Union Bank of Nigeria Plc
IFRS Consolidated Financial Statements
For the period ended 30 September 2013
Separate and Consolidated Statements of Financial Position
Notes
In millions of Naira

Group
September
2013

Group
Decembe...
Separate and Consolidated Statements of Comprehensive Income
For the period ended 30 September 2013

Notes
In millions of ...
Total comprehensive income attributable to:
Equity holders of the Bank
Non-controlling interest
Transfer to statutory rese...
Consolidated Statements of Changes in Equity
For the period ended 30 September 2013
Group

In millions of Nigerian Naira

...
Consolidated Separate Statements of Cash Flows
For the period ended 30 September 2013

Notes
In millions of Nigerian Naira...
Investment securities
Dividend income received
Dividend income from equity accounted investee
Investment in retirement ben...
Notes to the Consolidated financial statements
For the Half year ended 30 June 2013
1 Reporting entity
Union Bank of Niger...
The accounting policies have been applied consistently by Group entities.
(a) Basis of consolidation
Business Combination
...
Associates
Associates are those entities in which the Group has significant influence, but not control, over the
financial...
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising...
When a loan commitment is not expected to result in the draw-down of a loan, loan commitment fees
are recognised on a stra...
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be
available ag...
The Group designates some investment securities at fair value, with fair value changes recognised
immediately in profit or...
Subsequent to initial recognition, the fair values of financial instruments are based on quoted
market prices or dealer pr...
The calculation of the present value of the estimated future cash flows of a collateralised financial
asset reflects the c...
(l) Trading assets and liabilities
Trading assets and liabilities are those assets and liabilities that the Group acquires...
Goodwill
Goodwill that arises on the acquisition of subsidiaries is presented with intangible assets. Subsequent to
Softwa...
The provision for outstanding claims for reported claims, is estimated based on current information and
Reinsurance recove...
(x) Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
A...
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are
(af) New standards an...
4

Net interest income
Group
9 months to
30 September
2013

Group
9 months to
30 September
2012

Bank
9 months to
30 Septe...
7

Other operating income
Group
Group
Bank
9 months to
9 months to
9 months to
30 September
30 September
30 September
2012...
10

Personnel expenses
Group
9 months to
30 September
2013

Group
9 months to
30 September
2012

Bank
9 months to
30 Septe...
13

Cash and cash equivalents
In millions of Nigerian Naira

Cash in hand
Cash and balances with banks
Unrestricted balanc...
Impairment allowance on loans and advances to customers
Group
9 months to
30 September
2013
In millions of Nigerian Naira
...
17

Investment securities

In millions of Nigerian Naira

Group
9 months to
30 September
2013

Group
12 months to
30 Decem...
Movement in specific impairment for assets held for sale was as follows:
Balance, beginning of period
(Writeback)/allowanc...
23 Intangible assets

In millions of Nigerian Naira

Group
Group
9 months to
12 months to
30 September
2013 31 December 20...
Bank
31 June 2013
In millions of Nigerian Naira

Assets

Property, equipment, and software
Allowances for loan losses
Fore...
Impairment on other assets

255,412
(157,714)
97,697

274,506
(153,209)
121,297

254,096
(155,300)
98,796

270,386
(151,09...
29 Liability on insurance contracts

In millions of Nigerian Naira
Life assurance contracts
Non-life insurance contracts

...
(b) The movement in the defined benefit obligation account during the period:
Group
Group
9 months to
12 months to
30 Sept...
In millions of Nigerian Naira
Balance, beginning of period
Shares cancelled on reconstruction of
shares during the year
Ne...
22
(a)

Property and equipment
Group:
The movement in these accounts during the period was as follows:
Leasehold land and
...
to 36 are an integral part of these consolidated and separate financial statements.
Property and equipment
(b)
Bank:
The m...
UNION BANK OF NIGERIA PLC
A: 30 June 2013
CONSOLIDATION SUMMARY

Statement of Comprehensive income
Interest income
Interes...
Statement of financial position
Cash and cash equivalents
Non-pledged trading assets
Pledged assets
Derivative financial i...
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Union Bank of Nigeria Plc 3Q 2013 results

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Union Bank of Nigeria Plc 3Q 2013 results

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Union Bank of Nigeria Plc 3Q 2013 results

