EY Building a better working world
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1 EY Building a better working world Ernst & Young Lao Co., Ltd. Tel: th Floor, Kolao Tower I Fax: Slngha Road, Nongbone Village ey.com Saysettha District, Vientiane Capital, Lao PDR Reference: / INDEPENDENT AUDITORS' REPORT To: The Owner of Malayan Banking Berhad Nongduang Branch Opinion We have audited the financial statements of Malayan Banking Berhad Nongduang Branch ("the Branch"), which comprise the balance sheet as at 31 December and the income statement, statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements are prepared, in all material respects, in accordance with the Accounting Law of Lao P.D.R and the regulations stipulated by the Bank of Lao PDR relevant to preparation and presentation of financial statements. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Branch in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Lao P.DR, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis ofmatter We draw attention to Note 2 of the financial statements, which describes the accounting policies adopted by the Branch. These accounting policies are not intended to present the financial position, the results of operations and cash flows of the Branch in accordance with international generally accepted accounting principles. Our opinion is not modified in respect of this matter. Other Matters We draw attention to Note 2.2 to the financial statements on the basis of preparation, which describes the purpose of presenting reference figures in USD in addition to. The equivalent amounts in USD are presented in the accompanying financial statements for the purpose of the Branch's internal use only and should not be used for any other purpose. Responsibilities of the Branch Manager for the Financial Statements The Branch Manager is responsible for the preparation of the financial statements in accordance with the Accounting Law of the Lao P.D.R and with the regulations stipulated by the Bank of Lao PD.R relevant to preparation and presentation of financial statements, and for such internal control as the Branch Manager determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Branch Manager is responsible for assessing the Branch's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Branch Manager either intends to liquidate the Branch or to cease operations, or has no realistic alternative but to do so. Amember firm of Ernst & Young Global Limited
2 EY Building a better working world Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Branch's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Branch Manager. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Branch's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Branch to cease to continue as a going concern. We communicate with the Branch Manager regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Vientiane Capital, Lao P.D.R A member firm of Emst & Young Global Limited
3 INCOME STATEMENT for the year ended 31 December Code ITEMS to 31/ to A I OPERATING INCOME AND EXPENSES Interest and similar income Interest and similar income from interbank transactions Interest and similar income from loans to customers Interest and similar expenses Interest and similar expenses for customer deposits NET INTEREST AND SIMILAR INCOME Fees and commission income Fees and commission expenses Net loss from dealing in foreign currencies 3 5,360,725 1,071, , , , , ,385 35,696 4,512, , ,577 95,369 3 (213,033) (207,466) (25,710) (25,372) (213,033) (207,466) (25,710) (25,372) 5,147, , , , , ,369 22,450 45,172 4 (10,745) (1,020) (1,297) (125) 5 (107,095) (40,496) (12,925) (4,952) II. NET OPERATING INCOME 5,215,872 1,192, , ,788 5
4 INCOME STATEMENT (continued) for the year ended 31 December Code ITEMS to to B OTHER INCOME AND EXPENSES 6 Other operating income 744,924 4,403 89, Administration expenses (1,886,738) (1,228,908) (227,702) (150,288) Payroll and other staff 7.1 costs 6 (819,928) (503,008) (98,953) (61,515) Other administration 7.2 expenses 7 (1,066,810) (725,900) (128,749) (88,773) Depreciation and 8 amortization charges 13 (1,982,225) (1,556,189) (239,226) (190,313) Other operating 9 expenses 8 (804,959) (206,546) (97,146) (25,259) TOTAL PROFITI (LOSS) III. BEFORE TAX 1,286,874 (1,795,138) 155,307 (219,535) 18 Current profit tax 18 PROFIT/(LOSS) AFTER IV. TAX 1,286,874 (1,795,138) 155,307 (219,535) Prepared by: Approved by: Niphaphone Pholsyna Financial Officer Lim Wai Hoong General Manager Vientiane Capital, Lao P.D.R 6
