GFH Financial Group: Financials Summary - 31 December 2019

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CONSOLIDATED FINANCIAL STATEMENTS for the year ended 31st December 2019 31 December 2019 Balance at 1 January 2019 * Profit for the year Fair value changes during the year Total recognised income and expense Bonus shares issued Extinguishment of treasury shares differences Dividends declared Foreign Statutory Investment Share grant value currency Retained reserve fair earnings reserve reserve translation reserve Treasury shares 975,638 - (85,424) - 117,301 - (4,725) (106) (43,380) - 70,858 2,447,249 147,487 279,418 39,936 448,909 3,433,857 1,218,545 46,639 1,628,389 177,906 256,137 42,749 517,857 2,669,677 896,910 Dividend from co-investments 975,638 (73,419) 125,312 (4,831) (29,425) 10,070 1,198 1,004,543 262,932 25,396 1,292,871 5,945,273 975,638 (85,424) 117,301 (4,725) (43,380) 98,318 1,086 1,058,814 323,408 40,556 1,422,778 4,989,365 Income from settlement of liability Non – controlling interests Total Income from financing Treasury and investment income Fee and other income Less: Return to investment account holders Less: Finance expense Direct investment income, net Restructuring related income Development and sale Rental and operating income Total expenses Profit from continuing operations 67,658 Staff costs Other operating expenses Finance expense Impairment allowances Non – controlling interests held-for-sale Total owners’ equity (467) 3,539 Profit for the year 67,191 115,049 Attributable to: 80,108 Shareholders of the Bank (12,917) 973 Non-controlling interests 67,191 115,049 40,556 - 1,422,778 67,191 (106) Basic and diluted earnings per share (US cents) Basic and diluted earnings per share (US cents) (106) - 80,108 - 80,002 (12,917) - 67,085 - - - (55,000) - - - - - (55,000) 50,549 - - - 4,451 - - - - - - - - - - (30,000) - (30,000) - - (30,000) - - - - - (2,219) - (2,219) (223) - (2,442) - - - - 112 112 - - 112 - - - (26,596) - (183,174) 150,073 - - (183,174) 150,073 Treasury shares acquired for share incentive scheme - (32,039) - - - - - (32,039) - - (32,039) Acquisition of NCI without a change in control - - - - - (51,412) - (51,412) (40,588) - (92,000) Transfer to statutory reserve - - 8,011 - - (8,011) - - - - - - - - - 13,955 - - 13,955 (6,748) - 7,207 975,638 (73,419) 125,312 (4,831) (29,425) 431 10,070 1,198 431 1,004,543 262,932 (15,160) 25,396 (14,729) 1,292,871 * The Bank used to recognise gain / (loss) on sale of treasury shares in the statutory reserve. The Bank has regrouped the losses on sale of treasury shares of US$ 24,818 thousand for the year ended 31 December 2018 to retained earnings. CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2019/ US$ 000’s Retained earnings Share grant reserve Total - 122,825 (16,586) 1,026 - 1,150,023 (16,586) 345,770 (13,092) - 1,495,793 (29,678) - - (965) - (965) - - (965) - - 105,274 114,076 1,026 - 1,132,472 114,076 332,678 973 - 1,465,150 115,049 - - (43,380) - - (43,380) (15,331) - (58,711) - (4,725) (4,725) - (43,380) - 114,076 (82,412) (2,432) (24) - (4,725) 65,971 (82,412) (2,432) (24) (14,358) (522) (804) - (4,725) 51,613 (82,412) (2,954) (828) - - - - 62 60 122 98 - 220 - - - (11,408) - - - - (160,973) - - (160,973) - (3,058) 133,966 - - - (24,818) - - (160,973) 11,408 - - - 106,090 - - 106,090 - - - - - - - - - 6,316 40,556 46,872 975,638 - (85,424) 117,301 (4,725) (43,380) 98,318 1,086 1,058,814 323,408 40,556 1,422,778 Share Capital Share premium Treasury shares Statutory reserve 975,638 - 3,058 - (58,417) - 105,893 - - - - - - 975,638 - 3,058 - (58,417) - 105,893 - - - - - - - Issue of shares under incentive scheme - - Transfer to statutory reserve - Purchase of treasury shares - Sale of treasury shares Non-controlling interests arising on acquisition of subsidiaries Balance at 1 January 2018 Impact of adoption of FAS 30 Impact of adoption of FAS 30 by associates Balance at 1 January 2018 (restated) Profit for the year Foreign currency translation differences Fair value changes during the year Total recognised income and expense Dividends declared for 2017 Transfer to zakah and charity fund Derecognition on loss of control Balance at 31 December 2018 Total owners’ equity Profit for the year Income from deal related income Income from commercial banking Income from proprietary investments Income from dividend and gain / (loss) on treasury investments Foreign exchange (gain) / loss Restructuring related income Other income Finance expense Impairment allowances Depreciation and amortisation Other assets CBB Reserve and restricted bank balance Clients’ funds Customer current accounts Equity of investment account holders Payables and accruals Net cash generated from operating activities Payments for purchase of equipment Proceeds from sale of proprietary, co-investment securities, net Purchase of treasury portfolio, net Proceeds from sale of a subsidiary Proceeds from sale of investment in real estate Purchase of investment in real estate Dividends received from proprietary investments and co-investments