Amana Takaful PLC: Interim Report - 30 September 2017

Transcription

1. Amana Takaful PLC Interim Report 30th September 2017
2. STATEMENT OF FINANCIAL POSITION AS AT Notes Group Unaudited as at Audited as at 30 .09.2017 31.12.2016 Rs. Rs. Company Unaudited as at Audited as at 30.09.2017 31.12.2016 Rs. Rs. ASSETS Intangible Assets Property, Plant and Equipment Deferred Tax Asset Investment Property Investment in Subsidiary Financial Assets Financial Assets - Unit Linked Retakaful (Reinsurance) Receivables Contribution (Premium) Receivable Other Assets Other Assets - Unit Linked Cash and Bank Balances Cash and Bank Balances - Unit Linked 31,912,430 80,290,936 104,488,084 78,500,000 2,855,353,865 1,563,291,374 244,828,102 583,100,161 233,357,031 53,748,276 124,230,435 22,939,967 36,658,107 101,870,083 104,330,875 78,500,000 2,305,094,853 1,441,276,268 383,234,370 423,594,316 170,070,907 32,055,415 368,874,066 72,192,842 7,216,749 59,663,918 97,594,408 78,500,000 1,074,322,352 925,503,642 211,834,994 487,674,395 230,246,230 54,215,921 - 8,215,697 81,974,142 97,594,408 78,500,000 1,074,322,352 874,366,499 213,900,783 328,235,215 103,983,447 78,897,531 - 5,976,040,660 5,517,752,102 3,226,772,609 2,939,990,074 899,985,399 576,405,702 917,870,374 559,913,844 640,225,375 - 650,675,481 - Insurance Contract Liabilities- Family Takaful Unit Linked Employee Benefits Subordinated Debt Other Liabilities - Unit Linked Other Liabilities Finance Lease Liability Short Term Borrowings Bank Overdrafts 1,612,305,415 44,406,889 200,000,000 53,783,800 602,857,221 8,306,057 88,104,625 131,559,768 1,504,144,873 38,871,095 200,000,000 50,315,576 465,230,356 12,503,061 87,657,018 40,892,192 23,946,031 200,000,000 335,934,270 2,884,171 88,104,625 131,559,768 23,997,243 200,000,000 174,572,524 6,302,143 87,657,018 38,493,174 Total Liabilities 4,217,714,876 3,877,398,389 1,422,654,240 1,181,697,583 1,860,001,339 84,770,506 (469,193,944) 1,475,577,901 282,747,884 1,758,325,784 5,976,040,660 1,860,001,339 85,869,346 (567,429,563) 1,378,441,122 261,912,591 1,640,353,713 5,517,752,102 1,860,001,339 30,331,675 (86,214,645) 1,804,118,369 1,804,118,369 3,226,772,611 1,860,001,339 34,331,677 (136,040,525) 1,758,292,491 1,758,292,491 2,939,990,074 Total Assets 11 3 4 LIABILITIES Insurance Contract Liabilities - Non Life Insurance Contract Liabilities - Family Takaful Fund SHAREHOLDERS' EQUITY Stated Capital Other Reserves Revenue Reserves Non Controlling Interest Total Equity Total Liabilities and Equity 0 (2) I certify that the preparation and presentation of these Financial Statements comply with the requirements under Companies Act, No. 07 of 2007. Signed Signed M. Rinaz Niyas Head of Finance M. Fazal Ghaffoor Chief Executive Officer Signed for and on behalf of the Board Signed Signed Dato' Mohd Fadzli Yusof Director M.H.M. Rafiq Director Colombo 14th November 2017 1 Amana Takaful PLC Interim Report 30th September 2017
3. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER Notes Gross Written Contribution (Premium) Retakaful Contribution (Reinsurance Premium) Net Written Contribution (Premium) Net Change in Reserve for Un-Earned Contribution (Premium) Net Earned Contribution (Premium) Other Revenue Income from investments Other income Total Revenue 5 6 Group Unaudited 2016 Rs. Unaudited 2017 Rs. Change % Unaudited 2017 Rs. 2,784,388,059 (629,750,966) 2,154,637,093 2,601,285,992 (666,104,666) 1,935,181,326 7% 5% 11% 1,324,281,369 (297,739,291) 1,026,542,078 (180,696,091) 1,973,941,002 (17,673,368) 1,917,507,958 -922% 3% (81,710,533) 944,831,544 285,629,262 41,808,519 2,301,378,783 210,203,596 42,686,666 2,192,722,186 36% -2% 5% (1,099,212,819) (125,366,447) (121,028,974) (780,919,606) (21,682,142) (2,148,209,988) (1,115,072,893) (134,810,913) (227,776,053) (766,473,210) (23,668,152) (2,267,801,221) 1% 7% 47% -2% 8% 5% (511,851,126) (54,327,096) (377,913,749) (18,984,997) (963,076,969) 86,695,091 881,933 1,032,408,569 Company Unaudited 2016 Rs. Change % 1,203,818,677 (270,033,016) 933,785,661 10% -10% 10% 35,276,984 969,062,645 -332% -3% 88,579,446 4,836,246 1,063,507,656 -2% -82% -2.9% (682,020,357) (55,542,898) (396,761,906) (19,512,848) (1,153,838,009) 