Download 14 Gulf Daily News Sunday, 14th August 2016

14
Gulf Daily News Sunday, 14th August 2016
www.bnhgroup.com
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
As at 30 June 2016
30 June 31 December
2016
2015
(reviewed)
(audited)
(In thousands of Bahraini Dinars)
ASSETS
Cash and cash equivalents
Placements with banks
Insurance and other receivables
Financial investments
Equity accounted investees
Reinsurers’ share of insurance
technical reserves
Deferred acquisition cost
Investment properties
Intangible assets
Property and equipment
Statutory deposits
4,227
7,423
9,029
27,610
14,578
3,965
6,973
7,930
29,865
13,806
12,318
658
3,180
292
3,558
125
12,537
610
3,261
319
3,631
125
Total assets
82,998
83,022
LIABILITIES
Insurance technical reserves
Insurance payables
Borrowings
Other liabilities
26,982
3,781
42
5,357
26,772
2,792
202
5,536
Total liabilities
36,162
35,302
Total net assets
46,836
47,720
EQUITY
Share capital
Treasury shares
Share premium
Statutory reserve
General reserve
Investment fair value reserve
Retained earnings
11,350
(1,868)
3,990
5,675
13,585
1,895
10,048
11,350
(1,868)
3,990
5,675
13,585
2,543
10,169
Equity attributable to owners
of the company
44,675
45,444
Non-controlling interest
Total equity
2,161
2,276
46,836
47,720
Six months
ended
30 June 2016
(reviewed)
(In thousands of Bahraini Dinars)
(In thousands of Bahraini Dinars)
Six months
ended
30 June 2015
(reviewed)
OPERATING AC TIVITIES
Insurance operations
Premiums and commissions received net of
acquisition costs
14,168
Payments to insurance and reinsurance companies
(5,598)
Claims paid to policyholders
(11,045)
Claims recovered from reinsurers and salvage recoveries 5,737
Cash flows from insurance operations
3,262
Investment operations
Dividends and interests received
653
Proceeds from sale and redemptions of
financial investments
8,008
Advance for purchases of financial investments
Payments for purchases of financial investments
(6,063)
Placements with banks
(7,196)
Proceeds from redemptions of placements with banks
6,747
Acquisition of subsidiary, net of cash acquired
Investment in equity accounted investees
(160)
Dividends received from equity accounted investees
469
Rents received
138
Cash flows from investment operations
2,596
Expenses paid
(3,370)
Cash flows from operating activities
2,488
INVESTMENT ACTIVITIES
Purchase of property and equipment
(166)
Purchase of intangible assets
(4)
Cash flows used in investment activities
(170)
FINANCING ACTIVITIES
Proceeds from bank borrowings
Repayment of bank loan
(150)
Finance costs paid
(10)
Dividends paid to non-controlling interest
(97)
Dividends paid to shareholders
(1,778)
Donations paid
(21)
Cash flows used in financing activities
(2,056)
Net increase / (decrease) in cash and cash equivalents
262
Cash and cash equivalents at 1 January
3,965
Cash and cash equivalents at 30 June
4,227
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2016
for the six months ended 30 June 2016
Six months
ended
30 June 2016
(reviewed)
Gross insurance premiums
14,987
Reinsurers’ share of gross insurance
premiums
(6,658)
Retained premiums
8,329
Net change in reserve for unearned premiums (745)
14,902
(5,630)
(13,069)
7,590
3,793
874
15,690
7,861
6,972
(7,534)
8,156
(1,056)
(3,389)
4,472
(649)
(3,175)
3,797
(216)
7,584
7,100
3,823
3,581
Gross claims paid
(10,906)
Reinsurance recoveries
5,806
Outstanding claims adjustment - Gross
1,321
Outstanding claims adjustment - Reinsurance (1,062)
(12,832)
8,433
5,103
(4,997)
(5,103)
2,532
270
(334)
(6,716)
4,677
2,824
(3,374)
Net premium earned
5,932
(362)
(6,138)
(2,223)
3,337
(475)
535
105
1,585
(3,491)
1,887
Net claims
(106)
(26)
(132)
(4,841)
(4,293)
(2,635)
(2,589)
Gross underwriting profit for the period 2,743
Net commission income
228
General and administration expenses
(2,060)
2,807
62
(2,199)
1,188
172
(1,045)
992
102
(1,099)
911
670
315
(5)
Net investment income
Share of profit of equity accounted investees
Corporate expenses
943
1,095
(859)
1,565
875
(856)
371
426
(441)
585
466
(425)
Profit for the period
2,090
2,254
671
621
Profit attributable to :
Owners of the company
Non-controlling interest
Profit for the period