  1. 1. Union Bank of Nigeria Plc IFRS Consolidated Financial Statements For the period ended 30 September 2013
  2. 2. Separate and Consolidated Statements of Financial Position Notes In millions of Naira Group September 2013 Group December 2012 Bank Bank September December 2013 2012 ASSETS Cash and cash equivalents Non-pledged trading assets Pledged assets Derivative assets held for risk management Loans and advances to customers Investments in equity accounted investee Investment securities Assets held for sale Trading properties Investment properties Investment in subsidiaries Property and equipment Intangible assets Deferred tax assets Other assets 13 14 15 111,226 2,116 45,522 194,967 5,482 346,650 84 6,383 16,874 47,850 1,128 95,740 97,697 200,260 1,895 44,503 78 156,375 5,557 313,754 84 6,971 19,296 48,466 922 95,707 121,296 65,441 1,249 45,522 180,579 16 316,542 84 2,282 17,445 45,191 685 95,683 98,796 142,938 867 44,503 136,982 91 280,449 84 2,282 17,445 45,137 522 95,875 119,293 971,718 1,015,164 869,515 886,468 536,001 1,020 3,302 1,450 299 167,657 38,874 36,358 78 45,112 522,443 803 2,691 2,317 358 178,586 49,886 34,564 470,619 511 137,050 38,416 34,717 3,500 482,005 495 145,480 49,368 33,951 784,961 836,838 681,313 714,799 400,109 (240) (270,396) 55,577 400,109 (65) (275,433) 48,736 400,109 (258,657) 46,750 400,109 (269,036) 40,596 185,050 173,348 188,202 171,669 1,707 4,979 TOTAL EQUITY 186,757 178,326 188,202 171,669 TOTAL LIABILITIES AND EQUITY 971,718 1,015,164 869,515 886,468 16 17 17 18 19 20 21 22 23 24 25 TOTAL ASSETS LIABILITIES Derivative liabilities held for risk management Deposits from banks Deposits from customers Liability on investment contract Liability on insurance contract Current tax liabilities Deferred tax liabilities Other liabilities Retirement benefit obligations Other borrowed funds 26 27 28 29 30 24 31 32 33 TOTAL LIABILITIES EQUITY Share capital and share premium Treasury shares Retained earnings Reserves EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE BANK 34 34 34 34 Non-controlling interest - The notes on pages 7 to 36 are an integral part of these consolidated and separate financial statements. 2 -
  3. 3. Separate and Consolidated Statements of Comprehensive Income For the period ended 30 September 2013 Notes In millions of Naira Interest income Interest expense 4 4 Group Group Bank Bank 9 months to 9 months to 9 months to 9 months to September September September September 2013 2012 2013 2012 Net impairment loss on financial assets Personnel expenses Depreciation and amortisation Other operating expenses 9 10 11 Profit before income tax Income tax expense Profit for the period 12 46,691 7,092 1,652 7,435 8,283 2,420 4,026 6,408 1,335 5,923 7,571 1,083 2,634 14,729 13,666 11,288 702 1,250 - - 1,250 - - 68,208 53,877 57,979 (10,731) (24,719) (3,042) (15,748) (2,803) (28,274) (3,713) (20,767) (8,095) (22,296) (2,604) (9,216) (2,692) (24,468) (3,119) (15,183) 12,652 11,666 12,517 6,809 Operating income 40,211 6,809 8 52,228 61,049 Underwriting profit 58,629 (11,938) 702 5 6 7 56,505 (16,294) 16,179 Net fee and commission income Net trading income Other operating income 66,946 (14,717) 44,167 Net interest income 62,968 (18,801) 12,652 11,666 12,517 769 7,578 (865) 11,787 687 12,353 (125) 12,393 Other comprehensive income, net of income tax Regulatory risk reserve - Foreign currency translation differences for foreign operations Fair value gains on property and equipment Fair value (losses)/gains on available-for-sale investments Net change in fair value Other comprehensive income for the period Total comprehensive income for the period 729 3,220 3,949 11,527 - - - - 685 685 12,472 4,180 (1,402) (1,402) 10,991 4,180 16,533 Profit attributable to: Equity holders of the Bank 10,018 14,449 12,353 Non-controlling interest (2,440) (3,028) Transfer to statutory reserve Transfer to statutory reserve Transfer to contingency reserve 366 The notes on pages 7 to 36 are an integral part of these consolidated and7,578 separate financial statements. 11,787 12,353 3 12,393 - 12,393
  4. 4. Total comprehensive income attributable to: Equity holders of the Bank Non-controlling interest Transfer to statutory reserve Transfer to statutory reserve Transfer to contingency reserve Total comprehensive income for the period 13,967 (2,440) 11,527 11,679 427 366 12,472 16,533 16,533 10,991 10,991 Earnings per share - Basic 59k 87k 73k 73k Earnings per share - Adjusted 59k 87k 73k 73k The notes on pages 7 to 36 are an integral part of these consolidated and separate financial statements. 4
  5. 5. Consolidated Statements of Changes in Equity For the period ended 30 September 2013 Group In millions of Nigerian Naira Balance at 1 January 2013 Prior year adjustment Opening restated Share capital Share premium Statutory Treasury reserve shares Fair value reserves 8,468 391,641 17,460 (65) 31,059 8,468 391,641 17,460 (65) Regulatory risk reserves Other reserves Retained earnings 1,005 (788) (275,433) 31,059 1,005 (788) Total comprehensive income for the period Profit for the period - - - - - - Other comprehensive income Foreign currency translation diferrence Fair value reserve on financial assets Transfer from retained earnings Total comprehensive income for the period - - - - 3,220 3,220 2,822 2,822 - - (175) - - - 17,460 (175) (240) 34,279 3,827 Transactions with owners, recorded directly in equity Contributions by and distributions to owners Acquisition/(disposal) of own shares Increase/dilution in non-controlling interest Dividends to equity holder Total contribution and distributions to owners Balance at 30 September 2013 8,468 391,641 Total Non-controlling interest Total equity (275,433) 173,348 173,348 4,979 4,979 - 10,018 10,018 (2,440) 7,578 729 69 798 (2,891) 7,127 729 3,220 13,967 (2,440) 729 3,220 11,527 (2,090) (2,090) (270,396) (175) (2,090) (2,265) 185,050 (832) (832) 1,707 (175) (832) (2,090) (3,097) 186,757 Other reserves (760) (760) Retained earnings (269,036) (269,036) Total 171,670 171,670 Non-controlling interest - Total equity 171,670 171,670 12,353 12,353 - 12,353 (1,974) 10,379 4,180 16,533 - 4,180 16,533 (258,657) 188,203 - 188,203 10 178,327 178,327 Bank In millions of Nigerian Naira Balance at 1 January 2013 Opening restated Total comprehensive income for the period Profit or loss Share capital 8,468 8,468 - Other comprehensive income Fair value reserve (available-for-sale) financial assets Transfer from retained earnings Total comprehensive income for the period Total contribution and distributions to owners Balance at 30 September 2013 8,468 Share premium 391,642 391,642 Statutory Treasury reserve shares 15,563 15,563 - Fair value reserves 24,788 24,788 Regulatory risk reserves 1,005 1,005 - - - - - - - - - 4,180 - - - - 4,180 1,974 1,974 15,563 - 28,968 2,979 391,642 5 (760)
  6. 6. Consolidated Separate Statements of Cash Flows For the period ended 30 September 2013 Notes In millions of Nigerian Naira Cash flows from operating activities Profit for the period Income tax expense Profit before tax 11 Adjustments for: Impairment (recoveries)/allowances on loans and advances and other investments Impairment loss on equity accounted investees Allowances on other assets Gain on sale of property and equipment Loss on sale of investment properties Gain on sale of trading properties Depreciation of property and equipment Amortisation of intangible assets Revaluation gain on investment properties Dividend income from equity investment Interest paid on borrowings Bad debts (recovered)/written off Retirement benefit provisions Share of profit of equity accounted investee Change in the value of equity accounted investee 8 8 8 7 Group Group September December 2013 2012 7,578 (769) 6,809 7,401 951 75 3,898 1 2,859 184 - 7,375 1,685 9,060 682 747 Bank Bank September December 2013 2012 12,353 (687) 11,666 5,349 75 3,714 2,497 107 - 7,851 268 8,119 (550) (362) (2,722) 654 20,110 (109) 584 23,883 2,959 (29) 4,096 79 (775) 8,078 191 5,109 26,915 (221) (1,019) (43,272) 19,700 (45,112) 13,558 217 611 (10,929) (46,356) (190) (46,546) 22 23 3,966 (32) 66 (222) 4,667 285 (85) (926) 7,784 481 5,465 (1,850) (692) 29,396 3,968 25,191 79 (1,455) (17,102) 21,470 234 47 (35,900) 25,928 (2,032) 23,896 (382) (1,019) (48,837) 16,783 (3,500) (11,386) (8,430) (32,889) 896 (31,993) 1,984 25,191 7,735 (5,840) 1,920 82,230 (29,401) 110,734 (1,131) 109,603 7 32 Change in non-pledged trading assets Change in pledged assets Change in loans and advances to customers Change in other assets Change in deposits from banks Change in deposits from customers Change in liabilities on investment contracts Change in liabilities on insurance contracts Change in other liabilities Income tax paid Net (used in)/cash provided by operating activities Cash flows from investing activities Purchase of investment properties 20 520 (59) Proceeds from sale of investment properties 20 1,902 4,057 Acquisition of trading properties 19 (2,748) The notes on pages 7 to 36 are an integral part of these consolidated and separate financial statements. 588 1,563 Proceeds from sale of assets classified as held for sale 723 Proceeds from sale of property and equipment 22 811 45 Acquisition of property and equipment 22 (3,054) (3,076) Acquisition of intangible assets 23 (390) (610) 6 405 (2,956) (270) (2,282) 723 30 (2,773) (492)
  7. 7. Investment securities Dividend income received Dividend income from equity accounted investee Investment in retirement benefit scheme Net cash used in investing activities (30,626) (11,666) (41,914) (48,056) 926 242 (14,965) (61,958) 1,794 (175) (2,090) (832) (1,303) 7,614 (7,784) (170) (89,763) 200,260 729 111,226 (38,232) 239,013 (521) 200,260 7 32 Cash flows from financing activities Inflow from other borrowings Interest paid on borrowings Acquisition of own shares Dividend paid Acquisition of non-controlling interest Net cash from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate fluctuations on cash held Cash and cash equivalents at end of period The notes on pages 7 to 36 are an integral part of these consolidated and separate financial statements. 7 (31,913) (11,536) (46,270) 766 766 (77,497) 142,938 65,441 (31,858) 775 (14,369) (50,246) 7,001 (8,078) (1,077) 58,280 84,658 142,938