25% 2% 5% 2.7% 17% Benefits, Losses and Expenses Takaful (Insurance) claims and benefits Acquisition Cost (net of reinsurance commission) Change in Family Takaful Contract Liability Other Operating and Administration Expenses Depreciation Total Claims, Benefits and Expenses Profit from Operations 153,168,796 (75,079,035) 304% 69,331,600 (90,330,353) 177% Finance cost (24,588,615) (21,850,471) -13% (23,505,720) (21,021,833) -12% 128,580,180 (96,929,506) 233% 45,825,880 (111,352,186) 141% (5,532,058) -74% 216% Profit / (Loss) Before Taxation 9 Income Tax Expenses 10 (9,629,599) Net Profit / (Loss) for the Period 118,950,581 (102,461,564) Attributable to: Equity holders of the parent Non-Controlling Interest Rs 94,367,459 24,583,122 118,950,581 Rs (122,413,478) 19,951,914 (102,461,564) Rs Rs Basic / Diluted Earnings / (Loss) Per Share - Weighted Average - To Equity Holders Dividend per share Interim dividend paid per share Final proposed dividend per share 0.05 - 2 45,825,880 Rs (0.07) - 177% - (111,352,186) 141% Rs 0.03 - (0.06) 141% - - Amana Takaful PLC Interim Report 30th September 2017
4. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER Unaudited 2017 Rs . Group Unaudited 2016 Rs. Change % Unaudited 2017 Rs. Company Unaudited 2016 Rs. Change % Other Comprehensive Income Profit/(Loss) for the period Change in Fair Value of Available for Sale Financial Assets Fair Value of Available for Sale Financial Assets reclassified to profit or loss Fair Value of Available for Sale Financial Assets Transferred to Policyholder's Foreign CurrencyReserve Translation Differences for Foreign Operations Total Comprehensive Income / (Loss) for the period Attributable to; Equity holders of the parent Non-Controlling Interest 118,950,581 (102,461,564) 216% (16,187,125) 99% (1,463,086) -100% 5,274,836 123,985,708 (2,175,277) 7,256,744 (115,030,308) 100% 27% 208% 101,776,262 22,209,446 123,985,708 (131,475,691) 16,445,383 (115,030,308) (239,709) - 3 45,825,880 (111,352,186) 141% - (1,421,595) 100% - 2,498,478 -100% 45,825,880 (110,275,303) 142% Amana Takaful PLC Interim Report 30th September 2017
5. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED 30TH SEPTEMBER Gross Written Contribution (Premium) Retakaful Contribution (Reinsurance Premium) Net Written Contribution (Premium) Net Change in Reserve for Un-Earned Contribution (Premium) Group Unaudited 2016 Rs. Unaudited 2017 Rs. 426,917,229 (92,567,614) 334,349,615 10% -5% 14% 37,809,995 601,329,703 -200% 11% (57,624,117) 323,486,465 (3,064,570) 331,285,045 1780% -2% 65,118,003 101,131,594 -36% 32,186,585 48,881,071 -34% 239,709 11,487,112 11,008,475 15,215,786 -98% -25% (1,778,458) 1,029,319 2,491,410 -100% -171% 741,707,041 728,685,558 2% 353,894,593 383,686,845 -8% (398,208,577) (44,520,936) 17,458,732 (266,424,996) (7,541,140) (699,236,918) (381,342,176) (47,568,876) (78,506,900) (255,951,492) (8,677,146) (772,046,591) 4% -6% -122% 4% -13% -9% (174,822,249) (19,775,019) (129,870,230) (6,330,368) (330,797,865) (218,447,600) (21,721,224) (138,889,842) (6,887,088) (385,945,754) -20% -9% -6% -8% -14% Profit from Operations 42,470,123 (43,361,033) -198% 23,096,728 (2,258,909) -1122% Finance cost (7,783,217) (10,925,144) -29% (7,505,173) (10,547,202) -29% Profit / (Loss) Before Taxation 34,686,906 (54,286,177) 164% 15,591,555 (12,806,111) 222% Income Tax Expenses (2,053,192) 1,734,732 -218% Net Profit / (Loss) for the Period 32,633,713 (52,551,446) 162% Rs 27,205,242 5,428,472 32,633,713 Rs (58,114,595) 5,563,149 (52,551,446) Other income Total Revenue (37,905,257) 664,862,217 Change % 468,857,045 (87,746,462) 381,110,582 Other Revenue Income from investments Fair Value Gains and Losses of Available For Sale Financial Assets 720,789,168 (157,269,460) 563,519,708 Company Unaudited 2016 Rs. 18% -7% 25% Net Earned Contribution (Premium) 848,943,986 (146,176,513) 702,767,474 Change % Unaudited 2017 Rs. Benefits, Losses and Expenses Takaful (Insurance) claims and benefits Acquisition Cost (net of reinsurance commission) Change in Family Takaful Contract Liability Other Operating and Administration Expenses Depreciation Total