OOO CC Ce lhl Goldin arn PLC Pinal Somes = 31 December 203 Topehersth Dieta and Anbtors report Statement of Financial Position For the year ended 31 December, 2013 Note SE Dec 13 S1-Deg-12 In thousands of Naira ‘Assets Cash and cash equivalents 5 349,665 308,783 Financial asses 6 62,982 57294 “rade receivables 1 49,783 103.688 Reinsurance ase 8 446,172 583,149 Delerred acquisition cost 9 107036 138,169 (Other receivables and prepayments 10 116930 89.888, Intangible asses " 354 10,129 Property, plant and equipment 2 976,348 1733,564 Statuary deposits B 500,000 ‘500,000, “Total Awete 2,608 440 sacar Liabitiies Insurance contact iabiliies 4 3.851.923, 3,944,869 Investment cont bilities Is 1,082,794 930,960 “Trade payables . 16 260,400 191,708, ‘Other payables and accruals "7 Iss44 207315 Borrowings 18 : 351878 Retirement benefit obligation 9 346,303 255,169 . Curent a bilities 20 291,146 322,315 . Deferred axles 2 47516 258,769 ‘Total Liabilities SOs O58 Capital and reserves Issued and pad up share capital 2 2274974 2a74gn4 Share premium 22 2,663,798, 2,663,798 Contingency reserve 23 1,404,000, 1,288,369 Retained earnings 24 (10,396,431) (10,349,308) Revaluation eserves 25 675823 1,202,084 ‘Available forsale reserve 26 27340, 21,684 “Treasury shares 2a 47350) 39,880) Actuarial eserves 2s (28,640) : ‘Siarehotders fundi/(deiei) CHES 0] “Total equity and abies ORT SSG SIGNED ON BEHALF OF THE BOARD OF DIRECTORS ON 4 February 2015 BY! | Mr. James Olatunde Ayo -FRC/2014/CTN/000000008352 (Me. Gbolahan Olutayo FRC/2014/IMN00000007106 Adsitionally certified by Mr. Adeyinks Olutungase Chief Financial Officer FRCRD14/ICAN/00000006910 ‘The significant accounting polices on pages 31028 and the notes on pages 34 to 77 are an integral part ofthese financial statements 22 VUUUUUUUUUUUUUUUuUuUuueUu UU UU eoStatement of Profit or loss and other comprehensive income For the year ended 31 December 2013 Note 31-Dee-13 In thousands of Naira Goldin Ineo PLC Financial Satemens~ 31 December 2013 Topher with Director and Antes roport Brpeet2 Gross premium written 2 4352511 40338 Gross premium income 23 3,973,082 5.565.913, ‘Gross premium income 2 3,973,082 5,365,913, Reinsurance expense 25 (600,688), (044,989) "Net premium income 3372398 620,924 Fees and commission income 26 85,586 79,628 ‘Netundenwriting income Taso 700549 Claims expense 2 (1,013,378) (1863,413) ‘Underwriting expenses 28 (1.075.129) (1,764,712) Underwriting profit 1360477 TOT ATE Investment income 2900) 59,460 69.400 Other operating income 30(6) 761 19,109 Net Impairment loss 3 02274 805,119) Management expenses 3106) (1.296.601) (1.099.418) Loss on investment contract 1506) (61.677) 63,330) Profiloss) befor 180.084 T7693), Tncome taxes Fn (111586) (47.238) Profiles) after taxation R08 Cam, Other comprehensive income, net of tax ‘tems within other comprehensive income that may be reclassified to profit or loss Fair value changes of available forsale financial assets 5.686 15.858 Fale value changes on property & equipment 779,704) : Income tx effet 253.483 fi ‘Hems within other comprehensive income that will not be reclassified to profit or loss Actuarial gainy/(losses) in defined benefit obligation ibility -Dve to assumption na - Due to experience (82.756) : Income tax effet er : “Total other comprehensive income for the year Gas, Tae Total comprehensive income for the year aOR way, mings per share - asic (Kobo) 35 2 Earnings per share ~ Diluted (Kobo) 7 z as) ro} The significant accounting policies on pages 13 0 28 and the notes on pages 34 to 77 are an inlegral part of hese nancial statementsStatement of cash flows for the year ended 31 December 2013, In thousands of Naira Net cashflow from operating activities before changes in Changes in working capital (Changes in trade receivables Changes in reinsurance assets (Changes in other reeivables and prepayments Changes in deferred acquisition cost, Changes in trade payables Changes in other payables and accruals Changes in investment contract liabilities Changes in insurance contract bilities Tax paid VAT paid "Net cash flow fron(used in) operating activities Investing activities Acquisition of property and equipment ‘Acquisition of intangible assets Proceeds from sale of property and equipment Purchase of available for sale financial assets Proceeds from sale of avilable forsale financial assets Dividend roocived Interest reeived [Net cash low (used in) from investing activites Financing activities Acquisition of wreasuy shares (PaymentV/Additions to borrowings Net cash (used) in financing activities Net inrease(ecrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Effects of movements in exchange rates on cash held Cash and cash equivalent at end of year Note n 29 29 31-Dee-13 173,428 136.977 (3,23) 31,133 68,701 60,770) 151,834 02.946) 40; (88.251) 702) We, (413,200) 2,609 596 73,526 Geary 7.01) @s1.878) GSD, 60.269 308.783, (19.386) 319,665 Goldinknsonc PLC Topsther wth Director nd Andie pert 31-Bee-12 92,861 (300,054) 49,198 (613.773) 118362 79,596 iaag71 146,377 184.031 @UL192) 69.920) em 69.045) 21476 1738) (107,073) 415,856 08 33