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					YANKARI INSURANCE COMPANY LIMITED

RESULTS AT A GLANCE
FOR THE YEAR ENDED, 31ST DECEMBER, 2007




                                           2007       2006       Increase/
                                           N'000      N'000     (Decrease)
INCOME                                                               %

GROSS PREMIUM                              513,271    254,091           102

PROFIT BEFORE TAXATION                     237,697     56,605           320

PROFIT AFTER TAXATION                      167,199     45,233           270

DIVIDEND                                   100,000     50,625            97

CONTINGENCY RESERVE                         88,020     54,580            61

UNEXPIRED RISKS RESERVE                    154 102
                                           154,102     37 945
                                                       37,945           306

OUTSTANDING CLAIMS RESERVE                  49,690     46,999                6

SHAREHOLDERS' FUNDS                       3,398,278   339,335           901

SHARE CAPITAL ISSUED                      3,000,000   225,000         1,233




                                                                                 3
YANKARI INSURANCE COMPANY LIMITED
BALANCE SHEET
AS AT YEAR ENDED, 31ST DECEMBER, 2007
                                                                      2007               2006
                                                                       N                  N
ASSETS                                                       NOTE
Cash and Bank Balances                                        1      259,316,608         209,249,932
Stocks                                                        2        1,028,243            720,163
Debtors and Prepayments                                       3     3,142,793,106         69,943,737
Deferred Expenses                                             4               -           86,675,251
Long Term Investments                                         5      119,211,766         118,737,343
Statutory Deposits                                            6      300,000,000          35,000,000
Fixed Assets                                                  7      183,676,167          34,184,801
TOTAL ASSETS                                                        4,006,025,890        554,511,227


LESS: CREDITORS: AMOUNT
FALLING DUE WITHIN ONE YEAR
Creditors and Accruals                                        8      315,150,783         101,434,374
Taxation                                                     21a      76,150,821          23,463,276
Insurance Funds                                               9      203,792,310          84,943,974
Deferred Taxation                                            21b      12,653,804           5,334,518
                                                                     607,747,718         215,176,142

NET ASSETS                                                          3,398,278,172        339,335,085
SHAREHOLDERS' FUNDS:

SHARE CAPITAL                                                 10    3,000,000,000        225,000,000


BONUS ISSUES RESERVE                                          11              -           28,125,000


SHARE PREMIUM                                                 12     242,858,800                 -


STATUTORY CONTINGENCY RESERVE                                 13      88,019,716          54,579,841


GENERAL RESERVE                                               14      67,399,656          31,630,244

                                                                    3,398,278,172        339,335,085




...............................................}
                                               } DIRECTORS
...............................................}



                                                                                    11
YANKARI INSURANCE COMPANY LIMITED

STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007


CASH FLOW FROM OPERATING ACTIVITIES             2007             2006
                                                  N               N
Premium received from policy holders            492,725,372      245,694,412
Commission received                                5,001,933       2,406,892
Reinsurance received                            164,325,494       11,921,857
Cash paid to and on behalf of employees          (32,253,743)    (22,950,657)
Reinsurance premium paid                      (3,072,849,369)     25,599,057
Other operating cash payment                    (401,032,874)   (116,172,681)
Claim paid                                       (12,924,415)    (41,029,690)
Deferred Expenses                                86,675,251      (86,675,251)
CASH GENERATED FROM OPERATIONS               (2,770,332,351)     18,793,939
Company Income Tax Paid                        (10,490,452)                -
CASH PROVIDED BY OPERATING ACTIVITIES        (2,780,822,803)     18,793,939


CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets                      (165,439,035)      (6,132,860)
Purchase of Investments                           (474,423)     (21,300,000)
Realisation of other investments                 1,494,582         471,400
Sale of Fixed Assets                                       -          62,880
Dividend Received                                  382 096
                                                   382,096        2 369 298
                                                                  2,369,298
Interest Received                               55,801,544       17,950,518


NET CASH PROVIDED BY INVESTING ACTIVITIES     (108,235,236)      (6,578,764)


CASH FLOW FROM FINANCIAL ACTIVITIES
Increase in Share Capital                    2,775,000,000                 -
Decrease in Bonus Reserve                      (28,125,000)                -
Increase in Share Premium                      242,858,800                 -
Dividend Paid                                  (50,609,085)                -