Claims, Benefits and Expenses Attributable to: Equity holders of the parent Non-Controlling Interest Rs Rs Basic / Diluted Earnings / (Loss) Per Share Weighted Average - To Equity Holders Dividend per share Interim dividend paid per share Final proposed dividend per share 15,591,555 Rs 0.02 (0.03) - - 147% - - - (12,806,111) 222% Rs 0.01 (0.01) - - 222% - STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH SEPTEMBER Group Unaudited 2016 Rs. Unaudited 2017 Rs. Change % Company Unaudited Unaudited 2017 2016 Rs. Rs. Other Comprehensive Income Profit/(Loss) for the period Change in Fair Value of Available for Sale Financial Assets Fair Value of Available for Sale Financial Assets reclassified to profit or loss Fair Value of Available for Sale Financial Assets Transferred to Policyholder's Reserve Foreign Currency Translation Differences for Foreign Operations Income Tax expense for Other Comprehensive Income Total Comprehensive Income / (Loss) for the period Attributable to; Equity holders of the parent Non-Controlling Interest 32,633,713 (52,551,446) 162% 15,591,555 (12,806,111) (3,878,783) 100% - (36,468) (3,961,564) -100% - - 1,295,181 137% - - (6,912,361) 25,242,864 25,242,864 15,813,459 (43,283,153) (43,283,153) 144% -158% 0% 158% 16,703,830 8,539,034 25,242,864 (47,619,488) 4,336,335 (43,283,153) (560) (477,929) 4 15,591,555 15,591,555 (12,842,579) (12,842,579) Amana Takaful PLC Interim Report 30th September 2017
6. STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 Other Reserves Stated Capital (Rs) Balance as at 1st January 2016 Prepaid Share Reserve (Rs) 1,650,001,188 - Revaluation Reserve (Rs) 36,501,152 Exchange Fluctuation Reserve (Rs) 43,604,300 Revenue Reserves Policy Accumulated Holder's Losses Rserve (Rs) (Rs) Available For Sale Reserve (Rs) (5,568,308) (98,867.00) - - - - Net Change in Fair Value of Available for Sale Financial Assets - - - - (9,366,112) Net Change in Fair Value of Available-for-Sale Financial Assets Transferred to Profit - - - - 2,498,478 Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve - - - Foreign Currency Translation Difference - - - 3,991,209 Total Comprehensive Income - - - 3,991,209 Dividend Paid - - - - - - Expenses on Initial Public Offer - - - - - - - - - - - Net Profit/ (Loss) for the period - - Non Controlling Interest (Rs) Total Equity (Rs) (420,838,634) 205,893,654 (122,413,478) 19,951,914 1,509,494,485 (102,461,564) (6,821,013) (16,187,125) Other Comprehensive Income Ordinary Shares issued Effect of acquisitions,disposals and change in precentage holdings in subsidiaries Balance as at 30th September 2016 210,000,151 - - 1,860,001,339 - 36,501,152 - 47,595,509 (6,867,634) (12,435,942) - - (2,224,223) - 48,946.00 - 3,265,535 (6,185,787) (6,284,654) - - - - - - Net Change in Fair Value of Available for Sale Financial Assets - - - - - - Net Change in Fair Value of Available-for-Sale Financial Assets Transferred to Profit or Loss - - - - Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ from Policyholders Reserve - - - - Net Loss for the period - (3,961,564.00) (122,413,478) (13,440,011) - - (1,463,086) (2,175,277) 7,256,744 16,445,382 (115,030,307) (11,438,032) (11,438,032) - (13,440,011) - 210,000,151 24,580,180 50,419,820 75,000,000 (532,111,943) 261,320,825 1,654,586,286 (31,803,766) (11,929,358) (43,733,124) - 6,821,013 6,821,013 - 8,112,121 21,391,640 Other Comprehensive Income 13,596,985 - (317,466) 3,419,433 Net Change in Revaluation of Property, plant and equipment 4,038,966.00 (163,724.00) - - - Defined Benefit Plan Actuarial Losses, Net of Deferred Tax - - - - Foreign Currency Translation Difference - - - - Total Comprehensive Income - - - Transfer of revaluation surplus to retained earnings, at the disposal - - - - - - - Dividend Distributed - - - - - - - Expenses on Initial Public Offer - - - - - - - - Ordinary Shares issued - - - - - - - - Effect of acquisitions, disposals and change in percentage holdings in subsidiaries - - (216,948) - - 9,887 Total changes in ownership interests - - (2,266,281) - - 9,887 - 34,234,871 (1,062,767.00) 12,534,218 - (60,236) - Transfer from the Revaluation Reserve 4,038,966 - - 3,101,967 (2,488,663) (34,292,429) (163,729) 3,359,197 (163,724) 4,038,966 (3,715,159) 3,304,608 3,304,608 5,920,695 (8,696,583) (5,328,928) (5,328,928) - Changes in ownership interests Balance as at 31st December 2016 1,860,001,339 51,634,475 - - - - Net Change in Fair Value of Available for Sale Financial Assets - - - - Net Change in Fair Value of Available-for-Sale Financial Assets Transferred (to)/ - - - - Foreign Currency Translation Difference - - - 2,901,160 Total Comprehensive Income - - - 2,901,160 Dividend Distributed - - - Transfer of Revaluation Surplus to Retained Earnings, at the Disposal - - (4,000,000) - 30,234,871 Net Profit for the period 98,276 - (3,172,800) - - (564,355,039) 261,912,591 (207,061) (5,535,989) 1,640,353,714 94,367,459 24,583,122 118,950,581 2,049,333 (5,328,928) Other Comprehensive Income Balance as at 30th September 2017 1,860,001,339 5 (131,840) - - - - - - - - (131,840) - - - - - - - 54,535,635 (33,564) (3,172,800) 94,367,459 4,000,000 (465,987,580) (107,869) - (239,709) - 2,373,676 5,274,836 26,848,929 123,985,708 (6,013,636) 282,747,884 (6,013,636) 1,758,325,784 Amana Takaful PLC Interim Report 30th September 2017
7. COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30TH SEPTEMBER 2017 Stated Capital Balance as at 1st January 2016 (Rs) 1,650,001,188 Net Loss for the period Prepaid Share Reserve (Rs) - Revaluation Reserve (Rs) 34,331,677 Accumulated Profit/ (Losses) (Rs) 5,579,511 (111,352,186) Available For Sale Reserve (Rs) 3,546,564 - Total Equity (Rs) 1,693,458,940 - - - (111,352,186) Net Change in Fair Value of Available for Sale Financial Assets - - - - (1,029,319) (1,029,319) Net Change in Fair Value of Available-for-Sale Financial Assets Transferred to Profit or Loss - - - - 2,498,478 2,498,478 Total Comprehensive Income - - - 210,000,151.00 - - 1,860,001,339 - Other Comprehensive Income Ordinary Shares issued Balance as at 30th September 2016 Net Loss for the period 34,331,677 (111,352,186) (105,772,675) - - - (27,821,179) Net Change in Fair Value of Available for Sale Financial Assets - - - - Net Change in Fair Value of Available-for-Sale Financial Assets Transferred to Profit or Loss - - - - Defined Benefit Plan Actuarial Losses, Net of Deferred Tax - - - (2,446,671) Total Comprehensive Income - - - (30,267,850) 1,469,159 5,015,723 - (109,883,027) 210,000,151 1,793,576,064 (27,821,179) Other Comprehensive Income Balance as at 31st December 2016 1,860,001,339 - 34,331,677 173,340 (5,189,063) (5,015,723) (35,283,573) 1,758,292,491 45,825,880 45,825,880 - - 45,825,880 - Total Comprehensive Income - - - 45,825,880 - Transfer of Revaluation Surplus to Retained Earnings, at the Disposal - - (4,000,000) 4,000,000 - - 30,331,677 (86,214,645) - 6 (2,446,671) - - 1,860,001,339 (5,189,063) (136,040,525) Net Profit for the period Balance as at 30th September 2017 173,340 1,804,118,369 Amana Takaful PLC Interim Report 30th September 2017
8. CASH FLOW STATEMENT Group FOR THE PERIOD ENDED 30TH SEPTEMBER Cash Flows from Operating Activities Contribution (Premium) received from customers Retakaful (Reinsurance) Premium paid Claims, Benefits and Expenses paid Unaudited 2017 Rs 2,624,882,215 Company Unaudited 2016 Rs Unaudited 2017 Rs Unaudited 2016 Rs 2,748,736,666 1,164,842,188 1,207,195,380 (685,190,710) (476,784,632) (1,048,597,031) (1,706,930,714) 492,268,086 318,314,239 (329,094,029) (448,688,263) 212,219,415 202,407,076 482,658 14,823,851 (5,850,471) (24,588,615) (691,814,088) (867,123,628) 34,826,813 294,645,211 (245,114,302) (465,857,489) (254,920,003) (788,600,989) 182,895,648 (262,618,276) 45,230,155 6,674,985 (23,505,720) (468,342,434) (65,795,244) 116,360,050 (170,624,071) 78,045,291 13,032,633 (5,021,833) (409,282,527) (213,816,070) (4,702,648) - (2,455,260) - (4,702,648) - 288,661,731 30,124,165 (68,250,503) (218,518,718) Net Disposal/(Purchase) of Investment Securities Purchase of Intangible Assets Disposal of Intangible Assets Purchase of Property, Plant & Equipment Proceeds from Disposal of Property, Plant & Equipment Purchase of Investment Property Disposal of Investment Property Disposal / (Purchase) of Subsidiaries (670,163,769) - (495,426,559) (18,517,635) (109,907,936) - (307,948,126) (6,041,649) (5,114,641) 5,802,000 - (11,102,188) - (1,661,440) 5,802,000 (3,893,193) - Net Cash Flow used in Investing Activities (669,476,411) (525,046,382) Expenses Paid on Initial Public Offer Proceeds from change in precentage holdings in subsidiary Repayment of Extended Murabaha Facility Repayment of Lease Facility Settlement/ (Repayments) of Short Term Borrowings Dividend Paid Proceeds from Rights Issue (4,197,008) 447,608 - (13,440,011) 75,000,000 3,170,235 124,356,857 (11,438,032) 210,000,151 (3,417,972) 447,607 - Net cash flows from financing activities (3,749,400) 387,649,201 (2,970,365) Retakaful (Reinsurance) Receipts in respect of Claims Cash paid to and behalf of Employees Profits received from Investments and Other Income Dividends received Finance Cost paid Other operating cash receipts/ (payments) Cash Flow from/(used in) Operating Activities (Note A) Gratuity Paid Income Tax Paid Net Cash Flow from/(used in) Operating Activities (1,986,010) (3,997,471) Cash Flows from/(used in) Investing Activities - (105,767,376) (317,882,968) Cash Flows from Financing Activities 75,000,000 (3,262,992) 124,356,857 210,000,151 406,094,016 (107,273,017) (176,988,244) (130,307,671) (75,079,035) 23,668,152 2,805,700 1,691,165 (19,825,489) (126,862,876) 69,331,600 18,984,997 998,948 (815,333) 1,934,798 (283,636,174) (90,330,353) 19,512,848 69,834 2,395,395 (25,000,000) 1,469,159 (198,502,861) 227,776,053 17,673,368 131,498,860 (142,668,614) 81,710,533 (92,160,639) 161,361,746 (35,276,984) 84,032,399 48,836,326 (5,850,471) (23,505,720) (21,021,833) 294,645,211 34,826,813 (65,795,244) (213,816,070) 147,170,402 (131,559,768) 15,610,634 801,151,596 (59,736,979) 741,414,617 106,646,762 (131,559,768) (24,913,005) 349,757,047 (59,536,740) 290,220,307 Cash and Cash Equivalents at the beginning of the year 400,174,716 Cash and Cash Equivalents transferred to Amana Takaful Life Ltd Decrease in Cash and Cash Equivalents (384,564,081) 848,687,634 (107,273,017) 152,075,239 (176,988,244) 420,527,978 (130,307,671) Decrease in Cash and Cash Equivalents (Note B) (384,564,081) NOTE A Reconciliation of Operating Profit/(Loss) with Cash Flows from Operations Profit/ (Loss) from Operations Depreciation Amortisations Gain on Disposal of Property, Plant & Equipment Provision for Gratuity Unrealised (Income)/Losses (Increase)/Decrease in Debtors and Other Assets 153,168,796 21,682,142 4,745,677 (790,354) 7,521,803 (239,709) (106,078,562) Provision for doubtful debts Increase in Family Takaful (Long Term Insurance) Fund 121,646,046 Increase/(Decrease) in Unearned Contribution (Premium) 180,696,091 Increase/(Decrease) in Claims Provision (198,581,066) Increase/(Decrease) in Other Creditors 135,462,961 (Profit)/Loss on sale of Property, Plant & Equipment (Profit)/Loss on sale of Investment Property Finance Cost Paid (24,588,615) Recycling of Available For Sale fair value losses of disposed subsidiary Recycling of Available For Sale fair value losses of investments Cash Flows from/(used in) Operating Activities NOTE B Increase/( Decrease ) in Cash and Cash Equivalents Cash at bank and in Hand and Cash Equivalents Over drafts Cash and Cash Equivalents at the end of the period 7 Amana Takaful PLC Interim Report 30th September 2017
9. STATEMENT OF FINANCIAL POSITION FAMILY TAKAFUL / LIFE INSURANCE SEGMENT - SUPPLEMENTAL AS AT Unaudited as at Audited as at 30.09.2017 Rs. 31.12.2016 Rs. ASSETS Intangible Assets 22,805,731 23,548,554 Property, Plant and Equipment 17,996,040 17,466,682 Financial Assets 1,097,924,142 1,018,398,153 Financial Assets - Unit Linked 1,563,291,374 1,441,276,267 7,691,321 2,250,872 Contribution (Premium) Receivable 27,752,103 27,199,034 Other Assets 28,570,718 38,754,561 Other Assets - Unit Linked 53,748,276 32,055,415 Cash and Bank Balances 39,783,881 34,456,620 Cash and Bank Balances - Unit Linked 22,939,968 72,192,842 2,882,503,555 2,707,599,000 576,405,702 559,913,844 1,612,305,415 1,504,144,873 Employee Benefits 6,434,917 4,316,884 Finance Lease Liability 5,421,886 6,200,918 Other Liabilities 72,538,937 59,189,744 Other Liabilities - Unit Linked 53,783,800 50,315,575 2,326,890,657 2,184,081,838 500,000,000 500,000,000 Retakaful Receivable Total Assets LIABILITIES Insurance Contract Liability - Family Takaful Fund Insurance Contract Liability - Family Takaful Linked Unit Linked Total Liability SHAREHOLDERS' EQUITY Stated Capital Other Reserves 120,142 Retained Earnings Total Equity Total Equity & Liability (2,668,935) 55,492,756 26,186,097 555,612,898 523,517,162 2,882,503,555 2,707,599,000 The above Long Term Insurance ( Family Takaful ) Balance Sheet is to be read in conjunction with the consolidated Statement of Financial Position. 