The essential link to worldwide capital markets

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2 AfrAsia Global Custody Services The essential link to worldwide capital markets Leveraging the platforms and infrastructure of its global custodians, AfrAsia Bank focuses on providing the highest quality offering to support its clients ambitions and strategies in more than 50 markets, including at least 20 markets in Africa. Our unique service proposition focuses on: Global clearing and settlement Recording investments once the trade is successfully settled Global custody and safekeeping of assets on an ongoing basis Corporation action management and prompt delivery of notices Treasury capabilities offering competitive FX rates Cash financing and management, including attractive interest rates on surplus funds A member of GML (230) afrasia@afrasiabank.com Mauritius South Africa - Zimbabwe

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4 THE STOCK EXCHANGE OF MAURITIUS IS PLEASED TO PRESENT THE HANDBOOK (OFFICIAL MARKET) THE 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 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 OF ANY USE OF THE SAID INFORMATION. APPROPRIATE INDEPENDENT ADVICE SHOULD BE OBTAINED BEFORE MAKING ANY INVESTMENT DECISION. 2 The Stock Exchange of Mauritius 4th Floor, One Cathedral Square Building 16, Jules Koenig Street, Port Louis Republic of Mauritius Tel : (230) Fax : (230) THE STOCK EXCHANGE OF MAURITIUS LTD

5 TABLE OF CONTENTS 06 Air Mauritius Ltd 08 Automatic Systems Limited 10 Belle Mare Holding Limited 12 Caudan Development Limited 14 Compagnie Des Magasins Populaires Limitée 16 Dale Capital Group Limited 18 ENL Commercial Limited 20 ENL Land Ltd 22 Fincorp Investment Limited 24 Gamma-Civic Ltd 26 Harel Mallac & Co. Ltd 28 Innodis 30 Ireland Blyth Limited 32 Lux Island Resorts Ltd 35 Mauritian Eagle Insurance Company Limited 37 The Mauritius Commercial Bank Ltd 39 The Mauritius Chemical & Fertilizer Industry Ltd 41 The Mauritius Development Investment Trust Company Ltd 43 Mauritius Stationery Manufacturers Limited 46 Mauritius Union Assurance Cy. Ltd 48 MOROIL Company Limited 50 National Investment Trust Ltd 52 New Mauritius Hotels Limited 54 Omnicane Limited 56 Phoenix Beverages Limited 58 Plastic Industry (Mtius) Ltd 60 P.O.L.I.C.Y. Ltd 62 Promotion and Development Ltd 64 Rogers and Company Limited 67 State Bank of Mauritius Ltd 69 Sun Resorts Ltd 72 Swan Insurance Company Ltd 75 Terra Mauricia Ltd 77 United Basalt Products Ltd 79 United Docks Ltd 81 Vivo Energy Mauritius THE STOCK EXCHANGE OF MAURITIUS LTD 3

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8 Air Mauritius Ltd SEM Code Classification Registered office Chairman Directors Company Secretary AIRM Transport Paille-en-Queue Court, President J.Kennedy Street, Port Louis Mr Rajkamal TAPOSEEA Mr Andries Nathaniel VILJOEN AG (CEO) Mrs Aisha TIMOL, G.O.S.K. Mr Kremchand BEEGOO Mr Dheerendra DABEE, G.O.S.K., S.C. Mr Dominique PATRY Mr Ali MANSOOR Mr Ramapatee GUJADHUR, C.S.K. Mr Gerard ESPITALIER-NOËL, C.S.K. Mr Philippe ESPITALIER-NOËL Mr Suresh SEEBALLUCK, G.O.S.K. Mr Timothy TAYLOR Mr Rohit NANDAN Mr F WOO SHING HAI, G.O.S.K Mr Raj RINGADOO Fooad NOORAULLY * List of Board Directors as at 14 June 2012 SUMMARY INFORMATION Air Mauritius Limited Air Mauritius was incorporated in 1967 a few months before the independence of Mauritius. Today it has grown to become a key driving force of the country s economy particularly that of its tourism sector. The airline offered around 1.8 million seats for last year and carried a record number of over 1.3 million passengers representing around half of the passenger traffic to and from Mauritius. Bridging Mauritius to the world The airline s network covers more than 20 destinations in Europe, Asia, Africa, and in the Indian Ocean. In addition it serves a number of destinations via hubs namely Charles de Gaulle and Kuala Lumpur. The company is developing new hubs, reinforcing existing airline partnerships and starting new ones. Growth is also being rebalanced on short and medium haul flights mainly around the Indian Ocean rim and emerging markets. Activities of the company 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 include its Helicopter Services, Ground Handling, Maintenance and Engineering, Pointe Coton which is a hotel in Rodrigues and Mauritius Estate Development Corporation Ltd (MEDCOR) which owns Air Mauritius Centre. The company also holds 100% of the share capital in Airmate Ltd which provides call center services to the airline. 6 THE STOCK EXCHANGE OF MAURITIUS LTD

