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Karachi, February 14, 2013 (PPI-OT): We have to inform you that the Board of Directors of EFU Life Assurance Limited (EFUL) at its meeting held on February 14, 2013 recommended Final Cash Dividend for the year ended December 31, 2012 @ Rs. 4/- per share (i.e.40%). This is addition to Interim Dividend @ 15% (i.e. Rs. 1.50 per share) already declared and paid.
It has also been recommended by the Board of Directors to issue Bonus Shares in the proportion of 3(Three) Bonus Shares for every 17 (Seventeen) existing shares held i.e. (17.64706%).
The Financial results of the Company are as follows:
|
(Rupees in 000) |
||
|
2012 |
2011 |
|
| Profit before tax |
1,392,468 |
880,815 |
| Less: Provision for taxation-Current |
(475,500) |
(302,500) |
| – Deferred |
(2,850) |
50 |
|
——— |
——- |
|
| Profit for the year after taxation |
914,118 |
578,365 |
| Profit brought forward from last year |
225,140 |
71,775 |
|
——— |
——- |
|
| Available for appropriation |
1,139,258 |
650,140 |
| Less: Interim Dividend already paid |
127,500 |
– |
| Proposed Dividend |
340,000 |
425,000 |
| Transfer to issue of Bonus shares |
150,000 |
– |
| Transfer to General Reserve |
268,000 |
– |
|
——— |
——- |
|
| Unappropriated Profit carried forward |
253,758 |
225,140 |
|
——— |
——- |
|
| Earnings per share basic and diluted (Rupees) |
10.75 |
6.80 |
The Profit and Loss Account of the Company is enclosed.
The Annual General Meeting of the Company will be held at 11.30 a.m. on Thursday April 4, 2013 at 2nd floor, Dodhy Building, Blue Area, 52-E, Jinnah Avenue, Islamabad.
The Share Transfer books of the Company will be closed from March 27, 2013 to April 4, 2013 (both days inclusive). Transfers received in order by our Shares Registrar, Technology Trade (Pvt) Ltd, Dagia House 241-C clock 2, PECHS, Shahrah-e-Quaideen Karachi at the close of business on March 26, 2013 will be treated in time for the entitlement of Dividend and Bonus Shares to the transferees.
Profit and Loss Account for the Year Ended 31 December 2012
|
(Rupees in ‘000) |
|||
|
Aggregate |
|||
|
2012 |
2011 |
||
| Revenue | |||
| Premium net of reinsurance |
11,301,615 |
9,597,263 |
|
| Investment income and other income |
5,186,872 |
2,456,790 |
|
|
———- |
———- |
||
|
16,488,487 |
12,054,053 |
||
| Expenses | |||
| Claims including movement in policy holders | |||
| liability |
11,713,902 |
7,707,722 |
|
| Management Expenses |
3,405,134 |
3,284,765 |
|
|
———- |
———- |
||
|
15,119,036 |
10,992,487 |
||
|
———- |
———- |
||
| Surplus available in Revenue account |
1,389,451 |
1,061,566 |
|
|
———- |
———- |
||
| Surplus transferred to Profit and Loss account |
1,128,328 |
859,781 |
|
| Profit and Loss account before appropriation of surplus | |||
| to shareholders fund |
264,140 |
21,034 |
|
|
———- |
———- |
||
| Profit before tax |
1,392,468 |
880,815 |
|
| Taxation |
(478,350) |
(302,450) |
|
|
———- |
———- |
||
| Profit after tax |
914,118 |
578,365 |
|
|
———- |
———- |
||
| Earning per share-basic and diluted | Rupees |
10.75 |
6.80 |
Re: Rule of the Companies (Issue of Capital) Rules 1996 Declaration of Bonus Shares
With reference to above, we have to inform you that today the Board of Directors of EFU Life Assurance Limited, have declared Bonus Shares in the proportion of 3(Three) Bonus Shares for every 17 (Seventeen) existing shares held i.e. (17.64706%).
A copy of Auditor’s Certificate of the effect is enclosed.
Free Reserves
As requested by you, we have reviewed the annexed computation of residual free reserves for the issue of bonus shares prepared by the Company on the basis of audited financial statements for the year ended 31 December 2012. Based on our review, we confirm that the residual free reserves of the Company, in terms of the meaning given to free reserves in the Companies (Issue of Capital) Rules, 1996 after the proposed issue of bonus shares of face value of Rs. 150 million would be higher than twenty five percent of the enhanced paid-up capital of Rs. 1,000 million.
This fetter is being issued on request of the Company for the purpose of issue of bonus shares in accordance with Rule 6 of the Companies (Issue of Capital) Rules, 1996.
31 December 2012 Working of free reserves
|
(Rs. In ‘000) |
|
| Issued Subscribed and Paid-up Capital |
850,000 |
| Proposed Bonus issue of 3 shares for every 17 shares |
150,000 |
|
——— |
|
| Enhanced Capital |
1,000,000 |
| 25% of Enhanced Capital |
250,000 |
|
——— |
|
| General Reserve |
232,500 |
| Accumulated Surplus |
1,011,758 |
|
——— |
|
|
1,244,258 |
|
| Less: Proposed Bonus issue |
150,000 |
| Proposed cash dividend |
340,000 |
|
——— |
|
|
490,000 |
|
|
——— |
|
| Free Reserve |
754,258 |
For more information, contact:
EFU Life Assurance Limited
37-K, Block 6, PECHS
Karachi-75400
Tel: (021) 111-EFU-111 (111-338-111)
Fax: (021) 453-751 9 and 453-5079
Website: www.efulife.com
E-mail: info@efulife.com