annual report - inner - TOTAL Nigeria Plc

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NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 19. CAPITAL RESERVE This represents net capital reserve arising on exchange of shares in respect of merger with Elf Oil <strong>Nigeria</strong> Limited. 2011 2010 N'000 N'000 20. GENERAL RESERVE At 1 January 8,495,991 6,549,638 Final dividend-prior year (2,037,131) (2,811,241) Interim dividend - Current year (Note 7) (679,044) (679,044) Profit for the year 3,813,202 5,436,638 At 31 December 9,593,018 8,495,991 On 30 June 2011, a final dividend of 600 kobo per share was approved at the Annual General Meeting and was paid to shareholders (total value of N2.037 billion) for the year ended 31 December 2010. In respect of the current year, the Directors paid an interim dividend of 200 kobo per share (total value of N679.04 million) and proposed that a final dividend of 700 kobo per ordinary share should be paid to shareholders. The dividend is subject to approval by shareholders at the Annual General Meeting and deduction of witholding tax at the appropriate rate. Consequently, it has not been included as a liability in these financial statements. The proposed dividend is payable to all shareholders on the Register of Members on 20 April 2012 and will be paid on 14 June 2012. The estimated dividend to be paid is N2.377 billion. 21. RECONCILIATION OF NET INCOME TO CASH PROVIDED BY OPERATING ACTIVITIES 2011 2010 N'000 N'000 Profit after tax 3,813,202 5,436,638 Adjustment to reconcile net profit to net cash provided: Depreciation of fixed assets 1,877,527 1,558,720 (Profit)/loss on asset disposal 5,636 (40,000) Investment written off 31 - Extraordinary item - Profit on sale of Abuja Office - (1,464,721) Interest payable and similar charges 874,998 464,368 Interest receivable and similar income (62,733) (113,632) Changes in assets and liabilities: Increase in stock (956,896) (1,466,797) Increase in trade debtors (243,605) (178,526) Decrease in prepayment and other debtors 4,708,184 289,815 Increase in due from related companies (2,192,541) (159,216) (Decrease)/increase in creditors (951,595) 1,538,684 Increase in due to related companies 3,115,516 867,699 Increase in other creditors and accruals 2,112,653 826,829 Increase/(decrease) in tax payable 422,184 (278,090) Increase in deferred tax provision 244,380 209,639 Decrease in provision for retirement benefits - (1,378,791) 8,953,738 675,981 Net cash provided by operating activities 12,766,941 6,112,619 2011 Annual Report & Accounts 39
NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 22. CASH AND CASH EQUIVALENTS 2011 2010 N'000 N'000 Bank and cash balances 6,796,799 2,127,163 Foreign currencies purchased for imports 2,853,501 3,596,577 Bank overdrafts (3,185,335) (5,129,687) 23. INFORMATION REGARDING DIRECTORS AND EMPLOYEES 6,464,965 594,053 .1 Emoluments of the Directors of the Company were: 2011 2010 N'000 N'000 As fees 800 600 Other emoluments 103,963 118,912 104,763 119,512 .2 Emoluments of the highest paid Director were N45,531,151 (2010 - N61,148,914) .3 The table below shows the number of Directors whose emoluments during the year excluding pension contributions were within the ranges stated: 2011 2010 N N Number Number Less than - 1,000,000 4 3 1,000,000 - 2,000,000 - - 2,000,001 - 3,000,000 - - 3,000,001 - 4,000,000 - - 4,000,001 - above 2 3 6 6 .4 Number of Directors who had no emoluments 4 5 40 2011 Annual Report & Accounts
Page 2 and 3: CORPORATE PROFILE Total S.A. (the p
Page 4 and 5: CONTENTS Page Board of Directors, P
Page 6 and 7: HEAD OFFICE, SALES TERRITORIES AND
Page 8 and 9: NOTICE OF MEETING NOTICE IS HEREBY
Page 10 and 11: CHAIRMAN’S STATEMENT (Cont’d)
Page 12 and 13: BOARD OF DIRECTORS (Cont’d) Chief
Page 14 and 15: THE DIRECTORS’ PROFILE (Cont’d)
Page 16 and 17: REPORT OF THE DIRECTORS (Cont’d)
Page 25 and 26: REPORT OF AUDIT COMMITTEE TO THE ME
Page 27 and 28: SIGNIFICANT ACCOUNTING POLICIES (Co
Page 29 and 30: PROFIT AND LOSS ACCOUNT For the yea
Page 31 and 32: STATEMENT OF CASH FLOWS For the yea
Page 33 and 34: NOTES TO THE FINANCIAL STATEMENTS (
Page 39: NOTES TO THE FINANCIAL STATEMENTS (
Page 47: FIVE-YEAR FINANCIAL SUMMARY 2011 20
Page 51 and 52: “ COLLABORATION: A PATH FOR TOMOR
Page 53 and 54: “ COLLABORATION: A PATH FOR TOMOR
Page 55 and 56: SHARE CAPITAL HISTORY 1. The author
Page 57 and 58: LIST OF MAJOR DISTRIBUTORS (Cont’
Page 60 and 61: PROXY FORM I/We TOTAL NIGERIA PLC.

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