REG - EFG-Hermes Holdings - FY2021 Consolidated Financial Statements- IFRS
29/04/2022 14:45
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RNS Number : 9254J EFG-Hermes Holdings SAE 29 April 2022
EFG Hermes Reports IFRS Consolidated Financial Statements for the Year Ended
31 December 2021
For the full financial Statements please click on the below link:
http://www.rns-pdf.londonstockexchange.com/rns/9254J_1-2022-4-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9254J_1-2022-4-29.pdf)
Consolidated statement of financial position
As at December 31, 2021
(In EGP) 31/12/2021 31/12/2020 01/01/2020
Note
Assets
Cash and cash equivalents 5 30,876,257,819 7,397,790,093 9,984,123,272
Funded facilities to customers 8 10,081,007,385 8,189,679,143 5,925,245,600
Banking loans and facilities (aiBank) 8.1 9,544,916,760 - -
Accounts receivable 7 5,611,375,904 4,734,488,970 4,521,946,503
Investments at fair value through profit and loss 6 8,002,539,778 5,744,078,663 7,880,915,409
Investments at fair value through OCI 9 16,820,480,365 10,097,642,055 13,602,999,007
Investments at amortized cost 12 10,050,278,918 - -
Assets held for sale 11 305,541,145 59,640,898 -
Equity accounted investees 10 461,315,552 103,095,770 55,000,000
Investment property 13 125,529,472 132,074,502 205,498,422
Property and equipment 14 999,401,918 651,958,068 667,411,332
Goodwill and other intangible assets 15 1,107,396,952 984,353,914 999,077,802
Deferred tax assets 22 47,607,209 24,995,255 87,035,205
Other assets 16 2,561,079,667 621,212,320 524,534,183
Total assets 96,594,728,844 38,741,009,651 44,453,786,735
Liabilities
Due to banks and financial institutions 17 17,736,580,111 9,235,466,908 10,427,808,365
Customer deposits 18 38,564,737,371 - -
Loan and borrowings 24 5,501,069,487 4,117,731,698 3,504,291,832
Creditors and other credit balances 21 3,157,995,391 2,408,136,351 2,399,822,189
Accounts payable - customers credit balance at fair value through profit and 19 3,890,060,348 2,022,981,775 5,086,573,832
loss
Accounts payable - customers credit balances 8,537,833,096 5,486,303,627 7,677,341,560
Short term bonds 20 550,000,000 500,000,000 400,000,000
Provisions 23 690,001,941 566,956,651 569,382,887
Current tax liability 363,572,503 164,219,351 189,128,550
Deferred tax liabilities 22 296,588,621 301,270,105 211,537,049
Total liabilities 79,288,438,869 24,803,066,466 30,465,886,264
Equity
Share capital 25 4,865,353,355 3,843,091,115 3,843,091,115
Legal reserve 840,272,556 833,933,867 803,102,208
Share premium 1,668,623,811 1,922,267,826 1,922,267,826
Other reserves 783,420,592 791,823,872 2,060,243,837
Retained earnings 6,390,395,096 6,235,979,897 5,002,324,179
Equity attributable to owners of the Group 14,548,065,410 13,627,096,577 13,631,029,165
Non - controlling interests 26 2,758,224,565 310,846,608 356,871,306
Total equity 17,306,289,975 13,937,943,185 13,987,900,471
Total liabilities and equity 96,594,728,844 38,741,009,651 44,453,786,735
These financial statements were approved and authorised for issue on 29 April
2022 and signed by:
Mona Zulficar Karim Awad
Chairperson Group Chief Executive Officer
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of profit or loss
For the year ended December 31, 2021
(In EGP) For the year ended
31/12/2021 31/12/2020
Note
Interest income 32 4,416,355,205 2,894,539,255
Interest expense 32 (1,831,314,272) (1,077,889,450)
Net interest income 2,585,040,933 1,816,649,805
Fee and commission income 32 3,395,050,747 2,742,568,431
Fee and commission expense 32 (344,114,579) (271,609,375)
Net fee and commission income 3,050,936,168 2,470,959,056
Securities (loss) gains for investments at fair value through profit and loss 32 (7,302,092) 371,758,025
Changes in the fair value of investments at fair value through profit and loss 32 (76,153,571) 576,420,133
Dividend income 32 31,853,072 39,543,674
Other revenues 28 146,867,227 126,552,995
Net gains on dereceognition of financial assets measured at amortized cost 32 88,347,943 13,542,181
Impairment loss on financial assets - net of recoveries 29 (137,995,100) (294,566,570)
Foreign currencies exchange differences 32 234,140,416 (15,282,497)
Gains on selling assets held for sale 32 3,864,407 -
Share of loss from equity accounted investees 32 (14,173,369) (4,237,980)
Operating income 5,905,426,034 5,101,338,822
General and administrative expenses 31 (3,796,051,268) (3,251,986,101)
Financial guarantee provision 23 (5,673,313) (10,079,751)
Impairment loss on goodwill and intangible assets 32 (16,034,698) (5,921,804)
Impairment loss on investment property - (3,384,491)
Provisions 23 (96,968,478) (32,475,067)
Depreciation and amortisation 13,14,15 (193,664,511) (171,143,524)