2,074
16
2,090
2,190
64
2,254
644
27
671
631
(10)
621
19.3 fils
20.4 fils
6.0 fils
5.9 fils
Net underwriting profit for the period
8
(378)
(14)
(120)
(1,896)
(17)
(2,417)
(662)
5,370
4,708
for the six months ended 30 June 2016
Six months Three months Three months
ended
ended
ended
30 June 2015 30 June 2016 30 June 2015
(reviewed
(reviewed)
(reviewed
and restated)
and restated)
Basic earnings per share (100 fils) each
Six months
ended
30 June 2016
(reviewed)
(In thousands of Bahraini Dinars)
Profit for the period
Six months Three months Three months
ended
ended
ended
30 June 2015 30 June 2016 30 June 2015
(reviewed
(reviewed)
(reviewed
and restated)
and restated)
2,090
2,254
671
621
(305)
100
456
-
187
97
(55)
-
(463)
(386)
(176)
10
(14)
(71)
(25)
(18)
Other comprehensive income for the period (682)
(1)
83
(63)
Total comprehensive income for the period 1,408
2,253
754
558
Total comprehensive income
attributable to:
Owners of the parent company
Non-controlling interest
Total comprehensive income
for the period
1,426
(18)
2,176
77
726
28
562
(4)
1,408
2,253
754
558
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss:
Available-for-sale securities:
- Net change in fair value
- Impairment transferred to profit or loss
- Transfer to statement of profit or loss on
disposal of securities
Share of other comprehensive income of
equity accounted investee
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2016
(In thousands of Bahraini Dinars)
2016 (reviewed)
Attributable to the owners of the parent company
Share Treasury
Share Statutory General Investment fair Retained
capital shares premium reserve reserve
value reserve earnings
Balance at 1 January 2016
Total
Non-controlling
Interest
Total
Equity
2015 (reviewed and restated)
Attributable to the owners of the parent company
Share Treasury
Share Statutory General Investment fair
capital
shares premium
reserve reserve
value reserve
Balance at 1 January 2015
Retained
earnings
Total
Non-controlling
Interest
Total
Equity
11,350
(1,868)
3,990
5,675
13,585
2,543
10,169
45,444
2,276
47,720
11,350
(1,868)
3,990
5,675
13,585
4,512
8,315
45,559
2,284
47,843
Profit for the period
-
-
-
-
-
-
2,074
2,074
16
2,090
Profit for the period
-
-
-
-
-
-
2,190
2,190
64
2,254
Other comprehensive income for the period
-
-
-
-
-
(648)
-
(648)
(34)
(682)
Other comprehensive income for the period
-
-
-
-
-
(14)
-
(14)
13
(1)
Total comprehensive income for the period
-
-
-
-
-
(648)
2,074
1,426
(18)
1,408
Total comprehensive income for the period
-
-
-
-
-
(14)
2,190
2,176
77
2,253
Dividends declared for 2015
-
-
-
-
-
-
(2,145)
(2,145)
(97)
(2,242)
Dividends declared for 2014
-
-
-
-
-
-
(2,145)
(2,145)
(120)
(2,265)
Donations for 2015
-
-
-
-
-
-
(50)
(50)
-
(50)
Donations for 2014
-
-
-
-
-
-
(50)
(50)
-
(50)
Appropriations approved by shareholders
-
-
-
-
-
-
(2,195)
(2,195)
(97)
(2,292)
Appropriations approved by shareholders
-
-
-
-
-
-
(2,195)
(2,195)
(120)
(2,315)
11,350
(1,868)
3,990
5,675
13,585
1,895
10,048
44,675
2,161
46,836
Balance at 30 June 2015
11,350
(1,868)
3,990
5,675
13,585
4,498
8,310
45,540
2,241
47,781
Balance at 30 June 2016
Abdul Hussain Khalil Dawani - Vice Chairman
Reviewed by KPMG Fakhro
Redha Abdulla Faraj - Director
Sameer Al Wazzan - Chief Executive
CONDENSED STATEMENT OF PROFIT OR LOSS
CONDENSED STATEMENT OF PROFIT OR LOSS
for the six months ended 30 June 2016
for the six months ended 30 June 2016
Six months
Six months
ended
ended
30 June 2016 30 June 2015
(reviewed)
(reviewed)
(In thousands of Bahraini Dinars)
CONDENSED STATEMENT OF FINANCIAL POSITION
As at 30 June 2016
(In thousands of Bahraini Dinars)
30 June 31 December
2016
2015
(reviewed)
(audited)
ASSETS
Cash and cash equivalents
Placements with banks
Insurance and other receivables
Financial investments
Reinsurers’ share of insurance
technical reserves
Deferred acquisition cost
Intangible assets
Property and equipment
Statutory deposits
1,754
6,094
8,021
19,802
2,292
6,247
6,744
21,104
10,672
526
134
350
75
11,153
466
151
311
75
Total assets
47,428
48,543
LIABILITIES
Insurance technical reserves
Insurance payables
Other liabilities
Total liabilities
