NICO Holdings Limited

Ticker code NICO Industry Insurance (Property & Casualty) 19 Glyn Jones Road
Chibisa House
P.O. Box 501
Blantyre, Malawi
ISIN MW0009298866 Sector Financial
Initial Listing 11 November 1996 Financial Year End 31 December
Website www.nicomw.com Results Released Half-yearly
2010 2011 2012 2013 2014
  MWK Millions MWK Millions MWK Millions MWK Millions MWK Millions
Gross revenue 21,757 26,437 41,695 62,893 74,600
Profit before tax 3,819 4,211 2,373 11,642 10,387
Earnings per share (tambala) 222 163 42 548 323
Net dividend paid 1,095 417 250 563 1,596
Net dividend per share (tambala) 105 40 24 54 153
Total assets 75,766 99,413 125,157 171,585 209,103
Net assets 8,793 9,315 10,152 14,205 16,370
Share price (tambala) 920 1,100 1,430 1,780 3,250
Net asset value per share (tambala) 843 893 973 1,362 3,116
Price to book value (times) 1.1 1.2 1.5 1.3 1.0
Price earnings ratio (times) 4.1 6.7 34 3.2 10.1
Market capitalization 9,596 11,473 14,915 18,566 33,899

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Revenue
Gross written insurance premiums 11,486,738 14,246,542 21,840,520 32,275,822 42,070,977
Unearned premium adjustment -397,715 115,373 -368,973 -435,437 -576,659
Gross earned insurance premiums 11,089,023 14,361,915 21,471,547 31,840,385 41,494,318
Fees and commission income 2,021,906 1,092,932 2,336,065 3,219,081 4,843,923
Income from banking operations 6,075,853 8,187,425 12,917,572 19,510,297 18,062,087
Investment income 1,815,921 1,819,885 3,937,340 8,323,404 10,199,842
21,002,703 25,462,157 40,662,524 62,893,167 74,600,170
Fair value adjustment of investment properties 589,919 634,969 689,594 370,754 941,468
Fair value adjustment on government securities and loans and debentures 134 -17,397 -59,544 -29,210 -
Total revenue 21,592,756 26,079,729 41,292,574 63,234,711 75,541,638
Other expense/income 164,907 358,260 402,876 2,011,494 -11,339
Share of loss from associated companies - - - - -183,484
Expenses
Insurance premium ceded to reinsurers -3,046,258 -3,955,424 -5,909,420 -7,586,233 -11,984,643
Net policyholders claims and benefits -4,459,543 -5,129,151 -6,983,852 -9,411,713 -11,687,289
Insurance contracts acquisition costs -962,081 -847,812 -1,301,078 -1,814,598 -2,001,124
Bank interest expense -1,252,744 -1,650,313 -4,761,321 -6,283,174 -3,213,870
Administrative expenses -6,300,119 -6,784,610 -13,263,080 -17,070,301 -20,829,140
Profit before finance costs and long-term policyholders' benefits 5,736,918 8,070,679 9,476,699 23,080,186 25,630,749
Finance costs -125,397 -232,141 -44,168 -24,911 -33,636
Long-term policyholders' benefits -1,792,580 -3,627,736 -7,060,019 -11,412,923 -15,210,411
Profit before tax expense 3,818,941 4,210,802 2,372,512 11,642,352 10,386,702
Income tax expense -985,936 -1,259,767 -906,671 -2,539,494 -3,051,764
Profit for the year 2,833,005 2,951,035 1,465,841 9,102,858 7,334,938
           
Other comprehensive income
Items that will never be reclassified to profit or loss
Revaluation of properties, net of tax 34,592 4,818 203,976 108,581 -
Items that are or may be reclassified to profit or loss
Loss on available for sale assets - - -139,758 -270,957 -7,245
Deferred tax on revaluation of shares - - 41,927 75,129 41,097
Fair value on available for sale assets - 2,531 - 505,726 -
Translation difference on foreign subsidiaries 25,207 22,369 759,119 -296,245 -407,630
Income tax on other comprehensive income -13,445 -2,205 - - -
Total comprehensive income for the year 2,879,359 2,978,548 2,331,105 9,225,092 6,961,160
           
