Britam

 

With you every step of the way

British-American Investments Company (Kenya) Limited

Head Office,  Britam Centr...
Britam

With you every step of the way
period ended 30 June 2014

REVENUE

I second half

FINANCIAL STATEM ENTS COM MENTAR...
Britam

with you every step of the way

FINANCIAL RESULTS FOR THE 6 MONTHS PERIOD TO 30TH JUNE 2014

The Board of Director...
ACCOUNTING POLICIES AND METHODS

There have been no changes in accounting policies and methods of computation of the resul...
Consolidated Statement of Comprehensive Income

 

30 June 31 December 30 June
2014 2013 2013
Shs’000 Shs’000 Shs’000
Prof...
Consolidated Statement of Financial Position

Capital employed
Share capital

Share premium
Other reserves
Retained earnin...
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0 30 Jun.  2014 31 Dec.  13 30 Jun.  2013

 

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Operating activ...
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British American Investments Company(Kenya) Ltd HY 2014 financial results

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British American Investments Company(Kenya) listed on the Nairobi Stock Exchange has released its half year results. Check out insights into this company in their presentation which appears below.
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Transcript of "British American Investments Company(Kenya) Ltd HY 2014 financial results"

  1. 1. Britam With you every step of the way British-American Investments Company (Kenya) Limited Head Office, Britam Centre, ‘ ‘_ Mara/ Ragati Road Junction, Upperhill, 20 August, 2014 A . , . _i_, N Po Box 30375-00100 Nairobi, Kenya 4 " ' ‘I / Tel: (020) 2833000/0703 094000 . , - 7/’ / “‘ A Fax: (020) 2717525 Mr- Peter M‘/ Vang‘ ‘—. ’ E, ’ , Email: britam@britam, co. ke The EXECUUVE OffiC€| ’ ' ‘ ’ J www. britam. co. ke Nairobi Securities Exchange Limitec; l“': J:{ 2% 53"‘ A M A The Exchange ‘(L ‘ 55 Westlands Road /7: . . NAIROBI ‘ " It ‘ I i Dear Sir, BRITISH-AMERICAN INVESTMENTS COMPANY (K) LIMITED GROUP FINANCIAL RESULTS FOR THE PERIOD ENDED 30 JUNE 2014 We are pleased to enclose the following unaudited financial statements for the period ended 30 June, 2014: 1. Consolidated Income Statement; Consolidated Statement of Comprehensive Income; Consolidated Statement of Financial Position; Consolidated Statement of Changes in Equity; Consolidated Statement of Cash Flows. S-"': ".°‘-". ’ The Board of Directors does not recommend payment of an interim dividend. Yours faithfully, British-American Investments Co. (K) Ltd § 1) ( ~4?L. " Nancy Kiruki Group Company Secretary Encl. Pensions Insurance Asset Management Branches: Nairobi, Mombasa, Kisumu, Nakuru, Nyeri, Eldoret, Kisii, Thika, Meru, Embu, Machakos, Bungoma Property Directors: Amb. Dr. Francis K. Muthaura (Chairman), Dr Benson I. Wairegi (Group Managing Director), Dawood A. Rawat (MTIS), Agnes N. Odhiambo, Peter K. Munga, James N. Mwangi, Jimnah M. Mbaiu, Nduva Mull, Moussa I. Rawat (MTIS)
