Venture Capital Bank : Consolidated Financial Statement - 30 June 2017

Transcription

1. CONSOLIDATED FINANCIAL STATEMENTS For the year ended 30 June 2017 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2017 30 June 2017 CONSOLIDATED STATEMENT OF INCOME USD 000 ’s For the year ended 30 June 2017 30 June 2016 USD 000’s 30 June 2017 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 30 June 2017 USD 000’s 30 June 2016 20172016 ASSETS REVENUE Balances and placements with banks 7,5718,282 OPERATING ACTIVITIES Income from investment banking services 4,79531,126 Investments 161,354188,255 Net (loss) profit for the year (53,646)9,279 Finance income 12128 Investments in associates and joint venture Adjustments for non-cash items: accounted under the equity method 26,96028,046 Dividend income 834837 Gain on investments -(6,397) Murabaha financing to investee companies 34,75040,993 Share of results of associates and joint venture Rental and other income2,9454,550 Receivables 16,63038,030 accounted under the equity method 250402 Total revenue 8,586 36,641 Funding to project companies -4,231 Impairment provisions charged - net 6,4483,005 Other assets 27,61018,030 Depreciation 413477 Property and equipment 8,0778,434 Dividend income(834)(837) OTHER (LOSSES) GAINS TOTAL ASSETS 282,952 334,301 Fair value losses on investments at fair value Fair value losses on investments at fair value through profit or loss - net 38,26617,508 LIABILITIES Islamic financing payables Employee accruals Other liabilities Total liabilities through profit or loss(38,266)(17,508) 101,674101,734 Total (loss) income 7,9104,527 112,307 -6,397 Gain from sale of investment 2,7233,746 110,007 (29,680) 25,530 Operating (loss) profit before changes in operating assets and liabilities(9,103)23,437 Changes in operating assets and liabilities: Investments(16,453)(36,713) Investments in associates and joint venture accounted under the equity method 616(632) EQUITY EXPENSES Murabaha financing to investee companies 6,243(40,993) Share capital 190,000190,000 Staff costs 6,1948,066 Receivables20,429(11,529) Statutory reserve Foreign currency translation reserve 5,8595,859 Travel and business development expenses (130)(127) (Accumulated losses) / retained earnings (25,084)28,562 Total equity 170,645 224,294 TOTAL LIABILITIES AND EQUITY 282,952 334,301 1,357903 Finance expense 6,1413,047 413477 Depreciation OFF BALANCE SHEET ITEMS Equity of investment account holders 2,7443,756 529575 Legal and professional fees 3,9783,101 Other expenses Total expenses 18,612 16,169 Funding to project companies4,2319,033 Other assets(10,051)(11,306) Employee accruals(1,023)(2,385) Other liabilities 3,383(684) Net cash used in operating activities (1,728)(71,772) INVESTING ACTIVITIES Dividends received1,136137 Dividends paid-(4,500) Property and equipment - net (56)(78) (LOSS) / PROFIT BEFORE IMPAIRMENT Net cash from (used in) investing activities PROVISIONS AND SHARE OF LOSSES OF ASSOCIATES AND JOINT VENTURE Extracted from the annual financial statements audited by Ernst & Young and approved for issue by the Board on 10 July 2017. (48,292) 9,361 (6,448)(3,005) Impairment provisions charged 1,3443,690 Recovery of impaired receivables Share of losses of associates and (250)(402) joint venture - net Net cash (used in) from financing activities (53,646) 9,644 -(365) Board of Directors’ remuneration NET (LOSS) / PROFIT FOR THE YEAR AFTER NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (711)5,558 Cash and cash equivalents at beginning of the year8,2822,724 7,5718,282 Comprising: Balances in current and call accounts7,4418,155 (53,646) 9,279 7,571 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 30 June 2017 Balance at 1 July 2016 Net loss for the year 81,723 Short-term placements130127 BOARD OF DIRECTORS’ REMUNERATION Share capital (60) Foreign currency translation adjustments(3)48 AT END OF THE YEAR DIRECTORS’ REMUNERATION Abdullatif M. Janahi Board Member and Chief Executive Officer Islamic financing payables(60)81,723 CASH AND CASH EQUIVALENTS (LOSS) / PROFIT BEFORE BOARD OF Abdulfatah M. R. Marafie Chairman 1,080(4,441) FINANCING ACTIVITIES Unvested shares of employee share Statutory ownership plan reserve 190,000 - 5,859 - - - Foreign currency translation reserve (127) - 8,282 USD 000’s (Accumulated losses) Retained earnings Total 28,562 224,294 (53,646) (53,646) Foreign currency translation difference on investment in an associate - - - (3) - (3) Balance at 30 June 2017 Balance at 1 July 2015 190,000 190,000 - (10,000) 5,859 (130) 4,931 (175) (25,084) 170,645 34,711 219,467 Cancellation of ESOP shares and issue of bonus shares - 10,000 - - (10,000) Dividends for 2015 - - - - (4,500) (4,500) Net loss for the year - - - - 9,279 9,279 Transfer to statutory reserve 928 (928) - - Foreign currency translation difference on investment in an associate - - - 48 - 48 Balance at 30 June 2016 190,000 - 5,859 (127) Licensed as an Islamic Wholesale Bank by the CBB, www.vc-bank.com 28,562 224,294