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Bank Bic Namibia Holdings Limited (Registration

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Bank Bic Namibia Holdings Limited (Registration BANK BIC NAMIBIA HOLDINGS LIMITED (REGISTRATION NUMBER : 2015/0371) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) CONTENTS Page DIRECTORS' RESPONSIBILTY FOR THE FINANCIAL REPORTING 2-3 DIRECTORS' APPROVAL OF THE FINANCIAL STATEMENTS 3 AUDITORS' REPORT 4-6 DIRECTORS' REPORT 7-8 CONSOLIDATED BALANCE SHEET 9 CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 11 CONSOLIDATED STATEMENT OF CASH FLOWS (REGISTRATION NUMBER :2015/0371) 12 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 13-40 ANNEXURE A: RISK REPORT 41-46 Page 1 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) DIRECTORS' REPORT REGISTRATION NUMBER 2015/0371 COUNTRY OF INCORPORATION Republic of Namibia NATURE OF BUSINESS Bank BIC Namibia Holdings Limited is a Holding company with no operating activity, all costs being incurred from an auditing and secretarial nature. The consolidated financial statements are, in general, those of Bank BIC Namibia Limited, that started its operations on 20 June 2016. COMPANY INFORMATION Bank BIC Namibia Holdings Limited was incorporated in Namibia on 27 April 2015 with registration number 2015/0371. SUBSIDIARIES As at 31 December 2019, Bank BIC Namibia Holdings Ltd had the following directly held subsidiaries: Name of subsidiary Type of business Issued share capital Proportion held Bank BIC Namibia Ltd Commercial bank 421.000.000 95% FINANCIAL RESULTS FOR THE YEAR The results and financial position of the Company and Group for the year ended 31 December 2019 are fully disclosed in the financial statements set out on pages 9 to 46. INSURANCE Comprehensive insurance cover is in place as required per BID 14. SHARE CAPITAL Bank BIC Holdings Namibia Limited has authorised share capital amounting to 1,000 ordinary shares of N$ 1 each, as detailed in note 20 of the consolidated financial statements. There were no changes in share capital for the current year. PROPERTY, PLANT AND EQUIPMENT Capital expenditure incurred during the financial year amounted to N$ 3,8m (2018 N$ 6,0m), as disclosed in note 10 of the annual consolidated financial statements. DIVIDENDS No dividends were declared for the years ended 31 December 2019 and 31 December 2018. BOARD OF DIRECTORS Non - Executive Directors Nationality Date appointed Fernando Teles Portuguese 13-Jul-15 Jaime Pereira (Chairman) Portuguese 13-Jul-15 Hugo Teles (Vice - Chairman) Portuguese 13-Jul-15 Executive Directors Lindsay Crawford Namibian 1-Aug-15 Page 7 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) REGISTERED OFFICE AND ADDRESS Dr Agostinho Neto Road, Unit 6 Aussplannplatz Windhoek Namibia POSTAL ADDRESS P.O. BOX 5001 Ausspannplatz Windhoek Namibia SECRETARIAL SERVICES CRW Secreterial Service (Pty) Ltd 29 Field Street, Ausspannplatz Windhoek, Namibia AUDITORS Grand Namibia P.O Box 24304 9 Axali Doeseb Street Windhoek, Namibia GOING CONCERN The Directors, in performing their assessment of the Group's ability to continue as a going concern, have no reason to doubt that the Group has access to adequate resources to continue in operational existence for the foreseeable future. The going concern basis in preparing individual and consolidated financial statements is considered appropriate and, therefore, the Directors believe that the Group will operate as a going concern in the year ahead. EVENTS SUBSEQUENT TO YEAR END Refer to note 32 for the director's assessment of the impact of subsequent events. DIRECTOR'S INTEREST Directors have the following interest in Bank BIC Namibia Holdings Limited: % Capital No. of shares Amount Shareholder structure Fernando Leonídio Mendes Teles 20,0% 200 200 Telesgest B.V. 17,5% 175 175 Directors have the following interest in subsidiary Bank BIC Namibia Limited: % Capital No. of shares Amount Shareholder structure Fernando Leonídio Mendes Teles 1% 4.210.000 4.210.000 Telesgest B.V. 0,875% 3.683.750 3.683.750 Page 8 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 Group Company Notes 2019 2018 2019 2018 ASSETS Cash and balances with central bank 4 7.852.975 11.227.389 - - Balances due from other banks 5 46.443.322 46.516.720 - - Financial assets 6 75.555.529 4.931.385 - - Derivatives 7 - 2.831.236 - - Loans and advances