INTERNATIONAL INVESTMENT BANK B.S.C. (c) CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 30 JUNE 2017
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1 INTERNATIONAL INVESTMENT BANK B.S.C. (c) CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 30 JUNE 2017
2 INTERNATIONAL INVESTMENT BANK B.S.C. (c) Condensed consolidated interim financial information for the six months ended 30 June 2017 CONTENTS Page Independent auditors report on review of condensed consolidated interim financial Information 1 Condensed consolidated interim financial information Condensed consolidated statement of financial position 2 Condensed consolidated income statement 3 Condensed consolidated statement of changes in owners equity 4 Condensed consolidated statement of cash flows 5 Notes to the condensed consolidated interim financial information 6-12
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6 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS EQUITY 30 June 2017 (reviewed) Share capital Treasury shares Attributable to shareholders of Bank Share premium Accumulated losses Statutory reserve Investment fair value reserve Total Noncontrolling interests Noncontrolling Interests held-for-sale Total owners equity Balance at 1 January ,996 (6,798) 19,645 (27,485) 6, ,202 5,935 2, ,478 Loss for the period (30,387) - - (30,387) (1,652) - (32,039) Total recognised income and expense for the period (30,387) - - (30,387) (1,652) - (32,029) Fair value changes during the period (681) (681) - - (681) Distribution to non-controlling interests (44) - (44) Changes in non-controlling interests (161) - (161) Balance at 30 June ,996 (6,798) 19,645 (57,872) 6, ,134 4,078 2,341 78, June 2016 (reviewed) (restated) Share capital Treasury shares Attributable to shareholders of Bank Share premium Accumulated losses Statutory reserve Investment fair value reserve Property fair value reserve Noncontrolling interests Total Balance at 1 January 2016 as previously reported 109,996 (6,798) 51,240 (31,595) 6,980 2, ,778 4, ,722 Effect of restatement (note 13) (5,774) (5,774) - (5,774) As restated 109,996 (6,798) 51,240 (37,369) 6,980 2, ,004 4, ,948 (Loss) / profit for the period (note 13) (577) (577) 46 (531) Total recognised income and expense for the period (577) (577) 46 (531) Adjustment of accumulated losses - - (31,595) 31, Transfer to income statement on disposal (55) - (55) - (55) Fair value changes during the period (300) - (300) - (300) Distribution to non-controlling interests (66) (66) Balance at 30 June ,996 (6,798) 19,645 (6,351) 6,980 2, ,072 4, ,996 The accompanying notes 1 to 13 form an integral part of these condensed consolidated interim financial information. Total owners equity
7 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 5 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended 30 June 30 June (reviewed) (reviewed) (restated note OPERATING ACTIVITIES 13) Loss for the period (32,039) (531) Adjustments for: Depreciation and amortization 1,837 1,780 Impairment allowances 27,176 (655) Fair value changes on investment securities 2,335 (451) Gain on sale of investments, net - (907) Finance expenses Operating loss before changes in operating assets and liabilities (391) (764) Changes in operating assets and liabilities: Other assets (301) 177 Other liabilities (2,015) (1,077) Net cash used in operating activities (2,707) (1,664) INVESTING ACTIVITIES Purchase of sukuk (5,570) (15,663) Proceeds on maturity of sukuk 4,979 7,454 Purchase of equipment (2) (27) Net cash used in investing activities (593) (8,236) FINANCING ACTIVITIES Financing (150) (1,833) Net cash used in financing activities (150) (1,833) NET DECREASE IN CASH AND CASH EQUIVALENTS (3,450) (11,733) Cash and cash equivalents at beginning of the period 10,970 39,407 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 7,520 27,674 Cash and cash equivalents comprise: Cash and balances with banks 2,147 2,734 Placements with financial institutions (with original maturities of 3 months or less) 5,373 24,940 7,520 27,674 The accompanying notes 1 to 13 form an integral part of these condensed consolidated interim financial information.