Total net assets
21,423
3,363
2,678
27,464
19,964
21,241
2,308
2,852
26,401
22,142
12,503
(5,325)
11,941
(5,452)
Retained premiums
7,178
6,489
Net change in reserve for unearned premiums
(742)
(584)
Net premium earned
6,436
5,905
Gross claims paid
Reinsurance recoveries
Outstanding claims adjustment - Gross
Outstanding claims adjustment - Reinsurance
(8,970)
4,267
1,545
(1,217)
(11,177)
7,138
5,346
(5,205)
Net claims incurred
(4,375)
(3,898)
2,061
2,007
378
(1,912)
244
(1,920)
Gross underwriting profit for the period
Net commission income
General and administration expenses
Total equity
6,500
3,250
4,155
3,105
2,954
6,500
3,250
4,155
3,653
4,584
19,964
22,142
CONDENSED STATEMENT OF CASH FLOWS
Cash flows from operating activities
Cash flows from investment activities
ASSETS
Cash and cash equivalents
Placements with banks
Insurance and other receivables
Financial investments
Reinsurers’ share of insurance
technical reserves
Deferred acquisition costs
Intangible assets
Equipment
Statutory deposits
31 December
2015
(audited)
1,302
1,029
828
10,422
1,352
725
1,062
11,379
1,646
132
59
15
50
1,383
143
81
11
50
15,483
16,186
331
943
1,458
Total assets
1,470
1,789
LIABILITIES
Insurance technical reserves
Insurance payables
Other liabilities
5,592
419
845
5,567
484
1,040
Total liabilities
6,856
7,091
Total net assets
8,627
9,095
EQUITY
Share capital
Statutory reserve
General reserve
Investment fair value reserve
Retained earnings
5,000
553
11
34
3,029
5,000
553
11
168
3,363
Total equity
8,627
9,095
Profit for the period
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Six months
Six months
ended
ended
30 June 2016 30 June 2015
(reviewed)
(reviewed)
(In thousands of Bahraini dinars)
Profit for the period
1,470
1,789
Other comprehensive income
(242)
358
58
-
- Transfer to statement of profit or loss on disposal of securities
(364)
(341)
Other comprehensive income for the period
(548)
17
922
1,806
- Impairment transferred to statement of profit or loss
Total comprehensive income for the period
(4,210)
(9,101)
(3,637)
(11,054)
4,061
(2,080)
6,030
(2,112)
827
763
2016
Share Statutory General
capital
reserve reserve
763
Balance at 1 January 2016
4,624
(241)
(4,455)
(85)
(17)
(1,400)
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2016
(In thousands of Bahraini dinars)
Investment
fair value Retained
reserve earnings Total
6,500
3,250
4,155
3,653
Profit for the period
-
-
-
-
1,470
1,470
Other comprehensive income
-
-
-
(548)
-
(548)
Dividends declared for 2015
-
-
-
- (3,080) (3,080)
Donations declared for 2015
-
-
-
-
6,500
3,250
4,155
3,105
Balance at 30 June 2016
4,584 22,142
(20)
(20)
2,954 19,964
2,702
1,891
2015
(3,080)
(9)
(3,170)
-
Cash flows used in financing activities
(3,089)
(3,170)
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
(538)
2,292
(516)
3,118
Cash and cash equivalents at 30 June
1,754
2,602
6,500
3,250
4,155
5,217
Profit for the period
-
-
-
-
1,789
1,789
Other comprehensive income
-
-
-
17
-
17
Dividends declared for 2014
-
-
-
Donations declared for 2014
Balance at 30 June 2015
Abdul Hussain Khalil Dawani
Chairman
(In thousands of Bahraini Dinars)
OPERATING ACTIVITIES
Premiums and commissions received net of
acquisition costs
Payments to insurance and reinsurance companies
Claims paid to policyholders
Claims recovered from reinsurers
Other operating expenses paid
Six months Six Months
ended
ended
30 June
30 June
2016
2015
(reviewed) (reviewed)
1,722
(1,387)
(1,976)
1,676
(376)
3,143
(1,992)
(2,137)
1,559
(471)
(341)
102
Dividends and inteest received
211
Proceeds from sale and redemptions of financial investments 3,357
Advances for purchases of financial investments
Payments for purchases of financial investments
(2,566)
Placements with banks
(1,028)
Proceeds from redemption of placements with banks
725
Purchase of equipment
(8)
Purchase of intangible assets
(1)
281
1,308
(121)
(1,699)
(524)
636
(7)
(8)
Cash flows (used in) / from operating activities
INVESTMENT ACTIVITIES
Cash flows from / (used in) investment activities
- (3,170) (3,170)
-
-
-
-
6,500
3,250
4,155
5,234
Ghassan Qassim Fakhroo
Vice Chairman
4,472 23,594
Joseph Rizzo
General Manager
