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Hsbc Bank Middle East Limited HSBC BANK MIDDLE EAST LIMITED Annual Report and Accounts 2015 HSBC Bank Middle East Limited Annual Report and Accounts 2015 HSBC BANK MIDDLE EAST LIMITED Annual Report and Accounts 2015 Contents Page Page Report of the Directors .............................. ......... 1 Consolidated statement of cash flows for the year ended 31 December 2015....... ......... 9 Statement of Directors’ Responsibilities in Relation to the Directors’ Report and Consolidated statement of changes in the Financial Statements ........................... ......... 3 equity for the year ended 31 December 2015 ........................................................... ....... 10 Independent Auditor’s Report to the Member of HSBC Bank Middle East Notes on the Financial Statements ........... ....... 12 Limited ......................................................... ......... 4 Financial Statements Consolidated income statement for the year ended 31 December 2015 ................. ......... 6 Consolidated statement of comprehensive income for the year ended 31 December 2015 .......................... ......... 7 Consolidated statement of financial position at 31 December 2015 .................. ......... 8 Presentation of Information This document comprises the Annual Report and Accounts 2015 for HSBC Bank Middle East Limited (‘the bank’) and its subsidiary undertakings (together ‘the group’). It contains the Directors’ Report and Accounts, together with the Auditors’ report, as required by the Companies (Jersey) Law 1991. References to ‘HSBC’ or ‘the HSBC Group’ within this document mean HSBC Holdings plc together with its subsidiaries. HSBC BANK MIDDLE EAST LIMITED Report of the Directors Board of Directors D G Eldon, Chairman Sir W C Patey M M Al Tuwaijri, Chief Executive Officer and Deputy Chairman A M Sharaf R E Al Gurg T L Slattery A M Keir C D Spooner C J M Keirle N G Winsor A H M H B Mostafawi K A A Almolhem Changes in Directors A R D Monro Davies resigned as a Director on 31 January 2015; and K A A Almolhem was appointed as a Director on 6 March 2015. The Directors who held office during the year and up to the date the Annual Report and Accounts were approved are listed above. Principal activities The group through its branch network and subsidiary undertakings provides a range of banking and related financial services in the Middle East and North Africa. Changes in the group during the year are outlined below. On 31 March 2015, HSBC Bank Oman S.A.O.G. completed the sale of its banking operations in India to Doha Bank Q.S.C. On 17 September 2015, the group announced that, subject to regulatory and other applicable approvals, it intends to transfer its place of incorporation and head office from Jersey, Channel Islands, to Dubai International Financial Centre (DIFC), in the United Arab Emirates. On 30 September 2015, the group established a subsidiary ‘HSBC Bank Middle East Limited Representative Office’ in Morocco. On 1 October 2015, the bank completed the sale of its 51% shareholding in HSBC Bank Oman S.A.O.G. to HSBC Middle East Holdings BV. Attributable profit and dividends The profit attributable to the shareholders of the parent company amounted to US$342 million (2014: US$822 million) as set out in the consolidated income statement on page 6. During the year, a fourth interim dividend for 2014 and first, second, third interim dividends and special dividend for 2015 of US$135 million, US$160 million, US$120 million, US$120 million and US$291 million (2014: US$725 million) were declared on 10 February 2015, 7 May 2015, 24 July 2015, 26 October 2015 and 17 September 2015 and were paid on 27 February 2015, 11 May 2015, 29 July 2015, 28 October 2015 and 1 October 2015, respectively. A fourth interim dividend for 2015 of US$210 million was declared by the Directors on 8 February 2016. Registered office The bank is incorporated in Jersey, Channel Islands with number 85600. Its head office and registered office is HSBC House, Esplanade, St Helier, Jersey, JE4 8UB, Channel Islands. 1 HSBC BANK MIDDLE EAST LIMITED Report of the Directors (continued) Auditors Following a tender process for the audit of HSBC Holdings plc and its subsidiaries in 2013, PricewaterhouseCoopers (‘PwC’) had been recommended to be appointed as auditors of the HSBC Group entities (‘Group’) effective for periods ending on or after 1 January 2015. PwC was appointed by the Board on 10 February 2015. The shareholders of the bank having agreed to dispense with the requirement to hold annual general meetings, the auditors, PwC are deemed to be re-appointed, and continue in office at fees to be agreed by the Directors. On behalf of the Board J A Tothill, Secretary 18 February 2016 2 HSBC BANK MIDDLE EAST LIMITED Statement of Directors’ Responsibilities in Relation to the Directors’ Report and the Financial Statements The following statement, which should be read in conjunction with the Auditor’s statement of their responsibilities set out in their report on page 4, is made with a view to distinguishing for shareholders the respective responsibilities of the Directors and of the Auditors in relation to the financial statements. The Directors are responsible for preparing the financial statements in accordance with applicable law and International Financial Reporting Standards as adopted by the EU. Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and of the profit or loss of the group for that period. In preparing these financial statements, the Directors are required to: - select suitable accounting policies and apply them consistently; - make judgments and estimates which are reasonable and prudent; - state whether they have been prepared in accordance with International Financial Reporting Standards as adopted by the EU; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991, the Banking Business (Jersey) Law 1991, the Financial Services (Trust Company and Investment Business (Accounts, Audits and Reports)) (Jersey) Order 2007, the Financial Services (Fund Services Business (Accounts, Audits and Reports) (Jersey)) Order 2007 and the Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the Board M M Al Tuwaijri, Chief Executive Officer & Deputy Chairman 3 HSBC BANK MIDDLE EAST LIMITED Independent Auditor’s Report to the Member of HSBC Bank Middle East Limited Report on the consolidated financial statements (“the financial statements”) Our opinion In our opinion the financial statements: give a true and fair view of the state of the group’s affairs as at 31 December 2015 and of its profit and cash flows for the year then ended; have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union; and have been properly prepared in accordance with the requirements of the Companies (Jersey) Law 1991, the Banking Business (Jersey) Law 1991, the Financial Services (Trust Company and Investment Business (Accounts, Audits and Reports)) (Jersey) Order 2007, the Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007 and the Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and Solvency)) (Jersey) Order 2005. This opinion is to be read in the context of what we say below. What we have audited The group’s financial statements for the year ended 31 December 2015, which are prepared by HSBC Bank Middle East Limited, comprise: the consolidated income statement for the year ended 31 December 2015; the consolidated statement of comprehensive income for the year ended 31 December 2015; the consolidated statement of financial position as at 31 December 2015; the consolidated statement of cash flows for the year ended 31 December 2015; the consolidated statement of changes in equity for the year ended 31 December 2015; and the notes to the financial statements, which include a summary of the significant accounting policies and other explanatory information. The financial reporting framework that has been applied in their preparation comprises applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) (“ISAs (UK & Ireland)”). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies
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