23 Jul 2008 08:19
Bank Audi SAL- Audi Saradar Group
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| Consolidated Balance Sheet as at December 31, 2007 | ||||||
| (LL Millions) | ||||||
| ASSETS |
| 2007 |
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| 2006 |
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| LL | C/V LL | TOTAL | LL | C/V LL | TOTAL |
| Cash and Central Banks | 2,491,303 | 4,396,795 | 6,888,098 | 2,340,602 | 3,173,873 | 5,514,475 |
| - Cash | 33,716 | 106,320 | 140,036 | 25,592 | 65,936 | 91,528 |
| - Credit risk ceded |
| 210,748 | 210,748 |
| 212,288 | 212,288 |
| - Net Exposure | 2,457,587 | 4,079,727 | 6,537,314 | 2,315,010 | 2,895,649 | 5,210,659 |
| Lebanese Treasury bills and other government bills | 1,047,299 | 2,968,676 | 4,015,975 | 1,127,695 | 3,096,712 | 4,224,407 |
| - Credit risk ceded |
| 403,644 | 403,644 |
| 478,843 | 478,843 |
| - Net Exposure | 1,047,299 | 2,565,032 | 3,612,331 | 1,127,695 | 2,617,869 | 3,745,564 |
| Bonds and financial instruments with fixed income |
| 1,153,667 | 1,153,667 |
| 679,236 | 679,236 |
| Shares, securities and financial assets with variable income | 8,018 | 313,085 | 321,103 | 8,199 | 221,013 | 229,212 |
| Banks and financial institutions | 102,899 | 4,796,920 | 4,899,819 | 71,912 | 4,780,173 | 4,852,085 |
| - Current accounts | 16,447 | 883,028 | 899,475 | 14,833 | 598,998 | 613,831 |
| - Time deposits | 86,452 | 3,913,892 | 4,000,344 | 57,079 | 4,181,175 | 4,238,254 |
| - Purchase of financial instruments with an option to resell |
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| Due from Head office, branches and affiliates |
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| - Current accounts |
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| - Time deposits |
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| Loans and advances to customers | 312,716 | 7,371,916 | 7,684,632 | 239,287 | 4,637,795 | 4,877,082 |
| - Commercial loans* | 122,127 | 6,111,026 | 6,233,153 | 104,657 | 3,856,559 | 3,961,216 |
| - Other loans to customers* | 144,376 | 947,291 | 1,091,667 | 108,515 | 489,713 | 598,228 |
| - Overdraft accounts | 2,293 | 28,505 | 30,798 | 2,586 | 12,099 | 14,685 |
| - Net debtor accounts against creditor and cash collateral accounts |
| 1,009 | 1,009 |
| 775 | 775 |
| - Advances to related parties | 53,122 | 215,156 | 268,278 | 47,668 | 190,822 | 238,490 |
| - Doubtful loans** | (9,202) | 68,929 | 59,727 | (24,139) | 87,827 | 63,688 |
| Bank acceptances |
| 198,288 | 198,288 |
| 136,994 | 136,994 |
| Investments and related loans |
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| Investments and related loans under equity method | 4,563 | 18,067 | 22,630 | 4,359 | 17,023 | 21,382 |
| -Non financial institutions | 4,563 | 18,067 | 22,630 | 4,359 | 17,023 | 21,382 |
| - Financial institutions |
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| Tangible fixed assets (including revaluation variance approved by the Central Bank) | 266,562 | 229,353 | 495,915 | 278,985 | 172,236 | 451,221 |
| Intangible fixed assets | 5,936 | 7,566 | 13,502 | 5,828 | 6,383 | 12,211 |
| Other assets | 2,531 | 845 | 3,376 | 1,391 | 570 | 1,961 |
| Regularization accounts and other debtor accounts | 36,570 | 158,919 | 195,489 | 35,343 | 101,776 | 137,119 |
| Revaluation variance on other fixed assets |
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| Goodwill | 35,551 | 179,581 | 215,132 | 33,838 | 182,523 | 216,361 |
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| TOTAL ASSETS** | 4,313,948 | 21,793,678 | 26,107,626 | 4,147,439 | 17,206,307 | 21,353,746 |
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| *Out of which sub-standard loans amounting to : |
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| 24,830 |
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| 29,244 |
| **After deduction of provision for doubtful loans |
| 174,673 |
| 165,469 | ||
| and unrealised interest: |
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| *For sub-standard loans |
| 4,872 |
| 5,599 | ||
| **For doubtful loans |
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| 83,242 |
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| 68,729 |
| Off-Balance Sheet Items |
