Interim Financial Statement 30 September 2012

Transcription

TAKAFUL IKHLAS SDN. BHD.
(593075-U)
(Incorporated in Malaysia)
Unaudited Condensed Financial Statements
For the six months period ended 30 September 2012
593075-U
Takaful Ikhlas Sdn. Bhd.
Contents
Page
Unaudited Condensed Income Statement
1
Unaudited Condensed Statement of Comprehensive Income
2
Unaudited Condensed Statement of Financial Position
3
Unaudited Condensed Statement of Changes in Equity
4
Unaudited Condensed Statement of Cash Flows
5-6
Notes to the Unaudited Condensed Financial Statements
7 - 38
593075-U
Unaudited Condensed Income Statement
30.09.2012
Bank Negara Malaysia Reporting
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
Operating revenue
Gross earned contribution
Earned contribution ceded
to retakaful operators
Net earned contribution
Investment income
Realised gains/(losses)
Fair value gains/(losses)
Fee and commission income
Other operating revenue
Other revenue
Gross claims and benefits paid
Claims and benefits ceded to retakaful operators
Gross change to certificate liabilities
Change in certificate liabilities ceded
to retakaful operators
Net claims
Fee and commission expenses
Management expenses
Other operating expenses
Change in expenses liability
Other expenses
Operating surplus before taxation
Elimination
RM '000
96,999
96,881
284,918
-
84,407
259,864
-
(24,582)
59,825
(24,020)
235,844
5,377
1,166
46
4,029
10,618
24,994
3,797
259
29,050
-
(58,611)
8,928
23,973
(50,008)
17,240
(10,908)
-
(108,619)
26,168
13,065
-
400
(25,310)
2,988
(40,688)
-
3,388
(65,998)
(26,804)
18
(26,786)
(74,569)
80
(74,489)
101,373
101,373
(54,250)
(48,271)
98
(1,325)
(103,748)
18,347
149,717
5,275
521
55
101,373
561
107,785
(54,250)
(48,271)
(1,325)
(103,846)
3,939
(91,724)
Company
RM '000
30.09.2011
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
Elimination
RM '000
387,074
104,321
106,152
278,168
-
344,271
-
109,543
257,001
-
366,544
-
(48,602)
295,669
-
(5,965)
103,578
(18,794)
238,207
-
(24,759)
341,785
5,486
(88)
2,898
2,790
11,086
19,796
501
(778)
19,519
-
(58,574)
2,339
(22,216)
(66,839)
39,721
(6,240)
-
(125,413)
42,060
(28,456)
-
2,472
(75,979)
(24,395)
(57,753)
-
(21,923)
(133,732)
(25,452)
(1,467)
(26,919)
(75,649)
(2,049)
(77,698)
101,102
101,102
(56,875)
(46,400)
(3,516)
(1,309)
(108,100)
11,766
122,275
(101,373)
(101,373)
-
35,646
5,484
360
4,029
561
46,080
172,003
4,862
163
(114)
101,102
606
106,619
(56,876)
(46,400)
(1,309)
(104,585)
2,034
(99,459)
Company
RM '000
(101,102)
(101,102)
-
389,182
30,144
576
2,006
2,790
606
36,122
136,075
Taxation attributable to participants
-
(4,477)
(2,301)
-
(6,778)
-
(2,612)
(1,593)
-
(4,205)
Net surplus attributable to participants
-
(13,870)
(147,416)
-
(161,286)
-
(9,154)
(120,682)
-
(129,836)
Profit before zakat and taxation
Zakat
Taxation
Net profit for the period
Basic earnings per share (sen)
3,939
-
-
-
3,939
2,034
-
-
-
2,034
(301)
(1,680)
-
-
-
(301)
(1,680)
(500)
(1,246)
-
-
-
(500)
(1,246)
1,958
-
-
-
1,958
288
-
-
-
0.7
0.1
0.7
288
0.1
These unaudited condensed financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 March 2012. The accompanying explanatory notes form an integral part of these financial statements.
1
593075-U
Unaudited Condensed Statement of Comprehensive Income
30.09.2012
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
Net profit for the period
1,958
-
30.09.2011
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
Elimination
RM '000
Company
RM '000
-
1,958
288
101
497
(3,728)
-
346
381
(5,397)
(315)
102
(94)
(921)
176
88
3,130
-
-
4,026
1,314
(19)
657
-
-
-
Elimination
RM '000
Company
RM '000
-
288
242
23
(516)
-
(994)
301
(522)
251
-
-
908
(19)
-
Other comprehensive income:
Available-for-sale fair value reserves:
Net (loss)/gains on fair value changes
Deferred tax on fair value changes
Realised (gain)/loss transferred to income statement
Other comprehensive income attributable to
participants
Total comprehensive income for the period
(16)
(125)
(503)
1,314
261
9
(1,166)
896
-
2
593075-U
Unaudited Condensed Statement of Financial Position
As at 30 September 2012
Note
Assets
Property, plant and equipment
Intangible assets
Investment properties
Financial assets:
Financial assets at fair value
through profit or loss ("FVTPL")
Held-to-maturity investments ("HTM")
Available-for-sale ("AFS") financial assets
Loans and receivables ("LAR")
Retakaful certificates assets
Takaful certificates receivables
Deferred tax assets
Tax recoverable
Cash and bank balances
Investment-linked business assets
Total assets
30.09.2012
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
31.03.2012
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
(Restated)
(Restated)
(Restated)
Elimination
RM '000
Company
RM '000
-
11,767
6,111
104,060
13,275
6,101
-
-
103,828
1.04.2011
Shareholder's
General
Family
fund
takaful fund
takaful fund
RM '000
RM '000
RM '000
(Restated)
(Restated)
(Restated)
Elimination
RM '000
Company
RM '000
(Restated)
-
13,275
6,101
103,828
14,237
4,583
-
-
103,518
Elimination
RM '000
Company
RM '000
(Restated)
-
14,237
4,583
103,518
11,767
6,111
-
-
104,060
1,536
64,611
113,312
147,179
5,843
5,319
8,059
363,737
1,536
70,124
95,126
111,608
45,969
23,678
1,153
636
349,830
5,775
340,812
558,282
360,984
119,476
162,597
17,736
