FORTIS MICROFINANCE BANK PLC MANAGEMENT ACCOUNT 30TH JUNE 2016

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1 FORTIS MICROFINANCE BANK PLC MANAGEMENT ACCOUNT 30TH JUNE 2016

2 FORTIS MICROFINANCE BANK PLC ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30TH JUNE 2016 Contents Page Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Changes in Equity 5 Statement of Cash Flows 6 Notes to the Financial Statements 7

3 FORTIS MICROFINANCE BANK PLC STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE, 2016 ASSETS Assets JUNE JUNE 2015 Notes =N= =N= Cash and cash equivalents 17 1,628,629,242 1,945,386,875 Loan and advances to customers 18 16,069,806,004 11,773,389,963 Investment securities ,000, ,000,000 Property, plant and equipment ,931, ,517,085 Intangible assets 21 80,073,486 69,318,423 Other assets 22 1,353,323,748 1,699,443,651 Non current Assets held for sale 640,000, ,000,000 Total assets 20,538,763,798 16,812,055,997 Current liabilities Deposits from banks Deposits from customers 24 9,750,832,658 9,780,364,039 Deposits for shares ,000,000 1,822,000,000 On-lending facilities 26 4,625,769,460 1,612,007,278 Current income tax liabilities ,003, ,542,903 Deferred tax 28 38,433,184 38,485,555 Other liabilities 29 1,133,551, ,956,822 Total liabilities 16,602,590,371 14,478,356,597 Equity Share capital 30 1,143,378, ,045,500 Share premium 656,666,668 - Statutory reserve 30d. 871,553, ,185,375 Regulatory risk reserve 30e. 76,154,841 69,578,922 Retained earnings 30c. 327,658, ,174,284 Bonus issue 30f. 860,760,819 45,715,319 Total equity 3,936,173,427 2,333,699,400 Total equity and liabilities 20,538,763,798 16,812,055,997 TIKO OKOYE - Managing Director PAULI ISIGUZO - Chief Financial Officer The notes form an integral part of these financial statements 2

4 FORTIS MICROFINANCE BANK PLC STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30TH JUNE, 2016 JUNE JUNE 2015 Notes =N= =N= Interest income 7 1,796,243,254 1,304,838,291 Interest expenses 8 (1,103,631,101) (829,674,831) Net interest income 692,612, ,163,460 Loan impairment charges 9 (16,039,550) (16,431,761) Net interest income after loan impairment charges 676,572, ,731,699 Fee and commission income ,453, ,746,914 Fee and commisssion expense 11 (3,257,450) (12,265,616) Net fee commission income 220,196, ,481,298 Other operating income 12 18,444,765 13,217,000 Other income 238,640, ,698,298 Total operating income 915,213, ,429,997 Personnel expenses 13 (218,945,978) (222,084,487) General and administrative expenses 14 (294,057,203) (172,616,927) Depreciation and amortisation (19,358,630) (42,120,055) Total expenses (532,361,811) (436,821,469) Profit before income tax 382,851, ,608,528 Income tax expenses 15 (114,855,469) (100,382,558) Profit for the year 267,996, ,225,969 Other compreehensive income: Income tax relating to component of other comprehensive income Other comprehensive income for the year, net of tax Total comprehensive income for the year 267,996, ,225,969 Earnings per share The notes form an integral part of these financial statements 3

5 FORTIS MICROFINANCE BANK PLC Statement of changes in equity 30 JUNE, 2016 Share capital Share premium Regulatory risk reserve Bonus Reserve Statutory reserve Retained earnings Total Balance at 1 January ,045,500-76,154, ,760, ,554, ,661,313 2,683,177,331 Profit for the year ,996, ,996,094 Transfers for the year ,999, (66,999,023.59) - Issued during the year 328,333, ,666, ,000,002 Dividends to equity holders Balance at 30th June, ,143,378,834-76,154, ,760, ,553, ,658,384 3,936,173,427 The notes form an integral part of these financial statements - 4

