BBK annual report eng 21.5.5

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Consolidated Statement of Cash FlowsYear ended 31 December 20042004 2003BD ’000 BD ’000OPERATING ACTIVITIESProfit before taxation 25,678 23,257Adjustments for:Net provisions (write backs) relating to:Loans and advances to customers 2,444 1,104Non-trading investment securities 1,821 1,164Share of profit in associated company (1,251) (1,134)Depreciation 2,162 2,470Realised (gains) on sale of investments (6,013) (2,633)Taxation - foreign units - 53(Increase) decrease in operating assets:Mandatory reserve deposits with central banks (261) (2,095)Treasury bills maturing after 91 days 34,002 (21,924)Trading investments 4,452 (4,014)Deposits and due from banks and other financial institutions 10,167 (48,797)Loans and advances to customers (107,966) (123,391)Interest receivable and other assets 2,637 1,581Increase in operating liabilities:Deposits and due to banks and other financial institutions (59,008) (38,276)Borrowings under repurchase agreements 68,699 3,477Customers’ current, savings and other deposits 72,327 113,775Interest payable and other liabilities 188 8,820Net cash from (used in) operating activities 50,078 (86,563)Investing activitiesPurchase of non-trading investment securities (493,245) (327,460)Disposal and maturities of non-trading investment securities 460,894 310,484Dividends received from associated company 709 608Purchase of premises and equipment (1,371) (1,757)Net cash (used in) investing activities (33,013) (18,125)Financing activitiesMedium term deposits from banks 47,125 47,125Term loans repaid (37,700) (47,125)Payment of dividend, directors’ remuneration and donations (17,801) (15,981)Net cash (used in) financing activities (8,376) (15,981)Foreign currency translation adjustments 324 864Increase (decrease) in cash and cash equivalents 9,013 (119,805)Cash and cash equivalents at beginning of the year 166,200 286,005Cash and cash equivalents at end of the year (Note 23) 175,213 166,200The attached notes 1 to 40 form part of these consolidated financial statements.
Consolidated Statement of Changes in Shareholders’ EquityYear ended 31 December 2004ForeignCumulative currencyShare Treasury Statutory General changes in translation Retained Proposedcapital stock reserve reserve fair values adjustments earnings appropriations TotalNotes BD ’000 BD ’000 BD ’000 BD ’000 BD ’000 BD ’000 BD ’000 BD ’000 BD ’000Balance at 31 December 2002 56,906 (1,053) 18,675 20,000 (586) (1,696) 22,852 15,981 131,079Approval of dividend, directors’ remunerationand donations - - - - - - - (15,981) (15,981)Net profit for the year – 2003 - - - - - - 23,310 - 23,310Portion of realised gain on non tradinginvestments (previously included inretained earnings on adoption of IAS 39) - - - - - - (1,592) - (1,592)Foreign exchange translation adjustments - - - - - 864 - - 864Net movement in cumulative changesin fair values 16 - - - - 4,572 - - - 4,572Transfer to statutory reserve - - 2,331 - - - (2,331) - -Proposed dividend 17 - - - - - - (16,941) 16,941 -Proposed directors’ remuneration 17 - - - - - - (260) 260 -Proposed donations 17 - - - - - - (600) 600 -Balance at 31 December 2003 56,906 (1,053) 21,006 20,000 3,986 (832) 24,438 17,801 142,252Approval of dividend, directors’ remunerationand donations - - - - - - - (17,801) (17,801)Net profit for the year – 2004 - - - - - - 25,678 - 25,678Portion of realised gain on non tradinginvestments (previously included inretained earnings on adoption of IAS 39) - - - - - - (2,135) - (2,135)Foreign exchange translation adjustments - - - - - 324 - - 324Net movement in cumulative changesin fair values 16 - - - - 9,460 - - - 9,460Transfer to statutory reserve - - 2,568 - - - (2,568) - -Proposed dividend 17 - - - - - - (19,764) 19,764 -Proposed directors’ remuneration 17 - - - - - - (260) 260 -Proposed donations 17 - - - - - - (600) 600 -Balance at 31 December 2004 56,906 (1,053) 23,574 20,000 13,446 (508) 24,789 20,624 157,778Month end average equity – 2004 144,644Month end average equity – 2003 131,206Retained earnings include BD 9,305 thousand (2003: BD 6,156 thousand) of non-distributable reserves.The movement in foreign exchange translation adjustment represents the net foreign exchange translation gain arising from translating the financialstatements of the Group’s foreign entities into Bahraini dinars.The attached notes 1 to 40 form part of these consolidated financial statements.Annual Report 2004 36 | 37
Page 1 and 2: Annual Report2004
Page 3 and 4: Our VisionBank of Bahrain and Kuwai
Page 5 and 6: Financial Highlights2000 2001 2002
Page 7 and 8: Chairman’s StatementFinancial per
Page 9 and 10: AppreciationOn behalf of the Board
Page 11 and 12: Hamad Ahmad Al BusairiDirectorMoham
Page 13 and 14: 95%Bahrainisation levelBBK became t
Page 15 and 16: CustomersTo meet the challenges pos
Page 17 and 18: 34%Utilization in internet home ban
Page 19 and 20: Abdul Karim Ahmed BucheeryAmit Kuma
Page 21 and 22: Operating expensesTotal operating e
Page 23 and 24: Treasury bills and inter-bank depos
Page 25 and 26: Liquidity riskLiquidity risk is def
Page 27 and 28: Additional DisclosuresI. Corporate
Page 29 and 30: 9. DutiesThe Committee shall:9.1. D
Page 31 and 32: Board of DirectorsGeneral ManagerCh
Page 33 and 34: XII. Disclosure Standards Requireme
Page 35 and 36: Consolidated Financial Statements34
Page 37: Consolidated Income StatementYear e
Page 41 and 42: 3 Significant accounting policies (
Page 43 and 44: 3 Significant accounting policies (
Page 45 and 46: 6 Loans and advances to customers20
Page 47 and 48: 7 Non-trading investment securities
Page 49 and 50: 16 Cumulative changes in fair value
Page 51 and 52: 22 Segmental information (continued
Page 53 and 54: 25 DerivativesIn the ordinary cours
Page 55 and 56: 26 Commitments and contingent liabi
Page 57 and 58: 30 Interest rate risk management (c
Page 59 and 60: 30 Interest rate risk management (c
Page 61 and 62: 33 Liquidity risk (continued)As of
Page 63: 39 Deposit protection schemeDeposit

BBK annual report eng 21.5.5

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