The Stock Exchange of Mauritius. (Member of the World Federation of Exchanges) HANDBOOK

Transcription

1 The Stock Exchange of Mauritius (Member of the World Federation of Exchanges) HANDBOOK

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3 The Stock Exchange of Mauritius (Member of the World Federation of Exchanges) H A N D B O O K (OFFICIAL MARKET)

4 The Stock Exchange of Mauritius Ltd is pleased to present the Handbook (Official Market) This Handbook has been prepared with the collaboration of listed companies and has been compiled from the latest annual reports of each listed company. The information contained in the Handbook is designed as a general reference and does not, by itself, provide answers to all questions, which should be asked about shares and their prospects. The publication of the figures of listed companies contained in this Handbook has been done with reasonable care and dilligence. However, the Stock Exchange of Mauritius Ltd makes no representations, gives no warranty and disclaims all liabillity in respect thereof and shall not be held liable for any damage, loss or cost incurred resulting from any error in the information or of any use of the said information. Appropriate independent advice should be obtained before making any investment decision.

5 Table of Contents Air Mauritius Limited Automatic Systems Limited Belle Mare Holding Limited British American Investment Company (Mauritius) Ltd Caudan Development Limited Compagnie Des Magasins Populaires Limitée Dale Capital Group Limited ENL Commercial Limited Fincorp Investment Limited Gamma Civic Limited Harel Frères Limited Harel Mallac & Co. Limited Innodis Limited IPRO Growth Fund Ltd Ireland Blyth Limited Mauritius Chemical & Fertilizer Industry Limited The Mauritius Commercial Bank Limited The Mauritius Development Investment Trust Co Limited Mauritian Eagle Insurance Company Limited The Mauritius Leasing Company Limited Mauritius Oil Refineries Limited Mauritius Stationery Manufacturers Limited Mauritius Union Assurance Co Limited Naïade Resorts Ltd National Investment Trust Limited New Mauritius Hotels Limited Omnicane Limited Phoenix Beverages Limited Plastic Industry (Mauritius) Limited P.O.L.I.C.Y. Limited Promotion and Development Limited Rogers and Company Limited The Savannah SE Co Limited Shell Mauritius Limited State Bank of Mauritius Limited Sun Resorts Limited Swan Insurance Company Limited United Basalt Products Limited United Docks Limited 98-99

6 We ve got Africa covered 31 countries 7,360 professional staff Wherever you are in Africa, whatever the size of your company, our people can use their skills, experience and industry expertise in assurance, tax and advisory services to help you accomplish your goals. To find out more about what we can do for your business, please visit pwc.com/mu. PricewaterhouseCoopers 18 CyberCity Ebène Republic of Mauritius Tel: Assurance Advisory Tax PwC 2010 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to PricewaterhouseCoopers in Mauritius or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate legal entity.

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12 LET S BE THE LEADING BANK JO!BGSJDB THAT GROWS Standard Bank is a leading emerging market bank in Africa. We are also positioned as the preferred corporate and investment banking provider in the Indian Ocean with a differentiated level of service to key customer and economic sectors. Moving Forward Standard Bank (Mauritius) Limited 6th Floor, Medine 10 Mews Handbook Building, 2010Chaussée Street, Port Louis, Mauritius, Tel: Fax: We develop integrated solutions to service all Trade Finance. Import & Export Financing Pre-export Financing Documentary Credits and Collections Receivables Financing Invoice Discounting Risk Mitigations.

13 Air Mauritius Ltd SEM Code : AIRM Classification : Transport Registered Office : Paille-en-Queue Court, President J Kennedy Street, Port Louis Chairman : Mr Rajkamal TAPOSEEA Directors* : Mr Rajkamal TAPOSEEA (Chairman) Mr Rajendra Kumar Ujoodha, G.O.S. K. (Chief Executive Officer) Mrs Aisha Timol, G.O.S.K. Mr Kremchand Beegoo Mr Dheerendra DABEE, S.C. Mr Dominique PATRY Mr Ali Mansoor Mr Ramapatee Gujadhur, C.S.K. Mr Philippe Espitalier Noël Mrs Premila Roy Mr Suresh Seeballuck Mr Timothy TAYLOR Mr Arvind JADHAv Mr F Woo Shing Hai, G.O.S.K Mr Raj Ringadoo Executive Team** : Mr Ujoodha Rajendra Kumar (Chief Executive Officer) Mr Banymandhub Pramil (EVP- Flight Operations) Mr Buton Indradev (EVP- Strategic Planning) Mr Gentil Jacques (EVP- Technical Services) Mr Vijay Seetul (EVP- Internal Audit) Mr Andries Viljoen (Chief Finance Officer and Chief Information Officer) Mr Payen Donald (EVP- Commercial & Communications) Secretary : Mr Fooad NOORAULLY * List of Board Directors as at 18 June 2010 ** Executive Team as at 18 June 2010 Handbook

14 Air Mauritius Ltd SUMMARY INFORMATION Air Mauritius, the national carrier of the Republic of Mauritius was incorporated in In those days, it acted solely as the handling agent for airlines operating from Plaisance Airport. The Company started actual flight operations only in September 1972 with a leased six-seater, twin - propeller Piper Navajo flying to Rodrigues and Reunion. To-day it flies to the main European, Asian, and African destinations. From Ground Handler to an International Airline Air Mauritius took a significant step towards international recognition in 1977, when for the first time, a Boeing 707, in full Air Mauritius livery, operated to Europe. A key milestone leading to the rapid development of Air Mauritius was reached in 1984 with non-stop services being offered between Mauritius and London, Paris, Rome, and Zurich. With the establishment of the Mauritius-Singapore air links in 1985, Air Mauritius gradually developed as a hub for air traffic between South East Asia and South Africa. Responding to international market realities The National Carrier currently operates a fleet of aircraft composed of four Airbus A , two Airbus A , two Airbus A , two Airbus A E, two ATR and three Bell Jet Ranger helicopters. Air Mauritius now flies to eight destinations in Europe, namely: London, Paris, Frankfurt, Geneva and Milan. The Australasia network includes Mumbai, Delhi, Bangalore and Chennai in India, Perth and Melbourne in Australia, and Kuala Lumpur, Singapore and Hong Kong. On the regional routes, Air Mauritius operates to 3 points in South Africa (Durban, Johannesburg and Cape Town), to Nairobi, Madagascar, Reunion and Rodrigues. The airline contributes significantly to the export-oriented economy and carries some 31,000 tons of cargo yearly. The company is being restructured to become customer-centric and more flexible and responsive to its stakeholders expectations. Air Mauritius is listed since 1995 on the Stock Exchange of Mauritius. Activities of the company Air Mauritius has 54.2% shareholding in Pointe Coton Resort Hotel Co Ltd which owns the Cotton Bay Hotel in Rodrigues. It also holds 93.7% of the share capital in Mauritius Estate Development Corporation Ltd (MEDCOR) which owns Air Mauritius Centre, a building in the prime commercial area of Port Louis. It also holds 100% of the share capital in Airmate Ltd which provides call center services to the airline. It also holds 100% of the share capital in Mauritius Helicopter Limited; however it is not yet operational, awaiting the grant of an Air Operator Certificate. The core-business of Air Mauritius remains the carriage of passenger and freight which generates around 97% of its total operating revenue. Other significant activities of the company comprise of Helicopter Services, Ground Handling, Maintenance and Engineering, and a hotel in Rodrigues. It continues to provide ground handling services and extends airline maintenance services to various types of aircraft operated by carriers flying into SSR International Airport. In 1998, Air Mauritius obtained the approval as a JAR (Joint Aviation Requirements)145 Maintenance Organisation by the French Direction Generale.This approval allows the airline to perform maintenance on aircraft and components belonging to the member States of the Joint Aviation Authorities. 12 Handbook 2010

15 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (EURO 000) 31 Mar ASSETS Non-current assets Property, plant and equipment 300, , , , ,708 Investment property 10,081 9,581 8,975 10,060 11,998 Intangible assets 1, , Investment in associated companies Available-for-sale investment ,085 1,956 1,796 Other financial assets ,969 Deferred tax asset Long term deposits 9,062 7,533 15,280 12,997 84,063 Long term receivables , Current assets 78,990 99, , , ,644 Assets classified as held for sale 2,271 5, ,748 Total assets 403, , , , ,611 EQUITY AND LIABILITIES Capital and reserves Share capital 41,724 41,724 41,724 41,724 41,724 Share premium 18,869 18,869 18,869 18,869 18,869 Other reserves (16,358) (80,719) (6,786) (10,255) (1,172) Retained earnings 53,392 59, , , ,915 Proposed dividends Shareholders interests 97,627 39, , , ,336 Minority interests 2,118 1,842 1,970 1,715 1,851 Non-current liabilities Borrowings and financial derivatives 98,772 79,052 84, , ,042 Deferred credit Provisions 41,987 35,517 32,955 23,827 23,330 Current liabilities 162, , , , ,476 Total equity and liabilities 403, , , , ,611 INCOME STATEMENT (EURO 000) 31 Mar Turnover 371, , , , ,602 Gross operating (Loss) / Profit 24,867 (14,308) 48,359 26,080 30,657 Administrative expenses (20,092) (24,422) (25,982) (26,560) (22,425) Profit on sale of investment (181) Share of results of associates (2) (66) 2 5 (13) Other income 3,154 4,624 2,248 1,724 1,764 Fair value adjustments Net finance costs (8,871) (875) (7,488) (8,113) (2,035) Loss on derognition of liabilities (4,806) (50,816) (Loss) / Profit before tax (5,931) (85,263) 17,220 (6,473) 7,948 Deferred tax (104) (190) (210) (196) (60) Profit after tax (6,035) (85,453) 17,010 (6,669) 7,888 Minority interests (130) (221) (183) (130) (5) Net (Loss) / profit for the year (6,165) (85,674) 16,827 (6,799) 7,883 Dividends - - 3,712-1,382 STATISTICS Number of ordinary shares used in calculation 102,305, ,305, ,305, ,305, ,305,000 Euro Euro Euro Euro Euro Earnings/(Loss) Per Share (0.06) (0.84) 0.17 (0.07) 0.08 Dividends Per Share (Rs) Net Assets Value Handbook

16 Automatic Systems Limited SEM Code : ASL Classification : Leisure Registered Office : c/o Abax Corporate Administrators Ltd, 6th Floor, Tower A, 1 CyberCity, Ebene, Mauritius Directors : M. A. Eric ESPITALIER-NOEL (Chairperson) Ravindra CHETTY Jowaheer Lall DOOKUN M. L. Jean HARDY Antoine Louis HAREL Charles P. L. HAREL Hervé HENRY O. Farouk A. HOSSEN J.D. Gérard PASCAL L. J. Michel RIVALLAND John A. STUART Alternate Directors : Arvind Lall DOOKUN Alternate director to Jowaheer Lall DOOKUN M. L. Jean HARDY Alternate director to Hervé HENRY and O. Farouk A. HOSSEN Antoine Louis HAREL Alternate director to Michel RIVALLAND Charles HAREL Alternate director to Antoine HAREL Michel RIVALLAND Alternate director to Antoine HAREL Secretary & Transfer Registrar : Abax Corporate Administrators Ltd Principal Activity : Running of a totalisator (Tote) betting system in Mauritius SUMMARY INFORMATION Incorporated as a public company in 1991 and listed on the Stock Exchange of Mauritius in ASL s principal activities are the running of a totalisator (Tote) system of betting on races in Mauritius organized by the Mauritius Turf Club and the organization of fixed-odds betting on foreign football matches, both in accordance with the provisions of the Gambling Regulatory Authority Act Handbook 2010

17 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS Non - current assets 34,901 40,612 40,827 34,872 8,564 Current assets 32,085 36,856 15,474 12,516 34,343 Total assets 66,986 77,468 56,301 47,388 42,907 SHAREHOLDERS EQUITY Share capital 24,745 24,745 24,745 24,745 24,745 Share premium 1,168 1,168 1,168 1,168 1,168 Retained earnings 6,392 6,649 3,144 1,383 4,917 Total equity 32,305 32,562 29,057 27,296 30,830 LIABILITIES Non-current liabilities 3,417 3,420 3,085 3,284 1,065 Current liabilities 31,264 41,486 24,159 16,808 11,012 Total liabilities 34,681 44,906 27,244 20,092 12,077 Total equity and liabilities 66,986 77,468 56,301 47,388 42, Dec Revenue 1,550,051 1,328, , , ,430 Operating profit 35,522 24,138 13,199 10,676 4,606 Finance income 2, ,423 2,094 Profit before taxation 37,596 24,793 13,402 12,099 6,700 Taxation (6,038) (3,613) (1,036) (2,553) (1,867) Profit for the year 31,558 21,180 12,366 9,546 4,833 Dividends declared 31,815 17,675 10,605 8,166 4,914 STATISTICS STATEMENT OF COMPREHENSIVE INCOME (Rs 000) Number of ordinary shares used in calculation 3,535,000 3,535,000 3,535,000 3,535,000 3,535,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook

18 Belle Mare Holding Limited SEM Code : BMH Classification : Investments Registered Office : 5th Floor Labama House,35 Sir William Newton Street,Port Louis Directors : Mr George DUMBELL (Chairperson) Mr L. M. Adolphe VALLET Mr J. Clément REY Mr N. Adolphe VALLET Mrs Georgina ROGERS Mr Louis RIVALLAND Mr Clément D. REY Mr Jan F. BOULLÉ Mr Marc FREISMUTH Mr Jean RIBET Secretary & Transfer Registry : La Gaieté Services Limited Principal Activity : Company-investing activities Subsidiary company-property holding Associated companies-commercial activities SUMMARY INFORMATION Incorporated on 27th January Stock Exchange Listing was granted on 7th March Handbook 2010

19 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 106, , , ,837 12,378 Investment in associates 62,319 64,923 59,378 51,549 49,706 Investment in financial assets 873, , , , ,727 Bearer biological assets ,129 Current assets 8,478 12,059 14,746 13,567 16,119 Non-current asset classified as held-for-sale ,800 Total assets 1,050, , , , ,859 EQUITY AND LIABILITIES Capital and reserves Share capital 42,668 42,668 42,668 42,668 42,668 Reserves 514, , , , ,530 Retained earnings 444, , , , ,086 Shareholders interests 1,001, , , , ,284 Minority interests ,871 Non-current liabilities Deferred tax liabilities Retirement benefit obligations ,052 Borrowings ,079 Current liabilities 49,441 50,231 20,774 22,172 40,513 Total equity and liabilities 1,050, , , , ,859 INCOME STATEMENT (RS 000) 31 Dec Turnover 240,492 27,807 25,805 31,339 35,189 Operating profit 251,861 23,369 21,495 31,041 19,975 Profit on disposal of subsidiary ,277 - Finance costs (3,043) (2,490) (1,356) (3,528) (4,046) Share of result of associates 14,905 9,043 9,302 3,813 6,271 Profit before tax 263,723 29,922 29,441 35,603 22,200 Taxation (352) (255) (290) (389) (326) Profit after tax 263,371 29,667 29,151 35,214 21,874 Minority interests (54) Profit attributable to shareholders of holding company 263,371 29,667 29,151 35,401 21,820 Dividends -in cash 21,333 17,067 17,067 17,067 12,800 STATISTICS Number of ordinary shares used in calculation 4,266,776 4,266,776 4,266,776 4,266,776 4,266,776 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

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21 British American Investment Co. (Mtius) Ltd SEM Code : BAIN Classification : Investments Registered Office : 25 Pope Hennessy Street, Port Louis Directors : Mr. Dawood A. RAWAT (Chairman) Mr. J. Nicholas ASHFORD-HODGES (Vice-Chairman) Mr. Ayoob M.H. RAWAT Mr. Farouk A.A. HOSSEN OSK Mr. Shivananda P. MOOTIEN Mr. Saleem R. BEEBEEJAUN Mr. Farid R. GULMOHAMED Mr. Bocar E. DIA Secretary : B A Corporate Services Ltd Group President & Chief Executive Officer : Mr. Saleem R. BEEBEEJAUN Principal Activity : British American Investment Co. (Mtius) Ltd is the holding company of several subsidiaries and associated companies in the sectors of Financial Services, Transportation, Tourism & Leisure, Construction & Property Development, Trade & Commerce and Healthcare. Handbook

22 British American Investment Co. (Mtius) Ltd SUMMARY INFORMATION British American Investment Co. (Mtius) Ltd. is an investments holding company with more than Rs 30 billion in assets in Mauritius and the region. The company currently holds investments in six economic sectors financial services, transportation, construction, commerce, tourism and healthcare; the equity holdings are spread across eight countries - Mauritius, South Africa, Madagascar, Kenya, Dubai, France, Malta and the UK. The major part of its investment portfolio is in financial services in Mauritius, including leading life insurance company BAI, market-leading leasing company Mauritius Leasing, and Bramer Banking Corporation Ltd. Other equity holdings include companies engaged in asset management, stockbroking, insurance broking, international money transfer and foreign exchange dealing. In Kenya it holds substantial investments in the leading life insurance company British American Insurance, in an asset management company, and in Equity Bank - the fastest-growing Kenyan bank with a market capitalisation of more than USD 1.5 billion. The financial services holdings in Malta are in publicly-listed GlobalCapital plc which operates the leading medical insurance provider, life and general insurance, asset management and property development. Holdings in the Mauritian transportation sector include the Iframac Group of companies, with a number of dealerships in passenger and commercial vehicles, yachts and boats, power generation, agricultural and construction machinery. The dealerships represent world-famous brands such as Mercedes-Benz, Princess Yachts, Case, Mitsubishi, Peugeot, Chrysler, Cummins, and Saab. Iframac Group is a market leader in Mauritius and also holds investments in South Africa and Madagascar. Investment holdings in the trade and commerce sector are concentrated in Courts Group, the market- leading retailer in household and electronic goods with more than 20 branches in Mauritius and Madagascar. In addition, investments are also held in the Quality Living Centre (QLC) Group of companies, with several niche retailers of designer brands of furniture, gifts and accessories. Property and construction sector investments include Ireko, a vertically integrated group of companies encompassing construction, property development, design and finishing. Equity holdings in the tourism sector in Mauritius provide tour operation, car rental, yacht charter and airline ticketing. The 200-bed Apollo Bramwell Hospital and its associated companies in medical training, pharmaceutical supplies and medical tourism, which came on-stream in 2009, is a major investment in the burgeoning healthcare sector in Mauritius. 20 Handbook 2010

23 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec Restated Restated Restated Restated ASSETS Non-current assets Property, plant and equipment 5,077,246 3,398,392 2,103,545 1,762,699 1,685,219 Investment properties 2,922,359 2,333, , , ,847 Intangible assets 2,144,020 2,161, , , ,141 Investments in equity accounted investees 235, , ,604 - Other investments 5,637,306 5,231,693 2,772,813 1,889,440 2,180,829 Mortgage and policyowner loans 1,598,554 1,189, , , ,061 Net investment in finance leases 1,066,454 1,235,436 1,003,378 1,333,677 1,157,389 Non-current receivables 422, , , , ,206 Deferred tax assets 151,715 72, , , ,328 19,255,142 16,186,979 8,309,503 7,406,136 7,952,020 Current assets 11,221,473 9,520,137 6,240,949 3,882,868 3,818,799 Total assets 30,476,615 25,707,116 14,550,452 11,289,004 11,770,819 EQUITY AND LIABILITIES Capital and reserves Share capital 95,074 95,074 95,074 95,074 95,074 Revaluation and other reserves 664, , , , ,605 Retained earnings 923, , , , ,023 Equity attributable to equity holders of the parent 1,683,738 1,571,248 1,228,403 1,063, ,702 Minority interest 1,536, , , , ,917 Total equity 3,220,632 2,552,848 1,401,704 1,257,146 1,114,619 LIABILITIES Non-current liabilities Insurance and investment contracts 11,620,660 9,346,754 4,524,765 3,717,834 4,324,114 Borrowings 1,970,478 1,532, , , ,780 Deferred tax liabilities 206, , , , ,646 Retirement benefit obligations 67, , , ,748 71,485 Customers deposits 2,853,400 1,677, , ,991 1,289,799 16,718,388 12,866,706 6,318,522 5,476,155 6,548,824 Current liabilities 10,537,595 10,287,562 6,830,226 4,555,703 4,107,376 Total liabilities 27,255,983 23,154,268 13,148,748 10,031,858 10,656,200 Total equity and liabilities 30,476,615 25,707,116 14,550,452 11,289,004 11,770,819 INCOME STATEMENT (RS000) 31 Dec Restated Restated Restated Restated Gross revenue 14,708,847 13,406,637 8,553,471 9,576,562 6,430,972 Net revenue 13,864,021 12,421,762 7,791,768 8,614,028 5,607,590 Expenses (13,402,701) (11,697,781) (7,389,797) (7,819,049) (5,333,953) Profit from operations 461, , , , ,637 Finance costs (451,481) (514,400) (299,660) (378,893) (211,681) Amortisation of goodwill Profit before taxation 9, , , ,086 61,956 Share of profit of equity accounted investees (2,561) (11,090) - 14,384 - Taxation 34,107 (75,363) 2,096 (77,074) 52,662 Profit for the year 41, , , , ,618 Attributable to: Equity holders of the parent 102, , , , ,113 Minority interest (60,630) (144,604) 2,190 46,727 (47,495) 41, , , , ,618 Dividends 46,586 46,586 46,586 44,685 44,685 STATISTICS Number of ordinary shares used in calculation(number) 95,073,697 95,073,697 95,073,697 95,073,697 95,073,697 Earnings per share (MUR) Dividends per share (MUR) Net asset value per share (MUR) Handbook