6 FORTIS MICROFINANCE BANK PLC STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30TH JUNE 2016 JUNE 2016 DEC 2015 N N Cash flow from operating activities Profit for the period 267,996, ,703,900 Adjustments for: Depreciation of property and equipment 15,144,236 32,759,708 Amortisation of intangibles 4,214,394 12,406,689 Adjustment- Defered tax - (38,485,554) Impairment of financial assets 16,039,550 49,182,139 Income tax expenses 114,855, ,817, ,249, ,384,097 Changes in: Loan and advances to customers (2,179,475,430) (2,231,762,262) Other assets (472,448,094) (24,740,182) Deposits from banks (609,876,600) 118,933,126 Deposits from customers (284,852,133) 448,305,545 Deposit for shares (1,182,000,000) - Regulatory Reserves - (6,575,919) Other liabilities 880,820,357 (114,781,838) (3,847,831,900) (1,810,621,530) Interest received 1,796,243,254 2,804,744,065 Interest paid (1,103,631,101) (1,786,419,429) 692,612,153 1,018,324,636 Tax paid (18,900,000) (684,496,630) Net cash from/(used in) operating activities (3,448,482,156) (1,556,734,063) Cash flows from investing activities Purchase of property, plant & equipment (48,119,437) (19,784,670) Purchase of intangible software (10,173,400) (20,136,408) Purchase of investments (535,000,000) (650,000,000) Disposal of investments 650,000, ,999,947 Net cash from/(used in) investing activities 56,707,163 10,078,869 Cash flows from financing activities Shares issued 985,000,002 - Net Proceeds from On-lending facilities 448,047,363 2,739,716,794 Net cash from / (used in) finaning activities 1,433,047,365 2,739,716,794 Net increase / decrease in cash & cash equivalents (1,958,727,628) 1,193,061,600 Cash and cash equivalents at beginning of year 3,587,356,870 2,394,295,270 Cash and cash equivalents at end of year 1,628,629,242 3,587,356,870

7 7 Interest income JUNE Placements 50,872,117 Loans and advances 1,745,371,137 Other financial instruments 1,796,243,254 8 Interest expense Savings Accounts 11,946,930 Term Deposits 672,070,534 On-Lending Facilities 419,613,636 9 Loan impairment charges 1,103,631,101 Collective impairment 6,266,771 Specific impairment 9,772,779 Amount written off during the year as uncollectible 16,039, Fee and commisssion Commission on turnover 21,817,498 Commission on managers' cheque 45,000 Other commissions 3,833,767 Fees 197,757, ,453, Fee and commisssion expenses Fee and commission expense 3,257,450 3,257,450 6

8 12 Other operating income Other banking income 18,444, Personnel Expenses 18,444,765 Salaries and wages 197,102,771 Pension contribution (Employer) 3,348,058 Other related staff expenses 18,495, ,945, Other administrative expenses Rent and rate 34,170,493 Repair and maintenance 7,325,953 Transport expenses 6,465,085 Diesel and Fuel cost 19,646,843 Bad Debt Written Off 2,290,684 Directors emoluments 18,636,857 Professional fee/expenses 38,344,435 Share capital increase expenses 5,492,875 Other administrative expenses 161,683, ,057,203 7

9 16 Earnings per share Basic earnings per share Basic earnings per share of N0.46kobo is based on the profit attributable to ordinary shareholders of 2,286,757,668 Profit attributable to ordinary shareholders Profit for the period 267,996,094 Profit attributable to ordinary shareholders 267,996,094 Weighted average number of ordinary shares Issued ordinary shares at 1 January 1,630,091,000 Effect of share options exercised 656,666,668 Weighted average number of ordinary shares at 30th June 2,286,757,668 8

10 17 Cash and cash equivalents Cash in vault, tills and teller safe 50,147,459 Current account with other Banks 786,215,309 Fixed deposits with other banks 792,266,474 Other Cash Items 1,628,629, Loans and advances Loan and advances to customers 15,818,555,090 Staff related loans 318,908,232 Other loans and advnaces 206,878,559 16,344,341,881 Impairment - Specific (157,957,654) Impairment - collective (116,578,223) 16,069,806, Investment securities Held to maturity Treasury bills 535,000, ,000,000 9

11 20 Property, plant and equipment Freehold Plant and Computer Office Furniture and Motor vehicles buildings Machinery equipment equipment fittings Total Cost N' 000 N' 000 N' 000 N' 000 N' 000 N' January-2016 Cost 109,234,717 51,596,690 81,049,359 56,897, ,727,305 38,598, ,104,353 Additions 0 7,413,389 13,073,573 3,321,975 21,530,900 2,779,600 48,119,437 Disposals June, ,234,717 59,010,079 94,122,932 60,219, ,258,205 41,378, ,223,790 Accumulated depreciation 1-January ,942,707 44,086,972 43,625,544 33,368, ,486,855 21,637, ,148,236 Depreciation 952,920 1,492,311 5,049,739 2,685,093 3,977, ,039 15,144,236 Disposals June, ,895,627 45,579,283 48,675,283 36,053, ,463,990 22,624, ,292,472 Netbook value 30 June, ,339,090 13,430,796 45,447,649 24,165,836 35,794,215 18,753, ,931, December ,292,010 7,509,717 37,423,815 23,528,954 18,240,450 16,961, ,956,117 10

