ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Financial Position
As At 30 June 2011
Note 30-Jun-11 31-Dec-10
USD'000 USD'000
ASSETS
Cash and bank balances 353,955 396,204
Loans and advances to customers 4 897,027 889,950
Financial investments 182,355 185,810
Foreclosed properties 8,189 11,692
Investment in associates 2,563 2,351
Goodwill and other intangible assets 55,180 61,861
Prepaid lease payments 41 41
Property and equipment 22,697 24,221
Other assets 51,782 56,955
Deferred tax assets 4,146 4,278
Total Assets 1,577,935 1,633,363
LIABILITIES
Deposits from other banks 167,643 172,801
Deposits from customers 5 1,185,570 1,238,678
Other liabilities 40,979 51,124
Tax liabilities 428 1,455
Deferred tax liabilities 244 255
Total Liabilities 1,394,864 1,464,313
EQUITY
Paid up share capital 6 145,960 145,960
Share premium 782 782
Retained earnings 44,793 44,750
Other reserves 25,452 16,298
Equity attributable to owners of the Company 216,987 207,790
Non-controlling interests (33,916) (38,740)
Total Equity 183,071 169,050
Total Equity and Liability 1,577,935 1,633,363
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows
For The 6 Month Period Ended 30 June 2011
6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 1,771 7,078
Adjustment for :
Impairment charges for loans and advances to 3,120 3,253
customers
Amortisation of prepaid lease rental 20 20
Amortisation of intangible assets 971 994
Depreciation of property and equipment 2,491 2,051
Fair value change in foreclosed properties 507 2,146
Loss on disposal of foreclosed assets 503 682
Share of results of associates (20) 223
(Loss)/Gain on foreign exchange translation 617 (6,382)
Cash flow from operations before working capital 9,980 10,065
changes
Decrease/(Increase) in operating assets 20,204 (106,881)
(Decrease)/Increase in operating liabilities (90,330) 41,375
Cash used in operations (60,146) (55,441)
Tax paid (1,054) (2,167)
Net cash used in operating activities (61,200) (57,608)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of foreclosed assets 3,069 4,091
Purchase of property and equipment (1,067) (4,854)
Purchase of intangible assets (216) (245)
Net decrease in financial investments 3,214 25,157
Net cash from investing activities 5,000 24,149
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Cash Flows (Cont'd.)
For The 6 Month Period Ended 30 June 2011
6 months 6 months
ended ended
30-Jun-11 30-Jun-10
USD'000 USD'000
Net decrease in cash and cash equivalents (56,200) (33,459)
Cash and cash equivalents at the beginning of the 304,850 214,262
year
Effect of exchange rate changes on cash and cash 7,194 (7,586)
equivalents
Cash and cash equivalents at the end of the year 255,844 173,217
Cash and Cash Equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
of cash and bank balances, items in the course of collection less mandatory
reserve deposits with central banks.
The accompanying notes form an integral part of the financial statement
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in Equity
For The 6 Month Period Ended 30 June 2011
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners of
the Parent
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2011 145,960 782 16,298 44,750 207,790 (38,740) 169,050
Profit for the period 43 43 243 286
Other comprehensive
income:
Currency translation
differences
arising from
translation to - - 8,792 - 8,792 4,425 13,217
presentation currency
Loss in fair value on - - 362 - 362 156 518
available-for-sale
securities
Total comprehensive - - 9,154 43 9,197 4,824 14,021
income for the period
At 30 June 2011 145,960 782 25,452 44,793 216,987 (33,916) 183,071
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Consolidated Statement of Changes in
Equity (Cont'd.)
For The 6 Month Period Ended 30 June
2011
Share Share Other Retained Total Equity Non-controlling Total
Capital Premium Reserves Earnings Attributable Interests Equity
To Owners of
the Parent
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
Profit for the period - - - 5,860 5,860 (192) 5,668
Other comprehensive
income:
Currency translation
differences
arising from
translation to - - (8,202) - (8,202) 1,175 (7,027)
presentation currency
Loss in fair value on - - (5) - (5) (3) (8)
available-
for-sale securities
Total comprehensive - - (8,207) 5,860 (2,347) 980 (1,367)
income for the year
Dividend payable to - - - - - (82) (82)
non-controlling
interests
At 30 June 2010 145,960 782 7,605 43,668 198,015 (40,738) 157,277
The accompanying notes form an integral part of the financial statements.
ICB Financial Group Holdings AG
(Incorporated in Switzerland)
Notes To The Interim Consolidated Financial Statements
1. Basis of Preparation
The interim financial statements of the Group are unaudited and have been
prepared in accordance with International Financial Reporting Standards
("IFRS").
The preparation of financial statements in conformity with IFRS requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, revenues and expenses. Due to the inherent
uncertainty in making those estimates, actual results reported in future
periods could differ from such estimates.
The interim financial statements should be read in conjunction with the audited
financial statements for the year ended 31 December 2010.
The interim financial statements were approved by the board on 22 September
2011.
2. Basis of Accounting
The interim financial statements of the Group have been prepared under the
historical cost convention as modified by the revaluation of available-for-sale
financial assets, financial assets and financial liabilities held at fair value
through profit or loss. The accounting policies and methods of computation
adopted are consistent with those followed in the preparation of the Group's
audited financial statements for the year ended 31 December 2010.
3. Earnings per share
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