TIDMICB
ICB Financial Group Holdings AG ("ICBFGH" or the "Company")
ANNUAL REPORT AND FINANCIAL STATEMENTS
The Company has today posted the Annual Report to shareholders and
a copy of this document is available from the Company's website at
www.icbankingroup.com. A summary of the audited Financial Statements included
within the Annual Report is provided below. For further discussion of ICBFGH's
financial performance in financial year 2011 including key results, highlights
and outlook for the current year, please refer to the Company announcement
released 30 March 2012.
This announcement is dated 24 April 2012.
CONTENTS PAGE
Consolidated Statement of Comprehensive Income 1 - 2
Consolidated Statement of Financial Position 3
Consolidated Statement of Cash Flows 4 - 5
Consolidated Statement of Changes in Equity 6 - 7
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2011
Restated
2011 2010
Notes USD'000 USD'000
Interest income 143,733 130,748
Interest expense (69,489) (62,082)
Net interest income 4 74,244 68,666
Fee and commission income 17,654 14,489
Fee and commission expense (296) (204)
Net fee and commission income 5 17,358 14,285
Foreign currency gain 6 4,901 4,200
Gains less losses from financial investments 3,452 4,613
Gains less losses from trading securities - 22
Gain on re-measurement of investment - 795
Other operating income 3,804 2,391
Impairment charges for loans and advances to 12 (18,271) (8,171)
customers
Fair value change in foreclosed properties 14 306 1,893
Operating expenses 7 (88,726) (77,434)
Operating (loss)/profit (2,932) 11,260
Share of results of associates 15 57 (490)
(Loss)/profit before taxation (2,875) 10,770
Tax expense 9 (182) (2,828)
(LOSS)/PROFIT FOR THE YEAR (3,057) 7,942
Other comprehensive income:
Exchange differences on translating foreign (1,495) 2,435
operations
Available-for-sale financial assets 1,574 (1,191)
Other comprehensive income for the year 79 1,244
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (2,978) 9,186
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - CONT'D
FOR THE YEAR ENDED 31 DECEMBER 2011
Notes 2011 2010
USD'000 USD'000
(Loss)/profit of the year attributable to:
- Owners of the parent (1,100) 6,402
- Non-controlling interests (1,957) 1,540
(3,057) 7,942
Total comprehensive income attributable to:
- Owners of the parent (10,074) 6,541
- Non-controlling interests 7,096 2,645
(2,978) 9,186
Earnings per share
- Basic and diluted (Expressed in USD per share) 10 (0.01) 0.03
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2011
2011 2010 2010
Restated
Notes USD'000 USD'000 USD'000
ASSETS
Cash and bank balances 11 338,664 396,204 396,204
Loans and advances to customers 12 817,613 889,950 889,950
Financial investments 13 188,133 185,810 185,810
Foreclosed properties 14 7,710 13,097 11,692
Investment in associates 15 2,329 2,351 2,351
Goodwill and other intangible 16 45,196 61,861 61,861
assets
Prepaid lease payments 17 13 41 41
Property and equipment 18 21,153 24,221 24,221
Other assets 19 57,034 56,955 56,955
Deferred tax assets 20 6,816 3,935 4,278
Total assets 1,484,661 1,634,425 1,633,363
LIABILITIES
Deposits from other banks 151,333 172,801 172,801
Deposit from customers 21 1,114,362 1,238,678 1,238,678
Other liabilities 22 52,373 54,051 51,124
Tax liabilities 2,251 1,455 1,455
Deferred tax liabilities 20 187 255 255
Total liabilities 1,320,506 1,467,240 1,464,313
EQUITY
Paid up share capital 23 145,960 145,960 145,960
Share premium 782 782 782
Retained earnings 24 42,291 43,591 44,750
Other reserves 25 7,381 16,155 16,298
Equity attributable to owners
of the Company 196,414 206,488 207,790
Non-controlling interests (32,259) (39,303) (38,740)
164,155 167,185 169,050
Total equity and liabilities 1,484,661 1,634,425 1,633,363
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
Restated
2011 2010
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/Profit before taxation (2,875) 10,770
Adjustment for:
Impairment charges for loans and advances to customers 18,271 8,171
Amortisation of prepaid lease rental 28 39
Amortisation of intangible assets 2,188 2,103