24 Caudan Development Limited SEM Code : Caudan Classification : Investments Registered Office : MCB Centre,11-15, Sir William Newton Street, Port-Louis Directors : Jean Pierre MONTOCCHIO Arnaud DALAIS Bertrand de CHAZAL Hector ESPITALIER NOEL Antoine HAREL René LECLEZIO Jocelyne MARTIN Iqbal MALLAM- HASHAM Antoine SEEYAVE Adolphe VALLET Bernard YEN Secretary : Jocelyne MARTIN Manager : Promotion and Development Ltd Transfer Registrar : MCB Registry & Securities Ltd Principal Activity : Property development, investment and the provision of security services SUMMARY INFORMATION The company was incorporated as a public company on 17th February Caudan Development Limited specialises in the ownership, promotion and development of Le Caudan Waterfront, a mixed commercial project on the waterfront of Port-Louis. Apart from the waterfront project, the company also rents out industrial buildings at Pailles,Riche Terre and Albion Dock. Caudan via a subsidiary, operates in the security business, and is involved in the sale of alarm equipment and the provision of security and property protection services. The company is managed by its holding company, Promotion and Development Limited, an associated company of The Mauritius Commercial Bank Limited. 22 Handbook 2010

25 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS Non-current assets Investment property 3,633,001 3,182,427 2,183,325 2,193,635 2,207,695 Intangible assets 3,566 4,210 4,240 4, Prepaid operating lease Property, plant and equipment 133, , ,713 60,708 58,961 Investments in associate 23,922 22,671 18,423 17,766 18,339 Available-for-sale financial assets 57,500 52,350 37,750 36,075 41,800 3,852,354 3,857,593 2,559,962 2,312,999 2,327,469 Current assets 140,050 80,823 74,673 59,023 34,542 Total assets 3,992,404 3,938,416 2,634,635 2,372,022 2,362,011 EQUITY Capital and reserves attributable to equity holders of the company Share capital 819, , , , ,520 Share premium 2,862 2,862 2,862 2,862 2,862 Fair value reserve 17,500 12,350 (2,250) (3,925) 1,800 Retained earnings 1,960,268 1,907,710 1,203,606 1,185,038 1,099,164 Total equity 2,800,150 2,742,442 2,023,738 2,003,495 1,923,346 Non-current liabilities Borrowings 664, ,053 45,298 75, ,140 Deferred tax liabilities 228, , , , ,143 Retirement benefit obligations 4,778 2,703 1,763 1, , , , , ,082 Current liabilities 294, , , , ,583 Total equity and liabilities 3,992,404 3,938,416 2,634,635 2,372,022 2,362,011 INCOME STATEMENT (RS 000) 30 Jun Turnover 393, , , , ,742 Operating profit 133, ,320 78,241 80,980 78,273 Dividend income 3,900 3,900 3,150 1,200 1,200 Net gain from fair value adjustment on investment property 34, , ,964 Net finance costs (61,483) (24,340) (18,003) (18,773) (20,018) Share of profit of associate 10,737 13,303 9,320 10,724 15,246 Profit before tax 121, ,060 72,708 74, ,665 Taxation (19,340) (105,785) (13,164) 52,719 (110,566) Profit attributable to equity holders of the company 101, ,275 59, , ,099 Dividends 49,171 49,171 40,976 40,976 40,976 STATISTICS Number of ordinary shares used in calculation 819,520, ,520, ,520, ,520, ,520,000 Earnings Per Share(Re) Adjusted Earnings Per Share (excluding net gain on investment property)(re) Dividends Per Share(Re) Net Assets Value (Rs) Handbook

26 Compagnie des Magasins Populaires Limitée SEM Code : CMPL Classification : Commerce Registered Office : 18, Edith Cavell Street, Port Louis Directors : Antoine L. HAREL (Chairman) Jean Marie Noël de Marcy CHELIN (Managing Director) J.M. Antoine HAREL Charles P.L. HAREL Gaëtan LECLEZIO M. J. François MONTOCCHIO M. J. I. G. Michel PILOT L. A. Alain VALLET Secretaries : HM Secretaries Ltd. Principal Activity : Retailing of perishable, non-perishable, general and textile goods SUMMARY INFORMATION Compagnie des Magasins Populaires Ltée has been operating in the retail sector since It is the accredited representative of the French retailing Group Monoprix a network of 300 shops worldwide. Monoprix is strategically positioning itself as an up-market retail provider. It has uplifted the offer and services of its unique supermarket a new convenience urban-style concept meant for strategic niche locations, with an offer at the right price for easy and fast shopping. Stock Exchange Listing was granted in 18 February Handbook 2010

27 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 31 Dec ASSETS EMPLOYED Non-current assets Fixed assets 109,530, ,788, ,899,669 86,960,166 88,866,284 Intangible Assets 605, , , , ,120 Investments in subsidiary Investments in associate Investments 25,217,770 18,435,863 29,987,068 18,600,861 10,110,626 Current assets 38,369,858 38,325,598 48,441,353 55,803,053 55,877,077 Total assets 173,723, ,027, ,595, ,792, ,368,107 EQUITY AND LIABILITIES Capital and reserves Share capital 21,935,000 21,935,000 21,935,000 21,935,000 21,935,000 Share premium 68,484 68,484 68,484 68,484 68,484 Reserves 51,650,297 52,608,613 53,475,613 35,490,613 35,689,730 Fair Value Reserves (759,934) (8,075,563) 4,319,340 3,349,283 (220,474) Retained earnings 19,879,281 25,017,696 31,023,134 26,085,979 25,171,982 Shareholders interests 92,773,128 91,554, ,821,571 86,929,359 82,644,722 Non-current liabilities Deferred tax 4,179,656 4,738,426 5,920,527 9,146,420 10,035,633 Retirement benefit obligations 3,752,526 3,553,242 3,215,538 2,754,991 2,530,411 Borrowings 2,439,427 11,215, , Current liabilities 70,578,436 57,966,174 63,149,245 62,962,072 60,157,341 Total equity and liabilities 173,723, ,027, ,595, ,792, ,368,107 INCOME STATEMENT (RS) 31 Dec Turnover 229,478, ,804, ,219, ,535, ,683,851 Gross profit 44,248,901 45,248,338 44,508,876 40,804,625 33,707,708 Other income 988,470 2,800,581 8,428,982 4,768,661 4,494,130 Administrative expenses (44,645,425) (47,848,767) (42,046,859) (38,144,464) (30,496,053) Depreciation (6,553,194) (5,838,853) (5,088,513) (4,750,065) (4,569,075) Operating (loss)/income (5,961,248) (5,638,701) 5,802,486 2,678,757 3,136,710 Finance (costs)/income (694,253) (677,924) (619,746) 257,927 53,011 Gain on disposal of investment Exceptional Items (Loss)/Profit before taxation (6,655,501) (6,316,625) 5,182,740 2,936,684 3,189,721 Taxation 558,770 1,198,987 3,154, , ,934 (Loss)/Profit after taxation (6,096,731) (5,117,638) 8,337,080 3,785,780 3,309,655 Dividends - 1,754,800 3,399,925 3,070,900 2,851,550 STATISTICS Number of ordinary shares 2,193,500 2,193,500 2,193,500 2,193,500 2,193,500 Earnings per share (2.78) (2.33) Dividends paid - 1,754,780 3,399,925 3,070,900 2,851,550 Dividends per share after tax Share Price Dividends Cover before tax - (3.60) Dividends Cover after tax - (2.92) Dividends Yield % 8.16% 7.00% 6.19% Net assets value Handbook

28 Dale Capital Group Limited SEM Code : DCPL.N0000 Classification : Foreign Registered Office : Akara Building, 24 de Castro Street Wickhams Cay 1, Road Town Tortola British Virgin Islands Directors : Norman Theodore Noland Executive Chairman John Whatley Chief Executive Officer Sanjeeven Ramasawmy Financial Director Rajsing Gopaul Executive Director Kee Chong Li Kwong Wing Non Executive Director Dr. Jürg P. (Giorgio) Blum Non Executive Director Nigel Hampton McGowan Non Executive Director Secretary : Dale International Trust Company Limited Executive Director and Senior Management Team : Norman Noland Executive Chairman John Whatley Chief Executive Officer Sanjeeven Ramasawmy Financial Director Rajsing Gopaul Executive Director SUMMARY INFORMATION Dale Capital Group Limited (DCG) is a publicly-quoted Private Equity Investment Holding Company investing with its own balance sheet and also with the funds of partners and co investors. The Company invests in the SADC Region primarily in the following sectors, Hotel and Leisure, Property, IT, Fish, Fine Food and Beverages, Financial Services. The Group is currently investigating opportunities in the Renewable Energy Sector DCG invests either in controlling interests or in influential, but non-controlling stakes, in both private businesses and publicly quoted companies. In the latter case we aim to achieve private equity style returns through rigorous active ownership. Though its subsidiaries it operates in offices situated at Ebene in Mauritius and Cape Town in South Africa. The aim of the group is to deliver stable and consistent longer term returns for shareholders, minimizing risk whilst capturing opportunities in its chosen fields of investment in the most effective way. 26 Handbook 2010

29 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (USD) Feb ASSETS Non-current assets Property, plant and equipment 17,598,806 65,466 92,627 Intangible assets 744,218 8,408,584 7,525,045 Investment in associate 30 8,682 11,495 Investment in financial assets 7,905,694 11,836,927 19,362,636 Loans receivable - 592,207 2,092,730 Deferred taxation 1,699,751 1,427,420 44,667 27,948,499 22,339,286 29,129,200 Current assets Inventories & deposits 579, Trade and other receivables 3,124, ,091 9,312,883 Loans receivable 911, ,426 2,142,765 Investment in financial assets - 336, ,204 Cash and cash equivalents 82, ,639 2,953,170 4,697,199 1,232,576 14,681,022 Total assets 32,645,698 23,571,862 43,810,222 EQUITY AND LIABILITIES Capital and reserves Stated capital 15,888,073 21,138,073 24,252,216 Treasury shares - (4,136,159) - Reserves 4,141,106 (1,905,566) 3,849,454 Retained earnings (6,209,395) 1,340,144 5,315,417 Equity attributable to equity holders of the parent 13,819,784 16,436,492 33,417,087 Non-controlling interest 4,628, ,223 (146,046) 18,448,184 16,578,715 33,271,041 Non-current liabilities Borrowings 4,834,176 1,465,198 2,970,425 Financial liabilities 5,200, ,167 2,248,422 Deferred taxation 15,916 16, ,270 10,050,092 1,679,990 5,456,117 Current liabilities Trade and other payables 2,610, ,060 4,389,821 Borrowings 382,088 3,149, ,214 Bank overdraft 1,154,717 1,865,157 - Taxation - 68,068 56,029 4,147,422 5,313,157 5,083,064 Total equity and liabilities 32,645,698 23,571,862 43,810,222 Continuing Operations Revenue 1,084,646 2,509, ,379 Investment income 207,027 2,236,089 1,136,805 1,291,673 4,745,223 22,247 Expenses Administrative expenses 180,575 1,295, ,439 Operating expenses 2,021,838 1,614, ,636 2,202,413 2,909, ,075 (Loss)/Profit from operations (910,740) 1,835, ,109 Finance costs (419,230) (281,031) (591,603) Other losses on investments (3,684,393) (6,371,034) 148,817 (Loss)/Profit before taxation (5,014,363) (4,816,665) 202,323 Income tax(expense)/ income (46,446) 1,779,156 70,381 (Loss)/Profit for the year from continuing operations (5,060,809) (3,037,509) 272,704 Discontinued Operations Loss for the year from Discontinued Operations (3,183,988) - - (Loss)/profit for the year (8,244,797) (3,037,509) 272,704 Other Comprehensive Income/(Loss) 6,046,672 (627,514) - Total Comprehensive (Loss) / Income (2,198,125) (3,665,023) 272,704 STATISTICS Loss per share: From Continuing and Discontinued Operations (1.97) (0.67) 0.11 From Continuing Operations (0.95) (0.67) 0.11 Dividends per share Net Asset value per share Handbook

30 ENL Commercial Limited SEM Code : GIDC Classification : Investments Registered Office : 7th Floor, Swan Group Centre, Intendance Street, Port Louis Directors : Guy RIVALLAND (Chairman) Hector ESPITALIER NOËL Eric ESPITALIER NOËL Edouard ESPITALIER NOËL Gilbert ESPITALIER NOËL Louis RIVALLAND Gérard GARRIOCH Secretary : ENL LIMITED Principal Activity : A company investing in shares and securities whilst its subsidiaries, on the other hand, carry on their respective activities in the fields of trade, Industry and commerce SUMMARY INFORMATION Incorporated in May 1969, ENL COMMERCIAL LIMITED is part of the ENL Group. Its main subsidiaries are: Anthuriums & Orchids Limited: Rental of offices and shade houses Axess Limited: Operates in the Motor Vehicle business Grewals (Mauritius) Limited: Timber merchants Grewals Contracting Ltd: Flooring contractors Emballages Limited: Files and envelopes manufacturers Pack Plastics Limited: Upholstery & soft furnishings Packestate Limited: Rental of industrial buildings Rennel Limited: Express courier service, licensees of FedEx. The Company has the following associates: Commercial Formation Recrutement et Conseil Informatique Limited Hyperdist I.O Superdist Limited Industry Cogir Ltd Plastinax Austral Limitée Others Fondation ENL Stock Exchange Listing was granted on 26th June Handbook 2010

31 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 277, , , ,437 96,315 Investment properties ,446 16,646 16,957 Intangible assets 25,815 22,809 22,359 22,614 15,762 Investments in associates 23,679 20, , , ,196 Investments in financial assets 872, , , , ,684 Deposit on investment - 523, Current assets 560, , , , ,184 Total assets 1,759,037 1,882,138 1,682,702 1,250,532 1,045,098 EQUITY AND LIABILITIES Capital and reserves Share capital 177, , , , ,960 Reserves 954, , , , ,132 Equity holders interests 1,132,870 1,035, , , ,092 Non-controlling interests 147 (526) 37,036 35,402 34,161 Non-current liabilities Borrowings 159,197 88, ,674 75,823 77,396 Deferred tax liabilities 3,721 3,707 2,739 1, Retirement benefit obligations 17,902 17,724 17,518 18,120 16,418 Current liabilities 445, , , , ,120 Total equity and liabilities 1,759,037 1,882,138 1,682,702 1,250,532 1,045, Jun Sales 1,324,690 1,262,597 1,105, , ,792 Profit before finance costs 69, ,874 92,286 70,834 28,003 Fair value adjustments (6,761) 1,425 10,720 5,090 1,190 Finance costs (54,978) (79,633) (68,651) (52,943) (36,514) Exceptional items 8, ,367 (9,342) (11,199) (28,464) Share of results of associated companies 18,866 67,073 26,731 21,622 23,203 Profit / (loss) before tax 35, ,106 51,744 33,404 (12,582) Taxation (4,529) (4,513) (3,572) (6,299) (2,733) Profit / (loss) after tax 30, ,593 48,172 27,105 (15,315) Dividends 23,338 17,503 8,752 5,835 5,835 STATISTICS INCOME STATEMENT (RS 000) Number of ordinary shares used in calculation 29,172,500 29,172,500 29,172,500 29,172,500 29,172,500 Earnings / (loss) Per Share (Re) (0.66) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

32 Fincorp Investment Limited SEM Code : FINCORP Classification : Investment Company Registered Office : 9-15 Sir William Newton Street, Port Louis. Directors : Jean-Pierre MONTOCCHIO - Chairman. Herbert COUACAUD, C.M.G Bashirali A. CURRIMJEE,G.O.S.K Jocelyn DE CHASTEAUNEUF Michel DOGER DE SPEVILLE, C.B.E. Secretary : Jean Francois DESVAUX DE MARIGNY Transfer Registrar : MCB Registry & Securities Ltd. SUMMARY INFORMATION In 1994, an Extraordinary General Meeting of the shareholders of the Mauritius Commercial Bank Finance Corporation Ltd approved the disposal of the banking business of the company. The company is henceforth engaged solely in investing activities, having surrendered its banking licence. In line with the reorientation of its activities, the company changed its name to Fincorp Investment Limited. In the same year, the newly named company successfully applied for official listing on The Stock Exchange of Mauritius. In 1995, the wholly owned leasing subsidiary, Finlease Company Ltd, started operations. Other major investments consist of 46.4% of Promotion & Development (PAD) and, principally through PAD, 33.2% of Caudan Development Ltd. The issued share capital of the company consists of 103,355,340shares of Re.1 each. 30 Handbook 2010

33 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 282, , , , ,570 Intangible assets 7,671 11,646 15,684 19,404 - Investment in associates 3,394,559 3,513,123 3,106,399 2,787,667 1,518,135 Investment in securities - available-for-sale 230, , , , ,781 - held to maturity ,000 6,203 Loan receivable 349, , , , ,336 Finance lease receivables 1,265,423 1,385,527 1,318,264 1,108, ,142 Deposits with bank 229,000 94,000 94,000 94,000 - Current assets 695, , , , ,156 Total assets 6,455,281 6,518,234 5,959,793 5,355,693 3,836,323 EQUITY AND LIABILITIES Capital and reserves Share capital 103, , , , ,155 Reserves 3,209,466 3,367,511 2,973,221 2,839,907 1,554,485 Shareholders interests 3,312,821 3,470,866 3,076,576 2,960,062 1,674,640 Non-current liabilities Deposits 1,930,221 2,357,065 1,311,013 1,438,963 1,250,969 Debenture loans , ,000 Borrowings 349, , , , ,225 Deferred tax liabilities 12,344 12,361 13,103 9,761 6,724 Current liabilities 850, ,148 1,238, , ,765 Total equity and liabilities 6,455,281 6,518,234 5,959,793 5,355,693 3,836, Jun Turnover 397, , , , ,627 Operating (loss)/profit (1,499) 20,679 80,730 71,001 36,270 Transfer from revaluation reserve Share of result of associates 135, , , , ,607 Loss on disposal of subsidiary - - (143) - - Profit before tax 133, , , , ,877 Taxation (6,499) (8,419) (10,319) (7,362) (10,127) Profit attributable to shareholders of holding company 127, , , , ,750 Dividends 51,678 62,013 65,373 60,077 48,062 STATISTICS INCOME STATEMENT (RS 000) Number of ordinary shares used in calculation 103,355, ,355, ,686, ,154, ,154,860 Earnings Per Share (Rs) Earnings Per Share(excluding fair value adj.) (Re) Dividends Per Share (Re) Net asset value per share (Rs) Handbook

34 Gamma-Civic Ltd SEM Code : GAMMA-CIVIC Classification : Industry Registered Office : Level 3, Alexander House, 35 Cybercity, Ebene Directors : Alex FON SING C.B.E (Chairman) Carl AH TECK Tommy AH TECK Cyril HOW KIN SANG Clifford FON SING Patrice AH TECK Mr Adam MOOLLAN Dr Pitumber Rye RAMDENEE Secretary and Transfer office : Intercontinental Secretarial Services Ltd Activities : Stone crushing and block manufacturing, readymix concrete, asphalt and roadworks, building and civil engineering contracting, property development and investment, and sale of construction equipment and commercial vehicles. SUMMARY INFORMATION Gamma-Civic Ltd is a public-listed company, ranking among the leading building materials and construction companies in Mauritius. The company is the only vertically integrated company in the industry, with activities spanning the building materials and construction spectrum - stone crushing; block manufacturing; ready mix concrete; asphalt and roadworks; building and civil engineering contracting; property development and investment; sale of construction equipment and commercial vehicles. The company is committed to developing leading positions in its chosen markets, thus increasing stakeholder value and optimising customer satisfaction through the provision of quality products and services. Through perseverance in striving for excellence and the belief in the need for continuous learning, Gamma-Civic aims to eventually become the benchmark in the industry. The company was first quoted on the Over The Counter Market on 14th June 1994 and was admitted to the Official List of the Stock Exchange of Mauritius on 30th November Handbook 2010

35 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 741,872, ,882, ,324, ,434, ,037,534 Intangible assets 167,713,775 87,378,980 46,368,790 49,361,429 24,760,409 Investments in associates 400,223, ,660, ,316, ,753,882 - Investment properties 1,064,760, ,810, ,914, ,000, ,225,696 Other investments 13,997,415 14,633,415 15,000,415 15,000, ,173,905 Amounts due from associates 34,147,525 34,147,525 34,147,525 34,147,525 34,147,525 Non-current deposits 39,173,995 19,801,055 8,482,544 9,260,333 4,402,218 Non-current debtors ,691,500 Current assets 1,346,781,767 1,219,597, ,403, ,078, ,644,471 Total assets 3,808,670,979 2,723,911,889 2,015,957,728 1,710,036,841 1,442,083,258 EQUITY AND LIABILITIES Capital and reserves Stated capital 133,250, ,250, ,250, ,250, ,500,000 Share premium 86,482,579 86,482,579 86,482,579 86,482,579 19,254,074 Reserves 188,265, ,609, ,883, ,883,459 29,876,942 Retained earnings 678,782, ,072, ,065, ,281, ,807,690 Shareholders interests 1,086,781, ,414, ,681, ,897, ,438,706 Minority interest 18,093,410 3,086, , , ,662 Non-current liabilities Borrowings 918,095, ,901, ,038, ,369, ,757,502 Retirement benefit obligations 50,360,000 46,100,000 42,427,000 37,722,000 32,216,000 Deferred tax liability 44,814,190 4,629,795 7,194,778 15,819,066 17,101,486 Current liabilities 1,690,526,772 1,454,779, ,338, ,967, ,458,902 Total equity and liabilities 3,808,670,979 2,723,911,889 2,015,957,728 1,710,036,841 1,442,083,258 INCOME STATEMENT (RS) 30 Jun Turnover 2,300,698,653 2,148,986,631 1,759,230,806 1,560,044,102 1,305,611,865 Operating profit before exceptional items 174,139, ,984,452 89,189, ,879, ,365,886 Exceptional items ,000,468 - Operating profit after exceptional items 174,139, ,984,452 89,189, ,880, ,365,886 Net gain from fair value adjustment on investment properties 239,643,925 20,214, Net finance costs (125,278,705) (77,400,175) (64,525,202) (72,790,846) (48,055,267) Share of profit of associates 63,283,537 52,285,024 43,562,702 11,081,992 - Profit before taxation 351,788, ,083,874 68,226,835 78,171,522 58,310,619 Taxation (49,191,134) (14,579,664) (7,445,488) (4,921,974) (3,331,668) Profit after taxation 302,597, ,504,210 60,781,347 73,249,548 54,978,951 Minority interest 32,518, ,524 (16,330) (150,919) 367 Net profit for the year 335,115, ,624,734 60,765,017 73,098,629 54,979,318 Dividend 33,312,500 46,637,500 29,981,250 25,625,000 25,625,000 STATISTICS Number of ordinary shares used in calculation of Earnings per Share 13,325,000 13,325,000 13,325,000 10,939,643 10,250,000 Number of ordinary shares used in calculation Dividends per Share 13,325,000 13,325,000 13,325,000 10,250,000 10,250,000 Number of ordinary shares used in calculation Net Assets Value 13,325,000 13,325,000 13,325,000 13,325,000 10,250,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

