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2020-Annual-Report.Pdf Vision Mission Values In all our markets, We provide all who - Friendliness our pedigree will be come into contact with us - Trust recognized, our their desired advantage - Reliability strength respected, our because... - Excellence expertise valued and our we are the best at what - Professionalism solutions sought by all who we do! desire an advantage in life. Enterprise Group Plc Financial statements for the year ended 31 December 2020 Contents Review An overview of our businesses, our performance, key achievements and insights into each of our business units 3 Notice and Agenda of Annual General Meeting 4 Five Year Financial Summary 5 Corporate Information 6 - 8 Chairman’s Review 9 - 10 Board of Directors 11 Non-Executive Directors of Subsidiary Companies 12 - 16 Group Chief Executive Officer’s Review 17 - 20 Managing Director’s Report (Insurance) 22 - 25 Managing Director’s Report (Life) 27 - 29 Managing Director’s Report (Trustees) 31 - 33 General Manager’s Report (Properties) 35 - 37 General Manager’s Report (Transitions) Governance Our corporate governance and sustainability efforts 39 - 40 Corporate Governance Statement 41 - 42 Enterprise in The Community 43 - 47 Report of the Directors Financial Statements Audited financial statements and our financial performance 49 - 53 Report of the independent auditor 54 Statements of financial position 55 Statements of Comprehensive Income 56 - 58 Statements of Changes in Equity 59 Consolidated and Separate Statements of Cash Flows 60 - 133 Notes to the Financial Statements 134 Shareholders’ Information 135 - 136 Certificate of Solvency in Respect of the Life Business 138 - 139 Proxy Form 144 Voting Card Enterprise Group Plc 2 Annual Report 2020 Enterprise Group Plc Financial statements for the year ended 31 December 2020 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN THAT the eleventh Annual General Meeting of Enterprise Group PLC will be held and streamed live from the Company’s Head Office at Advantage Place, Mayor Road, Ridge West, Accra on Tuesday 22nd June 2021 at 10.30am for the following purposes:- ORDINARY BUSINESS 1. To receive the Financial Statements of the Company together with the Reports of the Directors and the Auditors thereron for the year ended December 31, 2020. 2. To declare a final dividend. 3. To appoint Messrs. PricewaterhouseCoopers as Auditors with effect from the conclusion of the Meeting. 4. Rotation of Directors: a. To re-elect Trevor Trefgarne as a Director. b. To accept the retirement of George B. Otoo as a Director. 5. To re-elect Michael Tyson as a Director. 6. To authorize the Directors to fix the remuneration of the Auditors. SPECIAL BUSINESS 7. To pass the following as a special resolution: “To change the Constitution of the Company in accordance with the Companies Act, 2019 (Act 992).” DATED THIS 7TH MAY, 2021 BY ORDER OF THE BOARD OF DIRECTORS SADIA CHINERY-HESSE (MRS.) COMPANY SECRETARY NOTE: 1. Attendance and participation at the Annual General Meeting will be by online participation only. 2. A member entitled to attend and vote at the Meeting may appoint a proxy to attend via online participation and vote on his/her behalf. 3. The appointment of a proxy will not prevent a member from attending and voting at the Meeting via online participation. Where a member attends the Meeting by online participation, the proxy appointment shall be deemed revoked. 4. A copy of the Proxy Form can be downloaded from https://eglagm.com/ and may be completed and sent via email to [email protected] or deposited with the Company’s Registrars: NTHC Limited, 1st Floor, Martco House, Adabraka or P.O. Box KIA 9563, Airport Accra as soon as possible and in any event not less than 48 hours before the time appointed for the Meeting. 5. The 2020 Audited Financial Statements and the proposed new Constitution of the Company can be viewed by visiting https://www.eglagm.com/. 6. Shareholders are encouraged to send in any questions in advance of the Meeting by emailing them to [email protected]. Answers to the questions will be provided at the Meeting. 