  2. 2. Britam With you every step of the way period ended 30 June 2014 REVENUE I second half FINANCIAL STATEM ENTS COM MENTARY The Group sustained high penormance in the first halt cl 2014 against some period in 2013 Profit betore tax oi Shs 3.0 billion, a growth oi 31.0% from Shs 2.3 billion Comprehensive income ot Shs 6.1 billion, a growth ct 65.0% from Shs 3.7 billion Core business revenue of Shs 6.0 billion from Shs 4.7 billion, a growth at 30.9% Revenue tor the insurance business in Kenya oi Shs 5.3 billion compared to Shs 4.3 billion. a growth at 24.8% Asset management revenue of Shs 414.9 million compared to Shs 268.1 million, a growth of 548% Regional oltices contribution grew 54.9% to Shs 262.9 million trom 117.9 million Investment retums were exceptionally good. We achieved Investment Income ol Shs 4.6 billion from Shs 3.7 billion, a growth of 25.7% Asset base oi Shs 55.2 billion, a growth oi 28.3% lrom Shs 43.0 billion Assets under management (AUM) for the asset management business at Shs 41.5 billion lrom Shs 32.7 billion, a growth o126.9% Expenses grew signiticantly necessitated by the investment tor growth in IT, mergers and acquisitions and regional expansion for which revenues are not yet realised The Group continued to implement its growth and diversiiication strategy at increased local and regional presence, innovative product oiiering, iT—enabled business translormation and capacity enhancement. We have registered major milestones in the implementation of the real estate and private equity initiatives. To tund our above strategy, we successtully raised Shs 6 billion through a corporate bond. The issue was a great success achieving 247% subscription rate, a sign of the confidence investors have in Britam. There has been no change in accounting policies and methods at computation of the results. KENYA I UGANDA I SOUTH SUDAN I RWANDA TANZANIA I MALAWI I MOZAMBIQUE BRITISH-AMERICAN INVESTMENTS COMPANY (KENYA) LIMITED UNAUDITED GROUP RESULTS FOR THE PERIOD ENDED 30 JUNE 2014 The Board of Directors is pleased to announce the unaudited consolidated results for the 6 months CONSOLIDATED STATEMENT OF INCOME 30 June‘ 30 June 2014 2013 She ‘O00 Shs ‘000 Gross earned premiums and fund management lees Less: reinsurance premium ceded Net earned premiums investment income Commissions earned 141 .722’ Other income 12,246 Total Revenue 10 T Expenses Net insurance claims and loss adjustment expenses Interest payments increase in unit value 860,622 Operating and other expenses 1,832,663, 1,229,229 Commissions payable 1 093 675 887,553 Total Expenses 7,_3L5,§14 5,792,327 Profit before share of profit of associate 2,857.“! 2,193,917 share ot_g_roiit of associates 152 503 66,408 Proiit before tax 3,M0,50G 2,2B0,325 Income tax expense 1263,20!! ! (121,984) Profit for the year 2,740,308 2,158,341 Gains on revaluation of financial assets at fair value 3,295,442 1,512,583 through other comprehensive income Net gains on all other items of comprehensive income 23,704 6,1 88 Comprehensive Income tor the_perlod 6,951 3 677,112 Basic and diluted earnings per share ikshs per share) 1.45 1.14 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June so June 2014 2013 Shs'000 Shs'O00 31025303 583,882 6,441,326 4,647,613 4,669,423 (577,578) 4,091 ,845 3,744,591 1 37,566 1 2,222 7,966,244 3,598,834 2 .497.1 80 1,178,365 Share capital Share premium Other reserves 169,145 189,145 3,164,455 3,164,455 13,843,150 8,094,041 Retained earnings 5 530 717 5,058,685 Shareholders‘ funds 7 1 16 506 326 Represented by: Assets Fixed assets investment assets insurance assets Cash and cash equivalents Other assets Total assets 1 ,566,494 46,020,370 1 ,1 69,801 34,084,461 3,227,250 3,427,999 3,489,802 3,427,087 846,600 864,146 §,150,§1O 42,973,494 Liabilities Insurance liabilities Other liabilities Total liabilities Net assets 31,339,843 25,620,625 783,g06 846.543 Slfiflfl 26,467,168 _2_2&7.4_O7 16 506 326 The Board does not recommend payment of an interim dividend. STATEMENT FROM THE DIRECTORS The above financial statements are extracts of the unaudited financial results of the Group Signed: Amb. Dr. Francis K. Muthaura (Chainnan) Dr. Benson I. Wairegi (Group Managing Director) Head Office: Britam Cen e, Mara/ Ragati Junction, Upper Hill TSII (254-20) 2833000, (254-703) 094000 I Ema‘ ’nfo@britam. co. ke 0 www. britam. co. ke O BritamEA 0 BritamEA
