NMG_2012_Annual_Report
NMG_2012_Annual_Report NMG_2012_Annual_Report
Nation Media Group Statement of Directors’ Responsibilities The Kenyan Companies Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and of the Company as at the end of the financial year and of the Group profit or loss. It also requires the directors to ensure that the Company keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Company. They are also responsible for safeguarding the assets of the Company. The directors accept responsibility for the annual financial statements that have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and the requirements of the Kenyan Companies Act. The directors are of the opinion that the accounts give a true and fair view of the state of the financial affairs of the Company and the Group and of the Group’s profit. The directors further accept responsibility for the maintenance of accounting records which may be relied upon in the preparation of financial statements, as well as designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement. Nothing has come to the attention of the directors to indicate that the Company and its subsidiaries will not remain a going concern for at least twelve months from the date of this statement. W D Kiboro S Gitagama 19 March 2013
Report of the Independent Auditor to the members of Nation Media Group Limited Report on the financial statements We have audited the accompanying financial statements of Nation Media Group Limited (the Company) and its subsidiaries (together, the Group) set out on pages 39 to 77. These financial statements comprise the consolidated statement of financial position at 31 December 2012, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and a consolidated statement of cash flows for the year then ended, together with the statement of financial position of the Company standing alone as at 31 December 2012 and the statement of changes in equity of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and with the requirements of the Kenya Companies Act and for such internal control, as the directors determine necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Annual Report & Financial Statements 2012 An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion the accompanying financial statements give a true and fair view of the financial affairs of the Group and of the Company at 31 December 2012 and of its profit and cash flows of the Group for the year then ended in accordance with International Financial Reporting Standards and the Kenyan Companies Act. Report on other legal requirements The Kenyan Companies Act requires that in carrying out our audit we consider and report to you on the following matters. We confirm that: i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) In our opinion proper books of account have been kept by the Company, so far as appears from our examination of those books; iii) The Company’s statement of financial position is in agreement with the books of account. Certified Public Accountants 19 March 2013 Nairobi 35 > 36
- Page 2: Printing Press
- Page 5 and 6: Omuziki N’ebikuzimba 90.4 Brands
- Page 7 and 8: Contents Highlights Business Review
- Page 9 and 10: Ilani ya mkutano mkuu wa kila mwaka
- Page 11 and 12: Financial Highlights 2012 Perfomanc
- Page 13 and 14: Chairman’s Statement Continued An
- Page 15 and 16: Chairman’s Statement Continued Co
- Page 17 and 18: Taarifa ya Mwenyekiti ya mwaka wa 2
- Page 19 and 20: Taarifa ya Mwenyekiti ya mwaka wa 2
- Page 21 and 22: Group Chief Executive Report Contin
- Page 23 and 24: Annual Report & Financial Statement
- Page 25 and 26: Ripoti ya Mkurugenzi Mkuu Mtendaji
- Page 27 and 28: Corporate Social Responsibility Con
- Page 29 and 30: Human Resources Continued Dann Mwan
- Page 31 and 32: Board of Directors Halmashauri ya W
- Page 33 and 34: Mrs Zuhura Muro - 52 Holds a Bachel
- Page 35 and 36: Ripoti ya Wakurugenzi Shughuli kuu
- Page 38 and 39: Nation Media Group Executive Team P
- Page 40 and 41: Nation Media Group Executive Team P
- Page 45 and 46: Newspapers Dispatch
- Page 47 and 48: Consolidated Statements of Financia
- Page 49 and 50: Consolidated Statement of Changes i
- Page 51 and 52: Consolidated Statement of Cash Flow
- Page 54 and 55: Nation Media Group Notes to the fin
- Page 56 and 57: Nation Media Group Notes to the fin
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- Page 86 and 87: Nation Media Group Principal shareh
- Page 88: Nation Media Group FOMU YA UWAKILIS
Nation Media Group<br />
Statement of Directors’ Responsibilities<br />
The Kenyan Companies Act requires the directors to prepare financial statements for each financial year that give<br />
a true and fair view of the state of affairs of the Group and of the Company as at the end of the financial year and<br />
of the Group profit or loss. It also requires the directors to ensure that the Company keeps proper accounting<br />
records that disclose, with reasonable accuracy, the financial position of the Company. They are also responsible<br />
for safeguarding the assets of the Company.<br />
The directors accept responsibility for the annual financial statements that have been prepared using appropriate<br />
accounting policies supported by reasonable and prudent judgements and estimates, in conformity with<br />
International Financial <strong>Report</strong>ing Standards and the requirements of the Kenyan Companies Act. The directors<br />
are of the opinion that the accounts give a true and fair view of the state of the financial affairs of the Company<br />
and the Group and of the Group’s profit. The directors further accept responsibility for the maintenance of<br />
accounting records which may be relied upon in the preparation of financial statements, as well as designing,<br />
implementing and maintaining internal controls relevant to the preparation and fair presentation of financial<br />
statements that are free from material misstatement.<br />
Nothing has come to the attention of the directors to indicate that the Company and its subsidiaries will not<br />
remain a going concern for at least twelve months from the date of this statement.<br />
W D Kiboro S Gitagama<br />
19 March 2013
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