Annual Report 2007 - Investing In Africa

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17. Investment Securities (continued) Available- Held-tofor-sale maturity Total US$'000 US$'000 US$'000 At 1 January 2006 10,902 113,644 124,546 Exchange differences on monetary assets 2,262 1,703 3,965 Additions 278,205 - 278,205 Reclassification 91,729 (91,729) - Disposals (sale and redemption) (35,515) (23,618) (59,133) Gains from changes in fair value 2,145 - 2,145 At 31 December 2006 349,728 - 349,728 18. Intangible assets Year ended 31 December 2007 2006 US$'000 US$'000 Goodwill Opening net book amount 2,962 - Acquisition of subsidiaries (Note 36) 8,790 2,962 Closing net book amount 11,752 2,962 Goodwill is revised annually for impairment, or more frequently when there are indications that impairment may have occurred. There was no impairment identified in 2007 (2006:nill) Software costs Opening net book amount 1,645 1,596 Purchase 12,838 927 Amortisation (Note 7) (2,004) (906) Exchange differences (3,786) 28 Closing net book amount 8,693 1,645 Total 20,445 4,607 19. Property, Plant and Equipment Motor Land & Furniture & Instal- Construction Vehicles Buildings Equipment lations in progress Total US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 At 1 January 2006 Cost 12,386 17,241 52,399 31,786 15,816 129,628 Accumulated depreciation 7,615 4,560 32,212 11,369 - 55,756 Net book amount 4,771 12,681 20,187 20,417 15,816 73,872 Year ended December 2006 Opening net book amount 4,771 12,681 20,187 20,417 15,816 73,872 Additions 7,476 26,178 20,378 2,824 15,911 72,767 Disposals – cost (1,075) (13) (860) (9,711) - (11,659) Disposals - accumulated depreciation 652 12 365 3,499 - 4,528 Reclassifications – cost - 12,077 490 (127) (12,440) - Reclassifications - accumulated depreciation - 262 - (262) - - Depreciation charge (2,361) (1,726) (9,010) (1,798) - (14,895) Exchange rate adjustment (1,694) 457 (2,416) (2,707) (1,833) (8,193) Closing net book amount 7,769 49,928 29,134 12,135 17,454 116,420 97 ... The Pan African Bank
Annual Report 2007 Notes to the Consolidated Financial Statements (continued) 19. Property, plant and equipment (continued) Motor Land & Furniture & Instal- Construction Vehicles Buildings Equipment lations in progress Total US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 At 31 December 2006 Cost 17,345 57,967 73,882 22,635 17,454 189,283 Accumulated depreciation 9,576 8,039 44,748 10,500 - 72,863 Net book amount 7,769 49,928 29,134 12,135 17,454 116,420 Year ended 31 December 2007 Opening net book amount 7,769 49,928 29,134 12,135 17,454 116,420 Acquisition of subsdiary 176 9,652 1,456 - - 11,284 Additions 12,384 34,488 42,130 5,077 33,920 127,999 Disposals – cost (1 708) (131) (2 577) (147) (4,464) (9,027) Disposals - accumulated depreciation 475 28 2 054 15 - 2,572 Reclassifications – cost - 365 (269) 527 (623) - Reclassifications - accumulated depreciation Depreciation charge (4 400) (3,158) (16 366) (2 367) - (26,291) Exchange rate adjustments 866 8,628 6 105 558 3,870 20,027 Closing net book amount 15,562 99,800 61,667 15,798 50,157 242,984 At 31 December 2007 Cost 29,535 116,919 126,742 29,073 50,157 352,426 Accumulated depreciation 13,973 17,119 65,075 13,275 - 109,442 Net book amount 15,562 99,800 61,667 15,798 50,157 242,984 20. Other Assets Year ended 31 December 2007 2006 US$'000 US$'000 Interest and fees receivable 10,005 20,678 Accounts receivable 77,360 12,247 Prepayments 67,825 22,731 Sundry receivables 7,378 46,727 162,568 102,383 Current 162,568 102,383 Non current - - 21. Deposits From Banks Items in course of collection 273,953 10,380 Deposits from other banks 188,713 108,237 All deposits from banks have variable interest rates. 462,666 118,617 Current 138,949 118,617 Non current 91,438 - 98
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