 |
|
|
|
For the year ended 31 December 2002 |
2001
US$ |
|
2002
US$ |
|
|
Notes |
|
2002
RO |
|
2001
RO |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
23,842,470 |
|
69,148,638 |
|
Profit
for the year before taxation |
|
|
26,622,226 |
|
9,179,350 |
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
|
6,206,865 |
|
7,513,847 |
|
Depreciation and amortisation |
|
|
2,892,831 |
|
2,389,643 |
|
67,828,782 |
|
53,750,379 |
|
Provision for possible credit losses |
|
|
20,693,896 |
|
26,114,082 |
|
825,842 |
|
(676,449) |
|
Unrealised (gain) loss on investments available for sale |
|
|
(260,433) |
|
317,949 |
|
880,519 |
|
- |
|
Provision for capital guarantee |
|
|
- |
|
339,000 |
|
2,931,990 |
|
375,216 |
|
Provision for collateral pending sale |
|
|
144,458 |
|
1,128,816 |
|
(221,673) |
|
(197,881) |
|
Profit
on sale of tangible fixed assets |
|
|
(76,184) |
|
(85,344) |
|
(740,925) |
|
(1,178,166) |
|
Dividends received |
|
|
(453,594) |
|
(285,256) |
|
101,553,870 |
|
128,735,584 |
|
Operating profit before
working capital changes |
|
|
49,563,200 |
|
39,098,240 |
|
1,298,701 |
|
- |
|
Balances with Central
Banks |
|
|
- |
|
500,000 |
|
6,136,021 |
|
(19,299,665) |
|
Placements with banks |
|
|
(7,430,371) |
|
2,362,368 |
|
(261,971,001) |
|
(237,711,587)
|
|
Loans and advances |
|
|
(91,518,961) |
|
(100,858,836) |
|
(176,881) |
|
102,293 |
|
Trading investments |
|
|
39,382 |
|
(68,099) |
|
15,883,745 |
|
4,432,597 |
|
Other assets |
|
|
1,706,550 |
|
6,115,242 |
|
(54,714,698) |
|
(25,564,691) |
|
Deposits from banks |
|
|
(9,842,406) |
|
(21,065,159) |
|
(15,164,761) |
|
41,459,026 |
|
Customers' deposits |
|
|
15,961,725 |
|
(5,838,433) |
|
85,573,270 |
|
56,424,904 |
|
Certificates of
deposit |
|
|
21,723,588 |
|
32,945,709 |
|
(1,966,034) |
|
11,837,670 |
|
Other liabilities |
|
|
4,557,503 |
|
(756,923) |
|
(123,547,768) |
|
(39,583,869) |
|
Cash used in operations |
|
|
(15,239,790) |
|
(47,565,891) |
|
(2,864,985) |
|
(1,877,921) |
|
Income taxes paid |
|
|
(723,000) |
|
(1,103,019) |
|
(299,945) |
|
44,452 |
|
Translation adjustment
on operating assets and liabilities of overseas branch |
|
|
17,114 |
|
(115,479) |
|
(126,712,698) |
|
(41,417,338)
|
|
Net cash used in
operating activities |
|
|
(15,945,676)
|
|
(48,784,389) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES |
|
|
|
|
|
|
740,925 |
|
1,178,166 |
|
Dividends received |
|
|
453,594 |
|
285,256 |
|
7,957,925 |
|
33,265,045 |
|
Sale of non trading
investments |
|
|
12,807,043 |
|
3,063,801 |
|
(4,601,356) |
|
(9,297,250) |
|
Purchase of tangible
fixed assets |
|
|
(3,579,441) |
|
(1,771,522) |
|
444,828 |
|
449,050 |
|
Proceeds from sale of
tangible fixed assets |
|
|
172,884 |
|
171,259 |
|
- |
|
162,154,294 |
|
Acquisition of a
foreign branch, net of cash acquired |
|
|
62,429,403 |
|
- |
|
(15,008,429) |
|
- |
|
Acquisition of
Industrial Bank of Oman, net of cash acquired |
|
|
- |
|
(5,778,245) |
|
9,209,834 |
|
- |
|
Acquisition of Al
Ahlia Securities Company, net of cash acquired |
|
|
- |
|
3,545,786 |
|
(1,256,273) |
|
187,749,305 |
|
Net cash from (used in)
investing activities |
|
|
72,283,483 |
|
(483,665) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
(23,655,834) |
|
(12,737,008) |
|
Dividends paid |
|
|
(4,903,748) |
|
(9,107,496) |
|
- |
|
20,272,727 |
|
Proceeds of rights issue |
|
|
7,805,000 |
|
- |
|
- |
|
(33,506,494) |
|
Subordinated liabilities
repaid |
|
|
(12,900,000) |
|
- |
|
(23,655,834) |
|
(25,970,775) |
|
Net cash used in
financing activities |
|
|
(9,998,748) |
|
(9,107,496) |
|
|
|
|
|
|
|
|
|
|
|
|
(151,624,805) |
|
120,361,192 |
|
INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS |
|
|
46,339,059 |
|
(58,375,550) |
|
197,794,779 |
|
46,169,974 |
|
Cash and cash
equivalents at 1 January |
|
|
17,775,440 |
|
76,150,990 |
|
46,169,974 |
|
166,531,166 |
|
CASH AND CASH
EQUIVALENTS AT 31 DECEMBER |
19 |
|
64,114,499 |
|
17,775,440 |
 |
|
|
|
|
|
|
|
|
|
|
The
attached notes 1 to 38 form part of these financial
statements |
|
|
|
|
|