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| Financing commitments received |
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| Signature commitments received | 24,290 | 147,853 | 172,143 | 21,105 | 103,782 | 124,887 |
| Financial instruments sold with a buy back option |
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| Engagements on term financial instruments |
| 130,894 | 130,894 |
| 388,317 | 388,317 |
| - Option on forex swap |
| 130,894 | 130,894 |
| 388,317 | 388,317 |
| Commitments on derivatives |
| 16,882 | 16,882 |
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| Other engagements received | 232,152 | 3,304,904 | 3,537,056 | 182,309 | 2,107,942 | 2,290,251 |
| Fiduciary assets and Assets under management | 6,784 | 5,414,053 | 5,420,837 | 6,859 | 4,257,647 | 4,264,506 |
| Custody accounts | 935,318 | 3,010,351 | 3,945,669 | 603,742 | 2,551,443 | 3,155,185 |
| Forward operations: |
| 1,705,167 | 1,705,167 |
| 774,468 | 774,468 |
| -Foreign currencies to receive |
| 1,705,167 | 1,705,167 |
| 774,468 | 774,468 |
| Bad debts transferred to off balance sheet items | 28,748 | 253,292 | 282,040 | 26,404 | 242,826 | 269,230 |
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| Consolidated Balance Sheet as at December 31, 2007 | ||||||
| (LL Millions) | ||||||
| LIABILITIES |
| 2007 |
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| 2006 |
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| LL | C/V LL | TOTAL | LL | C/V LL | TOTAL |
| Central Bank |
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| 27,702 |
| 27,702 |
| Banks and financial institutions | 60,360 | 895,716 | 956,076 | 3,570 | 281,745 | 285,315 |
| - Current accounts | 5,984 | 531,520 | 537,504 | 2,408 | 182,333 | 184,741 |
| - Time deposits | 54,376 | 364,196 | 418,572 | 1,162 | 99,412 | 100,574 |
| - Sale of financial instruments with an option to rebuy |
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| Due to Head office, branches and affiliates |
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| - Current accounts |
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| - Time deposits |
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| Deposits from customers | 3,195,235 | 18,360,670 | 21,555,905 | 3,148,359 | 14,711,186 | 17,859,545 |
| - Sight deposits | 277,403 | 2,672,280 | 2,949,683 | 241,704 | 1,933,095 | 2,174,799 |
| - Time deposits | 643,416 | 9,057,120 | 9,700,536 | 675,609 | 6,557,271 | 7,232,880 |
| - Savings accounts | 2,224,356 | 5,385,411 | 7,609,767 | 2,196,263 | 4,596,671 | 6,792,934 |
| - Net creditor and cash collateral accounts against debtor accounts | 45,213 | 858,609 | 903,822 | 29,991 | 716,550 | 746,541 |
| - Related parties accounts | 4,847 | 387,250 | 392,097 | 4,792 | 907,599 | 912,391 |
| Engagements by acceptances |
| 198,288 | 198,288 |
| 136,994 | 136,994 |
| 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 |
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| - Other liabilities under financial instruments |
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| Other liabilities | 191,776 | 156,257 | 348,033 | 140,025 | 87,990 | 228,015 |
| Regularization accounts and other creditor accounts | 37,559 | 69,155 | 106,714 | 10,786 | 55,797 | 66,583 |
| Provisions for risks and charges | 26,134 | 14,071 | 40,205 | 23,621 | 12,113 | 35,734 |
| Subordinated notes |
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| Shareholders' equity | 1,043,499 | 1,705,758 | 2,749,257 | 912,672 | 1,648,038 | 2,560,710 |
| -Revaluation variance accepted in the supplementary capital | 18,600 |
| 18,600 | 18,600 |
| 18,600 |
| -Share capital & cash contribution to capital | 422,190 | 179,158 | 601,348 | 404,945 | 172,372 | 577,317 |
| - Group share | 419,675 | 72,586 | 492,261 | 404,162 | 72,586 | 476,748 |
| Ordinary shares 32.902.309 |
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| Preferred shares 5.250.000 |
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| - Minority share | 2,515 | 106,572 | 109,087 | 783 | 99,786 | 100,569 |
| -Reserves for general banking risks | 32,299 | 69,360 | 101,659 | 26,896 | 54,079 | 80,975 |
| - Group share | 32,299 | 69,360 | 101,659 | 26,885 | 54,044 | 80,929 |
| - Minority share |
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| 11 | 35 | 46 |