5 BALANCE SHEET as at 31 December Code ASSETS 31/12/ 31/12/ USDequiv. I Cash and balances with the Bank of Lao P.D.R ("the BOL") 56,597,173 75,476,116 6,830,458 9,230,294 1 Cash on hand 9 3,543,478 3,532, , ,978 2 Balances with the BOL 10 53,053,695 71,943,835 6,402,812 8,798,316 II Due from other banks 11 8,000,000 16,000, ,484 1,956,708 1 Term deposits 8,000,000 16,000, ,484 1,956,708 III Loans and advances to customers, net of provision for nonperforming loans 12 50,946,595 41,154,017 6,148,515 5,032,899 IV Fixed assets 5,668,501 7,345, , ,277 1 Tangible fixed assets ,506,901 6,209, , ,385 2 Intangible assets ,600 1,135,719 19, ,892 V Other assets 850,235 1,196, , ,303 1 Accrued interest receivables 475, ,460 57,383 70,009 2 Other assets , ,858 45,228 76,294 TOTAL ASSETS 122,062, ,171,663 14,731,174 17,264,481 Code LIABILITIES AND CAPITAL 31/12/ 31112/ I Due to other banks 15 10,552,398 32,131,808 1,273,521 3,929,535 1 Demand deposits 10,552,398 32,131,808 1,273,521 3,929,535 II Due to customers 16 11,048,933 10,130,899 1,333,446 1,238,951 1 Demand deposits 2,855, , ,631 72,199 2 Saving deposits 5,652, , ,174 83,754 3 Term deposits 2,540,824 8,855, ,641 1,082,998 III Other liabilities 592, ,595 71,564 46,055 1 Accrued interest payabies 48,066 93,718 5,801 11,461 2 Tax pay abies ,605 55,744 6,228 6,817 3 Other payables , ,133 59,535 27,777 TOTAL LIABILITIES 22,194,306 42,639,302 2,678,531 5,214,541 IV Capital and reserves 1 Paidup capital ,121, ,121,729 12,083,240 12,244,311 2 General provision for credit activities , ,770 30,743 25,164 3 Accumulated losses (508,264) (1,795,138) (61,340) (219,535) TOTAL CAPITAL 99,868,198 98,532,361 12,052,643 12,049,940 TOTAL L1ABILITES AND CAPITAL 122,062, ,171,663 14,731,174 17,264,481 7
6 BALANCE SHEET (continued) as at 31 December Code OFFBALANCE SHEET ITEMS 31/12/ 31/12/ I 1 Commitments given Commitments for financing given to customers 1,657, ,000 TOTAL COMMITMENTS GIVEN 1,657, ,000 II Collaterals and Mortgages A 1 Collaterals and Mortgages for loans Collaterals and Mortgages for loans to customers 107,686, ,686,881 74,445,285 74,445,285 12,996,244 12,996,244 9,104,230 9,104,230 B 1 Collaterals and Mortgages for guarantees Collaterals and Mortgages for guarantees given to customers 1,657,200 1,657, , ,000 COLLATERALS AND MORTGAGES 109,344,081 74,445,285 13,196,244 9,104,230 Prepared by: Niphaphone Pholsyna Financial Officer Lim Wai Hoong General Manager Vientiane, Lao P.D.R 8
7 STATEMENT OF CHANGES IN EQUITY for the year ended 31 December ITEMS Paidup capital General provision for credit activities Accumulated losses Total Balance as at 31 December ,121, ,770 (1,795,138) 98,532,361 Net profit for the year 1,286,874 1,286,874 General provision charged during the year 766, ,696 Reversal of general provision during the year (718,185) (718,185) ForeiQn exchange difference Balance as at 31 December 100,121, ,733 (508,264) 99,868,198 ITEMS Paidup capital General provision for credit activities Accumulated losses Total Balance as at 31 December 2016 Net profit for the year General provision charged during the year Reversal of general provision during the year Foreign exchange difference 12,244,311 (161,071) 25,164 92,529 (86,675) (275) (219,535) 155,307 2,888 12,049, ,307 92,529 (86,675) (158,458) Balance as at 31 December 12,083,240 30,743 (61,340) 12,052,643 ~ r Niphaphone Pholsyna Lim Wai Hoong Financial Officer General Manager Vientiane Capital, Lao P.D.R 9
8 CASH FLOW STATEMENT for the year ended 31 December ITEMS to USO equiv. to USO equiv. Net gain/(ioss) before tax 1,286,874 (1,795,138) 155,307 (219,535) Adjustments for: Depreciation and amortization charges 1,982,225 1,556, , ,313 General provision expenses , ,770 92,529 25,164 Reversal of provision for credit losses of loans to customers 12.2 (718,185) (86,675) Cash flows from operations before changes in operating assets and liabilities 3,317,610 (33,179) 400,387 (4,058) (Increase)/Decrease in operating assets Due from other banks 30,836,003 (64,512,814) 3,721,458 (7,889,546) Loans and advances to customers (9,792,578) (41,154,017) (1,181,822) (5,032,899) Accrued interest receivables 96,982 (572,461) 11,704 (70,009) Other assets 249,553 (623,857) 30,063 (76,294) Increase/(Decrease) in operating liabilities Due to other banks (21,579,410) 32,131,808 (2,604,322) 3,929,535 Customer deposits and other amounts due to customers 918,033 10,130, ,500 1,238,951 Accrued interest payabies (45,654) 93,718 (5,510) 11,461 Other liabilities 216, ,877 22,430 34,595 t, l Net cash flows from/(used in) operating activities 4,217,113 (64,257,026) 508,888 (7,858,264) INVESTING ACTIVITIES Payments to acquire properties and equipment (260,053) (8,901,401 ) (31,385) (1,088,590) Net cash flows used in investing activities (260,053) (8,901,401 ) (31,385) (1,088,590) FINANCING ACTIVITIES Capital contribution ,121,729 12,244,311 Net cash flows from financing activities. 100,121, ,244,311 Net change in cash and cash equivalents 3,957,060 26,963, ,503 3,297,457 10
9 CASH FLOW STATEMENT (continued) for the year ended 31 December ITEMS to to Cash and cash equivalents at the beginning of the period 26,963,302 3,297,457 Effect of foreign exchange difference (43,321) Cash and cash equivalents at the end of the period 20 30,920,362 26,963,302 3,731,639 3,297,457 Prepared by: Reviewed by: Niphaphone Pholsyna Financial Officer Lim Wai Hoong General Manager Vientiane Capital, Lao P.D.R 11
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