Depreciation of property and equipment 4,666 4,378
Loss on disposal of property and equipment 385 59
Gain on re-measurement of investment - (795)
Fair value changes in foreclosed properties (306) (1,893)
Share of results of associates (57) 490
Gain on foreign exchange translation (4,901) (4,200)
Cash flow from operations before working capital changes 17,399 19,122
Decrease/(Increase) in operating assets 34,515 (185,157)
(Decrease)/Increase in operating liabilities (85,070) 234,857
Cash (used in)/generated from operations (33,156) 68,822
Tax paid (1,393) (1,921)
Net cash (used in)/from operating activities (34,549) 66,901
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of a subsidiary, net of cash acquired - 25,454
Purchase of property and equipment (3,621) (7,382)
Purchase of intangible assets (417) (1,051)
Proceeds from sale of property and equipment 378 88
Increase investment in associate - (1,717)
Proceeds from sale of foreclosed property 5,098 511
Decrease in financial investments 44,411 36,632
Increase in financial investments (55,269) (21,835)
Net cash (used in)/from investing activities (9,420) 30,700
CONSOLIDATED STATEMENT OF CASH FLOWS - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
Restated
2011 2010
USD'000 USD'000
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of shares 68 -
Dividend paid to non-controlling interests (120) (82)
Net cash used in financing activities (52) 82)
Net (decrease)/increase in cash and cash equivalents (44,021) 97,519
Cash and cash equivalents at the beginning of the year 304,849 214,262
Effect of exchange rate changes on cash and cash (17,552) (6,932)
equivalents
Cash and cash equivalents at the end of the year (Note 26) 243,276 304,849
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
TOTAL EQUITY
ATTRIBUTABLE
SHARE SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2011 145,960 782 16,155 43,591 206,488 (39,303) 167,185
Loss for the year - - - (1,100) (1,100) (1,957) (3,057)
Other comprehensive
income:
Currency translation
differences arising from
translation to
presentation currency - - (10,074) - (10,074) 8,579 (1,495)
Gain in fair value on
available-for-sale
securities - - 1,100 - 1,100 474 1,574
Capitalisation of retained
earnings of subsidiary - - 200 (200) - - -
Total comprehensive income
for the year - - (8,774) (1,300) (10,074) 7,096 (2,978)
Issue of shares - - - - - 68 68
Dividend paid to
non-controlling interests - - - - - (120) (120)
At 31 December 2011 145,960 782 7,381 42,291 196,414 (32,259) 164,155
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
TOTAL EQUITY
ATTRIBUTABLE
SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
SHARE CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2010 145,960 782 15,812 37,808 200,362 (41,636) 158,726
Effect of adoption of
accounting policy previously reported - - - (426) (426) (209) (635)
Effect of changes in
accounting treatment - - - (1,882) (1,882) (924) (2,806)
At 1 January 2010 as restated 145,960 782 15,812 35,500 198,054 (42,769) 155,285
Profit for the year - - - 6,402 6,402 1,540 7,942
Other comprehensive income:
Currency translation differences
arising from translation to
presentation currency - - 938 - 938 1,497 2,435
Loss in fair value on
available-for-sale securities - - (799) - (799) (392) (1,191)
Transfer of reserve to retained
earnings arising from
re-measurement of associate - - 204 (204) - - -
Total comprehensive income
for the year - - 343 6,198 6,541 2,645 9,186
Non-controlling interest from
business combination - - - - - 2,796 2,796
Dividend paid to non-controlling interests - - - - - (82) (82)
Acquisition of non-controlling interests - - - 1,893 1,893 (1,893) -
At 31 December 2010 145,960 782 16,155 43,591 206,488 (39,303) 167,185
The accompanying notes form an integral part of the financial statements.
For more information, please contact:
Tai Terk Lin
Group CEO
Tel: +603-62016051
Fax: +603-62016053
Email: tl.tai@icbglobal.com.my
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.
END
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