  8. 8. Notes to the Consolidated financial statements For the Half year ended 30 June 2013 1 Reporting entity Union Bank of Nigeria Plc (“the Bank”) is a company domiciled in Nigeria. The address of the Bank‟s registered office is Union Bank of Nigeria Plc, Stallion Plaza, 36 Marina, Lagos. The consolidated financial statements of the Bank as at and for the year ended 30 September 2013 comprise the Bank and its subsidiaries (together referred to as the “Group”and individually as 'Group entities'). The Group is primarily involved in investment, corporate, commercial and retail banking, as well as the provision of insurance, registrars, pension fund custodial, trusteeship and asset management services. 2 Basis of preparation (a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). (b) Functional and presentation currency These consolidated financial statements are presented in Nigerian Naira, which is the Bank‟s functional and presentation currency. All financial information presented in Naira has been rounded to the nearest million, except when otherwise indicated (c) Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the ststement of financial position: • financial instruments at fair value through profit or loss are measured at fair value; • available-for-sale financial assets are measured at fair value; • investment property is measured at fair value; and • the liability for defined benefit obligations is recognised as the present value of the defined benefit obligation less the net total of the plan assets, plus unrecognised actuarial gains, less unrecognised past service cost and (d) Use of estimates and judgements The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected Information about significant areas of estimation uncertainty and critical judgements in applyinh accounting policies that have the most significant effect on the amount recognised in the consolidated financial statements are included in Notes 4 and 5. 3 Significant accounting policies The accounting policies set out below have been consistently applied to all periods presented in these consolidated financial statements.
  9. 9. The accounting policies have been applied consistently by Group entities. (a) Basis of consolidation Business Combination Business combinations are accounted for using the acquisition method as at the acquisition date, that is, when control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. The Group measures goodwill at the acquisition date as: • the fair value of the consideration transferred; plus • the recognised amount of any non-controlling interest in the acquiree; plus • if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the • the net recognised amount (general fair value) of the identifiable assets acquired and liabilities When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Transaction costs, other than those associated with the issue of debt or eqiity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss. If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree's employees (acquiree's awards) and related to past services, then all or a portion of the amount of the acquirer's replacement awards is included in measuring the consideration transferred in the business combination. This determination is based on the market-based value of the replacement awards compared with the market-based value of the acquiree's awards and the extent to which the replacement awards relate to past and/or future service. Non-controlling interest For each business combination, the Group elects to measure any non-controlling interests in the • at fair value; or • at their proportionate share of the acquiree's identifiable net assets, which are generally at fair value. Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as transactions with owners in their capacity as owners. Adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. No adjustments are made to goodwill and no gain or loss is recognised in profit or loss. ntegral part of these consolidated and separate financial statements. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
  10. 10. Associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. The consolidated financial statements include the Group‟s share of the total recognised gains and losses of associates on an equity-accounted basis from the date that significant influence commences until the date that significant influence ceases. When the Group‟s share of losses exceeds its interest in an associate, the Group‟s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or Special purpose entities Special purpose entities are entities that are created to accomplish a narrow and well-defined objective such as the securitisation of particular assets, or the execution of specific borrowings or lending transactions or the provision of certain benefits to employee. The financial statements of special purpose entities are included in the Group‟s consolidated financial statements, where the substance of the relationship is that the Group controls the special purpose entity. Fund management The Group manages and administers assets held in unit trusts and other investment vehicles on behalf of investors. The financial statements of these entities are not included in these consolidated financial statements, except when the Group controls the entity. Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or in accordance with the Group's accounting policy for financial instruments depending on the level of influence retained. Transactions eliminated on consolidation Intra-group balances and any unrealised gains or losses or incomes and expenses arising from intragroup transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated to the extent of the Group‟s interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency transactions Foreign currency transactions Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are reported using the closing exchange rate. Exchange differences arising on the settlement of transactions at rates different from those at the date of the transaction, as well as unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities, are recognized in income statement. Unrealized exchange differences on non-monetary financial assets (investments in equity instruments) are a component of the change in their entire fair value. For a non-monetary financial asset held for trading and for non-monetary financial assets designated at fair value through profit or loss, unrealized exchange differences are recognized in profit or loss. For non-monetary financial investments availablefor-sale, unrealized exchange differences are recorded in other comprehensive income until the asset is sold or becomes impaired.
  11. 11. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Nigerian Naira at exchange rates at each reporting date. The incomes and expenses of foreign operations are translated to Nigerian Naira at exchange rates at the dates of the transactions. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the noncontrolling interest. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassifeid to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign currency gains and losses arising from such item are considered to form part of a net investment in the foreign operation and are recognised in other comprehensive income, and presented in the translation reserve in equity. (c) Interest Interest income and expense for all interest bearing financial instruments, except for those classified at fair value through profit or loss, are recognised within „interest income‟ and „interest expense‟ in the income statement using the effective interest method. The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or liability (or, where appropriate, a shorter period) to the net carrying amount of the financial The calculation of the effective interest rate includes all transaction costs and fees paid or received that are an integral part of the effective interest rate. Transaction costs include incremental costs that are directly attributable to the acquisition or issue of a financial asset or liability. Interest income and expense on all trading assets and liabilities are considered to be incidental to the Group‟s trading operations and are presented together with all other changes in the fair value of trading assets and liabilities in net trading income. Fair value changes on other financial assets and liabilities carried at fair value through profit or loss, are presented in net income on other financial instruments carried at fair value through profit or loss in the income statement. (d) Fees and Commission Fees and commission income and expenses that are integral to the effective interest rate on a financial asset or liability are included in the measurement of the effective interest rate. Other fees and commission income, including account servicing fees, investment management and other fiduciary activity fees, sales commission, placement fees and syndication fees, are recognised as the related Commissions on insurance contracts are recognized on ceding business to the reassurer, and are credited to the income statement.
  12. 12. When a loan commitment is not expected to result in the draw-down of a loan, loan commitment fees are recognised on a straight-line basis over the commitment period. Other fees and commission expenses relates mainly to transaction and service fees, which are expensed as the services are received. (e) Net trading income Net trading income comprises gains less losses related to trading assets and liabilities, and includes all realised and unrealised fair value changes, interest, dividends and foreign exchange differences. (f) Net income from other financial instruments at fair value Net income from other financial instruments at fair value relates to financial assets and liabilities designated as at fair value through profit or loss and includes all realised and unrealised fair value changes, interest, dividends and foreign exchange differences. (g) Dividends Dividend income is recognised when the right to receive income is established. Dividends are reflected as a component of net trading income and are recognised net of WHT. (h) Lease payments made Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term, so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed. (i) Income tax expense Income tax comprises current and deferred taxes. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax payable also includes any tax liability arising from the declaration of dividends. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on laws that have been enacted or substantively enacted by the reporting date.