36 Harel Frères Limited SEM Code : H. FRERES Classification : Sugar Registered Office : 18, Edith Cavell Street, Port Louis Directors : J Hugues MAIGROT (Chairperson) Cyril MAYER (Managing Director) Jacques de NAVACELLE Jocelyn de CHASTEAUNEUF Antoine L HAREL Maurice de MARASSÉ ENOUF Jean de FONDAUMIERE Jean Pierre HARDY Alexis HAREL Henri HAREL Joseph Marc HAREL Alain VALLET. Secretary : H F Administrative Services Ltd Principal Activity : Sugar cane cultivation and investment in subsidiaries engaged in energy, sugar cane milling and other activities SUMMARY INFORMATION Incorporated in July 1960, the company took over the assets and liabilities of Société Harel Frères, consisting mainly of land under cane cultivation, the Belle Vue and Solitude sugar factories and investments in subsidiary companies including The Beau Plan S.E. Co. Ltd. One of the main sugar groups in the island, the Company cultivates sugar cane in the northern part of the island and its subsidiary Belle Vue Milling Co Ltd runs the sugar factory of Belle Vue - Mauricia. In 1995, the canes of the factory area of the Mount have been directed to Belle Vue with the closing down of the Mount sugar factory and in 1999, following the closing down of the Beau Plan sugar factory the canes of the latter s factory area were also directed to Belle Vue. On January 01, 2010, The Mount Sugar Estates Company Limited was amalgamated with Harel Frères Limited. The group is the largest producer of specialty sugars and owns at Belle Vue one of the island s most technologically sophisticated factories. In 1997, the Company has acquired a major participation in two sugar complex in Ivory Coast. Though both complex are still in activity, this investment was totally written-off in 2004 in view of the difficult political situation prevailing in that country. The group has also set up, in association with a French partner named SIDEC, SIT and SIC, Compagnie Thermique de Belle Vue Limitée, which operates a bagasse-coal power plant at Belle Vue. Another subsidiary, namely Sagiterre Ltée has been set up to provide services to the group in respect of property development. Alcohol is produced at Beau Plan by its subsidiary Grays Refinery Ltd. This alcohol is bottled and distributed, along with the branded imported wines spirits, by another subsidiary, namely Grays Inc. Ltd. Harel Frères Limited also has interests in a stonecrusher known as Proban, a building and civil engineering company named Rhem Grinaker Construction Co. Ltd, the insurance industry through Intendance Holding Ltd, the controlling shareholder of the Swan Group, in Sugarworld Ltd which owns the museum L Aventure du Sucre in Beau Plan, in Harel Mallac & Co Ltd and, through Commada Ltd, in Orange Madagascar. Stock Exchange listing was granted on 13 December Handbook 2010

37 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 6,239,100 6,247,400 6,335,100 4,825,100 4,945,600 Biological assets 184, , , , ,600 Investments properties 248, ,800 7,800 8,500 9,200 Investments 705, , , , ,900 Intangible assets 192, , , , ,500 Non-current receivables 9,800 6,500 9,400 14,600 14,400 Land development 57,200 56,400 54,100 48,200 49,100 Deferred tax assets 1,300 1,200 1,300 10,000 - Deferred VRS costs 46,900 54,700 68,300 14,800 - Current assets 2,163,300 2,413,800 2,229,000 2,098,200 1,759,400 Non-current assets classified as held for sale 18,900 27,900 49, ,400 68,300 Total assets 9,867,200 9,965,100 9,690,700 8,032,300 7,580,000 EQUITY AND LIABILITIES Capital and reserves Stated capital 173, , , , ,900 Revaluation and other reserves 4,353,100 4,220,300 4,212,000 2,632,000 2,733,100 Retained earnings 2,235,800 2,116,600 1,821,000 1,444,300 1,003,700 Shareholders interests 6,762,100 6,510,700 6,206,800 4,250,100 3,867,700 Minority interests 954, , , , ,700 Non-current liabilities Borrowings 408, , ,600 1,315,000 1,482,400 Retirement benefit obligations 188, , , , ,400 Deferred tax liabilities 254, , , , ,800 Current liabilities 1,299,200 1,413,400 1,239,100 1,305,600 1,192,300 Liabilities directly associated with non-current assets held for sale ,100 44,000 21,700 Total equity and liabilities 9,867,200 9,965,100 9,690,700 8,032,300 7,580,000 INCOME STATEMENT (RS 000) 31 Dec Turnover 3,246,900 3,289,200 2,948,000 2,768,500 2,599,600 Operating profit before exceptional items 400, , , , ,800 Exceptional items , ,100 - Operating profit after exceptional items 400, , , , ,800 Other income 161, , , , ,100 Net finance (costs) / income (218,100) (144,800) (203,100) (162,800) (208,500) Share of profit / (loss) of associates 90, , ,600 46,200 40,800 Profit / (loss) before taxation 434, , , , ,200 Taxation (70,800) (100,500) (113,000) (86,200) (78,200) Profit / (loss) after taxation 363, , , , ,000 Minority interest (122,600) (231,000) (192,800) (184,400) (142,800) Profit / (loss) attributable to the group 240, , , , ,200 Dividends 121, , ,300 69,500 52,200 STATISTICS Number of ordinary shares used in calculation 173,834, ,834, ,834, ,834,000 13,037,550 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook

38 Harel Mallac & Co. Ltd SEM Code : H. MALLAC Classification : Commerce Registered Office : 18, Edith Cavell Street, Port Louis Directors : Antoine L. HAREL Chairman Christopher BOLAND Chief Executive Officer R.J. Paul CLARENC Patrick M.J. GIBLOT DUCRAY Charles P. L. HAREL M.J. François MONTOCCHIO Anwar A.H. MOOLLAN L.J. Michel RIVALLAND GOSK Frédéric G. TYACK vincent Christopher ROGERS Secretary : HM SECRETARIES LTD SUMMARY INFORMATION Harel Mallac s origins date back to the late 1700 s, as a family owned enterprise which started in business as a charter to merchant ships between Mauritius, Réunion and Madagascar islands. Today it is one of the longest standing and most important business companies in Mauritius. Established since 1830 in the capital city of Port Louis, Harel Mallac & Co. Ltd was incorporated in Group Profile The Harel Mallac Group is comprised of nine Strategic Business Units and various associate companies operating in diverse sectors of the economy, ranging from information & communication technology and business process outsourcing to tourism, engineering to chemicals, trading to manufacturing. It has been a long-term operator in the Mauritian economy and was listed on the Stock Exchange of Mauritius in The Harel Mallac Group also operates in various countries outside of Mauritius. Strategic Business Units of the Group Harel Mallac Bureautique - Harel Mallac Engineering - Harel Mallac International - Harel Mallac Outsourcing - Harel Mallac Technologies - Harel Mallac Travel and Leisure - Compagnie des Magasins Populaires (Monoprix) -Mauritius Chemical & Fertilizer Industry (MCFI) - Archemics 36 Handbook 2010

39 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec Restated Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 536, , , , ,456 Investment properties 265, Intangible assets 80,114 37,996 30,092 29,752 27,788 Investments in associated companies 316, , , , ,949 Other securities 108,552 66, ,994 74, ,108 Non-current receivables 5,224 8,308 10,465 15,926 14,929 Deferred tax assets 927 1,379 2,716 15,482 5,801 Retirement benefit assets 5,020 1, Current assets 1,525,398 1,424, , , ,870 Total assets 2,843,355 2,531,391 2,069,492 1,931,192 1,852,994 EQUITY AND LIABILITIES Capital and reserves Share capital 112, , , , ,594 Revaluation and other reserves 239, , , , ,408 Fair value reserves 33,624 6,404 48,454 16, ,623 Retained profit 1,239,366 1,013, , , ,719 Shareholders interests 1,624,847 1,261,741 1,093, ,813 1,006,344 Minority interests 283, , , , ,913 Non-current liabilities Borrowings 113, , , ,921 17,929 Deferred tax liabilities 25,730 20,748 21,216 37,327 48,223 Retirement benefit obligations 40,957 41,123 45,730 40,959 15,733 Current liabilities 755, , , , ,852 Total equity and liabilities 2,843,355 2,531,391 2,069,492 1,931,192 1,852,994 INCOME STATEMENT (RS 000) 31 Dec Turnover 2,795,038 2,589,944 2,105,205 1,860,761 1,208,031 Profit from operations 241, , ,398 50,054 (362) Provision for losses in Madagascar Reorganisation costs - - (24,592) - (38,279) Profit on disposal of investments - 32,439-23,477 36,625 Profit on disposal of plant and machinery ,715 - Impairment on investments (6,260) - Provision for bad debts (6,641) (1,819) Net finance (costs) / income (35,946) (38,081) (39,414) (28,568) (15,102) Exceptional items , ,995 Share of profit of associates 81, ,202 76,965 30,139 41,879 Profit before taxation 324, , ,674 80, ,937 Income tax (28,126) (28,121) (13,536) 965 (9,904) Profit after taxation 296, , ,138 81, ,033 Minority interest 31,102 (20,374) (26,756) (15,631) (5,632) Net profit for the year 265, ,842 98,382 66, ,401 Dividends 30,963 26,797 23,645 20,267 18,015 STATISTICS Number of ordinary shares used in calculation 11,259,388 11,259,388 11,259,388 11,259,388 11,259,388 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

40 Innodis SEM Code : HWF Classification : Commerce Registered Office : Innodis Building, Caudan, Port Louis Principal activities : Poultry farming, manufacturing, marketing and distribution of food and Grocery Products Directors : Sir René Seeyave CBE (Chairman) Mr. Jean How Hong (Chief Executive Officer) Mr. Maurice de Marasse Enouf Mr. Gil de Sornay Mr. Pierre Doger de Speville Mr. Victor Seeyave Mr. Wing Soon L.K.C Leung Wan Kin Mr. Imrith Ramtohul SUMMARY INFORMATION Innodis is a multi-billion Mauritian group, reputed as one of the major players in the field of production and marketing of fast moving consumer goods on the island. The name Innodis is derived from the fusion of the two words Innovation and Dynamism, reflecting its corporate mission to create wealth by consistently providing high quality products cost-effectively to the benefit of all partners. The initial promoters started in 1952 as manufacturers of lollies and ice cream. Since, the Group has massively diversified its range of activities to also include importation and wholesaling of a wide array of dry, chilled and frozen goods. The Group also operates the sole rice milling plant on the island: Peninsula Rice Milling. In 1995, the Group was listed on the Stock Exchange of Mauritius and has today some 2,500 shareholders. Core Business Activities The core activities of the Group include production, importation, marketing and wholesaling. It holds significant market share in poultry, frozen meat, fish, seafood, rice, fruit juice, milk, cheese, yoghurt and ice cream sectors. Its partners include international players Unilever, Nestle, Fromagaries Bel, Ceres, Kimberly-Clark, Doux and Barilla. Furthermore, its Company-owned brands inter alia Prodigal, Carmen, Rimilda, Twin Cows, Ole and DairyVale are favourite ones in the market. In line with its vision to become a regional player, Innodis has set up in 2005 Moçambique Farms Limitada, a company engaged in chicken farming and poultry processing. The plan is now to turn Innodis into a world-class organisation by being Best-in-class in its field and to further develop its business in the region. Customer satisfaction is always what we strive for at Innodis: a philosophy that is at the very heart of our business. 38 Handbook 2010

41 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 1,271,288 1,189,767 1,199,667 1,300,781 1,264,324 Intangible assets 41,935 47,748 61,286 61,908 54,095 Investments in joint venture Investments in associates 75,177 68,794 57,921 54,366 50,612 Available-for-sale investments 1,209 1,209 1,181 1,181 1,181 Receivables 19,822 20,332 20,865 23,721 24,295 Deferred taxation ,111 14,257 Current assets 894, , , , ,344 Total assets 2,304,415 2,033,820 1,952,938 2,061,945 1,976,108 EQUITY AND LIABILITIES Capital and reserves Share capital 367, , , , ,303 Share premium 5,308 5,308 5,308 5,308 5,308 Reserves 337, , , , ,960 Foreign exchange translation reserve (5,871) 6,324 (842) 1,425 (443) Retained earnings 480, , , , ,125 Shareholders interests 1,184,340 1,005, , , ,253 Minority interests 52, , , ,998 94,689 Non-current liabilities Deferred tax 57,863 28,323 20,236 33,963 32,857 Retirement benefits obligations 26,369 32,164 40,223 36,063 35,222 Borrowings 241, , , , ,531 Current liabilities 741, , , , ,556 Total equity and liabilities 2,304,415 2,033,820 1,952,938 2,061,945 1,976,108 INCOME STATEMENT (RS 000) 30 Jun Turnover 2,762,351 2,744,705 2,387,507 2,012,805 1,678,935 Gross profit ,665 Other income , ,170 Manufacturing and storage expenses (89,809) Selling and distribution expenses (111,701) Administrative expenses (78,472) Provision for impairment of receivables (707) Provision for impairment of property, plant and equipment (7,839) Operating profit 176, ,296 49,870 40,668 15,642 Finance costs (21,215) (49,425) (47,786) (57,917) (53,226) Share of profit of associates 14,298 17,183 8,835 9,698 10,317 Profit before taxation 170, ,054 10,919 (7,551) (27,267) Taxation (42,510) (28,631) (12,580) (616) 11,759 Profit/(Loss) attributable to shareholders 127,556 94,423 (1,661) (8,167) (15,508) Minority interest (6,973) 15,862 23,794 12,565 3,251 Net Profit 120, ,285 22,133 4,398 (12,257) Dividends 44,076-22,038-22,038 STATISTICS Number of ordinary shares used in calculation 36,730,266 36,730,266 36,730,266 36,730,266 36,730,266 Earnings Per Share (Re) (0.33) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

42 IPRO Growth Fund Ltd SEM Code : IGF Classification : Investment Company Registered Office : 5th Floor, Ebène Skies Rue de l Institut, Ebène Directors : Jean-Pierre DALAIS (Chairman) G. Christian DALAIS Jérôme De Chasteauneuf Sanjiva Goburdhun Olivier Lagesse E. Jean Mamet Georges André Robert Antoine Seeyave Secretary : Ciel Corporate Services Ltd Rep. by Clothilde de Comarmond, 5th Floor, Ebène Skies Rue de l Institut, Ebène (Tel : ) Investment Manager : IPRO Fund Management Ltd Office address 3rd Floor, Ebène Skies Rue de l Institut, Ebène (Tel: ) Administrator & Transfer Agent : Galileo Portfolio Services Limited Office address 3rd Floor, Ebène Skies Rue de l Institut, Ebène (Tel: ) Distributor : Investment Professionals Ltd Office address 3rd Floor, Ebène Skies Rue de l Institut, Ebène (Tel: ) Custodian : The Mauritius Commercial Bank Ltd Ground Floor, Raymond Lamusse Building Sir William Newton Street Port-Louis, Mauritius Principal Activity : Investment Company SUMMARY INFORMATION Formerly known as Consolidated Investment Trust and more recently as Cirne Growth Fund Ltd before a change of name to IPRO Growth Fund Ltd ( IGF ) in June IGF is a public investment company incorporated on August 10, Declared as an authorized mutual fund on December 1, 2000, IGF is registered under the Companies Act 2001 as an open-ended investment company. IGF is listed on the Stock Exchange of Mauritius Ltd. IGF has a well structured Board of Directors, Corporate Governance, Nomination and Contracts Committee and an Audit Committee. 40 Handbook 2010

43 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 Jun ASSETS Non-current assets Investments in associated companies ,508,000 Investments in securities 461,481, ,426, ,749, ,435, ,167,450 Current assets 29,871,373 50,743,042 9,706,035 48,626,743 30,181,243 Total assets 491,352, ,169, ,455, ,062, ,856,693 EQUITY AND LIABILITIES Capital and reserves Share capital 334,777, ,593,866 87,686, ,392, ,419,534 Fair value reserve (84,965,972) 79,658, ,568,383 82,945,251 65,388,449 Retained earnings 235,473, ,439, ,078, ,277,687 90,583,230 Proposed dividends Shareholders funds 485,284, ,692, ,332, ,615, ,391,213 Current liabilities 6,068,331 2,477,377 1,123,020 2,446,987 9,465,480 Total equity and liabilities 491,352, ,169, ,455, ,062, ,856,693 INCOME STATEMENT (RS) 30 Jun Income from investments 12,033,067 10,592,778 8,561,946 8,331,693 11,175,339 Other income 3,885,497 2,185, , , ,735 15,918,564 12,777,960 9,459,987 8,616,375 11,610,074 Profit on disposal of securities 30,090,239 70,198,092 70,949,743 45,031,271 28,829,892 Administrative expenses (6,360,455) (8,686,070) (6,891,544) (5,971,517) (5,225,093) Profit / (loss) before tax 39,648,348 74,289,982 73,518,186 47,676,129 35,214,873 Income tax (374,370) (148,464) - (8,979) (18,077) Profit / (loss) after tax 39,273,978 74,141,518 73,518,186 47,667,150 35,196,796 Dividends declared and paid (28,240,126) (30,780,438) (15,717,551) (14,972,691) (12,643,411) Retained income 11,033,852 43,361,080 57,800,635 32,694,459 22,553,385 STATISTICS Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

44 Valoriser le fair-play, atteindre les sommets L engagement personnel de chaque membre de l équipe IBL fait que sa place parmi les leaders, dans chaque secteur d activité dans lequel le Groupe s est investi, est toujours incontestée. Avec l aide de chaque employé, et dans un esprit collectif, IBL atteint ses objectifs tout en respectant chaque compétiteur. Cette culture de loyauté, d intégrité, d unité et d assiduité mène IBL vers les sommets. 42 Handbook

45 Ireland Blyth Ltd SEM Code : IBL Classification : Commerce Registered Office : IBL House, Caudan, Port Louis Directors : Thierry LAGESSE (Chairman) Patrice D HOTMAN DE VILLIERS Christian DE JUNIAC J. M. Bertrand HARDY Jason HAREL Arnaud LAGESSE J. Cyril LAGESSE Gaetan LAN HUN KUEN Jean RIBET Louis RIVALLAND Michel Guy RIVALLAND Company Secretary : Simon Pierre REY Principal Activity : A major conglomerate engaged in a number of commercial activities. SUMMARY INFORMATION Created in 1972 with a merger of Ireland Fraser & Co. Ltd and of Blyth Brothers Co. Ltd. Stock Exchange listing was granted on 17th August Ireland Blyth Limited is engaged in a wide range of activities from financial services, fish storage and processing to mechanical and electrical engineering, logistics, aviation, shipping operations, the distribution of consumer goods and durables and a chain of supermarkets. These activities are organized into four main sectors, namely Financial Services; Logistics, Engineering & Commerce; Retail; and Seafood & Marine. The group has some 5,000 employees. Handbook

46 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 4,386,076 4,249,063 3,676,747 3,607,516 3,313,198 Investment property , , ,364 Intangible asset 488, , , , ,927 Investments in associated companies 799,613 1,811,075 1,623,568 1,356,856 1,179,726 Investments in securities 351, , , , ,687 Finance lease receivables 807, ,746 1,060, , ,887 6,833,410 7,772,686 7,589,650 6,741,496 6,076,789 Current assets 5,881,240 5,804,496 5,521,323 5,498,926 4,654,212 Total assets 12,714,650 13,577,182 13,110,973 12,240,422 10,731,001 EQUITY AND LIABILITIES Capital and reserves Share capital 714, , , , ,383 Share premium 192, , , , ,097 Revaluation reserves 494, , , , ,949 Translation and other reserves 366,964 1,043, , , ,349 Retained profit 957,031 1,068,013 1,039, , ,739 2,724,917 3,479,179 3,289,973 2,988,245 2,648,517 Non-controlling interests 465, , , , ,691 3,190,282 3,925,949 3,749,202 3,411,170 3,023,208 Non-current liabilities Obligations under finance lease 85, , , , ,205 Long-term loans 1,859,771 1,864,106 2,420,510 2,425,662 1,547,302 Retirement benefit obligations 123, , , , ,664 2,068,393 2,114,018 2,742,490 2,777,741 1,953,171 Current liabilities 6,903,612 7,055,583 6,205,529 5,801,653 5,574,531 Life assurance fund 552, , , , ,091 Total equity and liabilities 12,714,650 13,577,182 13,110,973 12,240,422 10,731,001 STATEMENT OF COMPREHENSIVE INCOME (RS 000) 31 Dec Revenue 13,208,847 12,909,578 11,693,781 10,028,505 7,693,209 Profit from operations 950, , , , ,848 Profit on disposal of related companies ,642 Surplus arising on distribution of investment 867, Net finance costs (453,477) (533,400) (503,851) (461,529) (261,595) Share of profit of associates 134, , , , ,436 Profit before taxation 1,498, , , , ,331 Income tax (61,904) (62,928) (44,928) (33,555) (37,006) Profit after taxation 1,436, , , , ,325 Non-controlling interest (75,362) (35,927) (53,761) (54,250) (58,867) Net profit for the year 1,361, , , , ,458 STATISTICS Number of ordinary shares used in calculation 71,438,333 71,438,333 71,438,333 71,438,333 71,438,333 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook 2010