NET CASH USED IN FINANCING ACTIVITIES        2,939,124,715                 -


INCREASE IN CASH/CASH EQUIVALENTS               50,066,676       12,215,175


CASH AND CASH EQUIVALENTS AT THE BEGINNING     209,249,932      197,034,757


CASH AND CASH EQUIVALENTS AT THE END           259,316,608      209,249,932




                                                                         14
YANKARI INSURANCE COMPANY LIMITED
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007


                                                               2007              2006
                                                                 N                 N
RECONCILIATION OF OPERATING PROFIT
TO CASH PROVIDED BY OPERATING ACTIVITIES
Operating Profit before Taxation                              237,696,659        56,605,086
Investment Income                                             (57,678,222)      (20,791,216)
Prior year Investment                                           2,009,911        13,300,000
Loss on Disposal of Assets                                      7,271,919           215,458
Depreciation                                                    8,675,750         7,138,476
Increase/Decrease) in Statutory deposit                      (265,000,000)                   -
Increase/(Decrease) in Creditors                              164,325,494        11,921,857
Increase/(Decrease) in Unearned Premium                       116,157,018        (1,882,892)
Increase/(Decrease) in Claims Provision                         2,691,318        13,447,835
(increase)/Decrease in Debtors                              (3,072,849,369)      25,599,057
(Increase)/Decrease in Stocks                                    (308,080)             (84,471)
Tax Paid                                                      (10,490,452)                   -
Deferred Expenses                                              86,675,251       (86,675,251)
                                                            (2,780,822,803)      18,793,939


ANALYSIS OF CHANGES IN CASH AND CASH
EQUIVALENT AND OTHER LIQUID INVESTMENTS
                                           Cash & Cash      Other Liquid
                                           Equivalent       Investments          Total
                                               N                 N                 N
Balance as at 1st January, 2007             209,249,932       118,737,343       327,987,275
Net Cash Flow                                50,066,676                    -     50,066,676
Purchase of Liquid Investments                          -         474,423           474,423
Balance as at 31st December, 2007           259,316,608       119,211,766       378,528,374


ANALYSIS OF THE BALANCE IN CASH AND CASH
EQUIVALENTS AND OTHER LIQUID INVESTMENTS                                       Changes
                                              2007             2006            During the
                                                                                 Year
                                               N                 N                 N
Cash in Hand and at Bank                    259,316,608       209,249,932        50,066,676
Other Liquid Investments                    119,211,766       118,737,343           474,423
                                            378,528,374       327,987,275        50,541,099




                                                                                  15
YANKARI INSURANCE COMPANY LIMITED

PROFIT AND LOSS ACCOUNTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                                      2007                2006
                                                       N                   N
INCOME                                       NOTE
Gross Premium                                 15    513,270,933          254,090,927
Reinsurance Outwards                                 (20,545,561)         (8,396,515)
Insurance Funds                                     (116,157,018)          1,882,892

NET PREMIUM EARNED                                  376,568,354          247,577,304
Interest Received on Deposit                         55,801,544           17,950,518
Dividend Received                                       382,096            2,369,298
Commission Received                                    5,001,933           2,406,892
Rent Received                                          1,279,000                 -
Other Incomes                                           215,582             471,400
                                                    439,248,509          270,775,412

LESS: UNDERWRITING EXPENSES
Acquisition Expenses                          16     58,922,018          103,959,635
Maintenance Expenses                          17     63,027,919           34,855,646
Claims Incurred                                      12,924,415           41,029,690
Management Expenses                           18     63,326,267           29,536,950
Provision for Bad/Doubtful Debts.                      3,351,231           4,788,405
                                                    201,551,850          214,170,326

PROFIT BEFORE TAXATION                        19    237,696,659           56,605,086


TAXATION                                     21a     (70,497,283)        (11,372,542)

PROFIT AFTER TAXATION                               167,199,376           45,232,544


Add:       Retained Profit brought forward           31,630,244           35,043,717
           Prior Year Adjustment                       2,009,911          13,300,000
                                                    200,839,531           93,576,261
APPROPRIATIONS
Statutory Contingency Reserve                 13     (33,439,875)        (11,321,017)
Proposed Dividend                                   (100,000,000)        (50,625,000)


RETAINED PROFIT CARRIED FORWARD                      67,399,656           31,630,244

EARNINGS PER SHARE                                            6k                 20k
DIVIDEND PER SHARE                                            3k                 20k
NET ASSETS PER SHARE                                       113k                151K