  13. 13. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend is recognised. (j) Financial instruments Recognition A financial asset or financial liability is measured initially at fair value plus, for an item not at fair value through profit or loss, transaction cost that are directly attributable to its acquisition or issue. Loans and advances, deposits and subordinated liabilities are recognised on the date that they are originated. All other financial assets and liabilities are initially recognised on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Classification The Group classifies its financial assets in one of the following categories: • loans amnd receivables; • held to maturity; • available for sale; or • at fair value through profit or loss and within the category as held for trading or designated at fair value through profit or loss. Subsequent measurement Investment securities are initially measured at fair value plus, in case of investment securities not at fair value through profit or loss, incremental direct transaction costs, and subsequently accounted for depending on their classification as either held to maturity, fair value through profit or loss, or available for sale. (i) Held-to-maturity Held-to-maturity investments are non-derivative assets with fixed determinable payments and fixed maturity that the Group has the positive intent and ability to hold to maturity, and which are not designated as at fair value through profit or loss or as available for sale. Held-to-maturity investments are carried at amortised cost, using the effective interest method, less any impairment losses. A sale or reclassification of a more than insignificant amount of held-to-maturity investments would result in the reclassification of all held-to-maturity investments as available for sale, and would prevent the Group from classifying investment securities as held to maturity for the current and the following two financial years. However, sales and reclassifications in any of the following circumstances would not trigger a reclassification: (a) (b) (c) (ii) sales or reclassification that are so close to maturity that changes in the market rate of interest effect on the financial asset's fair value; sales or reclassifications after the Group has collected substantially all of the asset's original sales or reclassifications attributable to non-recurring isolated events beyond the Group's control reasonably anticipated. Fair value through profit or loss
  14. 14. The Group designates some investment securities at fair value, with fair value changes recognised immediately in profit or loss. (iii) Available-for-sale Available-for-sale investments are non-derivative investments that are designated as available-forsale or are not classified as another category of financial assets. Available-for-sale investments comprise equity securities and debt securities. Unquoted equity securities whose fair value cannot reliably be measured are carried at cost. All other available-for-sale investments are carried at fair value. Interest income is recognised in profit or loss using the effective interest method. Dividend income is recognised in profit or loss when the Group becomes entitled to the dividend. Foreign exchange gains or losses on available-for-sale debt security investment are recognised in profit or loss. Impairment losses are recognised in profit or loss. Other fair value changes, other than impairment losses, are recognised in other comprehensive income and presented in the fair value reserve in equity. When the investment is sold, the gain or loss accumulated in equity is reclassified to profit or loss. A non-derivative financial asset may be reclassified from the available-for-sale category to the loans and receivable category if it otherwise would have met the definition of loans and receivables and if the Group has the intention and ability to hold that financial asset for the foreseeable future or until maturity. (iv) Loans and advances Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, and that the Group does not intend to sell immediately or in the Loans and advances to banks are classified as loans and receivables. Loans and advances to • those classified as loans and receivables; and • finance lease receivables. Loans and advances are initially measured at fair value plus incremental direct transaction costs, and subsequently measured at their amortised cost using the effective interest method. When the Group is the lessor in a lease agreement that transfers substantially all of the risks and rewards incidental to ownership of the asset to the lessee, the arrangement is classified as a finance lease and a receivable equal to the net investment in the lease is recognised and presented within loans and advances. Fair value measurement The best evidence of the fair value of a financial instrument on initial recognition is the transaction price, i.e. the fair value of the consideration paid or received, unless the fair value is evidenced by comparison with other observable current market transactions in the same instrument, without modification or repackaging, or based on discounted cash flow models and option pricing valuation techniques whose variables include only data from observable markets.
  15. 15. Subsequent to initial recognition, the fair values of financial instruments are based on quoted market prices or dealer price quotations for financial instruments traded in active markets. If the market for a financial asset is not active or the instrument is unlisted, the fair value is determined by using applicable valuation techniques. These include the use of recent arm‟s length transactions, discounted cash flow analysis, pricing models and valuation techniques commonly used by market participants. Where discounted cash flow analyses are used, estimated cash flows are based on management‟s best estimates and the discount rate is a market-related rate at the reporting date from a financial asset with similar terms and conditions. Where pricing models are used, inputs are based on observable market indicators at the reporting date and profits or losses are only recognised to the extent that they relate to changes in factors that market participants will consider in setting a price. Impairment of financial assets (i) Assets carried at amortised cost The Group assesses at each reporting date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the assets (a „loss event‟), and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. The following factors are considered in assessing objective evidence of impairment: • whether the customer's obligation is more than 90 days past due; • the Group consents to a restructuring of the obligation, resulting in a diminished financial obligation, demonstrated by a material forgiveness of debt or postponement of scheduled payments; or • there is observable data indicating that there is a measurable decrease in the estimated future cash flows of a group of financial assets, although the decrease cannot yet be identified with specific individual financial assets. The Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, and individually or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is or continues to be recognised, are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on a loan and receivable or a held-tomaturity asset has been incurred, the amount of the loss is measured as the difference between the asset‟s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred), discounted at the asset‟s original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in profit or loss.
  16. 16. The calculation of the present value of the estimated future cash flows of a collateralised financial asset reflects the cash flows that may result from foreclosure, less costs for obtaining and selling the collateral, whether or not foreclosure is probable. For the purposes of a collective evaluation of impairment, financial assets are grouped on the basis of similar credit risk characteristics (i.e. on the basis of the Group‟s grading process which considers asset type, industry, geographic location, collateral type, past-due status and other relevant factors). These characteristics are relevant to the estimation of future cash flows for groups of such assets being indicative of the debtors‟ ability to pay all amounts due according to the contractual terms of the assets being evaluated. Future cash flows in a group of financial assets that are collectively evaluated for impairment are estimated on the basis of the historical loss experience for assets with credit risk characteristics similar to those in the group. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based, and to remove the effects of conditions in the historical period that do not exist currently. To the extent that a loan is irrecoverable, it is written off against the related allowance for loan (ii) Available-for-sale financial assets Available-for-sale financial assets are impaired if there is objective evidence of impairment, If, in a subsequent period, the amount relating to an impairment loss decreases and the decrease Offsetting financial instruments Financial assets and liabilities are set off and the net amount presented in the statement of Incomes and expenses are presented on a net basis only when permitted under IFRSs, or for gains Sale and repurchase agreements Securities sold subject to linked repurchase agreements are reclassified in the financial statements Derecognition of financial instruments The Group derecognises a financial asset when the contractual rights to the cash flows from the Any interest in such transferred financial assets that qualify for derecognition is created or retained (i) the consideration received (including and new asset obtained less any new liability assumbed); (ii) any cumulative gain or loss that had been recognised in other comprehensive income is The Group enters into transactions whereby it transfers assets recognised on its balance sheet, but The rights and obligations retained in the transfer are recognised separately as assets and liabilities (k) Cash and cash equivalents Cash and cash equivalents include notes and coins in hand, unrestricted balances held with central Cash and cash equivalents are carried at amortised cost in the statement of financial position.