119,525
1,789,247
(35,545)
(35,545)
8,847
475,547
766,720
584,226
165,445
186,275
6,996
5,319
26,431
119,525
2,467,269
988
23,317
124,508
180,738
5,752
3,739
1,373
359,791
1,049
43,717
139,601
70,418
42,156
25,463
1,195
22,212
345,811
2,355
133,349
548,757
402,167
115,684
130,382
53,008
119,177
1,608,707
(23,620)
(23,620)
4,392
200,383
812,866
629,703
157,840
155,845
6,947
3,739
76,593
119,177
2,290,689
712
22,435
79,224
119,083
5,090
2,128
7,630
255,122
1,105
40,662
132,066
60,449
34,351
32,798
1,492
47,511
350,434
1,832
119,019
397,820
303,142
137,383
83,906
64,512
91,409
1,302,541
(57,714)
(57,714)
3,649
182,116
609,110
424,960
171,734
116,704
6,582
2,128
119,653
91,409
1,850,383
18,475
13,010
512
31,374
63,371
276,800
7,250
6,742
36,442
327,234
1,361,629
78,228
2,196
6,714
66,934
3,141
1,518,842
(35,409)
(136)
(35,545)
1,656,904
85,478
13,010
2,196
512
13,456
99,341
3,005
1,873,902
17,150
15,578
414
390
22,207
55,739
293,710
13,827
2,577
26,075
336,189
1,204,446
69,774
2,801
4,411
59,180
2,722
1,343,334
(22,182)
(1,438)
(23,620)
1,515,306
83,601
15,578
414
2,801
390
6,988
85,280
1,284
1,711,642
15,146
13,498
22
573
31,469
60,708
291,733
7,932
564
51,520
351,749
1,002,612
34,406
2,348
1,260
67,519
1,954
1,110,099
(56,862)
(852)
(57,714)
1,309,491
42,338
13,498
22
2,348
573
1,824
93,646
1,102
1,464,842
-
22,596
-
22,596
154,021
116,384
270,405
-
22,596
154,021
116,384
293,001
-
9,622
9,622
148,918
116,455
265,373
-
9,622
148,918
116,455
274,995
-
Equity
Share capital
Reserves
Total equity
295,000
5,366
300,366
-
-
-
295,000
5,366
300,366
295,000
9,052
304,052
-
-
-
295,000
9,052
304,052
Total liabilities, participants' funds and equity
363,737
349,830
1,789,247
2,467,269
359,791
345,811
1,608,707
Liabilities
Takaful certificates liabilities
Takaful certificates payables
Due to agents, retakaful operators and brokers
Due to related companies
Deferred tax liabilities
Zakat payable
Tax payable
Other payables
Investment-linked business liabilities
Total liabilities
Participants' fund
General takaful fund
Family takaful fund
Investment-linked fund
Total participants' funds
12(a)
12(b)
12(c)
12(d)
14
13
17
14
17
15
16
17
(35,545)
(23,620)
2,290,689
3
195,000
(586)
194,414
255,122
(1,315)
(1,315)
102,987
89,455
192,442
-
(1,315)
102,987
89,455
191,127
-
-
-
195,000
(586)
194,414
350,434
1,302,541
(57,714)
1,850,383
593075-U
Unaudited Condensed Statement of Changes in Equity
Share
capital
RM '000
Note
At 1 April 2012, previously stated
Effects of adoption of MFRS framework
At 1 April 2012, restated
Total comprehensive income for the period
Dividend on ordinary shares
At 30 September 2012
At 1 April 2011, previously stated
Effects of adoption of MFRS framework
At 1 April 2011, restated
Share capital issued during the year
Total comprehensive income for the year
At 30 September 2011
2.2
2.2
Non
distributable
Available-for
sale reserves
RM '000
Distributable
retained profits/
(losses)
RM '000
Total
RM '000
295,000
295,000
295,000
1,810
268
2,078
(644)
1,434
6,974
6,974
1,958
(5,000)
3,932
303,784
268
304,052
1,314
(5,000)
300,366
195,000
195,000
100,000
295,000
708
241
949
(307)
642
(1,535)
(1,535)
288
(1,247)
194,173
241
194,414
100,000
(19)
294,395
These unaudited condensed financial statements should be read in conjunction with the audited financial statements for the financial year ended 31
March 2012. The accompanying explanatory notes form an integral part of these financial statements.
4
593075-U
30.09.2012
RM '000
Operating Activities
Profit before zakat and taxation
Adjustments for:
Depreciation for property, plant and equipment
Amortisation of intangible assets
Net amortisation/(accretion) of discounts
Profit on investment accounts
Gross dividend income
Fair value adjustments of financial assets at FVTPL
Writeback for impairment of HTM financial asset
Gain on disposal of investments
(Gain)/loss on disposal of property, plant and equipment
Writeback for impairment of takaful receivables
Increase/(decrease) in contribution liabilities
Increase in expense liabilities
Results of general takaful fund
Results of family takaful fund
Operating profit before working capital changes
Purchase of financial assets/investments
Proceeds from disposal of of financial assets/investments
Decrease/(increase) in Islamic investment accounts
Decrease/(increase) in loans receivable
Increase in trade receivables
(Increase)/decrease in other receivables
(Decrease)/increase in claims liabilities
(Decrease)/increase in trade payables
Decrease/(Increase) in other payables
Net change in balance with holding company
Net cash (used in)/generated from operating activities
Investment income received
Dividend income received
Income tax paid
Zakat paid
Net cash flows from operating activities
5
3,939
30.09.2011
RM '000
2,034
1,801
501
224
(31,701)
(2,462)
(60)
(23)
(5,484)
(277)
3,650
1,325
13,870
147,416
132,719
(465,353)
234,317
51,074
132
(30,153)
(8,423)
(10,477)
(691)
23,539
513
(72,803)
1,824
569
(477)
(28,106)
(2,416)
1,376
(192)
(507)
(69)
(3,190)
(17,724)
1,309
9,154
120,682
84,276
(206,165)
82,688
(226,956)
(154)
(14,772)
67,125
25,983
15,455
(49,444)
(6,005)
(227,969)
25,291
2,367
(3,802)
(179)
(49,126)
32,724
2,348
(7,097)
(197)
(200,191)
593075-U
For the six months period ended 30 September 2012 (cont'd.)