                                                                    12
YANKARI INSURANCE COMPANY LIMITED
REVENUE ACCOUNTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                                                                                  GENERAL           MIS-
                                                        MOTOR          FIRE         MARINE        ACCIDENT       CELLANEOUS        2007            2006
                                                          N             N             N              N               N               N              N
Premiums (direct)                                      293,166,761    24,729,093     5,515,314     59,590,249     118,466,627    501,468,044     232,154,570
Inward Reinsurance Premiums                                    -              -     11,802,889            -                -      11,802,889      21,936,357

Gross Premiums Written                                 293,166,761    24,729,093    17,318,203     59,590,249     118,466,627    513,270,933     254,090,927
Outward reinsurance premiums                           (10,276,788)   (3,733,630)   (1,067,182)    (5,113,352)       (354,609)    (20,545,561)    (8,396,515)

Net Premiums                                           282,889,973    20,995,463    16,251,021     54,476,897     118,112,018    492,725,372     245,694,412
Decrease/(Increase) in provision for unexpired risks   (97,564,805)   (7,258,514)    2,945,503       280,107      (14,559,309)   (116,157,018)     1,882,892

Premiums Earned                                        185,325,168    13,736,949    19,196,524     54,757,004     103,552,709    376,568,354     247,577,304
Commission received                                      1,393,454     1,076,691      169,598       2,182,830        179,360       5,001,933       2,406,892
TOTAL INCOME                                           186,718,622    14,813,640    19,366,122     56,939,834     103,732,069    381,570,287     249,984,196

Claims Paid (direct)                                    14,196,318      175,130            -              -         9,259,372     23,630,820      29,219,231
Inward Reinsurance Llaims Paid                                 -              -            -              -                -              -               -

Gross Claims Paid                                       14,196,318      175,130            -              -         9,259,372     23,630,820      29,219,231
Outward Reinsurance Recoveries                          (4,057,903)     (342,291)     (239,712)      (824,826)     (1,639,770)     (7,104,501)    (1,637,376)
Claim Closed                                            (2,307,354)     (391,000)          -              -        (3,594,868)     (6,293,222)            -

Net Claims Paid                                          7,831,061      (558,161)     (239,712)      (824,826)      4,024,734     10,233,097      27,581,855
Increase in Outstanding Claims                            319,834       200,500            -         642,798        1,528,186      2,691,318      13,447,835

Claims Incurred                                          8,150,895      (357,661)     (239,712)      (182,028)      5,552,920     12,924,415      41,029,690
Acquisition Cost                                        33,742,602     2,828,952     1,981,163      6,816,989      13,552,312     58,922,018     103,959,635
Underwriting Expenses                                   35,999,878     3,036,648     2,126,616      7,317,479      14,547,298     63,027,919      34,855,646
Management Expenses                                     36,170,285     3,051,023     2,136,683      7,352,117      14,616,159     63,326,267      29,536,950
TOTAL EXPENSES                                         114,063,660     8,558,962     6,004,750     21,304,557      48,268,689    198,200,619     209,381,921
Underwriting Profit                                     72,654,962     6,254,678    13,361,372     35,635,277      55,463,380    183,369,668      40,602,275




                                                                                                                     13
YANKARI INSURANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007                                  2007                2006
                                                                            N                 N
 8   CREDITORS AND ACCRUALS
     Trade Creditors                                                     6,201,977                  -
     Claim Creditors                                                    49,690,190          42,726,247
     Retention Deposits                                                  3,872,334           3,872,334
     First Inland Bank Plc.:Corporate Building Loan                   144,500,000                   -
     Other Creditors                                                     2,619,574           1,127,500
     Withholding Tax                                                     5,167,500                  -
     Dividend Payable                                                 103,099,208           53,708,293
                                                                      315,150,783          101,434,374



                                                                    PROVISION
 9   INSURANCE FUNDS                                                 FOR THE
                                                      2007              YEAR                 2006
                                                        N                   N                 N
 9.1 Unexpired Risks
     Motor                                        120,485,991           97,564,805          22,921,186
     Fire                                             11,669,348         7,258,514           4,410,834
     Marine                                            3,743,519        (2,945,503)          6,689,022
     Accident                                           494,818            (280,107)          774,925
     Miscellaneous                                    17,708,444        14,559,309           3,149,135
                                                  154,102,120         116,157,018           37,945,102