  3. 3. Britam with you every step of the way FINANCIAL RESULTS FOR THE 6 MONTHS PERIOD TO 30TH JUNE 2014 The Board of Directors of British-American Investments Company (Kenya) Limited (Britam) is pleased to announce the unaudited group results for the six months period ended 30 June 2014. PERFORMANCE & STRATEGY OVERVIEW The Group achieved half-year profit before tax of Shs 3.0 billion a growth of 31.0% from Shs 2.3 billion in the first half of 2013 and total comprehensive income of Shs 6.1 billion a growth of 65% from Shs3.7 billion for the 6 months to 30”‘ June 2013. The core businesses generated total revenue of Shs 6.0 billion compared with Shs 4.7 billion for the 6 months period to 30 June 2013. Insurance business contributed revenue of Shs 5.6 billion, 27.5% growth over Shs 4.4 billion in June 2013. Asset management business contributed revenue of Shs 413.8 million, a growth of 54.9% over Shs267 million for the first half of 2013. Investment income for the period to 30"‘June 2014 was exceptionally good and amounted to Shs 4.6 billion, a growth of 24.1% from Shs 3.7 billion achieved in the first half of 2013. The Group's total assets as at 30”‘ June 2014 were Shs 55.2 billion, a growth of 28.3% from Shs 43.0 billion as at end of June 2013. The assets under management by British-American Asset Managers Limited increased by 26.9% to Shs 41.5 billion from Shs 32.7 billion as at end of the first half in 2013. Expenses grew significantly necessitated by the investment for growth in IT, mergers and acquisitions and regional expansion for which revenues are not yet realised. The Group continued to implement its growth and diversification strategy of increased local and regional presence, innovative product offering, IT enabled business transformation and capacity enhancement. We have registered major milestones in the implementation of the real estate and private equity initiatives. To fund our above strategy, we successfully raised Shs 6 bn through a corporate bond. The issue was a great success achieving 147% oversubscription, a sign of the confidence investors have in Britam. To fund our above strategy, we successfully raised Shs 6 bn through a corporate bond. The issue was a great success achieving 147°/ o oversubscription, a sign of the confidence investors have in Britam.
  4. 4. ACCOUNTING POLICIES AND METHODS There have been no changes in accounting policies and methods of computation of the results. DIVIDEND The Board of Directors does not recommend payment of an interim dividend. Consolidated Income Statement Gross earned premiums Less: reinsurance premium ceded Net earned premiums Fund management fees Investment income Net realised gains on financial assets Net fair value gains on financial assets at fair value through profit and loss Commissions earned Other income Total Revenue Expenses Insurance claims and loss adjustment expenses Less: amount recoverable from reinsurers Change