30.09.2012
RM '000
30.09.2011
RM '000
Investing Activities
Proceeds from disposal of property and equipment
Purchase of property and equipment
Purchase of intangibles
Purchase of investment properties
Net cash flows from investing activities
(293)
(511)
(232)
(1,036)
154
(3,697)
(3,543)
Financing Activity
Proceeds from issuance of share capital to holding
company representing net cash generated from
financing activity
Net cash flows from financing activity
-
100,000
100,000
(50,162)
76,593
26,431
(103,734)
119,653
15,919
8,059
636
17,736
26,431
4,187
1,947
9,785
15,919
Net (decrease)/ increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Cash and bank balances of:
Shareholder's fund
Family takaful fund
These unaudited condensed financial statements should be read in conjunction with the
audited financial statements for the financial year ended 31 March 2012. The
accompanying explanatory notes form an integral part of these financial statements.
6
593075-U
Notes to the Unaudited Condensed Financial Statements - 30 September 2012
1.
Corporate information
The Company is engaged principally in the managing of general, family and investment-linked
takaful businesses. There were no significant changes in the principal activities of the
Company during the financial period from 1 April 2012 to 30 September 2012.
The Company is a private limited liability company, incorporated and domiciled in Malaysia.
The registered office of the Company is located at 9th Floor, IKHLAS Point, Tower 11A,
Avenue 5, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
The holding and ultimate holding company is MNRB Holdings Berhad, a company incorporated
and domiciled in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad.
2.
Significant accounting policies
2.1 Basis of preparation
The interim financial statements for the six months period ended 30 September 2012 are
unaudited and have been prepared inaccordance with Malaysian Financial Reporting
Standard (''MFRS'') 134, Interim Financial Reporting in Malaysia, Takaful Act, 1984 and
the Guidelines/circulars issued by BNM and where applicable are modified to comply with
the principles of Shariah. It includes Takaful Funds established inaccordance with Takaful
Act,1984 in Malaysia which are managed and controlled by the Company as operator of
the fund.
The statements of financial position and the statements of comprehensive income of the
Shareholder's Fund, Family Fund and General Fund are supplementary financial
information presented in accordance with the requirements of Bank Negara Malaysia. In
accordance with Takaful Act, 1984 in Malaysia, the Company is required to segregate
assets, liabilities, income and expenses of Takaful funds from its own. The statements of
financial position and comprehensive income of the Shareholder's Fund include only
assets, liabilities, income and expenses of the Company excluding the Takaful funds
manage by it. The statements of financial position and comprehensive income of the
Family Fund include only the assets, liabilities, income and expenses of the family
solidarity fund that is set up, managed and controlled by the Company. The statements of
financial position and comprehensive income of the General Fund include only the assets,
liabilities, income and expenses of General Takaful fund other than the family solidarity
fund that is set up, managed and controlled by the Company.
The condensed interim financial statements are the Company's first MFRS interim
financial statements for part of the period covered by the Company's first MFRS annual
financial statements for the period ending 31 March 2013, hence MFRS 1 First Time
Adoption of Malaysian Financial Reporting Standards has been applied.
7
593075-U
2.
Significant accounting policies (cont'd.)
2.1 Basis of preparation (cont'd.)
The explanatory notes attached to the condensed interim financial statements provide an
explanation of events and transactions that are significant to an understanding of the
changes in the financial position and performance of the Company since the financial
period ended 31 March 2012.
The condensed interim financial statements do not include all the information and
disclosures required in the annual financial statements, and should be read in conjunction
with the Company's audited financial statements for the financial period ended 31 March
2012.
The financial statements are presented in Ringgit Malaysia (RM) and all values are
rounded to the nearest thousand (RM '000) except when otherwise indicated.
2.2 Changes in Accounting Policies and Effects Arising from Adoption of New and
Revised FRSs and Issues Committee Interpretations ("IC Interpretations")
The accounting policies adopted in the preparation of the condensed interim financial
statements are consistent with those adopted in the Company's audited financial
statements for the year ended 31 March 2012, except for the adoption of the following
new and revised MFRS, Amendments to MFRS, IC Interpretations and Technical
Release:
MFRS 1 First time Adoption of Malaysian Financial Reporting Standards
Amendment to MFRS 7 Disclosures-Transfers of Financial Assets
Amendment to MFRS 112 Deferred tax : Recovery of underlying assets
MFRS 124 Related Party Disclosures
The adoption of the above FRSs, Amendments to FRS, IC Interpretations, Amendments
to IC Interpretations and Technical Releases did not have any significant effect on the
financial performance or position of the Company except for those discussed below:
(a) Adoption of BNM Guidelines
On 22 December 2010, BNM issued several new Guidelines which are mandatory for
all takaful operators licensed under the Takaful Act 1984 and are effective for
financial periods beginning on or after 1 July 2011. The guidelines are as follows:
8
593075-U
2.
Revised FRSs and Issues Committee Interpretations ("IC Interpretations") (cont'd.)
(a) Adoption of BNM Guidelines (cont'd.)
(i) Guidelines on financial reporting for takaful operators
This Guideline primarily prescribes the minimum disclosure requirements for
financial statements of takaful operators including the requirement to present
statements of financial position, statements of comprehensive income and
related explanatory notes by funds. In addition, the Guideline also requires that
takaful operators ensure that the aggregated total assets and total liabilities
presented in the Company's statement of financial position are net of Qard.