8 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 6 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 1 REPORTING ENTITY International Investment Bank B.S.C. (c) (the Bank ) was incorporated on 6 October 2003, under commercial registration number as a Bahrain Joint Stock Company (closed). The Bank s registered office is at 37th floor, Al Moayyed Tower, PO Box 11616, Manama, Kingdom of Bahrain. The Bank operates under a wholesale islamic banking license issued by the Central Bank of Bahrain (the CBB"). The primary business activities of the Bank include investing on its own account and investment, underwriting and placement in real estate and private equity and corporate finance in conformity with Islamic Shari'a. The condensed consolidated interim financial information for the six months ended 30 June 2017 comprise the financial information of the Bank and its subsidiaries together ("the Group"). 2 BASIS OF PREPARATION The condensed consolidated interim financial information has been prepared in accordance with Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). In line with the requirement of AAOIFI and the CBB Rule Book, for matters that are not covered by FAS, the Group uses guidance from the relevant International Financial Reporting Standards. Accordingly, the condensed consolidated interim financial information has been presented in condensed form in accordance with the guidance provided by International Accounting Standard 34 Interim Financial Reporting. The condensed consolidated interim financial information does not include all of the information required for full annual consolidated financial statements and should be read in conjunction with the audited consolidated financial statements of the Group for the year ended 31_December However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group s financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 December Accounting polices The accounting policies and methods of computation applied by the Group in the preparation of the condensed consolidated interim financial information are the same as those used in the preparation of the audited consolidated financial statements for the year ended 31 December There are no new standards or amendments issued and effective from 1 January 2017 that had an impact on the condensed consolidated interim financial information of the Group. Judgements and estimates The preparation of condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial information, the significant judgments made by management in applying the Group s accounting policies and the key sources of estimation uncertainties were the same as those applied to the audited consolidated financial statements for the year ended 31 December Financial risk management The Group s financial risk management objectives and policies are consistent with that disclosed in the audited consolidated financial statements for the year ended 31 December The condensed consolidated interim financial information is reviewed, not audited. The comparatives for the condensed consolidated statement of financial position has been extracted from the audited consolidated financial statements for the year ended 31 December 2016 and comparatives for the condensed consolidated statements of income, changes in owners equity and cash flows have been extracted from the condensed consolidated interim financial information for the six months ended 30 June 2016.
9 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 7 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 4 CYCLICALITY Due to nature of the Bank s business, the six months results reported in this condensed consolidated interim financial information may not represent a proportionate share of the overall annual results. 5 INVESTMENT SECURITIES 30 June December 2016 Debt type instruments At amortised cost - Quoted sukuk 10,557 9,966 Equity type instruments At fair value through income statement - Unquoted equity securities 38,584 40,781 At fair value through equity - Quoted equity securities 3,958 4,724 - Unquoted equity securities 9,555 11,134 62,654 66,605 Quoted and unquoted investments of US$ 3,645 thousand (2016: 4,516 thousand) are held in the name of related parties for the benefit of the Bank and the risk and rewards are borne by the Bank. 6 MUSHARAKA FINANCING Musharaka financing represents equity participation by the Bank through a debt and equity structure for acquisition of properties in United States of America (USA) through structured vehicles. The Bank has 95% economic interest in Atlas Multifamily Three LLC ( Atlas ), a company incorporated in USA for holding the underlying properties. The properties were acquired through a combination of debt of US$ million and Musharaka financing of US$ 25 million. Total debt comprises of US$ million of senior debt and US$ 71 million of mezzanine financing. During the period, the mezzanine financing lender called a default and auctioned the properties to settle its dues. The Bank is contesting the validity of the auction process in court to safeguard its interest, the outcome of which cannot be ascertained on the date of the approval of this condensed consolidated interim financial information. Accordingly, the Group has fully impaired it s Musharaka financing of US$ million (2016: Nil). 7 ASSETS HELD-FOR-SALE AND RELATED LIABILITIEIS Assets held-for-sale and related liabilities represents commercial properties and related financing of IIB France BSC (c), a subsidiary that is being actively marketed by the Group for sale and accordingly, the asset and liabilities were classified as held-for-sale in the condensed consolidated statement of financial position. Equity stake held by external parties amounting to US$ 2,341 thousand are classified as non-controlling interests related to assets held-for-sale in the condensed consolidated statement of financial position 8 FINANCING LIABILITIES Financing liabilities represents wakala financing obtained in 2014 from a Ministry in the Kingdom of Bahrain on an unsecured basis, which bears a profit rate of 6% and matures in December The wakala financing has been recalled early and the Bank is making arrangements to repay the outstanding balance by 30 September 2017.
10 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 8 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 9 INCOME FROM INVESTMENT SECURITIES 30 June 2017 Six months ended 30 June 2016 Sukuk profit Fair value changes on investment securities (2,335) 451 Gain on sale of investment securities (equity type) SEGMENT INFORMATION (2,151) 1,503 The Group is organized into business units based on the nature of their operations and services which are all conducted from the Bank s head office in the Kingdom of Bahrain. The three business units comprise investment banking, investment management and treasury & equity management. However, expenses and results are reviewed at the Group level and therefore no operating segment disclosure is provided in these condensed consolidated interim financial information.