7. Accessing and Voting at the Virtual AGM. A unique token number will be sent to shareholders by email and/or SMS from 8th June 2021 to give them access to the Meeting. Shareholders who do not receive this token should contact NTHC Limited on [email protected] or call (+233) 0593105735 or (+233) 0509980337 anytime from 8th June 2021, but before the date of the Meeting to be sent the unique token. To gain access to the Meeting, shareholders must visit http://www.eglagm.com/ and input their unique token number on Tuesday 22nd June 2021. Access to the Meeting will start from 8am. For shareholders who do not submit proxy forms to NTHC Limited prior to the meeting, they may vote electronically during the Meeting using their unique token number. Further assistance on accessing the meeting and voting electronically can be found on https://eglagm.com/. For further information please contact NTHC Limited Martco House, 1st Floor Okai Mensah Link Off Kwame Nkrumah Avenue Adabraka, Accra Tel: (+233) 0593105735or (+233) 0509980337 Email: [email protected] Enterprise Group Plc 3 Annual Report 2020 Enterprise Group Plc Financial statements for the year ended 31 December 2020 Five Year Financial Summary (All amounts are expressed in thousands of Ghana cedis) 2020 2019 2018 2017 2016 Group Net Income 847,747 714,088 607,167 542,651 420,546 Net Investment Income 141,662 128,008 114,478 139,744 85,622 Net Insurance Premium 651,386 535,870 453,430 380,706 308,092 Net Benefits & Claims 374,630 325,346 283,573 275,699 207,210 Operating expenses 190,846 163,798 147,546 117,264 93,424 Profit before tax 175,514 135,790 96,639 90,404 75,765 Profit after tax 146,729 117,225 87,949 87,045 68,001 Total Equity and Reserves 764,386 666,895 576,553 308,779 318,174 Total Assets 1,745,508 1,499,116 1,349,344 1,034,967 812,085 Number of shares 170,892,825 170,892,825 170,892,825 133,820,825 133,820,825 Earnings per share (GH¢) 0.476 0.466 0.303 0.397 0.257 Dividend per share (GH¢) 0.062 0.054 0.045 - - Return on Assets (%) 9.04 8.23 7.38 9.43 9.41 Return on Equity (%) 13.76 15.12 11.15 24.12 14.60 Share price (Market) (GH¢) 1.40 1.65 2.24 3.70 2.40 Price Earnings Ratio 2.94 4.00 7.40 9.32 9.34 Enterprise Group Plc 4 Annual Report 2020 Enterprise Group Plc Financial statements for the year ended 31 December 2020 Corporate Information Board of Directors Trevor Trefgarne Chairman Keli Gadzekpo Group Chief Executive Officer Daniel Larbi-Tieku Deputy Group Chief Executive Officer Cleland Cofie Bruce Jr. (resigned 26 March 2021) Michael Tyson Chief Finance Officer (appointed 26 March 2021) George Otoo Martin Eson-Benjamin Prof. Angela Ofori-Atta Fiifi Kwakye Douglas Lacey Company Secretary Sadia Chinery-Hesse Enterprise Group Plc Advantage Place, Mayor Road, Ridge West PMB 150, GPO Accra, Ghana Solicitors Sam Okudzeto & Associates Third Floor, Total House Liberia Road Accra P. O. Box 5520 Accra-North, Ghana Independent Auditor KPMG, Chartered Accountants 13 Yiyiwa Drive Abelemkpe, Accra P. O. Box GP 242 Accra, Ghana Registrar NTHC First Floor, Martco House, Okai Mensah Link, Off Kwame Nkrumah Avenue Adabraka, Accra P. O. Box KIA 9563 Accra, Ghana Registered Office Advantage Place Mayor Road, Ridge West, Accra PMB 150, GPO Accra, Ghana Bankers Absa Bank Ghana Limited Guaranty Trust Bank (Ghana) Limited Standard Chartered Bank Ghana Plc Enterprise Group Plc 5 Annual Report 2020 Enterprise Group Plc Financial statements for the year ended 31 December 2020 Chairman’s Review Board of Directors Trevor Trefgarne Chairman Keli Gadzekpo Group Chief Executive Officer Daniel Larbi-Tieku Deputy Group Chief Executive Officer “I am glad to report that notwithstanding the Cleland Cofie Bruce Jr. (resigned 26 March 2021) Michael Tyson Chief Finance Officer (appointed 26 March 2021) uncertainties and difficulties presented by George Otoo Martin Eson-Benjamin the pandemic, our Group not only managed Prof. Angela Ofori-Atta to sustain its established activities, but also Fiifi Kwakye Douglas Lacey made significant progress in the entry into Company Secretary Sadia Chinery-Hesse the Nigerian market. ” Enterprise Group Plc Advantage Place, Mayor Road, Ridge West PMB 150, GPO Accra, Ghana Trevor Trefgarne Solicitors Sam Okudzeto & Associates Chairman Enterprise Group Plc Third Floor, Total House Liberia Road Accra P. O. Box 5520 Accra-North, Ghana Introduction The year-on-year GDP growth is estimated to be 0.9% It is my pleasure to welcome our shareholders to the 11th compared to 6.3% for 2019. After rising to 11.4% in Independent Auditor KPMG, Chartered Accountants Annual General Meeting of the Enterprise Group Plc and July, which was a direct effect of the lockdown, inflation 13 Yiyiwa Drive present my report for the year to 31st December 2020. retreated to end the year at 10.4%. Fiscal deficit however Abelemkpe, Accra went above the 5% limit, due to the additional spending P. O. Box GP 242 IThe past year was dominated by the Covid 19 global pandemic Government had to make, to cushion the impact of Covid Accra, Ghana and the economic impact of measures taken by Governments 19 on citizens. As the uncertainty brought about by the to protect the health of their populations. This has been a Registrar NTHC pandemic is still with us, its full impact on the economy challenging time for all of us as we adapt how we live, work First Floor, Martco House, Okai Mensah Link, will take some time to be fully assessed across all sectors and run our businesses.
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