CONSOLIDATED BALANCE SHEET

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Jocelin Wiggins
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1 CONSOLIDATED BALANCE SHEET As of September 30, 2010 Notes Current assets Cash 6 65,050 53,016 Trade and other receivables 7 96, ,089 Prepaid expenses 9,051 9,276 Due by associated companies 8 8,640 11,274 Reinsurance assets 9 8,237 5,536 Current income tax assets 4,870 2,872 Inventories , , , ,889 Current liabilities Borrowings , ,250 Trade and other payables 12 99,502 89,654 Due to associated companies 8 2,443 2,622 Current income tax liabilities 2,857 4,968 Insurance contracts 13 12,202 8, , ,277 Working capital 121, ,612 Property, plant and equipment , ,328 Investment property 15 23,557 22,516 Intangible assets 16 52,054 53,188 Investments in associated companies 17 85,110 78,883 Financial investments 18 44,777 42,844 Deferred income tax assets 19 5,845 4,674 Pension plan assets 20 7,708 6,042 Long-term trade and other receivables 7 1, , ,382 Borrowings 11 86,582 94,401 Deferred income tax liabilities 19 4,912 2,174 Pension plan liabilities 20 1,511 1,715 Net assets employed 574, ,092 Financed by: Equity Capital and reserves attributable to equity holders of the Company Share capital 21 42,454 41,829 Other reserves , ,967 Retained earnings 308, , , ,054 Non-controlling interests 110, ,038 Approved by the Board of Directors on December 30, 2010: 574, ,092 J.N. Goddard Chairman M.J.K. Pritchard Managing Director 43

2 GODDARD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to equity holders of the Company Non- Share Other Retained controlling capital reserves earnings interests Total (Note 21) (Note 22) Balance at October 1, , , ,538 97, ,400 Net income for the year 22,639 10,249 32,888 Other comprehensive loss (898) (412) (1,310) Total comprehensive (loss)/income for the year (898) 22,227 10,249 31,578 Acquisition of subsidiary 8,936 8,936 Fair value of assets disposed of by non-controlling interests (2,637) (2,637) Reduction in advances to non-controlling interests (6,540) (6,540) Value of employee services Issue of common shares 1,160 1,160 Dividends declared (1,419) (1,419) Dividend Final 2008 (13 cents per share) (note 30) (7,740) (7,740) Dividend Interim 2009 (8 cents per share) (note 30) (4,767) (4,767) 1, (12,507) (1,660) (12,886) Balance at September 30, , , , , ,092 Balance at October 1, , , , , ,092 Net income for the year 27,516 11,917 39,433 Other comprehensive income ,237 3,062 Total comprehensive income for the year ,589 14,154 42,495 Acquisition of subsidiary Fair value of assets disposed of by non-controlling interests (1,633) (1,633) Reduction in advances to non-controlling interests (6,608) (6,608) Value of employee services Issue of common shares Dividends declared (1,420) (1,420) Dividend Final 2009 (8 cents per share) (note 30) (4,774) (4,774) Dividend Interim 2010 (6 cents per share) (note 30) (3,582) (3,582) (8,356) (9,402) (17,011) Balance at September 30, , , , , ,576 44

3 CONSOLIDATED STATEMENT OF INCOME Notes Revenue 877, ,032 Cost of sales 24 (584,786) (609,196) Gross profit 293, ,836 Underwriting income 3,154 3,456 Selling, marketing and administrative expenses 24 (253,130) (234,361) Profit from operations before the following 43,066 48,931 Other gains/(losses) net 25 10,790 6,524 Profit from operations 53,856 55,455 Finance costs 27 (12,415) (13,815) 41,441 41,640 Share of income from associated companies 17 10,305 2,244 Income before taxation 51,746 43,884 Taxation 28 (12,313) (10,996) Net income for the year 39,433 32,888 Attributable to: Equity holders of the Company 27,516 22,639 Non-controlling interests 11,917 10,249 39,433 32,888 Earnings per share attributable to the equity holders of the Company during the year (expressed in cents per share) basic diluted

4 GODDARD ENTERPRISES LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Net income for the year 39,433 32,888 Other comprehensive income: Share of revaluation surplus Group (362) 309 Associated companies Unrealised gains/(losses) on available-for-sale investments Group 729 (531) Associated companies (910) (31) (Gains)/losses transferred to income on disposal of financial investments Group (31) 317 Associated companies (1,072) Impairment of financial investments Currency translation differences 1,667 (2,828) Hyperinflationary adjustments 2,051 Other comprehensive income/(loss) for the year 3,062 (1,310) Total comprehensive income for the year 42,495 31,578 Attributable to: Equity holders of the Company 28,341 21,329 Non-controlling interests 14,154 10,249 42,495 31,578 46

5 CONSOLIDATED STATEMENT OF CASH FLOWS Cash flows from operating activities Income before taxation 51,746 43,884 Adjustments for: Depreciation 21,884 20,545 Gain arising on acquisition (6) (2,859) Impairment of intangible assets 289 1,094 Impairment of financial investments Gain on disposal of property, plant and equipment (835) (886) (Gain)/loss on disposal of financial investments (1,161) 224 Loss on remeasurement of previous equity interest in associate at fair value 84 Exchange gain 895 1,286 Interest income (1,887) (2,842) Finance costs incurred 12,415 13,815 Share of income from associated companies (10,305) (2,244) Pension plan expense 429 2,879 Employee share schemes expenses Amortisation of intangible assets 1,133 1,188 Fair value losses on revaluation of investment property Operating profit before working capital changes 76,005 77,505 Net change in non-cash working capital balances related to operations (note 35) 7,311 21,286 Cash generated from operations 83,316 98,791 Interest received 1,887 2,842 Finance costs paid (12,415) (13,815) Income and corporation taxes paid (14,940) (14,418) Pension plan contributions paid (2,299) (1,533) Net cash from operating activities 55,549 71,867 Cash flows from investing activities Acquisition of interest in subsidiaries (net) (2,877) (5,172) Acquisition of intangible asset (150) Purchase of property, plant and equipment (24,596) (32,439) Proceeds on disposal of property, plant and equipment 2,736 1,894 Purchase of financial investments (6,575) (8,110) Proceeds on disposal of financial investments 6,572 7,427 Investments and loans made in associated companies (30) (3,157) Proceeds on wind-up of pension plan 6,192 Long-term loans made (1,605) Proceeds from repayment of long-term loans Unsecured and secured loans received Dividends received from associated companies 2,468 3,428 Net cash used in investing activities (22,941) (29,310) Cash flows from financing activities Issue of common shares 625 1,160 Long-term loans received 7,434 7,883 Repayments of long-term loans (15,117) (14,435) Dividends paid to non-controlling interests (1,420) (1,419) Loans repaid to non-controlling interests (6,608) (6,540) Dividends paid to shareholders (8,356) (12,507) Net cash used in financing activities (23,442) (25,858) Net increase in cash and cash equivalents 9,166 16,699 Cash and cash equivalents beginning of year 23,487 6,788 Cash and cash equivalents end of year (note 6) 32,653 23,487 47

ASSETS 31 March December 2017

ASSETS 31 March December 2017 Condensed Consolidated Interim Balance Sheet as at 31 March 2018 Audited ASSETS 31 March 2018 31 December 2017 Current Assets Cash and Cash Equivalents 7.500 7.132 Financial Investments 198 736 Trade Receivables