Gulf One Investment Bank:Consolidated Financial Statements 31 December 2016

Transcription

1. CONSOLIDATED FINANCIAL STATEMENTS 31 December 2016 CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 31 December 2016 31 December 2016 31 December 2015 5 ,763,725 6,925,078 12,463,095 2,323,808 72,222,748 6,033,258 82,807,867 4,536,359 90,944,809 102,131,129 ASSETS Cash and bank balances Loans and advances Investments designated at fair value through profit or loss Other assets Total assets USD LIABILITIES AND EQUITY Liabilities Payables and accrued expenses 6,438,271 4,933,061 6,438,271 4,933,061 Equity Share capital Shares allocated to Employees Incentive Scheme Share premium Statutory reserve (Accumulated losses) Translation reserve 113,888,889 (9,735,016) 297,698 3,021,689 (22,950,605) (16,117) 113,888,889 (9,735,016) 297,698 3,021,689 (10,261,634) (13,558) Total equity 84,506,538 97,198,068 Total liabilities and equity 90,944,809 102,131,129 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME USD for the year ended 31 December 2016 Income from investment banking services Interest income Net fair value changes on investments designated at fair value through profit or loss Changes in accured carried interest Foreign exchange loss Other income 2016 2,838,357 488,156 2015 3,192,912 395,520 (11,806,324) (242,062) 102,835 (6,062,068) (2,067,543) (767,146) 93,946 Total income (8,619,038) (5,214,379) 3,896,662 449,893 1,755,434 4,512,792 533,746 1,846,229 Staff expenses Premises expenses Other expenses Total expenses Total liabilities Loss for the year before impairment and zakat expense Reversal of provision for staff benefits Net reversal of / (provision for) impairment Zakat expense Loss for the year 6,101,989 6,892,767 (14,721,027) (12,107,146) 1,038,392 1,185,328 (191,664) (2,758,854) (419,899) (12,688,971) (15,285,899) Other comprehensive income (to be reclassified to profit or loss in subsequent periods) Foreign currency translation differences (2,559) (8,529) Total other comprehensive income for the year (2,559) (8,529) (12,691,530) (15,294,428) Total comprehensive income for the year CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2016 USD 2016 Share capital At 1 January 2016 Comprehensive Income Loss for the year Other comprehensive income Total comprehensive income for the year 113,888,889 At 31 December 2016 Share premium Statutory reserve Accumulated losses Translation reserve Total equity 297,698 3,021,689 (10,261,634) (13,558) 97,198,068 - - - - (12,688,971) (12,688,971) (2,559) (2,559) (12,688,971) (2,559) (12,691,530) 113,888,889 (9,735,016) 297,698 3,021,689 (22,950,605) (16,117) 84,506,538 Share premium Statutory reserve Accumulated losses / Retained earnings Translation reserve Total equity 2015 Share capital At 1 January 2015 Shares allocated to Employees Incentive Scheme (9,735,016) Shares allocated to Employees Incentive Scheme 113,888,889 (9,735,016) 297,698 3,009,296 5,036,658 (5,029) 112,492,496 Loss for the year Other comprehensive income - - - - (15,285,899) - (8,529) (15,285,899) (8,529) Total comprehensive income for the year - - - - (15,285,899) (8,529) (15,294,428) Transfer to statutory reserve - - - 12,393 (12,393) - - 113,888,889 (9,735,016) 297,698 3,021,689 (10,261,634) (13,558) 97,198,068 Comprehensive Income At 31 December 2015 CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2016 USD 2016 OPERATING ACTIVITIES Receipts from investment banking services Net interest received Receipt of other income Payment for staff expenses Payment for premises expenses Payment for other expenses Loans (disbursed) / repaid, net Cash used in operating activities 2015 2,171,067 91,179 102,835 (3,815,368) (449,893) (2,071,005) (4,237,041) 2,326,388 251,953 93,946 (5,280,703) (533,746) (2,498,628) 893,738 (8,208,226) (4,747,052) INVESTING ACTIVITIES (Purchase) / sale of equipment Purchase of investments designated at fair value through profit or loss Proceeds from sale of investments designated at fair value through profit or loss Advance received towards sale of investment in subsidiary Investors’ funds, net Cash generated from investing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December 2016 2015 (39,547) (1,980,009) 758,804 2,933,333 (163,725) 2,604 (51,515) 12,966,804 132,405 1,508,856 13,050,298 (6,699,370) 12,463,095 8,303,246 4,159,849 5,763,725 12,463,095 The published figures are an extract from the consolidated financial statements audited by KPMG Fakhro, who expressed an unqualified audit opinion on 30 March 2017. Abdullah A. Ohaly Chairman Ziyad F. Omar Director and CEO Gulf One Investment Bank B.S.C. (c) Bahrain Financial Harbour, 15th Floor, West Tower, P O Box 11172, Manama, Kingdom of Bahrain. C.R. No. 62199 Licensed as a conventional wholesale bank by the Central Bank of Bahrain