Advance paid for development of real estate Acquisition of additional stake in a subsidiary Net cash used in investing activities Financing liabilities, net Finance expense paid Dividends paid Acquisition of NCI Purchase of treasury shares, net Net cash used in financing activities Cash and cash equivalents at 31 December Hisham Alrayes Chief Executive Officer & Board Member 67,191 115,049 (92,971) (22,133) (12,344) (48,606) 2,264 (29,406) 129,748 54,264 2,173 50,180 (8,500) (20,686) (8,859) (7,341) (434) (113,147) (6,902) 62,585 17,614 2,099 31,478 (280,706) (108,524) (213,269) (27,176) 24,218 818,860 (30,421) 321,635 (68,948) 485,849 (168,286) (21,209) 9,458 (8,913) 7,226 769,893 (11,701) (9,443) (132,128) 466,375 (860) 2,156 (353,003) 38,805 5,426 (25,792) (333,268) (2,814) 26,512 (249,502) 104,591 (2,931) 25,308 (13,021) (17,276) (129,133) 28,613 (106,078) (31,037) (9,026) (65,140) (182,668) (30,087) 397,620 367,533 (9,810) (55,665) (76,151) (54,883) (196,509) 140,733 256,887 397,620 278,251 89,282 367,533 284,649 112,971 397,620 Cash and cash equivalents comprise: * Placements with financial institutions (original maturities of 3 months or less) Sh. Ahmed Bin Khalifa Al-Khalifa Vice Chairman 2018 FINANCING ACTIVITIES Cash and balances with banks (excluding CBB Reserve balance and restricted cash) 2019 INVESTING ACTIVITIES Cash and cash equivalents at 1 January * Jassim Al Seddiqi Chairman 3.12 Changes in: Net (decrease)/increase in cash and cash equivalents during the year The consolidated financial statements were approved by the Board of Directors on 12 February 2020 and signed on its behalf by: 2.39 Adjustments for: Placements from financial and non-financial institutions - 3.22 OPERATING ACTIVITIES Financing assets Non – controlling interests held-for-sale 2.37 Earnings per share – continuing operations Placements with financial institutions (original maturities of more than 3 months) Non – controlling interests 114,076 Earnings per share 323,408 (12,917) - - 111,510 (Loss) / profit from assets held-for-sale and discontinued operations, net 1,058,814 80,108 (106) - for the year ended 31 December 2019 / (US$ 000’s) 5,851 2,741 8,592 53,135 64,377 39,534 17,614 174,660 Total income 1,086 - Foreign Fair value currency reserve translation reserve 37,872 2,543 40,415 50,590 51,845 111,330 54,264 268,029 Other income, net 98,318 80,108 - Attributable to shareholders of the Bank 17,731 35,300 1,098 54,129 1,446 7,341 77,847 38,787 125,420 286,170 Dividend and net gain on treasury investments (183,174) 176,669 CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY 10,520 29,406 1,959 41,885 24,081 48,606 17,059 89,746 335,687 Finance income - Balance at 31 December 2019 70,465 23,220 7,539 (22,817) (23,050) 55,357 Treasury and other income - Foreign currency translation difference Disposal of subsidiary held-for-sale 83,113 27,924 15,189 (40,018) (18,418) 67,790 Real estate income - Sale of treasury shares 2,572 40,100 42,672 Income from proprietary and co-investments - Purchase of treasury shares 2,880 92,971 95,851 Commercial banking income - Issue of shares under incentive scheme Asset management 341,567 818,000 1,208,947 1,840,010 234,012 77,644 147,141 229,142 92,902 4,989,365 55,000 Transfer to zakah and charity fund 2018 Investment banking income 362,345 1,588,661 1,272,777 1,806,009 268,175 96,507 101,213 424,146 25,440 5,945,273 Attributable to shareholders of the Bank Share capital 31 December 2018 Deal related income ASSETS Cash and bank balances Treasury portfolio Financing assets Real estate investments Proprietary investments Co-investments Assets held-for-sale Receivables and prepayments Property and equipment Total assets LIABILITIES Clients’ funds Placements from financial, non-financial institutions and individuals Customer current accounts Term financing Liabilities directly associated with assets held-for-sale Other liabilities Total liabilities Equity of investment account holders OWNERS’ EQUITY Share capital Treasury shares Statutory reserve Fair value reserve Foreign currency translation reserve Retained earnings Share grant reserve Total equity attributable to shareholders of the Bank Non-controlling interests Non-controlling interests held-for-sale Total owners’ equity Total liabilities, equity of investment account holders, owners’ equity and non-controlling interest for the year ended 31 December 2019 / (US$ 000’s) 2019 Continuing operations CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2019 / US$ 000’s CONSOLIDATED STATEMENT OF CHANGES IN OWNERS’ EQUITY CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2019 / US$ 000’s * net of expected credit loss of US$ 1,098 thousand (31 December 2018: US$ 1,087 thousand). “The above Consolidated Statement of Financial Position, Income Statement, Statement of Cash Flow and the Changes in Owners’ Equity have been extracted from Consolidated Financial Statements of GFH Financial Group B.S.C. for the year ended 31st December 2019, which were audited by KPMG, who have expressed an Unqualified Opinion on 12 February 2020”.