BQAD.L Regulatory News (BQAD)

13 Sep 2007 08:58

Bank Audi SAL- Audi Saradar Group13 September 2007 Bank Audi SAL - Audi Saradar Group Consolidated Balance Sheet as at December 31, 2006 (LL millions) ASSETS 2006 2005 LL C/V LL TOTAL LL C/V LL TOTALCash and balances with Central Banks 2,340,602 3,173,873 5,514,475 2,446,676 2,649,820 5,096,496- Cash 25,592 65,936 91,528 23,317 52,498 75,815- Credit risk ceded 212,288 212,288 201,148 201,148- Net Exposure 2,315,010 2,895,649 5,210,659 2,423,359 2,396,174 4,819,533 Lebanese Treasury bills and other government bills 1,127,695 3,096,712 4,224,407 1,432,777 1,898,893 3,331,670& bonds- Credit risk ceded 478,842 478,842- Net Exposure 1,127,695 2,617,870 3,745,565 1,432,777 1,898,893 3,331,670 Bonds and financial instruments with fixed income 679,236 679,236 743,367 743,367 Shares, securities and financial assets with 8,199 221,013 229,212 9,492 203,095 212,587variable income Banks and financial institutions 71,912 4,780,173 4,852,085 144,281 3,304,547 3,448,828- Current accounts 14,833 619,631 634,464 12,645 532,408 545,053- Time deposits 57,079 4,160,542 4,217,621 131,636 2,772,139 2,903,775- Purchase of financial instruments with an optionto resell Due from Head office, branches and affiliates- Current accounts- Time deposits Loans and advances to customers * 239,287 4,637,795 4,877,082 251,412 3,468,654 3,720,066- Commercial loans** 104,657 3,856,559 3,961,216 107,486 2,915,481 3,022,967- Other loans to customers** 108,515 489,713 598,228 111,129 351,143 462,272- Overdraft accounts 2,587 12,098 14,685 2,358 55,448 57,806- Net debtor accounts against creditor and cash 775 775 308 308collateral accounts- Advances to related parties 47,668 190,822 238,490 44,572 92,231 136,803- Doubtful loans*** (24,140) 87,828 63,688 (14,133) 54,043 39,910 Bank acceptances 136,994 136,994 129,184 129,184 Investments and related loans Investments under equity method 4,359 17,023 21,382 3,951 3,201 7,152-Non financial institutions 4,359 17,023 21,382 3,951 3,201 7,152- Financial institutions Tangible fixed assets (including revaluation 284,965 175,295 460,260 296,155 87,842 383,997variance approved by the Central Bank)Intangible fixed assets 5,828 6,383 12,211 6,760 5,453 12,213Other assets 1,391 570 1,961 806 187 993Regularization accounts and other debtor accounts 35,343 101,775 137,118 31,065 87,403 118,468Revaluation variance on other fixed assets Goodwill 33,838 182,523 216,361 33,838 65,492 99,330 TOTAL ASSETS*** 4,153,419 17,209,365 21,362,784 4,657,213 12,647,138 17,304,351 *Of which 30% against cash collateral as atDecember 2006 **Out of which sub-standard loans amounting to : 29,244 43,034***After deduction of provision for doubtful loans 165,469 113,868and unrealized interest:**For sub-standard loans 5,599 10,875***For doubtful loans 68,729 58,616 Off-Balance Sheet Items Financing commitments received Signature commitments received 21,105 103,782 124,887 24,630 35,483 60,113 Financial instruments sold with a buy back option Engagements on term financial instruments 388,317 388,317 115,250 115,250- Option on forex 388,317 388,317 115,250 115,250- Option on interest swap Other engagements received 182,310 2,101,816 2,284,126 365,202 1,900,756 2,265,958 Fiduciary assets and Assets under management 6,859 4,257,647 4,264,506 6,927 3,579,510 3,586,437 Custody accounts 604,408 2,550,777 3,155,185 491,540 2,234,993 2,726,533 Forward operations: 774,468 774,468 860,211 860,211-Foreign currencies to receive 774,468 774,468 860,211 860,211 Bad debts fully provided for 26,404 242,826 269,230 24,865 237,176 262,041 (LL millions) LIABILITIES 2006 2005 LL C/V LL TOTAL LL C/V LL TOTALDue to Bank of Lebanon 27,702 27,702 27,726 27,726 Banks and financial institutions 3,570 281,745 285,315 121,244 286,885 408,129- Current accounts 2,408 182,333 184,741 10,351 130,392 140,743- Time deposits 1,162 99,412 100,574 110,893 156,493 267,386- Sale of financial instruments with an option torebuy Due to Head office, branches and affiliates- Current accounts- Time deposits Customers' deposits 3,148,359 14,711,186 17,859,545 3,777,751 11,129,191 14,906,942- Sight deposits 241,704 1,933,094 2,174,798 235,135 1,377,216 1,612,351- Time deposits 675,609 6,557,271 7,232,880 974,953 4,831,993 5,806,946- Savings accounts 2,196,263 4,596,670 6,792,933 2,502,706 4,081,775 6,584,481- Net creditor and cash collateral accounts 29,991 716,551 746,542 56,645 756,473 813,118against debtor accounts- Related parties accounts 4,792 907,600 912,392 8,312 81,734 90,046 Engagements by acceptances 