  17. 17. (l) Trading assets and liabilities Trading assets and liabilities are those assets and liabilities that the Group acquires or incurs principally Trading assets and liabilities are initially recognised and subsequently measured at fair value in the (i) if the financial asset would have met the definition of loans and receivables (if the financial asset (ii) if the financial asset would not have met the definition of loans and receivables, then it may be (m) Derivatives held for risk management purposes Derivatives held for risk management purposes include all derivative assets and liabilities that are not (n) Property and equipments Recognition and measurement Property and equipment are carried at cost less accumulated depreciation and impairment losses. Cost (a) the cost of materials and direct labour; (b) any other costs directly attributable to bringing the assets to working condition for their intended (c) when the Group has an obligation to remove the asset or restore the site, an estimate of the costs of (d) capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of Any gain or loss on disposal of an item of property and equipment (calculated as the difference between Subsequent costs The cost of replacing part of an item of property or equipment is recognised in the carrying amount of Items of property and equipment are depreciated from the date they are available for use or, in respect of The estimated useful lives for the current and comparative period are as follows: Leasehold improvements Over the shorter of the useful life of item or lease period Buildings 50 years Computer hardware 4 years Furniture and office equipments 5 years Motor vehicles 4 years Capital work-in-progress Not depreciated Depreciation methods, useful lives and residual values are reassessed at each reporting date. De-recognition An item of property and equipment is derecognised on disposal or when no future economic benefits are (o) Investment property Investment property is property held either to earn rental income or for capital appreciation or for both, Any gain or loss on disposal of an investment property (calculated as the difference between the net When the use of a property changes such that it is reclassified as property and equipment, its fair value (p) Intangible assets
  18. 18. Goodwill Goodwill that arises on the acquisition of subsidiaries is presented with intangible assets. Subsequent to Software Software acquired by the Group is stated at cost less accumulated amortisation and accumulated Expenditure on internally developed software is recognised as an asset when the Group is able to Subsequent expenditure on software assets is capitalised only when it increases the future economic Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of the (q) Leased assets - Leasee Leases in terms of which the Group assumes substantially all the risks and rewards incidental to Other leases are operating leases and are not recognised on the Group‟s statement of financial position. (r) Impairment of non-financial assets The carrying amounts of the Group‟s non-financial assets other than goodwill and deferred tax assets, An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses (s) Classification of insurance contracts The Group issues contracts that transfer insurance risk or financial risk or both. Contracts under which the Group accepts significant insurance risk from another party (the Contracts that transfer financial risks but not significant insurance risk are classified as investment The Group classifies financial guarantee contracts and account for these in accordance with IFRS 4. (t) Recognition and measurement of insurance contracts Premiums Gross premiums comprise the premiums on insurance contracts entered into during the year, Premiums on reinsurance inward are included in gross written premiums and accounted for as if the Outward reinsurance premiums are accounted for in the same accounting period as the premiums for the The earned portion of premiums received is recognized as revenue. Premiums are earned from the date Unearned pemiums Unearned premiums are those proportions of premiums written in the year that relate to periods of risks Claims incurred Claims incurred consist of claims and claims handling expenses paid during the financial year together
  19. 19. The provision for outstanding claims for reported claims, is estimated based on current information and Reinsurance recoverables are recognized when the Group records the liability for the claims and are not Claims incurred in respect of long-term insurance contracts especially pure life business and annuity Deferred acquisition costs Acquisition costs comprise insurance commissions, brokerage and other related expenses arising from Contingency reserve The Company maintains contingency reserves in accordance with the provisions of the Insurance Act of Liabilities and related assets under liability adequacy test At each reporting date, liability adequacy tests are performed to ensure the adequacy of the contract In performing these tests, current best estimates of future contractual cash flows and claims handling Long-term insurance contracts are measured based on assumptions set out at the inception of the Receivables and payables related to insurance contracts and investment contracts Receivables and payables are recognised when due. These include amounts due to and from agents, Salvage and subrogation reimbursements Some insurance contracts permit the Group to sell (usually damaged) property acquired in settling a (u) Recognition and measurement of investment contracts The Group issues investment contracts with fixed and guaranteed terms (fixed interest rate). The For investment contracts with fixed and guaranteed terms, the amortised cost basis is used. In this case, Subsequent measurement of investment contracts at amortised cost uses the effective interest method. The Group re-estimates at each reporting date the expected future cash flows and recalculates the (v) Underwriting expenses Underwriting expenses are made up of acquisition and maintenance expenses comprising commission Underwriting expenses for insurance contracts and investment contracts are recognized as expense (w) Deposits, debt securities issued and surbordinated liabilities Deposits, debt securities issued and subordinated liabilities are Group's sources of debt funding. When the Group sells a financial asset and simultaneously enters into an agreement to repurchase the The Group classifies capital instruments as financial liabilities or equity instruments in accordance with Deposits, debt securities issued and subordinated liabilities are initially measured at fair value minus
  20. 20. (x) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive A provision for restructuring is recognised when the Group has approved a detailed and formal A provision for onerous contracts is recognised when the expected benefits to be derived by the Group (y) Financial guarantee contracts Financial guarantee contracts are contracts that require the Group (issuer) to make specified payments to Financial guarantee liabilities are initially recognised at their fair value, which is the premium received, (z) Employee benefits Post-employment benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed Defined benefit plans The Group‟s net obligation in respect of defined benefit plans is calculated separately for each plan by Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the Other long-term employee benefits The Group‟s net obligation in respect of long-term employee benefits other than pension plans is the (aa) Share capital and reserves Share issue costs Incremental costs directly attributable to the issue of an equity instrument are deducted from the initial Dividend on ordinary shares Dividends on the Bank‟s ordinary shares are recognised in equity in the period in which they are paid Treasury shares Where the Bank or any member of the Group purchases the Bank‟s share capital, the consideration paid (ab) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the (ac) Fiduciary activities The Group commonly acts as trustees and in other fiduciary capacities that result in the holding or (ad) Segment reporting An operating segment is a component of the Group that engages in business activities from which it (ae) Borrowings
  21. 21. Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are (af) New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2013, and have not been applied in preparing these consolidated financial statements. Those which may be relevant to the Group are set out below. The Group does not IFRS 9: Financial Instrument: Classification and Measurement (2010 and 2009) IFRS 9 (2009) introduces new requirements for the classification and measurement of financial assets. The IFRS 9(2009) requirements represent a significant change from the existing requirements in IAS 39 For an investment in an equity instrument which is not held for trading, the standard permits an Investments in equity instruments in respect of which an entity does not elect to present fair value IFRS 9(2010) introduces a new requirement in respect of financial liabilities designated under the fair IFRS 9 is effective for annual periods beginning on or after 1 January 2015 with early adoption
  22. 22. 4 Net interest income Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 Interest income Cash and cash equivalents Loans and advances to customers Investments securities Total interest income 6,219 23,172 33,578 62,968 7,130 23,015 36,801 66,946 5,092 20,169 31,244 56,505 4,228 18,730 35,670 58,629 Interest expense Deposits from banks Deposits from customers Total interest expense 3,799 15,002 18,801 1,665 13,053 14,717 3,796 12,498 16,294 1,442 10,496 11,938 44,167 52,228 40,211 46,691 Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 In millions of Nigerian Naira Net interest income 5 Net Fees and commission income In millions of Nigerian Naira Retail banking customer fees & commissions 4,949 Corporate banking credit related fees & commissions 321 Commission on off balance sheet transactions 1,086 Other fees and commission 736 7,092 6 4,662 34 836 2,751 8,283 4,949 301 1,086 72 6,408 3,984 836 2,751 7,571 Net trading income In millions of Nigerian Naira Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Fixed income securities Equities Foreign exchange transactions Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 932 1,872 932 642 292 428 548 403 441 1,652 2,420 1,335 1,083 Net trading income includes the gains and losses arising both on the purchase and sale of trading instruments and from changes in fair value. 8
