Deutsche Bank (Mauritius) Limited Statement of financial position as at 31 December 2014 2014 2013 2012 Assets: Cash and cash equivalents 610,927,505 643,070,940 621,312,035 Loans and advances to banks 173,262,157 - - Loans and advances to customers 262,538,778 188,952,423 508,191,801 Property and equipment 1,648,983 2,153,861 2,670,538 Other assets 4,742,467 7,659,241 5,471,297 Total assets 1,053,119,890 841,836,465 1,137,645,671 Liabilities: Deposits from customers 939,237,251 761,198,360 810,405,363 Other borrowed funds 74,399,750 43,367,183 285,930,893 Current tax liabilities 317,047 220,908 156,848 Other liabilities 1,498,214 2,036,851 2,429,748 Total liabilities 1,015,452,262 806,823,302 1,098,922,852 Equity: Share capital 7,800,330 7,800,330 7,800,330 Revenue reserves 19,185,561 17,266,960 17,784,222 Other reserves 10,681,737 9,945,873 13,138,267 Total equity attributable to equity holders of the Bank 37,667,628 35,013,163 38,722,819 Total liabilities and equity 1,053,119,890 841,836,465 1,137,645,671 Approved by the Board of Directors on March 24, 2015 Michael J Bird Richard Singleton Subhas Lallah Chief Country Officer Director Director
Statement of profit or loss and other comprehensive income for the year ended 31 December 2014 2014 2013 2012 Interest income 2,230,730 3,775,455 5,423,265 Interest expense (467,010) (1,505,679) (2,279,820) Net interest income 1,763,720 2,269,776 3,143,445 Fee and commission income 1,085,120 1,103,833 875,598 Fee and commission expense (171,594) (167,555) (146,009) Net fee and commission income 913,526 936,278 729,589 Net trading income 878,790 574,182 740,414 Revenue 3,556,036 3,780,236 4,613,448 Other operating income 10,947,362 10,218,821 12,242,672 Total operating income 14,503,398 13,999,057 16,856,120 Personnel expenses 7,488,061 7,648,212 8,182,048 Operating lease expenses 594,606 574,739 563,142 Depreciation 493,124 596,067 657,463 Other expenses 3,084,342 3,111,058 4,450,360 11,660,133 11,930,076 13,853,013 Profit before tax 2,843,265 2,068,981 3,003,107 Income tax expense (188,800) (178,637) (223,842) Total comprehensive income for the year (all attributable to equity shareholders) 2,654,465 1,890,344 2,779,265
Statement of changes in shareholders equity for the year ended 31 December 2014 Share Capital Revenue Reserve General Banking reserve Statutory Reserve Total Balance at 01 January 2012 7,800,330 18,433,142 4,840,046 8,056,349 39,129,867 Profit and total comprehensive income for the year - 2,779,265 - - 2,779,265 Transfer to general banking reserve - (241,872) 241,872 - - Transaction with owners of the Bank: Dividend to equity shareholders - (3,186,313) - - (3,186,313) Balance at 31 December 2012 7,800,330 17,784,222 5,081,918 8,056,349 38,722,819 Profit and total comprehensive income for the year - 1,890,344 - - 1,890,344 Transfer from general banking reserve - 3,192,394 (3,192,394) - - Transaction with owners of the Bank: Dividend to equity shareholders - (5,600,000) - - (5,600,000) Balance at 31 December 2013 7,800,330 17,266,960 1,889,524 8,056,349 35,013,163 Profit and total comprehensive income for the year - 2,654,465 - - 2,654,465 Transfer to general banking reserve - (735,864) 735,864 - - Balance at 31 December 2014 7,800,330 19,185,561 2,625,388 8,056,349 37,667,628
Statement of cash flows for the year ended 31 December 2014 2014 2013 2012 Profit before income tax 2,843,265 2,068,981 3,003,107 Cash flows from operating activities: Income tax paid (92,661) (114,576) (142,210) Depreciation 493,124 596,067 657,463 Profit on sale of property and equipment (36,126) 2,971 (7,188) Write off of property and equipment 36,244 5,576 29,935 3,243,846 2,559,019 3,541,107 Adjustments for net change in assets and liabilities: Change in loans and advances to banks (173,262,157) - 6,488,000 Change in loans and advances to customers (73,586,355) 319,239,378 (24,187,241) Change in deposits from customers 178,038,891 (49,207,003) 255,489,564 Change in other assets 2,916,774 (2,187,944) 968,621 Change in other borrowed funds 38,392,735 (156,062,797) 18,755,139 Change in other liabilities (538,637) (392,897) (366,409) Net cash (used in) / from operating activities (24,794,903) 113,947,756 260,688,781 Cash flows from investing activities: Acquisition of property and equipment (24,490) (84,967) (278,955) Proceeds from sale of property and equipment 36,126 (2,971) 7,188 Net cash