in actuarial value of policyholder benefits Net insurance benefits and claims Interest payments/ increase(decrease) in unit value Operating and other expenses Commissions payable Total Expenses Profit before share of the associate Share of profit of the associate Profit before tax Income tax expense Profit for the year Basic and diluted EPS (Kshs per share) 30 June 31 December 30 June 2014 2013 2013 Shs'000 Shs’000 Shs’000 5,611,457 8,847,166 4,402,259 (583,881) (1,095,967) (577,578) 5,027,576 7,751,199 3,824,681 413,750 613,511 267,164 1,694,847 2,759,463 1,060,872 88,705 232,727 333,778 2,864,061 3,355,542 2,349,941 141,722 370,520 137,586 12,247 47,096 12,223 10,242,907 15,130,058 7,986,245 2,125,666 3,270,310 1,731,578 (170,885) (293,259) (144,266) 1,644,054 1,849,669 909,868 3,598,834 4,826,720 2,497,180 860,622 2,204,587 1,178,365 1,832,683 3,210,990 1,229,229 1,093,675 1,873,285 887,553 7,385,815 12,115,582 5,792,327 2,857,093 3,014,476 2,193,918 152,503 181,685 86,408 3,009,596 3,196,161 2,280,326 (263,208) (542,372) (121,984) 2,746,388 2,653,789 2,158,342 1.45 1.40 1.14
  5. 5. Consolidated Statement of Comprehensive Income 30 June 31 December 30 June 2014 2013 2013 Shs’000 Shs’000 Shs’000 Profit for the year 2,746,388 2,653,789 2,158,342 Other comprehensive income items net of tax: Gains on revaluation of land and buildings 12,627 26,699 - Re-measurement of the net defined benefit asset - 14,266 Gains on revaluation of financial assets at fair value through other comprehensive income 3,295,442 1,512,800 1,512,583 Associate share of fair value gains on financial assets at fair value through other comprehensive income } 11,641 - - Total items that will not be reclassified to profit or loss 3,319,710 1,553,765 1,512,583 Items that may be subsequently reclassified to profit or loss Currency translation losses (564) £2,954) 6,187 Total items that may be subsequently reclassified to profit or loss (564) (2,954) 6,187 Total other comprehensive income 3,319,146 1,550,811 1,518,770 Total comprehensive income for the year 6,065,534 4,204,600 3,677,112
  6. 6. Consolidated Statement of Financial Position Capital employed Share capital Share premium Other reserves Retained earnings Proposed dividends Shareholders’ funds REPRESENTED BY: Assets Property and equipment Intangible assets Investment in associate Investment property Quoted ordinary shares at fair value through other comprehensive income Financial assets at fair value through profit and loss - quoted ordinary shares —unquoted ordinary shares - unit trusts «Corporate bonds - government securities Corporate bond at amortised cost Government securities at amortised cost Mortgage loans and receivables Loans and receivables to policy holders Receivables arising out of reinsurance arrangements Receivables arising out of direct insurance arrangements Reinsurers’ share of insurance liabilities Deferred acquisition costs Deferred income tax Tax recoverable Receivables from related parties Other receivables Retirement benefit asset Deposits with financial institutions Cash and bank balances Total assets Liabilities Insurance contracts liabilities Payable under deposit administration contracts Liabilities under investment contracts Unearned premium Creditors arising from reinsurance arrangements Retirement benefit liability Bank loan Other payables Dividend Payable Overdraft Current income tax payable Total liabilities Net assets 30_]une 2014 31 