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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Icb Fin | LSE:ICB | London | Ordinary Share | CH0030730391 | ORD CHF1 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMICB
ICB Financial Group Holdings AG (ICBFGH)
ANNUAL REPORT AND FINANCIAL STATEMENTS
The Company has today posted the Annual Report to shareholders and
a copy of this document is available from the Company's website at
www.icbankingroup.com. A summary of the audited Financial Statements included
within the Annual Report is provided below. For further discussion of ICBFGH's
financial performance in financial year 2010 including key results, highlights
and outlook for the current year, please refer to the Company announcement
released 14 April 2011.
This announcement is dated 16 May 2011.
CONTENTS PAGE
Consolidated Statement of Comprehensive Income 1 - 2
Consolidated Statement of Financial Position 3
Consolidated Statement of Cash Flows 4 - 5
Consolidated Statement of Changes in Equity 6 - 7
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2010
2010 2009
Notes USD'000 USD'000
Interest income 130,748 106,010
Interest expense (62,082) (56,620)
Net interest income 4 68,666 49,390
Fee and commission income 14,489 11,300
Fee and commission expense (204) (152)
Net fee and commission income 5 14,285 11,148
Foreign currency gain 6 4,200 3,258
Gains less losses from financial investments 4,613 3,116
Gains less losses from trading securities 22 72
Gain on re-measurement of investment 795 -
Other operating income 2,391 1,831
Impairment charges for loans and advances to 12 (8,171) (16,605)
customers
Fair value change in foreclosed properties 14 (389) (1,297)
Operating expenses 7 (77,434) (58,456)
Operating profit/(loss) 8,978 (7,543)
Share of results of associates 15 (490) (59)
Profit/(loss) before taxation 8,488 (7,602)
Tax expense 9 (2,257) (1,856)
PROFIT/(LOSS) FOR THE YEAR 6,231 (9,458)
Other comprehensive income:
Exchange differences on translating foreign 2,570 15,808
operations
Available-for-sale financial assets (1,191) 3,174
Other comprehensive income for the year 1,379 18,892
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 7,610 9,524
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - CONT'D
FOR THE YEAR ENDED 31 DECEMBER 2010
Notes 2010 2009
USD'000 USD'000
Profit/(loss) of the year attributable to:
- Owners of the parent 5,253 (4,119)
- Non-controlling interests 978 (5,339)
6,231 (9,458)
Total comprehensive income attributable to:
- Owners of the parent 5,535 11,263
- Non-controlling interests 2,075 (1,739)
7,610 9,524
Earnings per share
- Basic and diluted (Expressed in USD per share) 10 0.03 (0.02)
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
2010 2009
Notes USD'000 USD'000
ASSETS
Cash and bank balances 11 396,204 267,247
Loans and advances to customers 12 889,950 713,824
Financial investments 13 185,810 190,966
Foreclosed properties 14 11,692 15,490
Investment in associates 15 2,351 1,791
Goodwill and other intangible assets 16 61,861 62,308
Prepaid lease payments 17 41 79
Property and equipment 18 24,221 24,584
Other assets 19 56,955 44,016
Deferred tax assets 20 4,278 3,377
Total assets 1,633,363 1,323,682
LIABILITIES
Deposits from other banks 172,801 172,338
Deposit from customers 21 1,238,678 951,796
Other liabilities 22 51,124 39,592
Tax liabilities 1,455 998
Deferred tax liabilities 20 255 232
Total liabilities 1,464,313 1,164,956
EQUITY
Paid up share capital 23 145,960 145,960
Share premium 782 782
Retained earnings 24 44,750 37,808
Other reserves 25 16,298 15,812
Equity attributable to owners
of the Company 207,790 200,362
Non-controlling interests (38,740) (41,636)
169,050 158,726
Total equity and liabilities 1,633,363 1,323,682
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
2010 2009
USD'000 USD'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(Loss) before taxation 8,488 (7,602)
Adjustment for :
