Annual Report 2007 - Investing In Africa

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6. Administrative Expenses Year ended 31 December 2007 2006 US$'000 US$'000 Staff cost Wages and salaries 156,033 84 129 Social security costs 7,454 6 479 Pension costs: defined contribution plans 115 108 Other post retirement benefits (Note 28) 2,497 3,167 166,099 93,883 Directors' emoluments 2,411 2,237 Administrative expenses: Rent, rates and utilitie 20,835 13 444 Insurance 10,627 5,117 Advertising and promotion 11,023 4,871 Professional fees 9,019 6,126 Auditor's renumeration 3,270 1,904 Operational losses and fines 3,977 4,054 Communications 16,168 9,472 Business travels 10,605 6,415 Board activities 2,271 1,544 Training 3,767 2,921 Repairs and maintenance 20,309 9,835 Supplies and other services 16,599 9,954 Donations 1,325 654 Other administrative expenses 7,500 17,908 Depreciation (Note 19) 26,291 14,895 7. Other Operating Expenses 332,096 205,234 Profit on sale of property and equipment (164) (85) Software costs (Note 18) 2 004 906 Restructuring costs 333 19 8. Impairment Losses on Loans and Advances 2,173 840 Loans and advances to customers (Note 16) 19,148 13,091 19,148 13,091 91 ... The Pan African Bank
Annual Report 2007 Notes to the Consolidated Financial Statements (continued) 9. Income Tax Expense Year ended 31 December 2007 2006 US$'000 US$'000 Current tax 42,514 41,567 Deferred tax (Note 27) 9,120 1,367 51,634 42,934 Further information about deferred income tax is presented in Note 27. The tax on the group's profit before tax differs from the theoretical amount that would arise using the basic tax rate of the parent as follows Profit before tax 190,570 129,299 Tax calculated at local tax rates applicable to profits in the respective countries 68,520 46,490 Income not subject to tax (18,150) (10,204) Expenses not deductible for tax purposes 1,264 7,507 Utilisation of previously unrecognised tax losses (859) Income tax expense 51,634 42,934 Under the Headquarters Agreement between Ecobank Transnational Incorporated (ETI) and the Republic of Togo signed in October 1985, ETI is exempt from tax on all its income. 10. Earnings Per Share Basic Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year, excluding the average number of ordinary shares purchased by the Company and held as treasury shares Profit attributable to equity holders of the Company 107,373 69,350 Weighted average number of ordinary shares in issue (millions) 1,347,034 1,253,709 Basic earnings per share (expressed in US$ cents per share) 7.97 5.53 Diluted Earnings per share are diluted by the potential shares arising from the share option scheme. The dilutive earnings is calculated by adjusting the weighted average number of ordinary shares to assume conversion of all dilutive potential ordinary shares. Weighted average number of shares under option plan 1,392,624 1,253,709 Dilutive earnings per share (US cents) 7.71 5.53 92
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Ecobank Group • Annual Report 200
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Annual Report 2007 - Investing In Africa

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