11 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 9 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN OWNERS EQUITY 11 RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control the other party or exercise significant influence or joint control over the other party in making financial and operating decisions. Related parties comprise major shareholders, directors, shari'a supervisory board and executive management of the Group and/or entities over which they exercise control and/or significant influence. The related party balances and transactions included in these condensed consolidated interim financial information are as follows: 30 June 2017 (reviewed) 31 December 2016 (audited) Directors / key Major shareholders Directors/ key Major shareholders management / entities in management / entities in personnel Which Assets personnel Which Assets Shari'a board directors are Under Shari'a board directors are under Associates members interested management Total Associates members interested management Total Assets Investment securities 33,461-3,645 14,991 52,097 34,442-4,516 17,681 56,639 Musharaka financing ,144 25,144 Equity-accounted investees Six months ended 30 June 2017 (reviewed) Six months ended 30 June 2016 (reviewed) Directors / key Major shareholders Directors/ key Major shareholders management / entities in management / entities in personnel Which Assets personnel Which Assets Shari'a board directors are under Shari'a board directors are under Associates members interested management Total Associates members interested management Total Income (1,642) (1,642) Expenses Board sitting fees and other expenses Staff costs - 1, ,160-1, ,213 Impairment allowance (25,144) (25,144)
12 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 10 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 12 FAIR VALUE OF FINANCIAL INSTRUMENTS The Group s financial instruments are accounted for under the historical cost method with the exception of investment securities. By contrast, the fair value represents the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Differences therefore can arise between book values under the historical cost method and fair value estimates. Underlying the definition of fair value is the presumption that the Group is a going concern without any intention or requirement to curtail materially the scale of its operation or to undertake a transaction on adverse terms. Generally accepted methods of determining fair value include reference to quoted prices and the use of valuation techniques such as discounted cash flow analysis. Set out below is a comparison of the carrying amounts and fair values of financial instruments: 30 June 2017 Carrying amount Fair value Financial assets: Balances with banks 2,145 2,145 Placements with financial institutions 5,373 5,373 Investment securities 62,654 62,654 Other assets 1,984 1,984 72,156 72,156 Financial liabilities: Liabilities related to assets acquired for leasing 58,826 58,826 Financing liabilities 10,187 10,187 Other liabilities 2,423 2,423 71,436 71, December 2016 Carrying amount Fair value Financial assets: Balances with banks 2,562 2,562 Placements with financial institutions 8,406 8,406 Musharaka receivables 25,144 25,144 Investment securities 66,605 66,605 Other assets 2,630 2, , ,347 Financial liabilities: Liabilities related to assets acquired for leasing 60,760 60,760 Financing liabilities 10,187 10,187 Other liabilities 2,504 2,504 73,451 73,451
13 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 11 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 12 FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) Valuation techniques Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm s length transaction on the measurement date. Investment securities The Group measures the fair value of quoted investments using the market bid-prices in an active market for that instrument. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regularly occurring market transactions on an arm s length basis. If a market for a financial instrument is not active or the instrument is not quoted, the Group establishes fair value using a valuation technique. Valuation techniques include using recent arm s length transactions between knowledgeable, willing parties (if available), discounted cash flow analyses and other valuation models with accepted economic methodologies for pricing financial instruments. Sensitivity analysis Unquoted securities - Investment securities carried at fair value through income statement: The effect on profit as a result of a change in the fair value of equity instruments due to a reasonable possible change (i.e. +/-5%) in the value of individual investments, with all other variables held constant, is US$ 1.9 milliion. The effect of decrease in the value of individual investments is expected to be equal and opposite to the effect of an increase. Islamic financing contracts The fair values of Islamic financing contracts are principally estimated their carrying amount less impairment provisions. The present value of expected future cash flows is not expected to be different from their carrying values. Other financial instruments Other financial instruments are for short term tenure hence their carrying value is not different from the fair value. Fair value of other financial assets and liabilities are not significantly different from their carrying values due to their short term nature, carrying fixed profit rate equivalent to market benchmark rates and not subject to little fluctuations. Fair value hierarchy The table below analyses the financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). 30 June 2017 Level 1 Level 2 Level 3 Total Investment securities carried at: - fair value through income statement ,584 38,584 - fair value through equity 3,958-9,555 13,513 3,958-48,139 52,097
14 INTERNATIONAL INVESTMENT BANK B.S.C. (c) 12 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 12 FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) 31 December 2016 Level 1 Level 2 Level 3 Total Investment securities carried at: - fair value through income statement ,781 40,781 - fair value through equity 4,724-11,134 15,858 4,724-51,915 56,639 The following table analyses the movement in Level 3 financial assets during the period: 30 June December 2016 At 1 January 51,915 48,071 Fair value changes (3,776) (7,655) Purchases during the period - 2,252 Disposals during the period - (2,258) Sales and transfers into (out) of Level 3-11,505 At 30 June / 31 December 48,139 51, COMPARATIVES The comparative figures have been restated to reflect the restatement of 31 December 2015, in the audited financial statements of 31 December This restatement has resulted in an increase in previously reported accumulated losses as at 1 January 2016 by US$ 5,774 thousand, a decrease in the previously reported loss attributable to shareholder of the Bank by US$ 428 thousand and an increase in profit attributable to non-controlling interests by US$ 23 thousand.
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