47 MCFI The Mauritius Chemical and Fertilizer Industry Ltd SEM Code : MCFI Classification : Industry Registered Office : Chaussée Tromelin, Fort George, PO Box 344, Port Louis, Mauritius Directors : Antoine L. HAREL (Chairman) Christopher BOLAND Allain DOGER DE SPEVILLE Charles P.L. HAREL M. J. Vincent LABAT Georges LEUNG SHING M. J. François MONTOCCHIO Harold NG KWING KING Jean Arthur PILOT LAGESSE Rajendrasingh RATHACHAREN Michel RIVALLAND Secretary : HM Secretaries Ltd Principal Activity : Manufacture and sale of fertilizers, industrial and specialty chemicals and detergents SUMMARY INFORMATION The Mauritius Chemical and Fertilizer Industry Limited is a manufacturing company, operating a blending plant for fertilizers in the Port Region. It is a public company listed on the official market of the Stock Exchange of Mauritius since 1989 and is a subsidiary of Harel Mallac & Co. Ltd. In Mauritius, apart from the production of fertilizers, MCFI has two trading arms through two fully owned subsidiary companies, MCFI (Freeport) Ltd and MCFI International & Co. Ltd which are involved in the trading of commodities in Africa. Stock Exchange Listing was granted on 6 October Handbook

48 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 31 Dec Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 94,957 99, , , ,273 Investments in associates 29,647 39,720 48,311 38,056 35,137 Investments in securities 15,731 11,539 10,703 16,513 43,461 Intangible assets Current assets 655, , , , ,181 Total assets 795, , , , ,885 EQUITY AND LIABILITIES Capital and reserves Share capital 220, , , , ,064 Revaluation and other reserves 43,313 42,542 48,466 80,241 71,703 Retained earnings 423, , , , ,247 Shareholders interests 687, , , , ,014 Non-controlling interest ,032 Non-current liabilities Deferred tax 11,789 12,944 13,133 16,113 13,816 Retirement benefits 5,874 4,572 4,452 4,064 3,461 Borrowings 526 1, ,583 - Current liabilities 89, ,161 71,029 63,688 85,562 Total equity and liabilities 795, , , , ,885 INCOME STATEMENT (RS 000) 31 Dec Restated 18 months ended Turnover 585, , , , ,950 Operating profit 20,100 54,475 42,156 25,676 68,193 Other income 43,325 18,822 17,889 8,912 6,212 Net Finance income 8,801 7,151 4,155 12,466 9,133 Exceptional items - - (5,304) 38,742 (63,723) Share of profit of associates 15,027 33,862 27,227 13,739 4,555 Profit before taxation 87, ,310 86,123 99,535 24,370 Taxation (14,507) (11,368) (5,868) (14,638) 1,660 Profit after taxation 72, ,942 80,255 84,897 26,030 Minority interests (421) 294 Profit attributable to shareholders 72, ,942 80,255 84,476 26,324 Dividends 17,605 24,207 22,006 39,612 17,605 STATISTICS Number of ordinary shares used in calculation 22,006,418 22,006,418 22,006,418 22,006,418 22,006,418 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook 2010

49 Handbook

50 The Mauritius Commercial Bank Ltd SEM Code : MCB Classification : Bank Registered Office : 9-15 Sir William Newton Street, Port Louis Directors : J. Gérard HARDY (Président) Jean E. MAMET (Vice-Président) Herbert COUACAUD, C.M.G Anil CURRIMJEE Bertrand DE CHAZAL Philippe A. FORGET Deputy Chief Executive (Banking) Sanjiv GOBURDHUN Navin HOOLOOMANN, C.S.K. Jean-Pierre MONTOCCHIO Pierre Guy NOEL Chief Executive (Group) Anthony R. Withers Chief Executive (Banking) Margaret WONG PING LUN Principal Activity : Banking and related services Transfer Registrar : MCB Registry & Securities Ltd. Website : SUMMARY INFORMATION Incorporated in 1838 by Royal Charter and registered as a limited liability company in 1955, the MCB is listed on the Stock Exchange since The MCB has a large and diversified shareholder base and, after the buy-back in December 2006 of the shares held by Lloyds TSB Bank plc, no single shareholder holds more than 4% of the company s capital. As the leading commercial bank in the island, the MCB has pioneered a number of products and services: the introduction of ATMs, the use of credit cards (MCB classic and gold Mastercard/Visa), the promotion and acceptance of Diners and American Express cards, the installation of Swift and of Point of sale terminals and home banking services. Through its local subsidiaries MCB offers a wide range of non-banking services including custody and registry, investment management, stockbroking, factoring and Leasing. MCB has banking subsidiaries in Madagascar (MCB Madagascar), Mozambique (MCB Mozambique), the Seychelles (MCB Seychelles) and, more recently, the Maldives ( MCB Maldives). MCB is present in Reunion and Mayotte through its 50% stake in BFCOI, in partnership with Société Générale. The Mauritius Commercial Bank Ltd. remains committed to its twin-pronged strategy of regional presence and financial services diversification with a view to becoming a single window, preferred provider of financial services in the region and beyond. 48 Handbook 2010

51 FINANCIAL REVIEW OF THE GROUP CONSOLIDATED BALANCE SHEET (RS 000) 30 Jun ASSETS Cash and cash equivalents 21,945,475 16,581,960 16,299,180 12,203,748 5,940,737 Securities and other investments 24,342,754 32,469,003 22,092,086 23,462,154 19,916,609 Loans and advances to customers 96,859,064 77,551,907 65,768,165 58,365,276 55,122,661 Other assets 3,489,523 2,997,687 2,540,222 2,341,984 1,714,114 Tangible fixed assets 3,839,527 3,371,104 3,443,069 3,036,585 2,537,961 Total assets 150,476, ,971, ,142,722 99,409,747 85,232,082 LIABILITIES AND SHAREHOLDERS EQUITY Deposits 121,240, ,486,873 84,624,385 77,194,860 68,913,877 Other borrowed funds 2,285,933 3,346,579 5,311,877 6,240,537 3,391,239 Subordinated loans 1,471,555 1,237,128 1,411, Other liabilities and provisions 5,346,027 4,906,691 3,880,964 3,523,824 2,584,351 Minority interests in subsidiaries 1,557,928 1,648,034 1,439, , ,537 Shareholders Equity Ordinary share capital 2,503,756 2,503,756 2,503,756 2,821,105 2,821,105 Reserves 4,458,313 4,886,841 4,205,442 3,309,129 2,294,968 Retained earnings 11,611,885 8,955,759 6,765,698 6,203,437 5,116,005 18,573,954 16,346,356 13,474,896 12,333,671 10,232,078 Total equity and liabilities 29,235,397 27,484,788 25,518,337 22,214,887 16,318,205 Contingent Liabilities Acceptances, Guarantees, Letters of credit, Endorsements and Other Obligations on account of customers and foreign exchange contracts 27,716,854 36,460,790 25,892,067 16,707,977 17,721,531 Commitments 7,311,152 6,000,729 4,487,776 4,622,812 2,288,704 Assets pledged ,014, ,680 Tax Assessment 278, , , , ,998 Other 969,117 1,085,998 1,071, , ,792 TOTAL 36,275,397 43,768,159 31,653,191 23,310,552 22,033,705 INCOME STATEMENT (RS 000) 30 Jun Interest income 10,348,263 10,283,586 8,926,818 6,906,439 5,672,494 Interest expense (5,312,066) (6,119,650) (5,325,676) (3,813,251) (2,751,286) Net Interest income 5,036,197 4,163,936 3,601,142 3,093,188 2,921,208 Other income 3,747,709 3,917,903 2,664,474 1,919,210 1,846,108 Operating Income 8,783,906 8,081,839 6,265,616 5,012,398 4,767,316 Non interest expense (3,478,745) (3,195,042) (2,782,158) (2,357,836) (2,253,394) Charge for bad and doubtful debts (371,226) (425,889) (375,928) (320,154) (372,528) Exceptional items ,675 - Profit before tax 4,933,935 4,460,908 3,107,530 2,413,083 2,141,394 Income taxes (887,976) (575,180) (560,822) (399,632) (456,348) Profit after tax 4,045,959 3,885,728 2,546,708 2,013,451 1,685,046 Minority interest (81,957) (191,994) (85,863) (27,028) (21,290) Amortisation of goodwill (5,867) Profit attributable to shareholders 3,964,002 3,693,734 2,460,845 1,986,423 1,657,889 Dividend 1,245,597 1,079, , , ,898 STATISTICS Number of ordinary shares used in calculation (000) 237, , , , ,210 Earnings / (loss) Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook

52 The Mauritius Development Investment Trust Company Limited SEM Code : MDIT Classification : Investments Registered Office : 7th floor, Anglo-Mauritius House, Adolphe de Plevitz Street, Port-Louis Tel: (230) Fax: (230) mdit@mdit.intnet.mu Directors : Georges LEUNG SHING (Chairperson) Robert AHNEE C.S.K Lloyd COOMBES Anil CURRIMJEE Jacques M d UNIENVILLE Geereesha RAMSARRAN Marc HARDY Roger LEUNG SHIN CHEUNG Louis RIVALLAND Manager : Nelson MIRTHIL Company Secretary : Eddie Ah Cham Principal Activity : Investment in companies established to promote the economic and industrial development of the country SUMMARY INFORMATION The Mauritius Development Investment Trust Company Limited (MDIT), incorporated in 1967, is the first approved Investment Trust in Mauritius and is a closed-ended Fund. MDIT is also one of the first five companies to be listed on the Stock Exchange of Mauritius (SEM) on 29 June 1989, at the same time as The Mauritius Commercial Bank Ltd (MCB), Mon Trésor and Mon Desert Ltd (MTMD), Mauritius Stationery Manufacturers Ltd (MSM) and The United Basalt Products Ltd (UBP). MDIT is managed by Omnicane Management and Consultancy Ltd, a wholly owned subsidiary of Omnicane Holdings Ltd. Its Board of Directors is made up mainly of independent directors having a vast experience in their respective fields of expertise and who participate actively in the board meetings. At 30 June 2009, MDIT had 4,659 shareholders, with the main shareholder, Omnicane Ltd, owing 18% of the shares. MDIT s objective is to secure for investors the benefits of a good dividend yield as well as long-term capital growth. Its portfolio of investments is well spread in 97 companies covering all sectors of the Mauritian economy with listed, DEM and unquoted shares accounting for 94% of the total portfolio value, the balance of 6% in diversified overseas securities. At 30 June 2009, MDIT s main portfolio value was in the local sectors of Investments (31%), Hotels (16%), Finance (19%), Sugar (13%), Commerce (8%), and Industry (6%). MDIT has been playing a major role over the last forty years in the development of the financial sector and capital markets in Mauritius. Through its active involvement on the SEM, MDIT exerts a significant influence in the advancement of an industry which was one of the main contributors to the country s economic growth during the recent years. MDIT s main income streams are derived from dividends and profits on sales of investments. As the investments of MDIT are in shares of companies that retain, on average, some 45% of their earnings, its policy is to distribute around 95% of its after tax profit exclusive of year end revaluation surplus. This policy as well as the good performance of its well diversified portfolio over the years have enabled distributions of relatively higher dividend yields for investors. At 30 June 2009, MDIT shares ranked 7th amongst all the listed securities, in terms of the SEM Total Return Index (SEMTRI) with an annualised return of 20.82% since listing. 50 Handbook 2010

53 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS Non-current assets Investments 1,334,624 1,707,616 1,710,428 1,116, ,574 Current assets 188, , ,945 80,717 80,400 Total assets 1,523,156 1,857,929 1,864,373 1,196,734 1,047,974 EQUITY AND LIABILITIES Capital and reserves Stated capital 352, , , , ,366 Revaluation reserve 647,863 1,041,759 1,066, , ,661 Surplus on realisation of investments reserve 222, , , , ,108 Retained surplus 154, , , , ,563 Proposed dividend Shareholders interests 1,377,216 1,757,473 1,737,941 1,125, ,698 Current liabilities 145, , ,432 70,955 65,276 Total equity and liabilities 1,523,156 1,857,929 1,864,373 1,196,734 1,047,974 INCOME STATEMENT (RS 000) 30 Jun Investment income 46,987 54,701 47,309 47,589 53,274 Interest receivable 9,798 12,325 12,812 4,250 7,006 Gain on exchange 5,573 (3,865) (126) Profit on sale of listed investments 69, , ,800 59,494 45,397 Profit on sale of other investments 10,588 24,450 56,209 14,517 3,176 (Loss)/Profit on sale of overseas investments (3,120) (1,274) 1, , , , , ,333 (Deficit)/Surplus on revaluation of investments (270,617) 103, , , ,166 Expenses (17,884) (18,921) (15,074) (10,726) (9,926) (Loss)/Profit before tax (149,417) 326, , , ,573 Taxation (1,714) (1,401) (702) (832) (1,034) (Loss)/Profit for the year (151,131) 324, , , ,539 Dividends paid 141, , , ,319 91,734 STATISTICS Number of ordinary shares used in calculation 352,822, ,822, ,822, ,411, ,411,466 Earnings Per Share (excluding revaluation surplus) - (Re) *0.34 *0.63 * Dividends Per Share (Re) *0.30 *0.50 * Net Assets Value (Rs)** *4.07 *4.98 * * After 1:1 bonus issue ** Includes final dividend declared Handbook

54 52 Handbook 2010

55 Mauritian Eagle Insurance Company Limited SEM Code : MEI Classification : Insurance Registered Office : 5th floor IBL House, Caudan Waterfront, Port Louis Directors : Patrice D HOTMAN DE VILLIERS (Chairman) Eric VENPIN, F.C.A., T.E.P. (Managing Director) Nick V. BEYERS, A.C.I.I., AMP (Harvard)- resigned on 1 October 2009 Dennis M. BURTON, A.C.I.I.- resigned on 24 February 2010 Gilbert ITHIER, LLB. Hons., Barrister At Law Subhash LALLAH, Barrister At Law Gaetan LAN HUN KUEN, F.C.A Alain MALLIATE, F.C.I.I., A.C.I.S. Simon Pierre REY, B.A. (Hons) ECON, A.C.A Robert IP MIN WAN, F.C.A Gavin Munnoch, BSc (Hons) Civil Eng.- appointed on 26 March 2010 Mosidi Faith SHOMANG, BA Hons, MBL- appointed on 8 April 2010 Company Secretary : Simon Pierre REY, B.A (Hons) ECON, A.C.A Transfer Secretary : MCB Registry & Securities Principal Activity : General and Life Insurance Policies SUMMARY INFORMATION Mauritian Eagle Insurance Company Limited started its operations in January 1974 as a joint venture between Ireland Blyth ltd (IBL) as a majority shareholder and Zurich Insurance Company South Africa Limited (ZCISA) previously known as South African Eagle Co ltd. In December 1993 the shares of the Company were admitted on the Stock Exchange of Mauritius and the shareholding of the company now stands as follows: IBL (60%), ZCISA (15%) and the public (25%). Initially, the Company concentrated on building up the general insurance business and covers the traditional fire, motor, marine and miscellaneous accidents. A life insurance department was set up in 1991 and has grown successfully since. Stock Exchange listing was granted on 1st December Mauritian Eagle Insurance is the first insurance company in Mauritius to be awarded both the ISO 9001:2000 and the QM 9004 Certifications. These certificates were awarded, by SGS Systems & Certifications Services, in September 2003 and December 2004 respectively. Since February 2007, Mauritian Eagle Insurance is the first organisation in Mauritius and the Indian Ocean region to be awarded certification for the ISO 27001:2005 ISMS Standard. In September 2009, Mauritian Eagle Insurance successfully upgraded its QMS to the ISO 9001:2008 Standard. Handbook

56 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Intangible assets 14,745 15,434 10,434 10,230 1,214 Property, plant and equipment 360, , , , ,465 Investment in associate 24,368 21,045 17,013 16,291 12,140 Statutory and other deposits 15,000 3,000 1,000 14,500 15,500 Other investments 252, , , , ,649 Mortgage and other loans 108, , , , ,995 Finance lease receivables 806,224 1,011,331 1,075, , ,627 Deferred tax assets ,582,422 1,584,011 1,639,842 1,350,645 1,175,655 Current assets 1,244,197 1,067, , , ,116 Total assets 2,826,619 2,651,282 2,571,205 2,202,393 1,804,771 EQUITY AND LIABILITIES Capital and reserves Share Capital 80,000 80,000 80,000 26,667 26,667 Share premium ,404 21,404 Revaluation reserve ,216 20,216 Investment revaluation reserve 19,718 (29,884) 29,759 27,160 7,749 Retained profit 310, , , , ,300 Equity attributable to equity holders of the parent 409, , , , ,336 Minority interest 105, , ,986 70,030 68,343 Total Equity 515, , , , ,679 Statutory reserve fund 2,334 2,061 1,779 37,652 33,803 Insurance funds General insurance fund 112,879 94,463 65,750 65,137 56,754 Life insurance fund 552, , , , ,802 Non-current liabilities Loans 1,025-68, , ,000 Deposits from clients 755, , , , ,654 Deferred tax liability 7,902 6,473 3,917 1, Current liabilities 878, , , , ,079 Total equity and liabilities 2,826,619 2,651,282 2,571,205 2,202,393 1,804,771 INCOME STATEMENT (RS 000) 31 Dec Gross insurance premiums 753, , , , ,251 Gross lease rental income 294, , , , ,479 1,047,210 1,060,894 1,127, , ,730 Net revenue 553, , , , ,259 Investment income 49,452 52,082 40,520 34,069 32,777 Commission income 51,877 50,008 43,331 40,041 33,452 Other income 105,127 68,374 84,986 67,657 14, , , , , ,107 Benefits and expenses (505,924) (380,566) (360,311) (300,396) (262,164) Profit from operations 253, , , , ,943 Release (to)/from General insurance fund (18,416) (28,714) (612) (8,383) 9,542 Life insurance fund (73,303) (64,957) (172,720) (61,581) (42,478) Finance costs (121,425) (138,030) (137,459) (102,429) (69,660) 40,424 64,034 53,459 50,386 50,347 Share of results of associate 6,698 4,032 2,522 5,407 6,940 Profit before taxation 47,122 68,066 55,981 55,793 57,287 Taxation (11,670) (9,489) (8,629) (7,416) (7,513) Profit after taxation 35,452 58,577 47,352 48,377 49,774 Transfer to statutory reserve fund (273) (707) (1,779) (3,849) (5,237) Profit for the year 35,179 57,870 45,573 44,528 44,537 Minority interest (757) (1,962) (3,556) (1,687) (6,964) Profit attributable to equity holders of the parent 34,422 55,908 42,017 42,841 37,573 Dividends 14,640 14,640 12,667 12,667 12,667 STATISTICS Number of ordinary shares used in calculation 7,999,998 7,999,998 7,999,998 2,666,666 2,666,666 Earnings Per Share (Rs) Dividends Per Share(Rs) Net Assets Value(Rs) Handbook 2010

57 Handbook

58 The Mauritius Leasing Company Limited SEM Code : MLC Classification : Banks, Insurance and other Finance Registered Office : 25 Pope Hennessy Street, Port Louis. Directors : Mr. Dawood A. Rawat, Director Mr. Saleem R. Beebeejaun, Director Mr. Benyram Chooramun, Director Mr. Yatemani Gujadhur FCIB, CSK, Director (Chairman) Mr. Shivananda P. Mootien, Director Mr. Omar Farouk A. A. Hossen, OSK, Director Mr. Iqbal Mallam-Hasham, Director Mr. Ayoob M.H. Rawat Mr. James Allen Chief Executive : Mr. James ALLEN General Manager : Mr. Ashraf Esmael Managers : Mr. Ramesh Motee Mr. Deepak D. Mohadeb Mr. Jean Hugues Yvan Tranquille Mr. Sajid Currim BACCUS Mrs. Linda vithilingum Mrs. Marie Annick A. S. SeevATHEAN (Rodrigues Branch) Secretaries : Mrs. Z. I. Salajee (Attorney at Law) BA Corporate Services Ltd Principal Activity : Plant, Equipment and Vehicle Leasing and Deposit Taking SUMMARY INFORMATION The Mauritius Leasing Company Limited (ML) is a MUR 3 Billion Asset Finance Company. ML, the pioneer in Leasing, was incorporated in 1987 as a joint venture between Government and the private sector of Mauritius. The company serves a wide range of customers in the individual and corporate markets spread across diverse sectors of the Mauritian economy. ML today remains the market leader with the most innovative products and services and the largest asset base of the industry. The impressive track record of ML speaks for itself: 1987: The 1st Leasing Company in Mauritius 1990: The 1st Leasing Company to issue Debenture stocks in Mauritius 1995: The 1st Leasing Company with a deposit-taking license by Bank of Mauritius 2004: The 1st Leasing Company to be listed on the Stock Exchange of Mauritius 2007: The 1st Leasing Company to offer Complete Fleet Management Solution in Mauritius 2009: The 1st Leasing Company to offer Ijarah - Islamic leasing in Mauritius 2010: The 1st Leasing Company to offer Real Estate Leasing in Mauritius ML has developed a strong reputation as an efficient, competitive and innovative company which focuses on delivering outstanding service to its customers, while successfully anticipating and adapting to meet new challenges. In 2009, the Company ended the year with a Profit before Tax of MUR 15.4m against MUR 9.8m in Total assets stood at MUR 3,189m at end of 2009 against MUR 3,077m for 2008 representing a growth of 3.6%. The Company s turnover improved from MUR 1,004.8m in 2008 to MUR 1,096.3m during the year under review. This results from a sustained investment in developing new business whilst operating within a challenging macro-economic environment marked by an unprecedented global financial crisis. The deposit portfolio stood at MUR 2.4 billion as at 31 December During 2009, the Company stepped up its marketing efforts to increase traffic for its deposit taking business through developing value added products with competitive returns to its customers and during the second quarter of 2009, Mauritius Leasing successfully launched 2 new deposit products, namely, the Fastrack and Protector. This demonstrated the ability of the Company to differentiate itself in a market place where commoditisation is prevalent. The Company also launched on the 6th of March 2009 Ijarah, the first Islamic leasing product in Mauritius. This niche product has consolidated the presence of Mauritius Leasing as being the pioneer in providing alternatives to conventional leasing for both individual and corporate customers. With the emergence of the renewable energy initiatives in the global and Mauritian economy, there is now scope for Mauritius Leasing to capitalise on providing leasing solutions to catalyse investments in this sector. Mauritius Leasing continues to enhance its ability to differentiate itself from the competitors whilst keeping focus on the need to have a robust and efficient business to deliver on the promise. Despite the challenging environment, Mauritius Leasing believes that only by continuously adapting its business model to match the external environment that it will continue to be relevant to its customers and succeed in a highly competitive market. The future will be for those companies that can reshape their business fabric and reinvent themselves through leadership and innovation. 56 Handbook 2010