| -Reserves and premiums and equity differences | 309,227 | 1,218,695 | 1,527,922 | 221,467 | 1,305,918 | 1,527,385 |
| - Group share | 306,891 | 1,222,917 | 1,529,808 | 219,339 | 1,307,258 | 1,526,597 |
| - Minority share | 2,336 | (4,222) | (1,886) | 2,128 | (1,340) | 788 |
| -Employees' stock option plan as per IFRS 2 |
| 32,072 | 32,072 |
| 17,927 | 17,927 |
| -Less: Treasury GDR's | (147) | (1,384) | (1,531) | (1,239) | (10,524) | (11,763) |
| -Profit carried forward | 15,822 | 42,215 | 58,037 | 5,347 | 27,981 | 33,328 |
| - Group share | 15,767 | 40,538 | 56,305 | 5,310 | 26,618 | 31,928 |
| - Minority share | 55 | 1,677 | 1,732 | 37 | 1,363 | 1,400 |
| -Net income for the year | 226,866 | 75,043 | 301,909 | 213,736 | 33,679 | 247,415 |
| - Group share | 225,975 | 63,709 | 289,684 | 212,678 | 33,892 | 246,570 |
| - Minority share | 891 | 11,334 | 12,225 | 1,058 | (213) | 845 |
| -Cumulative changes in fair value | 18,642 | 90,599 | 109,241 | 22,920 | 46,606 | 69,526 |
| Revaluation variance of fixed assets |
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| Income and expense accounts |
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| Total Liabilities & Shareholders' Equity | 4,554,563 | 21,553,063 | 26,107,626 | 4,266,735 | 17,087,011 | 21,353,746 |
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| Off-Balance Sheet Items |
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| Financing commitments given to: |
| 468,751 | 468,751 |
| 225,995 | 225,995 |
| - Financial intermediaries |
| 468,751 | 468,751 |
| 225,995 | 225,995 |
| - Customers |
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| Bank guarantees given to: | 39,184 | 1,150,236 | 1,189,420 | 36,577 | 837,522 | 874,099 |
| - Financial intermediaries | 3,357 | 227,142 | 230,499 | 1,038 | 228,717 | 229,755 |
| - Customers | 35,827 | 923,094 | 958,921 | 35,539 | 608,805 | 644,344 |
| Financial instruments purchased with a buy back option |
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| Other engagements |
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| Engagements on term financial instruments |
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| 29,454 |
| 29,454 |
| Commitment credit line |
| 390,751 | 390,751 |
| 261,009 | 261,009 |
| Currency options |
| 446,518 | 446,518 |
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| Fiduciary Deposits and Assets under management | 8,600 | 5,412,237 | 5,420,837 | 8,533 | 4,255,973 | 4,264,506 |
| Custody accounts | 935,226 | 3,010,443 | 3,945,669 | 603,742 | 2,551,443 | 3,155,185 |
| Forward operations |
| 1,706,867 | 1,706,867 |
| 774,254 | 774,254 |
| -Foreign currencies to deliver |
| 1,706,867 | 1,706,867 |
| 774,254 | 774,254 |
| Consolidated Income Statement | |||
| (LL Millions) | |||
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| 31/12/2007 | 31/12/2006 |
| Interest and similar income |
| 1,525,548 | 1,248,216 |
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| Lebanese Treasury bills and other government bills | 345,861 | 297,779 |
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| Deposits and similar accounts in banks and financial institutions | 665,741 | 580,089 |
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| Deposits in head office, branches and affiliates |
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| Bonds and financial instruments with fixed income | 59,082 | 57,519 |
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| Loans and advances to customers | 429,388 | 296,923 |
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| Loans and advances to related parties | 17,958 | 13,577 |
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| Other interest and similar income | 7,518 | 2,329 |
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| Interest on leasing contracts |
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| Interest expense and similar charges |
| 1,004,997 | 809,810 |
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| Deposits and similar accounts from banks and financial institutions | 12,262 | 16,172 |
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| Deposits from head office, branches and affiliates |
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| Deposits from customers and other creditor accounts | 955,591 | 758,104 |