The primary disclosure requirements of this Guideline had had been fully adopted
and complied with since the previous financial year ended 31 March 2012.
(ii) Guidelines on valuation basis of liabilities of general takaful business
This Guideline requires all takaful operators to measure its claim liabilities at a
75% level of sufficiency at the total fund level. In addition, it specifies that the
contribution liabilities of a takaful operator should be the higher of the aggregate
of its unearned contribution reserves ("UCR") or its unexpired risk reserves
("URR") and a PRAD at 75% confidence level, calculated at the total fund level.
In line with the adoption of FRS 4, the prescriptions of this Guideline with respect
to the determination of claim and contribution liabilities had been adopted and
complied with since the previous financial year ended 31 March 2012.
The Guideline also dictates the measurement of the expense liabilities of the
Company which is required to be measured at the higher of the aggregate of its
provision for unearned wakalah fees ("UWF") or its unexpired expense reserves
("UER") and a PRAD at 75% confidence level, calculated at the total fund level.
The prescriptions of this Guideline with respect to the determination of expenses
liabilities had been adopted and complied with since the previous financial year
ended 31 March 2012.
9
593075-U
2.
Revised FRSs and Issues Committee Interpretations ("IC Interpretations") (cont'd.)
(a) Adoption of BNM Guidelines (cont'd.)
(iii) Guidelines on valuation basis of liabilities of family takaful business
This Guideline stipulates the valuation bases for liabilities of family takaful
business. Amongst its requirements is the need for the valuation of the family
takaful certificate liabilities based on the gross contribution valuation method.
This change has been reflected as an accounting policy change as it affects the
basis of measurement of family takaful certificate liabilities. The impact of such
change in accounting policy has hence been adjusted retrospectively and the
relevant adjustments made to brought forward reserves and prior year results are
as disclosed in Note 2.3.
(b) Changes in Accounting Framework
On 19 November 2011, the Malaysian Accounting Standards Board ("MASB") issued
a new MASB approved accounting framework, the Malaysian Financial Reporting
Standards ("MFRS Framework").
In presenting its first MFRS financial statements, the Company may be required to
restate the comparative financial statements to amounts reflecting the application of
the MFRS Framework. The majority of the adjustments (if any) required on transition
will be made, retrospectively, against opening retained profits.
The Company had designated previously recognized financial assets at Held-tomaturity ("HTM") to a financial asset as available-for-sale ("AFS"). This is in
accordance to paragraph 29 of MFRS 1 First Time Adoption of Malaysian Financial
Reporting Standards that an entity is permitted to designate a previously recognized
financial asset or financial liability as a financial assets or financial liability at fair value
through profit or loss ("FVTPL") or a financial asset as AFS.
In line with the requirements of MFRS 1, this redesignation is deemed a change in
accounting policy and has been accounted for retrospectively. The relevant
adjustments made to brought forward reserves and prior year results are as disclosed
in Note 2.3.
10
593075-U
2.
2.3 Effects of Changes on Opening Reserves
The following tables present the changes to the related statement of financial position
balance arising from changes in accounting policies and other retrospective restatements
as disclosed in Note 2.2. The adjustments to the carrying amount of the affected items
have been accounted for retrospectively as at 1 April 2011 and 1 April 2012 and adjusted
to the opening retained profit, accumulated surplus, unallocated surplus or AFS reserve of
the shareholders' fund, general takaful fund and family takaful fund. These adjustments
are detailed as follows:
Shareholder's fund
Equity
AFS reserves:
- Effects of adoption of MFRS
Framework:
- Redesignation of
HTM financial assets to
AFS financial assets
- Deferred tax
Note
As at
1.04.2011
RM '000
Increase /
(decrease)
RM '000
Restated
As at
1.04.2011
RM '000
708
241
949
2.2(b)
321
(80)
Participants' fund
AFS reserves:
Framework:
- Redesignation of
- Deferred tax
1,338
236
1,574
2.2(b)
315
(79)
Family takaful fund
Participants' fund
AFS reserves:
Framework:
- Redesignation of
- Deferred tax
Unallocated surplus:
- Effects of adoption of BNM
guideline
7,962
638
8,600
2.2(b)
851
(213)
94,387
2.2(a)(iii)
11
845
845
95,232
593075-U
2.
2.3 Effects of Changes on Opening Reserves (cont'd.)
Shareholder's fund
Equity
AFS reserves:
Framework:
- Redesignation of
- Deferred tax
Note
As at
31.3.2012
RM '000
Increase /
(decrease)
RM '000
Restated
As at
31.3.2012
RM '000
1,810
268
2,078
2.2(b)
358
(90)
Participants' fund
AFS reserves:
Framework:
- Redesignation of
- Deferred tax
1,312
526
1,838
2.2(b)
701
(175)
Family takaful fund
Participants' fund
AFS reserves:
Framework:
- Redesignation of
- Deferred tax
Unallocated surplus:
- Effects of adoption of BNM
guideline
11,822
1,337
13,159
2.2(b)
1,783
(446)
118,872
2.2(a)(iii)
12
16,887
16,887
135,759
593075-U
2.
2.4 Reclassification of comparatives
Certain comparative figures in the statement of financial position and statement of
comprehensive income for the financial period ended 31 March 2012 have been restated
following the adoption of MFRS Framework and changes in accounting policies as stated
in Note 2.2.
As
previously
ReAs
reported classification
restated
RM '000
RM '000
RM '000
Shareholder's fund
Assets
Held-to-maturity investments
Available-for-sale financial assets
Deferred tax assets
Equity
AFS reserves
41,327
106,140
5,842
(18,010)
18,368
(90)
23,317
124,508
5,752
1,810
268
2,078
70,311
112,306
1,370
(26,594)
27,295
(175)
43,717
139,601
1,195
9,096
526
9,622
239,257
441,066
(105,908)
107,691
133,349
548,757
48,638
2,355
(16,887)
446
31,751
2,801
11,822
118,872
1,337
16,887
13,159
135,759
Assets
Deferred tax assets
Participants' Fund
Family takaful fund
Assets
Liabilities
Takaful certificates liabilities
- PSA
Participants' Fund
- AFS reserves
- Unallocated surplus
13
593075-U
3.
