Why confused? Look at the latest statements. Under assets you will see:
Investments in Associates & Subsidiaries 2,659,704 (in '000s)
Most of that relates to the following:
Capital Development and Investment Company PLC 2,330,855 (in '000s) - cost value as per the 2011 Annual Report
In the same annual report you will find two notes that are not correct.
24.2 The Directors' valuation of Investments in Subsidiary companies has been done on net assets basis except for investments in quoted
companies, which is at the market value as at the Balance Sheet date.
24.3 As explained in 24.2, Capital Development Company PLC has been valued at the market price as at the Balance Sheet date. The Company's
shares are traded and the market price is driven by the minority shareholders of only 0.4%.
The above note has not been applied by NDB's accountants because the notes declare that the market value is 13 Billion but the balance sheet only shows the cost value.
Now since the following subsidiary has been affected negatively by disposing its core cash-flow + giving a costly buy back, this subsidiary's value has to be impaired.
If NDB is consistent, it will right off 2.33 Billion. This is the cost value before NDB IB and NDB Stock Brokers. Therefore 2.33 Billion will be written off the balance sheet and this will be passed on in the P&L as a "loss" to the company.
The loss will be offset against the "gain" from equity income from the investment subsidiary. Without this gain, the loss from the above would be taken into the "Statements for Changes in Equity".
So that's the picture that NDB has to disclose to the market (if it decides to be honest and impair the asset).