 9.2 OUTSTANDING CLAIMS
     Motor                                             5,905,144            319,834          5,585,310
     Fire                                              3,701,859            200,500          3,501,359
     Marine                                                  -                     -                -
     Accident                                         11,868,068            642,798         11,225,270
     Miscellaneous                                    28,215,119         1,528,186          26,686,933
                                                      49,690,190         2,691,318          46,998,872


     TOTAL INSURANCE FUNDS                        203,792,310         118,848,336           84,943,974




                                                                                      18
YANKARI INSURANCE COMPANY LIMITED

SUPPLEMENTARY FINANCIAL INFORMATION
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                            2007         2006
                                             N            N
UNDERWRITING MAINTENANCE EXPENSES IN
RESPECT OF THE TOTAL INSURANCE BUSINESS
Salaries and Allowances                   20,591,185   19,550,437
Pension and Gratuity                       2,995,181    3,285,220
Travelling Expenses                        2,457,244    3,578,233
Postage and Telephone                      1,103,714      869,150
Hotel and Accommodation                    5,785,473    4,350,971
Motor Vehicle Expenses                     4,415,380    3,089,825
Staff Retirement Benefits                 17,012,365          -
Staff Training                             2,597,128      115,000
Staff Leave Allowance                      3,000,802          -
Staff Transfer Benefits                    2,490,000       16,800
ITF                                          579,447          -
                                          63,027,919   34,855,636
OTHER MANAGEMENT EXPENSES
Directors Emolument                        1,130,000      610,000
Directors Expenses                         4,137,000      650,000
Audit Fees                                 2,500,000      500,000
Audit Expenses                               456,585          -
Advertisement and Publicity                8,239,975    1,400,000
Printing and Stationery                    1,638,061      549,515
Association fees and subscription          2,709,934      786,206
Rent                                       2,574,225    2,290,206
Insurance levy                             1,189,618    1,743,344
Public Relation and Corporate Gift         3,171,270    4,924,700
Electricity and Water rate                   429,377    1,044,352
Medical Expenses                               7,900          -
Bank charges                               3,399,932    1,625,650
Newpapers and Journals                       291,700      303,770
Insurance & Licence                        2,347,249    1,647,798
Miscellaneous Expenses                       405,100      169,422
Repairs and Maintenance                      103,750      337,188
Office Maintenance                           225,485          -
Utility/House Maintenance                    318,693          -
Legal & Professional Fees                  5,371,932    2,808,595
Balance carried forward                   40,647,786   21,390,746
YANKARI INSURANCE COMPANY LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                            2007              2006
                                             N                 N

                                          40,647,786        21,390,746
Balance brought forward
                                           8,675,750         7,138,476
Depreciation                                 176,960           141,270
Entertainment                              6,443,852               -
Tax Liabilities                              110,000               -
Donation                                         -             651,000
Stamp Duty                                 7,271,919           215,458
Loss on disposal of fixed assets          63,326,267        29,536,950




CLAIM PAID (DIRECT)                       14,196,318         3,283,128
Motor                                        175,130         1,815,344
Fire                                             -           9,706,157
Marine                                           -             573,462
General Accidents                          9,259,372        13,841,140
Miscellaneous                             23,630,820        29,219,231




                                                       29
YANKARI INSURACE COMPANY LIMITED
NOTE TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
10     SHARE CAPITAL                                    2007               2006
10.1   Authorised Share Capital                           N          %       N
       3 Billion Ordinary Shares of N1.00 each       3,000,000,000       225,000,000

10.2   Issued and Fully Paid
       3,000,000,000 Ordinary shares of N1.00 each   3,000,000,000       225,000,000

11     BONUS ISSUE
       Balance B/F                                     28,125,000         28,125,000
       Transfer to share capital                      (28,125,000)                    -
                                                                -         28,125,000


12     SHARE PREMIUM
       Realized from Call-up Share Capital            361,426,251                 -
       Re-capitalization Exp. Written Off            (118,567,451)                -
                                                      242,858,800                 -


13     CONTINGENCY RESERVE
       Balance Brought Forward                         54,579,841         43,258,824
       Provision for the year                          33,439,875         11,321,017
       Balance Carried Forward                         88,019,716         54,579,841
       The provision is in accordance
       with the Insurance Act 2003


