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Financials NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 Recognised Effect of 2015 Opening in profit or translation Closing balance loss ₦’million Deferred tax assets /(liabilities) in relation to: Property, plant & equipment Unrealised exchange gains Provision for doubtful debts Other provisions Other Company 2016 ₦’million Deferred tax assets /(liabilities) in relation to: Property, plant & equipment Unrealised exchange gains Provision for doubtful debts Other provisions 2015 2,544 (16,923) 389 905 (13,085) (479) (7,128) 390 587 2,790 (3,840) ₦’million 3,239 (10,250) 2 197 883 (5,929) currency balance ₦’million - - - - (270) (270) Opening Recognised Closing balance in profit or balance loss ₦’million 178 (844) - (1,852) (2,518) ₦’million 2,722 (17,767) 389 (947) (15,603) Opening Recognised Closing balance in profit or balance loss ₦’million Deferred tax assets /(liabilities) in relation to: Property, plant & equipment Unrealised exchange gains Provision for doubtful debts Other provisions (695) (7,128) 389 708 (6,726) ₦’million 3,239 (9,795) - 197 (6,359) ₦’million 2,544 (16,923) 389 905 (13,085) Tax authorities in various jurisdictions where we operate in reserve the right to audit the tax charges for the financial year ended 31st December, 2016 and prior years. In cases where tax audits have been carried out and additional charges levied, we have responded to the tax authorities challenging the technical merits and made a provision we consider appropriate in line with the technical merits of issues raised by tax authorities. Unrecognised deferred tax asset amounted to ₦7.4 billion (2015: NIL) for the Group. There is no unrecognised deferred tax assets for the Company. Deferred tax liability amounting to ₦12.8 billion for both Group and Company was not recognised. This relates to exchange gains on amounts classified as part of the net investments in subsidiaries. ₦’million 2,760 (17,378) 392 784 3,403 (10,039) Annual Report 2016 181

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