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NICO Holdings Plc

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NICO Holdings Plc NICO Holdings Plc ANNUAL REPORT 2016 NICO HOLDINGS Plc 3 Mission Statement, Vision and Our Values 4 Five Year Highlights 6 Summarised List of Shareholders 8 Board of Directors and Secretary Contents 10 Chairman’s Statement 12 Managing Director’s Report Annual Report 16 Executive Management 17 Events Highlights 2016 19 Corporate Governance 20 Code of Ethics GROUP 21 Consolidated Financial Statements 22 Directors’ Report 27 Directors’ Responsibility Statement 28 Certificate of Actuary 29 Independent Auditor’s Report 36 Consolidated Statement of Financial Position 37 Consolidated Statement of Profit or Loss and Other Comprehensive Income 38 Consolidated Statement of Changes in Equity 40 Consolidated Statement of Cash Flows 41 Notes to the Consolidated Financial Statements COMPANY 119 Separate Financial Statements 120 Directors’ Report 125 Directors’ Responsibility Statement 126 Independent Auditor’s Report 129 Statement of Financial Position 130 Statement of Profit or Loss and Other Comprehensive Income 131 Statement of Changes in Equity 132 Statement of Cash Flows 133 Notes to the Separate Financial Statements Mission Statement Vision Our Values To create value To be the preferred Excellence, for stakeholders financial service Integrity, NICO provider Collaboration, Holdings Professionalism, Plc Transparency 2 3 NICO HOLDINGS Plc 2012 2013 2014 2015 2016 Restated Restated Five Year Highlights GROSS REVENUE (MK’ Million) 41,695 62,893 74,600 79,591 99,687 PROFIT BEFORE TAX (MK’ Million) 2,373 11,642 10,387 7,298 7,277 EARNINGS PER SHARE (tambala) 42 548 323 243 121 NET DIVIDEND PAID (MK’ Million)* 250 563 1,596 939 626 NET DIVIDEND PER SHARE (tambala) 24 54 153 90 60 GROSS REVENUE PROFIT BEFORE TaX (Million Kwacha) (Million Kwacha) TOTAL ASSETS (MK’ Million) 125,157 171,585 206,437 247,061 295,787 100,000 NET ASSETS (MK’ Million) 10,152 14,205 16,170 18,071 18,795 12,000 90,000 SHARE PRICE (tambala) 1,430 1,780 3,250 2,800 1,700 11,000 80,000 NET ASSET VALUE PER SHARE (tambala) 973 1,362 1,550 1,733 1,802 10,000 PRICE TO BOOK VALUE (times) 1.5 1.3 2.1 1.6 0.9 70,000 9,000 PRICE EARNINGS RATIO (times) 34.0 3.2 10.1 11.5 14.0 8,000 60,000 MARKET CAPITALISATION (MK’ Million) 14,915 18,566 33,899 29,205 17,732 7,000 * Dividend paid out of the year’s profits 50,000 6,000 40,000 5,000 SHARE PRICE 4,000 (Tambala) 30,000 4,000 3,000 3,500 20,000 2,000 3,000 10,000 1,000 2,500 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2,000 41,695 62,893 74,600 79,691 99,687 2,373 11,642 10,387 7,298 7,277 1,500 1,000 500 0 TOTAL ASSETS NET ASSETS 2012 2013 2014 2015 2016 (Million Kwacha) (Million Kwacha) 300,000 20,000 1,430 1,780 3,250 2,800 1,700 280,000 19,000 18,000 260,000 17,000 EARNINGS PER SHARE NET DIVIDEND 240,000 16,000 (Tambala) 550 200 PER SHARE 220,000 15,000 (Tambala) 14,000 500 180 200,000 13,000 450 160 180,000 12,000 400 160,000 11,000 140 10,000 350 140,000 120 9,000 300 120,000 8,000 100 100,000 7,000 250 80 6,000 80,000 200 5,000 60 150 60,000 4,000 40 40,000 3,000 100 2,000 20,000 50 20 1,000 0 0 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 125,157 171,565 206,437 247,061 295,787 10,152 14,205 16,170 18,071 18,795 42 548 323 243 121 24 54 153 90 60 Annual Report 2016 Annual Report 2016 4 5 NICO HOLDINGS Plc The Board of Directors Summarised List of Shareholders General Public C/O NICO P.O. Box 3173 Malawi 45.89% (Malawian & Foreign) Transfer Secretaries Blantyre 19 Glyn Jones Road NICO Employees Trust C/O NICO P.O. Box 3173 Malawi 1.1% (Malawian & Foreign) Transfer Secretaries Blantyre 19 Glyn Jones Road Botswana Insurance Plot 50374 P O Box 336 Botswana 25.10% Holdings Limited Gaborone Gaborone (Botswana) AFRICAP LLC 791, Town and Suite 250 Houston USA 27.91% (American) Country Blvd TX 77024-3925 Annual Report 2016 Annual Report 2016 100.00% 6 7 NICO HOLDINGS Plc Board of Directors and Secretary Mr Sangwani Hara – Director Mr Alaudin Salim Osman - Chairman Mr Hara holds a Bachelor’s Degree in Commerce (Accountancy) from the University of Malawi, Mr Alaudin Osman holds a Master’s degree in Mass Communication from the University of Polytechnic. He is also a graduate of Emile Woolf Accountancy College, London, United Kingdom Leicester, United Kingdom. He is currently the Board Chairman of Capital Radio Malawi Limited where he obtained his chartered certified accountancy qualification. He has over twenty-five which he founded in 1999. From 1994 to the year 2000 he worked as Press Secretary to the years’ experience in