14     GENERAL RESERVE
       Balance Brought Forward                         31,630,244         35,043,717
       Profit after Taxation for the period           167,199,376         45,232,544
       Prior Year Adjustment                            2,009,911         13,300,000
                                                      200,839,531         93,576,261
       Less:
       Transfer to contingency reserve                (33,439,875)       (11,321,017)
       Transfer to Dividend                          (100,000,000)       (50,625,000)
                                                       67,399,656         31,630,244


15     PREMIUM EARNED
       Motor                                          293,166,761         72,087,668
       Fire                                            24,729,093         24,327,114
       Marine                                          17,318,203         23,020,383
       General Accident                                59,590,249         65,565,219
       Miscellaneous                                  118,466,627         69,090,543
                                                      513,270,933        254,090,927
YANKARI INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                            2007           2006
16    UNDER WRITING EXPENSES                 N              N
      Acquisition Cost:
      Motor                                 33,742,602     29,494,196
      Fire                                   2,828,952      9,953,279
      Marine                                 1,981,163      9,418,639
      General Accident                       6,816,989     26,825,579
      Miscellaneous                         13,552,312     28,267,942
                                            58,922,018    103,959,635


17    MAINTENANCE EXPENSES
      Motor                                 35,999,878      9,888,831
      Fire                                   3,036,648      3,337,141
      Marine                                 2,126,616      3,157,887
      General Accident                       7,317,479      8,994,096
      Miscellaneous                         14,547,298      9,477,691
                                            63,027,919     34,855,646


18    OTHER MANAGEMENT EXPENSES
      Motor                                 36,170,285      8,379,874
      Fire                                   3,051,023      2,827,920
      Marine                                 2,136,683      2,676,017
      General Accident                       7,352,117      7,621,668
      Miscellaneous                         14,616,159      8,031,471
                                            63,326,267     29,536,950


19    PROFIT BEFORE TAXATION
      Motor                                 72,654,962     14,364,952
      Fire                                   6,254,678     18,016,619
      Marine                                13,361,372     (8,202,787)
      General Accident                      35,635,277     21,180,423
      Miscellaneous                         55,463,380     (4,756,932)
                                           183,369,668     40,602,275
      Provision for Bad/Doubtful Debts      (3,351,231)    (4,788,405)
                                           180,018,437     35,813,870


      Add: OTHER OPERATING INCOME
      Interest on Bank Deposit             55,801,544     17,950,518
      Dividend Earned                         382,096      2,369,298
      Rent Received                         1,279,000            -
      Other Incomes                           215,582        471,400

                                          237,696,659     56,605,086




                                                             20
YANKARI INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2007
                                                           2007          2006
                                                            N             N

20     PROFIT ON ORDINARY ACTIVITIES
       BEFORE TAXATION
       This is stated after charging:
       Directors' Fees & Remuneration                     5,267,000     1,260,000
       Auditors' Remuneration                             2,500,000       500,000
       Depreciation                                       8,675,750     7,138,476


21a TAXATION
 i Profit and Loss Account:
    Income Tax on Profit for the year                     58,275,839     8,320,896
    Education Tax                                          4,902,158       905,796
                                                                 -             -
                                                          63,177,997     9,226,692
       Deferrerd Taxation                                  7,319,286     2,145,850
                                                          70,497,283    11,372,542


  ii    a a ce S eet
       Balance Sheet
       Balance Brought Forward                            23,463,276    14,236,584
       Charges for the year                               63,177,997     9,226,692
       Tax Paid                                          (10,490,452)          -
                                                          76,150,821    23,463,276


21b    DEFERRED TAXATION
       Balance B/F                                         5,334,518     3,188,668
       Provision made for the year                         7,319,286     2,145,850
       Balance C/F                                        12,653,804     5,334,518


       The Company has adopted the statement of
       accounting standard SAS 29 on deferred taxation
       which is now computed using liability method.

