http://www.rns-pdf.londonstockexchange.com/rns/9235X_1-2023-4-28.pdf
EFG Hermes Reports IFRS Consolidated Financial Statements for the Year Ended 31 December 2022
For the full financial Statements please click on the link on top of the page
Consolidated statement of financial position
As at 31 December
| | | | 2022 | | 2021 | ||
| | | | EGP | | EGP | ||
| | | |
| | Restated | ||
| Assets | | Notes | | | | ||
| Cash and cash equivalents | | 5 | 26,214,250,479 | | 30,876,257,819 | ||
| Funded facilities to customers | | 8 | 13,904,711,801 | | 10,454,979,766 | ||
| Banking loans and facilities (aiBank) | | 8.1 | 19,317,430,427 | | 9,544,916,760 | ||
| Accounts receivable | | 7 | 5,569,133,136 | | 5,611,375,904 | ||
| Investments at fair value through profit and loss | | 6 | 6,772,893,362 | | 8,002,539,778 | ||
| Investments at fair value through OCI | | 9 | 14,080,120,999 | | 16,820,480,365 | ||
| Investments at amortized cost | | 12 | 11,518,692,377 | | 10,050,278,918 | ||
| Assets held for sale | | 11 | 349,701,081 | | 310,745,145 | ||
| Equity accounted investees | | 10 | 606,432,818 | | 461,315,552 | ||
| Investment properties | | 13 | 118,984,442 | | 125,529,472 | ||
| Property and equipment | | 14 | 1,636,042,509 | | 1,522,312,110 | ||
| Goodwill and other intangible assets | | 15 | 1,954,749,801 | | 993,839,079 | ||
| Deferred tax assets | | 22 | 64,486,447 | | 41,521,424 | ||
| Other assets | | 16 | 3,401,909,847 | | 2,564,263,111 | ||
| Total assets | | | 105,509,539,526 |
| 97,380,355,203 | ||
| | | | | | | ||
| Liabilities | | | | | | ||
| Due to banks and financial institutions | | 17 | 12,371,835,820 | | 17,736,580,111 | ||
| Customer deposits | | 18 | 48,130,171,764 | | 38,564,737,371 | ||
| Loan and borrowings | | 24 | 4,996,029,063 | | 5,501,069,487 | ||
| Creditors and other credit balances | | 21 | 4,982,664,616 | | 3,531,967,772 | ||
| Accounts payable - customers credit balances FVTPL | | 19 | 379,039,443 | | 3,890,060,348 | ||
| Accounts payable - customers credit balances | | | 9,595,446,350 | | 8,537,833,096 | ||
| Issued bonds | | 20 | 500,000,000 | | 550,000,000 | ||
| Provisions | | 23 | 903,715,808 | | 690,001,941 | ||
| Current tax liability | | | 473,873,472 | | 363,572,503 | ||
| Deferred tax liabilities | | 22 | 800,661,223 | | 410,044,804 | ||
| Total liabilities | | | 83,133,437,559 | | 79,775,867,433 | ||
| | | | | | | ||
| Equity | | | | | | ||
| Share capital | | 25 | 5,838,424,030 | | 4,865,353,355 | ||
| Legal reserve | | | 867,454,520 | | 840,272,556 | ||
| Share premium | | | 1,668,623,811 | | 1,668,623,811 | ||
| Other reserves | | | 3,125,555,888 | | 783,420,592 | ||
| Retained earnings | | | 7,460,139,693 | | 6,486,918,967 | ||
| Equity attributable to owners of the Group |
|
| 18,960,197,942 | | 14,644,589,281 | ||
| Non - controlling interests | | 26 | 3,415,904,025 | | 2,959,898,489 | ||
| Total equity | | | 22,376,101,967 | | 17,604,487,770 | ||
| Total liabilities and equity | | | 105,509,539,526 |
| 97,380,355,203 | ||
| | | | | | | |
|
These financial statements were approved and authorised for issue on 28 April 2023 and signed by:
| Mona Zulficar Chairperson | Karim Awad 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 31 December
|
| Notes | 2022 |
| 2021 | |||||
|
|
| EGP |
| EGP | |||||
|
|
|
|
| Restated | |||||
| Interest income | 32 | 9,295,888,885 | | 4,416,355,205 | |||||
| Interest expense | 32 | (5,698,004,648) | | (1,831,314,272) | |||||
| Net interest income |
| 3,597,884,237 |
| 2,585,040,933 | |||||
| Fee and commission income | 32 | 4,804,815,709 | | 3,395,050,747 | |||||
| Fee and commission expense | 32 | (508,239,556) | | (344,114,579) | |||||
| Net fee and commission income | | 4,296,576,153 |
| 3,050,936,168 | |||||
| Securities' losses for investments at FVTPL | 32 | (847,026,822) | | (7,302,092) | |||||
| Changes in the fair value of investments at FVTPL | 6-32 | 923,031,019 | | (76,153,571) | |||||