Auditor's report
The auditor's report on the audited financial statements of the preceding year ended 31 March
2012 does not contain any qualification.
4.
Seasonality or cyclicality factors
The businesses of the Company was not materially affected by any seasonal or cyclical
fluctuations during the six months financial period ended 30 September 2012.
5.
Unusual items affecting assets, liabilities, equity, net income or cash flows
There were no unusual items affecting assets, liabilities, equity, net income or cash flows for
the six months financial period ended 30 September 2012.
6.
Changes in estimates
There was no change in estimates of amounts reported in prior financial period that has a
material effect in the condensed interim financial statements, except for the changes in the
accounting policies adopted as described in Note 2.2.
7.
Issuances, cancellations, repurchase, resale and repayments of debt and equity
securities
There were no issues, repurchases and repayment of debt and equity securities for the six
months financial period ended 30 September 2012.
8.
Significant events
There were no significant events during the current financial period ended 30 September 2012.
9.
Subsequent events
There were no significant subsequent events during the current financial period ended 30
September 2012.
10. Dividends paid
The shareholder at the Annual General Meeting held on 25 September 2012 approved a final
dividend of 1.7% single tier in respect of the financial year ended 31 March 2012 as proposed
by the Directors. The final dividend was paid on 5 October 2012.
No dividend was declared for the interim period under review.
11. Changes in the composition of the company
There is no change in the composition of the Company since the end of the previous financial
period ended 31 March 2012.
14
593075-U
12. Financial assets
Unquoted Islamic private debt securities:
Government guaranteed
Unsecured
Government investment issues
Quoted shares in Malaysia:
Shariah approved equities
Warrants
Shariah approved unit trust funds
Golf club memberships
Islamic investment accounts with licensed:
Islamic banks
Investment banks
Development bank
Building society
Islamic repo placements
Institutional trust fund
Units held in investment-linked fund
Qard receivable
Secured staff loans:
Receivable within 12 months
Receivable after 12 months
Due from:
Family takaful fund
Amount due from related companies
Income due and accrued
Other receivables, deposits and prepayments
Shareholder's
fund
RM '000
30.09.2012
General
takaful fund
RM '000
19,021
111,132
40,335
18,320
80,033
49,803
78,377
481,971
272,500
19,023
104,291
20,388
18,322
102,562
49,691
93,587
346,960
187,753
15,026
57,140
24,362
14,324
92,609
51,255
45,209
282,965
164,092
8,781
12
178
10,195
19
8,416
-
59,390
7
12,624
-
4,918
15
178
5,804
20
7,968
-
44,142
67
11,952
-
5,650
15
178
9,742
15
5,888
-
17,805
15
8,585
-
26,909
34,846
5,812
16,472
7,083
10,000
-
53,244
44,629
7,357
-
274,970
52,934
19,978
-
76,625
10,412
36,099
5,831
2,000
6,911
10,000
-
36,835
2,384
25,874
-
246,456
27,631
91,451
6,649
19,493
-
13,755
13,472
8,269
12,668
6,592
10,000
12,043
32,249
18,577
5,814
-
90,006
1,507
59,356
113,967
18,592
-
1,149
2,331
-
-
1,183
2,429
-
-
1,289
2,723
-
-
11,021
23,413
136
34
2,929
5,044
326,638
975
3,146
2,257
278,394
285
12,817
1,265,853
7,806
13,413
405
1,873
5,751
329,551
963
2,324
2,038
254,785
1,033
1,212
8,190
52
1,086,628
2,739
29,109
1,022
5,402
221,454
2,160
1,649
234,282
12,971
852
199
5,247
445
821,813
Family Shareholder's
takaful fund
fund
RM '000
RM '000
15
31.03.2012
General
takaful fund
RM '000
takaful fund
fund
RM '000
RM '000
01.04.2011
General
takaful fund
RM '000
Family
takaful fund
RM '000
593075-U
12. Financial assets (cont'd.)
The Company's financial instruments are summarised by categories as follows:
Financial assets at FVTPL (Note 12(a))
HTM investments (Note 12(b))
AFS financial assets (Note 12(c))
Loans and receivables (Note 12(d))
Shareholder's
fund
RM '000
30.09.2012
General
takaful fund
RM '000
1,536
64,611
113,312
147,179
326,638
1,536
70,124
95,126
111,608
278,394
5,775
340,812
558,282
360,984
1,265,853
988
23,317
124,508
180,738
329,551
1,049
43,717
139,601
70,418
254,785
2,355
133,349
548,757
402,167
1,086,628
712
22,435
79,224
119,083
221,454
1,105
40,662
132,066
60,449
234,282
1,832
119,019
397,820
303,142
821,813
1,529
7
1,536
1,527
9
1,536
5,768
7
5,775
979
9
988
1,040
9
1,049
2,346
9
2,355
697
15
712
1,090
15
1,105
1,817
15
1,832
takaful fund
fund
RM '000
RM '000
31.03.2012
General
takaful fund
RM '000
takaful fund
fund
RM '000
RM '000
01.04.2011
General
takaful fund
RM '000
Family
takaful fund
RM '000
(a) Financial assets at FVTPL
At fair value:
Warrants
An analysis of the different fair value measurement bases used in the determination of the fair value of financial assets at FVTPL are further disclosed in Note 12(e) of the financial statements.
