Half Yearly Report -11-
31 Agosto 2011 - 1:00AM
UK Regulatory
the period 103 73 369 109 726 72 808 256 006
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Disposals - - - - -
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Balance at 30 1 300
June 2011 172 390 675 759 657 149 832 336
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NET BOOK
VALUE
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At 30 June 5 128
2011 2 681 277 649 237 1 137 083 660 537 134
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======== ======= ======== ======= ========
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At 31
December 3 697
2010 2 414 931 400 293 739 574 143 095 893
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======== ======= ======= ======= ========
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At 1 January 3 582
2010 2 711 698 299 133 472 946 98 610 387
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The land and buildings were valued by professional valuers as at
30 June 2011 for half year end purposes and the open market value
was US$2 680 000.
17. CAPITAL COMMITMENTS
30 June 31 December
------------------------------------ --------------- ---------------
2011 2010
------------------------------------ --------------- ---------------
US$ US$
------------------------------------ --------------- ---------------
Capital expenditure contracted for - -
------------------------------------ --------------- ---------------
Capital expenditure authorised but
not yet contracted For 3 600 003 2 411 250
------------------------------------ --------------- ---------------
-------------- --------------
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3 600 003 2 411 250
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======== ========
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The capital expenditure will be funded from internal
resources.
18. CONTINGENT LIABILITIES
30 June 31 December
--------------------- -------------------- ------------------
2011 2010
--------------------- -------------------- ------------------
US$ US$
--------------------- -------------------- ------------------
Guarantees 2 395 431 5 002 123
--------------------- -------------------- ------------------
Commitments to lend 16 319 202 13 417 179
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------------------- -----------------
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18 714 633 18 419 302
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=========== ==========
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19. PRIOR PERIOD RESTATEMENT
The restatement arose as a result of the treatment of the excess
allowance for impairment on loans and advances resulting from the
difference between the IAS 39 and the Regulatory allowance for
impairment on loans and advances. In June 2010, these were
accounted for under other comprehensive income and in 2011, these
were recognized directly in equity as a transfer from retained
earnings to a regulatory reserve. The effect of this change on the
June 2010 results is summarized below. There is no effect in 2011.
Consolidated Statement Of Comprehensive Income
30 June
2010
------------------------------------------ ------------
US$
------------------------------------------ ------------
Increase in other comprehensive income 453 698
------------------------------------------ ------------
Decrease in tax credit relating to other
comprehensive income (116 827)
------------------------------------------ ------------
-----------
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Increase in total comprehensive income
for the six months 336 871
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=======
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Consolidated Statement Of Financial Position
30 June
2010
--------------------------------------- --------------------
US$
--------------------------------------- --------------------
Decrease in allowance from impairment
of loans and advances 453 698
--------------------------------------- --------------------
Increase in deferred tax liabilities (116 827)
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-----------
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Increase in total equity 336 871
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=======
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20. INVESTMENT IN ASSOCIATE
The Group has a 25% interest in African Century Limited, which
is involved in the provision of lease finance.
African Century Limited is a company that is not listed on any
public exchange. The following table illustrates summarized
unaudited financial information of the Group's investment in
African Century Limited.
Share of the associate's statement of financial position:
30 June 31 December
2011 2011
----------------------------------- -------------- -------------
US$ US$
----------------------------------- -------------- -------------
Current assets 1 606 929 222 185
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Non-current assets 60 048 26 058
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Current liabilities (131 457) (19 687)
----------------------------------- -------------- -------------
Non-current liabilities (1 310 359) -
----------------------------------- -------------- -------------
------------- ------------
----------------------------------- -------------- -------------
Equity 225 161 228 556
----------------------------------- -------------- -------------
======== =======
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Share of associate's revenue
and profit:
----------------------------------- -------------- -------------
Revenue 118 698 676
----------------------------------- -------------- -------------
======== ======
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Profit/(loss) 10 078 (21 444)
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