59 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS Balances with Category 1 Banks 419, , , , ,972 Securities and Other Investments 250, , ,782 95, ,404 Operating Assets 2,243,853 2,139,068 2,052,421 2,086,258 1,764,290 Tangible Fixed Assets 275, , , , ,966 Total assets 3,188,826 3,077,362 3,009,747 2,549,153 2,311,632 LIABILITIES AND SHAREHOLDERS EQUITY Borrowings 93,804 49,800 36, ,451 8,009 Deposits 2,442,863 2,401,822 2,359,683 1,746,535 1,799,473 Other Liabilities and Provisions 217, , ,724 99,618 80,601 Shareholders Funds 435, , , , ,549 TOTAL LIABILITIES 3,188,826 3,077,362 3,009,747 2,549,153 2,311,632 INCOME STATEMENT (RS 000) 31 Dec Income from Leasing 282, , , , ,044 Other Income 59,325 89,515 67,748 38,795 22,949 Gross Income 341, , , , ,993 Interest expense (245,995) (264,515) (238,738) (176,087) (132,263) Non Interest expense (80,399) (65,839) (65,005) (60,676) (55,529) Net Income before income taxes 15,389 9,773 16,661 20,961 18,201 Provision for income taxes (5,214) 6,316 5,566 (3,961) (3,433) Net Income after income taxes 10,175 16,089 22,227 17,000 14,768 Dividends 12,000 15,000 15,000 12,000 30,000 STATISTICS Number of ordinary shares used in calculation (000) 300, , , , ,000 Earnings/ (loss) per share (cents) Dividends per share (cents) Handbook

60 Mauritius Oil Refineries Limited SEM Code : MOR Classification : Industry Address : Quay Road, Port Louis Directors : G.Allain Doger de Spéville Chairman R J Paul Clarenc Managing Director A.N.Yacoob DAWOOD Ashraf CURRIMJEE Hansraj RUHEE J N Roland DAURAT Mohamed CASSAM MOREEA Maurice DE MARASSE ESNOUF, F.C.C.A M.D.P.André Espitlier Noël I.M.SAYED HASSEN Alternate Director : Yacub MOREEA Secretary : Speville Secretarial Services Ltd Principal Activity : Importing and refining of crude vegetable oil,filling the refined oil in appropriate containers for sale on the local and export markets. SUMMARY INFORMATION Set up as an import substituting industry,the Mauritius Oil Refineries Ltd (MOROIL) started its operation in November 1968 with a subscribed share capital of Rs 2.5 million. The liberalisation of the edible oil market and new conditions prevailing since 1988 enabled the Company to set up a marketing division based on thorough market research. The company s main mission is to provide a reliable supply of top quality edible oil at the lowest price consistent with a reasonable rate of return to shareholders and good conditions of employment. Stock Exchange Listing was granted on 9th January Handbook 2010

61 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 271,434, ,862, ,738, ,929, ,870,953 Leasehold land payments 436, , ,775 1,093,700 1,312,625 Investment property 52,250,000 52,250,000 52,250,000 44,300,000 44,300,000 Intangible assets 3,026,597 4,142,117 3,959,644 3,377,536 1,082,770 Investments in associated company 26,010,331 24,416,292 23,132,406 13,282,848 11,904,445 Investments in securities 4,904,492 4,904,492 4,904,492 4,904,492 11,181,871 Current assets 498,724, ,385, ,642, ,504, ,483,109 Total assets 856,788, ,616, ,501, ,392, ,135,773 EQUITY AND LIABILITIES Capital and reserves Share capital 166,401, ,401, ,401, ,401, ,401,280 Revaluation and other reserves 53,464,726 53,464,726 41,911,852 43,604,718 46,207,372 Retained earnings 153,474, ,164, ,861, ,941, ,197,516 Shareholders interests 373,340, ,030, ,174, ,947, ,806,168 Minority interest 28,102,790 26,284,676 24,746,506 23,140,171 22,204,436 Non-current liabilities Borrowings 5,873,166 12,744,222 17,915,503 18,722,792 13,806,080 Deferred tax liabilities 30,852,537 30,022,376 28,435,069 32,233,764 32,578,678 Employee benefit obligations 20,389,000 22,141,000 20,776,000 19,033,000 18,789,000 Current liabilities 398,229, ,394, ,453, ,314, ,951,411 Total equity and liabilities 856,788, ,616, ,501, ,392, ,135,773 INCOME STATEMENT (RS) 30 Jun Turnover 1,480,916,330 1,329,427, ,339, ,278, ,539,180 Operating profit 73,184,720 85,014,855 55,338,701 36,528,014 37,195,924 Finance costs (11,277,814) (17,893,001) (12,805,432) (3,647,501) (1,889,844) Share of results of associated company 5,142,342 3,864,362 3,714,358 2,293,691 1,776,943 Increase in fair value of investment property Profit on disposal of financial assets ,680,323 - Profit before taxation 67,049,248 70,986,216 46,247,627 42,854,527 37,083,023 Taxation (10,016,106) (10,201,417) (3,470,808) (4,547,674) (4,899,128) Profit after taxation 57,033,142 60,784,799 42,776,819 38,306,853 32,183,895 Minority interest (1,818,114) (1,538,170) 2,182,329 (935,735) (548,224) Net profit for the year 55,215,028 59,246,629 48,544,490 37,371,118 31,635,671 Dividends 59,904,461 34,944,269 26,624,205 24,960,192 24,960,192 STATISTICS Number of ordinary shares used in calculation 33,280,256 33,280,256 33,280,256 33,280,256 33,280,256 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

62 P. O. Box 610, Port Louis, Mauritius Tel.: (230) Fax : (230) info@msm-ltd.com Website :

63 Mauritius Stationery Manufacturers Limited SEM Code : MSM Classification : Industry Registered Office : 11th Floor Swan Group Centre, 10 Intendance Street, Port Louis Directors* : Arnaud LAGESSE (Chairman) Didier V. DESCROIZILLES ( CEO ) J. Cyril LAGESSE Thierry LAGESSE Cyril LECLEZIO Georges LEUNG SHING Rajendra PUDDOO Alternate Directors* : Jean Claude BEGA Hugues LAGESSE Chief Executive Officer* : Didier V. DESCROIZILLES Secretary : GML Services Financiers et Juridiques Ltée Principal Activity : Industrial printing and packaging * List of Directors, Alternate Directors and Chief Executive Officer as at 11 June 2010 SUMMARY INFORMATION Incorporated in 1966, it was among the first five companies listed on the Stock Exchange of Mauritius. A regional leader in the field of fine and corrugated packaging, security printing, industrial printing and fine commercial printing. MSM Ltd has a 99.85% holding in Book Printing Services Ltd - a Mauritian company involved in school book, directory and bible printing activities for export. Investments in Madagascar: MSM Madagascar SA - subsidiary involved in industrial printing and fine packaging. Handbook

64 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 588, , , , ,840 Investment property ,750 34,000 34,000 Intangible assets 235, ,821 7,748 17,172 8,236 Investments in associate - - 9,294 10,824 13,435 Other investments Current assets 482, , , , ,797 Total assets 1,328,459 1,332, , , ,792 EQUITY AND LIABILITIES Capital and reserves Share capital 135, ,295 35,376 35,376 35,376 Reserves 102,972 77,837 73,363 69, Retained earnings 34, , , , ,799 Shareholders interests 273, , , , ,484 Minority interests 1, ,757 Non-current liabilities Long term borrowings 348, , , , ,398 Deferred taxation ,251 20,713 18,733 Employee benefit obligations 195 3,158 8,571 9,602 9,622 Current liabilities 706, , , , ,798 Total equity and liabilities 1,328,459 1,332, , , ,792 INCOME STATEMENT (RS 000) 30 Jun Turnover 781, , , , ,726 Profit from operations 20,726 65,563 40,108 33,348 6,957 Increase in fair value of investment property - - 2,750-8,226 Net finance costs (85,816) (33,525) (31,759) (30,616) (18,605) Profit on disposal of associate ,158 - Share of (loss)/profit of associates - (9,294) (1,530) (3,769) 299 Exceptional item (26,020) (19,482) (8,674) - - Profit/(Loss) before taxation (90,603) 3, (3,123) Taxation 10,160 (4,275) (4,975) (2,778) 6,956 Profit after taxation (80,443) (1,013) (4,080) (2,657) 3,833 Loss after tax-discontinued operation (2,808) (12,031) (16,028) (20,146) - Minority interest (2,294) (1,959) 324 2,005 4,503 (Loss)/Profit attributable to shareholders (85,545) (15,003) (19,784) (20,798) 8,336 Dividends - 8,015 7,960 7,960 15,919 STATISTICS Number of ordinary shares used in calculation 5,937,186 5,937,186 3,537,600 3,537,600 3,537,600 (Loss)/Earnings Per Share (Rs) (14.39) (4.20) (5.59) (5.88) 2.36 Dividends Per Share (Rs) Net Assets Value per Share (Rs) Handbook 2010

65

66 Mauritius Union Assurance Co Ltd SEM Code : MUA Classification : Insurance Registered Office : 4, Léoville L Homme Street, Port-Louis Directors : Antoine DELAPORTE Jerome LAGESSE Axel ROUSSETY vincent AH CHUEN Pierre DE CHASTEIGNER DU MEE Pierre-Yves POUGNET Georges André ROBERT Priscilla BALGOBIN-BHOYRUL Managing Director : Jacques DE NAVACELLE Secretary : Gilbert POISSON Registrar & Transfer Office : Abax Corporate Administrators Ltd Principal Activity : General Insurance and Life Assurance SUMMARY INFORMATION The Mauritius Union Assurance Company Limited was incorporated on 26th July 1948 and is the oldest Mauritian composite insurance company operating today. Its shares are listed on the Official List of the Stock Exchange of Mauritius since 14th December Being amongst the leaders in the insurance sector, Mauritius Union conducts both life and general insurance business. The company also grants secured loans and invests in shares and property. Mauritius Union operates through its head office at Port-Louis, its 5 branches, an agents team and insurance brokers. The vision of Mauritius Union is to be recognized as a leading insurance company in Mauritius, providing superior financial protection and investment services with integrity and professionalism. Our core values are encapsulated in 3 S namely: Strength, Security and Service. 64 Handbook 2010

67 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec Restated Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 19,360 93,466 92,314 91, ,334 Investment properties 10,000 8,000 8,000 6,320 26,850 Intangible assets 34,279 10,144 11,786 14,055 9,934 Statutory deposits ,000 16,000 Investment in associated companies 586 1,695 32,894 45,319 77,200 Investments in securities 1,304,422 1,193,797 1,287, ,961 1,654,899 Non-current receivables 53,723 32,269 23,631 16, ,524 Deferred tax assets Amount receivable from Life business ,203 92,590 - Life business non-current assets 2,572,157 2,034,113 3,014,721 2,181,708 1,532,274 Current assets 789, , , ,059 1,198,010 Life business current assets 429, , ,840 96,019 97,207 Non-current asset held for sale ,346 25,599 16,328 Total assets 5,214,066 4,382,621 5,400,514 4,006,001 5,400,560 EQUITY AND LIABILITIES Capital and reserves Share capital 200, , , , ,400 Share premium Revaluation and other reserves 476, , , , ,026 Non-distributable share of Life surplus 56,861 45,200 92,328 85,652 31,954 Retained profit 496, , , , ,205 Statutory reserve fund ,117 - Shareholders interests 1,230,251 1,036,211 1,481,016 1,019, ,585 Minority Interest 5,241 3,233 3,315 2,600 1,856 General insurance fund 337, , , , ,763 Life assurance fund 2,971,331 2,412,918 3,046,106 2,193,574 3,159,249 Outstanding claims 502, , , , ,657 Non-current liabilities Borrowings ,847 Deferred tax liabilities ,659 Retirement benefit obligations ,926 Life business non-current liabilities ,998 41,786 Current liabilities 136, ,053 85, , ,623 Life business current liabilities 30,039 26, ,801 16,754 18,609 Total equity and liabilities 5,214,066 4,382,621 5,400,514 4,006,001 5,400,560 INCOME STATEMENT (RS 000) 31 Dec Restated Restated Restated Revenue 609, , , , ,148 Operating profit 325, , ,467 14, ,717 Finance costs Share of results of associates (885) (6,886) 111 5,583 3,545 Profit before taxation 324, , ,578 19, ,278 Taxation (7,315) (4,696) (4,252) (359) (221) Profit after taxation 316, ,532 97,326 19, ,057 Loss from discontinued operations (2,230) (10,381) Minority Interest (1,464) (1,085) (1,110) (686) (440) Profit attributable to equity holders of company 315, ,447 96,216 16, ,236 Dividends 188,376 78,156 70,140 52,104 32,916 STATISTICS Number of ordinary shares used in calculation 20,040,000 20,040,000 20,040,000 20,040,000 19,767,000 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

68 Naïade Resorts Ltd SEM Code : NRL Classification : Hotel & Leisure Registered Office : 58, Pierre Simonet Street, Floréal Chairman : Arnaud LAGESSE Managing Director : Patrice HARDY Directors : Arnaud Lagesse Patrice Hardy Jean Claude Bega Jean Paul Chasteau de Balyon (appointed on ) virginie Corneillet Jean de Fondaumière Désiré Elliah Alexis Harel J. Cyril Lagesse Stéphane Lagesse Pascal Bertrand (appointed as Alternate to Patrice Hardy on ) virginie Corneillet (Alternate to Jean Claude Bega) Laurent de la Hogue (appointed as Alternate to Virginie Corneillet on ) Jean Raymond Harel (Alternate to Alexis Harel) Amaury Lagesse (Alternate to Stéphane Lagesse) Hugues Lagesse (Alternate to J. Cyril Lagesse) Dev Poolovadoo (appointed as Alternate to Désiré Elliah on ) Company Secretary : Poséidon Limitée Per Sylvia MAIGROT Executive Team : Patrice Hardy Managing Director Désiré Elliah Chief Financial Officer Nicolas Autrey Group Human Resources Manager (appointed on ) Pascal Bertrand Group Operations Manager Julian Hagger Chief Sales and Marketing Officer (appointed on ) Dev Poolovadoo Group Financial Controller Sylvia Maigrot Group Company Secretary / Corporate Affairs SUMMARY INFORMATION Naïade Resorts Ltd was founded in The company was admitted to the Official List of the Stock Exchange of Mauritius in November 2005 and is mainly Mauritian-owned. Naïade Resorts owns and manages 9 hotels in the Indian Ocean, namely: Beau Rivage and its twelve luxury villas, Legends, Les Pavillons, Tamassa, Merville Beach and Le Tropical in Mauritius, where it also runs the private, one-villa Ile des Deux Cocos in Blue Bay; Diva Maldives, in the Maldives; 2 hotels in Reunion Island; Grand Hôtel du Lagon, 5-star and Hôtel Le Récif, 3-star. 66 Handbook 2010

69 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 6,367,513 6,400,486 3,568,925 2,167,202 2,190,772 Intangible assets 425, , , ,309 1,041,667 Investments in associated companies 187, , , ,843 - Investments in securities 28,427 32,906 28,111 22,779 20,255 Non-current receivable 397, , Deferred tax assets 71,953 71,971 62,511 3,681 4,907 Retirement benefit asset 4,528 2, Current assets 1,323,441 2,040,319 1,292, , ,791 Assets classified as held for sale , Total assets 8,806,031 9,290,734 5,886,350 3,811,400 3,858,392 EQUITY AND LIABILITIES Capital and reserves Share capital 862, , , , ,568 Share premium 194, , , , ,386 Treasury shares (18,081) (18,081) Other reserves 1,479,595 1,465, , , ,936 Retained earnings 744,467 1,154,932 1,050, , ,926 Shareholders interests 3,262,935 3,658,947 2,366,763 2,100,379 1,783,816 Minority interests , ,177 Non-current liabilities Borrowings 3,046,922 2,613,324 1,741, , ,247 Deferred tax liabilities 337, , , , ,124 Retirement benefit obligations 24,483 20,032 17,762 17,092 16,987 Current liabilities 2,134,553 2,645,904 1,336, , ,041 Liabilities directly associated with the assets classified as held for sale , Total equity and liabilities 8,806,031 9,290,734 5,886,350 3,811,400 3,858,392 INCOME STATEMENT (RS 000) 31 Dec Revenue 2,390,338 2,470,551 2,413,767 2,067,468 1,638,042 Operating profit before exceptional items 132, , , , ,466 Exceptional Items - 300, ,807 81,805 - Finance costs (324,539) (195,983) (116,432) (102,356) (85,359) Share of results in associated companies (173,236) (155,018) (38,797) 13,477 - (Loss)/Profit before tax (365,071) 277, , , ,107 Taxation (2,409) (7,266) (56,596) (68,128) (49,102) (Loss)/Profit after tax (367,480) 269, , , ,005 Minority interests - 6,634 (87,113) (7,704) (4,177) (Loss)/Profit attributable to shareholders (367,480) 276, , , ,828 Dividends declared 42, , , , ,262 STATISTICS Ordinary shares in issue 86,256,873 86,256,873 86,256,873 86,256,873 86,256,873 Earnings Per Share after exceptional items (Rs) (4.27) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

70 National Investment Trust Limited SEM Code : NIT Classification : Fund Management Registered Office : 8th Floor, Newton Tower, Sir William Newton Street, Port Louis Chairman : Raj RINGADOO Directors : Mazahir ADAMJEE Chaya DAWONAUTH Jose PONCINI,G.O.S.K Jayavadee Sooben Chief Executive Officer : Gaetan WONG TO WING Principal Activity : Investment Trust Company established to promote L actionnariat populaire. SUMMARY INFORMATION Incorporated in March 1993 as an Approved Investment Institution under section 50A of the Stock Exchange Act of In January 2008, NIT got the approval from the Financial Services Commission to establish the NIT Unit Trust and to manage the Trust s two sub-funds namely, the NIT Local Equity Fund and the NIT Global Opportunities Fund. 68 Handbook 2010

71 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 Jun ASSETS EMPLOYED Non - current assets Plant and equipment 35,486, , , ,170 1,259,565 Deferred tax asset - - 1,233, , ,695 Intangible assets 204, ,814 91,605 44,361 - Investments Portfolio of domestic securities 482,730, ,190,000 1,543,719, ,840,480 1,047,112,087 Portfolio of overseas securities ,666, ,330, ,738,404 Fixed income securities - 25,000,000 25,000,000 25,000,000 - Current assets 108,053, ,564,228 32,845,573 33,077, ,872,371 Total assets 626,473, ,604,938 2,190,191,187 1,384,182,792 1,476,717,122 EQUITY AND LIABILITIES Capital and reserves Share capital 137,025, ,025, ,750, ,750, ,750,000 Capital redemption reserve 319,722, ,722, Share premium 19,693,346 19,693,346 19,693,346 19,693,346 19,693,346 Surplus on realisation of investments reserve (377,393,998) (377,327,349) 226,613, ,886, ,400,958 Investment revaluation reserve 391,530, ,990,000 1,386,770, ,662, ,696,761 Retained profit 101,405,317 99,150,360 95,931,289 76,860,355 87,553,052 Shareholders interests 591,981, ,253,357 2,185,759,228 1,380,851,731 1,474,094,117 Deferred tax liability Current liabilities 8,242,021 24,351,581 4,431,959 3,331,061 2,623,005 Total equity and liabilities 626,473, ,604,938 2,190,191,187 1,384,182,792 1,476,717,122 INCOME STATEMENT (RS) 30 Jun Domestic dividend receivable 9,300,000 22,638,803 31,503,292 26,174,784 41,949,897 Domestic interest receivable 5,477,103 5,997,457 4,635,890 5,547,562 3,650,730 Overseas investment income - 1,271,985 1,992, ,443 1,571,277 Management fees receivable 11,712,604 7,003,219 3,274,278 2,145,304 1,745,873 Exit fees receivable 2,788,663 11,774, Surplus on portfolio of investments (65,526,649) 186,273, ,221,925 (56,561,342) 234,270,903 (36,164,820) 234,959, ,627,927 (21,899,249) 283,188,680 Expenses (11,810,406) (16,246,937) (13,195,865) (10,817,092) (9,022,922) Profit before tax (47,975,226) 218,712, ,432,062 (32,716,341) 274,165,758 Taxation (1,594,266) (1,815,010) 266, , ,235 Net income after tax (49,569,492) 216,897, ,698,442 (32,484,053) 274,374,993 Dividends 13,702,500 13,702,500 27,405,000 22,837,500 43,391,250 STATISTICS Number of ordinary shares used in calculation 13,702,500 32,353,000 45,675,000 45,675,000 45,675,000 Earnings Per Share (Rs) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