  23. 23. 7 Other operating income Group Group Bank 9 months to 9 months to 9 months to 30 September 30 September 30 September 2012 2013 The notes on pages 7 to 36 are an integral part of these 2013 consolidated and separate financial statements. Dividends Income Gains on disposal of property and equipment Bank 9 months to 30 September 2012 4,324 1 338 609 737 (25) 1,452 Gain on disposal of investments Rental income Sundry income Others 8 Premium from Insurance contracts 4,271 609 737 125 181 355 19 61 836 92 1,271 7,435 Gains on disposal of investment property Foreign exchange income 375 20 61 836 135 2,600 4,026 5,923 2,634 Group 9 months to 30 September 2012 2,858 (608) (27) (745) 6 (977) (48) 243 2,793 (614) 29 (840) 12 (779) (37) 686 - - 702 In millions of Nigerian Naira Group 9 months to 30 September 2013 1,250 - - Gross premium Outward insurance premium Unexpired premium reserve Claims incurred Profit from deposit administration Underwriting expenses Increase in life funds Commission received 9 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 Impairment loss on financial assets In millions of Nigerian Naira Group 9 months to 30 September 2013 Impairment losses/(credits) on loans and advances -specific impairment -portfolio impairment Reversal of impairment on loans and advances Group 9 months to 30 September 2012 9 6,178 (829) (2,357) (3,206) 8,407 (2,509) 2,803 Recoveries on advances under finance lease Impairment loss on available for sale financial assets 459 Impairment loss on Held to Maturity financial assets Impairment loss on investments in associates Impairment loss on on cash and short term funds 120 Recoveries on other investments Impairment loss on insurance receivables 33 Impairment loss on other assets 6,224 10,731 Bank 9 months to 30 September 2012 (4,045) 9,357 (2,509) - 8,236 (834) (3,474) Bank 9 months to 30 September 2013 4,644 8,095 459 - 2,692
  24. 24. 10 Personnel expenses Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 Wages and salaries 24,065 Contributions to defined contribution plans 629 Increase/ (decrease) in liability for defined benefit plans 25 24,719 27,569 704 28,274 21,712 576 8 22,296 23,837 632 24,468 Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 203 2,095 748 911 804 103 7,270 290 3,324 15,748 85 2,267 841 1,384 700 952 12,563 682 1,292 20,767 168 1,961 741 866 761 95 1,110 190 3,324 9,216 82 2,140 601 1,038 510 697 8,250 573 1,292 15,183 Group 9 months to 30 September 2013 Group 9 months to 30 September 2012 Bank 9 months to 30 September 2013 Bank 9 months to 30 September 2012 (790) 113 (677) 385 212 268 865 (977) 98 (879) (355) 212 268 125 In millions of Nigerian Naira 11 Other operating expenses In millions of Nigerian Naira Auditors remuneration NDIC Premium Rents and Rates Business travels Repair and Maintenance Advertising and Promotion expenses General administrative expenses Insurance AMCON surcharge 12 Income tax expense (a) Recognised in the profit or loss In millions of Nigerian Naira Current tax expense Company Income Tax Education tax NITDA Levy Adjustments for prior year Deferred tax expense Origination and reversal of temporary differences Total income tax expense (91) - (769) 865 10 192 (687) 125
  25. 25. 13 Cash and cash equivalents In millions of Nigerian Naira Cash in hand Cash and balances with banks Unrestricted balances with central bank Money market placements Provisions (see note (a) below) Other mandatory deposits (a) Group 30 September 2013 Group 30 December 2012 15,440 30,926 2,869 81,048 (19,058) 111,226 19,347 13,548 10,131 175,751 (18,517) 200,260 Bank Bank 30 September 2013 31 December 2012 15,302 31,129 2,853 34,860 (18,703) 65,441 19,347 20,812 10,115 110,951 (18,287) 142,938 The movement on impairment on cash and cash equivalents was as follows: In millions of Nigerian Naira Balance, beginning of period Charge/(reversals) during the period Balance, end of period Group 30 September 2013 Group 30 December 2012 18,517 541 19,058 21,034 (2,517) 18,517 Bank Bank 30 September 2013 31 December 2012 18,287 416 18,703 20,804 (2,517) 18,287 14 Non-pledged Trading assets In millions of Nigerian Naira Government bonds Treasury bills Equities 15 Group 30 September 2013 Group 30 December 2012 530 719 867 2,116 374 493 1,028 1,895 Pledged assets Financial assets that may be repledged or resold by counterparties Group Group 30 September 30 December 2013 2012 In millions of Nigerian Naira Treasury bills Bonds 3,319 42,202 3,121 41,382 45,522 16 44,503 Loans and advances to customers at amortised cost Group 30 September 2013 In millions of Nigerian Naira Group 30 December 2012 191,794 Bank Bank 30 September 2013 31 December 2012 530 719 1,249 374 493 867 Bank Bank 30 September 2013 31 December 2012 3,319 42,202 45,522 3,121 41,382 44,503 Bank Bank 30 September 2013 31 December 2012 Gross amount 238,457 Specific impairment Portfolio impairment (35,619) (7,870) (27,009) (8,410) (11,360) (7,008) (3,970) (7,838) Total impairment (43,490) (35,419) (18,368) (11,808) Carrying amount 194,967 156,375 180,579 136,982 11 198,947 148,790
  26. 26. Impairment allowance on loans and advances to customers Group 9 months to 30 September 2013 In millions of Nigerian Naira Group 12 months to 30 December 2012 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 Specific impairment Balance, beginning of period 27,009 26,277 3,970 3,522 Impairment loss for the year: - Charge for the year - Recoveries Net impairment for the period/year Allowances reversed on transfer to AMCON Effect of foreign currency movements Provision re-instated during the period Interest suspended Write-offs Reclassification Balance, end of period 8,236 (3,474) 4,762 6,570 (2,722) 35,619 1,412 (1,938) (526) (491) (1) 1,652 481 (383) 27,009 6,178 (2,357) 3,821 3,678 (109) 11,360 2,413 (2,934) (521) (491) 1,652 191 (383) 3,970 8,410 7,203 7,838 7,867 Portfolio impairment Balance, beginning of the period Impairment loss for the period/year: Impairment credit/loss for the period: - Recoveries Excess interest refund Net impairment for the period/year Effect of foreign currency movements Reclassification Balance, end of the period 17 (834) - 1,208 - - (1) 8,410 7,870 (829) - 7,008 (29) 7,838 Investment in equity accounted investee In millions of Nigerian Naira Cost Balance, beginning of the period Reclassification from investment securities Dividend income Share of current period result Previously unconsolidated reserves Prior year adjustment (Impairments) /increase in value Balance, end of the period Group 30 September 2013 Group 30 December 2012 Bank Bank 30 September 2013 31 December 2012 5,557 (75) 5,482 75 5,402 (242) 343 (21) - 5,557 (75) 16 91 75 16 91 This represents the Group‟s equity investment in Associated Discount House ( 47%), Blue Intercontinental Microfinance All associates are incorporated in Nigeria except Magnate Technology and Services Limited, which is incorporated in Ghana. 12
  27. 27. 17 Investment securities In millions of Nigerian Naira Group 9 months to 30 September 2013 Group 12 months to 30 December 2012 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 Available-for-sale investment securities comprise: Treasury bills Equity Managed funds Bonds 8,112 34,458 388 7,183 18,273 17,788 756 10,048 5,255 16,302 288 3,971 10,462 12,565 756 8,308 Less: specific impairment allowance (4,964) 45,177 (10,266) 36,599 (4,141) 21,674 (8,492) 23,599 Held to maturity investment securities comprise: Treasury bills Bonds 133,460 168,013 153,546 123,609 132,253 162,615 137,006 119,844 Investment securities 301,473 346,650 277,155 313,754 294,868 316,542 256,850 280,449 Specific allowance for impairment on available-for-sale investment securities: Group In millions of Nigerian Naira Balance, beginning of the period Charge/Allowance no longer required Write -offs Changes in carrying value of investment Reclassification Balance, end of the period 18 Group 9 months to 30 September 2013 12 months to 31 December 2012 10,266 951 (4,351) 13,156 (1,087) (1,803) 10,266 4,964 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 8,492 (4,351) 4,141 10,592 (297) (1,803) 8,492 Assets held for sale In millions of Nigerian Naira Balance, beginning of period Additions Disposal Recoveries during the period Revaluation gains/( losses) Less: specific impairment allowance Group 9 months to 30 September 2013 Group 12 months to 31 December 2012 1,048 1,048 (964) 84 1,771 (723) 1,048 (964) 84 13 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 1,048 1,048 (964) 84 1,771 (723) 1,048 (964) 84
  28. 28. Movement in specific impairment for assets held for sale was as follows: Balance, beginning of period (Writeback)/allowance made during the period Balance, end of period 19 964 964 964 964 964 964 Trading properties In millions of Nigerian Naira Group 9 months to 30 September 2013 Group 12 months to 31 December 2012 Balance, beginning of period Additions Disposal Reclassifcation Balance, end of period 20 964 964 6,971 (588) 6,383 2,748 (1,341) 5,564 6,971 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 2,282 2,282 2,282 2,282 Investment Properties These investment properties were last revalued during the year ended 31 December 2011 by Messers Jide Taiwo & Co, a firm of estate surveyors and valuers, using the open market basis of valuation, and their report was dated 29 October 2010. As at 31 December 2011, the Directors are of the opinion that there were no material fluctuations in the value of the Bank's investment properties since its last valuation during the year ended September 2013. In millions of Nigerian Naira Balance, beginning of period Additions Disposal Revaluation gains/( losses) Recoveries during the period Reclassification Impairment allowance Balance, end of the period 21 Group 9 months to 30 September 2013 Group 12 months to 31 December 2012 21,137 26 (1,922) (928) 18,313 (1,439) 16,874 29,140 59 (4,123) 85 (4,024) 21,137 (1,841) 19,296 Group 9 months to 30 September 2013 Group 12 months to 31 December 2012 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 - - Investment in subsidiaries In millions of Nigerian Naira Union Homes Savings and Loans Plc Union Trustees Limited Union Assurance Company Limited UBN Property Company Limited Union Bank UK Plc Union Registrars Limited Union Capital Markets Limited Union Pension Fund Custodian Atlantic Nominees Limited Impairment on investment in subsidiary - - 14 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 1,834 5 1,448 2,195 8,372 480 2,620 2,000 325 19,279 (1,834) 17,445 1,834 5 1,448 2,195 8,372 480 2,620 2,000 325 19,279 (1,834) 17,445