Profit before tax 1,797,033,766 1,626,348,084
Income tax expense 30 (350,786,930) (329,046,528)
Profit for the year 1,446,246,836 1,297,301,556
Profit attributable to:
Owners of the Group 1,329,283,838 1,264,551,960
Non- controlling interests 116,962,998 32,749,596
1,446,246,836 1,297,301,556
Basic earnings per share (EGP) 34 1.57 1.41
Dilluted earnings per share (EGP) 34 1.49 1.41
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of comprehensive income
For the year ended December 31, 2021
(In EGP) For the year ended
2021 2020
Profit for the year 1,446,246,836 1,297,301,556
Other comprehensive income:
Items that may be reclassified to profit or loss
Foreign operations - foreign currency translation differences (15,450,147) (96,787,059)
Foreign currency translation differences - reclassified to profit or loss (167,306,760) (32,212,643)
Net losses on investments in debt instruments at fair value through OCI - net (10,639,480) (625,405,385)
change in fair value
Investments at fair value through OCI - net change in fair value - 34,043,158 (474,568,773)
reclassified to profit or loss
Related tax 22 (930,181) 12,221,624
Items that will not be reclassified to profit or loss
Investment at fair value through OCI - reclassified to Retained Earnings (15,659) (2,176,473)
Net gains (losses) on investments in equity instruments designated at fair 10,802,502 (52,867,403)
value through OCI - net change in fair value -
Actuarial gain (loss) re-measurement of employees' benefits obligations 23 971,076 (2,002,429)
Other comprehensive income, net of tax (148,525,491) (1,273,798,541)
Total comprehensive income 1,297,721,345 23,503,015
Total comprehensive income attributable to:
Owners of the Group 1,172,204,692 (5,870,434)
Non - controlling interests 125,516,653 29,373,449
1,297,721,345 23,503,015
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of changes in equity
For the year ended December 31, 2021
(In EGP) Share Legal Share premium General reserve Translation reserve Fair value reserve Employee stock Ownersip plan reserve Hedging reserve Retained earnings Total Non-controlling interest Total Equity
capital reserve
Balance as at 31 December 2019, as previously reported 3,843,091,115 803,102,208 1,922,267,826 158,269 2,119,175,070 665,788,125 - (26,442,387) 4,330,582,531 13,657,722,757 362,757,134 14,020,479,891
Effect of change in accounting policies - - - - - (724,877,627) - 26,442,387 671,741,648 (26,693,592) (5,885,828) (32,579,420)
Balance as at 1 January 2020 3,843,091,115 803,102,208 1,922,267,826 158,269 2,119,175,070 (59,089,502) - - 5,002,324,179 13,631,029,165 356,871,306 13,987,900,471
Profit - - - - - - - - 1,264,551,960 1,264,551,960 32,749,596 1,297,301,556
Other comprehensive income - - - - (126,465,076) (1,141,954,889) - - 174,044 (1,268,245,921) (3,376,147) (1,271,622,068)
Total comprehensive income - - - - (126,465,076) (1,141,954,889) - - 1,264,726,004 (3,693,961) 29,373,449 25,679,488
Transactions with owners of the Group
Contributions and distributions
Dividends - - - - - - - - - - (79,164,760) (79,164,760)
Transferred to legal reserve - 30,831,659 - - - - - - (30,831,659) - - -
Changes in ownership interests
Changes in ownership interests without a change in control - - - - - - - - (238,627) (238,627) 3,766,613 3,527,986
Balance as at 31 December 2020 3,843,091,115 833,933,867 1,922,267,826 158,269 1,992,709,994 (1,201,044,391) - - 6,235,979,897 13,627,096,577 310,846,608 13,937,943,185
Balance as at 31 December 2020 3,843,091,115 833,933,867 1,922,267,826 158,269 1,992,709,994 (1,201,044,391) - - 6,235,979,897 13,627,096,577 310,846,608 13,937,943,185
Effect of change in accounting policies on 1 January 2021
Adjustment - - - - - - - - (4,099,065) (4,099,065) - (4,099,065)
Balance as at 1 January 2021 3,843,091,115 833,933,867 1,922,267,826 158,269 1,992,709,994 (1,201,044,391) - - 6,231,880,832 13,622,997,512 310,846,608 13,933,844,120
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of changes in equity (continued)
For the year ended December 31, 2021
(In EGP) Share Legal Share premium General reserve Translation reserve Fair value reserve Employee stock Ownersip plan reserve Hedging reserve Retained earnings Total Non-controlling interest Total Equity
capital reserve
Total comprehensive income
Profit - - - - - - - - 1,329,283,838 1,329,283,838 116,962,998 1,446,246,836
Other comprehensive income - - - - (182,139,923) 24,089,701 - - 986,735 (157,063,487) 8,553,655 (148,509,832)
Total comprehensive income - - - - (182,139,923) 24,089,701 - - 1,330,270,573 1,172,220,351 125,516,653 1,297,737,004
Transactions with owners of the Group
Contributions and distributions
Dividends 768,618,225 - - - - - - - (768,618,225) - - -
