CBL Summarised Audited Financial Statements
Income Statements
For the year ended 31 December 2007
Group
Parent
2007
2006
  
2007
2006
$000
$000
  
$000
$000
Insurance underwriting result
Premium revenue
23,320
18,213
23,154
18,000
Outwards reinsurance premium expense
-4,357
-3,391
-4,357
-3,391
Unearned premium
-1,617
306
-1,630
288
Net earned premium revenue
17,346
15,128
17,167
14,897
Claims expense
6,479
8126
6,371
7968
Reinsurance and other recoveries 
-2,323
-1,195
-2,323
-1,195
Net claims incurred
4,156
6,931
4,048
6,773
Acquisition costs
6,082
3,440
6,082
3,440
Other underwriting expenses
13
11
13
11
Net underwriting expenses
6,095
3,451
6,095
3,451
Underwriting result
7,095
4,746
7,024
4,673
Other Income
23
119
23
119
Total Income
7,118
4,865
7,047
4,792
Operating Expenses
4,729
3,176
4,699
3,120
Profit before finance expenses
2,389
1,689
2,348
1,672
Finance income
646
598
646
598
Finance expenses
654
539
651
539
Net finance (income) costs
8
-59
5
-59
Profit before income tax
2,381
1,748
2,343
1,731
Income tax expense
372
203
328
296
Profit for the period
2,009
1,545
2,015
1,435
The accompanying notes form part of, and should be read in conjunction with these financial statements.

 

Statement of recognised income and expense
for the year ended 31 December 2007    
Group
  
Parent
2007
2006
  
2007
2006
$000
$000
  
$000
$000
 
Net income recognised directly in equity
-
-
-
-
Profit for the period
2,009
1,545
2,015
1,435
Total recognised income and expense
for the period
2,009
1,545
2,015
1,435

 

Balance Sheet
as at 31 December 2007
Group
Parent
2007
2006
2007
2006
$000
$000
$000
$000
ASSETS
Non-current assets
Property, plant and equipment
497
38
497
38
Investment in subsidiary
-
-
125
175
Other investments
12
12
12
12
Long term receivable
10,750
11,250
10,750
11,250
Total non-current assets
11,259
11,300
11,384
11,475
Current assets
Cash and cash equivalents
7,912
5,726
7,886
5,714
Other investments
438
882
438
882
Trade and other receivables
6,908
5,453
6,919
5,480
Deferred acquisition costs
2,929
3,115
2,929
3,115
Taxation refundable
590
915
684
915
Total current assets
18,777
16,091
18,856
16,106
Total assets
30,036
27,391
30,240
27,581
EQUITY
Issued capital
16,000
16,000
16,000
16,000
Retained earnings
-1,376
-3,085
-1,104
-2,819
Total equity
14,624
12,915
14,896
13,181
LIABILITIES
Non-current liabilities
Trade and other payables
318
-
318
-
Current liabilities
Trade and other payables
6,820
4,888
6,797
4,869
Insurance liabilities
8,223
8,033
8,178
7,976
Interest bearing loans and borrowings
-
1,519
-
1,519
Employee benefits
51
36
51
36
Total current liabilities
15,094
14,476
15,026
14,400
Total liabilities
15,412
14,476
15,344
14,400
Total equity and liabilities
30,036
27,391
30,240
27,581

 

AUDIT REPORT
For the Year Ended 31 December 2007

Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:

  • proper accounting records have been kept by the company as far as appears from our examination of those records; and
  • the financial statements -
    • comply with generally accepted accounting practice in New Zealand;
    • give a true and fair view of the financial position of the company as at 31 December 2007 and the results of its operations for the year ended on that date.

Our audit was completed on 17 June 2008 and our unqualified opinion is expressed as at that date.


Auckland, New Zealand                     
CHARTERED ACCOUNTANTS

This is a summary only of the Audited Financial Statements, requests for further information should be made directly to CBL.

CONTRACTORS BONDING LIMITED
Tower One, Shortland Center, 51 Shortland Street,
PO Box 3772, Auckland, New Zealand

Telephone: +64 9 303 4770 Fax: +64 9 300 5046
Email: info@contractorsbonding.com

 

  

 
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