  29. 29. 23 Intangible assets In millions of Nigerian Naira Group Group 9 months to 12 months to 30 September 2013 31 December 2012 Software Software Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 Software Software Cost Balance, beginning of period Additions Reclassification Exchange translation difference Balance, end of period 2,117 297 14 2,428 2,117 2,117 1,318 270 1,588 826 492 1,318 Amortization and impairment losses Balance, beginning of period Amortisation for the period Reclassification Exchange translation difference Balance, end of period 1,195 184 (85) 6 1,300 1,195 1,195 796 107 903 717 79 796 Carrying amounts Balance as at 1 January 1,128 922 685 522 522 109 922 922 24 Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Group 31 June 2013 In millions of Nigerian Naira Assets Net 7 51 Property, equipment, and software Allowances for loan losses Foreign exchange gains Tax loss carry forward Others Net tax assets (liabilities) Liabilities 299 299 7 51 95,608 74 95,740 The notes on pages 7 to 36 are an integral part of these consolidated and separate financial statements. 31 December 2012 In millions of Nigerian Naira Assets Liabilities Property, equipment, and software Allowances for loan losses Foreign exchange gains Tax loss carry forward Others Net tax assets (liabilities) 63 573 100,744 1,366 102,746 17 6,553 135 609 2 98 7,397 95,608 (225) 95,441 Net (6,553) (72) (36) 100,742 1,268 95,349
  30. 30. Bank 31 June 2013 In millions of Nigerian Naira Assets Property, equipment, and software Allowances for loan losses Foreign exchange gains Tax loss carry forward Others Net tax assets (liabilities) 95,683 95,683 31 December 2012 In millions of Nigerian Naira Assets Liabilities 573 100,630 1,711 102,914 6,847 192 7,039 Property, equipment, and software Allowances for loan losses Foreign exchange gains Tax loss carry forward Others Net tax assets (liabilities) Liabilities - Net 95,683 95,683 Net (6,847) (192) 573 100,630 1,711 95,875 Deferred tax assets and liabilities Movement on the net deferred tax assets/(liabilities) account during the year/period: Group Group Bank Bank 9 months to 12 months to 9 months to 12 months to 30 September 30 September 2013 31 December 2012 2013 31 December 2012 In millions of Nigerian Naira Balance, beginning of the period Credit for the period Credit/(reversal) Charge for the period Arising from revaluation of fixed asset 95,349 92 - 95,349 - 95,875 (192) - 95,875 - Net deferred tax assets/(liabilities) 95,441 95,349 95,683 95,875 Out of which Deferred tax assets Deferred tax liabilities 95,740 (299) 102,746 (7,397) 95,683 - 102,914 (7,039) 25 Other assets In millions of Nigerian Naira Accounts receivable and prepayments Restricted deposits with central bank (see (i)) Insurance receivables Receivable from AMCON Others Statutory deposit Clearing Group Group 9 months to 12 months to 30 September 2013 31 December 2012 10,718 82,025 52 113,784 500 48,333 16,391 55,117 1,963 47,696 107,498 500 45,341 18 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 6,011 82,025 117,727 48,333 11,283 55,117 47,696 110,949 45,341
  31. 31. Impairment on other assets 255,412 (157,714) 97,697 274,506 (153,209) 121,297 254,096 (155,300) 98,796 270,386 (151,093) 119,293 (i) This represents up- front payments for the operating leases of own use property which are amortised on a straight line basis over the period of the lease. (i) The Bank had restricted balances of N82.025 million with the Central Bank of Nigeria (CBN) as at 30 September 2013. This balance is made up of CBN cash reserve requirement. The cash reserve ratio represents a mandatory cash deposit which should be held with the Central Bank of Nigeria as a regulatory requirement. Restricted deposits with central banks are not available for use in the Group‟s day-to-day operations Movement in impairment on other assets: In millions of Nigerian Naira Balance, beginning of period Charge for the period Allowance no longer required Allowance written off Reclassification Balance, end of period Group Group 9 months to 12 months to 30 September 2013 31 December 2012 153,209 3,898 607 157,714 144,205 3,966 5,038 153,209 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 151,093 3,714 493 155,300 142,888 2,959 5,246 151,093 26 Deposits from banks In millions of Nigerian Naira Money market deposits Other deposits from banks Group Group 9 months to 12 months to 30 September 2013 31 December 2012 - 3,500 41,612 45,112 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 - 3,500 3,500 27 Deposits from customers In millions of Nigerian Naira Retail customers: Term deposits Current deposits Savings Group Group 9 months to 12 months to 30 September 2013 31 December 2012 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 185,072 215,633 135,295 123,094 272,979 126,370 142,535 195,519 132,565 96,968 261,660 123,377 536,001 522,443 470,619 482,005 Corporate customers: 28 Liability on investment contracts In millions of Nigerian Naira Deposit administered funds (secured funds) Other managed funds Group Group 9 months to 12 months to 30 September 2013 31 December 2012 1,020 1,020 803 803 19 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 - -
  32. 32. 29 Liability on insurance contracts In millions of Nigerian Naira Life assurance contracts Non-life insurance contracts Group Group 30 September 2013 31 December 2012 2,068 1,234 3,302 1,794 897 2,691 Bank Bank 30 September 2013 31 December 2012 - - 30 Tax Payable In millions of Nigerian Naira Balance, beginning of period Foreign exchange translation difference Prior period under provision Charge for the period Payments during the period Balance, end of period Group Group 9 months to 12 months to 30 September 2013 31 December 2012 2,317 (677) (190) 1,450 2,668 (4) 1,685 (2,032) 2,317 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 494 (879) 896 511 1,358 268 (1,131) 495 31 Other liabilities In millions of Nigerian Naira Deposit for foreign currency Deposit for dividend PAYE and other statutory deductions Draft and Bills payable Sundry creditors Accruals Accounts payable Other credit balances Group Group 30 September 2013 31 December 2012 20,157 13,503 46,722 16,506 2,504 24,321 20,098 21,518 1,397 30,422 167,657 2,491 22,998 29,999 32,574 5,422 51,442 178,586 Bank Bank 30 September 2013 31 December 2012 46,722 2,323 23,974 16,262 22,812 856 24,101 137,050 20,157 2,491 22,998 29,999 31,073 780 37,982 145,480 32 Retirement benefit obligations In millions of Nigerian Naira Defined contribution scheme (see (a) below) Defined benefit obligation (see (b) below) Group Group 30 September 2013 31 December 2012 257 38,617 38,874 259 49,627 49,886 (a) The movement in the defined contribution scheme account during the period: Group Group 9 months to 12 months to 30 September 2013 31 December 2012 In millions of Nigerian Naira Balance, beginning of period Charge during the period Contribution remitted during the period Balance, end of period 259 382 (384) 257 219 1,736 (1,696) 259 20 Bank Bank 30 September 2013 31 December 2012 257 38,159 38,416 247 49,121 49,368 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 247 386 (376) 257 218 1,665 (1,636) 247
  33. 33. (b) The movement in the defined benefit obligation account during the period: Group Group 9 months to 12 months to 30 September 2013 31 December 2012 In millions of Nigerian Naira Balance, beginning of period Current service costs and interest Benefit paid by the plan Balance, end of period 49,627 39 (11,049) 38,617 59,167 3,729 (13,269) 49,627 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 49,121 8 (10,970) 38,159 58,410 3,444 (12,733) 49,121 33 Other borrowed funds In millions of Nigerian Naira Due to Multilateral lending agencies ( see (a)) Due to CAC ( see (b)) BOI on-lending facility (see note (c) below) Other borrowings Group Group 30 September 2013 31 December 2012 15,267 19,450 1,641 36,358 18,167 15,784 613 34,564 Bank Bank 30 September 2013 31 December 2012 15,267 19,450 34,717 18,167 15,784 33,951 34 Capital and reserves Share capital In millions of Nigerian Naira (a) Authorised : 19,023,125,000 Ordinary shares of 50 kobo each Group Group 9 months to 12 months to 30 September 2013 31 December 2012 9,512 9,512 1,500,000,000 units of 7% convertible preference shares of 50 kobo each In millions of Nigerian Naira (b) Issued and fully paid 16,935,806,472 Ordinary shares of 50kobo each Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 9,512 - Group Group 9 months to 12 months to 30 September 2013 31 December 2012 9,512 - Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 8,468 8,468 8,468 8,468 560,000,000 units of 7% non-cumulative redeemable shares of 50 kobo each 8,468 8,468 8,468 8,468 21
