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2015 Annual Report ENTERPRISE MARKET: POSITIONED FOR THE FUTURE 2015 ANNUAL REPORT & FINANCIAL STATEMENTS Vision Mission Values In all our markets, our We provide all who - Friendliness pedigree will be come into contact with - Trust recognized, our us their desired - Reliability strength respected, our advantage because... - Excellence expertise valued and we are the best at what - Professionalism our solutions sought by we do! all who desire an advantage in life. Enterprise Group Limited Annual Report for the year ended 31 December 2015 Contents Review 2 Notice and Agenda of Annual General Meeting 3 Five Year Financial Summary 4 Corporate Information 5 - 7 Chairman’s Statement 8 Board of Directors 9 Non-Executive Directors of Subsidiary Companies 10 - 13 Chief Executive Officer’s Review 15 - 17 Executive Director’s Review (Insurance) 19 - 23 Executive Director’s Review (Life) 25 - 26 General Manager’s Review (Trustees) 28 - 29 General Manager’s Review (Properties) Governance 30 - 31 Corporate Governance Statement 32 - 33 Enterprise in The Community 34 Report of the Directors Financial Statements 35 Report of the independent auditor 36 Statements of financial position 37 Income statements 38 Statements of Comprehensive Income 39- 41 Statements of Changes in Equity 42 Statements of Cash Flows 43 - 90 Notes to the Financial Statements 91 Shareholders’ Information 92- 93 Certificate of Solvency in Respect of the Life Business 94 Resolutions 95 - 96 Proxy Form Enterprise Group Limited Annual Report 2015 1 Enterprise Group Limited Annual Report for the year ended 31 December 2015 Notice and Agenda of Annual General Meeting IS HEREBY GIVEN THAT the Sixth Annual General Meeting of Enterprise Group Limited will NOTICE be held at the College of Physicians and Surgeons, Independence Avenue, Accra on Tuesday 12th July, 2016 at 10a.m. for the following purposes: 1. To receive the Report of the Directors and the Financial Statements together with the Report of the Auditors thereon for the year ended 31st December, 2015. 2. To declare a final dividend. 3. To re-elect retiring Directors: a. Mr. Trevor Trefgarne b. Mr. Martin Eson-Benjamin. 4. To ratify the appointment of Prof. Angela Ofori-Atta as a Director. 5. To appoint Messrs. KPMG as Auditors. 6. To authorise the Directors to fix the remuneration of the Auditors. 7. To approve the remuneration of the Directors. By Order of the Board Sadia Chinery-Hesse Company Secretary 30th May, 2016. NOTE: A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of him/her. A proxy need not also be a member of the Company. In order to be valid, the PROXY FORM must be deposited at the Office of the Registrar, NTHC Limited, 1st Floor, Martco House, Adabraka or P.O. Box KIA 9563, Airport – Accra NOT LESS THAN 48 HOURS before the commencement time of the meeting. 2 Enterprise Group Limited Annual Report 2015 Enterprise Group Limited Annual Report for the year ended 31 December 2015 Five Year Financial Summary (All amounts are expressed in thousands of Ghana cedis) 2015 2014 2013 2012 2011 Group Net Income 349,305 288,374 230,968 145,694 95,877 Net Investment Income 74,986 74,517 68,001 3 1 , 5 0 5 15,344 Net Insurance Premium 253,712 203,932 1 5 7 , 7 8 3 111,928 79,553 Net Benefits & Claims 178,121 129,921 114,726 60,998 33,480 Operating expenses 70,073 53,896 41,394 31,349 22,095 Profit before tax 59,041 69,581 41,394 3 2 , 6 6 2 23,309 Profit after tax 51,567 61,289 39,673 2 9 , 8 9 6 23,734 Total Equity and Surplus 276,137 223,293 135,152 106,536 75,302 Total Assets 633,450 485,951 345,997 223,626 1 5 2 , 8 9 0 Number of shares 133,270,825 131,900.825 131,210,825 131,210,825 131,210,825 Earnings per share (GH¢) 0.207 0 . 2 8 8 0.238 0.148 0.145 Dividend per share (GH¢) 0.050 0.215 0.045 0.032 0.000 Return on Assets (%) 9.21% 14.73 13.93 1 5 . 8 8 17.71 Return on Equity (%) 13.33% 2 1 . 2 0 27.30 2 2 . 4 3 3 0 . 6 7 Share price (Market) (GH¢) 2.40 1.75 1.88 0.48 0.38 Price Earning Ratio 11.60 6.08 8.01 3.24 6.67 2 Enterprise Group Limited Annual Report 2015 Enterprise Group Limited Annual Report 2015 3 Corporate Information Board of Directors Trevor Trefgarne Chairman Keli Gadzekpo Chief Executive Officer Emmanuel Idun Executive Director Ken Ofori-Atta (resigned 30 June, 2015) George Otoo Martin Eson-Benjamin H. E. (Mrs.) Margaret Clarke-Kwesie Prof. Angela Ofori-Atta (appointed 1 October, 2015) Secretary Sadia Chinery-Hesse No 11 High Street PMB 150, GPO Accra Solicitors Sam Okudzeto & Associates 3rd Floor, Total House Liberia Road, Accra P. O. Box 5520 Accra- North Independent Auditor PricewaterhouseCoopers, Chartered Accountants 3rd Floor, Una Homes Building No.12 Airport City Accra PMB CT 42 Cantonments Registrar NTHC 1st Floor, Martco House