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Download 14 Gulf Daily News Sunday, 14th August 2016
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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