9 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Mar ASSETS Non-current assets Property, plant and equipment 280, , , , ,822 Investment property 9,599 10,081 9,581 8,975 10,060 Intangible assets 956 1, Investment in associated companies Available-for-sale investment ,085 1,956 Other financial assets Deferred tax asset Long-term deposits 8,320 9,062 7,533 15,280 12,997 Long-term receivables ,397 Current assets 84,580 78,989 99, , ,018 Assets classified as held for sale - 2,271 5, Total assets 384, , , , ,236 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 (11,897) (16,358) (80,719) (6,786) (10,255) Retained earnings 61,451 50,722 59, , ,116 Proposed dividends Shareholders interests 110,147 94,957 39, , ,454 Minority interests 2,263 2,118 1,842 1,970 1,715 Non-current liabilities Borrowings and financial derivatives 75,015 98,772 79,052 84, ,343 Deferred credit Provisions 45,979 44,657 35,517 32,955 23,827 Current liabilities 151, , , , ,897 Total equity and liabilities 384, , , , ,236 INCOME STATEMENT (Rs 000) 31 Mar Turnover 436, , , , ,231 Gross Operating Profit / (Loss) 38,981 24,867 (14,308) 48,359 26,080 Administrative expenses (25,605) (20,092) (24,422) (25,982) (26,560) Profit on sale of investment Share of results of associates (7) (2) (66) 2 5 Other income 3,539 3,154 4,624 2,248 1,724 Fair value adjustments 39 (181) Net finance costs 5,794 (8,871) (875) (7,488) (8,113) Loss on derognition of liabilities - (4,806) (50,816) - - (Loss) / Profit before tax 11,153 (5,931) (85,263) 17,220 (6,473) Deferred tax (202) (104) (190) (210) (196) Share of tax of associates - - Profit after tax 10,951 (6,035) (85,453) 17,010 (6,669) Minority interests (203) (130) (221) (183) (130) Net (Loss) / profit for the year 10,748 (6,165) (85,674) 16,827 (6,799) Dividends - - 3,712 - STATISTICS Number of ordinary shares used in calculation 102,305, ,305, ,305, ,305, ,305,000 Euro Euro Euro Euro Euro Earnings/(Loss) Per Share 0.10 (0.06) (0.84) 0.17 (0.07) Dividends Per Share (Rs) Net Assets Value THE STOCK EXCHANGE OF MAURITIUS LTD 7

10 Automatic Systems Limited SEM Code Classification Registered office Directors ASL Leisure c/o Abax Corporate Administrators Ltd, 6th Floor, Tower A, 1 CyberCity, Ebene, Mauritius M. A. Eric ESPITALIER-NOEL (Chairperson) Ravindra CHETTY Jowaheer Lall DOOKUN M. L. Jean HARDY Hervé HENRY O. Farouk A. HOSSEN J.D. Gérard PASCAL John A. STUART Michel Joseph Laurence NAIRAC Alternate Directors Arvind Lall DOOKUN Alternate director to Jowaheer Lall DOOKUN Secretary & Transfer Registrar M. L. Jean HARDY Alternate director to Hervé HENRY and O. Farouk A. HOSSEN 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 THE STOCK EXCHANGE OF MAURITIUS LTD

11 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 31 Dec ASSETS Non-current assets 95,442 27,234 34,901 40,612 40,827 Current assets 16,895 32,804 32,085 36,856 15,474 Total assets 112,337 60,038 66,986 77,468 56,301 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 20,390 6,124 6,392 6,649 3,144 Total equity 46,303 32,037 32,305 32,562 29,057 LIABILITIES Non-current liabilities 2,061 2,855 3,417 3,420 3,085 Current liabilities 63,973 25,146 31,264 41,486 24,159 Total liabilities 66,034 28,001 34,681 44,906 27,244 Total equity and liabilities 112,337 60,038 66,986 77,468 56,301 STATEMENT OF COMPREHENSIVE INCOME (RS 000) 31 Dec Revenue 1,183,288 1,325,487 1,550,051 1,328, ,234 Operating profit 17,195 25,455 35,522 24,138 13,199 Finance income 505 2,119 2, Profit before taxation 17,700 27,574 37,596 24,793 13,402 Taxation (3,434) (4,864) (6,038) (3,613) (1,036) Profit for the year 14,266 22,710 31,558 21,180 12,366 Dividends declared - 22,978 31,815 17,675 10,605 STATISTICS 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) THE STOCK EXCHANGE OF MAURITIUS LTD 9

