24th Jul 2006 09:37
Bank Audi SAL- Audi Saradar Group24 July 2006 Bank Audi SAL - Audi Saradar Group Audited Consolidated Balance Sheet Year ended 31 December 2005 2005 2004 LL (000) LL (000) Restated* ASSETSCash and balances with Central Banks 5,096,495,881 4,559,404,144Lebanese and other governmental treasury bills and bonds 3,331,669,355 3,143,095,209Bonds and financial assets with fixed income 743,366,661 619,562,126Shares, securities and financial assets with variable 203,692,965 119,482,092incomeBanks and financial institutions 3,448,827,772 3,369,925,774Loans and advances to customers** 3,720,066,473 3,265,546,441Bank acceptances 129,184,218 159,505,107Investments and related loans 45,435,360 12,195,730Investments and related loans under equity method 7,152,453 6,481,969Tangible fixed assets (including revaluation reserveapproved by the Central Bank of Lebanon) 383,996,560 378,533,891Intangible fixed assets 12,213,402 9,736,901Other assets 993,133 909,594Regularization and other debit balances 81,927,239 55,075,040Goodwill 99,329,885 100,603,198 ________________ ________________TOTAL ASSETS 17,304,351,357 15,800,057,216 ________________ ________________ ** After deduction of: Provision for doubtful loans 113,868,344 114,053,135 ________________ ________________ Unrealized interest on: Sub-standard loans 10,874,604 15,306,698 Doubtful loans 58,615,861 60,677,473 ________________ ________________ 69,490,465 75,984,171 ________________ ________________ 183,358,809 190,037,306 ________________ ________________ OFF BALANCE SHEET ITEMSSignature commitments received 60,113,354 114,998,538Financial instruments sold with a buy back option - 48,993,750Engagements on term financial instruments 115,250,459 9,723,873Engagements received from customers 2,265,957,578 2,191,994,468Fiduciary assets and assets under management 3,586,437,308 2,916,748,141Assets under custody 2,726,532,959 2,141,941,223Forward currency operations 860,211,214 2,332,664,289Bad debts fully provided for 262,040,882 221,754,191 * The audited consolidated financial statements of the Bank set forth hereinwere prepared in accordance with International Accounting Standards (IAS),International Financial Reporting Standards (IFRS) and generally acceptedaccounting principles applicable to banks in Lebanon. The Bank has adopted therevised versions of IAS 32 and 39 which became mandatory for the years startingand after December 1st, 2005. Subsequently, according to the above mentionedrevised accounting standards, the restatement was made for the years startingDecember 1st, 2004 for comparison purposes. It is important to recall that theconsolidated 2004 results take into account the second half income statement ofBanque Saradar sal only as per International Accounting Standards. 2005 2004 LL (000) LL (000) Restated* LIABILITIES AND EQUITYLiabilitiesDue to Central Banks 27,725,603 57,965,366Banks and financial institutions 408,129,754 900,010,025Customers' deposits 14,906,942,325 13,263,420,762Engagements by acceptances 129,184,218 159,505,107Liabilities under financial instruments 153,147,545 153,147,545Other liabilities 168,386,022 136,539,672Regularization and other credit balances 46,872,365 54,402,284Provisions for risks and charges 26,615,679 23,863,224 ________________ ________________Total liabilities 15,867,003,511 14,748,853,985 ________________ ________________ Equity attributable to equity holders of the parentShare capital and cash contribution to capital 376,748,525 364,248,525Revaluation variance accepted in the supplementary capital 18,599,623 18,599,623Reserves for general banking risks 65,121,968 56,549,342Reserves, premiums and equity differences 672,391,464 472,663,577Treasury GDR's (4,661,617) (11,487,394)Retained earnings 2,358,521 -Net results of the financial period - profit 158,060,267 107,608,641Cumulative changes in fair value 108,652,696 40,400,273 ________________ ________________ 1,397,271,447 1,048,582,587Minority interests 40,076,400 2,620,644 ________________ ________________Total Equity 1,437,347,847 1,051,203,231 ________________ ________________TOTAL LIABILITIES AND EQUITY 17,304,351,357 15,800,057,216 ________________ ________________ OFF BALANCE SHEET ITEMSFinancing commitments 213,353,815 196,384,142Bank Guarantees 588,223,685 572,643,717Other engagements 190,228 185,295Engagements on term financial instruments 29,226,670 65,086,750Fiduciary assets and assets under management 3,586,437,308 2,916,748,141Assets under custody 2,726,532,959 2,141,941,223Forward currency operations 856,556,090 2,338,119,404 * The audited consolidated financial statements of the Bank set forth hereinwere prepared in accordance with International Accounting Standards (IAS),International Financial Reporting Standards (IFRS) and generally acceptedaccounting principles applicable to banks in Lebanon. The Bank has adopted therevised versions of IAS 32 and 39 which became mandatory for the years startingand after December 1st, 2005. Subsequently, according to the above mentionedrevised accounting standards, the restatement was made for the years startingDecember 1st, 2004 for comparison purposes. It is important to recall that theconsolidated 2004 results take into account the second half income statement ofBanque Saradar sal only as per International Accounting Standards. Audited Consolidated Statement of Income Year ended 31 December 2005 2005 2004 LL (000) LL (000) Interest Income 995,149,482 765,092,838Lebanese and other governmental treasury bills and bonds 218,690,101 179,052,583Deposits and similar accounts with banks and financial institutions 488,807,072 387,704,608Bonds and financial instruments with fixed income 41,719,054 31,468,146Loans and advances to customers 223,595,368 153,164,817Loans and advances to related parties 9,910,775 7,564,522Other interest and similar income 12,427,112 6,138,162 Interest Expense AND SIMILAR CHARGES (675,039,524) (535,749,339)Deposits and similar accounts from banks and financial institutions (37,114,881) (26,314,806)Deposits from customers and other creditor balances (610,853,787) (482,897,966)Deposits from related parties (3,114,974) (4,874,629)Certificates of deposits (16,205,625) (16,250,024)Bonds and financial instruments with fixed income - (2,283,318)Other interest and similar changes (7,750,257) (3,128,596) Net Provisions LESS RECOVERIES on Doubtful Loans (31,646,911) (24,022,985)Provisions for loans and advances (59,154,977) (40,112,409)Recovery of provisions for loans and advances 27,508,066 16,089,424NET INTEREST INCOME 288,463,047 205,320,514 REVENUES FROM SHARES, SECURITIES AND FINANCIAL ASSETS WITH VARIABLE INCOME 6,887,010 4,753,387 Net commissions 96,988,889 84,131,304Commissions received 115,166,566 126,005,100Commissions paid (18,177,677) (41,873,796) PROFIT from FINANCIAL OPERATIONS 87,317,390 94,275,727Profit from trading and non-trading investments 12,348,957 14,918,304Profit on foreign exchange operations 27,640,739 19,514,043Profit on financial instruments 47,327,694 59,843,380 LOSS ON FINANCIAL OPERATIONS (13,085,860) (8,017,691)Loss on trading and non-trading investments (2,763,669) (1,452,097)Loss on foreign exchange operations (6,171,912) (3,680,127)Loss on financial instruments (4,150,279) (2,885,467) NET PROFIT FROM FINANCIAL OPERATIONS 74,231,530 86,258,036 OTHER OPERATING INCOME 18,042,177 7,961,467 OTHER OPERATING EXPENSES (4,749,156) (3,416,266) GENERAL AND ADMINISTRATIVE EXPENSES (254,790,099) (227,016,597)Salaries, wages and related charges (146,817,502) (136,156,412)General operating expenses (107,972,597) (90,860,185) DEPRECIATION AND AMORTIZATION (29,666,430) (21,545,497) RECOVERIES (PROVISIONS) ON INVESTMENTS AND CONTINGENCIES 1,553,122 (285,589) INCOME FROM INVESTMENT UNDER EQUITY METHOD 910,558 424,282OTHER INCOME (EXPENSE), NET (6,276,274) (6,103,059) PROFIT BEFORE TAX 191,594,374 130,481,982 Income tax expense (32,063,133) (22,393,386) ____________ ____________NET PROFIT FOR THE YEAR 159,531,241 108,088,596 ____________ ____________ Attributable to:Equity holders of the parent 158,060,267 107,608,641Minority interests 1,470,974 479,955 ____________ ____________ 159,531,241 108,088,596 ____________ ____________Basic / Diluted Earnings per common share 5.770 4.150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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