22     DIVIDEND
       Balance 1/1/2007                                   53,708,293     3,083,293
       Propose Dividend for the year                     100,000,000    50,625,000
                                                         153,708,293    53,708,293
       Less: Payment during the year                     (50,609,085)            -
       Balance 31/12/2007                                103,099,208    53,708,293




                                                                          21
YANKARI INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007


7    FIXED ASSETS                                   FURNITURE
                                     LAND &         FITTING &       LIBRARY       MOTOR
                                   BUILDINGS        EQUIPMENT       BOOKS        VEHICLES       BICYCLES           TOTAL
                                          N             N              N            N              N                 N
    COST
    As at 1st Jan, 2007              16,642,160       16,678,676       170,975    33,061,275           2,150       66,555,236
    Additions during the Year       152,555,335        1,070,000            -     11,813,700             -        165,439,035
    Disposals                                 -       (2,623,000)           -     (9,864,800)            -        (12,487,800)
             DEC.
    AS AT 31 DEC 2007               169 197 495
                                    169,197,495       15,125,676
                                                      15 125 676       170,975
                                                                       170 975    35,010,175
                                                                                  35 010 175           2,150
                                                                                                       2 150      219,506,471
                                                                                                                  219 506 471


    DEPRECIATION
    As at 1st Jan, 2007                   561,656     11,338,453       160,465    20,307,721           2,140       32,370,435
    Charges for the Year              1,691,975        2,344,480            -      4,639,295                        8,675,750
    Disposals during the Period               -       (1,230,419)           -     (3,985,462)            -         (5,215,881)
    AS AT 31 DEC. 2007                2,253,631       12,452,514       160,465    20,961,554           2,140       35,830,304




    NET BOOK VALUE
    AS AT 31 DEC. 2007              166,943,864        2,673,162        10,510    14,048,621                 10   183,676,167


    AS AT 31 DEC. 2006               16,080,504        5,340,223        10,510    12,753,554                 10    34,184,801
YANKARI INSURANCE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                                                              2007                 2006
                                                                               N                    N
 1    CASH AND BANK BALANCES
      Current Accounts                                                       66,676,743           41,176,206
      Fixed Deposit Accounts                                                192,639,865          168,073,726
                                                                            259,316,608          209,249,932


 2    STOCKS
      Printing and Stationery                                                  1,028,243            720,163

 3    DEBTORS AND PREPAYMENTS
      Trade Debtors                                                      279,577,366              87,688,551
      Staff Debtors                                                        5,591,717               6,544,958
      Deposits with First Inland Bank                                  2,885,445,848
      Sundry Debtors/Prepayments                                           1,353,776               1,534,598
                                                                       3,171,968,707              95,768,107
      Less: Provision for Bad/Doubtful Debts                             (29,175,601)            (25,824,370)
                                                                       3,142,793,106              69,943,737
      Being Escrowed IPO Funds, Principal &
      Interest,                         Banks,
      Interest and other assets held by Banks yet to be
      credited to Yankari Insurance Account

 4    DEFERRED EXPENSES
      Balance Brought Forward                                                86,675,251                  -
      Additions during the year                                              31,892,200           86,675,251
                                                                             118,567,451          86,675,251
      Written off against Share Premium                                     (118,567,451)                -
                                                                                     -            86,675,251

 5    LONG TERM INVESTMENTS
      Quoted Investment at Cost                                              21,790,716           21,316,293
      (Market Value N96,883,468)
      Unquoted Investment at Cost                                            33,771,100           33,771,100
                                                                             55,561,816           55,087,393
      Subsidiary: Yankari Properties                                         63,649,950           63,649,950
                                                                            119,211,766          118,737,343

     6 STATUTORY DEPOSIT                                                    300,000,000           35,000,000


      The Company had deposited the sum of N300,000,000 with the
      Central Bank of Nigeria in compliance with the NAICOM recapitaliza-
      tion requirement as at February 28, 2007.




                                                                                            16
YANKARI INSURANCE COMPANY LIMITED

SUPPLEMENTARY FINANCIAL INFORMATION FOR
THE YEAR ENDED, 31 DECEMBER, 2007

1 (a) LONG TERM INVESTMENTS
                                                                  MARKET      SHARE
NUMBER        UNIT     NOMINAL                                     PRICE      MARKET       COST     COST
 OF SHARES PRICE        VALUE         QUOTED COMPANIES           31/12/2007    VALUE       PRICE    VALUE
     NO        K          N                                         K            N           K         N
        3,506   50          1,753   African Petroleum Plc          229.96       806,240     2,012       62,620
      135,138   50         67,569   First Bank of Nigeria Plc       42.90      5,797,420    1,536    2,045,884
      370,376   50        185,188   Fidelity Bank Plc               11.83      4,381,548       18      125,000
      121,666   50         60,833   Ashaka Cement Plc               54.00      6,569,964    1,100    1,339,500
       74,968   50         37,484   UNILEVER Plc                    23.67      1,774,493    1,733    1,039,229
      387 116
      387,116   50        193,558
                          193 558   Union Bank of Nigeria Plc       42 00
                                                                    42.00     16,258,872
                                                                              16 258 872    1,181
                                                                                            1 181    3,035,460
                                                                                                     3 035 460
    3,517,157   50      1,758,579   First Inland Bank Nig. Plc      13.30     46,778,188       91   10,883,900
        2,690   50          1,345   Con Oil Plc.                    89.00       239,410        41        1,100
       90,000   50         45,000   Zenith Bank PLc.                46.09      4,148,100       11    1,259,223
    1,087,995   50        543,998   Unity Bank Plc (Intercity)       9.31     10,129,233        2    1,998,800
    5,790,612           2,895,306                                             96,883,468            21,790,716