December 2013 30_]une 2013 Shs’000 Shs'000 Shs'000 189,145 189,145 189,145 3,164,455 3,164,455 3,164,455 14,886,917 10,324,005 8,094,041 4,286,951 2,784,329 5,058,684 472,863 22,527,467 16,934,797 16,506,325 1,424,905 1,163,280 1,037,582 141,588 134,629 132,219 1,986,444 1,867,081 1,529,667 5,009,622 3,782,181 1,904,185 9,940,351 6,109,614 4,618,125 9,591,676 7,632,998 8,981,007 3,770 3,770 3,611 7,325,843 8,066,022 7,377,714 1,182,406 565,093 451,824 871,673 591,920 523,089 8,864,296 8,166,134 7,474,347 799,026 793,815 865,611 445,262 376,778 355,282 189,388 81,228 30,626 1,212,163 1,053,931 846,263 1,584,151 2,410,417 2,414,148 241,548 180,389 136,962 3,676 5,255 4,198 85,785 83,042 193,230 10,100 — 16,469 746,854 626,201 650,249 186 186 - 2,466,555 2,591,418 3,144,406 1,023,246 617,196 282,681 55,150,516 46,902,578 42,973,495 13,208,476 12,137,169 11,480,885 9,271,842 8,109,075 6,795,670 6,704,483 6,414,370 5,751,526 2,402,716 1,889,452 1,558,097 252,326 107,709 34,446 14,080 655,200 958,913 427,028 2,641 - 138,445 114,500 116,691 162,318 10,866 234,402 104,675 32,623,049 29,967,781 26,467,170 22,527,467 16,934,797 16,506,325
  7. 7. $¢. Rm- - Hmmsmu. .. Smawfifi mmv_$1m mefimmu _. o_.2_ no 9.. .. 2 fimm. §$ ~mmm. E$ - - - - Eusso £_. s msozummcmb _So» - - - - - - Eom .5“. _mcc ummoqo. _n_- $33 §wQ$ - - - - 28 mam é ac: - m. .wEso 53> m: o_uumm: m._. _. $3.9m‘: 8593 8282 $50 9 Emcmt ¢mm. moo. o - mmmdvfiu nS.3n. m - - .8» 9: .5. uEou: _ w>_m: w:w= _Eou _muo. _. DA.2m. m - - D: .3m. m - - 0F_Ou: _ u>_m. _u. _E. _Eou Efio .33 $92 - - EVQS - - mE8_. __ m>_mcm_. _w. aEou . _m£o £9.95 w: _m> :8 um Bwmmm _m_ucm: c co mcfim w: _m> . __£ u_o m. ._m. ._m Bm_uomm< N$. mmN_m - - Nxxmmma - - wE8c_ m>_m: w.. _mEE8 . _m£o £9.95 m: _m> . __£ um Bmmmm _m_u: m:c co mafia m: _m> . __mu_ Avomv - . 9&3 - - mmmmo_ : o_um_mcm. s Ecmtsu RQNH - - RQNH - - m9%___5 Em Em. E : o_u. m:_m>m. co memo - - - - - - "mmmo_vuEou: _ m>_m: u:w. .n_Eou .550 mwm. oE. m - wwmcfia - - - . _mm> 9: be E9; . mw> of .8 uEou: _ o>_m: w:w. =_Eou _muo. r ommvmoafi mama? mmmewmm wooemmg mmiédm midfl . _mm> ho tsm u< 8o. m._m o8.2_m 8o. ... ._m 8o. ... ._m 892m 8o.2_m mu: uu_>__u mm: _:. _mw mw>. .mmw. _ —. :=_F_0._n_ _~u_n_mu Each uwmonoi uofimuwx .650 w. _m: m Emsm «SN 05.. .. an uoucw torus. 353 c_ mmmcmcu ho EmE8Bm _uBm_u__om: ou
  8. 8. 33.8.3 mama? §. §.~ moo. ¢~mS mmwemdm mfidfl Ramon - 82.3% oom. ~m1H - - - 83:. $23 - - - §m$$ §w. ~§ oodmm - - - 888$ ooqoov 9&3 Smdx - - fioqmomd moqmom; - - oooioue - §. ... $.~ Smdmmq - - Swdmma - - fiwamma - - 83: $3: oomfimg - oomfimq - - $33 - - emmd - - $0.3 - - $98 - - owmmmoxm mmmmmoa - - - $33 $8.28 omw. $m vmnmuxmfi $32» Nvnooqm Smxmwmm mmiadm mxdfl ooo.2_m 8o.2_m o8.2_m o8.m. .m o8.m. _m 8o.2_m mu: w_. _>_c mm: _:. _mw mu>. _wmo. . E: _F_O. _n_ _mu_nmu _muo. _. uwmonoi _uw: _muu¢ .550 o. _m: m chasm uotwn no ucw u< m. _uEso . ._u_. s m= o_uumm: m._u _muo. _. MHON _Ou_ _mc_. .. vmmon_9n_ - NSN .8 _m: _n_ - “wncw_u_>_n_ >. _m_c_mn: m E mm>. _wmm. _ Lo co: mm__B_amu mm. _m; m >. __. .mmm. : go m_mm Eot mumwuoi m. _w_. =so 53> m: o_uomm: E._. mw>. _wmm. _ . _m£o 8. Lflmcmc. . .mm> use .8 wEou: _ w>_m: _.w: w.: _Eou _muo. r oEou: _ o>_m: u.. __. .:qEou . _w: ua =30.. . b___%__>%mm Emcmn nmccmu was 9: B EmEw. _:mmmE-w~_ wE8c_ m>_. u.: mEwaEou . m£or_m: o._£ m: _m> .5 am Bwmmm _m_u: m_. __: ._ co mcfim w: _m> __mu_ mmmmo_ : o_u. m_mcmb >u: w.: :u mm: _u__: n cam _ucm_ u_o coum: _m>m. co Emu Ammo_vuEou: _ w>_m= u—_u: _Eou .650 . _mm> Qt we E05 uEou: _ w>_m: w:w. =_EoU a man: u_o couaoum co mmzwmm. we _£mcS. _. 28> we tfim u< MHON . o._E8on an 8.26 _uo_. _0n_ Tpeouv 355 2 8955 “.0 EmEBBm o3%__o8ou
