Half Yearly Report -15-
31 Août 2011 - 8:00AM
UK Regulatory
c. COMPONENTS OF OTHER COMPREHENSIVE INCOME
30 June 30 June
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2011 2010
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US$ US$
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Revaluation gains on land and buildings 200 000 -
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Net income tax relating to components (51 500) -
of other comprehensive income
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----------- -----------
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Other comprehensive loss for the period, 148 500 -
net of tax
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d. EARNINGS PER SHARE
The calculation of earnings per share is based on the following
figures:
d.1 Earnings/ (losses)
30 June 30 June
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2011 2010
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US$ US$
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Basic 1 890 138 (1 743 333)
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Headline(note d.4) 1 890 138 (1 743 333)
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d.2 Number of shares
Weighted average shares in issue 16 501 000 16 500 000
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d.3 Earnings/ (losses) per share (US cents)
Basic 11.45 (10.57)
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Headline 11.45 (10.57)
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d.4 Headline earnings/(losses)
The adjustments are as follows:
30 June 30 June
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2011 2010
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US$ US$
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Profit/(loss) attributable to shareholders 1 890 138 (1 743 333)
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Add/(deduct) non-recurring items: - -
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1 890 138 (1 743 333)
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e. SHARE CAPITAL
e.1 Authorised
The authorised ordinary share capital at 30 June 2011 is at the
historical cost figure of US$25 000 (2010 - US$25 000) comprising
25 million ordinary shares of US$0.001 each.
e.2 Issued and fully paid
The issued share capital at 30 June 2011 is at the historical
cost figure of US$16 501 (2010 - US$16 501) comprising 16.501
million ordinary shares of US$0.001 each
f. CASH AND CASH EQUIVALENTS
30 June 31 December
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2011 2010
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US$ US$
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Statutory reserve* - -
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Current, nostro accounts and cash 19 442 616 18 346 939
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19 442 616 18 346 939
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*The statutory reserve balance with the Reserve Bank of Zimbabwe
is non - interest bearing. The balance was determined on the basis
of deposits held and is not available to the Bank for daily use.
The current year amount is shown under "other accounts" under
"Advances and other accounts".
g. INVESTMENT PROPERTIES
30 June 31 December
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2011 2010
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US$ US$
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Deemed cost at 1 January 2 615 000 3 219 600
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Improvements - 180 000
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Transfees in from property and equipment 25 000 -
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Transfers out to property and equipment (90 000) -
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Fair value adjustments (152 500) (784 600)
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2 397 500 2 615 000
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Rental income amounting to US$3 840 was received and no
operating expenses were incurred on the investment properties in
the current period.
The investment properties comprise two (2) sets of properties
namely, the property along Borrowdale Road and various other
properties. The property along Borrowdale Road is also known as
Stand Number 19207 Harare Township of Stand 19206 and measures
4.4506 hectares in extent. The property was valued for half year
end purposes by professional valuers and the open market value was
US$1 920 000.
The other properties comprise residential stands and houses and
these were valued by the professional valuers for half year end
purposes and the open market value was US$477 500.
h. CORPORATE GOVERNANCE AND RISK MANAGEMENT
1. RESPONSIBILITY
These financial statements are the responsibility of the
directors. This responsibility includes the setting up of internal
control and risk management processes, which are monitored
independently. The information contained in these financial
statements has been prepared on the going concern basis and is in
accordance with the provisions of the Companies Act (Chapter
24:03), the Banking Act (Chapter 24:20) and International Financial
Reporting Standards.
2. CORPORATE GOVERNANCE
The Group adheres to principles of corporate governance derived
from the King II Report, the United Kingdom Combined Code and RBZ
corporate governance guidelines. The Group is cognisant of its duty
to conduct business with due care and in good faith in order to
safeguard all stakeholders' interests.
3. BOARD OF DIRECTORS
Board appointments are made to ensure a variety of skills and
expertise on the Board. Non-executive directors are of such calibre
as to provide independence to the Board. The Chairman of the Board
is an independent non-executive director. The Board is supported by
mandatory committees in executing its responsibilities. The Board
meets at least quarterly to assess risk, review performance and
provide guidance to management on both operational and policy
issues.
The Board conducts an annual peer based evaluation on the
effectiveness of its activities. The process involves the members
evaluating each other collectively as a board and individually as
members. The evaluation, as prescribed by the RBZ, takes into
account the structure of the board, effectiveness of committees,
strategic leadership, corporate social responsibility, attendance
and participation of members and weaknesses noted. Remedial plans
are invoked to address identified weaknesses with a view to
continually improve the performance and effectiveness of the Board
and its members.
3.1 Directors' attendance at NMB Bank Limited Board meetings
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