                                                                                      25
YANKARI INSURANCE COMPANY LIMITED

SUPPLEMENTARY FINANCIAL INFORMATION
THE YEAR ENDED, 31 DECEMBER, 2007



1(b)                              UNQUOTED COMPANIES                        N
   2,000,000    100     2,000,000 Jaiz International Plc                 7,000,000
      27,363    100        27,363 I I N Properties Plc                      20,000
   1,000,000    100     1,000,000 Amana Limited                          1,000,000
   3,027,363            3,027,363                                        8,020,000
                                  POOL
          -      -            -   Aviation Pool                             20,000
          -      -            -   Nigeria Oil & Energy Pool
                                     g               gy                   ,   ,
                                                                        25,731,100
                                                                        25,751,100


TOTAL                                                                       33,771,100



1(c)                                SUBSIDIARY
          -      -            -     Yankari Properties Limited          63,649,950




                                                                 26
YANKARI INSURANCE COMPANY LIMITED
SUPPLEMENTARY FINANCIAL INFORMATION

THE YEAR ENDED, 31 DECEMBER, 2007

                                                                          NET
2(a)                 DIVIDENDS RECEIVED           GROSS   W/HOLDING    DIVIDEND
                                                 DIVIDEND   TAX        RECEIVED
                                                    N         N           N
                     African Petroleum Plc           2,366       237       2,129
                     First Bank of Nigeria Plc     134,444    13,444     121,000
                     Fidelity Bank Plc              40,741     4,074      36,667
                     Ashaka Cement Plc             175,000    17,500     157,500
                     Zenith Bank Plc                72,000     7,200      64,800
                                                   424,551
                                                   424 551    42,455
                                                              42 455     382 097
                                                                         382,097




2(b)                 RENTAL INCOMES

                     Yankari Properties Ltd.     1,421,111   142,111    1,279,000




                                                        27
YANKARI INSURANCE COMPANY LIMITED
STATEMENTS OF VALUE ADDED
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                                                     2007                    2006
                                                                      N           %           N           %
Premium Earned                                                    376,568,354             247,577,304
Commission Received                                                  5,001,933               2,406,892
                                                                  381,570,287             249,984,196
Less: Claims Incurred and Other Services Expenses
        -Local                                                    (160,622,357)           (170,781,191)
        -Imported                                                            -                       -
                                                                  220,947,930              79,203,005
Add:    Investment Income                                          56,183,640              20,319,816
Other Operating Income                                               1,494,582                471,400
                                                                  278,626,152              99,994,221
Amount withdrawn from capital                                                -               3,413,473
AMOUNT AVAILABLE FOR DISTRIBUTION                                 278,626,152     100     103,407,694     100
APPLIED AS FOLLOWS:
To Pay Employees
Salaries, Wages & Other benefits                                   32,253,743      12      22,950,659      22


To Pay Government
Taxation                                                           70,497,283      25      11,372,542      11


To Pay Provider of Capital
Bonus Issues                                                                 -                       -
Dividend                                                          100,000,000      36      50,625,000      49


To Provide for Maintenance of Assets and Expansion
of Business
Depreciation                                                         8,675,750        3      7,138,476        7
Contingency Reserve                                                33,439,875      12      11,321,017      11
Retained Profit                                                    33,759,501      12                -        -
                                                                  278,626,152     100     103,407,694     100
NOTE
Value Added represents that additional wealth which the Company
has been able to create by its own and its employees' efforts.
This statement shows the allocation of the wealth amongst
Employees, Shareholders, Government, and that retained for the
future for the creation of more wealth.




