FBN Holdings Plc. Unaudited Consolidated Interim Financial ...

FBN Holdings Plc. Unaudited Consolidated Interim Financial Statements for the period ended 30 September 2015

FBN Holdings Plc. INCOME STATEMENT

GROUP

Continuing operations Interest income Interest expense

COMPANY

30 September 2015 N 'million

30 September 2014 N 'million

30 September 2015 N 'million

30 September 2014 N 'million

300,382 (107,463)

255,722 (79,231)

490 -

2,584 -

Net interest income

192,919

176,491

490

2,584

Impairment charge for credit losses

(46,638)

(13,364)

-

-

Net interest income after impairment charge for credit losses

146,281

163,127

490

2,584

5,121 (853)

3,223 (488)

-

-

Insurance premium revenue Insurance premium revenue ceded to reinsurers Net insurance premium revenue Fee and commission income Fee and commission expense Net gains on foreign exchange Net gains/(losses) on investment securities Net gains from financial instruments at fair value through profit or loss Dividend income Other operating income Insurance claims Personnel expenses Depreciation, amortisation and impairment Operating expenses Operating profit/ (loss) Share of profit of associates

4,268

2,735

-

-

51,001 (7,143) 22,461 3,988 3,477 1,450 3,016 (1,946) (62,509) (10,033) (94,748)

51,221 (5,125) 17,157 833 1,531 2,190 1,657 (939) (62,598) (9,368) (89,272)

27 1,063 30 (278) (285) (1,731)

1,173 5 (218) (5,449) (2,443)

59,563

73,150

(684)

(4,348)

-

599

-

-

Profit/ (loss) before tax

59,563

73,749

(684)

(4,348)

Income tax expense

(9,346)

(18,122)

-

-

PROFIT/ (LOSS) FOR THE PERIOD FROM CONTINUING OPERATIONS

50,217

55,627

(684)

(4,348)

PROFIT/ (LOSS) FOR THE PERIOD

50,217

55,627

(684)

(4,348)

49,545 672 50,217

55,282 345 55,627

(684) (684)

(4,348) (4,348)

1.47 1.47

1.70 1.70

(0.02) (0.02)

(0.13) (0.13)

Profit/(loss) attributable to: Owners of the parent Non-controlling interests

Earnings per share attributable to owners of the parent Basic/diluted earnings/ (loss) per share (expressed in naira per share): From continuing operations From profit/ (loss) for the period

2

FBN Holdings Plc. STATEMENT OF COMPREHENSIVE INCOME

GROUP

COMPANY

30 September 2015 N 'million

30 September 2014 N 'million

30 September 2015 N 'million

30 September 2014 N 'million

50,217

55,627

(684)

(4,348)

2,272 -

3,015 (1,830)

30 -

-

3,262 -

(957) -

-

-

Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension scheme Income tax relating to components of other comprehensive income

(223) (409)

(804) -

-

-

Other comprehensive income for the period, net of tax

4,902

(576)

30

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

55,119

55,051

(654)

(4,348)

Total comprehensive income attributable to: Owners of the parent Non-controlling interests

54,393 726

54,714 337

(654) -

(4,348) -

55,119

55,051

(654)

(4,348)

54,393

54,714

(654)

(4,348)

54,393

54,714

(654)

(4,348)

PROFIT/ (LOSS) FOR THE PERIOD Other comprehensive income: Items that may be subsequently reclassified to profit or loss Net gains on available-for-sale financial assets -Unrealised net gains or losses arising during the period, before tax -Net reclassification adjustments for realised net gains or losses, before tax Share of other comprehensive income of associates Exchange difference on translation of foreign operations Income tax relating to components of other comprehensive income

Total comprehensive income attributable to owners of the parent arises from : Continuing operations