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

13 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 106, , , , ,812 Investment in associates 67,105 65,510 62,319 64,923 59,378 Investment in financial assets 1,297,881 1,189, , , ,929 Current assets 8,181 6,069 8,478 12,059 14,746 Total assets 1,479,891 1,368,060 1,050, , ,865 EQUITY AND LIABILITIES Capital and reserves Share capital 42,668 42,668 42,668 42,668 42,668 Reserves 920, , , , ,997 Retained earnings 453, , , , ,426 Shareholders interests 1,416,149 1,319,401 1,001, , ,091 Non-current liabilities Deferred tax liabilities - 15, Current liabilities 63,742 33,399 49,441 50,231 20,774 Total equity and liabilities 1,479,891 1,368,060 1,050, , ,865 INCOME STATEMENT (Rs 000) 31 Dec Turnover 33,269 27, ,492 27,807 25,805 Operating profit 27,080 24, ,861 23,369 21,495 Finance costs (2,026) (1,559) (3,043) (2,490) (1,356) Share of result of associates 3,421 4,755 14,905 9,043 9,302 Profit before tax 28,475 28, ,723 29,922 29,441 Taxation (370) (324) (352) (255) (290) Profit for the year 28,105 27, ,371 29,667 29,151 Profit attributable to shareholders of holding company 28,105 27, ,371 29,667 29,151 Dividends in cash 25,601 21,333 21,333 17,067 17,067 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) THE STOCK EXCHANGE OF MAURITIUS LTD 11

14 Caudan Development Limited SEM Code CAUD.N0000 Classification Investments Registered office MCB Centre,11-15, Sir William Newton Street, Port-Louis. Directors Jean Pierre MONTOCCHIO Arnaud DALAIS Thierry DALAIS Bertrand de CHAZAL Gilbert GNANY 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 Activity Property development and investment and the provision of security services SUMMARY INFORMATION The company was incorporated as a public company on 17 th 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 and Riche Terre. 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. Caudan is managed by its holding company, Promotion and Development Limited, an associated company of The Mauritius Commercial Bank Limited. 12 THE STOCK EXCHANGE OF MAURITIUS LTD

15 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 30 Jun ASSETS Non-current assets Investment property 3,644,391 3,640,962 3,633,001 3,182,427 2,183,325 Prepaid operating leases Property, plant and equipment 180, , , , ,713 Intangible assets 4,556 3,755 3,726 4,210 4,240 Investments in associate 18,647 19,926 23,922 22,671 18,423 Investments in available-for-sale financial assets 72,450 62,750 57,500 52,350 37,750 3,921,023 3,906,708 3,852,354 3,857,593 2,559,962 Current assets 144, , ,050 80,823 74,673 Total assets 4,065,089 4,008,573 3,992,404 3,938,416 2,634,635 EQUITY AND LIABILITIES Capital and reserves attributable to owners of the parent Share capital 819, , , , ,520 Share premium 2,862 2,862 2,862 2,862 2,862 Fair value reserve 19,950 22,750 17,500 12,350 (2,250) Retained earnings 1,981,015 1,960,710 1,960,268 1,907,710 1,203,606 Total equity 2,823,347 2,805,842 2,800,150 2,742,442 2,023,738 Non-current liabilities Borrowings 627, , , ,053 45,298 Deferred tax liabilities 233, , , , ,864 Retirement benefit obligations 10,113 7,863 4,778 2,703 1, , , , , ,925 Current liabilities 370, , , , ,972 Total liabilities 1,241,742 1,202,731 1,192,254 1,195, ,897 Total equity and liabilities 4,065,089 4,008,573 3,992,404 3,938,416 2,634,635 STATEMENT OF COMPREHENSIVE INCOME (RS 000) 30 Jun Turnover 466, , , , ,014 Operating profit 129, , , ,320 78,241 Dividend income 3,170 1,200 3,900 3,900 3,150 Net gain from fair value adjustment on investment property , ,877 - Net finance costs (69,147) (68,278) (61,483) (24,340) (18,003) Share of (loss)/profit of associate (1,279) (3,996) 10,737 13,303 9,320 Profit before tax 62,162 59, , ,060 72,708 Taxation (9,076) (9,733) (19,340) (105,785) (13,164) Profit for the year attributable to owners of the parent 53,086 49, , ,275 59,544 Dividends (MRs 000) 32,781 49,171 49,171 49,171 40,976 STATISTICS Number of ordinary shares used in calculation 819,520, ,520, ,520, ,520, ,520,000 Earnings per share (MRe) Adjusted earnings per share (excluding net gain on investment property) (MRe) Dividends per share (MRe) Net assets value (MRs) THE STOCK EXCHANGE OF MAURITIUS LTD 13