from / (used in) investing activities 11,636 (87,938) (271,767) Cash flows from financing activities: Dividend paid - (5,600,000) (3,186,313) Net cash used in financing activities - (5,600,000) (3,186,313) Net (decrease) / increase in cash and cash equivalents (24,783,267) 108,259,818 257,230,701 Cash and cash equivalents at beginning of year 600,710,772 492,450,954 235,220,253 Cash and cash equivalents at end of year 575,927,505 600,710,772 492,450,954 The above information, including the independent auditors report has been extracted from the audited financial statements for the year ended 31 December 2014. It should therefore be read in conjunction with the rest of the audited financial statements. Independent auditors report to the member of Deutsche Bank (Mauritius) Limited We have audited the financial statements of Deutsche Bank (Mauritius) Limited for the year ended 31 December 2014, from which the summarised financial statements were derived, in accordance with International Standards on Auditing. In our report dated 24 th March 2015 we expressed an unqualified opinion on the financial statements from which the summarised financial statements were derived. In our opinion, the accompanying summarised financial statements are consistent, in all material respects, with the financial statements from which they were derived. For a better understanding of the Bank's financial position and the financial performance and cash flows for the year and of the scope of our audit, the summarised financial statements should be read in conjunction with the financial statements from which the summarised financial statements were derived and our audit report thereon. KPMG Ebène,Mauritius
KPMG s report on the complete set of financial statements reads as follows: Independent auditors report to the member of Deutsche Bank (Mauritius) Limited Report on the Financial Statements We have audited the financial statements of Deutsche Bank (Mauritius) Limited ( the Bank ), which comprise the statement of financial position at 31 December 2014 and the statements of profit or loss and other comprehensive income, changes in shareholders equity and cash flows for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, as set out on pages 43 to 81. This report is made solely to the Bank s member in accordance with Section 205 of the Mauritius Companies Act. Our audit work has been undertaken so that we might state to the Bank s member those matters that are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Bank s member for our audit work, for this report, or for the opinions we have formed. Directors Responsibility for the Financial Statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act and Banking Act and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Bank s preparation and fair presentation of the financial statements 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 Bank s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of the Bank at 31 December 2014 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act.
Independent auditors report to the member of Deutsche Bank (Mauritius) Limited (continued) Report on Other Legal and Regulatory Requirements Mauritius Companies Act We have no relationship with or interests in the Bank other than in our capacity as auditors. We have obtained all the information and explanations we have required. In our opinion, proper accounting records have been kept by the Bank as far as it appears from our examination of those records. Banking Act In our opinion, the financial statements have been prepared on a basis consistent with that of the preceding year and are complete, fair and properly drawn up and comply with the Banking Act and the regulations and guidelines of the Bank of Mauritius. The explanations or information called for or given to us by the officers or agents of the Bank were satisfactory. Financial Reporting Act The Directors are responsible for preparing the corporate governance report. Our responsibility is to report on the extent of compliance with the Code of Corporate Governance as disclosed in the financial statements and on whether the disclosure is consistent with the requirements of the Code. In our opinion, the disclosure in the financial statements is consistent with the requirements of the Code. KPMG Ebène, Mauritius Ashish Ramyead Licensed by FRC Date: March 24, 2015