3

FBN Holdings Plc. STATEMENT OF FINANCIAL POSITION

GROUP COMPANY 30 September 31 December 30 September 31 December 2015 N 'millions

2014 N 'millions

2015 N 'millions

2014 N 'millions

750,208 433,113 1,908,678 30,748

698,104 460,911 2,178,980 27,601

869 95 -

3,261 80 -

Asset held for sale

751,807 131,544 86,708 46,443 40,340 2,782 86,946 11,432 9,168 4,289,917 13,531

553,154 158,485 68,483 40,692 37,805 2,826 88,208 10,094 8,992 4,334,335 8,331

8,693 3,323 1,500 261,984 1,315 277,779 2,000

2,806 1,466 14,361 1,500 260,777 1,519 285,770 2,000

Total assets

4,303,448

4,342,666

279,779

287,770

Liabilities held for sale

206,377 2,999,557 9,848 9,844 148,053 64,485 11,299 273,490 2,374 213 3,725,540 2,263

171,151 3,050,853 10,917 11,829 132,633 60,617 8,260 369,707 2,029 188 3,818,184 1,592

5,516 5,516 -

9,590 9,590 -

Total liabilities

3,727,803

3,819,776

5,516

9,590

17,948 252,892 153,983

16,316 254,524 108,637

17,948 252,892 3,021

16,316 254,524 6,968

65,825 1,223 6,076 14,341 351 46,705 10,661

65,278 1,223 6,076 12,532 217 46,673 (18) 7,399

10 392 -

10 362 -

570,005

518,857

274,263

278,180

ASSETS Cash and balances with central banks Loans and advances to banks Loans and advances to customers Financial assets at fair value through profit or loss Investment securities -Available-for-sale investments -Held to maturity investments Asset pledged as collateral Other assets Inventory Investment properties Investments in associates accounted for using the equity method Investment in subsidiaries Property, plant and equipment Intangible assets Deferred tax assets

LIABILITIES Deposits from banks Deposits from customers Financial liabilities at fair value through profit or loss Current income tax liability Other liabilities Liability on investment contracts Liability on insurance contracts Borrowings Retirement benefit obligations Deferred tax liabilities

EQUITY Share capital Share premium Retained earnings Other reserves Statutory reserve Capital reserve SSI Reserve AFS Fair value reserve Contingency Reserve Statutory credit reserve Treasury shares Foreign currency translation reserve

Non-controlling interest Total equity Total equity and liabilities

5,640

4,033

-

-

575,645

522,890

274,263

278,180

4,303,448

4,342,666

279,779

287,770

4

FBN Holdings Plc. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Attributable to equity holders of the parent Share

Balance at 1 January 2014

Retained

Capital

capital N 'million

Share premium N 'million

earnings N 'million

16,316

254,524

-

reserve N 'million

SSI reserve N 'million

115,397

-

52,074

6,076

14,969

-

55,281

-

-

-

-

-

Profit for the period Other comprehensive income Foreign currency translation differences, net of tax Fair value movements on available for sale financial assets Remeasurement of defined benefit pension scheme Total comprehensive income Transactions with owners NCI on acquisition of oasis Treasury shares on acquisition of subsidiary Disposal of treasury shares Dividend Other changes* Business restructuring Transfer between reserves Total transactions with Owners At 30 September 2014

-

-

(804) 54,477

16,316

254,524

Balance at 1 January 2015

16,316

Profit for the period Other comprehensive income Foreign currency translation differences, net of tax Return on plan assets Tax effect on revaluation of financial assets Fair value movements on available for sale financial assets Total comprehensive income Transactions with owners Disposal of treasury shares Bonus issue Dividend paid Additional investment Other changes* Transfer between reserves Total transactions with Owners At 30 September 2015

-

AFS fair value Contingency reserve reserve N 'million N 'million

Statutory reserve N 'million

-

-

-

-

Statutory credit

Treasury

reserve N 'million

shares N 'million

FCTR N 'million

Total N 'million

interest N 'million

Total equity N 'million

107

7,987

(2,280)

2,102

467,272

4,505

471,777

-

-

-

-

345

-

(957) (957)

55,281 (957) 1,193 (804) 54,713

(8) 337

55,626 (957) 1,185 (804) 55,050

956 (107) 7 856 5,698

956 (32) 2,280 (36,002) 7 (372) (33,163) 493,664

1,193

-

-

-

Noncontrolling

-

-

-

1,193

-

-

-

(35,895) (1,595) (12,460) (49,950) 119,924

1,223 1,223 1,223

7,312 7,312 59,386

6,076

16,162

63 63 170

5,085 5,085 13,072

(32) 2,280 2,248 (32)