Profit attributable to:
Non-controlling interest 522,252 1,247,250 1,028,026 3,386,986 3,968,733
Equity holders of the parent 2,310,753 1,703,785 437,815 5,715,872 3,366,205
Total comprehensive income for the year attributable to:
Non-controlling interest 536,342 1,247,250 1,243,235 3,161,682 3,885,641
Equity holders of the parent 2,343,017 1,731,298 1,087,870 6,063,410 3,075,519
Basic and diluted earnings per share (MK) 2.22 1.63 0.42 5.48 3.23

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK Million MWK Million MWK Million MWK Million MWK Million
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Unavailable Download Download
Gross revenue 30,492 34,753 36,809 38,688 39,006
Share of profit/loss in associates - - - -183 18
Operating expenses -13,389 -11,731 -14,206 -14,682 -12,935
Management expenses -7,682 -9,388 -10,092 -10,737 -11,518
Profit before future policy holders benefits 9,420 13,634 12,511 13,086 14,571
Future policy holders benefits -5,754 -5,659 -8,084 -7,126 -9,565
Profit before income tax 3,665 7,975 4,427 5,960 5,006
Income tax expense -1,081 -1,458 -1,486 -1,566 -933
Profit for the period 2,584 6,517 2,941 4,394 4,073
Attributable to non-controlling interest - 3,387 1,695 2,274 1,952
Attributable to equity holders of the parent company 2,584 3,130 1,246 2,120 2,121
Other comprehensive income
Items that will never be reclassifed to profit or loss
Revaluation surplus of property and equipment, net of tax - 108 - - -
Items that are or may be reclassified to profit or loss
Gain/loss on available for sale assets - -271 240 -247 47
Deferred tax on available for sale assets - 75 -52 93 -
Fair value on available for sale assets -86 592 - - -
Income tax on other comprehensive income 26 -26 - - -
Translation difference -81 -215 -599 191 -229
Total other comprehensive income for the period -141 263 -411 37 -182
Total comprehensive income for the period 2,443 6,781 2,530 4,431 3,891
Attributable to non-controlling interest 763 2,399 1,433 2,452 1,865
Attributable to equity holders of the parent company 1,680 4,382 1,097 1,979 2,026
Earnings per share (tambala) 161 387 105 218 203
Dividend per share (tambala) - 54 48 6 -
Number of shares in issue ('000s) 1,043,041 1,043,041 1,043,041 1,043,041 1,043,041

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Assets          
Non-current assets
Property and equipment 4,844,908 4,824,862 7,070,313 7,554,378 7,369,181
Intangible assets 147,870 203,546 418,310 519,723 498,217
Investment properties 2,774,012 3,438,342 4,532,790 5,010,424 6,006,046
Other investments and loans receivable 15,222,309 19,254,846 23,428,447 45,172,034 54,909,997
Investment in subsidiary companies - - - - -
Investment in associate companies - - - - 664,330
Loans and advances to customers 15,325,999 22,235,412 21,584,807 28,149,992 12,334,061
Deferred tax assets 356,226 - 857,487 1,284,960 635,644
Total non-current assets 38,671,324 49,957,008 57,892,154 87,691,511 82,417,476
           
Current assets
Inventories 55,571 77,922 115,335 214,714 196,889
Amounts due from subsidiary companies - - - - -
Deferred acquisition costs 310,720 355,003 569,355 729,294 710,576
Trade receivables 7,283,347 9,048,365 16,722,172 17,912,382 23,793,718
Other receivables 1,412,972 2,633,170 3,304,657 4,814,187 12,497,564
Income tax receivable 0 0 0 0
Loans and advances to customers 8,817,693 13,760,773 14,120,072 6,577,636 18,574,991
Short-term investments 4,617,568 5,225,324 10,740,109 28,717,277 41,068,934
Cash and cash equivalents 14,597,333 18,355,787 21,693,196 24,931,296 29,843,055
Total current assets 37,095,204 49,456,344 67,264,896 83,896,786 126,685,727
Total assets 75,766,528 99,413,352 125,157,050 171,588,297 209,103,203
           
