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NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 Movement in the allowance for doubtful debts Group Balance at the beginning of the year Impairment losses recognised on receivables Amounts written off during the year as uncollectible Balance at the end of the year 31-Dec-16 31-Dec-15 ₦’million 1,325 54 (671) 708 ₦’million 1,303 22 - 1,325 Company 31-Dec-16 31-Dec-15 ₦’million 1,298 - (671) 627 ₦’million 1,298 - - 1,298 In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the end of the reporting period. The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. Age of past due and impaired trade receivables 60-90 days 90-120 days 120+ days 21. Share capital and reserves Issued and fully paid 21.1 Share capital 17,040,507,405 (2015: 17,040,507,405) ordinary shares of ₦ 0.5 each Share premium Group 31-Dec-16 31-Dec-15 ₦’million 3 24 681 708 ₦’million 4 1 1,320 1,325 Company 31-Dec-16 31-Dec-15 ₦’million - - 627 627 ₦’million - 1,298 1,298 31-Dec-16 31-Dec-15 ₦’million ₦’million 8,520 42,430 8,520 42,430 21.2 Authorised share capital Authorised share capital as at reporting dates represents 20,000,000,000 ordinary shares of ₦ 0.5 each. Fully paid ordinary shares carry one vote per fully paid up share and a right to dividends when declared and approved. 21.3 Currency translation reserve Exchange difference relating to the translation of the results and net investments of the Group’s foreign operations from their functional currencies to the Group’s presentation currency (i.e Currency Units) are recognised directly in other comprehensive income and accumulated in the foreign currency translation reserve. Exchange differences previously accumulated in the foreign currency translation reserve are reclassified to profit or loss on the disposal of foreign operations 196 Annual Report 2016

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