ACLEDA Bank Plc., to Whom Any Comments Or Requests for Further Information Should Be Sent
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1 Our Vision ACLEDA Bank’s vision is to be Cambodia’s leading commercial bank providing superior financial services to all segments of the community. Our Mission Our mission is to provide micro, small and medium entrepreneurs with the wherewithal to manage their financial resources efficiently and by doing so to improve the quality of their lives. By achieving these goals we will ensure a sustainable and growing benefit to our shareholders, our staff and the community at large. We will at all times observe the highest principles of ethical behaviour, respect for society, the law and the environment. This report has been prepared and issued by the Marketing Division of ACLEDA Bank Plc., to whom any comments or requests for further information should be sent. Headquarters: #61, Preah Monivong Blvd., Sangkat Srah Chork, Khan Daun Penh, Phnom Penh, Kingdom of Cambodia. P.O. Box: 1149 Tel: +855 (0)23 998 777 / 430 999 Fax: +855 (0)23 430 555 SWIFT Code: ACLBKHPP E-mail: [email protected] Website: www.acledabank.com.kh Call Center (24/7): +855 (0)23 994 444, +855 (0)15 999 233 E-mail: [email protected] 2 FINANCIAL RESULTS 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 Change Units in US$ ‘000 Audited Audited Audited Audited Audited (%)1 Consolidated Financial Results Assets 4,664,726 3,885,317 3,139,772 2,407,791 1,982,743 20.06% Loans and Advances (net) 2,841,391 2,507,887 2,043,688 1,527,680 1,294,789 13.30% Liabilities 4,003,936 3,340,822 2,698,624 2,021,546 1,716,119 19.85% Deposits 3,126,171 2,695,640 2,269,891 1,709,596 1,507,751 15.97% Share Capital 307,764 265,726 225,536 185,672 113,170 15.82% Shareholders' Equity 2 657,159 541,168 437,367 370,611 252,144 21.43% Gross Income 475,604 403,645 316,940 271,170 226,343 17.83% Profit Before Income Tax 158,383 132,591 102,005 101,489 81,861 19.45% Net Profit After Tax 126,887 105,068 80,369 79,717 65,003 20.77% Earnings Per Share $0.4123 $0.3954 $0.3563 $0.4293 $0.5744 4.27% Dividend 3 $0.2062 $0.1977 $0.1782 $0.2147 $0.2872 4.30% Unconsolidated Financial Results Assets 4,561,024 3,802,463 3,051,460 2,297,745 1,908,178 19.95% Loans and Advances (net) 2,713,635 2,405,465 1,955,083 1,439,488 1,231,210 12.81% Liabilities 3,890,650 3,243,898 2,599,055 1,927,561 1,655,755 19.94% Deposits 3,051,676 2,616,361 2,202,384 1,643,082 1,460,869 16.64% Share Capital 307,764 265,726 225,536 185,672 113,170 15.82% Shareholders' Equity 670,374 558,565 452,405 370,185 252,423 20.02% Gross Income 445,740 380,018 296,519 252,677 214,867 17.29% Profit Before Income Tax 152,821 132,933 102,953 97,731 79,274 14.96% Net Profit After Tax 122,305 106,159 82,220 77,761 63,649 15.21% Earnings Per Share $0.3974 $0.3995 $0.3646 $0.4188 $0.5624 -0.53% HIGHLIGHTS OF 20164 • Assets rose 19.95% to US$4,561 million. • Loans (net) grew 12.81% to US$2,714 million. • Non Performing Loans to Total Loans were contained at 0.68%. • Deposits increased by 16.64% to US$3,052 million. • Net Profit After Tax (NPAT) increased by 15.21% to US$122.31 million. • Shareholders' Equity grew by 20.02% from US$558.56 million to US$670.37 million. • Return on Equity (ROE) at 18.24%. • ACLEDA Bank Plc. network consists of 259 branches covering all provinces and cities in the Kingdom of Cambodia. • ACLEDA Bank Plc. has 5 subsidiaries which are ACLEDA Securities Plc., ACLEDA Institue of Business, ACLEDA Properties Ltd., ACLEDA Bank Lao Ltd. (41 Branches and Offices), and ACLEDA MFI Myanmar Co., Ltd. (6 Branches and Offices). 1 Change from 2015 to 2016. 2 Excludes Minority interest of the subsidiaries. 3 Dividend from 2012 - 2014 (paid out as share) was 50% of Net Profit After Tax (NPAT). From 2015 - 2016 was distributed 10% and 40% (paid out as share) of NPAT. 4 These figures relate to the operations of ACLEDA Bank Plc. only, so differ from the consolidated financial statements which includes subsidiaries. 