                                                                                              23
YANKARI INSURANCE COMPANY LIMITED

FIVE-YEAR FINANCIAL SUMMARY
FOR THE YEARS ENDED, 31ST DECEMBER, 2007


                                             2007      2006        2005           2004         2003
                                            N'000      N'000       N'000          N'000        N'000
TURNOVER                                    513,271    254,091     196,863        111,724      216,050
Profit Before Tax                           237,697     56,605      62,993         44,109       81,337
Taxation                                    (70,497)    (11,373)    (17,248)        (4,499)     (10,865)
Profit After Tax                            167,200     45,232      45,745         39,610       70,472


ASSETS EMPLOYED
Cash and Bank Balances                       259,317   209,250     197,035        227,826      236,826
Stocks                                         1,028       720         635            929          334
Debtors and Prepayments                    3,142,793    69,944      95,543         66,406       61,476
Deferred Expenses                                  -    86,675                -            -            -
Long Term Investment                         119,212   118,737      97,437         86,701       85,854
Statutory Deposit                            300,000    35,000      35,000         35,000       35,000
Fixed Assets                                 183,676    34,185      35,469         28,568       26,621
Total Assets                               4,006,026   554,511     461,119        445,430      446,111


Less: INSURANCE FUNDS AND CURRENT
LIABILITIES
Creditors and Accruals                      315,151    101,434      38,888         80,255       59,099
Taxation                                     76,151     23,463      14,236          7,722       10,865
Insurance Funds                             203,792     84,944      73,379         71,773       93,364
Deferred Taxation                            12,654      5,335       3,189                 -            -
                                            607,748    215,176     129,692        159,750      163,328


Total Net Assets                           3,398,278   339,335     331,427        285,680      282,783
FINANCED BY:
Share Capital                              3,000,000   225,000     225,000        200,000      200,000
Share Premium                                242,859           -              -            -            -
Bonus Issues Reserve                               -    28,125      28,125         25,000               -
Contingency Reserve                           88,020    54,580      43,259         30,660       21,839
General Reserve                               67,399    31,630      35,043         30,022       60,944
Share Holders Funds                        3,398,278   339,335     331,427        285,682      282,783
Earnings per Share                               9k        20k         20k            20k          19k
Dividend per share                               3k        20k            -              15k          15k
Net Assets per Share                           113k       151k        147k           143k         141k




                                                                                          24
YANKARI INSURANCE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED, 31ST DECEMBER, 2007
                                                             2007                      2006
 23 PARTICULARS OF STAFF                                      N                         N
  i Average number of staff employed in the
    Financial year and staff cost were as follows:-
    Management                                                       5                             6
    Senior                                                          35                            13
    Junior                                                          33                            30
                                                                    73                            49

       STAFF COST
  ii   Salaries and Welfare                                26,081,987                19,550,437
       Staff Gratuity and Pension                           2,995,181                 3,285,220
                                                           29,077,168                22,835,657
       Staff Training                                       3,176,575                   115,000
                                                           32,253,743                22,950,657



 iii   Pension and Gratuity
       Provision during the year                            2,995,181                 3,285,220
       Payment during the year                             (2,995,181)               (3,285,220)
                                                                     -                        -
 24 EMPLOYESS REMUNERATION AT HIGHER RATES                                              No
       60,000  100,000                                               -                        -
      100,000  200,000                                               1                            28
      200,000  300,000                                              33                             5
      300,000  400,000                                              28                            10
      400,000  500,000                                               6                             1
      500,000 and above                                              5                             5
                                                                    73                            49


 25 CHAIRMAN'S AND DIRECTORS'                         No     Fees        Expenses      Total
                                                               N            N            N
       Chairman                                       1       120,000            -      120,000
       Other Directors                                6     1,010,000    4,137,000    5,147,000
                                                            1,130,000    4,137,000    5,267,000




                                                                           22
YANKARI INSURANCE COMPANY LIMITED




  SUPPLEMENTARY FINANCIAL STATEMENTS
        AS AT 31 DECEMBER, 2007




             PKF PANNELL KERR FORSTER
             (CHARTERED ACCOUNTANTS)
                 BAUCHI - NIGERIA
YANKARI INSURANCE COMPANY LIMITED



     FINANCIAL STATEMENTS
      FOR THE YEAR ENDED DECEMBER 31, 2007




       PKF PANNELL KERR FORSTER
             [CHARTERED ACCOUNTANTS]
                 BAUCHI - NIGERIA

				
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