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HF GROUP

HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20162HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20163 Komarock Phase 5 BKomarock Phase 5B is a wholly owned HFDI development, consisting of 115 4 bedroom maisonettes, located in Komarock area of Nairobi. These spacious homes are built with quality in mind and offer a great opportunity for home , Officers and Administration 5 GROUP Overview 6 Board of Directors 10 Notice of Annual general Meeting 12 Chairman s Statement 18 GROUP Managing Director s Statement 24 Management 30 Pictorial of 2016 Activities 38 Report of the Directors 43 Corporat

CONTENTS Directors, Officers and Administration 5 Group Overview 6 Board of Directors 10 Notice of Annual General Meeting 12 Chairman’s Statement 18

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1 HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20162HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20163 Komarock Phase 5 BKomarock Phase 5B is a wholly owned HFDI development, consisting of 115 4 bedroom maisonettes, located in Komarock area of Nairobi. These spacious homes are built with quality in mind and offer a great opportunity for home , Officers and Administration 5 GROUP Overview 6 Board of Directors 10 Notice of Annual general Meeting 12 Chairman s Statement 18 GROUP Managing Director s Statement 24 Management 30 Pictorial of 2016 Activities 38 Report of the Directors 43 Corporate Governance 47 Statement of Directors Responsibilities 54 Report of the Independent Auditors 56 Consolidated Statement of Profit or loss and other

2 Comprehensive Income 66 Consolidated Statement of Financial Position 67 Company Statement of Financial Position 68 Consolidated Statement of Cash Flows 69 Consolidated Statement of Changes in Equity 70 Company Statement of Changes in Equity 72 Notes to the Consolidated Financial Statements 74 Shareholder s Proxy 141 HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20164HF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 201655 DIRECTORSS teve O. Mainda Chairman Frank Ireri GROUP Managing DirectorBenson WairegiPeter K.

3 MungaAdan D. MohamedConstance GakonyoKaushik Manek Felister Kembi Appointed 26 September 2016 Gladys Karuri Appointed 4 November 2016 COMPANY SECRETARY REGISTERED OFFICER egina Anyika Plot No. LR 209/9054 Rehani House Rehani HouseKenyatta Avenue/Koinange Street Kenyatta Avenue/Koinange Box 30088 Box 3008800100 Nairobi, GPO 00100 Nairobi, GPOSHARE REGISTRAR BANKERSR egina Anyika, CPS (K) HFC LimitedHF GROUP Limited Rehani House, Kenyatta AvenueRehani House Box 30088 Kenyatta Avenue/Koinange Street 00100 Nairobi, Box 3008800100 Nairobi, GPO AUDITORS PRINCIPAL LEGAL ADVISORS KPMG Kenya Walker Kontos Advocates Certified Public Accountants Hakika House 8th Floor, ABC Towers Bishops Road Waiyaki Way Box 60680 Box 40612 00200 Nairobi, City Square 00100 Nairobi, GPO SUBSIDIARIESHFC LimitedHF Development and Investment LimitedFirst Permanent (East Africa)

4 LimitedHF Insurance Agency LimitedHF Foundation LimitedDIRECTORS, OFFICERS AND ADMINISTRATIONHF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20166HF GROUP LIMITED OVERVIEW2016 HighlightsGrowth of Full Service Banking Disbursements Loan applications KES. Launch of 7 new branches bringing branch network to 25 Launch of new deposit products targeting individuals, micro entreprenuers and SMEs Micro business introduced targeting micro - SMEs Loan book growth in Technology Successful roll out of the new core banking system in January 2016 Awards 1st position Bank and Mortgage Financier s Category, Homes ExpoProperty Development Ground breaking for phase 1 of Clay City (560 Apartments)

5 Completion of Kahawa Downs - 220 apartments along Thika Super HighwayBancassurance Launch of Medical Insurance Product AfyaMed in conjuction with BritamHF GroupHF GROUP is an integrated property and financial solutions provider that is registered as a non operating holding company (under the Banking Act ) and regulated by the Central Bank of Kenya (CBK). The non operating holding company was incorporated with effect from 3 August 2015 and oversees the operations of the GROUP subsidiaries which include HFC, HF Insurance Agency, HF Development and Investment (HFDI) and the HF Foundation.

6 The GROUP structure was set up to enhance corporate governance, provide oversight in management of the subsidiaries and also ensure optimal growth at both GROUP and subsidiary levels. Our drive as a GROUP is to put customers at the centre of everything we do and deliver solutions which make their dreams GROUP has a total equity of 349,381,667 shares and is listed in the Nairobi Securities Exchange (NSE).HF GROUP has four operational subsidiaries: HFC licensed to carry out the business of mortgage finance as well as banking services under the Banking Act HF Development and Investment formerly known as Kenya Building Society Limited undertakes real estate development.

7 HF Insurance Agency bancassurance solutions. HF Foundation - the GROUP s social investment GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20167 In 1992, Housing Finance was listed on the NSE with CDC and GoK retaining a shareholding of each and Kenyan individuals and institutional investors taking up the balance In 1999, GoK reduced the stake in the company to with the Kenyan individual and institutional investors taking up the balance of In 2002, the Company rebranded its trading name to Housing Finance In 2012, Housing Finance issued a Tranche II of the MTN successfully raising KES.

8 3b. In 2013, Housing Finance received CMA approval to issue KES. 20b Medium Term Note On 31 December 2014, Britam Investments Company (Kenya) Limited Britam completed the KES. ac-quisition of Equity Bank s shares in Housing Finance. This transaction raised Britam s direct and indirect shareholding in Housing Finance to 1992-2002 2003-2011 2012-2014 2015 The Company was incorporated in 1965 with the funding investors being Commonwealth Development Corporation and the Government of Kenya (GoK)

9 With a respective shareholding of 60% and 40% in the Company In 1970, GoK increased its stake in the Company to 50% becoming an equal shareholder with CDC In 2007, the Company welcomed Equity Bank Limited and Britam Investments Company (Kenya) Limited as anchor shareholders as CDC sold off its entire stake In 2008, Housing Finance successfully raised KES. by way of a rights issue In 2010, Housing Finance issued a KES. 10b Medium Term Note (MTN) Programme successfully raising KES. 7b in Tranche I HF rebrands to HF GROUP Creation of HF GROUP which is a non-operating holding company Rights Issue raising KES.

10 GROUP LIMITED OVERVIEW (CONTINUED)HF GROUP History and Key MilestonesHF GROUPANNUAL REPORT AND FINANCIAL STATEMENTSFOR THE YEAR ENDED 20168HF GROUP LIMITED OVERVIEW (CONTINUED)Our Values and BehaviourValueBehaviourTeamworkI am committed to building high performing teams that work together towards achieving a common will treat others as I want to be appreciate current and emerging trends by inspiring creativity, risk taking and genuinely learning from commit to uphold the brand.


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