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Term loans, bank overdraft and other short term borrowings and certain other assets and liabilities are not allocated to segments as they are also managed on a group basis. IFRS 16 was issued in January 2016, and specifies how the Group will recognise, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The Group’s principal geographical segment is the United Arab Emirates. The UAE Dirham is pegged against the US Dollar so a single rate of 3.673 per US Dollar is used to translate those assets and liabilities and balances in the consolidated income statement.

The group added that it has also commenced due diligence on a second acquisition, again in conjunction with Larch, which will involve the refurbishment of an existing building. The AIM-listed firm announced in May that it had signed a deal with Larch for two years to identify properties, with a minimum total portfolio value of £5mln, which are suitable for leasing to Supported Living tenants. For the six-months ending June 30, 2017, the AIM-listed group’s underlying earnings (EBITDA) doubled to US$118.5mln, as its revenue increased by 19% year-on-year to US$188.4mln.

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An assessment is made at each consolidated statement of financial position date to determine whether there is objective evidence that a specific financial asset may be impaired. If such evidence exists, any impairment loss is recognised in the consolidated income statement. Impairment is determined as the difference between carrying value and the present value of future cash flows discounted at the current market rate of return for a similar financial asset. After initial measurement, such financial assets are subsequently measured at amortised cost using effective interest rate (EIR) method, less impairment.

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Foreign currency risk

Property and equipment are stated at cost less accumulated depreciation and any impairment in value. The Group applied for the first-time certain amendments to the standards, which are effective for annual periods beginning on or after 1 January 2017. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.

The Group is also a leading UAE supplier of products and consumables across several key market segments, with the major contribution coming from healthcare related products. The Group reported revenues of US$1.6 billion for the year ended 31 December 2017. Plus500 has clients in more than 50 countries and provides them access to a comprehensive CFD product line, including Forex, shares, commodities, stock indices, cryptocurrencies, ETFs and options.

Businesses

The new hedge accounting rules will align the accounting for hedging instruments more closely with the Group’s risk management practices. As a general rule, more hedge relationships might be eligible for hedge accounting, as the standard introduces a more principles-based approach. The Group does not currently have any material hedging relationships. Accordingly, the Group does not expect a significant impact on the accounting for its hedging relationships. Other income comprises revenue from suppliers for the reimbursement of advertising and promotion costs incurred by the Group. Revenue is recognised following formal acceptance of the Group’s reimbursement claims by suppliers and is measured at the confirmed amount receivable.

The bank overdrafts and short-term borrowings are secured by the corporate guarantee of subsidiary companies and personal guarantees of the shareholders (H.E. Saeed Bin Butti, Dr BR Shetty and Mr Khalifa Bin Butti). Restricted cash mainly represents funds held by a bank in respect of upcoming loan repayment and payment for acquisitions. Assets in this class are amortised over their estimated useful lives on a straight line basis. All amortisation charges for the year have been charged against operating profits. Additions to goodwill in the year relate to goodwill measured in respect of the acquisitions of  Al Zahra Private Hospital Company , As Salama Hospital LLC, Hamad Drug Store LLC, Atlas Healthcare, Al Qadi Speciality Hospital LLC and Fecunmed.

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• The Group also agreed to acquire the Healthcare Business and assets of Bin Said, a private clinic on 04 October 2016 in Muscat.
• The processing of requests for withdrawal of funds is carried out from 1 to 3 days.
• For individually significant amounts, this estimation is performed on an individual basis.
• Plus500’s list of trading platforms includes Web Trader for Windows and MacOS, MetaTrader 4, as well as mobile versions of platforms for smartphones and tablets.
• Within the Healthcare business in the GCC, the majority of the Group’s customers are insurance companies.
• The table below summarises the maturities of the Group’s undiscounted financial liabilities, based on contractual payment dates and current market interest rates.

The demo account is one strong offering in this regard, but they could do with more financial and trading education here. Yet Plus500 endures as one of the biggest and most popular names in online trading to this day. Equity-settled share-based payments to employees (including executive directors) are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 32.

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On 14 December 2016, the Group agreed to acquire a 100% controlling stake in the voting shares of Al Zahra, UAE providing both in-patient and outpatient service to the highest standards, supported by state of art facilities. Al Zahra is one of the largest full service multi-speciality hospitals in the UAE in Sharjah and Northern Emirates. The hospital has 137 active in patients beds and a capacity of 154 beds (expandable to at least 200 beds), treating approximately 400,000 outpatients and 23,000 in patients bed days per year. It has strong relationships with a number of major insurance providers in Sharjah with approximately 85% of outpatients referred through the insurance channel.

• The rate used to discount the end of service benefit obligation is determined by reference to market yields at the balance sheet date on high quality corporate bonds.
• It provides a easy to use GUI with search capability, live charts, and many financial instruments, forex and stocks from world stock markets (NYSE, FTSE, ASX, HK and more) to allow 24 hour stock and forex trading.
• Our human content creators are equipped with many decades of valuable expertise and experience.
• The key judgements in respect of the contingent consideration recognised as part of a business combination relate to the performance of the business, the discount rates used and the contractual arrangements of ownership.
• FY 2017 continued to build on the achievements of FY 2016, with NMC further consolidating its position as the leading healthcare provider in the UAE and expanding its footprint in KSA.

Interest is imputed on the fair value of non-interest bearing deferred consideration at the discount rate and expensed within finance costs. At each balance sheet date deferred consideration comprises the remaining deferred consideration valued at acquisition plus unwinding of interest imputed on such amounts from acquisition to the balance sheet date. The key judgements in respect of the contingent consideration recognised as part of a business combination relate to the performance of the business, the discount rates used and the contractual arrangements of ownership. Both the Healthcare and Distribution divisions have continued their positive growth in revenue during 2017. Net profit and earnings before interest tax depreciation and amortization (EBITDA) of both healthcare and distribution divisions have increased in 2017. EBITDA margin of Distribution is almost the same as last year whereas for Healthcare it increased slightly which is due to opening of new facilities during the year.

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IFRS 9 must be applied for financial years commencing on or after 1 January 2018. Based on the transitional provisions in the completed IFRS 9, early adoption in phases was only permitted for annual reporting periods beginning before 1 February 2015. The Group has https://forex-review.net/reviews-about-plus500/ undertaken a detailed assessment of the classification and measurement of financial assets. Management has completed a detailed assessment to estimate the potential impact of adopting the requirements of IFRS 15 by reviewing all its material revenue streams.

Contingent consideration on achieving 2016 EBITDA target has been paid fully in 2017. The Group monitors capital using a gearing ratio, which is net debt divided by capital plus net debt. The Group includes within net debt, interest bearing loans and borrowings, accounts payable and accruals and other payables less bank deposits and bank balances and cash. The table below summarises the maturities of the Group’s undiscounted financial liabilities, based on contractual payment dates and current market interest rates.