to financial institutions 8 117.573.054 80.306.387 - - Loans and advances to clients 9 215.862.389 193.604.963 - - Property, plant & equipment 10 17.310.124 18.340.251 - - Intangible assets 11 21.258.974 15.215.870 - - Investments in subsidiaries 12 - - 279.816.731 205.810.030 Right-of-use asset 13 13.000.562 - - - Other assets 14 2.511.704 1.085.973 - - TOTAL ASSETS, NET 517.368.633 374.060.174 279.816.731 205.810.030 LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES Deposits from financial institutions 15 33.197.920 29.309.860 - - Loans from financial institutions 16 79.072.183 82.405.189 - - Deposits from clients 17 86.976.747 38.885.041 - - Derivatives 7 3.556.360 - - - Lease liability 18 15.589.340 - - - Other liabilities 19 6.889.419 7.142.264 335.449 324.317 TOTAL LIABILITES 225.281.969 157.742.354 335.449 324.317 SHAREHOLDERS' EQUITY Share capital 20 1.000 1.000 1.000 1.000 Other reserves 31,1 399.949.000 284.999.000 399.949.000 284.999.000 Credit risk reserve 31,2 1.898.900 1.938.150 - - (Accumulated loss) (124.383.342) (81.452.437) (120.468.718) (79.514.287) 277.465.558 205.485.713 279.481.282 205.485.713 Non - controlling interest 14.621.106 10.832.107 - - TOTAL EQUITY 292.086.664 216.317.820 279.481.282 205.485.713 TOTAL LAIBILITIES AND SHAREHOLDERS' EQUITY 517.368.633 374.060.174 279.816.731 205.810.030 Page 9 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED Group Company Notes 2019 2018 2019 2018 Interest and similar income 25.807.595 20.903.398 - - Interest and similar expenses (3.519.215) (1.182.662) - - Net interest income 21 22.288.380 19.720.736 - - Impairment of loans and advances 9,5 (52.293) 1.093.631 - - Net interest income after impairment of loans and advances 22.236.087 20.814.367 - - Non-interest income 22 (1.988.272) 1.608.999 - - Fee and commission revenue 2.018.833 1.416.277 - - Fee and commission expense (474.883) (395.698) - - Foreign exchange gains and losses (3.532.222) 588.420 - - Income from operations 20.247.815 22.423.366 - - Staff costs 23 (25.645.926) (18.716.061) - - Operating expenditure 24 (26.197.118) (20.697.340) (11.132) 3.106 Depreciation and amortisation 25 (10.208.147) (9.963.900) - - Finance cost - leases 18 (1.326.785) - - - Investments in subsidiaries 12 - - (40.943.299) (25.726.199) Loss before taxation (43.130.161) (26.953.935) (40.954.431) (25.723.093) Income tax expense 26 - - - - Net loss for the year (43.130.161) (26.953.935) (40.954.431) (25.723.093) Other comprehensive income - - - - Total comprehensive loss for the year (43.130.161) (26.953.935) (40.954.431) (25.723.093) Loss for the year attributable to: Owner's equity (40.974.210) (25.606.083) - - Non-controlling interest (2.155.951) (1.347.852) - - Page 10 BANK BIC NAMIBIA HOLDINGS LIMITED REGISTRATION NUMBER : 2015/0371 ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 (Amounts expressed in Namibia Dollar (N$), unless otherwise indicated) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019 GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019 Other reserves - Non - controlling Share credit risk interest Capital Other reserves reserve Accumulated loss Total Equity Balances at 31 December 2017 1.000 284.999.000 - (53.791.194) 12.186.117 243.394.923 Increase reserve - - - - - - Transfer of BID 2 general provision to credit risk reserve - - 1.938.150 (1.938.150) - - IFRS 9 transitional adjustment - - - (117.010) (6.158) (123.168) Loss for the year - - - (25.606.083) (1.347.852) (26.953.935) Balances at 31 December 2018 1.000 284.999.000 1.938.150 (81.452.437) 10.832.107 216.317.820 IFRS 16 transitional adjustment - 1 January 2019 - - - (1.995.945) (105.050) (2.100.995) Balances at 01 January 2019 1.000 284.999.000 1.938.150 (83.448.382) 10.727.057 214.216.825 Transfer of BID 2 general provision to credit risk reserve - - (39.250) 39.250 - - Increase in other reserves - 114.950.000 - - 6.050.000 121.000.000 Loss for the year - - - (40.974.210) (2.155.951) (43.130.161) Balances at 31 December 2019 1.000 399.949.000 1.898.900 (124.383.342) 14.621.106 292.086.664 COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019 Accumulated Share Capital Other reserves loss Total Equity Balance at 31 December 2017 1.000 284.999.000 (53.791.194) 231.208.806 Increase share capital contribution - - - - Loss for the year - - (25.723.093)
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