(20)
(20)
3,071 22,210
Net change in reserve for unearned premiums
Net premium earned
Gross claims paid
Reinsurance recoveries
Outstanding claims adjustment - Gross
Outstanding claims adjustment - Reinsurance
Net claims
Gross underwriting profit for the period
2,212
(1,333)
879
(4)
(471)
875
981
(1,965)
1,539
(222)
156
(1,776)
1,294
(243)
209
(492)
(516)
383
465
(307)
(150)
(332)
(183)
Net underwriting loss for the period
(74)
(50)
Net investment income
140
307
Profit for the period
66
257
General and administration expenses
Net commission expense
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2016
Six months
ended
30 June 2016
(reviewed)
(In thousands of Bahraini dinars)
Profit for the period
66
Six months
ended
30 June 2015
(reviewed)
and restated)
257
(77)
98
Other comprehensive income
Available-for-sale securities:
- Change in fair value
- Transfer to statement of profit or loss on
impairment of securities
- Transfer to statement of profit or loss on
disposal of securities
41
-
(98)
(45)
Other comprehensive (loss) / income for the period
(134)
53
Total comprehensive (loss) / income for the period
(68)
310
CONDENSED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2016
(In thousands of Bahraini Dinars)
2016 (reviewed)
Share Statutory General Investment Retained
capital reserve reserve fair value earnings Total
reserve
Balance at 1 January 2016
5,000
553
11
168
Profit for the period
-
-
-
-
3,363 9,095
Other comprehensive loss
-
-
-
(134)
- (134)
(390) (390)
66
66
Dividends declared for 2015
-
-
-
-
Donations for 2015
-
-
-
-
5,000
553
11
34
3,029 8,627
3,295 9,135
Balance at 30 June 2016
(10)
(10)
690
(134)
Dividends paid
Donations paid
(390)
(8)
(480)
-
Balance at 1 January 2015
5,000
491
11
338
Profit for the period
-
-
-
-
257
257
Cash flows used in financing activities
(398)
(480)
Other comprehensive income
-
-
-
53
-
53
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
(49)
1,351
(512)
1,927
Dividends declared for 2014
-
-
-
-
Donations for 2014
Cash and cash equivalents at 30 June
1,302
1,415
Balance at 30 June 2015
FINANCING ACTIVITIES
Balance at 1 January 2015
FINANCING ACTIVITIES
Dividends paid
Donations paid
for the six months ended 30 June 2016
Gross insurance premiums
Reinsurers’ share of gross insurance premiums
Retained premiums
Six months
ended
30 June 2015
(reviewed
and restated)
3,534
(2,082)
1,452
Items that are or may be reclassified
subsequently to profit or loss:
CONDENSED STATEMENT OF CASH FLOWS
- Net Change in fair value
11,536
1,724
30 June
2016
(reviewed)
527
12,157
INVESTMENT ACTIVITIES
Dividends and interest received
609
Proceeds from sale and redemptions of
financial investments
4,650
Advance for purchase of financial investments
Payments for purchase of financial investments (3,571)
Payment for purchase of property and equipment (114)
Payment for purchase of intangible assets
(3)
Placements with banks
(5,868)
Proceeds from redemption of placements
with banks
6,021
(In thousands of Bahraini Dinars)
Net investment income
Available-for-sale securities:
Six monthsSix months
ended
ended
30 June 30 June
2016
2015
(reviewed) (reviewed)
OPERATING ACTIVITIES
Premiums and commissions received
net of acquisition costs
Payments to insurance and reinsurance
companies
Claims paid to policyholders
Claims recovered from reinsurers and
salvage recoveries
Payment made for other operating expenses
As at 30 June 2016
Items that are or may be reclassified subsequently to profit or loss:
for the six months ended 30 June 2016
(In thousands of Bahraini Dinars)
CONDENSED STATEMENT OF FINANCIAL POSITION
Net underwriting profit for the period
for the six months ended 30 June 2016
EQUITY
Share capital
Statutory reserve
General reserve
Investment fair value reserve
Retained earnings
Reviewed by:
KPMG Fakhro
Gross insurance premiums
Reinsurers’ share of gross insurance premiums
Six months
ended
30 June 2016
(reviewed)
(In thousands of Bahraini Dinars)
Reviewed by:
KPMG Fakhro
2015 (reviewed and restated)
Abdul Rahman Mohamed Juma
Chairman
Redha Abdulla Faraj
Director
-
-
-
-
5,000
491
11
391
Sahar Al Ajjawi
General Manager
(480) (480)
(10)
(10)
3,062 8,955