2012 Annual Report & Financial Statements - UBA Plc
2012 Annual Report & Financial Statements - UBA Plc
2012 Annual Report & Financial Statements - UBA Plc
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151<br />
In millions of Nigerian Naira<br />
(b)<br />
December<br />
<strong>2012</strong><br />
Group<br />
December<br />
2011<br />
December<br />
<strong>2012</strong><br />
Bank<br />
December<br />
2011<br />
Joint venture<br />
Balance, beginning of year 1,145 939 900 900<br />
Share of current year result 250 206 – –<br />
Reclassification to non-current assets held for disposal (note 18(a)) (1,395) – (900) –<br />
Balance, end of year – 1,145 – 900<br />
The investment in Joint Venture (JV) is represented by the Bank’s 50% holding in <strong>UBA</strong> Metropolitan Life Insurance Limited. Following<br />
the approval by Shareholders at an extra-ordinary general meeting held in December <strong>2012</strong>, <strong>UBA</strong> Metropolitan Life Insurance Limited<br />
has been spun-off from the Group post-year-end. Accordingly, the investment has been reclassified to non-current assets held for<br />
distribution. See note 18.<br />
There are no contingent liabilities relating to the Group’s interest in joint venture and no contingent liabilities of the venture itself.<br />
(c)<br />
Summarised financial information of the Group’s associate and joint venture accounted for using the equity method are as follows:<br />
In millions of Nigerian Naira Assets Liabilities Revenues Profit/(Loss)<br />
2010<br />
Joint venture 3,740 1,386 1,246 138<br />
Associates 14,248 6,129 408 (152)<br />
17,988 7,515 1,654 (14)<br />
2011<br />
Joint venture 4,122 1,832 1,819 (64)<br />
Associates 11,676 3,082 578 66<br />
15,798 4,914 2,397 2<br />
<strong>2012</strong><br />
Joint venture 5,383 2,474 3,249 560<br />
Associates 10,966 3,160 493 (84)<br />
16,349 5,634 3,742 476