| Dividend income | 32 | 5,660,968 | | 31,853,072 | |||||
| Other revenues | 28 | 159,190,766 | | 146,867,227 | |||||
| Gains on dereceognition of financial assets at amortized cost | 32 | 222,309,757 | | 88,347,943 | |||||
| Impairment loss on financial assets - net of recoveries | 29 | (726,510,890) | | (137,995,100) | |||||
| Foreign currencies exchange differences | 32 | 2,495,674,925 | | 234,140,416 | |||||
| Gains on selling assets held for sale | 32 | 5,486,779 | | 3,864,407 | |||||
| Share of proft/(loss) from equity accounted investees | 32 | 76,562,049 | | (14,173,369) | |||||
| Bargain purchase gain | 15 | - | | 97,562,892 | |||||
|
|
| 10,208,838,941 |
| 6,002,988,926 | |||||
| General and administrative expenses | 31 | (6,541,863,982) | | (3,796,051,268) | |||||
| Financial guarantee provision | 23 | (21,174,484) | | (5,673,313) | |||||
| Impairment loss on goodwill and intangible assets | 32 | (10,239,218) | | (16,034,698) | |||||
| Provisions | 23 | (156,889,673) | | (96,968,478) | |||||
| Depreciation and amortisation | 31.2 | (296,470,780) | | (196,292,200) | |||||
| Profit before tax | | 3,182,200,804 | | 1,891,968,969 | |||||
| Income tax expense | 30 | (1,103,724,498) | | (350,195,700) | |||||
| Profit for the year | | 2,078,476,306 |
| 1,541,773,269 | |||||
| | | | | | | ||||
| Attributable to: | |
|
|
| |||||
| Shareholders of the Holding Company | | 1,724,108,570 | | 1,425,807,709 | |||||
| Non-controlling interests | | 354,367,736 | | 115,965,560 | |||||
| | | 2,078,476,306 |
| 1,541,773,269 | |||||
|
| | | | |
| ||||
| Earnings per share: | | | | |
| ||||
| Basic earning per share - EGP | 34 | 1.48 |
| 1.27 |
| ||||
| Diluted earnings per share - EGP | 34 | 1.48 |
| 1.27 |
| ||||
The accompanying notes form an integral part of these consolidated financial statements.
Consolidated statement of comprehensive income
For the year ended 31 December
|
| Notes | 2022 |
| 2021 |
|
|
| EGP |
| EGP |
|
|
|
|
| Restated |
| Profit for the year |
| 2,078,476,306 | | 1,541,773,269 |
| Other comprehensive income items: | | | | |
| Items that may be reclassified to the consolidated statement of profit or loss | | | | |
| Foreign operations - foreign currency translation differences | | 3,210,783,015 | | (15,450,147) |
| Foreign currency translation differences - reclassified to profit or loss | | (852,751,863) | | (167,306,760) |
| Net losses on investments in debt instruments at FVOCI- net change in fair value | | (157,786,834) | | (10,639,480) |
| Investments at fair value through OCI - net change in fair value - reclassified to profit or loss | | (3,015,600) | | 34,043,158 |
| Tax relating to such items | 22 | 24,443,416 | | (930,181) |
| |
| 2,221,672,134 | | (160,283,410) |
| Items that will not be reclassified to the consolidated statement of profit or loss | | | | |
| Investment at fair value through OCI - reclassified to retained Earnings | | (547,139) | | (15,659) |
| Net gains on investments in equity instruments designated at fair value through OCI | | 49,993,934 | | 10,802,502 |
| Share of other comprehensive income of equity accounted investees | | 206,189 | | - |
| Actuarial gain/(loss) re-measurement of employees' benefits obligations | 23 | (4,505,067) | | 971,076 |
| Total other comprehensive income for the year | | 2,266,820,051 | | (148,525,491) |
| Total comprehensive income for the year | | 4,345,296,357 |
| 1,393,247,778 |
| Attributable to: | |
|
|
|
| Shareholders of the Holding Company | | 3,842,008,839 | | 1,268,728,563 |
| Non-controlling interests | | 503,287,518 | | 124,519,215 |
| | | 4,345,296,357 |
| 1,393,247,778 |
For further information:
Investor Relations Department
Email: investor-relations@efg-hermes.com
Tel: +20 (0)2 35356710
Fax: +20 (0)2 3535 7017
Group Head of Corporate Strategy & Investor Relations - 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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