First Energy Bank: Financial Results for the nine months ended 30 September 2019

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Financial Results for the nine months ended 30 September 2019 Condensed Consolidated Statement of Financial Position Condensed Consolidated Income Statement As at 30 September 2019 For the nine months ended 30 September 2019 USD 000 ’s 30 September 2019 (reviewed) Placements with financial institutions Financing assets Ijarah assets 5,925 15,407 44,117 89,818 163,994 117,426 72,400 75,100 422,625 428,737 Equity accounted investees 72,622 29,341 Other assets 56,798 52,080 Investment securities Property and equipment Total assets 23,547 17,857 862,028 825,766 Liabilities and equity LIABILITIES Placements from financial institutions 53,708 177,514 122,628 Other liabilities 34,903 23,434 266,125 30 September 2019 (reviewed) 30 September 2018 (reviewed) 30 September 2019 (reviewed) 30 September 2018 (reviewed) 12,291 11,903 4,758 2,286 2,167 2,502 35,907 18,071 9,486 3,488 (425) 2,001 32,621 4,179 4,237 392 556 710 10,074 2,840 3,324 188 (236) 680 6,796 8,227 4,388 637 4,514 17,766 18,141 9,448 3,037 382 2,519 6,214 21,600 11,021 2,439 1,395 220 1,348 5,402 4,672 2,950 1,087 110 778 1,806 6,731 65 Net impairment losses (2,775) (1,539) (1,056) (585) PROFIT FOR THE PERIOD 15,366 9,482 3,616 (520) Attributable to: Shareholders of the parent Non-controlling interests 15,328 38 9,455 27 3,607 9 (529) 9 15,366 9,482 3,616 (520) INCOME Income from investment securities Income from financing and placements with financial institutions Fees and commission income Share of results of equity accounted investees Net income from Ijarah assets Other income Total income EXPENSES Staff cost Finance cost Depreciation and amortization Expenses related to assets held for sale Other operating expenses Total expenses Profit before impairment allowance 238,946 Condensed Consolidated Statement of Changes in Equity For the nine months ended 30 September 2019 EQUITY Share capital 600,000 600,000 Treasury shares (4,356) (7,261) Statutory reserve 13,034 13,034 Investments fair value reserve (2,244) (2,011) Foreign exchange translation reserve (4,754) (2,171) (49,695) (61,968) 551,985 539,623 Accumulated losses Total equity attributable to shareholders of the parent Non-controlling interests 43,918 47,197 TOTAL EQUITY 595,903 586,820 Total liabilities and equity 862,028 825,766 USD 000’s Equity attributable to shareholders of the parent 30 September 2019 (reviewed) Balance at 1 January 2019 Changes in fair value of investments at fair value through equity Transfer to income statement on impairment Effect of exchange rate difference on equity accounted investee Profit for the period Total recognised income and expense for the period Transfer to zakah and charity fund Dividends of subsidiary Adjustment on capital reduction Balance at 30 September 2019 Foreign exchange Accumulated translation losses reserve Share capital Treasury shares Statutory reserve Investments fair value reserve 600,000 (7,261) 13,034 (2,011) (2,171) - - - (3,233) 3,000 (233) (2,583) (2,583) 600,000 2,905 (4,356) 13,034 (2,244) (4,754) Total (61,968) 539,623 15,328 15,328 Noncontrolling interests Total equity 47,197 586,820 (3,233) 3,000 (2,583) 15,328 12,512 - (3,233) 3,000 - (2,583) 38 15,366 38 12,550 (150) (150) (2,905) (49,695) 551,985 (150) (3,317) (3,317) 43,918 595,903 30 September 2018 (reviewed) Balance at 1 January 2018 Changes in fair value of investments at fair value through equity Transfer to income statement on disposal of investments Profit for the period Total recognised income and expense for the period Transfer to zakah and charity fund Dividends of subsidiary Balance at 30 September 2018 1,000,000 (7,261) 11,808 5,664 - - - (5,155) (2,520) (7,675) 1,000,000 (7,261) 11,808 (2,011) For the nine months ended 30 September 2019 Three months ended 92,884 Bank financing Total liabilities Nine months ended 31 December 2018 (audited) ASSETS Cash and bank balances Condensed Consolidated Statement of Cash Flows USD 000’s (2,171) (355,202) 652,838 - 9,455 9,455 (5,155) (2,520) 9,455 1,780 (250) (250) (2,171) (345,997) 654,368 47,163 700,001 27 27 (5,155) (2,520) 9,482 1,807 (250) (8) (8) 47,182 701,550 USD 000’s Nine months ended 30 September 2019 (reviewed) Nine months ended 30 September 2018 (reviewed) 15,366 9,482 2,700 637 400 2,775 (2,286) (2,338) 182 2,700 382 (591) 1,539 425 (6,396) OPERATING ACTIVITIES Net profit for the period Adjustments for: Depreciation on Ijarah assets Depreciation and amortization Amortization of premium / (discount) on Sukuk Net impairment losses Share of results of equity accounted investees Fair value gain on investment in structured products Loss / (gain) on disposal of investment securities Operating profit before changes in operating assets and liabilities Net changes in operating assets and liabilities: Financing assets Other assets Placements from financial institutions Other liabilities Payment to charities 17,436 7,541 (45,372) (4,000) (39,176) 13,148 (129) 1,429 (4,377) 24,317 (1,689) (206) Net cash (used in) / from operating activities (58,093) 27,015 (105,977) (112,930) INVESTING ACTIVITIES Purchase of investment securities Proceeds from disposal / maturity of investment securities Investment in a joint venture Purchase of property and equipment and intangible assets 66,211 129,746 (7,222) (19,968) (487) Net cash used in investing activities (46,988) (3,639) FINANCING ACTIVITIES Dividend paid to shareholders Dividend paid to non-controlling interests Repayment of bank financing Proceeds from bank financing (1,700) (3,317) (42,114) 97,000 (8) (42,778) 40,000 Net cash from / (used in) financing activities 49,869 (2,786) Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the period Effect of net impairment losses on placements with financial institutions Cash and cash equivalents at end of the period (55,212) 105,225 20,590 97,053 Cash and bank balances Placements with financial institutions with original maturity of 90 days or less 29 (54) 50,042 117,589 5,925 10,336 44,117 107,253 50,042 117,589 These statements have been extracted from the interim condensed consolidated financial information reviewed by KPMG. The interim condensed consolidated financial information was approved by the Board of Directors on 13 November 2019 and signed on its behalf by: Khaleefa Butti Bin Omair Chairman Abdulla Ahmed Al Suwaidi Board Member Mohamed Ghanem Chief Executive Officer