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| Deposits from related parties | 18,852 | 18,199 |
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| Cash contribution to capital and subordinated loans |
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| Certificates of deposit | 16,206 | 16,206 |
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| Bonds and financial instruments with fixed income |
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| Other interest and similar charges | 2,086 | 1,129 |
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| Interest on leasing contracts |
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| Net provisions and recoveries on doubtful loans |
| 3,957 | 24,670 |
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| Provisions for doubtful loans | 26,990 | 41,756 |
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| Of which: provision setup related to commercial loans(granted by leasing companies) |
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| Recoveries of provisions for doubtful loans | (23,033) | (17,086) |
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| Of which: provision write-back related to commercial loans(granted by leasing companies) |
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| Of which: provision write-back related to leasing contracts |
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| Provision related to leasing contracts |
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| Net interest income |
| 516,594 | 413,736 |
| Revenues from shares, securities & financial assets with variable income |
| 10,642 | 12,759 |
| Net commissions |
| 160,249 | 105,975 |
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| Commissions received | 192,109 | 142,159 |
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| Of which: commission related to leasing contracts |
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| Commissions paid | (31,860) | (36,184) |
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| Of which: commission related to leasing contracts |
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| Profit on financial operations |
| 138,946 | 150,196 |
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| Profit on marketable securities | 22,274 | 27,947 |
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| Profit on financial fixed assets | 121 | 5,241 |
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| Profit on foreign exchange position | 30,888 | 27,064 |
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| Profit on financial instruments | 85,663 | 89,944 |
| Loss on financial operations |
| 41,038 | 26,233 |
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| Loss on marketable securities | 1,006 | 2,053 |
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| Loss on financial fixed assets | 505 | 424 |
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| Loss on foreign exchange position | 14,259 | 9,341 |
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| Loss on financial instruments | 25,268 | 14,415 |
| Net income from financial operations |
| 97,908 | 123,963 |
| Other operating income |
| 31,067 | 19,937 |
| Other operating expenses |
| 10,096 | 7,830 |
| Total operating income |
| 806,364 | 668,540 |
| General and administrative expenses |
| 417,524 | 317,812 |
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| Salaries wages and related charges | 236,151 | 173,373 |
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| Employees' stock options expense as per IFRS 2 | 17,479 | 17,927 |
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| General operating expenses | 163,894 | 126,512 |
| Depreciation and amortization |
| 31,845 | 34,537 |
| Provisions on investments |
| 1,681 | (6,418) |
| Provisions on contingent accounts & other risks |
| 6,051 | (632) |
| Profit from operations before taxation |
| 364,727 | 309,141 |
| Net nonrecurring operations |
| (859) | (12,167) |
| Nonrecurring income |
| 5,305 | 1,193 |
| Nonrecurring expenses | (6,164) | (13,360) | |
| Income tax |
| 63,025 | 50,300 |
| Our part in affiliates under equity method |
| 1,066 | 741 |
| Non financial institutions | 1,066 | 741 | |