16
593075-U
(b) HTM investments
Shareholder's
fund
RM '000
30.09.2012
General
takaful fund
RM '000
19,021
5,255
40,335
64,611
18,320
2,001
49,803
70,124
36,323
31,989
272,500
340,812
19,023
2,274
2,020
23,317
18,322
2,999
22,396
43,717
36,249
17,038
80,062
133,349
19,432
5,363
40,317
65,112
18,718
2,015
50,596
71,329
37,041
32,408
273,661
343,110
19,356
2,428
2,029
23,813
18,643
3,022
23,147
44,812
36,803
17,489
81,310
135,602
takaful fund
fund
RM '000
RM '000
31.03.2012
General
takaful fund
RM '000
01.04.2011
General
takaful fund
RM '000
Family
takaful fund
RM '000
15,026
1,383
6,026
22,435
14,324
2,004
24,334
40,662
24,103
25,043
69,873
119,019
15,087
1,495
6,006
22,588
14,383
2,036
24,600
41,019
24,164
25,542
69,893
119,599
takaful fund
fund
RM '000
RM '000
At amortised cost:
Unsecured
At fair value:
Unsecured
An analysis of the different fair value measurement bases used in the determination of the fair value of HTM investments are further disclosed in Note 12(e) of the financial statements.
17
593075-U
(c) AFS financial assets
Shareholder's
fund
RM '000
30.09.2012
General
takaful fund
RM '000
105,877
78,032
7,252
5
178
113,312
8,668
10
8,416
95,126
takaful fund
fund
RM '000
RM '000
31.03.2012
General
takaful fund
RM '000
42,054
449,982
102,017
18,368
99,563
27,295
57,338
329,922
107,691
53,622
12,624
558,282
3,939
6
178
124,508
4,764
11
7,968
139,601
41,796
58
11,952
548,757
01.04.2011
General
takaful fund
RM '000
Family
takaful fund
RM '000
55,757
18,336
90,605
26,921
21,106
257,922
94,219
4,953
178
79,224
8,652
5,888
132,066
15,988
8,585
397,820
takaful fund
fund
RM '000
RM '000
At fair value:
Unsecured
Warrants
An analysis of the different fair value measurement bases used in the determination of the fair value of AFS financial assets are further disclosed in Note 12(e) of the financial statements.
18
593075-U
(d) Loans and receivables
At amortised cost/fair value
Islamic investment accounts with licensed:
Islamic banks
Investment banks
Development bank
Building society
Islamic repo placements
Institutional trust fund
Units held in investment-linked fund
Qard receivable
Secured staff loans:
Receivable within 12 months
Receivable after 12 months
Due from:
Family takaful fund
Amount due from related companies
Income due and accrued
Other receivables, deposits and prepayments
Shareholder's
fund
RM '000
30.09.2012
General
takaful fund
RM '000
26,909
34,846
5,812
16,472
7,083
10,000
-
53,244
44,629
7,357
-
274,970
52,934
19,978
-
76,625
10,412
36,099
5,831
2,000
6,911
10,000
-
1,149
2,331
-
-
1,183
2,429
11,021
23,413
136
34
2,929
5,044
147,179
975
3,146
2,257
111,608
285
12,817
360,984
7,806
13,413
405
1,873
5,751
180,738
takaful fund
fund
RM '000
RM '000
31.03.2012
General
takaful fund
RM '000
36,835
2,384
25,874
0
-
takaful fund
fund
RM '000
RM '000
01.04.2011
General
takaful fund
RM '000
Family
takaful fund
RM '000
246,456
27,631
91,451
6,649
19,493
-
13,755
13,472
8,269
12,668
6,592
10,000
12,043
32,249
18,577
5,814
-
90,006
1,507
59,356
113,967
18,592
-
-
-
1,289
2,723
-
-
963
2,324
2,038
70,418
1,033
1,212
8,190
52
402,167
2,739
29,109
1,022
5,402
119,083
2,160
1,649
60,449
12,971
852
199
5,247
445
303,142
The fair values of the LAR have been established by comparing current profit rates for similar financial instruments to the rates offered when the LAR were first recognized together with appropriate market
credit adjustments.
19
593075-U
(e) Fair value disclosures based on 3-level hierarchy
The following tables show financial assets recorded at fair value analysed by the different bases of fair values:
Shareholder's fund
30.09.2012
Financial assets:
Valuation technique using:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
observable unobservable
prices
inputs
inputs
RM '000
RM '000
RM '000
Financial assets at FVTPL:
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
20
Total
RM '000
1,529
7
-
-
1,529
7
-
19,432
5,363
40,317
-
19,432
5,363
40,317
-
105,877
-
105,877
7,252
5
8,793
170,989
178
178
7,252
5
178
179,960
593075-U
(e) Fair value disclosures based on 3-level hierarchy (cont'd.)
Shareholder's fund (cont'd.)
31.03.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
21
Total
RM '000
979
9
-
-
979
9
-
19,356
2,428
2,029
-
19,356
2,428
2,029
-
102,017
18,368
-
102,017
18,368
3,939
6
4,933
144,198
178
178
3,939
6
178
149,309
593075-U
Shareholder's fund (cont'd.)