1,145

(32) 2,280 (35,895) (372) (34,019) 487,966

254,524

108,637

1,223

65,278

6,076

12,532

217

46,673

(18)

7,399

518,857

4,033

522,890

-

-

49,545

-

-

-

-

-

-

-

-

49,545

672

50,217

-

-

-

-

-

-

-

-

3,262 (223) (409) 2,218 54,393

54 726

3,262 (223) (409) 2,272 55,119

18 0 (3,263) 0 0 0 (3,245) 570,005

(352) 1,260 (27) 881 5,640

18 (3,615) 1,260 (27) 0 (2,364) 575,645

-

-

(223) 49,323

1,632 1,632 17,948

(1,632) (1,632) 252,892

(3,263) (713) (3,976) 153,983

-

-

-

1,223

-

-

(409) 2,218 1,809

547 547 65,825

6,076

14,341

-

-

-

-

-

-

3,262 3,262

134 134 351

32 32 46,705

18 18 -

10,661

-

-

-

*Other Changes represent the change in non-controlling interest arising from the acquisiton or disposal of unit holdings in FBN Heritage Funds. FBN Heritage fund is an open-ended mutual fund.

5

FBN Holdings Plc. COMPANY STATEMENT OF CHANGES IN EQUITY

Attributable to equity holders of the parent Share

Retained Capital AFS Fair value Share capital premium earnings reserve reserve N 'millions N 'millions N 'millionsN 'millions N 'millions

Balance at 1 January 2014

Total N 'millions

16,316

254,524

37,180

10

71

308,101

-

-

(4,348)

-

-

(4,348)

Profit for the period Other comprehensive income Fair value movements on equity financial assets Total comprehensive income Transactions with owners Dividends Total transactions with Owners At 30 September 2014

-

-

(4,348)

-

-

(4,348)

16,316

254,524

(35,895) (35,895) (3,063)

10

71

(35,895) (35,895) 267,858

Balance at 1 January 2015

16,316

254,524

6,968

10

362

278,180

-

-

(684)

-

-

(684)

-

-

(684)

-

30 30

30 (654)

1,632 1,632 17,948

(1,632) (1,632) 252,892

(3,263) (3,263) 3,021

10

392

(3,263) (3,263) 274,263

Profit for the period Other comprehensive income Fair value movements on equity financial assets Total comprehensive income Transactions with owners Dividends Bonus issue Total transactions with Owners At 30 September 2015

6

FBN Holdings Plc. STATEMENT OF CASH FLOWS

GROUP

COMPANY

30 September 2015 N 'million

30 September 2014 N 'million

Operating activities Cash flow used in operations Income taxes paid Interest received Interest paid

193,160 (11,348) 246,537 (96,681)

(430,378) (29,336) 250,608 (69,691)

387 216 -

33,553 1,791 -

Net cash flow generated from/ (used in) operating activities

331,667

(278,797)

603

35,345

Investing activities Acquisition/ additional investment in subsidiary Purchase of investment securities Proceeds from the sale of investment securities Dividends received Purchase of investment properties Purchase of property, plant and equipment Purchase of intangible assets Proceeds on disposal of property, plant and equipment

(965,632) 740,475 1,450 (7,877) (3,001) 1,166

(248,371) 315,862 2,190 (343) (14,917) (393) 1,140

(6,400) (5,582) 10,852 (102) 33

1,746 (532) -

Net cash flow generated from/ (used in) investing activities

(233,419)

55,169

(1,198)

1,215

Financing activities Proceeds from sale of treasury shares Treasury shares on acquisition of subsidiary Dividend paid Proceeds from new borrowings Repayment of borrowings Interest paid on borrowings Transactions with NCI

18 (3,615) 148,154 (241,637) (12,405) 1,233

2,280 (32) (36,002) 268,601 (74,962) (7,956) 963

-

-

(3,263) -

(35,895) -

Net cash flow generated from/ (used in) financing activities

(108,251)

152,893

(3,263)

(35,895)

(10,003) 532,456

(70,735) 834,691

(3,858) 4,727

664 1,477

-

53

-

-

522,453

764,009

869

2,141

(Decrease)/ Increase in cash and cash equivalents Cash and cash equivalents at start of period Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of period

7

30 September 30 September 2015 2014 N 'million N 'million