8 Amana Takaful PLC Interim Report 30th September 2017
10. NOTES TO THE FINANCIAL STATEMENTS 1 . Figures in the Interim Financial Statements for the period ended 30th SEPTEMBER 2017 are provisional and unaudited. 2. These Interim Financial Statements of the Company and Group have been prepared in accordance with Sri Lanka Accounting Standards (SLAS) prefixed both SLFRS (corresponding to IFRS) and LKAS (corresponding to IAS), promulgated by the Institute of Chartered Accountants of Sri Lanka (ICASL) and comply with the requirements of the Companies Act, No. 7 of 2007 and the Regulation of Insurance Industry Act, No. 43 of 2000. The same accounting policies and methods of computation as stated in the Annual Report 2016 have been followed in preparation of these Interim Financial Statements. Comparative information has been re-valued/re-classified where necessary, to confirm to the current period recognition, measurement and presentation. 3. Financial Assets AS AT Financial Assets at Fair Value Through Profit or Loss (3.1) Available For Sale Financial Assets (3.2) Loans & Receivables (3.3) AS AT Group Unaudited as at Audited as at 30.09.2017 31.12.2016 Rs. Rs. 61,085,408 295,813,973 2,498,454,485 2,855,353,865 26,751,433 87,440,084 2,190,903,336 2,305,094,853 Group Unaudited as at Audited as at 30.09.2017 31.12.2016 Rs. Rs. Company Unaudited as at Audited as at 30.09.2017 31.12.2016 Rs. Rs. 525,000 924,978,642 925,503,642 525,000 873,841,499 874,366,499 Company Unaudited as at Audited as at 30.09.2017 31.12.2016 Rs. Rs. 3.1 Financial Assets at Fair Value Through Profit & Loss Investments in Equity Securities 61,085,408 61,085,408 26,751,433 26,751,433 29,824,200 44,717,975 221,271,799 37,593,383 42,178,119 7,668,582 525,000 525,000 295,813,973 87,440,084 525,000 525,000 884,074,236 503,228,391 229,241,342 218,928,769 2,031,840 164,843,356 1,416,208,204 29,157,602 2,139,247 2,498,454,485 265,126,704 338,499,864 1,071,917,784 12,130,593 2,190,903,336 695,737,299 924,978,641 104,967,918 538,790,356 11,154,456 873,841,499 - - 3.2 Available For Sale Financial Assets Investments in Equity Securities - Quoted Unit Trust Investments in Equity Securities - Unquoted Treasury Bills 3.3 Loans and Receivable Repurchase Agreements Murabaha Investments Commercial Papers Mudharabaha Investments Bank Deposits Advances to Company Officers 4. Financial Assets - Unit Linked AS AT Financial Assets at Fair Value Through Profit or Loss (4.1) Available For Sale Financial Assets (4.2) Loans & Receivables (4.3) AS AT Unaudited as at 30.09.2017 Rs. 115,292,722 24,647,716 1,423,350,937 1,563,291,374 Unaudited as at 30.09.2017 Rs. Audited as at 31.12.2016 Rs. 96,108,686 21,669,060 1,323,498,522 1,441,276,268 Audited as at 31.12.2016 Rs. Unaudited as at 30.06.2017 Rs. Unaudited as at 30.06.2017 Rs. Audited as at 31.12.2016 Rs. Audited as at 31.12.2016 Rs. 4.1 Financial Assets at Fair Value Through Profit & Loss Investments in Equity Securities 115,292,722 115,292,722 96,108,686 96,108,686 - - 24,647,716 24,647,716 21,669,060 21,669,060 - - 51,593,760 1,371,757,176 1,423,350,937 8,068,013 1,315,430,509 1,323,498,522 - - 4.2 Available For Sale Financial Assets Unit Trust 4.3 Loans and Receivable Repurchase Agreements Mudharaba Investments 9 Amana Takaful PLC Interim Report 30th September 2017