16 Compagnie des Magasins Populaires Limitée SEM Code Classification Registered office Directors Secretary Principal Activity CMPL Commerce 18, Edith Cavell Street, Port-Louis Antoine L. HAREL (Chairman) Jean Marie Noël de MARCY CHELIN (Managing Director) Barthélémy HAREL Charles P.L. HAREL Gaëtan LECLEZIO M.J.I.G. Michel PILOT L.J. Michel RIVALLAND, GOSK L.A. Alain VALLET HM Secretaries Ltd Retailing of perishable, non-perishable, general and textile goods SUMMARY INFORMATION Compagnie des Magasins Populaires Limitée (Monoprix) Compagnie des Magasins Populaires Limitée has been operating in the retail sector since 1975 and has been listed on the Stock Exchange of Mauritius Ltd since the 18th of February It is the accredited representative of the French retailing Group Monoprix a network of 300 shops worldwide. In Mauritius, Monoprix has strategically positioned itself as an up-market retail provider and has been associated with the Grandes Surfaces Réunies (GSR) group of retailers since It has uplifted its offer of unique products and services with its convenience urban-style concept in a strategic niche location. Monoprix caters for consumers looking for products and services which are rightly priced and allows for easy and fast shopping. 14 THE STOCK EXCHANGE OF MAURITIUS LTD

17 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 31 Dec ASSETS EMPLOYED Non-current assets Fixed assets 100,265, ,529, ,530, ,788, ,899,669 Intangible Assets 370, , , , ,173 Investments in subsidiary Investments in associate Investments 22,288,413 26,963,104 25,217,770 18,435,863 29,987,068 Current assets 47,461,962 41,742,169 38,369,858 38,325,598 48,441,353 Total assets 170,386, ,878, ,723, ,027, ,595,263 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 49,733,665 44,515,123 51,650,297 52,608,613 53,475,613 Fair Value Reserves (3,427,127) 388,373 (759,934) (8,075,563) 4,319,340 Retained earnings 23,155,382 22,007,299 19,879,281 25,017,696 31,023,134 Shareholders interests 91,465,404 88,914,279 92,773,128 91,554, ,821,571 Non-current liabilities Deferred tax 4,442,833 10,475,958 4,179,656 4,738,426 5,920,527 Retirement benefit obligations 4,391,759 4,233,620 3,752,526 3,553,242 3,215,538 Borrowings - 141,573 2,439,427 11,215, ,382 Current liabilities 70,086,183 70,113,184 70,578,436 57,966,174 63,149,245 Total equity and liabilities 170,386, ,878, ,723, ,027, ,595,263 THE STOCK EXCHANGE OF MAURITIUS LTD 15

18 Dale Capital Group Limited SEM Code Classification Registered office Directors Secretary Executive Directors and Senior Management Team Principal Activity DCPL.N0000 Foreign Akara Building, 24 de Castro Street, Wickham s Cay 1, Road Town, Tortola, British Virgin Islands Norman Theodore NOLAND (Executive Chairman & Chief Executive Officer) Sanjeeven RAMASAWMY (Financial Director) Nigel Hampton MCGOWAN (Non Executive Director) Jacobus Cornelis PAUW (Non Executive Director) Dale International Trust Company Limited Norman Theodore NOLAND (Executive Chairman & Chief Executive Officer) Sanjeeven RAMASAWMY (Financial Director) Allan Maynard BURGOYNE (Head of Property) Vanessa Lesley NORTHING (Head of Marketing) 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: SUMMARY INFORMATION 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. Through its affiliates 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. 16 THE STOCK EXCHANGE OF MAURITIUS LTD

