NSE Annual Reports - The Nigerian Stock Exchange

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NOTES TO THE CONSOLIDATED AND SEPARATEFINANCIAL STATEMENTS (CONT’D)FOR THE YEAR ENDED 31 DECEMBER 2012In thousands of nairaGroup31 Dec2011Group01 Jan2011Exchange31 Dec2011Exchange01 Jan2011Consolidated and separate statement of financial positionIntangible assets (GAAP)Reclassification from PPE to Intangible assetsWrite- off of unsubstantiated intangible assets:Intangible assets (IFRS)4,635585,4704,730594,8354,635919,6024,730928,967-585,4694,730590,199-919,6014,730924,331(b)Investment property under construction represents the group's investment in the construction of acommercial building in Port Harcourt. Pre incorporation expenses were capitalized as part of investmentproperty under construction.The pre incorporation amounts were written off to retained earnings as they do not meet the assetcapitalization criteria. The impact of this change is summarized below:In thousands of nairaGroup31 Dec2011Group01 Jan2011Exchange31 Dec2011Exchange01 Jan2011Consolidated and separate statement of financial positionProperty under construction (GAAP)1,684,4801,677,640Pre-incorporation expensesProperty under construction (IFRS)(82,887)1,601,593(270,506)1,407,134--cUnder the Nigerian GAAP, assets which could not be substantiated were reclassified to other assets andtested for impairment by comparing the carrying amount with the recoverable amount. The carryingamount of these assets exceeded their recoverable amounts and the assets were fully impaired and writtendown to their recoverable amounts (nil) in accordance with the requirements of IFRS.Also, the likelihood of impairment of trade and other receivables was evaluated by comparing the carryingamounts of these receivables to the present values of their recoverable cash flows. The recoverableamounts of some of the trade receivables were found to be lower than their carrying amounts and weretherefore impaired to the tune of their recoverable amounts. The impact of these changes are summarizedbelow:68A N N U A L R E P O R T & A C C O U N T S 2 0 1 2
NOTES TO THE CONSOLIDATED AND SEPARATEFINANCIAL STATEMENTS (CONT’D)FOR THE YEAR ENDED 31 DECEMBER 2012In thousands of nairaGroup31 Dec2011Group01 Jan2011Exchange31 Dec2011Exchange01 Jan2011Consolidated and separate statement of financial positionIntercompany receivable (GAAP)Impairment loss on doubtful intercompanyreceivable----3,760,990(246,274)3,755,318(297,594)Intercompany receivable (IFRS)3,514,7163,457,724In thousands of nairaGroup31 Dec2011Group01 Jan2011Exchange31 Dec2011Exchange01 Jan2011Consolidated and separate statement of financial positionTrade and other receivables (GAAP)Reclassification of unsubstantiated assetsImpairment loss on unsubstantiated assetsImpairment loss on doubtful other receivablesImpairment of recovery of bonus from ExcouncilmembersWrite off on unsubstantiated staff debtorsTrade and other receivables ( IFRS)1,836,955308,074(260,190)(71,743)(1,480,068)(20,290)312,7382,200,336306,505(260,190)(485,391)(1,482,565)68,852347,5471,818,121308,074(260,190)(84,958)(1,480,068)(20,290)280,6892,167,355306,505(260,190)(485,392)(1,482,565)68,852314,565(d)Under Nigerian GAAP, the Group consolidates its associates by recognizing its share of the net assets of theassociate. IAS 28 (investment in associates) also explains that investment in associates are accounted forusing the equity method in the consolidated financial statement. Comparison of the Groups share of itsassociate's net assets per Nigerian GAAP and IFRS revealed a difference of N17.3 million. The Group's shareof its associates net asset was therefore adjusted for this difference.The impact of this change is shown below:In thousands of nairaGroup31 Dec2011Group01 Jan2011Exchange31 Dec2011Exchange01 Jan2011Consolidated and separate statement of financial positionInvestment in Associates (GAAP)3,256,2393,188,496387,804387,804Adjustment for difference in the Group's shareof associate's net assets(17,398)(17,398)--Investment in Associates (IFRS)3,238,8413,171,098387,804387,80469A N N U A L R E P O R T & A C C O U N T S 2 0 1 2
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OUR VISION“To be the leading stoc
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NOTICE OF THE FIFTY-SECONDANNUAL GE
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PRESIDENT'S ADDRESSDistinguishedLad
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PRESIDENT'S ADDRESS (CONT’D)compa
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CHIEF EXECUTIVE OFFICER'S REVIEWcor
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CHIEF EXECUTIVE OFFICER'S REVIEW (C
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2012 NSEHIGHLIGHTSFIRST QUARTER21st
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CORPORATE GOVERNANCE REPORTFOR THE
Page 17 and 18: CORPORATE GOVERNANCE REPORT (CONT
Page 20 and 21: REPORT OF THE COUNCILFOR THE YEAR E
Page 22 and 23: STATEMENT OF COUNCIL MEMBERS’ RES
Page 24 and 25: CONSOLIDATED AND SEPARATE STATEMENT
Page 26 and 27: CONSOLIDATED AND SEPARATE STATEMENT
Page 28 and 29: NOTES TO THE CONSOLIDATED AND SEPAR
Page 80 and 81: FINANCIAL SUMMARYFOR THE YEAR ENDED
Page 82 and 83: BUSINESS REVIEWName Profile Activit
Page 84 and 85: BUSINESS REVIEW (CONT’D)Name Prof
Page 86 and 87: COMPARATIVE TRADING ACTIVITIES (196
Page 88 and 89: SUMMARY OF TRADING ACTIVITIES BY CA
Page 90 and 91: SUMMARY OF TRADING ACTIVITIES BY CA
Page 92 and 93: MONTHLY TRADING ACTIVITY VALUES 201
Page 94 and 95: GROWTH IN THE NUMBER OF LISTED SECU
Page 96 and 97: NAMES OF ACTIVE DEALING FIRMSAS AT
Page 98 and 99: COUNCIL MEMBERSAlhaji Aliko Dangote
Page 100 and 101: MANAGEMENT TEAMOscar OnyemaChief Ex
Page 102 and 103: OFFICERS OF THE NIGERIAN STOCK EXCH
Page 104 and 105: FLASH OF OUR FUNCTIONSL - R the pic
Page 110 and 111: PRESIDENTS OF THE EXCHANGE110ANNUAL
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NSE Annual Reports - The Nigerian Stock Exchange

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