11. NOTES TO THE FINANCIAL STATEMENTS 5 . Gross Written Premium (Contribution) FOR THE PERIOD ENDED 30TH SEPTEMBER Unaudited 2017 Rs. Unaudited 2016 Rs. Unaudited 2017 Rs. Unaudited 2016 Rs. 735,629,592 396,035,977 199,415,074 168,830,920 701,339,463 2,201,251,027 760,354,334 404,284,334 134,164,158 406,706,404 286,508,795 1,992,018,025 701,383,761 138,705,376 100,893,193 168,830,920 214,468,119 1,324,281,369 732,980,852 113,459,457 33,411,839 132,184,053 191,782,476 1,203,818,677 77,347,556 32,075,294 473,714,182 583,137,032 77,968,461 45,192,794 486,106,712 609,267,967 2,784,388,059 2,601,285,992 5.1 Non-Life (General Takaful) Motor Fire Marine Medical Miscellaneous 5.2 Long Term Insurance (Family Takaful) Family Takaful Mortgage & Group Family Takaful Unit Linked Total Gross Written Premium - - 1,324,281,369 1,203,818,677 - - 6. Revenue 6.1 Revenue by Segment Group Unaudited 2017 Rs. FOR THE PERIOD ENDED 30TH SEPTEMBER Unaudited 2016 Rs. Company Unaudited Unaudited 2017 2016 Rs. Rs. Segment Amana Takaful PLC Amana Takaful Life PLC Amana Takaful (Maldives) PLC Amana Global Ltd Eliminations 1,032,408,569 765,000,225 514,469,989 4,935,097 (15,435,097) 2,301,378,783 1,063,507,656 775,784,897 401,432,883 5,476,567 (53,479,817) 2,192,722,186 1,032,408,569 1,032,408,569 1,063,507,656 1,063,507,656 6.2 Revenue Group Company Unaudited Unaudited 2017 2016 Rs. Rs. Unaudited 2017 Rs. Unaudited 2016 Rs. Gross written Contribution (Premium) Less : Reinsurance premium Net written premium 2,784,388,059 2,601,285,992 1,324,281,369 (629,750,966) 2,154,637,093 (666,104,666) 1,935,181,326 (297,739,291) 1,026,542,078 (Increase)/decrease in net unearned premium Net earned premium (180,696,091) 1,973,941,002 (17,673,368) 1,917,507,958 (81,710,533) 944,831,544 Income from investments Other income Revenue 285,629,262 41,808,519 2,301,378,783 232,527,562 42,686,666 2,192,722,186 FOR THE PERIOD ENDED 30TH SEPTEMBER 86,695,091 881,933 1,032,408,569 1,203,818,677 (270,033,016) 933,785,661 35,276,984 969,062,645 89,608,765 4,836,246 1,063,507,656 7. The Company has not done a valuation of the insurance contract liabilities - Life (Family Takaful) by the consultant actuary for the period ended 30th September 2017. Valuation will be performed annually. 8. The Company has not done a Liability Adequacy Test (LAT) in respect of Insurance Contract Liabilities - Non-Life Fund as required by SLFRS 4 - Insurance Contracts as at 30th September 2017. LAT will be performed annually. 9. Profit/ (Loss) Before Taxation by Segment Group Unaudited 2017 Unaudited 2016 Company Unaudited Unaudited 2017 2016 Segment Amana Takaful PLC Amana Takaful Life PLC Amana Takaful Maldives PLC Amana Global Ltd Eliminations Total 45,825,880 31,816,954 57,428,034 2,837,437 (9,328,125) 128,580,180 10 (111,292,690) 13,854,672 49,445,450 (1,069,500) (47,867,438) (96,929,506) 45,825,880 45,825,880 (111,352,186) (111,352,186) Amana Takaful PLC Interim Report 30th September 2017
12. NOTES TO THE FINANCIAL STATEMENTS 10 . 10.1 Amana Takaful PLC is liable to income tax at 28% (2016 - 28%) 10.2 Amana Global Ltd. which is approved under Section 17 of the BOI Law is liable to income tax at 15% (2016 -15%) 10.3 Amana Takaful Maldives PLC is liable to income tax at 15% (2016 - 15%) 10.4 Amana Takaful Life PLC is liable for income tax at 28% (2016 - 28%) 11. Deferred tax assets are recognied for unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and the level of future taxable profits together with future tax planning strategies. The Deferred tax assets has been recognised only for the general insurance segment and no deferred tax asset is recognised for the life segment on the tax losses amounting to Rs. Rs.641,114,691/- (2015 - Rs.678,337,421/- ). 12. The nature of related party transactions in the current period is similar to those reported in the Annual Report 2016. 13. There has not been a significant change in the assets pledged as disclosed in the Annual Report 2016. 14. Comparative figures have been restated wherever necessary to conform to the current periods presentation. 15. There has not been a significant change in the nature of the contingent liabilities as disclosed in the Annual Report 2016. 16. No events have occurred since the reporting date that necessitates adjustments to or disclosure in the Financial Statements. 17. Stated Capital as at 30th September 2017 is represented by shares in issue as given below: Number of shares as at Unaudited 30.09.2017 Audited 31.12.2016 Ordinary shares - Voting 1,800,001,296 1,800,001,296 18. Share Information Group 30.09.2017 Rs. Net asset value per share Market price per share as at Highest price per share for the period Lowest price per share for the period 0.82 0.90 1.30 0.70 11 Company 31.12.2016 3 30.09.2017 Rs. Rs. 0.77 0.90 1.30 0.80 1.00 - 31.12.2016 Rs. 0.98 - Amana Takaful PLC Interim Report 30th September 2017
