Gulf One Investment Bank: Interim Condensed Consolidated Financial Statements - 30 September 2017

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INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 September 2017 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2017 USD 30 September 2016 (reviewed) 30 September 31 December 2016 2017 (audited) (reviewed) ASSETS Cash and bank balances Loans and advances Investments designated at fair value through statement of income Other assets Total assets LIABILITY AND EQUITY Liability Payables and accrued expenses Total liability Equity Share capital Shares allocated for employees incentive scheme Share premium Statutory reserve Accumulated losses Translation reserve Total equity Total liability and equity 2,152,436 10,634,169 5,763,725 6,925,078 6,693,478 6,004,600 71,092,498 5,478,019 89,357,122 72,222,748 6,033,258 90,944,809 84,002,597 5,419,224 102,119,899 6,616,972 6,616,972 6,438,271 6,438,271 5,893,646 5,893,646 113,888,889 113,888,889 113,888,889 (9,735,016) 297,698 3,021,689 (24,726,590) (6,520) 82,740,150 89,357,122 (9,735,016) 297,698 3,021,689 (22,950,605) (16,117) 84,506,538 90,944,809 (9,735,016) 297,698 3,021,689 (11,235,777) (11,230) 96,226,253 102,119,899 INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME for the nine-month period ended 30 September 2017 USD Nine-month period ended Three-month period ended 30 September 30 September 30 September 30 September 2017 2017 2016 2016 (reviewed) (reviewed) (reviewed) (reviewed) Income from investment banking services Interest income Net fair value changes on investments Foreign exchange gain Other income Total income Staff expenses Premises expenses Other expenses Total expenses Loss for the period before provisions Reversal of provision for staff benefits Provision for impairment Loss for the period Other comprehensive income (to be reclassified to profit or loss in subsequent periods) Foreign currency translation Total other comprehensive income for the period Total comprehensive loss for the Period 2,226,213 775,490 (709,664) 555,476 36,812 2,884,327 2,195,823 309,025 (336,883) 179,736 84,475 2,432,176 1,019,871 272,054 177,703 16,304 1,485,932 799,042 175,242 85,622 72,507 1,132,413 2,785,235 288,437 1,549,174 4,622,846 (1,738,519) (37,466) (1,775,985) 2,975,904 348,855 1,096,501 4,421,260 (1,989,084) 1,038,392 (23,451) (974,143) 892,708 92,531 693,457 1,678,696 (192,764) (1,860) (194,624) 953,594 86,201 358,886 1,398,681 (266,268) (23,451) (289,719) 9,597 9,597 2,328 2,328 3,078 3,078 1,098 1,098 (1,766,388) (971,815) (191,546) (288,621) INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the nine-month period ended 30 September 2017 30 September 2017 (reviewed) Share capital 113,888,889 At 1 January 2017 Loss for the period Other comprehensive income (9,735,016) - Share premium 297,698 - Statutory reserve 3,021,689 - Accumulated losses (22,950,605) Translation reserve (16,117) Total equity 84,506,538 9,597 (1,775,985) 9,597 (1,775,985) - - - - - (1,775,985) 9,597 (1,766,388) 113,888,889 (9,735,016) 297,698 3,021,689 (24,726,590) (6,520) 82,740,150 Share premium 297,698 Statutory reserve 3,021,689 Translation reserve (13,558) Total equity 97,198,068 (974,143) 30 September 2016 (reviewed) Share capital 113,888,889 At 1 January 2016 Shares allocated for Employees Incentive Scheme - Total comprehensive loss for the period At 30 September 2017 USD Shares allocated for Employees Incentive Scheme (9,735,016) Accumulated losses (10,261,634) Loss for the period - - - - (974,143) - Other comprehensive income - - - - - 2,328 2,328 Total comprehensive loss for the period - - - - (974,143) 2,328 (971,815) 113,888,889 (9,735,016) 297,698 3,021,689 (11,235,777) (11,230) 96,226,253 At 30 September 2016 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS for the nine-month ended 30 September 2017 OPERATING ACTIVITIES Receipt from investment banking services Interest received Receipt of other income Payment for staff expenses Payment for premises expenses Payment for other expenses Loans disbursed, net Net cash used in operating activities USD Nine-month period ended 30 September 2017 (reviewed) Nine-month period ended 30 September 2016 (reviewed) 2,808,308 221,646 36,812 (2,724,343) (288,437) (887,529) (3,192,712) (4,026,255) 1,022,849 65,166 84,474 (2,931,143) (348,855) (1,365,987) (3,460,385) (6,933,881) INVESTING ACTIVITIES Purchase of equipment Purchase of investments designated at fair value through statement of income Proceeds from sale of investments designated at fair value through statement of income Advance received towards sale of investment in subsidiary Investors’ funds, net Net cash from investing activities Net decrease in cash and bank balances Cash and bank balances at beginning of the period Cash and bank balances at end of the period Nine-month period ended 30 September 2017 (reviewed) Nine-month period ended 30 September 2016 (reviewed) (5,620) (2,666,667) (33,731) (2,274,126) 3,087,253 414,966 (3,611,289) 5,763,725 2,152,436 742,513 2,893,333 (163,725) 1,164,264 (5,769,617) 12,463,095 6,693,478 The published figures are an extract from the interim condensed consolidated financial statements reviewed by Ernst and Young and were approved by the Board of Directors on 13 November 2017. Abdullah A. Ohaly Chairman Ziyad F. Omar Director and Chief Executive Officer 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