  34. 34. In millions of Nigerian Naira Balance, beginning of period Shares cancelled on reconstruction of shares during the year New issues during the period Balance, end of period Group Group 9 months to 12 months to 30 September 2013 31 December 2012 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 8,468 8,468 8,468 8,468 8,468 8,468 8,468 8,468 (c) Share premium In millions of Nigerian Naira Group Group 9 months to 12 months to 30 September 2013 31 December 2012 Balance, beginning of period 391,641 Excess capital clawback Premium on shares issued Transfer to general reserve on cancellation of existing shares Balance, end of period 391,641 Bank Bank 9 months to 12 months to 30 September 2013 31 December 2012 391,641 - 391,641 391,641 391,641 - 391,641 391,641 (d) Other regulatory reserves The other regulatory reserves includes movements in the statutory reserves and the small scale industries reserve. (d) Statutory Reserves: Nigerian banking regulations require the Bank to make an annual appropriation to a statutory reserve. As stipulated by (ii) Small and Medium Scale Industries Reserve (SMEEIS): The SMEEIS reserve is maintained to comply with the Central Bank of Nigeria (CBN) requirement that all licensed (e) Fair value reserve The fair value reserve includes the net cumulative change in the fair value of available-for-sale investments until the (f) Regulatory risk reserve The regulatory risk reserve warehouses the difference between the impairment on loans and advances computed under (g) Other reserves The other reserves includes movements in the the small scale industries reserve, translation reserve, contigency reserve (i) Small and Medium Scale Industries Reserve (SMEEIS): The SMEEIS reserve is maintained to comply with the Central Bank of Nigeria (CBN) requirement that all licensed (ii) Translation reserve Translation reserve comprises all foreign exchange differences arising from translation of the financial statements of (iii) Contigency reserve The contingency reserve is maintained to comply with the National Insurance Commission (NAICOM) requirement that (iv) Capital reserve Capital reserve warehouses the nominal value of shares cancelled during the capital reconstruction exercise that occurred The Financial Accommodation provided by AMCON exceed the Bank's Completion NAV of zero, calculated as at 31 (h) Treasury shares Treasury shares represent the Bank‟s shares of 3,376,916 units (December 2012: 7,539,655 units) held by Union (i) Retained earnings Retained earnings are the carried forward recognised income net of expenses plus current period profit attributable to (h) Translation reserve Translation reserve comprises all foreign exchange differences arising from translation of the financial statements of 22
  35. 35. 22 (a) Property and equipment Group: The movement in these accounts during the period was as follows: Leasehold land and buildings N million Furniture & equipment N million Motor vehicles N million Capital work in progress N million Total N million Balance, beginning of the period Exchange difference Additions Disposals Reclassification to other assets Write off Reversals 52,794 5 316 (170) 3,861 - 922 (922) - 28,147 3 647 (84) 719 - 7,115 1 55 (40) (1,153) (19) 2,049 2,546 (1,852) (592) - 91,027 9 3,564 (294) 653 (592) (19) Balance, end of the period 56,806 - 29,432 5,959 2,151 94,348 Balance, beginning of the period Exchange difference Charge for the period Disposals Transfers Reclassification to other assets 10,997 3 928 87 (87) 25,692 3 1,763 (18) 31 1,132 5,785 351 (31) (31) (557) - 42,561 6 3,042 (49) 938 Balance, end of the period (a) Leasehold improvements N million 12,378 - 28,603 5,517 - 46,498 44,428 - 829 442 2,151 47,850 41,797 835 2,455 1,330 2,049 48,466 (i) Cost (a) (ii) Accumulated depreciation (a) (iii) Net Book Value End of period Beginning of the period 450 (a) (iv) In the opinion of the directors, the market value of the Group's properties is not less than the value shown in the financial statements. (a) (v) Exchange difference relates to the conversion of property and equipments acquired in the overseas office at the rate of exchange ruling at the end of the period. (a) (vi) Capital work in progress represents construction costs in respect of new offices. On completion of construction, the related amounts are transferred to appropriate categories of property and equipment. 15
  36. 36. to 36 are an integral part of these consolidated and separate financial statements. Property and equipment (b) Bank: The movement in these accounts during the year was as follows: (b) (i) Cost Leasehold land and buildings N million Leasehold improvements N million Furniture & equipment N million Motor vehicles N million Capital work in progress N million Total N million Balance, beginning of the period Additions during the period Disposals during the period Transfers Reclassification to other assets Reversals Write off 53,190 223 (123) - - 26,038 576 (10) - 5,195 46 (19) - 197 2,546 (592) 84,620 3,391 (133) (19) (592) Balance, end of the period 53,290 - 26,604 5,222 2,151 87,267 Balance, beginning of the period Charge for the period Disposals Reclassifcation to other assets 10,219 824 (2) - - 24,678 1,499 (10) - 4,587 281 - - 39,484 2,604 (12) - Balance, end of the period 11,041 - 26,167 4,868 - 42,076 42,249 - 437 354 2,151 45,191 42,971 - 1,360 608 197 45,137 (b) (ii) Accumulated depreciation (b) (iii) Net Book Value End of period Beginning of the period (iv) In the opinion of the directors, the market value of the Bank's properties is not less than the value shown in the financial statements. (v) Exchange difference relates to the conversion of property and equipments acquired in the overseas office at the rate of exchange ruling at the end of the period. of the year. (vi) Capital work in progress represents construction costs in respect of new offices. On completion of construction, the related amounts are transferred to appropriate categories of property and equipment. 16
  37. 37. UNION BANK OF NIGERIA PLC A: 30 June 2013 CONSOLIDATION SUMMARY Statement of Comprehensive income Interest income Interest expense Net interest income Net fee and commission income Net trading income Underwriting profit Other operating income Operating income Net impairment loss on financial assets Net operating income after net impairment loss Personnel expenses Depreciation and amortisation Other operating expenses Share of proit of equity accounted investees Profit before income tax Income tax Profit after income tax Union Homes Bank 56,505 (16,294) Union Trustees Union Assurance NGAAP balances Union Union Registrars Properties Atlantic Nominee UB UK Total DR CR Group 1,281 - - 1,426 - 166 - 95 (3) 198 - - 1,164 (175) 63,249 (19,082) - - 63,249 (19,082) 40,211 (195) 1,281 - 1,426 166 92 198 - 989 44,167 - - 44,167 6,408 1,335 5,923 58 109 76 173 56 851 38 104 68 - - 312 14 - 7,092 1,652 702 7,760 - - 7,092 1,652 702 7,760 53,877 (8,095) 45,782 (28) (932) (960) 1,957 (1,021) 936 1,006 (153) 853 1,675 1,675 1,072 (526) 546 302 302 198 198 - 1,314 (3) 1,311 61,374 (10,731) 50,643 - - 61,374 (10,731) 50,643 (22,296) (2,604) (9,216) (34,116) (959) (289) (928) (2,176) (149) (9) (325) (483) (22) (2,068) (2,090) (443) (30) (1,618) (2,091) (59) (16) (844) (919) (89) (7) (166) (262) (15) (42) (30) (88) - (709) (22) (878) (1,610) (24,719) (3,042) (16,073) (43,834) - - - - (24,719) (3,042) (16,073) (43,834) - - - - (3,136) 453 (1,237) (416) (373) 41 110 - (299) 6,809 - - 6,809 (20) (33) - (15) 769 - - 769 (1,257) (449) - (314) 7,578 - - 7,578 - 729 729 144 200 332 702 304 11,666 687 12,353 148 (2,988) - Other comprehensive income attributable to: Equity holders Minority interest Union Pension 2,415 (2,610) (52) 401 1 (372) Other comprehensive income net of tax Foreign currency translation Fair value gain on AFS Profit attributable to: Equity holders Transfer to statutory reserve Transfer to contigency reserve Minority interest Elimination entries Union Capital - 12,353 12,353 (1,339) (1,649) (2,988) - - - 401 401 - - (767) (490) (1,257) - - (359) (90) (449) - - (160) (212) (372) - 56 96 (2) 108 - - - 729 729 96 96 108 108 - (314) (314) - - - 729 729 729 729 10,019 (2,441) 7,578 729 729 - - - - - 10,019 (2,441) 7,578 729 729
  38. 38. Statement of financial position Cash and cash equivalents Non-pledged trading assets Pledged assets Derivative financial instrument Loans and advances to customers Investments in equity-accounted investee Investment securities Assets classified as held for sale Trading properties Investment properties Investment in subsidiaries Property and equipment Intangible assets Deferred tax assets/(liabilities) Other assets 180,579 16 316,542 84 2,282 17,445 45,191 685 95,682 98,796 12,919 5,453 1,357 5,507 798 332 1,486 (1,276) Total assets 869,514 Derivative financial instruments Deposits from banks Deposits from customers Liability on investment contract Liability on insurance contract Current tax liabilities Other liabilities Retirement benefit obligations Other borrowed funds Total liabilities Share capital Share premium Capital clawback reserve Treasury shares Capital reconstruction reserve Translation reserve Statutory reserve Fair value reserve Regulatory risk reserve Contigency reserve SMEEIS reserve Retained earnings Minority interest Total equity Check: 65,441 1,249 45,522 2,413 537 - 2,643 - 2,172 - 1,606 329 - 2,496 - 1 6,870 13 20 2,428 104 2,089 1,090 1,525 102 (125) 1,619 17,899 95 25 (405) 1 800 4,101 3,807 22 96 33 87 25 26,684 9,456 9,353 20,256 10,999 2,080 470,619 512 137,044 38,416 34,717 30,957 118 3,837 2,143 1,388 61 5,616 61 31 1,020 3,302 321 543 - 277 17,615 169 - 57 2,475 41 - 75 199 67 - 681,308 38,443 5,769 5,187 18,062 2,573 342 8,468 391,642 (14,918) 5,489 1,895 15,563 28,968 2,979 6,774 (258,657) - 3,906 2,033 1,213 (1,898) 849 (17,862) - 600 (35) 100 (42) 3,065 - 3,758 865 203 757 (1,416) - 188,203 (11,759) 3,687 4,167 2 108 - - 124 - 0 (0) 660 600 (205) 193 946 - - 50,851 - 11,915 - (28,543) - 18,528 5,594 73 118 25 212 127,854 2,116 45,522 212,132 5,469 351,152 84 6,383 10,729 17,445 47,850 1,262 97,175 101,555 9,698 6,152 1,834 (17,165) (9,685) (4,502) (7) (19,279) 475 1,271 1,451 (609) (3,005) (5,309) 111,226 2,116 45,522 194,967 5,482 346,650 84 6,383 16,874 47,850 1,128 95,441 97,697 1 100 60 325 - 2,657 325 75,401 1,026,725 32,796 (88,104) 971,418 62,968 22 466 - 564,544 1,020 3,302 1,445 167,842 40,898 36,358 (28,543) (2,567) (2,024) - - 2 46 222 - 5 2,379 - 536,001 1,020 3,302 1,450 167,654 38,874 36,358 270 - 63,456 815,409 (33,134) 2,384 784,659 - 5,626 1,093 2,236 (530) - 800 1,968 (1,030) - 2,000 388 - 325 - 8,372 208 54 3,312 - 34,190 398,525 (14,918) (240) 5,589 2,103 16,776 29,714 3,827 757 6,774 (271,783) - (25,722) (6,884) (65) (100) (295) (13,889) (14,410) 65 100 684 4,565 15,276 16,117 8,468 391,641 (14,918) (240) 5,489 2,203 17,460 34,279 3,827 462 6,774 (270,396) 1,707 2,194 8,425 1,738 2,388 325 11,946 211,315 (61,366) 36,808 186,757 0 0 1 127,296 (127,295) (1) - (1) 1 2

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