01.04.2011
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
22
Total
RM '000
697
15
-
-
697
15
-
15,087
1,495
6,006
-
15,087
1,495
6,006
-
55,757
18,336
-
55,757
18,336
4,953
5,665
96,681
178
178
4,953
178
102,524
593075-U
30.09.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
23
Total
RM '000
1,527
9
-
-
1,527
9
-
18,718
2,015
50,596
-
18,718
2,015
50,596
-
78,032
-
78,032
8,668
10
8,416
18,630
149,361
-
8,668
10
8,416
167,991
593075-U
31.03.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
24
Total
RM '000
1,040
9
-
-
1,040
9
-
18,643
3,022
23,147
-
18,643
3,022
23,147
-
99,563
27,295
-
99,563
27,295
4,764
11
7,968
13,792
171,670
-
4,764
11
7,968
185,462
593075-U
01.04.2011
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
25
Total
RM '000
1,090
15
-
-
1,090
15
-
14,383
2,036
24,600
-
14,383
2,036
24,600
-
90,605
26,921
-
90,605
26,921
8,652
5,888
15,645
158,545
-
8,652
5,888
174,190
593075-U
Family takaful fund
30.09.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
26
Total
RM '000
5,768
7
-
-
5,768
7
-
37,041
32,408
273,661
-
37,041
32,408
273,661
-
42,054
449,982
-
42,054
449,982
53,622
12,624
72,021
835,146
-
53,622
12,624
907,167
593075-U
Family takaful fund
31.03.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
27
Total
RM '000
2,346
9
-
-
2,346
9
-
36,803
17,489
81,310
-
36,803
17,489
81,310
-
57,338
329,922
107,691
-
57,338
329,922
107,691
41,796
58
11,952
56,161
630,553
-
41,796
58
11,952
686,714
593075-U
Family takaful fund
31.03.2012
Financial assets:
Level 1
Level 2
Level 3
Using
Quoted
Using
significant
market
prices
inputs
inputs
RM '000
RM '000
RM '000
Warrants
HTM investments:
Unsecured
Unsecured
Warrants
28
Total
RM '000
1,817
15
-
-
1,817
15
-
24,164
25,542
69,893
-
24,164
25,542
69,893
-
21,106
257,922
94,219
-
21,106
257,922
94,219
15,988
8,585
26,405
492,846
-
15,988
8,585
519,251
593075-U
13. Takaful certificates receivables
30.09.2012
RM '000
31.03.2012
RM '000
Contributions receivable
Due from agents, retakaful operators and brokers
Allowance for impairment
26,248
2,744
28,992
(5,314)
23,678
26,860
5,121
31,981
(6,518)
25,463
164,164
(1,567)
162,597
132,242
(1,860)
130,382
Family takaful fund
Contributions receivable
Allowance for impairment
The movement in the allowance for impairment account for takaful certificates receivables
are as follows:
General
Family
takaful fund takaful fund
RM '000
RM '000
30.09.2012
RM '000
RM '000
At beginning of the year
Impairment losses during the year
Reversal of impairment losses during the period
Impairment written-off during the year
At end of the year
6,518
16
(1,220)
5,314
1,860
(293)
1,567
8,055
(1,537)
6,518
882
978
1,860
31.03.2012
Impairment losses during the year
Reversal of impairment losses during the period
At end of the year
29
593075-U
14. Takaful certificates liabilities
30.09.2012
RM '000
31.03.2012
RM '000
5,839
5,102
10,941
5,548
3,681
9,229
7,534
7,921
18,475
17,150
General
takaful
fund
RM '000
Family
takaful
fund
RM '000
Total
RM '000
9,229
7,921
17,150
Shareholder's fund
Expense liabilities for general takaful fund:
Unearned wakalah fees reserve
Provision for expense deficiency
Expense liabilities for family takaful fund :
Unexpired expense reserve ("UER")
The movement of expense liabilities are presented as follows:
30.09.2012
- Wakalah fee received during the
year
- Wakalah fee earned during the year
- Movement in provision for expense
deficiency
- Movement in provision for UER
At end of the year
22,206
(21,915)
-
22,206
(21,915)
1,421
10,941
(387)
7,534
1,421
(387)
18,475
7,824
7,322
15,146
31.03.2012
- Wakalah fee received during the
year
- Wakalah fee earned during the year
- Movement in provision for expense
deficiency
- Movement in provision for UER
At end of the year
48,398
(47,101)
108
9,229
30
599
7,921
48,398
(47,101)
108
599
17,150
593075-U
14. Takaful certificates liabilities (cont'd.)
Provision for claims reported
by certificate holders
Provision for incurred but not reported
claims ("IBNR")
Provision for risk margin for adverse
deviations ("PRAD")
Claim Liabilities (i)
Contribution liabilities (ii)
Gross
RM '000
30.09.2012
Retakaful
RM '000
Net
RM '000
Gross
RM '000
31.03.2012
Retakaful
RM '000
Net
RM '000
99,826
(15,112)
84,714
126,489
(14,627)
111,862
48,888
(7,997)
40,891
72,573
(7,945)
64,628
37,949
(794)
37,155
11,607
(964)
10,643
186,663
90,137
276,800
(23,903)
(22,066)
(45,969)
162,760
68,071
230,831
210,669
83,041
293,710
(23,536)
(18,620)
(42,156)
187,133
64,421
251,554
31
593075-U
Family takaful fund(iii)
Gross
RM '000
30.09.2012
Participants' Account ("PA")
Participants' Special Account ("PSA")
Retakaful
RM '000
Net
RM '000
47,348
1,260,776
53,505
1,361,629
(7,852)
(90,988)
(20,636)
(119,476)
39,496
1,169,788
32,869
1,242,153
36,440
1,122,399
45,607
1,204,446
(10,840)
(90,988)
(13,856)
(115,684)
25,600
1,031,411
31,751
1,088,762
33,668
916,867
51,232
1,001,767
(24,395)
(91,770)
(21,218)
(137,383)
9,273
825,097
30,014
864,384
31.03.2012 (Restated)
01.04.2011 (Restated)
32
593075-U
The movement of claim liabilities of general takaful fund, contribution liabilities of general takaful fund and family takaful fund liabities are
presented as follows:
(i) Claim liabilities of general takaful fund
At beginning of year
Claims incurred in the current accident year
Adjustment to claims incurred in prior
accident years due to changes in assumptions:
Increase/(decrease) in PRAD
Decrease in Expected Ultimate Loss Ratio
Movements in claims incurred in prior
accident years
Claims paid during the year
At end of year
Gross
RM '000
30.09.2012
Retakaful
RM '000
Net
RM '000
Gross
RM '000
31.03.2012
Retakaful
RM '000
Net
RM '000
210,669
67,210
(23,536)
(16,679)
187,133
50,531
193,112
170,127