accounting, finance, general management and commodity marketing gained President of the Republic of Malawi. Previous to this he worked as Founding Editor and Managing from working for multinational groups; initially CDC Group Plc, then Global Tea & Commodities Editor of the Daily Times Malawi; Chief Press Officer at the Ministry of Information & Broadcasting, Limited, both of which have their headquarters in the United Kingdom. He is currently working for Government of Botswana; Founding Editor of the Botswana Gazette; Deputy Editor-in-Chief of Dhunseri Petrochem & Tea (Pte) Limited which has its headquarters in Singapore. He has been the Southern African Economist in Zimbabwe and Editor–in-Chief of the Malawi Financial Post. a member of several boards. He brings to the NICO Board a wealth of experience in accounting, Between 1990 and 1991 he was the Malawi correspondent for Reuters and Deutsche Welle radio. finance and general management. He is a key member of the Group Investment and Audit and Additional to these skills, the Board has benefited from Mr. Osman’s congeniality - important in his Finance Committees where his analytical approach and orientation to detail adds value to those role as the Chairman of the Board. committee’s work. Mrs Catherine B Lesetedi – Director Mr. Vizenge Matumika Kumwenda - Managing Director Catherine Lesetedi is Group CEO of Botswana Insurance Holdings Limited (BIHL Group) having Mr Vizenge Kumwenda holds a Diploma in Business Studies, a Bachelor of Commerce been appointed to that position in March 2016. Accountancy degree from the University of Malawi and a Master of Science (Finance) degree She holds a BA in Statistics and Demography, an MDP from the Graduate School of Business from the University of Strathclyde, Glasgow, Scotland. He is a Fellow Chartered Accountant and (UCT), and an ELP from the Gordon Institute of Business Science as well as professional Associate of the Chartered Insurance Institute (UK). He has worked with NICO Holdings Limited qualifications in Advanced Insurance Practice and a Diploma in Insurance Studies (UNISA). for a total of twenty-one years. He rose ‘through the ranks’ and was appointed Deputy Managing Catherine is also an Associate of the Insurance Institute of South Africa. Director effective 1st January 2012, the position which he held until 31st December 2015 when he Catherine brings to the Board expertise in life insurance, finance and risk management. She was appointed to take over as Managing Director of the Company, effective 1 January 2016. He is a key member of the Group Risk and the Audit and Finance Committees. Her analytical sits on several Boards. He brings to the Board a breadth of experience and expertise in finance and objective approach coupled with her zeal to bring out the best in executives and her and insurance. entrepreneurial approach to the business are invaluable to NICO Holdings. Mr Gaffar Hassam – Director Mr. Gaffar Hassam is an Executive with Sanlam Emerging Markets (SEM) South, responsible for Mr Harold Andrew Richard Bijoux - Director Namibia, Botswana, Malawi, Zambia and Zimbabwe. He is an MBA graduate of Oxford Brookes Mr. Harold Bijoux is a retired short term insurance manager. He has over 50 years’ experience in University, a Fellow of the Association of Chartered Certified Accountants (FCCA). Prior to this, the insurance Industry gained from the various insurance companies that he has worked with, Mr. Hassam was the Group Chief Executive Officer for Botswana Insurance Holdings Limited including Santam Insurance Company and Guardian National Insurance in South Africa and has (BIHL) a position that he held from 1st December 2011 to February 2016. He joined BIHL in been appointed to various boards. He brings to the NICO Holdings Board a wealth of experience 2003 as Group Finance Manager and Company Secretary and held various roles including Chief in the general insurance business and has enhanced the Board’s technical oversight role in this Operating Officer. His career started with Press Corporation Limited and in 1997 he moved to area. Apart from other committees where he has added much value, Mr. Bijoux has also been PricewaterhouseCoopers in Malawi and Botswana before joining BIHL. Mr. Hassam brings to a key member of the Audit and Finance Committee, bringing an insightful approach to matters the Board a wealth of experience in the financial services industry gained over 20 years in the brought before that committee. industry. The Board benefits from among other things his leadership and insightful approach to issues before the Board.
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