12 21 Intangible assets Purchased Cost software Balance at 1 January ,066,887 Addition 10,173,400 Disposal Balance at 30 June, ,240,287 Amortisation and impairment losses Balance at 1 January ,952,407 Amortisation for the period 4,214,394 Reclassification Balance at 30 June, ,166,801 Carrying amounts Balance at 30 June, ,073,486 Balance at 31 December ,114,480 11

13 22 Other assets Prepayment 491,575,720 Account receivables 738,307,565 Others 123,440,463 Non current asset held for sale 640,000,000 1,993,323,748 The non current asset held for sale represent properties surrendered by dire valued N640,000,000, in cosideration for the bank"s shares. The properties are to be sold and the proceeds will be utilised by the bank.cbn will only approve this as capital injection after the sale of those 12

14 23 Deposits from banks Deposits from banks Deposits from customers Current accounts 888,209,916 Saving accounts 616,855,708 Term deposits 8,245,767,033 All term deposits from customers are at fixed interest rates. 9,750,832, Deposits for shares 640,000,000 This represents various deposits by investors for the shares of the company and the fair value of properties (Building) transferred to fortis microfinance bank plc in consideration for shares of the company. The building is valued at N640,000, On-lending facilities On-lending facilities 4,625,769,460 4,625,769, Taxation Balance brought forward 318,047,746 Charge for the period 114,855, ,903,215 Add under provision in previous years - Taxation 432,903,215 Less payment for the period 18,900, ,003,215 13

15 28 Deferred tax assets and liabilities Deferred tax assets and liabilities are attributed to the following: Movement in temporary differences during the year JUNE, 2016 Beginning Profit or loss End of year Plant and equipment 38,433,184-38,433,184 38,433,184-38,433, Beginning Profit or loss End of year Plant and equipment 38,485,555 52, ,433,184 38,485,555 52, ,433, Beginning Profit or loss End of year Plant and equipment 37,600,054 (885,501) 38,485,555 37,600,054 (885,501) 38,485,555 14

16 29 Other liabilities Other taxes payable 63,676,867 Sundry deposit 167,640,750 Teller overage 3,535,710 Other payables 14,234,478 Account payable 786,858,103 Managers cheque 97,605, Capital and reserve 1,133,551,853 Share capital The holders of ordinary shares are entitled to receive dividend from time to time and are entitled to vote at meetings of the banks. (a) Authorised 5,000,000,000 Ordinary shares of 50k each 2,500,000,000 2,500,000,000 (b) Share capital 2,286,757,668 Ordinary shares of 50k each 1,143,378,834 1,143,378,834 The movement on the issued and fully paid up share capital account during the year was as follows: Balance, beginning of year 815,045,500 Increase in the year 328,333,334 Bonus share capitalised - Balance, end of period 1,143,378,834 The movement on the share premium during the year was as follows: Balance, beginning of year - Increase in the year 656,666,668 Bonus share capitalised - Balance, end of period 656,666,668 15

17 (c) Retained earnings Balance, beginning of year 126,661,313 Increase in the year 267,996,094 Adjusment Transfer for the year (66,999,024) Balance, end of period 327,658,384 (d) (e) Statutory reserve Balance, beginning of year 804,554,858 Increase in the year 66,999,024 Balance, end of period 871,553,882 Regulatory risk reserve Balance, beginning of year 76,154,841 Increase in the year 0 Balance, end of period 76,154,841 (f) Bonus issue Balance, beginning of year 860,760,819 Increase in the year - Bonus share capitalised - Balance, end of period 860,760,819 16

AFRICA PRUDENTIAL REGISTRARS PLC FINANCIAL STATEMENTS PERIOD ENDED 31 MARCH 2017

AFRICA PRUDENTIAL REGISTRARS PLC FINANCIAL STATEMENTS PERIOD ENDED 31 MARCH 2017 FINANCIAL STATEMENTS Contents Page Statement of Profit or Loss and Other Comprehensive Income 1 Statement of Financial Position 2 Statement of Cash Flows 3 Statement of Changes in Equity 4 Notes to the