72 New Mauritius Hotels Limited SEM Code : NMH Classification : Hotel & Leisure Registered Office : Robert Edward Hart Street, Curepipe Directors : Hector ESPITALIER NOEL (Chairman) Sunil BANYMANDHUB Timothy TAYLOR Herbert COUACAUD D. Marcel MASSON Michel PITOT Robert DOGER DE SPEVILLE Louis RIVALLAND David SAVY M.J. Jean Pierre MONTOCCHIO Secretarial Services : Beachcomber Limited Principal Activity : Hotels Industry SUMMARY INFORMATION Incorporated as a public limited Company on 24th December 1964 NMH operates eight resort hotels namely Royal Palm, Dinarobin, Paradis, Shandrani, Trou aux Biches, Victoria, Canonnier and Mauricia and an airline catering unit in Mauritius and Sainte Anne hotel in Seychelles. The hotels are marketed under the well-known Beachcomber brand. NMH is also engaged in tour operating activities through its foreign subsidiaries. Stock Exchange Listing was granted on 12th June Handbook 2010

73 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Sep ASSETS EMPLOYED Non - current assets Property, plant and equipment 14,534,134 12,358,065 11,892,590 9,121,015 8,662,243 Intangible assets 1,696,735 1,633,225 1,350,815 1,396,143 1,385,445 Investment in associates 335, , , , ,802 Available-for-sale financial assets 42,076 23,067 21,138 8,964 8,964 Other non-current assets 1,963,228 1,825, Current assets 3,292,830 3,054,058 2,446,544 1,999,100 1,749,639 Total assets 21,864,668 19,184,491 15,963,911 12,654,027 11,924,093 EQUITY AND LIABILITIES Capital and reserves Share capital 1,724,361 1,724,361 1,724,361 1,724,361 1,724,361 Share premium Reserves 4,382,504 4,006,070 4,119,868 2,350,525 2,432,041 Retained earnings 4,714,389 4,153,226 3,311,553 2,274,549 1,766,834 Shareholders interests 10,821,254 9,883,657 9,155,782 6,349,435 5,923,236 Minority interests 51,345 73,698 84,647 75,797 64,188 Non-current liabilities Long term borrowings 4,171,621 2,773,048 1,352,360 1,540,113 1,962,479 Deferred tax liabilities 1,454,034 1,295,197 1,329, , ,073 Retirement benefit obligations , , ,781 Current liabilities 5,366,414 5,158,891 3,968,099 3,739,110 2,984,336 Total equity and liabilities 21,864,668 19,184,491 15,963,911 12,654,027 11,924,093 INCOME STATEMENT (RS 000) 30 Sep Turnover 7,401,852 8,099,921 7,735,237 5,873,284 5,285,654 Operating profit 1,664,237 2,333,703 2,593,698 1,559,585 1,433,334 Finance costs (412,083) (288,575) (267,172) (276,563) (260,560) Amortisation of intangible assets (1,943) (2,088) (2,495) (2,746) (1,847) Share of result of associates (7,169) (33,641) 18,685 11,003 6,055 Exceptional items 125, , Profit before tax 1,368,502 2,130,473 2,342,716 1,291,279 1,176,982 Taxation (158,463) (240,360) (344,416) (148,531) (187,822) Profit after tax 1,210,039 1,890,113 1,998,300 1,142, ,160 Minority interests (34,251) (44,293) (28,888) (16,226) (19,106) Profit attributable to shareholders 1,175,788 1,845,820 1,969,412 1,126, ,054 Dividends 645, , , , ,694 STATISTICS Number of ordinary shares used in calculation 161,423, ,423, ,423, ,423, ,423,536 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

74 Omnicane Limited SEM Code : Omnicane Classification : Sugar Registered Office : 7th Floor, Anglo-Mauritius House, A. de Plevitz Street, Port Louis. Board of Directors : Sunil BANYMANDHUB (appointed 28 May 2010) Chairperson Cyril MAYER (resigned 01 April 2010) Chairperson Jacques M. d UNIENVILLE Chief Executive Officer Ravin BHOLAH (Alternate : Chandan Lauthan) Jacques DE NAVACELLE Pierre M. d UNIENVILLE (appointed 19 May 2010) Christian FOO KUNE (resigned 31 December 2009) Marc HEIN (Alternate : Nishi I Vythilingum - Kichenin) Georges LEUNG SHING Hugues MAIGROT Nelson MIRTHIL Ritesh SUMPUTH (Alternate : Geerendra Gocool) Bertrand THEVENAU Anbanaden VEERASAMY Secreteries : Omnicane Management & Consultancy Limited Principal Activity : Cane growing, Sugar milling and Energy Production SUMMARY INFORMATION Omnicane Limited was one of the first five companies to be admitted to the Official List of the Stock Exchange of Mauritius (SEM) at the latter s inception in Its issued share capital is held 70.25% by Omnicane Holdings Ltd (OMHL), 10.13% by the National Pensions Fund and 19.62% by some 1,958 individuals and companies. Four groups, including three in the sugar sector, own 65% of Omnicane Management & Consultancy Limited (OMCL), and the Sugar Investment Trust (SIT) the remaining 35%. Omnicane Limited has, for the past 100 years and more, been playing a major role in the highly developed sugar sector, which is still one of the pillars of the Mauritian economy. Its agricultural operations are carried out at Mon Trésor, Britannia, Benares and Highlands. They encompass 3, hectares of wholly owned land and the management of hectares, owned by SIT Land Holdings Ltd. Omnicane Limited holds 80% of the issued share capital of Omnicane Milling Holdings (Mon Trésor) Limited and Omnicane Milling Holdings (Britannia-Highlands) Limited, which together own % of Omnicane Milling Operations Limited (OMOL). Omnicane Limited has a 100% stake in Omnicane Thermal Energy Holdings (St Aubin) Limited (formerly CESL) and Omnicane Holdings (La Baraque) Thermal Energy Limited (formerly CESAV) which own 60% of Omnicane Thermal Energy Operations (St Aubin) Limited (formerly Compagnie Thermique du Sud Limitée (CTDS)) and in Omnicane Thermal Energy Operations (La Baraque) Limited (formerly Compagnie Thermique de Savannah Limitée (CTSAV)) respectively. OMOL operates a state of the art factory at La Baraque and a second smaller unit at Union St Aubin and in 2009, crushed a total of 1,478,597 tonnes of sugar cane and produced a total of 148, 281 tonnes of raw and plantation white sugar(pws). All the sugar is manufactured at La Baraque whilst USA concentrates its cane juice into syrup, which is then transported to La Baraque for processing into PWS. Omnicane owns three power plants, running on bagasse solely at Union St. Aubin of a capacity of 12.2 MW, one on bagasse-cum-coal at La Baraque of 2 x 45 MW which is the largest such installation in the world and a third unit running on coal of 35 MW at Union St. Aubin. The Omnicane Limited business mix is complemented with the production and export of exotic flowers, and transport of sugar and coal for Omnicane Milling Operations Limited and Omnicane Thermal Energy Operations (St Aubin) Limited respectively. Omnicane Limited also has minority shareholdings of 10% in Sud Concassage Ltée, a rock crushing and brick making company utilising rocks removed from cane fields. Both Omnicane Limited is managed by a company wholly owned by Omnicane Management & Consultancy Limited, namely, Omnicane Management & Consultancy Limited, which also provides services to Omnicane Milling Operations Limited, Omnicane Thermal Energy Operations (St Aubin) Limited and Omnicane Thermal Energy Operations (La Baraque) Limited. 72 Handbook 2010

75 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS Non - current assets Property, plant and equipment 10,886,997 10,360,764 4,537,007 1,206,325 1,213,213 Investments properties 9,643 9,643 10,934 12,438 17,805 Investments in associates 30,677 20, , , ,628 Other investments 60, , , , ,090 Non-current receivable Plant canes 178, , , , ,333 Intangible assets 1,147,446 1,099,482 72,467 68,219 75,480 Deferred expenditure 26,751 27,723 88,780 33,204 37,801 Deferred tax asset 94, , Current assets 2,715,437 2,521,189 1,147,984 1,141, ,971 Total assets 15,150,835 14,627,583 6,897,656 3,457,736 3,093,782 EQUITY AND LIABILITIES Capital and reserves Ordinary share capital and premium 795, , , , ,043 Non-distributable reserves 4,366,176 4,572,045 4,691,490 1,359,769 1,095,608 Retained earnings 661, , , , ,609 Shareholders interests 5,822,316 5,890,482 5,912,253 2,551,717 2,310,260 Minority interests 713, ,499 91,394 91,062 92,905 Non-current liabilities Long-term borrowings 4,351,799 4,651,453 33,535 57,916 59,246 Retirement benefit obligations 85,992 90,668 23,141 85,991 81,132 Deferred tax liabilities 25,479 40,181 25,406 18,448 23,313 Provision for Blue Print and ERS cost 276, ,055 5,241 10,759 13,609 Current liabilities 3,876,029 2,970, , , ,317 Total equity and liabilities 15,150,835 14,627,583 6,897,656 3,457,736 3,093,782 INCOME STATEMENT (RS 000) 31 Dec Turnover 3,192, , , , ,815 Operating profit before interest 697,273 38,730 31,224 78,580 76,823 Amortisation of VRS, centralisation costs and goodwill (5,368) (10,774) (5,092) (33,531) (28,339) Increase in fair value of investment property Mill closure premium Cost recovery from associate Dividend income 80, , ,169 91,536 50,723 Net finance income (711,980) (78,961) (57,863) (54,755) (14,792) Share of profit of associates before exceptional items (788) 23,578 64,581 48,637 43,603 Profit before taxation and exceptional items 59,826 75, , , ,018 Exceptional items 285, ,052 63, , ,930 Profit before taxation 345, , , , ,948 Taxation (22,557) 7,833 (16,791) (8,297) (19,415) Profit after taxation 323, , , , ,533 Minority interest (64,666) (39,156) (332) 1,843 (3,163) Net Profit for the period attributable to shareholders of Omnicane Ltd 258, , , , ,370 Dividends paid 134, , , , ,074 STATISTICS Number of ordinary shares used in calculation 67,012,404 67,012,404 67,012,404 67,012,404 67,012,404 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

76 Phoenix Beverages Limited SEM Code : PBL Classification : Industry Brewer : Pont Fer, Phoenix Registered Office : 11th Floor Swan Group Centre, 10 Intendance Street, Port Louis Directors* : Thierry LAGESSE (Chairman) Alan BARNES Jan BOULLÉ François DALAIS vincent HAREL Guillaume HUGNIN Didier KOENIG Arnaud LAGESSE J. Cyril LAGESSE Seewoocoomar SEWRAZ George WIEHE Richard WOODING Alternate Directors* : Jean Pierre DALAIS Marguerite HUGNIN Arnaud LAGESSE Chief Executive Officer * : Richard WOODING Company Secretary : GML Services Financiers et Juridiques Ltée Principal Activity : Brewing of beer, bottling and distribution of beer, soft drinks, table water, wines and spirits and alternative beverages *List of Directors, Alternate Directors and Chief Executive Officer as at 7 June 2010 SUMMARY INFORMATION PBL was incorporated in 1960 and was one of the first companies to be granted a Development Certificate in PBL is the leading beverages company in Mauritius and was listed on the Stock Exchange of Mauritius on June 10, PBL offers a wide range of alcoholic products, soft drinks, table water, wines and spirits and other alternative beverages. Its flagship, Phoenix Beer, was launched in 1963 and has since become the famous and preferred beer of Mauritius, winning several international awards over the years, the latest being The High International Quality Trophy by Monde Selection. This trophy is only given to products which have been rewarded with a Gold Medal for three consecutive years. The Company also produces Blue Marlin, Phoenix Special Brew, Phoenix Fresh and Stella Pils. PBL also has in its portfolio world famous brands such as Guinness Foreign Extra Stout, Malta Guinness and Smirnoff Ice which it produces and sells under contract agreement. PBL is also the authorized bottler of the products of The Coca Cola Company Ltd in Mauritius namely Coca Cola, Fanta, Sprite, Schweppes, Dasani and Crystal table water. PBL forms part of the Phoenix Beverages Group (PBG) which also includes other subsidiaries namely: - Phoenix Beverages Overseas Ltd, a Freeport company engaged in the export of PBG s products - The (Mauritius) Glass Gallery Ltd, a company involved in the recycling of glass for manufacture and retail of various glass products - MBL Offshore Ltd, an investment company holding 20% stake in Asia Pacific Brewery (Lanka) Limited - Phoenix Camp Minerals Offshore Ltd, an investment company holding 100% interest in Rennie et Thony SARL, a company engaged in the distribution of beverages and other products in Reunion Island 74 Handbook 2010

77 FINANCIAL REVIEW OF THE GROUP GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 30 Jun ASSETS Non - current assets Property, plant and equipment 2,092,785 1,895,263 1,875,833 1,418,409 1,435,185 Intangible assets 12,640 5,762 7,762 6,771 4,298 Investments in associates 140, ,912 10,490 5,059 26,223 Investments in financial assets 12, ,404 Deferred tax assets ,049 2,259,073 2,064,512 1,894,660 1,430,814 1,721,159 Current assets 713, , , , ,626 Non-current assets classified as held for sale - 12,224 13,801 52,136 - Total assets 2,972,488 2,719,079 2,523,543 1,991,928 2,177,785 EQUITY AND LIABILITIES Capital and reserves Stated capital 164, , , , ,470 Share premium 202, , , , ,492 Revaluation and other reserves 644, , , , ,284 Retained earnings 1,078, , , , ,739 Shareholders interest 2,090,669 1,949,699 1,801,622 1,176,505 1,179,985 Minority interest 2,724 4,955 4,728 8,499 7,847 2,093,393 1,954,654 1,806,350 1,185,004 1,187,832 Non-current liabilities Borrowings 75, , , , ,364 Deferred tax liabilities 148, , ,457 97, ,685 Retirement benefit obligations 30,506 41,596 58,891 68,662 73, , , , , ,546 Current liabilities 624, , , , ,407 Total equity and liabilities 2,972,488 2,719,079 2,523,543 1,991,928 2,177,785 GROUP STATEMENT OF COMPREHENSIVE INCOME (RS 000) 30 Jun Revenue 3,202,342 2,897,155 2,709,546 2,298,230 2,199,598 Operating profit 353, , , , ,410 Exceptional items (87,185) (32,079) Profit on disposal of securities - 2,147 54, ,929 5, , , , , ,479 Finance costs (21,314) (22,997) (34,015) (35,748) (47,395) Share of results of associates (30,545) (32,957) (6,896) 868 6,233 Profit before taxation 301, , , , ,317 Taxation (52,537) (48,433) 8,683 9,726 (8,969) Profit for the year 249, , , ,663 96,348 Minority interest (93) (2,429) 2,300 (2,121) (2,081) Net Profit attributable to shareholders 249, , , ,542 94,267 Dividends 106,906 90,459 82,235 74,011 74,011 STATISTICS Number of ordinary shares in issue 16,447,000 16,447,000 16,447,000 16,447,000 16,447,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook

78 Plastic Industry (Mtius) Limited SEM Code : PIM Classification : Industry Registered Office and : Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius Share Registry Office Directors : Paul CLARENC (Chairman) Alex FON SING C.B.E. Roland DAURAT Andre ESPITALIER-NOEL Philippe HARDY Sulliman Adam (Chota) MOOLLAN Secretary : Intercontinental Secretarial Services Ltd. Principal Activity : Manufacturer of plastic products for all industrial and commercial business by blow moulding and injection process. Mainly packaging for the chemical, detergent, paint, pharmaceutical, beverages and food sector SUMMARY INFORMATION Incorporated in Listed on the Stock Exchange on 30th June Certified ISO 9001 : 2000 on 09th October 2002 Certified ISO 9001:9008 since 16th September Handbook 2010

79 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 Jun ASSETS Non - current assets Plant and equipment 26,471,997 30,963,094 33,299,001 26,722,923 24,318,877 Investment in associates 5,369,874 5,187,288 5,015,412 4,648,790 4,238,703 Investment in securities Non-current receivables 3,250,000 3,500,000 3,811,634 4,128,198 4,900,087 Deferred tax assets Current assets 75,042,237 78,775,904 66,432,669 51,785,808 42,233,271 Total assets 110,134, ,426, ,558,716 87,285,719 75,690,938 SHAREHOLDERS EQUITY Share capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 Share premium Retained earnings 59,917,907 50,445,404 42,226,762 37,064,634 30,969,815 Other Reserves 537, , , , ,463 Shareholders interest 80,455,370 70,982,867 62,764,225 57,602,097 51,507,278 LIABILITIES Non-current liabilities Borrowings Deferred tax liabilities 1,652,033 1,708,014 1,559,336 1,331,149 1,117,729 Retirement benefit obligations 4,148,000 4,416,000 4,870,000 4,540,000 4,524,000 Current liabilities 23,878,705 41,319,405 39,365,155 23,812,473 18,541,931 Total equity and liabilities 110,134, ,426, ,558,716 87,285,719 75,690,938 INCOME STATEMENT (RS) 30 Jun Turnover 166,908, ,356, ,077, ,818,431 81,204,869 Operating profit 19,464,551 17,184,434 12,275,055 10,993,577 8,325,051 Finance income / (cost) (489,005) (621,426) (462,705) (232,522) 549,294 Profit after finance income 18,975,546 16,563,008 11,812,350 10,761,055 8,874,345 Share of profit of associated company 182, , , ,357 59,645 Profit before taxation 19,158,132 16,734,884 12,720,572 11,380,412 8,933,990 Taxation (2,685,629) (2,516,242) (1,558,444) (1,076,323) (853,853) Profit after tax 16,472,503 14,219,000 11,162,128 10,304,089 8,080,137 Dividends 7,000,000 6,000,000 6,000,000 4,000,000 4,000,000 STATISTICS Number of ordinary shares used in calculation 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook

80 P.O.L.I.C.Y. Limited SEM Code : P.O.L.I.C.Y. Limited Classification : Investments Registered Office : c/o Abax Corporate Administrators Ltd 6th Floor, Tower A, 1 CyberCity, Ebene Directors : Me. Georges André ROBERT O.B.E., S.A (Chairperson) Mr. René LECLEZIO (Vice Chairperson) Mr. Vincent AH CHUEN Mr. Pierre Arthur DE CHASTEIGNER DU MEE Mr. Pierre-Yves POUGNET Mr. Jean Volcy Olivier LAGESSE Mr. Bernard Marie Joseph MAYER Mr. Jean Maurice Richard ARLOVE Mrs. Marie Claude Priscille KOENIG - (Alternate to Mr Arlove) Fund Manager : IPRO Fund Management Ltd Administrator : Abax Corporate Administrators Ltd Secretary : Abax Corporate Administrators Ltd Registrar & Transfer Office : Abax Corporate Administrators Ltd Principal Activity : Investing activities in local and foreign markets. SUMMARY INFORMATION P.O.L.I.C.Y. Limited was incorporated on 15 June 1979 and a Stock Exchange listing was granted on 25 November The Net Asset Value of P.O.L.I.C.Y. Limited reached Rs.7.64 on 31 December 2009 compared to Rs.7.56 as at 31 December 2008, representing an increase of 1.1% for the year. However, adjusted for Re in cash dividends per share and a dividend in specie of one MCB share for every 100 shares of P.O.L.I.C.Y. Limited paid during the year (and based on MCB s share price of Rs. 107 on the date of declaration of May 15, 2009), NAV performance over the year stood at 24.5%, compared to -24.8% and 55.7% respectively for the preceding two years. The portfolio mix of the Company s consolidated portfolio as at 31 December 2009 was as follows: Listed SEM 84.3% Listed DEM 6.6% Foreign Investment 3.8% Liquidity 3.3% Unquoted 2.0% 100.0% 78 Handbook 2010

81 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non - current assets Property Investment in associated companies ,384 2,602 Investment in financial assets 1,240,240 1,066,309 1,746,009 1,116, ,654 Non-current receivables - - 4,862 4,862 4,862 1,240,240 1,066,309 1,750,871 1,123, ,118 Current assets 68, ,095 99, , ,703 Non-current asset classified as held for sale - - 3,230 3,230 3,230 Total assets 1,308,331 1,291,404 1,853,846 1,245, ,051 EQUITY AND LIABILITIES Capital and reserves Share capital 170, , , , ,240 Share premium 61,964 61,964 61,964 61,964 61,964 Other reserves 725, ,202 1,478, , ,981 Retained earnings 343, , , ,219 21,256 Shareholders interest 1,301,380 1,286,845 1,847,529 1,241, ,441 Minority interest Long term liabilities Current liabilities 6,951 3,750 6,031 3,305 1,326 Total equity and liabilities 1,308,331 1,291,404 1,853,846 1,245, ,051 INCOME STATEMENT (RS 000) 31 Dec Revenue 50,322 57,848 58,562 38,992 34,391 Profit before finance (costs)/income 320, ,912 87, ,033 56,607 Finance (costs)/ income 493 5,315 (704) 68 (63) Share of results of associated companies - - (237) (218) (255) Profit before taxation 320, ,227 86, ,883 56,289 Taxation (780) (1,321) (477) (410) (269) Profit after taxation 319, ,906 85, ,473 56,020 Minority interest - 10 (2) - - Profit attributable to the group 319, ,916 85, ,473 56,020 Dividends 301, ,144 85,120 68,096 28,941 STATISTICS Number of shares used in calculation 170,240, ,240, ,240, ,240, ,240,004 Earnings Per Share (Re.) Dividends Per Share (Re.) Net Assets Value (Rs) *Adjusted for Bonus Issue of 1 for every 5 shares on 6th May 2004 followed by a Rights Issue of 1 for every 3 shares on 2nd June Handbook

