2012 Annual Report & Financial Statements - UBA Plc

164
Notes to the consolidated and separate financial statements
continued …
36. Borrowings continued …
36.1 This represents the amount drawn down under the African Development Bank (AfDB) long-term unsecured loan facilities. The AfDB
borrowing comprises an unsecured emergency liquidity funding (ELF) and an unsecured trade finance initiative facility (TFI). Interest
rate on the ELF is six (6) months USD LIBOR plus 500 basis points. Interest rate on the TFI is six (6) months USD LIBOR plus 450 basis
points. Interest on both the ELF and TFI loans are payable semi-annually.
36.2 Amount represents on-lending facilities provided by the Central Bank of Nigeria (CBN) with the sole purpose of granting loans, at
subsidised rates, to companies engaged in agriculture. The funds are at concessionary rates.
36.3 Amount represents on-lending facilities provided by the Bank of Industry (BoI) with the sole purpose of granting loans, at subsidised
rates, to companies engaged in manufacturing, power and aviation industries. The funds are at concessionary rates.
36.4 This represents the amount drawn down under a secured term loan facility granted by Afrexim and amount drawn down under a
guaranteed note purchase. Interest rate on the term loan facility is three (3) months USD LIBOR plus 430 basis points while Interest
rate on the guaranteed note purchase facility is three (3) months USD LIBOR plus 475 basis points. Interests on the loans are payable
quarterly.
36.5 This represents the amount drawn down under a secured term loan facilities granted by Standard Chartered Bank. The borrowing
comprises a term loan facility of USD55 million and a term loan facility of NGN equivalent of USD45 million. Interest rate on the
USD55 million term loan facility is six (6) months USD LIBOR plus 450 basis points. Interest rate on the USD45 million term loan is six (6)
months USD LIBOR plus 530 basis points. Interest on both term loans are payable semi-annually.
36.6 This represents the amount drawn down under a HSBC Export Credit Agency-backed framework agreement facility. Interest rate on
the facility is six (6) months USD LIBOR plus 125 basis points. Interest on the loan is payable semi-annually.
37. Capital and reserves
(a) Share capital
Share capital comprises:
In millions of Nigerian Naira
(i) Authorised:
December
2012
Group
December
2011
January
2011
December
2012
Bank
December
2011
January
2011
45,000,000,000 ordinary shares of
50k each 22,500 22,500 17,500 22,500 22,500 17,500
(ii)
Issued and fully paid:
32,981,387,565 ordinary shares of
50k each 16,491 16,168 12,934 16,491 16,168 12,934
Number of shares in issue, at start of
the year 32,982 32,336 25,868 32,982 32,336 25,868
Transfer from share premium – 646 6,468 – 646 6,468
On issue, at year-end 32,982 32,982 32,336 32,982 32,982 32,336
(b) Share premium
Share premium is the excess paid by shareholders over the nominal value for their shares.
(c) Retained earnings
Retained earnings is the carried forward recognised income net of expenses plus current period profit attributable to shareholders.
Annual Report 2012