Impairment charges for loans and advances to customers 8,171 16,605
Amortisation of prepaid lease rental 39 36
Amortisation of intangible assets 2,103 1,481
Depreciation of property and equipment 4,378 3,342
Loss/(Gain) on disposal of property and equipment 59 (24)
Gain on re-measurement of investment (795) -
Fair value changes in foreclosed properties 389 1,297
Share of results of associates 490 59
Gain on foreign exchange translation (4,200) (3,258)
Cash flow from operations before working capital changes 19,122 11,936
Increase in operating assets (184,780) (89,390)
Increase in operating liabilities 234,480 126,444
Cash generated from operations 68,822 48,990
Tax paid (1,921) (2,663)
Net cash from operating activities 66,901 46,327
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of a subsidiary, net of cash acquired 25,454 -
Purchase of property and equipment (7,382) (7,451)
Purchase of intangible assets (1,051) (8,469)
Proceeds from sale of property and equipment 88 22
Increase investment in associate (1,717) -
Proceeds from sale of foreclosed property 511 2,888
Decrease in financial investments 36,632 5,081
Increase in financial investments (21,835) (73,420)
Net cash from/(used in) investing activities 30,700 (81,349)
CONSOLIDATED STATEMENT OF CASH FLOWS - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
2010 2009
USD'000 USD'000
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid to non-controlling interests (82) -
Net cash used in financing activities (82) -
Net increase/(decrease) in cash and cash equivalents 97,519 (35,022)
Cash and cash equivalents at the beginning of the year 214,262 228,644
Effect of exchange rate changes on cash and cash (6,932) 20,640
equivalents
Cash and cash equivalents at the end of the year (Note 26) 304,849 214,262
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
TOTAL EQUITY
ATTRIBUTABLE
SHARE SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
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 year - - - 5,253 5,253 978 6,231
Other comprehensive
income:
Currency translation
differences arising from
translation to
presentation currency - - 1,081 - 1,081 1,489 2,570
Loss in fair value on
available-for-sale
securities - - (799) - (799) (392) (1,191)
Transfer of reserve to
retained earnings arising
from re-measurement of
associate - - 204 (204) - - -
Total comprehensive income
for the year - - 486 5,049 5,535 2,075 7,610
Non-controlling interest
from business combination - - - - - 2,796 2,796
Dividend paid to
non-controlling interests - - - - - (82) (82)
Acquisition of
non-controlling interests 1,893 1,893 (1,893) -
At 31 December 2010 145,960 782 16,298 44,750 207,790 (38,740) 169,050
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - CONT'D
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010
TOTAL EQUITY
ATTRIBUTABLE
SHARE SHARE OTHER RETAINED TO OWNERS OF NON-CONTROLLING TOTAL
CAPITAL PREMIUM RESERVES EARNINGS THE PARENT INTERESTS EQUITY
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
At 1 January 2009 145,960 782 (2,655) 45,012 189,099 (39,897) 149,202
Loss for the year - - - (4,119) (4,119) (5,339) (9,458)
Other comprehensive income:
Currency translation differences
arising from translation to
presentation currency - - 13,253 - 13,253 2,555 15,808
Gain in fair value on
available-for-sale securities - - 2,129 - 2,129 1,045 3,174
Capitalisation of retained
earnings of subsidiary - - 3,085 (3,085) - - -
Total comprehensive income
for the year - - 18,467 (7,204) 11,263 (1,739) 9,524
At 31 December 2009 145,960 782 15,812 37,808 200,362 (41,636) 158,726
The accompanying notes form an integral part of the financial statements.
For more information, please contact:
Tai Terk Lin
Group CEO
Tel: +603-62016051
Fax: +603-62016053
Email: tl.tai@icbglobal.com.my
ICBFGH's AIM nominated adviser is RFC Corporate Finance Ltd.
Contact Stephen Allen Tel: +61 8 9480 2500.
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