Jubilee Insurance 2010 Annual Report

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42 JUBILEE HOLDINGS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2010 NOTES (continued) 12. SHARE CAPITAL The total authorised number of ordinary shares is 49,500,000 (2009: 45,000,000) with a par value of Shs 5 per share. At 31 December 2010 49,500,000 ordinary shares were in issue (2009: 49,500,000 ordinary shares). All issued shares are fully paid. Share Capital 2010 Share Capital 2009 Number of shares 2010 Number of shares 2009 Kshs ‘000 Kshs ‘000 Kshs ‘000 Kshs ‘000 Authorised 225,000 225,000 45,000 45,000 Issued and fully paid: At start of year 225,000 225,000 45,000 45,000 Bonus issue of shares 22,500 - 4,500 - Total 247,500 225,000 49,500 45,000 13. RESERVES Group a) Fair value reserves 2010 2009 Kshs ‘000 Kshs ‘000 At start of year (461,168) (531,507) Transfer of reserves on adoption of IFRS 9 9,715 177,212 Fair value gains/(losses) through OCI 213,838 (106,873) Transfer to retained earning on disposal (20,041) - At end of year (257,656) (461,168) The fair value reserve is non-distributable. b) General reserves (Group) 2010 2009 Kshs ‘000 Kshs ‘000 At start of year 70,000 70,000 Transfer to retained earnings - - At start and end of year 70,000 70,000 The general reserves were an appropriation of retained earnings in 1992, and are therefore distributable. c) Translation reserve (Group) 2010 2009 Kshs ‘000 Kshs ‘000 At start of year 22,957 32,196 Movement for the year (37,899) (9,239) At start and end of year (14,942) 22,957 d) Contingency reserve (Group) 2010 2009 Kshs ‘000 Kshs ‘000 At start of year 232,225 186,400 Transfer from retained earnings 182,179 45,825 At start and end of year 414,404 232,225 Provisions of the Insurance Act in Tanzania and Uganda require an annual transfer to contingency reserve of between 1% - 3% of the gross premium JUBILEE HOLDINGS
JUBILEE HOLDINGS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2010 43 NOTES (continued) 14. Dividends per share Proposed dividend is accounted for as a separate component of equity until ratified at an Annual General Meeting. During the year an interim dividend of Shs 49.5 million was paid (2009: Shs 45 million) or Shs 1.00 per share (2009: Shs 1.00 per share). At the Annual General Meeting to be held on 26 th May, 2011 a final dividend of Shs 222.75 million (2009: Shs 157.5 million) is to be proposed, which is Shs4.50 per share (2009: Shs 3.5). The total dividend is therefore Shs 272.75 million (2009: Shs 202.5million) or Shs 5.50 per share (2009: Shs 4.50 per share). Payment of dividend is subject to withholding tax at the rate of either 5% or 10%, depending on the residential status of the respective shareholders. 15. Property and equipment Group Computer equipment Motor vehicles Furniture, fixtures, fittings & office equipment Year ended 31 December 2010 Kshs ‘000 Kshs ‘000 Kshs ‘000 Kshs ‘000 Cost At start of year 169,922 30,762 146,126 346,810 Additions 19,076 10,530 10,336 39,942 Disposals - (2,717) (1,613) (4,330) Exchange adjustment (568) (511) (1,202) (2,281) At end of year 188,430 38,064 153,647 380,140 Depreciation - At start of year 155,573 22,975 117,985 296,533 Charge for the year 14,583 4,674 7,112 26,369 On disposals - (2,488) (1,486) (3,974) Exchange adjustment 21 5 19 45 At end of year 170,177 25,166 123,630 318,973 Net book value 18,253 12,897 30,017 61,168 Total Computer equipment Motor vehicles Furniture, fixtures, fittings & office equipment Year ended 31 December 2009 Kshs ‘000 Kshs ‘000 Kshs ‘000 Kshs ‘000 Cost At start of year 151,488 30,802 139,448 321,738 Additions 17,476 3,143 4,950 25,569 Disposals (593) (1,932) (144) (2,669) Exchange adjustment 1,551 (1,251) 1,872 2,172 At end of year 169,922 30,762 146,126 346,810 Depreciation - At start of year 146,618 22,048 108,335 277,001 Charge for the year 8,056 3,700 8,674 20,430 On disposals (560) (1,420) (107) (2,087) Exchange adjustment 1,459 (1,353) 1,083 1,189 At end of year 155,573 22,975 117,985 296,533 Net book value 14,349 7,787 28,141 50,277 Total JUBILEE HOLDINGS
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Page 57 and 58: Proxy Form I/We (in block letters)
Page 59: Additional group information KENYA

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