confidence - Investing In Africa

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Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)(s)ImpairmentThe carrying amounts of assets are assessed at each balance sheet date to determine whether there is any indicationof impairment. If such indication exists, the recoverable amount of the asset is estimated, being the higher of the asset’snet selling price and its value in use, to determine the extent of the impairment loss, if any, and the carrying amount ofthe asset is reduced to its recoverable amount. The impairment loss is recognised as an expense immediately, unlessthe asset is carried at revalued amount, in which case the impairment loss is treated as a revaluation decrease.(t)ProvisionsProvisions are recognised when the Group has a present obligation as a result of a past event which it is probable willresult in an outflow of economic benefits that can be reasonably estimated.(u)DividendsDividends are recognised as a liability in the year in which they are declared.(v)Related PartiesFor the purposes of these financial statements, parties are considered to be related to the Group if they have the ability,directly or indirectly, to control the Group or exercise significant influence over the Group in making financial andoperating decisions, or vice versa, or if they and the Group are subject to common control. Related parties may beindividuals or other entities.(w)Segmental ReportingThe Group considers that segmentation of its business is primarily a function of product or services rather than geography.Accordingly, the Group uses its different lines of businesses as primary basis of segmentation and geographicalsegmentation as secondary basis.36(x)Comparative FiguresComparative figures have been restated or reclassified, as necessary, to conform to the current year’s presentation.3. BALANCES WITH OTHER BANKSGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Balances due within 3 months 6,378,422 2,090,179 2,364,703 6,360,702 1,788,798 2,101,587The balances above include bank placements with a maturity of within 3 months.
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)4.SECURITIES, PLACEMENTS AND OTHER INVESTMENTSRemaining Term to MaturityGROUPNoWithin 3 3-6 6-12 1-2 2-5 Over 5 Specific 2005 2004 2003months months months years years years Maturity Total Total TotalMRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000(i) <strong>In</strong>vestment SecuritiesGovernment Bonds - OLR 51,623 4,831 239,759 - 176,331 301,106 - 773,650 30,811 83,025Treasury Bills - OLR 952,391 979,071 4,185,761 1,825,433 - - - 7,942,656 10,236,206 7,130,892Treasury Bills - HTM 129,101 166,506 83,515 40,451 - - - 419,573 529,641 -Securities of GovernmentBodies - OLR - - - 13,915 103,300 - - 117,215 47,644 51,514Equity Shares of Companies- Associates (Note 5) - - - - - - 666,502 666,502 616,340 559,155- Other - AFS (Note 6) - - - - - - 1,652,948 1,652,948 1,505,283 289,0221,133,115 1,150,408 4,509,035 1,879,799 279,631 301,106 2,319,450 11,572,544 12,965,925 8,113,608(ii) Trading Securities - HFTGovernment Bonds - - - - - - - - - 772,313Treasury Bills 77,908 - 31,168 35,262 - - - 144,338 244,937 1,146,163Equity Shares of Companies(Note 6) - - - - - - - - 9,854 8,51977,908 - 31,168 35,262 - - - 144,338 254,791 1,926,995(iii) Placements - OLRBanks - 466,261 - - - - - 466,261 40,390 41,643- 466,261 - - - - - 466,261 40,390 41,643(iv) Other <strong>In</strong>vestmentsLoan to Associate (Note 5) - - - - - - 9,263 9,263 8,849 9,156- - - - - - 9,263 9,263 8,849 9,156Total 1,211,023 1,616,669 4,540,203 1,915,061 279,631 301,106 2,328,713 12,192,406 13,269,955 10,091,40237
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Corporate Governance ReportSBM has
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Corporate Governance ReportCorporat
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confidence to foster growth
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Board of DirectorsHarel, Antoine L.
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Board CommitteesRemuneration Commit
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Directors of SubsidiariesSBM LEASE
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Executive ManagementCHIEF EXECUTIVE
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Executive ManagementExecutive Manag
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Group Addresses136CORPORATE OFFICES
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