Venture Capital Bank: Condensed Consolidated Interim Financial Information - 30 September 2017

Transcription

1. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Three month period ended 30 September 2017 INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION INTERIM CONSOLIDATED STATEMENT OF INCOME As at 30 September 2017 Three month period ended 30 September 2017 USD 000 ’s 30 September 2017 (Reviewed ) 30 June 2017 (Audited) INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS USD 000’s Three months ended 30 September 2017 2016 ASSETS REVENUE Balances and placements with banks 7,3367,571 138686 banking services - net 36 27,12426,960 Finance income Murabaha financing to investee companies 34,75034,750 Rental and other income 607704 Receivables 16,68916,630 Other assets 24,36727,610 Total revenue 748 TOTAL ASSETS 279,676 282,952 1,396 Fair value (gains) / losses on investments carried at fair value through profit or loss OTHER GAINS / (LOSSES) Receivables(59)(938) 729 (489) 1,477 1,5751,547 Staff costs EQUITY Travel and business development expenses Share capital 190,000190,000 Legal and professional fees (71)(130) Accumulated losses (28,093)(25,084) Total equity 167,695 170,645 TOTAL LIABILITIES AND EQUITY 279,676 282,952 150235 1,3491,124 Finance expense 89117 Depreciation Employee accruals(349)18 171(249) Other liabilities (135)(6,448) INVESTING ACTIVITIES Property and equipment - net (11)(23) Net cash used in investing activities (11)(23) FINANCING ACTIVITIES Murabaha financing to investee company-3,637 Islamic financing payables(148)(258) Net cash (used in) from financing activities OFF STATEMENT OF FINANCIAL POSITION ITEMS Other expenses 1,199943 Total expenses 4,458 4,036 LOSS BEFORE IMPAIRMENT PROVISION AND SHARE OF LOSS OF 2,7222,744 Equity of investment account holders 9670 3,243(2,838) Other assets Net cash used in EXPENSES operating activities 907 -3,517 Funding to project companies 8,0817,910 5,8595,859 672(4,221) Investments in associates and a joint venture accounted under the equity method(192)786 Other liabilities Foreign currency translation reserve (3,621)(2,523) Changes in operating assets and liabilities: Statutory reserve 89117 assets and liabilities 2,3742,723 112,307 ASSOCIATES AND A JOINT VENTURE Extracted from the interim financial statements reviewed by Ernst & Young and approved for issue by the Board on 24 October 2017. (2,981)(3,129) Share of loss of associates (28)(140) and a joint venture - net Foreign currency translation adjustments NET DECREASE IN CASH AND CASH EQUIVALENTS NET LOSS FOR THE PERIOD Abdullatif M. Janahi Board Member and Chief Executive Officer (3,009) (3,269) 3,379 59 9 (235)(3,083) 7,5718,282 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 7,336 5,199 Cash and cash equivalents per the consolidated statement of financial position 6,7535,071 Balances with banks INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the three month period ended 30 September 2017 (148) Cash and cash equivalents at beginning of the period Placements with financial institutions Abdullfatah Marafie Chairman (729)489 Operating losses before changes in operating Employee accruals 111,981 28140 under the equity method Investments at fair value through profit or loss - net 101,526101,674 Total liabilities (3,009)(3,269) Net loss for the period LIABILITIES Fair value gains / (losses) on investments carried Islamic financing payables 2016 Depreciation 7,9998,077 Property and equipment OPERATING ACTIVITIES Share of loss of associates and a joint venture accounted Investments in associates and a joint venture accounted under the equity method USD 000’s 2017 Adjustments for non-cash items: Income from investment 161,411161,354 Investments Three month period ended 30 September 2017 583 128 7,336 5,199 USD 000’s Foreign(Accumulated Investments currency losses) / Share Statutory fair value translation Retained capitalreservereservereserve earnings Balance at 1 July 2017 190,000 5,859 - Net loss for the period - - - (130) - (25,084) (3,009) Total 170,645 (3,009) Foreign currency translation difference on investment in an associate - - - 59 190,000 5,859 - (71) (28,093) 167,695 Balance at 1 July 2016 190,000 5,859 - (127) 28,562 224,294 Net loss for the period - - - Balance at 30 September 2017 - - (3,269) 59 (3,269) Foreign currency translation difference on investment in an associate - - - 9 - 9 Net movement in cumulative changes in fair value of available-for-sale investments Balance at 30 September 2016 - - (125) 190,000 5,859 (125) - (118) Licensed as an Islamic Wholesale Bank by the CBB, www.vc-bank.com - 25,293 (125) 220,909