Adabraka, Accra P. O. Box KIA 9563 Airport, Accra Registered Office Enterprise House No. 11 High Street PMB 150, GPO Accra Telephone: 0302 666847-9, 0302 666856-8 Bankers Barclays Bank of Ghana Limited Standard Chartered Bank Ghana Limited 4 Enterprise Group Limited Annual Report 2015 Chairman’s Review As part of our growth and diversification strategy, we are continuing investment projects currently underway. This includes our new office development; investments supporting entry into funeral services and other investments supporting our existing core businesses. Trevor Trefgarne Chairman, Enterprise Group Limited Chairman’s Review Summary Nowhere was the commodity price rout better illustrated In an eventful and challenging year, I am happy to report a than through the price of crude oil which has steadily satisfactory performance for 2015. We largely achieved plummeted from US$120 in July 2014 to below US$ 30 in our growth and profitability ambitions, and laid the January 2016. The increasing Ghana production from new foundations of our long term vision to build a financial oilfields can only partially compensate for revenue lost services business, founded on our solid and leading through price. Gold prices fell by 13% in the year to US$ positions in insurance. 1,090 per troy oz. Gold has consequently lost 35% of its value since January 2013 resulting in curtailed industry The economic instability experienced in the last few years investment, mine closures and labour retrenchment. continued in 2015. Our management team adapted well Cocoa, Ghana’s third largest export experienced some with a flexible approach consistently aimed at delivering price growth, bucking the global commodity price trends. on our objectives. This instability seems to be the normal state of affairs and we necessarily remain agile in order 2015 also illustrated the increasing global to maintain our position as industry leaders. interdependencies. The slowdown in China will be of concern to Ghana’s economic management team as The Economic Environment in 2015 China accounts for 11% and 25% of exports and imports Ghana’s economic performance in 2015 and the respectively, and recognising the potential knock-on business environment can be characterized as difficult, effect, particularly on infrastructure investment. perhaps worse than our own predictions. However these Ghana signed onto an IMF assisted programme in April cannot be viewed in isolation from the global economy 2015. A key component of the programme is to address as both internal and external factors played a role in the the fiscal deficit projected to be 7.3% at the end of 2015, outturn. driven by the higher than desirable public payroll and Continuing concerns about the health of the global revenue shortfalls. Although 2015’s deficit represents economy, led to low economic growth in the developed an improvement on year end 2014’s 9.4%, it is still way economies. This, together with a significant down turn off the IMF’s 5.8% target for 2016. Consequently, public in China’s economic growth, negatively impacted global debt rose to an estimated 77.3% of GDP representing a demand for commodities. Ghana’s commodity export led deterioration on the prior year’s 70.9%. Regrettably the economy suffered as the Government scrambled to find global events enumerated above present the Government ways to bridge the gaps in revenue collection. with additional hurdles to overcome. 4 Enterprise Group Limited Annual Report 2015 Enterprise Group Limited Annual Report 2015 5 Enterprise Group Limited Annual Report for the year ended 31 December 2015 Chairman’s Review (continued) The impact of these events on the business operating Strategy and Business Performance environment should not be underestimated, particularly 2015 represented a significant milestone for the Group in the context of the competing expenditure demands in as Enterprise Life achieved the largest premium income of area of infrastructure, such as resolving the power crisis, any company in the Ghana Life Assurance market. This is continuing wage demands in the public sector and the a remarkable achievement and validates our aggressive rejection of additional taxes and utility price increases growth strategy, demonstrates the opportunities in the by labour. financial services industry. Against the above background, GDP growth for 2015 We congratulate the Life management team and is projected at 3.8%, with the industry component encourage them to maintain their preeminent position. performing best with a growth of 6.5%. In an economically difficult and intensely competitive Inflation rose progressively through the year closing at environment, we fell short of our expected growth target, 17.7%.
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