82 Promotion and Development Ltd SEM Code : PAD Classification : Investments Registered Office : MCB Centre 9-15 Sir William Newton Street, Port Louis Directors : Jean Pierre MONTOCCHIO (Chairman) René LECLEZIO ( Managing Director) Bertrand de CHAZAL Arnaud DALAIS Hector ESPITALIER NOEL Antoine HAREL Jocelyne MARTIN Adolphe VALLET Bernard YEN Secretary : Jocelyne MARTIN Managing Director : René LECLEZIO Transfer Registrar : MCB Registry & Securities Ltd Principal Activity : Investment in property and shares SUMMARY INFORMATION Promotion and Development Ltd (PAD) was incorporated on 23rd August 1984; trading of PAD s shares on the Official List of the Stock Exchange commenced on 17th January PAD is an associated company of Fincorp Investment Ltd, a subsidiary company of The Mauritius Commercial Bank Ltd. Through its majority stake in Caudan Development Limited and as the manager of that company, PAD is closely involved with the prestigious Caudan Waterfront project. PAD has a substantial portfolio of shares and properties. Major investments other than Caudan Development Limited include The Medine Group, New Mauritius Hotels, The Mauritius Commercial Bank and Mauritius Freeport Development Co. PAD has a deliberately heavy property bias. Caudan Development Limited owns prime waterfront property in Port Louis, New Mauritius Hotels owns prime beachfront property, Medine Sugar Estates has an investment portfolio comprising all types of property and Mauritius Freeport Development owns prime leasehold property in the port. 80 Handbook 2010

83 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS Non-current assets Investment property 3,786,951 3,267,564 2,277,527 2,287,837 2,301,897 Property, plant and equipment 216, , ,275 66,995 65,269 Intangible assets 3,961 4,756 5,252 4,970 1,159 Investment in associates 3,648,613 3,379,640 3,321,916 3,329, ,832 Available-for-sale financial assets 1,514,279 1,980,969 1,764,724 1,181, ,189 Non - current receivables - - 1,099 8,215 1,360 Deferred tax assets - 1,124 5,954 10,692 15,216 9,170,544 9,216,592 7,681,747 6,889,865 4,239,922 Current assets 221, , , , ,710 Non- current assets classified as held for sale - 5, Total assets 9,392,269 9,364,095 7,825,558 6,999,791 4,360,632 EQUITY AND LIABILITIES Capital and reserves Share capital 194, , , , ,331 Share premium 169, , , , ,018 Other reserves 3,582,257 4,014,621 3,847,421 3,552,748 1,048,880 Retained earnings 2,958,945 2,788,172 2,161,401 1,707,486 1,456,897 Equity attributable to owners of the parent 6,904,551 7,166,142 6,372,171 5,623,583 2,869,126 Non-controlling interest 1,120,341 1,097, , , ,530 Total equity 8,024,892 8,263,393 7,181,869 6,425,181 3,638,656 Non-current liabilities Borrowings 664, , , , ,155 Income tax liabilities 1, Deferred tax liabilities 236, , , , ,144 Retirement benefit obligations 12,499 8,118 6,368 5,304 4, , , , , ,129 Current liabilities 452, , , , ,847 Total equity and liabilities 9,392,269 9,364,095 7,825,558 6,999,791 4,360,632 INCOME STATEMENT (RS 000) 30 Jun Restated Restated Turnover 472, , , , ,691 Operating profit 177, , , , ,743 (Loss)/Profit on disposal of shares (32,236) 174, ,009 4,895 22,632 Impairment of investment in associate - - (1,000) - - Surplus on distribution of assets by associate ,674 - Profit on disposal of investment in associate ,796 - Net gain from fair value adjustment on investment property 123, , ,964 Finance income 5,027 1, ,458 Finance costs (70,621) (19,271) (24,027) (36,501) (40,730) Share of results of associates 138,975 61, , ,733 66,589 Profit before taxation 342,391 1,121, , , ,656 Taxation (33,157) (114,046) (19,549) 46,290 (96,911) Profit for the year 309,234 1,007, , , ,745 Non-controlling interest (40,702) (301,385) (23,824) (50,753) (180,484) Profit attributable to owners of the parent 268, , , , ,261 ADJUSTED EARNINGS (Rs000) Profit as per income statements 268, , , , ,261 Fair value gains on investment property (net of tax and minority interest) (98,028) (391,398) - - (228,672) Loss/(Profit) on disposal of shares 32,236 (174,889) (172,009) (54,365) (22,632) Adjusted Earnings 202, , , , ,957 Dividends (Rs 000) 106,882 77,732 69,959 42,753 38,866 STATISTICS Number of ordinary shares 38,866,160 38,866,160 38,866,160 38,866,160 38,866,160 Dividends Per Share (Rs) Net Assets Value (Rs) Number of ordinary shares used in EPS calculation 38,866,160 38,866,160 38,866,160 38,866,160 38,866,160 Earnings Per Share (Rs) Adjusted Earnings Per Share (Rs) Handbook

84

85 Rogers and Company Limited SEM Code : ROGERS Classification : Commerce Registered Office : No.5, President John Kennedy Street, Port Louis Board of Directors : Timothy TAYLOR Chairman Marcel Descroizilles Chairman Risk Management and Audit Committee Jean Pierre Montocchio Chairman Corporate Governance Committee Dr Guy ADAM Herbert Maingard Couacaud Eric Espitalier-Noël Gilbert Espitalier-Noël Hector Espitalier-Noël Philippe Espitalier-Noël Chief Executive Officer Colin TAYLOR Matthew TAYLOR Philip TAYLOR Company Secretaries : Aruna Collendavelloo Chief Legal Executive Tioumitra Maharahaje Corporate Manager Legal Compliance Senior Executives : Vaughan HEBERDEN Chief Executive Financial Services (Cim) Richard KOENIG Chief Executive Real Estate and Agribusiness (Bel Ombre) Ian CLAXTON Managing Director Logistics (Velogic) Jacques DOGER DE SPÉvILLE Managing Director Leisure (Mautourco) Francois EYNAUD- Managing Director Hotels (Veranda Resorts/Heritage Resorts) Alexandre FAYD HERBE DE MAUDAve Managing Director Travel and Aviation (Bluesky) Sanjiv MIHDIDIN Managing Director Property (Foresite) Principal Activities : Financial Services, Hotels, Leisure, Logistics, Property, Real Estate and Agribusiness, Travel and Aviation SUMMARY INFORMATION Rogers and Company Limited has been an innovative contributor to the development of the Mauritian economy since Over more than a century, its pioneering spirit has been key in exploring new opportunities for the country, especially through its active participation in founding the national carrier, Air Mauritius. Rogers is engaged in the following core business domains Financial services, Hotels, Leisure, Logistics, Property, Real Estate and Agribusiness as well as Travel and Aviation. The footprint of our major local and international brands stretches across 10 territories, with operations covering the Indian Ocean region and France. Rogers and Company Limited has built up an important portfolio of investments over the years and currently holds a strategic stake in Air Mauritius, New Mauritius Hotels and Lafarge. To continue moving forward in accomplishing its objectives, the Company calls for each of its employees to adopt a shared spirit of leadership, openness and dynamism. Handbook

86 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS M) 30 Sep ASSETS EMPLOYED Non-current assets Property, plant and equipment 5, , , , ,144.7 Investment properties 1, , Intangible assets 1, , , Investment in associated companies Investment in financial assets 4, , , , ,512.6 Bearer biological assets Long term loan receivable Net investment in finance leases Deferred expenditure Life business assets 1, , , , Current assets 7, , , , ,489.6 Total assets 22, , , , ,346.7 EQUITY AND LIABILITIES Capital and reserves Share capital Reserves 4, , , , ,923.6 Retained earnings 4, , , , ,816.9 Equity attributable to equity holders of the parent 9, , , , ,992.5 Minority interest 1, , , Non-current liabilities Long term loans payable 3, , , , ,801.8 Finance lease obligations Deferred taxation Employee benefit obligations Life assurance fund 1, , , , Current liabilities 6, , , , ,811.7 Total equity and liabilities 22, , , , ,346.7 INCOME STATEMENT (RS M) 30 Sep Revenue 8, , , , ,743.0 Profit before finance costs 1, , , Finance costs (526.5) (506.5) (366.2) (250.3) (228.1) Share of profit of associates (4.8) Exceptional items , (20.1) Profit before taxation , Taxation (183.1) (148.0) (111.0) (86.4) (97.0) Profit from continuing operations , ( Loss ) profit from discontinued operations (98.5) , Minority interest 87.2 (378.9) (82.0) (71.2) (38.6) Profit attributable to the group , Dividends STATISTICS Number of ordinary shares used in calculation 25,204,530 25,204,530 25,204,530 25,204,530 25,204,530 Earnings Per Share (Rs) Earnings Per Share from continiung operations (excluding exceptional items)(rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook 2010

87 The Savannah SE Co. Ltd. SEM Code : SAVA Classification : Sugar Registered Office : 7th Floor, Swan Group Centre, Intendance Street, Port Louis Directors : Guy RIVALLAND (Chairman) Hector ESPITALIER-NOËL, Eric ESPITALIER-NOËL Gilbert ESPITALIER-NOËL, Jean Claude R GIRAUD, Jean Claude LECLÉZIO, G Jean Raymond HARDY, Alain NOËL CBE, GOSK, M P Roger ESPITALIER NOËL Secretary : ENL Limited Manager : ENL Limited Principal Activity : Sugar cane cultivation SUMMARY INFORMATION The Savannah Sugar Estates Company Limited was incorporated on 21 May 1913 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 27 December Its main activity remains sugar cane growing. However, over the years, it has diversified its activities into farming, horticultural production and recently, into property development in an effort to realize the potential of its immovable properties. Effective 31 December 2009, The Savannah Sugar Estates Company Limited has amalgamated with Mon Désert-Alma Limited such that The Savannah Sugar Estates Company Limited now remains as the amalgamated company. The amalgamation has been envisaged with a view to optimize agriculture, land use, rationalize management, improve efficiency and enhance shareholders value. Post amalgamation, The Savannah Sugar Estates Company Limited owns more than 6,000 hectares of land and a stake of 28.35% in ENL Investment Limited which in turn has significant interests in some of the leading businesses in Mauritius including the Rogers group, New Mauritius Hotels Limited, Food and Allied Industries Limited and in Management and Development Company Limited. The Company has the following subsidiaries Bagaprop Limited Mall of (Mauritius) at Bagatelle Limited Mon Désert-Alma Sugar Milling Company Ltd MDA Properties Limited Moka Sports Club Limited Savannah Properties Limited Savi Shop Ltd SB Cattle Limited The Savannah Sugar Milling Company Ltd The Gardens of Bagatelle Limited The Company has the following associates: ENL Investment Limited Espral Limited ESP Landscapers Limited Espral International Limited Fondation ENL Plastinax Austral Limitée Société du Courlis Sud Concassage Limited Handbook

88 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 June ASSETS EMPLOYED Non-current assets Property, plant and equipment 2,981,594,000 1,232,277,000 1,268,065,000 1,277,327,000 1,277,490,000 Deferred expenditure 126,517, ,435,000 67,099,000 65,505,000 69,639,000 Investment properties 8,830,000 9,146,000 9,463,000 9,779,000 10,096,000 Intangible assets 296,269,000 42,723,000 32,011,000 25,331,000 20,550,000 Investments in associated companies 1,202,060,000 1,521,052,000 1,173,464, ,989, ,573,000 Investments in financial assets 45,433,000 10,242,000 98,660, ,469,000 11,750,000 Deposit on shares ,502,000 Bearer biological assets 68,126,000 63,989,000 71,242,000 71,895,000 72,097,000 Non-current receivables 18,000 18,000 42,000,000 40,663,000 57,037,000 Current assets 224,814, ,669, ,216, ,382, ,242,000 Non-current assets held for sale 40,034,000 34,116, Total assets 4,993,695,000 3,366,667,000 3,094,220,000 2,950,340,000 2,929,976,000 EQUITY AND LIABILITIES Capital and reserves Share capital 43,920,000 43,920,000 43,920,000 43,920,000 43,920,000 Revaluation and other reserves 3,748,954,000 2,123,802,000 1,903,267,000 1,759,884,000 1,656,736,000 Revenue deficit (207,677,000) (238,720,000) (216,743,000) (121,075,000) (57,110,000) Equity holders interests 3,585,197,000 1,929,002,000 1,730,444,000 1,682,729,000 1,643,546,000 Non-controlling interests (55,523,000) Non-current liabilities Borrowings 407,036, ,623, ,061, ,510, ,166,000 Retirement benefit obligations 97,144,000 94,279, ,342, ,633, ,701,000 Deferred income 244,400, Current liabilities 715,441, ,763, ,373, ,468, ,563,000 Total equity and liabilities 4,993,695,000 3,366,667,000 3,094,220,000 2,950,340,000 2,929,976,000 INCOME STATEMENT (RS) 30 June Turnover 271,385, ,751, ,434, ,540, ,035,000 Operating profit 21,764,000 36,819,000 60,135,000 58,092,000 74,068,000 Other income 854,000 4,450,000 6,732,000 14,828,000 3,690,000 Finance costs (98,445,000) (145,079,000) (121,398,000) (108,873,000) (95,478,000) Exceptional items 47,200,000 (93,666,000) 23,690,000 48,988,000 33,086,000 Amortisation of deferred expenditure (22,687,000) (12,311,000) (1,935,000) (3,439,000) (26,327,000) Share of profit / (loss) of associates 73,036, ,447,000 (38,310,000) (48,289,000) (49,016,000) Profit / (loss) before taxation 21,722,000 (73,340,000) (71,086,000) (38,693,000) (59,977,000) Taxation (639,000) Profit / (loss) for the year 21,083,000 (73,340,000) (71,086,000) (38,693,000) (59,977,000) Dividends 21,960,000-26,352,000 21,960,000 21,960,000 STATISTICS Number of ordinary shares used in calculation 4,392,036 4,392,036 4,392,036 4,392,036 4,392,036 Earnings / (loss) Per Share (Re) (16.70) (16.19) (9.32) (13.40) Dividends Per Share (Re) Net Assets Value (Rs) Handbook 2010

89 Shell Mauritius Limited SEM Code : SHELL Classification : Commerce Registered Office : Shell House, Roche Bois Directors : Mr. Mamadou Sene (Chairman) Mr. Pawan K. Juwaheer (CEO and Country Chair) Mr. Patrick Crighton Mr. Roger Leung Mr. Antoine DELAPORTE Secretary : Executive Services Ltd. Principal Activity : Marketing and distribution of petroleum products. SUMMARY INFORMATION Shell is the market leader in Mauritius, operating in all sectors in oil industry. The products and services delivered by the company include mogas, diesel, Liquefied Petroleum Gas (LPG), autogas, lubricants, the Shell Card for fleet management solution, business-to-business commercial clients, an into-plane service at the airport and bunkering facilities. Shell was the first international oil company to set up business in the country in In 1991, Shell Mauritius Limited was floated on the Mauritian Stock Exchange and the Mauritian public currently owns 25% of its shares. The vision of Shell is to make the difference through its people, a team of dedicated professionals, who value their customers, deliver on the company s promises and contribute to sustainable development. Its mission is to safely market and distribute energy and petrochemical products while offering innovative value-added services. Shell operates under a common set of business principles and where emphasis is placed on core values, which are honesty, integrity and respect for people. As a responsible company, Shell is fully engaged in social, educational and environmental projects. Shell has always been at the forefront of innovation by being the first to officially launch autogas in a retail outlet and a Customer Service Centre in Mauritius. Shell also introduced a series of differentiated products for engine protection, fuel economy, and reduced particulate matter in our local regulated market at no extra cost. In addition, it is the only company to operate a dedicated bunkering depot in Port Louis and to own a barge, L Ami Constant. The company owns and operates two depots, namely Roche Bois and Causeway. It also has active interest in other depots, viz. ESCOL and Fort William (both under Shell management), Rodrigues and the airport storage terminal. Distribution to retail outlets, inland customers and the airport is made through a fleet of 11 bulk delivery vehicles (white oil and black oil), 14 vehicles (LPG retailers), three specialised vehicles (LPG bulk) and one lubricants delivery vehicle. Shell supplies half of the country s needs in LPG, used for both domestic purposes and industrial uses and has a network of about 1,000 resellers throughout the island. Its retail network consists of 41 service stations. Safety remains the company s number one priority. In 2009, Shell had zero fatal incidents out of nearly 700,000 exposure hours and 2.3 million kilometers driven. Similarly, its record in lost time injuries remain impressively low. Handbook

90 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non - current assets Property, plant and equipment 670, , , , ,520 Intangible assets 1,217 1, Prepaid operating leases 954 1,030 1,109 1,188 1,249 Investment in associates 61,341 30,328 42,545 33,072 16,949 Loans receivable ,174 4,371 Other long term assets Current assets 1,463,082 1,547,377 1,231,977 1,489,034 1,207,753 Total assets 2,197,203 2,279,544 1,931,462 2,100,967 1,677,077 EQUITY AND LIABILITIES Capital and reserves Share capital 293, , , , ,223 Retained earnings 148, , ,191 62,285 45,070 Proposed dividends Shareholders interests 441, , , , ,293 Non-current liabilities Deferred tax liabilities 46,373 39,367 30,074 22,508 30,739 Retirement benefit obligations 20,931 20,003 22,071 28,210 19,266 Current liabilities 1,688,629 1,786,600 1,411,903 1,694,741 1,288,779 Total equity and liabilities 2,197,203 2,279,544 1,931,462 2,100,967 1,677,077 INCOME STATEMENT (RS 000) 31 Dec Turnover 8,430,950 10,562,749 8,659,857 8,147,463 5,966,310 Profit from operations 283, , , , ,992 Net finance income / (cost) (2,890) (11,835) (14,198) (9,343) (136) Share of result of associates 31,013 31,283 28,778 22,708 21,669 Profit before tax 311, , , , ,525 Taxation (47,134) (37,294) (21,371) (26,794) (30,808) Profit for the year 264, , , , ,717 Dividends declared over profit for the year 256, , , ,493 96,763 STATISTICS Number of ordinary shares used in calculation 29,322,252 29,322,252 29,322,252 29,322,252 29,322,252 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook 2010

91 State Bank of Mauritius Limited SEM Code : SBM Classification : Commercial Bank Registered Office : State Bank Tower, 1, Queen Elizabeth II Avenue, Port Louis. Directors : Geerja Shankar RAMDAURSINGH (Chairman of the Board), Kalindee BHANJI Anurag BHARGAYA Azim Fakhruddin CURRIMJEE Dheerendra Kumar DABEE George John DUMBELL Louis LAI FAT FUR, G.O.S.K. Ali Michael MANSOOR Daniel NG TSEUNG Rohit RAMNAWAZ Gautam VIR Chief Executive : Gautam VIR Company Secretary : Chandradev APPADOO Marie France SAVRIMOOTOO Transfer Office : SBM Financials Limited Main Activity : Banking SUMMARY INFORMATION The State Bank of Mauritius Ltd (SBM) Group is today a leading Financial Services Group with an international presence. SBM started operations in 1973 and is listed on the Stock Exchange of Mauritius (SEM) since Innovation, flexibility, accessibility and reliability are the key attributes that have contributed to the Group s reputation and trustworthiness. A major financial institution belonging to around 16,500 shareholders, including domestic and international investors, SBM employs over 1,000 staff and services over 340,000 customers through its network of 49 service units and counters, not only in Mauritius but also in India and Madagascar. SBM organises its activities into several lines of business: Retail Banking, Corporate, International and Investment Banking, Treasury and ebusiness. It also offers other financial services for instance fiduciary services, stockbroking, lease and asset management. Strategies are focused and tailor-made products and services are developed to meet the needs and aspirations of each segment within each line of business. SBM has been awarded Bank of the Year, Mauritius three times since its launch by the Banker, Financial Times Group, in London. The inaugural Best Bank in Mauritius by Euromoney was garnered by SBM for three consecutive years from 2004 to 2006 as well. SBM was also the second runner up in the recent Africa Investor Index Awards 2008, in the Best Performing Ai 40 Company category ranking all listed African companies, the best ranking achieved by any Mauritian company. This award confirms SBM s status as a truly competitive bank, providing the global investment community with a profitable and robust investment opportunity. SBM is also recognised for its lead in technology. It was the first bank to introduce the Europay- MasterCard-Visa (EMV) chip debit card technology, TopUp and Mobile Banking. The Bank is also the preferred Visa partner. SBM was first to establish branches in the rural areas as well. SBM reached yet another milestone in June 2008 with net profit growing by 40.4% to reach Rs 2.1Bn and Earnings per share growing by 62.9% to reach Rs 8.19, demonstrating the Bank s continuing commitment to create value for shareholders. Revenues were bolstered by growth across all lines of business and by a substantial return on strategic investments. For the same period, the Group s total assets grew to Rs 67.5Bn and market capitalisation rose to Rs 29.2Bn, representing around 17.1% of total market capitalisation, the second highest on the Stock Exchange of Mauritius. SBM commands a good market share in domestic commercial banking assets in Mauritius. Moody s Investors Service continues to rate SBM the highest amongst its peers in Mauritius: A2 for global local currency deposits, Baa2/P-2 for foreign currency deposits, Baa1 for foreign currency issuer rating and C- for the Bank Financial Strength. Handbook