| Financial institutions |
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| Net profit for the year |
| 301,909 | 247,415 |
| Group share | 289,684 | 246,570 | |
| Minority share |
| 12,225 | 845 |
| Consolidated cash flow statement | ||
| Year ended 31 December 2007 | ||
| 2007 | 2006 | |
| LL millions | LL millions | |
| OPERATING ACTIVITIES | ||
| Profit before tax | 352,709 | 296,870 |
| Adjustments for: | ||
| Depreciation and amortisation | 31,705 | 29,661 |
| Provision for fixed assets acquired in settlement of debt | 140 | 4,876 |
| Provision for risks and charges | 2,482 | 5,239 |
| Provision for impairment of participations | 647 | 3,445 |
| Net gain on financial instruments | (81,280) | (106,241) |
| Gain on investments under equity method | (1,066) | (741) |
| (Gain) loss on sale of properties acquired in settlement of debt | (440) | 137 |
| Write back of provision for risks and charges | (6,268) | (536) |
| Provision for employees' end of service benefits | 6,124 | 3,502 |
| Provisions for doubtful loans | 26,990 | 41,756 |
| Recoveries of provision for doubtful loans | (23,033) | (17,085) |
| Employees' share - based payments | 17,479 | 17,927 |
| Operating profit before changes in operating assets and liabilities | 326,189 | 278,810 |
| Deposits with the Central Banks, banks and financial institutions maturing in more than 3 months | (1,214,335) | 209,474 |
| Loans and advances to customers | (2,805,205) | (1,193,633) |
| Lebanese Treasury bills - trading | 205,046 | (386,135) |
| Bonds and financial assets with fixed income - trading | (158,020) | 35,203 |
| Shares, securities and financial assets with variable income - trading | (6,497) | (10,610) |
| Other assets | (1,415) | (968) |
| Regularization and other debit accounts | (39,905) | 26,170 |
| Customers' deposits | 3,696,359 | 2,952,603 |
| Other liabilities | 109,629 | 38,694 |
| Regularization and other credit accounts | 40,131 | 19,710 |
| Minority interest | 17,510 | 63,571 |
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| Cash from operations | 169,487 | 2,032,889 |
| Employees' end of service benefits (paid) recovered | (2,944) | (831) |
| Taxation paid | (47,861) | (29,366) |
| Provisions for contingencies and charges paid | (23) | (72) |
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| Net cash from operating activities | 118,659 | 2,002,620 |
| INVESTING ACTIVITIES | ||
| Bank of Lebanon certificates of deposit - other than trading | 485,337 | (92,459) |
| Lebanese treasury bills - other than trading | 21,711 | (471,911) |
| Bonds and financial assets with fixed income - other than trading | (315,157) | 29,174 |
| Shares, securities and financial assets with variable income - other than trading | (8,693) | (83) |
| Option premium paid | (16,755) | - |
| Purchase of tangible and intangible fixed assets | (91,371) | (101,128) |
| Investments and related loans under equity method | (182) | (13,489) |
| Proceeds from sale of properties acquired in settlement debt | 19,648 | 7,651 |
| Cost of business combinations | - | (148,833) |
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| Net cash from (used in) investing activities | 94,538 | (791,078) |
| FINANCING ACTIVITIES | ||
| Redemption of preferred shares class A | (90,450) | - |
| Settlement of BDL soft loan | (27,702) | (24) |
| Increase in share capital | 15,513 | 100,000 |
| Issue premium on capital increase | 6,196 | 804,208 |
| Treasury GDR transactions | 10,324 | (8,417) |
| Distribution of dividends | (125,090) | (79,293) |
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| Net cash (used in) from financing activities | (211,209) | 816,474 |
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| INCREASE IN CASH AND CASH EQUIVALENTS | 1,988 | 2,028,016 |
| Net foreign exchange difference | 4,969 | 10,250 |
| Cash and cash equivalents at 1 January | 5,965,955 | 3,927,689 |
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| CASH AND CASH EQUIVALENTS AT 31 DECEMBER | 5,972,912 | 5,965,955 |
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| Operational cash flows from interest and dividends | ||
| Interest received | 1,397,476 | 1,098,879 |
| Interest paid | (1,032,123) | (820,493) |
| Dividends received | 10,642 | 12,759 |
BQAD.L (BQAD)