,561 216,223
212,561 216,223
The Group investment in unquoted equity financial instrument could not be fair valued as there were no observable data for which the entity could be fair valued,the carrying amount was based on cost less impairment.
The quoted equity financial instrument are measured at market value,the cummulative gain or loss are recognised in other comprehensive income.
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019- The movement in financial assets may be summarised as follows:
Company | Held to maturity | Loans and receivables | Available for sale | Total | |||
N'000 | N'000 | N'000 | N'000 | ||||
At beginning of year Additions | 101,380 | 30,230 - | 168,298 - | 299,908 - | |||
Disposals(sale and redemption) | (475) | - | - | (475) | |||
Fair value gains/losses | (3,662) | (3,662) | |||||
Impairment losses | |||||||
At end of period | 100,905 | 30,230 | 164,636 | 295,771 |
31 March 2019 | 31 | December 2018 | ||
N'000 | N'000 | |||
10 TRADE RECEIVABLES Due from agents | - | - | ||
Due from brokers Due from Reinsurance companies | 1,911,074 - | 1,812,755 - | ||
1,911,074 | 1,812,755 | |||
Allowance for impairment (Note 10.1) | ||||
(1,600,191) | (1,600,191) | |||
310,883 | 212,564 | |||
Due within 12months Due after 12 months | 310,883 - | 212,564 - | ||
310,883 | 212,564 | |||
-
Movement on the allowance for impairment of receivables arising out of direct insurance arrangements are as follows:
Group
Company
N'000
N'000
At beginning of year Provision for impairment Provision no longer required
Amount written off during the year as uncollectible
1,761,753
-
-
-
1,600,191
-
-
-
At end of period
1,761,753
1,600,191
31
March 2019
31
December
2018
11 REINSURANCE ASSETS
N'000
N'000
Prepaid reinsurance (note 11.1)
258,355
258,355
Reinsurance recoverable
780,154
780,154
Prepaid M&D Deposit - Re-Insurance
10,875
14,500
1,049,383
1,053,008
Due within 12months
761,982
772,893
Due after 12 months
287,401
287,401
1,049,383
1,060,294
11.1 Movement in prepaid reinsurance At beginning of year
263,355
414,250
Additions during the year
1,008,732
1,306,613
Amortisation during the year
(111,419)
(1,457,508)
At end of period
1,160,668
263,355
There were no indicators of impairment for re-insurance assets.Therefore ,no impairment allowance is required in respect of these assets.The carrying amounts disclosed above is in respect of the reinsurance contracts which approximate the fair value at the reporting date.
12
OTHER RECEIVABLES AND PREPAYMENTS
31
March 2019
31
December
2018
Accrued income (Note 12.2)
19,477
19,477
Prepayment (Note 12.2)
112,006
108,711
Other receivables (Note 12.1)
1,417,634
1,418,220
1,549,117
1,546,408
Due within 12months
1,549,117
1,546,408
Due after 12 months
-
-
1,549,117
1,546,408
12.1 Other receivables
Stock- consumables
-
-
Deposit for assets
-
-
Other sundry debtors
1,505,467
1,506,053
1,505,467
1,506,053
Allowance for impairment (Note 9.2c)
(87,833)
(87,833)
1,417,634
1,418,220
12.2 The movement in other receivables and prepayments may be
summarised as follows: receivables
Total
N'000
N'000
At beginning of year
87,833
216,021
Additions
-
-
Realisation
-
-
Expensed during the year
Allowance for impairment
-
87,833
-
At end of period
87,833
216,021
31
March 2019
31
December
2018
13
DEFERRED ACQUISITION COST
At begining of year
157,229
161,135
Additions during the year
171,426
690,078
Amortisation during the year
(128,727)
(693,984)
At end of period
199,928
157,229
Due within 12months Due after 12 months
199,928
-
157,229
-
199,928
157,229
INVESTMENT IN SUBSIDIARY
The following table illustrates the summarized financial information of the company's investment in Staco Sierra Leone Limited
Share of the Subsidiary's statement of financial position:
Assets | - | 920,134 | |||
Liabilities | - | - | 733,504 | ||
Equity | - | 186,630 | |||
Share of Subsidiary's reserves and | 156,741 | ||||
profit or loss: Contingency reserve | - | 41,746 | |||
Retained earnings | - | 99,561 | |||