136,994 136,994 129,184 129,184 Liabilities under financial instruments 153,148 153,148 153,148 153,148- Certificates of deposit 153,148 153,148 153,148 153,148- Debenture bonds- Other liabilities under financial instruments Other liabilities 140,021 87,994 228,015 97,851 70,535 168,386 Regularization accounts and other creditor 10,789 55,794 66,583 9,841 37,032 46,873accounts Provisions for risks and charges 31,746 13,027 44,773 22,463 4,152 26,615 Subordinated notes Shareholders' equity 912,459 1,648,250 2,560,709 669,336 768,012 1,437,348 -Revaluation variance accepted in the 18,600 18,600 18,600 18,600 supplementary capital-Share capital & cash contribution to capital 404,945 172,372 577,317 304,967 109,131 414,098- Group share 404,162 72,586 476,748 304,162 72,586 376,748 Ordinary shares 32.766.240 Preferred shares 7.650.000- Minority share 783 99,786 100,569 805 36,545 37,350 -Reserves for general banking risks 26,896 54,079 80,975 24,050 41,110 65,160- Group share 26,885 54,044 80,929 24,040 41,082 65,122- Minority share 11 35 46 10 28 38 -Reserves and premiums and equity differences 221,467 1,305,917 1,527,384 160,866 512,691 673,557- Group share 219,339 1,307,258 1,526,597 159,707 512,684 672,391- Minority share 2,128 (1,341) 787 1,159 7 1,166 -Employees' share - based payments 17,927 17,927 -Less: Treasury GDR's (1,239) (10,524) (11,763) (519) (4,143) (4,662) -Profit carried forward 5,347 27,981 33,328 (932) 3,343 2,411- Group share 5,310 26,618 31,928 (957) 3,316 2,359- Minority share 37 1,363 1,400 25 27 52 -Net income for the year 213,523 33,892 247,415 149,611 9,920 159,531- Group share 212,465 34,105 246,570 148,859 9,201 158,060- Minority share 1,058 (213) 845 752 719 1,471 -Cumulative changes in fair value 22,920 46,606 69,526 12,693 95,960 108,653 Revaluation variance of fixed assets Income and expense accounts Total Liabilities & Shareholders' Equity 4,274,646 17,088,138 21,362,784 4,726,212 12,578,139 17,304,351 Off-Balance Sheet Items Financing commitments given to: 225,995 225,995 213,354 213,354- Financial intermediaries 225,995 225,995 213,354 213,354- Customers Bank guarantees given to: 36,577 837,521 874,098 36,737 551,487 588,224- Financial intermediaries 1,037 228,717 229,754 2,500 78,329 80,829- Customers 35,540 608,804 644,344 34,237 473,158 507,395 Financial instruments purchased with a buy backoption Other engagements 151 39 190 Engagements on term financial instruments 29,454 29,454 29,171 29,171 Fiduciary Deposits and Assets under management 8,533 4,255,973 4,264,506 17,246 3,569,191 3,586,437 Custody accounts 604,408 2,550,777 3,155,185 491,540 2,234,993 2,726,533 Forward operations 774,254 774,254 856,556 856,556-Foreign currencies to deliver 774,254 774,254 856,556 856,556 Consolidated Income Statement 31/12/2006 * 31/12/2005Interest and similar income 1,248,216 995,149 Lebanese Treasury bills and other government bills 297,779 218,690 Deposits and similar accounts in banks and financial institutions 580,089 488,807 Deposits in head office, branches and affiliates Bonds and financial instruments with fixed income 57,519 41,719 Loans and advances to customers 296,923 223,595 Loans and advances to related parties 13,577 9,911 Other interest and similar income 2,329 12,427 Interest on leasing contracts Interest and similar charges 809,810 675,039 Deposits and similar accounts from banks and financial institutions 16,173 37,115 Deposits from head office, branches and affiliates Deposits from customers and other creditor accounts 758,104 610,854 Deposits from related parties 18,199 3,115 Cash contribution to capital and subordinated loans Certificates of deposit 16,205 16,205 Bonds and financial instruments with fixed income Other interest and similar charges 1,129 7,750 Interest on leasing contracts Net provisions and recoveries on doubtful loans 24,670 31,647 Provisions for doubtful loans 41,755 59,155 Of which: provision setup related to commercial loans(granted by leasing companies) Recoveries of provisions for doubtful loans (17,085) (27,508) Of which: provision write-back related to commercial loans(granted by leasing companies) Of which: provision write-back related to leasing contracts Provision related to leasing contracts Net interest received 413,736 288,463Revenues from shares, securities & financial assets with variable income 12,759 6,887 Net commissions 105,975 96,989 Commissions received 142,159 115,167 Of which: commission related to leasing contracts Commissions paid (36,184) (18,178) Of which: commission related to leasing