(32,410)
(12,465)
160,702
157,662
26,341
(41,118)
171
5,187
26,512
(35,931)
1,576
(38,690)
240
3,837
1,816
(34,853)
(17,831)
(58,611)
186,660
2,029
8,928
(23,900)
(15,802)
(49,683)
162,760
6,793
(122,249)
210,669
7,057
10,205
(23,536)
13,850
(112,044)
187,133
83,041
91,504
(84,408)
90,137
(18,620)
(28,028)
24,582
(22,066)
64,421
63,476
(59,826)
68,071
98,621
193,734
(209,314)
83,041
(1,941)
(40,130)
23,451
(18,620)
96,680
153,604
(185,863)
64,421
(ii) Contribution liabilities of general takaful fund
Contribution written in the year
Contribution earned during the year
At end of year
33
593075-U
(iii) Family takaful fund
- As previously stated
- Effects of adoption of MFRS framework
(Note 2.3)
At beginning of year (restated)
Net earned contributions
Liabilities paid for death,maturities, surrenders,
benefits and claims
Benefits and claims experience variation
Fees deducted
Other revenue and expenses
Transfer to shareholder's fund *
(Decrease)/Increase in reserve
Transfer to unallocated surplus
- Effects of adoption of MFRS framework
(Note 2.3)
Transfer to special fund
At end of year
*
Gross
RM '000
30.09.2012
Retakaful
RM '000
Net
RM '000
Gross
RM '000
31.03.2012
Retakaful
RM '000
Net
RM '000
1,221,333
(115,684)
1,105,649
1,002,612
(137,383)
865,229
(16,887)
1,204,446
259,864
(115,684)
(24,020)
(16,887)
1,088,762
235,844
(845)
1,001,767
465,617
(137,383)
(48,302)
(845)
864,384
417,315
(32,768)
13,896
(69,518)
29,130
(5,051)
(9,909)
(131,688)
(2,772)
(135,628)
41,420
(8,888)
9,536
82,374
(13,555)
1,182
(49,314)
(16,327)
(135,628)
41,420
(8,888)
10,718
(8,233)
1,242,153
(16,042)
(18,876)
1,204,446
(115,684)
(16,042)
(18,876)
1,088,762
(50,008)
10,908
(69,518)
29,130
(5,051)
(9,909)
17,240
2,988
-
(8,233)
1,361,629
(119,476)
As is common for other takaful operators licensed under the Takaful Act 1984, surplus of the Family Takaful Fund will only be transferred
at the financial year end upon approval by the Appointed Actuary. The amount accrued for the period ended 30 September 2012 of RM
5,051,000 is based on estimation and subject to approval of Appointed Actuary at the financial year ending 31 March 2013.
34
593075-U
15. General takaful fund
30.09.2012
RM '000
31.03.2012
RM '000
Accumulated surplus
Underwriting surplus transferred from general takaful
statement of comprehensive income
Hibah (profit) paid to participants during the year
At end of year
7,784
(2,889)
13,870
21,654
10,673
7,784
1,312
526
1,838
1,338
236
1,574
261
-
2,442
386
Available-for-sale reserves
- Effects of adoption of MFRS framework (Note 2.3)
Net gains on fair value changes
Realised gain transferred to statement of
comprehensive income
At end of year
General takaful fund at end of the year
Accumulated surplus
AFS reserves
35
9
-
9
(96)
(1,166)
942
(2,477)
1,838
21,654
942
22,596
7,784
1,838
9,622
593075-U
16. Family takaful fund
30.09.2012
RM '000
31.03.2012
RM '000
118,872
16,887
135,759
8,233
94,387
845
95,232
18,876
143,992
5,609
16,042
135,759
11,822
1,337
13,159
7,962
638
8,600
101
-
13,090
932
Unallocated surplus
- Effects of adoption of BNM guideline (Note 2.3)
Increase in special fund reserve (Note 14)
Unallocated profit during the year
- Effects of adoption of BNM guideline (Note 2.3)
At end of year
Available-for-sale reserves
Net gains on fair value changes
Realised gain transferred to statement of
comprehensive income
At end of year
Family takaful fund at end of the year
Unallocated surplus
AFS reserves
497
(3,728)
10,029
143,992
10,029
154,021
36
(328)
(233)
(8,902)
13,159
135,759
13,159
148,918
593075-U
17. Investment-linked fund
(a) Statement of comprehensive income
30.09.2012
RM '000
INCOME
Investment income
Realised gains and losses
Financial assets at FVTPL's fair value gains/(losses)
OUTGO
Other operating expenses
60
3,010
3,137
6,207
(920)
(920)
Excess/(deficit) of income over outgo before tax
Taxation
5,287
(509)
Excess/(deficit) of income over outgo after tax
4,778
30.09.2011
RM '000
418
3,160
(10,001)
(6,423)
(600)
(600)
(7,023)
375
(6,648)
(b) Statement of financial position
30.09.2012
RM '000
31.03.2012
RM '000
105,301
10,910
3,314
119,525
116,068
528
8
2,573
119,177
697
730
1,714
3,141
438
488
1,796
2,722
Net Assets Value ("NAV") of Funds
116,384
116,455
Unitholders' fund
116,384
116,455
Assets
Financial instruments
Financial assets at fair value
through profit and loss
Loans and receivables
Deferred tax assets
Total Investment-linked business assets
Liabilities
Tax payable
Other payables
Total Investment-linked business liabilities
37
593075-U
18. Operating lease commitments
As at the reporting date, the Company lease office premises under lease agreements
that are not cancellable within a year. The leases contain renewable options.
Future minimum lease payments for leases with initial or remaining terms of one year or
more are as follows:
Shareholder's fund
Within 1 year
After 1 year but not more than 5 years
30.09.2012
RM '000
31.03.2012
RM '000
769
511
1,280
958
834
1,792
30.09.2012
RM '000
31.03.2012
RM '000
682
1,094
8,340
1,083
9,423
9,735
9,735
1,765
8,340
10,105
1,094
9,735
10,829
-
233
19. Capital commitments
Shareholder's fund
Authorised and contracted for:
- Intangible assets - computer software (payable
within 12 months)
Authorised but not contracted for:
- Intangible assets - computer software
- Renovation work
Payable within 12 months
Payable after 12 months
Family takaful fund
Authorised and contracted for:
- Outstanding payments on investment properties
in progress (payable within 12 months)
38
The related parties and their relationship
38 with the Company as of 31 March 2009 are

Interim Financial Statement 30 September 2012

Transcription

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