92 FINANCIAL REVIEW OF THE GROUP GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS Cash Resources Cash and Balances with Central Banks 4,640,899 6,084,542 3,662,372 3,083,739 1,894,720 Balances with Banks and Interbank Loans 9,946,103 7,554,330 12,048,473 6,174,670 6,378,422 14,587,002 13,638,872 15,710,845 9,258,409 8,273,142 Securities, Placements and Other Investments 21,897,309 15,403,638 11,197,820 11,752,713 12,192,406 Loans and Advances 39,793,808 35,185,082 29,762,405 26,362,991 24,501,576 Tangible and Intangible Assets 2,372,743 2,560,799 2,751,746 2,863,987 2,993,990 Other Assets 582, , , , ,926 2,955,519 3,329,302 3,558,812 3,527,482 3,639,916 Total Assets 79,233,638 67,556,894 60,229,882 50,901,595 48,607,040 LIABILITIES AND SHAREHOLDERS EQUITY Deposits 63,721,100 54,882,256 48,568,830 40,093,939 35,000,807 Borrowings Central Banks 143, , , , ,829 Local and Foreign Banks 7, , , ,565 3,283,684 Other Financial Institutions 906, ,376-67,697 1,057, , ,187 1,341,831 3,599,210 Other Liabilities 1,512,358 1,334,322 1,163,484 1,649,882 1,803,194 Total Liabilities 66,290,964 56,583,385 50,714,501 43,085,652 40,403,211 Minority Interest in Subsidiaries ,008 Shareholders Equity Share Capital 303, , , , ,414 Reserves 12,638,934 10,669,769 9,211,641 7,433,282 7,800,407 Equity Attributable to Equity holders of the Parent 12,942,674 10,973,509 9,515,381 7,815,696 8,182,821 Total Equity and Liabilities 79,233,638 67,556,894 60,229,882 50,901,595 48,607,040 MEMORANDUM ITEMS Acceptances, Guarantees, Letters of Credit, 5,307,272 5,215,439 7,409,385 3,855,751 5,712,520 Endorsements, Other Obligations on Account of Customers and Spot Foreign Exchange Contracts Credit Commitments 5,043,907 3,802,679 3,545,754 3,704,839 2,772,432 Inward Bills held for Collection 296, , , , ,561 Outward Bills sent for Collection 160, , , , ,699 10,808,457 9,532,336 11,525,999 8,400,462 9,437,212 GROUP STATEMENT OF INCOME (RS 000) 30 Jun Interest Income 5,333,274 5,328,702 4,564,764 3,666,597 3,071,203 Interest Expense (2,933,336) (3,284,535) (2,758,341) (1,923,327) (1,446,507) Net Interest Income 2,399,938 2,044,167 1,806,423 1,743,270 1,624,696 Non Interest Income 1,581,857 2,061,238 1,319, , ,764 Operating Income 3,981,795 4,105,405 3,125,840 2,704,075 2,413,460 Non Interest Expense (1,422,956) (1,377,516) (1,133,861) (1,030,637) (921,796) Profit before net impairment loss on financial assets 2,558,839 2,727,889 1,991,979 1,673,438 1,491,664 Net impairment loss on financial assets (278,737) (391,900) (302,173) (223,583) (78,613) Operating Profit 2,280,102 2,335,989 1,689,806 1,449,855 1,413,051 Share of profit of Associates 64,517 61,019 49,800 74,567 75,607 Profit before income tax 2,344,619 2,397,008 1,739,606 1,524,422 1,488,658 Tax Expense (319,281) (283,035) (233,718) (204,181) (292,226) Profit for the year 2,025,338 2,113,973 1,505,888 1,320,241 1,196,432 Minority Interest - - (208) (1,243) (5,219) Net Income available to Shareholders 2,025,338 2,113,973 1,505,680 1,318,998 1,191,213 Dividend declared during the year , ,568 Dividend declared after the balance sheet date 709, , , STATISTICS Number of ordinary shares used in calculation of Earnings per Share (000) 258, , , , ,052 Earnings Per Share (MRs) Dividend Per Share (MRs) Net Assets Value (MRs) Handbook 2010

93 Sun Resorts Limited SEM Code : SUN Classification : Hotel & Leisure Investment Registered Office : 5th Floor, Ebène Skies, Rue de l Institut, Ebène Directors : G. Christian DALAIS (Chairperson) P. Arnaud DALAIS Jean-Pierre DALAIS Thierry HUGNIN Jacques HAREL J. Cyril LAGESSE Thierry LAGESSE M. Iqbal MALLAM-HASHAM Arnaud MARTIN Felice PICCIRILLO Company Secretary : Clothilde de Comarmond for Ciel Corporate Services Ltd Registrar and Transfer Office : MCB Registry & Securities Ltd Principal Activity : The Company operates a chain of five resort hotels, four in the Republic of Mauritius and one in the Republic of Maldives SUMMARY INFORMATION Sun Resorts Limited is a major Indian Ocean based hotel group that currently owns and manages three resorts in Mauritius - 5* Luxury Le Touessrok, 5* Sugar Beach and 4* La Pirogue and one resort in the Republic of Maldives - 5* Kanuhura. The Company is presently developing a new 5* resort, Long Beach, on the east coast of Mauritius. Incorporated on 10th February 1983 and listed on the Mauritian Stock Exchange since 1992, Sun Resorts Limited has marketing offices based in London, Paris and Frankfurt and representations in Milan, Madrid, Moscow and the UAE. The Company also fully owns one Tour Operator in France - Soléa Vacances and one in South Africa - World Leisure Holidays. The operating philosophy of the Company is to offer the best accommodation and entertainment experience, outstanding services and excellent value for money. The vision of Sun Resorts Limited is to reinforce its position as the leading premium resort operator in the Indian Ocean, bringing a greater sense of style and perfection in improving standards of excellence in the hotel industry. Sun Resorts Limited is managed by a group of people whose lives are dedicated to hospitality. Felice Piccirillo, Chief Executive Officer has over 35 years experience in the hospitality industry and is assisted by Arnaud Martin, C.S.K., Chief Marketing Officer and Tommy Wong, Chief Finance Officer. The resorts devoted General Managers complete the executive team with Pascal Brun at Le Touessrok, Andrew Slome at Sugar Beach, Nicolas de Chalain at Long Beach and Alessandro Schenone at Kanuhura. Long Beach, the latest Sun Resorts hotel development in Mauritius, will open in December The new hotel of 255 keys, all with sea views, is intended to be an affordable contemporary tropical 5 star resort for active men and women who appreciate culture and style, and their families, as well as welcoming corporate incentive bookings, conferences and other groups. Handbook

94 3-YEAR FINANCIAL REVIEW OF THE GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION (RS 000) 31 Dec Equity attributable to owners of the Company 5,934,034 5,418,926 5,011,497 Treasury shares (1,422,238) (1,422,238) (1,416,718) Minority interests 1,288 1,161 71,866 Total equity 4,513,084 3,997,849 3,666,645 Interest-bearing loans and borrowings 3,217,043 3,317,273 2,082,156 Total capital employed 7,730,127 7,315,122 5,748,801 Non-current assets 8,563,937 8,209,302 5,247,540 Current assets 1,063,541 1,128,437 2,350,336 Total assets 9,627,478 9,337,739 7,597,876 Long-term payable ,337 Trade and other payables 1,174,325 1,311,446 1,017,986 Taxation 575, , ,605 Employee benefit liability 113, , ,147 Provisions 35,000 35,000 35,000 Interest free liabilities 1,897,351 2,022,617 1,849,075 Employment of capital 7,730,127 7,315,122 5,748,801 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RS 000) Total revenue 3,547,522 3,795,417 3,469,837 Operating profit 671, , ,676 Finance costs (233,573) (268,924) (324,117) Finance income 11,340 45, ,206 Provision for impairment - (14,770) (400,000) Closure costs (41,961) (66,419) - Gain on disposal of assets and operation - 284, ,861 Profit before tax 407, ,568 1,238,626 Income tax (credit)/expense (46,062) 36,883 (61,081) Profit for the year 361, ,451 1,177,545 Minority interests (41) (58,361) (90) Profit attributable to owners of the Company 361, ,090 1,177,455 Balance at 1 January 2,522,039 1,843,879 1,043,801 Transfer from revaluation reserve - 340,276 - Movements during the year 1, Dividends on ordinary shares (93,801) (375,206) (377,377) Balance at 31 December 2,791,365 2,522,039 1,843,879 STATISTICS Ordinary shares in issue (000 s) 113, , ,397 Earnings per share (Rs) Dividend declared per ordinary share (Rs) Net worth per ordinary share (Rs) Handbook 2010

95 Handbook

96 Swan Insurance Company Limited SEM Code : SWAN Classification : Insurance Registered Office : Swan Group Centre, Intendance Street, Port-Louis Non-Executive : M.E. Cyril MAYER, B. Com., CA (SA) - Chairperson M.J. Cyril LAGESSE L.J. Jérôme de CHASTEAUNEUF, B.Sc. Economics (LSE), A.C.A. (UK) F.M.J. Pierre DOGER DE SPÉVILLE George J. DUMBELL, A.C.I.B. (UK) M.A. Eric ESPITALIER-NOËL, B. Soc. Sc. (SA), M.B.A. (UK) M.D. Henri HAREL, A.C.I.S. Thierry P.J.M. LAGESSE, M.B.A. (France) Independent Non-Executive : M.D. Pierre DINAN, GOSK, B.Sc. Economics (LSE), FCA (ENGLAND) Peroomal Gopallen MOOROOGEN, F.C.C.A., M.B.A. (Wales) victor C. SEEYAVE, M.B.A. (USA), B.A. Economics (UK) Executive : J.M. Louis RIVALLAND, B.Sc. (Hons.) (SA), F.I.A. (UK), F.A.S. (SA) - Group Chief Executive A. Michel THOMAS, LL.M., F.C.I.I., MCI Arb Operations Executive Secretary : Swan Group Corporate Services Limited (per M.J. Jean Paul Chasteau de Balyon, F.MIoD) Principal Activity : Short Term Insurance Business SUMMARY INFORMATION Swan Insurance Company Limited, the market leader in the insurance sector in Mauritius, provides a full range of insurance cover to corporate and individual clients either directly or through its agents network. The activities of the Company date back from 1854 on the incorporation of the Mauritius Fire Insurance Company Limited and 17 years later of the Colonial Fire Insurance Company Limited. Swan Insurance Company Limited was incorporated in March 1955 to take over the activities of Mauritius Fire and Colonial Fire. Since 1972, Swan Insurance Company Ltd is the major shareholder of The Anglo-Mauritius Assurance Society Limited, a leading operator in the life insurance, pension and fund administration business in Mauritius. The Group s Gross Premium Income amounted to Rs. 2.6 billion for the year ended 31st December Assets under the management of the Swan Group amounted to Rs billion and the Life Assurance Fund reached Rs billion at 31st December Reserves of the Swan Group stood at Rs million and that of the company at Rs million in Investments are made in key sectors of activity in Mauritius and in the region, such as tourism, real estate, sugar, trade and financial services. The Group caters for the insurance requirements of its local clients, which have invested in the region. Such services are provided according to its treaty capacities and the legislation prevailing in these countries. By securing the services of AON, an international reinsurance broker, and of a panel of leading global reinsurers, the Group has a worldwide access to reinsurance markets and is therefore capable of offering first class security to clients. Since December 1990, Swan Insurance Company Limited has been quoted on the official list of the Mauritian Stock Exchange. Market capitalisation as at 31st December 2009 was Rs. 1.1 billion. 94 Handbook 2010

97 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Property and equipment 86,249 91,831 94,942 96,260 95,739 Intangible assets 14, ,857 2,949 Statutory deposits ,000 8,000 Investment in Associated company 63,748 35,323 54,171 80,330 - Investment in Joint Venture Financial assets, Loans and receivables 512, , , , ,456 Net deferred tax assets 3,714 1,422 2,773 4,068 6,146 Life business assets 18,507,136 15,701,377 17,607,922 14,384,606 11,473,068 Current assets 1,098,072 1,095,381 1,141, , ,437 Total assets 20,286,052 17,388,554 19,364,805 15,805,967 12,930,795 EQUITY AND LIABILITIES Capital and reserves Share capital 35,857 35,857 35,857 35,857 35,857 Reserves 199, , , , ,667 Retained earnings 678, , , , ,890 Equity holders interest 914, , , , ,414 Minority interest 60,844 61,299 22,890 24,597 26,272 Technical provisions Life assurance fund 18,507,136 15,701,377 17,607,922 14,384,606 11,473,068 Gross outstanding claims and IBNR 250, , , , ,990 Gross unearned premiums 424, , , , ,243 Non-current liabilities Retirement benefit obligations 39,165 31,934 33,965 35,032 38,786 Current liabilities 90, , , , ,022 Total equity and liabilities 20,286,052 17,388,554 19,364,805 15,805,967 12,930,795 INCOME STATEMENT (RS 000) 31 Dec Gross premiums 2,565,091 2,500,254 2,357,440 2,094,712 1,778,732 Net earned premiums 1,834,173 1,871,766 1,760,614 1,593,031 1,292,636 Underwriting surplus 249, , ,039 90, ,605 Investment and other income 118, ,081 93,884 93, ,314 Management expenses (161,973) (152,500) (152,122) (139,440) (119,527) Share of profit of Associated company and Joint Venture 7,463 4,982 9,696 14,971 - Profit before taxation 213, ,775 84,497 58, ,392 Taxation (19,638) (16,643) (4,848) (2,189) (4,906) Profit after taxation 193, ,132 79,649 56,720 99,486 Transfer to Statutory Reserve Fund (1,598) (4,425) Retained profit for the year 193, ,132 79,649 55,122 95,061 Minority interest (20,903) (16,154) (15,132) (17,833) (11,170) Profit attributable to shareholders 172, ,978 64,517 37,289 83,891 Dividends 50,199 43,028 39,442 35,857 35,857 STATISTICS Number of ordinary shares used in calculation 7,171,346 7,171,346 7,171,346 7,171,346 7,171,346 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook

98 United Basalt Products Ltd. SEM Code : UBP Classification : Industry Registered Office : Trianon, Quatre Bornes Directors* : Thierry Lagesse François Boullé Jean Giraud * Marc Freismuth Jean Michel Giraud Joël Harel Cyril Lagesse Raymond Lagesse Jean Claude Maingard Jean Mamet Alternate Directors : Arnaud LAGESSE Managing Director : Jean Michel GIRAUD Secretary : Christophe QUEVAUVILLIERS, F.C.C.A. Principal Activity : Manufacture and sale of building materials SUMMARY INFORMATION The Company was incorporated in July The activities of the group s subsidiaries and associate companies are all related to the building industry. Stock Exchange listing was granted on 29 June * In December 2008, Mr Jean Giraud resigned as Director of the Company and Mr. Jacques de Navacelle was appointed on January 1st, 2009 to replace him. 96 Handbook 2010

99 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 1,725,631 1,634,434 1,586, , ,893 Investment property 26,289 29,254 31,528 34,493 37,153 Bearer biological assets 20,474 19,204 17,705 15,748 11,212 Intangible assets 17,545 28,866 36,650 34,978 33,589 Investments in associates 100, , , , ,214 Available-for-sale investments 54,531 71, ,004 57,781 49,315 Other financial assets 13, , ,052 Deferred tax assets 3,188 2,531 1, Current assets 1,018, , , , ,402 Total assets 2,980,301 2,888,088 2,837,927 2,159,397 1,780,830 EQUITY AND LIABILITIES Capital and reserves Share capital 220, , , , ,917 Reserves 1,498,535 1,419,664 1,329, , ,487 Shareholders interests 1,719,452 1,640,581 1,550, , ,404 Minority interests 17,255 20,084 21,464 14,902 18,132 Non-current liabilities Long term borrowings 406, , , , ,511 Deferred tax liabilities ,543 Employee benefit obligations 83,685 78,683 75,631 72,054 69,664 Current liabilities 753, , , , ,576 Total equity and liabilities 2,980,301 2,888,088 2,837,927 2,159,397 1,780,830 INCOME STATEMENT (RS 000) 30 Jun Turnover 2,034,310 1,718,721 1,404,405 1,355,677 1,079,115 Operating profit 231, , , , ,985 Net finance costs (90,226) (94,137) (76,225) (50,763) (31,426) Share of profit of associates 32,660 29,323 11,748 11,771 15, ,395 97,172 38,806 75,972 91,681 Exceptional Items 2,574 85,249 11, , ,421 50,039 75,972 91,681 Taxation (29,437) (23,607) (15,823) (15,468) (18,002) Profit after taxation 147, ,814 34,216 60,504 73,679 Attributable as follows: Equity shareholders of the parent 149, ,456 34,000 61,378 73,101 Minority interest (1,896) (874) 578 Net profit for the year 147, ,814 34,216 60,504 73,679 Dividends 57,438 44,183 33,138 33,138 44,183 STATISTICS Number of ordinary shares used in calculation 22,091,702 22,091,702 22,091,702 22,091,702 22,091,702 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

100 United Docks Limited SEM Code : UDL Classification : Investments Registered Office : Kwan Tee Street, Caudan, Port Louis. Directors* : Marie Henri Dominique GALEA (Chairperson) Michel Eric Cyril MAYER Jean Claude BAISSAC (Managing Director) Joseph Alexis HAREL Anwar KATHRADA Lucia Marie Chantal Michele LIONNET Jacques Maurice Jules Felix MAUREL Mohammad Nassir RAMTOOLA Bernard Kuo Hsing WONG PING LUN Alternate Directors : M. H. Dominique GALEA Alternate to Lucia Marie Chantal Michele LIONNET Anwar KATHRADA Alternate to Joseph Alexis HAREL J. M. Jules Felix MAUREL Alternate to Bernard Kuo Hsing WONG PING LUN SUMMARY INFORMATION The Company was incorporated in United Docks Ltd was established to take over the assets and operations of Société United Docks together with the assets of the New Mauritius Dock Co Ltd and the Albion Dock Co Ltd. The main activities of the group consist of:: Real estate holdings and development Management of investments Renting of warehouses and offices Group Structure The Company has the following subsidiaries: Name Portion Held Activity Fanfaron Advertising Ltd. 99.9% Advertising United Docks (Overseas Investments) Ltd. 100% Investment holding The Group Thirty One (International) Ltd. 70% Risk management services United Properties Ltd. 100% Property development UDL Investments Ltd 100% Investment holding Stock Exchange listing was granted on 08 November * List of directors as at 25 June Handbook 2010

101 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (RS) 30 June Restated ASSETS Non-current assets Property, plant and equipment 1,923,745 3,778,610 18,213,478 15,866,606 14,666,456 Investment properties 1,783,697,000 1,783,697,000 1,590,013,000 1,102,900, ,648,447 Investments in associates - 2,711, , ,394,994 5,607,707 Available-for-sale investments 194,831, ,318, ,200,578 48,726, ,249,029 Deferred Development expenditure ,978,008 4,390,081 Retirement benefit assets ,203,000 Deferred tax assets ,124,493 - Current assets 25,435,329 58,345,627 57,239,935 68,834,177 77,897,382 Total assets 2,005,887,317 2,048,851,768 1,868,380,486 1,395,824,438 1,241,662,102 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 105,600, ,600, ,600, ,600, ,600,000 Share premium 24,631,914 24,631,914 24,631,914 24,631,914 24,631,914 Other reserves 23,520, ,362, ,940, ,603, ,833,951 Retained earnings 1,683,024,761 1,586,426,539 1,439,144,036 1,023,746, ,343,674 1,836,776,691 1,873,021,037 1,731,316,368 1,303,582,730 1,202,409,539 Minority interest 1, ,963 5, LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 51,902,676 63,743,734 5,888,244 1,997,285 1,240,802 Deferred tax liabilities ,288,150 Retirement benefit obligations 3,702,419 5,538,270 4,402,268 3,403,000 - Current liabilities 113,504, ,547, ,771,643 86,835,678 34,722,995 Total equity and liabilities 2,005,887,317 2,048,851,768 1,868,380,486 1,395,824,438 1,241,662,102 INCOME STATEMENT (RS) 30 June Revenue 14,645,614 13,449,388 14,655,551 17,808,430 30,642,642 Increase in fair value of investment properties - 181,804, ,113, ,251, ,474,110 Other income 704,610 1,927,152 26,013,253 31,590,634 6,342,050 Operating expenses (27,025,644) (25,564,314) (39,749,919) (36,170,250) (26,801,803) Operating (loss)/profit (11,675,420) 171,616, ,031, ,480, ,656,999 Finance costs (18,226,281) (18,884,940) (12,207,511) (3,923,223) (179,928) Share of profit of associates 1,678, , ,241 4,211,148 1,048,712 (Loss)/Profit on disposal of associates (1,203,460) Profit before exceptional items (29,426,291) 153,369, ,389, ,768, ,525,783 Exceptional items - - (52,485,517) (13,600,000) (29,460,200) Profit before tax (29,426,291) 153,369, ,904, ,168, ,065,583 Taxation (58,945) (47,316) (2,124,493) 5,390,931 1,087,622 (Loss)/Profit for the year (29,485,236) 153,321, ,779, ,559, ,153,205 Minority interest (374) 1,018 3,782 (5,129) (68) Profit attributable to equity holders of the company (29,485,610) 153,322, ,783, ,554, ,153,137 Dividends 12,672,000 10,560,000-22,176,000 22,176,000 STATISTICS Number of ordinary shares used in calculation 10,560,000 10,560,000 10,560,000 10,560,000 10,560,000 Earnings Per Share (Re) (2.79) Dividends Per Share (Re) Net Assets Value (Rs) Handbook

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