13. NOTES TO THE FINANCIAL STATEMENTS Twenty Largest Shareholders as at 30th September 2017 Name of Shareholder Hatton National Bank Plc /Amana Holdings Ltd Amana Bank PLC Mr. Shafik Kassim Mr. Osman Kassim Expolanka Holdings PLC Mr. Sattar Kassim Sampath Bank Plc/ Dr.T.Senthilverl Seylan Bank Plc/Dr.Thirugnanasambandar Senthilverl Amana Holdings Limited Falcon Trading (Pvt) Ltd Mr. Osman Kassim/'575823394VN' Mr. Mohamed Haji Omar Mr. Mohamed Imtiaz Samsudeen Mrs. Pattini Deva Asoka Swarnakanthi Beruwalage Seylan Bank Plc/Jayantha Dewage Mr. Hitihami Koralage Pushpakumara Waldock Mackenzie Limited/Mr.M.I.Samsudeen Mr. Joseph Rohan Victoria Mrs. Mujahira Mohamed Fazeel/'682850060XN' Ms. Yoosuf Ali Shameela No. of Shares 812,125,185 274,614,686 96,349,739 92,972,583 79,096,234 75,221,591 48,643,135 36,349,546 26,779,411 23,686,801 6,691,724 5,515,137 4,780,667 4,226,846 4,143,082 4,059,640 3,781,001 3,352,094 3,267,000 3,102,000 1,608,758,102 191,243,194 1,800,001,296 Others Total % 45.12 15.26 5.35 5.17 4.39 4.18 2.70 2.02 1.49 1.32 0.37 0.31 0.27 0.23 0.23 0.23 0.21 0.19 0.18 0.17 89.38 10.62 100.00 The percentage of shares held by the public as at 30th September 2017 was 22.64% (31.12.2016 - 23.18%), where the number of shareholders was 6,469 (31.12.2016 - 6,654) Directors' Shareholdings No. of Shares 30.09.2017 144 99,664,307 20 Nil 40 Nil Nil Nil Nil Nil Mr. Tyeab Akbarally Mr. Osman Kassim Mr. M.H.M. Rafiq Dato' Mohd. Fadzli Yusof Dr. A.A.M. Haroon Mr. A.S.M. Muzzammil Dr.I.A. Ismail Mr. R. Gopinath Mr. M.H. Sattar Kassim Mr. M.R.M. Nayeem 12 No. of Shares 31.12.2016 144 6,691,624 20 Nil 40 Nil Nil Nil Nil Nil Amana Takaful PLC Interim Report 30th September 2017
14. CORPORATE INFORMATION NAME OF THE COMPANY Amana Takaful PLC REGISTERED OFFICE No . 660 - 1/1, Galle Road, Colombo 03, Sri Lanka LEGAL STATUS SUBSIDIARY Amana Takaful Life PLC No. 660 - 1/1, Galle Road, Colombo 03, Sri Lanka Public Quoted Company with Limited Liability incorporated in Sri Lanka on 7th December 1998. Registered under the Companies Act, No. 07 of 2007 on 27th June 2007. Amana Takaful (Maldives) PLC H. Mialani, Sosun Mogu, Male, Republic of Maldives COMPANY REGISTRATION NUMBER PQ 23 TAX PAYER IDENTIFICATION NUMBER(TIN) 134007958 STOCK EXCHANGE LISTING The shares of the Company are listed in the Second Board of the Colombo Stock Exchange, Sri Lanka in November 2006. Stock Exchange Code for Amana Takaful PLC shares is 'ATL'. DIRECTORS Mr.Tyeab Akbarally - Chairman Mr. Osman Kassim Dato' Mohd Fadzli Yusof Dr. A.A.M. Haroon Mr. M.H.M. Rafiq Mr. A.S.M. Muzzammil Dr.I.A. Ismail Mr. R. Gopinath Mr. M.R.M. Nayeem Mr. M.H. Sattar Kassim SHARIAH ADVISORY COUNCIL Mufti M.I.M. Rizwe - Chairman Ash-Sheikh Fazil Farook Ash-Sheikh Murshid Mulaffar- Secretary CHIEF EXECUTIVE OFFICER - ATPLC Mr. M. Fazal Ghaffoor CHIEF EXECUTIVE OFFICER - ATLPLC Mr. Gehan Shivantha Rajapakse Amana Global Limited No. 6, Glen Aber Place, Colombo 04, Sri Lanka AUDITORS Ernst & Young Chartered Accountants CONSULTANT ACTUARIES - LONG-TERM INSURANCE Actuarial Partners Consulting Sdn Bhd Suite 17.02 Kenanga International Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia CONSULTANT ACTUARIES – GENERAL INSURANCE NMG Financial Services Consulting Pte Limited 65 Chulia Street #37-07/08, OCBC Centre Singapore 049513 REINSURANCE PANEL Swiss Re Emirates Re GIC Retakaful Labuan Reinsurance (L) Ltd Trust International Bahrain Ironshore Score Re Hannover Re SECRETARIES Managers & Secretaries (Pvt) Ltd PRINCIPAL BANKERS Amana Bank PLC/Pan Asia Bank/NDB Bank/Bank of Ceylon Commercial Bank/Sampath Bank/HNB/Nations Trust Bank/Deutsche Bank 14
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