Equity and liabilities           
Equity   
Issued share capital 52,152 52,152 52,152 52,152 52,152
Share premium 428,859 428,859 428,859 428,859 428,859
Revaluation reserve 1,135,814 563,978 357,765 327,890 196,579
Other reserves 1,350,851 1,422,529 1,990,413 1,980,832 2,646,440
Retained earnings 5,825,434 6,846,982 7,322,851 11,414,946 13,045,504
Total equity attributable to equity holders of the company 8,793,110 9,314,500 10,152,040 14,204,679 16,369,534
Non-controlling interest 2,440,046 4,533,591 5,645,496 10,982,707 13,024,028
Total equity attributable to equity holders of the company 11,233,156 13,848,091 15,797,536 25,187,386 29,393,562
           
Non-current liabilities 
Long-term policyholders liabilities 20,144,500 24,709,772 34,780,911 65,971,222 87,780,028
Interest-bearing loans and borrowings 581,784 270,580 7,792,264 498,571 3,063,402
Deferred tax liabilities 544,971 647,004 806,921 852,975 1,294,419
Employee benefits liabilities 791,385 - - - -
Total non-current liabilities 22,062,640 25,627,356 43,380,096 67,322,768 92,137,849
           
Current liabilities
Bank overdrafts 103,683 173,704 7,870 24,310 23,671
Amounts due to subsidiary companies - - - - -
Interest-bearing loans and borrowings 3,095,004 1,987,477 960,600 934,201 2,345,778
Unearned premium reserve 2,651,530 2,998,715 5,741,055 6,162,328 8,031,431
Income tax payable 208,528 234,416 314,515 838,266 217,341
Insurance contract payables 4,858,192 6,553,945 13,673,385 17,226,710 18,381,547
Deposits and customer accounts 29,696,440 45,420,911 39,503,620 47,180,071 48,314,263
Trade and other payables 1,857,355 2,381,678 5,768,844 6,712,257 10,257,761
Employee benefits liabilities - 187,059 9,529 - -
Total current liabilities  42,470,732 59,937,905 65,979,418 79,078,143 87,571,792
Total liabilities  64,533,372 85,565,261 109,359,514 146,400,911 179,709,641
Total equity and liabilities  75,766,528 99,413,352 125,157,050 171,588,297 209,103,203

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Unit: MWK Million MWK Million MWK Million MWK Million MWK Million
Statement type: Unaudited Audited Unaudited Audited Unaudited
View original statement: Download Download Unavailable Download Download
Assets employed 140,467 171,588 183,670 209,103 221,114
Property and equipment 7,470 8,074 7,279 7,867 8,866
Investment properties 4,285 5,010 5,181 6,006 6,281
Inventories 148 215 207 197 270
Other investments and loans receivable 79,659 108,618 119,449 55,574 146,033
Trade and other receivables 22,879 23,455 25,246 108,980 30,275
Deferred tax assets 845 1,285 1,075 636 360
Cash and cash equivalents 25,180 24,931 25,233 29,843 29,029
Liabilities 121,871 146,401 157,252 179,710 188,179
Life assurance and pension fund 43,286 65,971 77,438 87,780 99,967
General insurance funds 6,819 6,162 7,398 8,031 6,928
Bank overdrafts 4 24 38 24 33
Interest-bearing loans and borrowings 7,713 1,435 899 5,409 2,970
Trade and other payables 17,921 24,776 21,129 28,858 22,595
Deferred tax liabilities 742 853 1,149 1,294 524
Deposits and customer accounts 45,386 47,180 49,201 48,314 55,162
Financed by:
Equity 18,595 25,187 26,418 29,393 32,935
Issued share capital 52 52 52 52 52
Reserves 12,059 14,152 14,912 16,317 19,006
Non-controlling interest 6,484 10,983 11,454 13,024 13,877
Total equity and liabilities 140,466 171,588 183,670 209,103 221,114