- | 141,307 | ||||
Carrying amount of the investment | 327,937 | 327,937 | |||
14.2 | Appreciation/(Diminition) in investment Carrying amount of the investment | 327,937 | 327,937 | ||
Cost of investment | 74,733 | 74,733 | |||
Appreciation in investment | 253,204 | 253,204 |
This represents 60% holding in the ordinary share capital of Staco Sierra Leone Limited, a subsidiary incorporated and operating in Sierra Leone
15 INVESTMENT PROPERTIES At 1 January | 1,520,000 | 1,520,000 |
Addition during the year | - | - |
Revaluation surplus (Note 28c) | - | - |
At end of period | 1,520,000 | 1,520,000 |
Cost/Valuation at 31 March, 2019 is represented by: | ||
Valuation | 495,000 | 495,000 |
Cost | 1,025,000 | 1,025,000 |
1,520,000 | 1,520,000 | |
Investment properties are carried | at fair value which are determined | by independent |
professional valuers .The determination of fair value of the investment properties was supported by market evidence. The modalities and process utilized extensive analysis of market data and other sector specific peculiarities corroborated with available database derived from previous
The investment property is a landed property held for the purpose of capital appreciation.It is a bare land located at No 13 Glover Road ,Ikoyi in Eti Osa Local Government Area of Lagos
The property was independently valued by Dennis Osamudiame (FRC/2013/NIESV/00000003727) for Dennis Osamudiame & Co on 13th December 2017 at N1,520,000,000(2015 : N1,520,000,000) on the basis of open market value .
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019
Company Company
31
March 2019
31
December
2018
16 DEFERRED TAX ASSETS | N'000 | N'000 | ||
At 1 January 2019 | - | - | ||
Charge for the period | - | - | ||
At 31 March 2019 | - | - | ||
16 | ||||
The movement in defered income tax liabilities during the year is as follows: | ||||
16.1 DEFERRED TAX LIABILITY | N'000 | N'000 | ||
At 1 January 2019 | 98,050 | 98,050 | ||
Charge for the period | - | - | ||
At 31 March 2019 | 98,050 | 98,050 | ||
The movement in defered income tax liabilities during the year is as follows: |
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019
17 | LEASED ASSETS -Company | Furniture | |||||
Fittings and | Motor | ||||||
Cost | equipment N'000 | Vehicle N'000 | TOTAL N'000 | ||||
At 1 January 2019 Additions | - - | 592,767 - | 592,767 - | ||||
At 31 March 2019 | - | 592,767 | 592,767 | ||||
Accumulated depreciation At 1 January 2019 | - | 424,034 | 424,034 | ||||
Charge for the period | - | 11,028 | 11,028 | ||||
At 31 March 2019 | - | 435,063 | 435,063 | ||||
Carrying value | |||||||
At 31 March 2019 | - | 157,704 | 157,704 | ||||
At 31 December 2018 | - | 168,733 | 168,733 | ||||
STACO INSURANCE PLC
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2019
18 PROPERTY, PLANT AND EQUIPMENT -Company
Land and Building | Plant and Machinery | Furniture Fittings and equipment | Motor Vehicle | Work in Progress | TOTAL | |
N'000 | N'000 | N'000 | N'000 | N'000 | N'000 | |
Cost | ||||||
At 1 January 2019 2,220,609 297,903 | 1,082,351 | 1,524,161 | 4,226 | 5,129,250 | ||
Additions - 188 | 1,030 | 700 | - | 1,918 | ||
Disposal -
Revaluation surplus (Note 27d) -At 31 March 2019 2,220,609 298,091 1,083,381 1,524,861 4,226 5,131,168
Accumulated depreciation | ||||||
At 1 January 2019 | 68,801 | 159,012 | 702,979 | 1,400,801 | - | 2,331,594 |
Charge for the period | 8,600 | 15,475 | 21,063 | 15,475 | - | 60,614 |
Disposal -At 31 March 2019 77,401 174,487 724,042 1,416,277 - 2,392,207
Carrying value
At 31 March 2019 2,143,208 123,603 359,338 108,585 4,226 2,738,960
At 31 December 2018 2,151,808 0 138,891 379,371 123,360 4,226 2,797,656
Cost/Valuation at 31 March, 2019 is represented by:
At Cost | 996,820 | 298,091 | 1,083,381 | 1,524,861 | 4,226 | 3,907,379 |
At Valuation | 1,223,789 | - - - - 1,223,789 | ||||
2,220,609 | 298,091 1,083,381 1,524,861 4,226 5,131,168 | |||||
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