  9. 9. m~m. oom.3 - ¢$. wmo. m $o. ¢mo_w mmtwofim mfidwu _uo_. .wn_ no _u: w u< mwwdmm . mow. E$ - umfifim - - eosso £5. . ..: o_t8=~b .38 - - - - - - mam ‘.8 _mc_o_ vwmoaoi- Amow_Q$ $35 - - - - 28 NSN é ac: - - - - - mE%_>_n_ 83% 33% 85% 238: m. .wEso 5:5 m: o_uumm: m.F n - u - u . mm>. _mmw. . . _m£o Ow . _mu. mcm. _._. NHHRAQM - ~¢m. wm1~ okdfimq - - . _m_u> was .8 wEou: _ o>_m: u:wEEou _muo. _. oR. wHm. H - - akin; - - oEou: _ w>_m: a:w. EEou .650 .53 mwmflmq - - mmmflmq - - Bwmmm _m_u_. _mcc m_mm-. _ou_-w_nm__m>m co mgmm m: _m> __mu_ $3 - - B3 . - mwmmo_ cosflmcmb Bcmtsu xmmo_VwEou: _ w>_m: w:mEEou .650 Nvmwmfim - Nvmwmdm - - - 59» 9: u_o ES; . mw> a5 .8 wEou: _ w>_m:9_w. _nEou _muo. w ¢~mN$. S mama? ~¢m_oom. m Emwvmm mmwidm midfl E9» ho tflm H< 8o. m._m 8o. ... ._m 8o. m._m o8.m. _m 8o.2_m 8o.2_m mt: wu_>= ... mm: _:. _mw m_u>. _umm: F_: _F_0.= u _mu_nmu .38 _. u8._oE uo= _S£_ .650 22m 225 flow as; om sauce uo_. o._ b_: _um_ E mwmcmcu . ._O EmEBBm _uBmu__omcou o. .pEouv b_= am_ E 8955 E Eoeesm 8§. __88u
  10. 10. Consolidated Statement of Cash Flows 0 30 Jun. 2014 31 Dec. 13 30 Jun. 2013 Shs'000 Shs’000 Shs’O00 Operating activities Cash generated from operations 1,546,792 2,355,068 758,616 Foreign currency(gains)/ losses — (7,732) — Income tax paid (263,208) (392,823) (229,671) Net cash from operating activities 1,283,583 1,954,513 528,945 Investing activities Sale of treasury shares — 752,861 Purchase of property and equipment (161,625) (310,691) (123,924) Purchase of intangible assets (6,959) (45,508) (30,414) Investment in associate — (288,012) Purchase of investment property (925,957) (1,080,031) ( 198,127) Proceeds from disposal of quoted shares — at fair value through comprehensive income 481,137 481,138 601,434 Purchase of quoted shares at fair value through profit and loss (123,122) (193,423) (136,872) Proceeds from disposal of quoted shares — at fair value through profit or loss 215,555 299,031 661,756 Purchase of unquoted shares — (251) — Net investment in unit trusts at fair value through profit and loss (232,321) (397,408) (445,623) Net investment in corporate bond at amortised cost — (83,562) (14,731) Net investment in government securities at fair value through profit and loss (758,678) (142,999) 25,840 Net investment in government securities at amortised cost (498,162) (1,718,651) (1,065,547) Mortgage loans and receivables advanced (94,964) ( 168,012) (69,973) Mortgage loans and receivables repayments 89,754 169,957 16,383 Policy loans and receivables advanced (247,561) (306,912) (141,711) Policy loans repayments and receivables 179,076 239,589 95,884 Dividend received 678,701 546,536 551,163 Rent and interest received 844,031 1,489,230 999,786 Net cash (used in)/ generated from investing activities 561 095 757 117 725 325 Cash flows from financing activities Dividends paid (439,109) (449,763) — Interest paid - (627) — Loan repayment — — 334 418 Net Cash used in financing activities 439 109 450 390 334 418 Net increase] (decline) in cash and cash equivalents 283,379 747,006 919,852 At start of year 3,091,923 2,344,917 2,344,917 Increase / (decrease) 283,379 - 919,852 At end of period 3,375,302 3,091,923 3,264,769

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