First Energy Bank: Financial Results - 30 June 2020

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FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONDENSED CONSOLIDATED INCOME STATEMENT At 30 June 2020 For the six months ended 30 June 2020 US $ 000’s 30 June 2020 31 December 2019 (reviewed) (audited) ASSETS for the six months ended 30 June 2020 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS US$ 000’s Six months ended 30 June 2020 Six months ended 30 June 2019 (reviewed) (reviewed) 6,457 468 194 1,242 1,626 492 10,479 (2,920) 7,559 8,112 7,666 4,366 1,730 1,457 2,502 25,833 (2,993) 22,840 4,852 463 3,538 5,788 417 3,166 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 Net income from Ijarah assets Other income Total income Less: Finance cost Total income after finance cost For the six months ended 30 June 2020 US$ 000’s Six months ended 30 June 2020 Six months ended 30 June 2019 (reviewed) (reviewed) (112,613) 11,750 1,800 463 (90) 111,319 (1,242) 480 117 1,800 417 366 1,719 (1,730) (810) 171 13,683 728 (2,635) 309 (11,402) (16) (38,689) (3,052) (34,377) 13,783 (122) LIABILITIES AND EQUITY Total expenses 8,853 9,371 LIABILITIES Placements from financial institutions Bank financing (Loss) / profit before impairment allowance Net impairment losses (1,294) (111,319) 13,469 (1,719) OPERATING ACTIVITIES Net (loss) / profit for the period Adjustments for: Depreciation on Ijarah assets Depreciation and amortization Amortization of (discount) / premium on Sukuk and forex Net impairment losses Share of results of equity accounted investees, net Fair value gain on investment in structured products Loss 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 (LOSS) / PROFIT FOR THE PERIOD (112,613) 11,750 Net cash used in operating activities (12,899) (48,774) (109,903) (2,710) (112,613) 11,721 29 11,750 INVESTING ACTIVITIES Purchase of investment securities Proceeds from disposal / maturity of investment securities Proceeds from disposal of equity accounted investee Purchase of property and equipment and intangible assets (47,797) 124,172 26,805 (7,360) (63,001) 53,477 (2,062) 95,820 (11,586) FINANCING ACTIVITIES Return of capital to non-controlling interests Dividend paid to non-controlling interests Repayment of bank financing Proceeds from bank financing (1,642) (65,761) 15,962 (23) (41,930) 60,000 Net cash (used in) / from financing activities Cash and bank balances Placements with financial institutions Financing assets Ijarah assets Investment securities 7,799 20,976 84,823 110,698 40,168 163,109 51,226 71,500 311,372 415,750 Equity accounted investees 47,359 71,149 Other assets 36,793 55,349 Property and equipment 31,726 24,591 681,796 862,592 Total assets Other liabilities Total liabilities 37,258 36,949 141,551 191,350 25,950 37,118 204,759 265,417 EQUITY EXPENSES Staff cost Depreciation and amortization Other operating expenses Attributable to: Shareholders of the parent Non-controlling interests CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2020 600,000 600,000 Treasury shares (4,356) (4,356) Statutory reserve Foreign exchange translation reserve Accumulated losses Total equity attributable to shareholders of the parent 14,678 14,678 Share capital Non-controlling interests TOTAL EQUITY (12,476) (6,843) (160,385) (50,232) 437,461 553,247 39,576 43,928 477,037 597,175 681,796 NonTotal controlling interests Net cash from / (used in) investing activities Share capital Treasury shares Total equity 600,000 (4,356) 14,678 - (6,843) (50,232) 553,247 43,928 - - - - - - - - - - - - - (5,633) - (109,903) (5,633) (109,903) (2,710) (5,633) (112,613) (109,903) (115,536) 30 June 2020 (reviewed) Balance at 1 January 2020 Changes in fair value of investments at fair value through equity Effect of exchange rate difference on equity accounted investee Profit for the period 597,175 Total recognised income and expense for the period - - - - (5,633) Transfer to zakah and charity fund Distribution from subsidiary - - - - - (250) - (250) - (1,642) (250) (1,642) 600,000 (4,356) 14,678 - (12,476) (160,385) 437,461 39,576 477,037 Balance at 30 June 2020 Total liabilities and equity US$ 000’s Equity attributable to shareholders of the parent Investments Foreign exchange Accumulated Statutory fair value translation reserve losses reserve reserve (2,710) (118,246) 862,592 30 June 2019 (reviewed) Balance at 1 January 2019 600,000 (7,261) 13,034 (2,011) (2,171) (61,968) 539,623 47,197 586,820 - - - (5,447) 3,000 - - (5,447) 3,000 - (5,447) 3,000 - - - - (3,390) - 11,721 (3,390) 11,721 29 (3,390) 11,750 Total recognised income and expense for the period - - - (2,447) (3,390) 11,721 5,884 29 5,913 Transfer to zakah and charity fund - - - - - (150) (150) - (150) Dividends of subsidiary - - - - - - - (23) (23) Adjustment on capital reduction - 2,905 - - - (2,905) - - - 600,000 (4,356) 13,034 (4,458) (5,561) (53,302) 545,357 47,203 592,560 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 Balance at 30 June 2019 (51,441) 18,047 Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period Effect of net impairment losses on placements with financial institutions 31,480 61,144 (42,313) 105,225 (2) 8 Cash and cash equivalents at end of the period 92,622 62,920 7,799 15,231 84,823 47,689 92,622 62,920 Cash and bank balances Placements with financial institutions with original maturity of 90 days or less These statements have been extracted from the condensed consolidated interim financial information reviewed by KPMG, were approved by the Board of Directors on 13 August 2020 and signed on its behalf by: Zayed A. R. Al-Amin Chairman Abdulla Ahmed Al Suwaidi Board Member Mohamed Ghanem Chief Executive Officer First Energy Bank B.S.C.(c) is an Islamic wholesale bank licensed by the Central Bank of Bahrain | www.1stenergybank.com