Transferred to share capital 253,644,015 - (253,644,015) - - - - - - - - -
Transferred to legal reserve - 6,338,689 - - - - - - (6,338,689) - - -
Employee stock ownership plan (ESOP) - - - - - - 149,646,942 - - 149,646,942 - 149,646,942
Changes in ownership interests
Changes in ownership interests without a change in control - - - - - - - - (396,799,395) (396,799,395) (18,077,004) (414,876,399)
Share of NCI in the increase/(decrease) of subsidiaries paid- in capital - - - - - - - - - - 2,339,938,308 2,339,938,308
Balance as at 31 December 2021 4,865,353,355 840,272,556 1,668,623,811 158,269 1,810,570,071 (1,176,954,690) 149,646,942 - 6,390,395,096 14,548,065,410 2,758,224,565 17,306,289,975
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of cash flows
For the year ended December 31, 2021
(In EGP) For the year ended
2021 2020
Note
Cash flows from operating activities
Profit before income tax 1,797,033,766 1,626,348,084
Adjustments for:
Depreciation and amortisation 13,14 193,664,511 171,143,524
Provisions formed 23 102,641,791 42,554,818
Provisions used 23 (123,453,932) (8,684,029)
Provisions reversed 23 (54,802,383) (35,255,180)
Gains on sale of property and equipment 14 (14,668,983) (836)
Gains from Securitization (66,016,939) -
Gains (loss) on sale of investment at fair value through OCI 9 34,043,538 (474,568,773)
Gains on sale of assets held for sale 11 (3,864,407) -
Amortization of premium/ issue discount (30,974,345) -
Changes in the fair value of investments at fair value through profit and loss 32 76,153,571 (576,420,133)
Share of loss of equity-accounted investees 32 14,173,369 4,237,980
Impairment loss on assets 154,029,798 303,872,865
Share-based payment 31 149,646,948 -
Foreign currency translation differences (17,442,997) (27,818,033)
Foreign currencies exchange differences (234,140,416) 15,282,496
Operating cash flows before changes in working captial 1,976,022,890 1,040,692,783
Changes in working capital:
Other assets 16 (504,813,017) (53,187,325)
Creditors and other credit balances 21 52,887,549 94,960,732
Accounts receivable 7 (916,774,492) (258,963,589)
Accounts payable - customers credit balances 3,047,194,580 (1,995,952,225)
Accounts payable - customers credit balance at fair value through profit and 19 1,867,078,573 (3,063,592,057)
loss
Funded facilities to customers 8 (2,935,999,896) (2,477,553,478)
Due from banks 5 (5,583,297,532) -
Due to banks 17 (304,852,380) -
Customers deposits (1,242,670,248) -
Investments at fair value through profit and loss 6 (2,302,120,418) 2,208,024,926
Income tax paid (233,489,679) (173,872,403)
Net cash used in from operating activities (7,080,834,070) (4,679,442,636)
Cash flows from investing activities
Payments to purchase property and equipment and other intangible assets (97,448,606) (101,158,922)
Proceeds from sale of property and equipment 14 19,391,892 152,699
Proceeds from sale of assets held for sale 11 120,045,492 -
Proceeds from sale of investment at fair value through OCI 9 24,130,051,252 17,567,402,835
Payments to purchase investment at fair value through OCI 9 (20,306,019,053) (14,767,315,832)
Payments to purchase investment in subsidiaries (2,965,924,996) -
Payments to purchase equity accounted investees 10 (17,982,500) (52,333,749)
Dividends collected 8,583,669 -
Cash from acquisition of subsidiaries 2,382,473,653 -
Net cash used in investing activities 3,273,170,803 2,646,747,031
The accompanying notes form an integral part of these consolidated financial
statements.
Consolidated statement of cash flows (continued)
For the year ended December 31, 2021
(In EGP) For the year ended
2021 2020
Note
Cash flows from financing activities
Dividends paid - (89,377,959)
Proceeds from securitization transactions 1,112,500,000 -
Proceeds from short term bonds 20 550,000,000 500,000,000
Payment for short term bonds 20 (500,000,000) (400,000,000)
Proceeds from / Payment for financial institutions 3,619,102,552 (2,563,764,366)
Proceeds from loans and borrowings 24 2,178,924,870 1,538,044,191
Payment for loans and borrowings 24 (904,202,493) (981,195,693)
Net cash generated from (used in) financing activities activities 6,056,324,929 (1,996,293,827)
Net increase/(decrease) in cash and cash equivalents 2,248,661,662 (4,028,989,432)
Cash and cash equivalents at 1 January 5 2,443,779,733 6,405,620,232
Effect of exchange rate 5 21,918,767 67,148,933
Cash and cash equivalents at 31 December 5 4,714,360,162 2,443,779,733
For further information:
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Head of IR, Budgeting and Reporting - Hanzada Nessim
Email: hnessim@efg-hermes.com
Tel: +20 (0)2 35356502
Fax: +20(0)2 3535 7017
www.efg-hermes.com
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