contracts Profit on financial operations 150,196 87,317 Profit from trading and non-trading investments 33,188 12,348 Profit on financial fixed assets Profit on foreign exchange position 27,064 27,641 Profit on financial instruments 89,944 47,328 Loss on financial operations 26,233 13,086 Loss from trading and non-trading investments 2,477 2,764 Loss on financial fixed assets Loss on foreign exchange position 9,341 6,172 Loss on financial instruments 14,415 4,150 Net income from financial operations 123,963 74,231 Other operating income 19,937 18,042 Other operating expenses 7,830 4,749 Total operating income 668,540 479,863 General and administrative expenses 317,813 254,790 Salaries wages and related charges 173,373 146,817 Employees' share - based payments 17,927 General operating expenses 126,513 107,973 Amortization and depreciation 34,537 29,666 Provision on investments (6,418) 960 Provisions on contingent accounts & other risks (631) 593 Profit from operations before taxation 309,141 196,960 Net nonrecurring operations (12,167) (6,276)Nonrecurring income 1,193 7,702Nonrecurring expenses (13,360) (13,978) Income tax 50,300 32,063 Our part in affiliates under equity method 741 910Non financial institutions 741 910Financial institutions Net profit for the year 247,415 159,531Group share 246,570 158,060Minority share 845 1,471 * Including the profit and loss account of Bank Audi sae for the second, third &fourth quarter and the fourth quarter of National Bank of Sudan only accordingto International Financial Reporting Standards (IFRS) Consolidated statements of cash flowsYear ended 31 December 2006 2006 2005 LL millions LL millionsOperating activitiesProfit before tax 296,870 190,123Adjustments for:Depreciation and amortization 29,026 28,220Provision for fixed assets acquired in settlement of debt 5,511 1,446Provision for risks and charges 5,239 1,518Provision for impairment of participations 3,445 3,262Gain on investments under equity method (741) (670)Loss (gain) on sale of properties acquired in settlement 137 (1,372)of debtWrite back of provision for risks and charges (537) (1,377)Provision for employees' end of service benefits 3,502 2,630Provisions for doubtful loans 41,756 59,155Recoveries of provision for doubtful loans (17,085) (27,508)Employees' share - based payments 17,927 0Release of reserve for general banking risks 0 (229) Operating profit before changes in operating assets and 385,050 255,198liabilities Deposits with the central Banks, banks & financial 209,475 256,671institutions maturing in more than 3 monthsLoans & advances to customers (1,193,633) (496,939)Lebanese Treasury bills - trading (434,876) (10,383)Bonds & financial assets with fixed income - trading 34,898 1,231Shares, securities & financial assets with variable income (19,980) (16,976)- trading Other assets (968) (84)Regularization and other debit accounts 26,170 (26,852)Customers 'deposits 2,952,603 1,643,522Other liabilities 38,695 26,631Regularization and other credit accounts 19,710 (7,530)Minority interest 63,571 5,808 Cash from operations 2,080,715 1,630,297Employees' end of service benefits recovered (paid) (831) (880)Taxation paid (29,366) (27,432)Provisions for contingencies & charges paid (72) Net cash from operating activities 2,050,446 1,601,985 Investing activitiesBank of Lebanon certificates of deposit - other than (115,259) (507,632)tradingLebanese treasury bills - other than trading (475,475) (177,894)Bonds & financial assets with fixed income - other than 29,149 (126,427)tradingShares, securities & financial assets with variable income (21,520) 2,112- other than tradingInvestments & related loans (35,229)Purchase of tangible & intangible fixed assets (101,128) (26,239)Investments and related loans under equity method (13,489) 0Proceeds from sale of properties acquired in settlement of 7,651 2,224debtCost of business combinations (148,833) 0 Net cash used in investing activities (838,904) (869,085) Financing activitiesSettlement of BDL soft loan (24) (30,240)Increase in share capital 100,000 12,500Issue premium on capital increase 804,208 175,938Proceeds from sale of GDR's (8,417) 20,714Distribution of dividends (79,294) (61,713) Net cash from financing activities 816,473 117,199 Effect of exchange rate changes 10,250 6,814 Increase in cash & cash equivalents 2,038,266 856,913Cash & cash equivalents at 1 January 3,927,689 3,070,776Cash & cash equivalents at 31 December 5,965,955 3,927,689 END This information is provided by RNS The company news service from the London Stock Exchange