22 Gulf Daily News Thursday, 13th November 2014 Asry-OISA sign key deal MANAMA: Asry, the leading ship and rig repair yard in the Arabian Gulf, yesterday signed a memorandum of a “permanent mutual co-operation” with the Organisation of Islamic Ship Owners’ Association (OISA). Asry’s chief executive Nils Kristian Berge commended the agreement, which will enhance co-operation between the yard and the member countries of OISA and, subsequently, navigation and shipping companies. This will help Asry hold wider meetings with the owners of such companies and decision makers, reflecting positively on its future activities. The memorandum will serve as a legal reference for potential bilateral agreements with member countries of OISA. The memorandum of understanding (MoU) was signed on behalf of the company by Asry’s ship repair general manager Magdy Sharkawy, and OISA executive committee n Officials at the signing ceremony chairman Mohammed Shawky Younis. Mr Sharkawy emphasised the importance of this memorandum for the future development of Asry, as it will open the way for attracting more business from various com- panies in the OISA member countries. “The purpose of the MoU is to clearly identify and define the roles and responsibilities of each party as they work together towards achieving common objectives and goals,” he added. “It is also to initiate co-operation between the two parties, as well as to establish fruitful relationships with OISA members for the mutual benefit of the parties concerned.”. He said that the MoU aims at developing a strategic plan for business co-operation with OISA member countries, especially in rig repair and shipbuilding. It also aims to share both tangible and intangible resources to effect seamless exchange of information between both parties, resulting in efficient and solid business relations. “Under the terms of the MoU, Asry will provide expertise and services for the docking and maintenance of OISA members’ vessels,” Mr Sharkawy said. “It will also support such vessels with priority high quality service in a timely cost-effective manner and to share the results of case studies and researches related to previous dockings with OISA members,” he said. “This can be beneficial to them in raising the technical standards and efficiency, which is of utmost importance in operating a cost-effective fleet,” he added. BBK opens new ATMs MANAMA: BBK, Bahrain’s pioneer in retail and commercial banking, yesterday announced the introduction of two new offsite ATMs located in Manama Plaza (Mahooz) and Al Reem Centre (East Riffa). BBK has one of the largest distribution networks in Bahrain with 48 ATMs, six cash deposit machines, seven FMs and nine branches, It is committed to maintaining its market-leading position by adding new BBK ATMs in suitable locations to provide additional services and added convenience for its customers. Project in focus MANAMA: The trade and retail sector committee of the Bahrain Chamber of Commerce and Industry held its regular meeting presided over by second vice-chairman Jawad Al Hawaj. Members expressed their optimism about the impact the Dragon City will have on the national economy. Diyar Al Muharraq chief executive Dr Maher Al Shaer gave a presentation about the project. ESKAN BANK B.S.C. (c) INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2014 INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2014 (Reviewed) (Amounts in Bahraini Dinars thousands) INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS For the nine month period ended 30 September 2014 (Reviewed) 30 September 2014 (reviewed) 31 December 2013 (audited) 92,199 4,757 424,557 9,329 42,651 17,127 6,386 597,005 105,617 4,757 400,202 9,136 41,760 8,351 6,369 576,192 45,100 238,499 65,500 22,749 371,848 49,000 232,779 65,500 18,562 365,841 108,300 18,850 54,462 36,911 218,523 6,634 225,157 597,005 108,300 18,524 54,462 29,065 210,351 210,351 576,192 ASSETS Cash and bank balances Investments Loans Investment in associates Investment properties Development properties Other assets TOTAL ASSETS LIABILITIES AND EQUITY LIABILITIES Deposits from financial and other institutions Government accounts Term loans Other liabilities Total liabilities EQUITY Share capital Contribution by shareholder Statutory reserve Retained earnings Equity attributable to Bank’s shareholders Non-controlling interest Total equity TOTAL LIABILITIES AND EQUITY INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the nine month period ended 30 September 2014 (Reviewed) (Amounts in Bahraini Dinars thousands) Three months ended 30 September Nine months ended 30 September 2014 (reviewed) 2013 (reviewed) 2014 (reviewed) 2013 (reviewed) 3,380 3,044 9,894 8,955 Interest income 667 680 2,129 2,109 Income from investment properties 108 96 315 282 Share of profit (loss) of associates (45) (91) 193 (216) Other income 501 597 1,533 1,609 4,611 4,326 14,064 12,739 1,050 874 3,244 2,924 Management charges TOTAL INCOME Staff costs Interest expense 551 569 1,690 1,680 Other expenses 334 360 1,071 892 81 32 213 218 TOTAL EXPENSES 2,016 1,835 6,218 5,714 PROFIT FOR THE PERIOD 2,595 2,491 7,846 7,025 - - - - 2,595 2,491 7,846 7,025 Impairment provision on loans Other comprehensive income TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Basim Bin Yacob Al Hamer, Chairman (Amounts in Bahraini Dinars thousands) 30 September 2014 (reviewed) 30 September 2013 (reviewed) 7,846 7,025 (193) 213 289 8,155 1,092 (24,568) (646) (42) (3,900) 2,420 (17,489) 216 218 270 7,729 (8,924) (32,855) (416) (198) (570) (438) (35,672) (113) (444) (557) (200) (200) 5,720 5,720 (12,326) 91,906 79,580 20,040 20,040 (15,831) 99,888 84,057 8,845 6,634 1,767 715 327 - 415 1,700 2,449 OPERATING ACTIVITIES Profit for the period Adjustments for: Net share of (profit) loss of associates Impairment provision on loans Depreciation Operating profit before working capital changes Decrease (increase) in placements with banks Increase in loans Increase in development properties Increase in other assets Decrease in deposits from financial and other institutions Increase (decrease) in other liabilities Cash flows used in operating activities INVESTING ACTIVITIES Purchase of equipment Acquisition of a subsidiary, net of cash acquired Cash flows used in investing activities FINANCING ACTIVITY Net movement in Government Accounts Net cash flows from financing activity NET DECREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents at 1 January CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER Non-cash activities Development properties (acquisition of a subsidiary) Non-controlling interest (acquisition of a subsidiary) Other liabilities - consideration payable (acquisition of a subsidiary) Transfer between investment and development properties Investment properties (land contribution by shareholder) Investment in associate by transfer of receivables Transfer to Shareholder INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine month period ended 30 September 2014 (Reviewed) (Amounts in Bahraini Dinars thousands) As at 1 January 2014 Transfer of land Acquisition of a subsidiary Total comprehensive income for the period At 30 September 2014 As at 1 January 2013 Transfer of land Total comprehensive income for the period Transfer to shareholder At 30 September 2013 Share capital 108,300 108,300 108,300 108,300 Contribution by Statutory Retained shareholder reserve earnings 18,524 54,462 29,065 326 7,846 18,850 54,462 36,911 20,292 54,462 21,046 415 7,025 (2,449) 18,258 54,462 28,071 Total 210,351 326 7,846 218,523 204,100 415 7,025 (2,449) 209,091 Noncontrolling interest 6,634 6,634 - Total equity 210,351 326 6,634 7,846 225,157 204,100 415 7,025 (2,449) 209,091 Dr. Khalid Abdulla, General Manager The above interim consolidated statement of financial position and the related interim consolidated statements of comprehensive income, changes in equity and cash flows have been extracted from the interim consolidated financial statements of Eskan Bank B.S.C. (c), which were approved by the Board of Directors and on which an unqualified review opinion was issued by Ernst & Young, Kingdom of Bahrain on 2nd November 2014. 3260-Eskan Q3-GDN-HP-18x26-V3.indd 1 11/12/14 1:51 PM