3 TAX PAID REPORT In the interests of fiscal transparency, we are pleased to publish our consolidated tax paid report in the table below: Units in US$ 2012 2013 2014 2015 2016 Total* Patent tax 6,768 6,849 6,571 7,025 19,036 112,171 Signboard tax 45,300 53,210 65,796 73,931 75,826 557,315 Transportation tax 27,797 37,295 47,049 40,779 41,864 221,047 Property tax 6,872 6,773 6,871 23,390 7,651 58,360 Value added tax - - 1,248 7,042 - 8,290 Prepayment of profit tax 2,153,167 2,518,612 2,913,646 3,747,908 4,396,660 22,483,574 Annual profit tax 12,372,730 17,454,130 15,137,510 20,844,134 25,993,217 110,735,829 Tax on salary 2,955,197 3,058,754 3,583,612 3,735,966 5,033,557 27,780,113 Withholding tax on savings deposits 122,912 139,015 161,051 209,625 224,284 1,523,589 Withholding tax on fixed deposits 1,384,115 1,902,955 2,094,715 4,686,889 3,904,865 17,391,987 Withholding tax on fixed assets rental 541,910 596,913 722,982 785,964 856,400 6,306,797 Withholding tax on local services 239,491 224,725 245,506 246,665 288,159 2,773,202 Withholding tax on overseas services 1,465,522 1,705,655 2,191,863 3,015,299 4,724,542 20,519,422 Total paid 21,321,781 27,704,885 27,178,420 37,424,618 45,566,061 210,471,696 Accumulated amount* (year to date) 72,597,712 100,302,597 127,481,017 164,905,634 210,471,696 * Total and Accumulated Amount from year 2000. The photos below and those on subsequent pages represent customer activities throughout the Kingdom. Cucumber farm in Kampot province. Tuber fruit in Banteay Meanchey province. 4 PERFORMANCE* 25.2 4,561 3,803 3,052 Total Assets/Shareholders’ Equity VS Return On Equity 21.0 Return On Equity (Percentage) Shareholders' Equity (US$ Million) 1,908 2,298 19.0 Total Assets (US$ Million) 18.2 18.2 559 670 370 452 252 2012 2013 2014 2015 2016 2,714 2,405 440,125 1,955 Loans Outstanding VS No. of Active Borrowers 408,349 No. of Active Borrowers 1,439 Loans Outstanding (US$ Million) 1,231 366,562 335,627 315,063 2012 2013 2014 2015 2016 1,638,623 1,665,205 1,424,590 3,052 1,105,167 Deposits VS No. of Depositors 932,779 2,616 No. of Depositors 2,202 Deposits (US$ Million) 1,643 1,461 2012 2013 2014 2015 2016 7,576 7,111 6,393 2,108,050 Domestic and Int’l Funds Transfers VS No. of 5,074 Transactions 1,771,774 4,307 1,562,170 No. of Int'l Transactions 1,528,236 1,536,749 No. of Domestic Transactions 3,061 2,783 Int'l Funds Transfers (US$ Million) 2,523 Domestic Funds Transfers (US$ Million) 1,857 2,063 147,796 170,210 202,750 96,911 121,428 2012 2013 2014 2015 2016 * These figures relate to the operations of ACLEDA Bank Plc. only, so differ from the consolidated financial statements which includes subsidiaries. 5 CONTENTS 6 Cambodia's Key Economic 41 Consolidated and Seperate Indicators Financial Statements 7 Chairman’s Report 10 President & Group Managing 42 Report of the Board of Directors Director’s Report 45 Report of the independent auditors 14 Organisational Chart 15 Branch Network Consolidated Financial Statements 47 Consolidated Balance Sheet 16 Corporate Governance 48 Consolidated Income Statement 16 Shareholders' Meeting 49 Consolidated Statement of Changes 16 Shareholders in Equity 50 Consolidated Statement of Cash Flows 18 Board of Directors 23 Executive Management Separate Financial Statements 30 Internal Auditor 51 Separate Balance Sheet 31 Code of Conduct 52 Separate Income Statement 32 Report of the Board of Directors 52 Separate Statement of Changes in Equity 32 Reports of the Board Committees 53 Separate Statement of Cash Flows 32 Assets and Liabilities Committee 54 Notes to the financial statements 33 Audit and Compliance Committee 34 Credit Committee 34 Remuneration and Nomination 115 Credit Ratings Committee 116 Global Reporting Initiative (GRI) 35 Risk Management Committee Content Index 37 Environmental and Social 117 Principal Branches Sustainability Report 127 Correspondent Banks Vice President & Branch Managers meeting at ACLEDA Bank Plc. Headquarters on January 24, 2017. 6 CAMBODIA'S KEY ECONOMIC INDICATORS Source: ABC, NBC, IMF, World Bank, and MoEF 2012 2013 2014 2015 2016e 2017f 1. GDP GDP % Change 7.3 7.4 7.1 7.0 7.0 7.0 Per Capita GDP (in U.S. Dollars) 973 1,043 1,138 1,215 1,300 1,422 2. Inflation Inflation (Annual Average) 2.9 3.0 3.9 1.2 2.8 3.7 (End Year) 2.5 4.6 1.1 2.6 - - 3.