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: MWK'000 MWK'000 MWK'000 MWK'000 MWK'000
Statement type: Audited Audited Audited Audited Audited
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Cash flows from operating activities
Cash receipts from customers 16,758,417 19,266,158 24,110,509 45,547,638 53,347,437
Cash payments to clients, employees and suppliers -12,484,810 -12,354,672 -24,603,410 -27,192,308 -34,666,492
Cash generated from/utilized in operations 4,273,607 6,911,486 -492,901 18,355,330 18,680,945
Income taxes paid -1,337,415 -927,087 -1,266,859 -2,322,033 -3,541,070
Net cash flows generated from/utilized in operating activities 2,936,192 5,984,399 -1,759,760 16,033,297 15,139,875
           
Cash flows generated from/utilized in investing activities
Proceeds from disposal of property and equipment 257,019 289,961 291,028 46,869 528,377
Investment and other income received 2,181,961 4,340,298 4,561,567 11,787,574 20,279,401
Net movements to other investments and loans receivables and investment in subsidiaries -503,832 -2,693,686 -1,682,450 -14,179,189 -21,089,606
Additions to property and equipment and intangible assets -944,993 -1,344,036 -2,444,484 -1,100,682 -1,585,164
Additions to investment properties -40,246 -21,590 -1,165,215 -70,212 -28,042
Net cash flows utilized in/generated from investing activities 949,909 570,947 -439,554 -3,515,640 -1,895,034
           
Cash flows utilized in/generated from financing activities
Proceeds from long-term borrowings 3,705,782 - 7,974,986 1,800,293 -
Repayment of long-term borrowings -1,174,311 -1,749,363 -1,859,530 -10,397,995 -3,673,424
Proceeds from issue of shares 1,524,254 - - - -
Dividend paid -615,380 -1,117,550 -634,715 -782,043 -3,714,548
Net cash flows utilized in/generated from financing activities 3,440,345 -2,866,913 5,480,741 -9,379,745 -7,387,972
           
Net increase in cash and cash equivalents 7,326,446 3,688,433 3,281,427 3,137,912 5,856,869
Cash and cash equivalents at 1 January 7,152,728 14,479,870 18,182,083 21,685,326 24,906,986
Effects of changes in control - - - - -779,780
Effects of changes in exchange rates 14,476 13,780 221,816 83,748 -164,691
Cash and cash equivalents at 31 December  14,493,650 18,182,083 21,685,326 24,906,986 29,819,384
           
Change in net working capital  -1,295,825 3,745 329,292 5,533,165 34,295,292

Period ended: 30-Jun-13 31-Dec-13 30-Jun-14 31-Dec-14 30-Jun-15
Period length: 6 months 6 months 6 months 6 months 6 months
Unit: MWK '000 MWK '000 MWK '000 MWK '000 MWK '000
Statement type: Unaudited Audited Unaudited Audited Unaudited
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Operating activities
Cash receipts from customers 21,379 24169 24236 29109 31952
Cash payments to clients, employees and suppliers -13,914 -13,278 -15,068 -19,598 -27,134
Income taxes paid -1,181 -1,141 -1,767 -1,774 -2,351
Cash flows to/from operating activities 6,284 9,750 7,401 7,737 2,467
           
Cash flows to/from investing activities -1,587 -1,928 -4,295 2,400 -1,779
           
Cash flows to/from financing activities -1,206 -8,174 -2,837 -4,550 -1,380
           
Net increase/decrease in cash and cash equivalents 3,490 -352 269 5,587 -692
Cash and cash equivalents at the beginning of the period 21,685 25,176 24,907 25,194 29,819
Effects of changes in exchange rates - 83 18 -797 -131
Effects of changes in control - - - -165 -
Cash and cash equivalents at the end of the period 25,176 24,907 25,194 29,819 28,996
           
Increase/decrease in net working capital  -21,685 27,218 -21,685 55,980 14,172