19 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (USD) 28 Feb ASSETS Non-current assets Property, plant and equipment 20,168,631 22,072,174 17,598,806 Investment Property 1,062,400 1,181,372 - Intangible assets - 736, ,218 Investment in associate Investment in financial assets 4,713,877 9,229,542 7,905,694 Deferred taxation - 92,701 1,699,751 25,944,908 33,312,170 27,948,499 Current assets Inventories & deposits 159, , ,593 Trade and other receivables 52, ,213 3,124,266 Loans receivable 1,890,560 1,379, ,209 Cash and cash equivalents 56,855 1,099,096 82,131 2,159,784 2,972,195 4,697,199 Total Assets 28,104,692 36,284,365 32,645,698 EQUITY AND LIABILITIES Capital and reserves Stated capital 21,818,315 21,818,315 15,888,073 Treasury shares (1,980,397) (2,494,264) - Reserves 4,920,764 6,256,563 4,141,106 Retained earnings (13,366,199) (9,612,663) (6,209,395) Equity attributable to equity holders of the parent 11,392,483 15,967,951 13,819,784 Non-controlling interest 5,204,546 6,250,008 4,628,400 16,597,029 22,217,959 18,448,184 Non-current liabilities Borrowings 2,609,928 2,791,861 4,834,176 Financial liabilities 5,998,766 6,058,004 5,200,000 Deferred taxation ,916 8,608,694 8,849,865 10,050,092 Current liabilities Trade and other payables 811,222 2,074,695 2,610,617 Borrowings 526, , ,088 Bank overdraft 1,558,208 2,393,276 1,154,717 Taxation 3,435 5,162-2,898,969 5,216,541 4,147,422 Total Equity and Liabilities 28,104,692 36,284,365 32,645,698 Continuing Operations Revenue 2,443,975 2,351,250 1,084,646 Investment income 128,325 74, ,027 2,572,300 2,425,376 1,291,673 Expenses Administrative expenses 623, , ,575 Operating expenses 3,974,116 3,233,036 2,021,838 4,597,174 3,724,115 2,202,413 Loss from operations (2,024,874) (1,298,739) (910,740) Finance costs (1,482,811) (861,276) (419,230) Other losses on investments (982,650) (203,623) (3,684,393) Loss before taxation (4,490,335) (2,363,638) (5,014,363) Income tax expense (87,026) (1,692,639) (46,446) Loss for the year from continuing operations (4,577,361) (4,056,277) (5,060,809) Loss for the year from discontinued operations (102,770) - (3,183,988) Loss for the year (4,680,131) (4,056,277) (8,244,797) Other Comprehensive Income (1,335,799) 2,115,457 6,046,672 Non-Controlling interests (1,045,462) (653,009) 2,168,169 Total Comprehensive Loss - Equity Holders (4,970,468) (1,287,811) (2,198,125) Loss per share: From Continuing and Discontinued Operations (0.16) (0.15) (1.97) From Continuing Operations (0.16) (0.15) (0.95) Dividends per share Net Asset value per share* *The shares of the Company were split into 3 on 1 st March 2010 THE STOCK EXCHANGE OF MAURITIUS LTD 17

20 ENL Commercial Limited SEM Code Classification Registered office Directors Secretary Principal Activity GIDC Investments 7 th Floor, Swan Group Centre, Intendance Street, Port Louis. Gérard GARRIOCH (Chairman) Hector ESPITALIER-NOËL Eric ESPITALIER-NOËL Edouard ESPITALIER-NOËL Gilbert ESPITALIER-NOËL Louis RIVALLAND ENL LIMITED 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 ENL Commercial Limited was incorporated on 08 th May 1969 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 26 th June ENL Commercial Limited forms part of the ENL Group whose businesses are involved in the main sectors of the Mauritian economy. The core activity of ENL Commercial Limited is to invest in companies engaged in trade, industry and commerce and its main subsidiaries are: The Company has the following associates: 18 THE STOCK EXCHANGE OF MAURITIUS LTD

21 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (RS 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 622, , , , ,441 Investment properties ,446 Intangible assets 124,301 27,212 25,815 22,809 22,359 Investments in associates 35,986 22,288 23,679 20, ,338 Investments in financial assets 28, , , , ,716 Deposit on investments 9,321 52, , ,177 1,340,472 1,198,819 1,126,345 1,147,300 Current assets 1,032, , , , ,402 Non-current assets classified as held for sale 679,872 Total assets 2,532,474 1,936,254 1,759,037 1,882,138 1,682,702 EQUITY AND LIABILITIES Capital and reserves Share capital 177, , , , ,960 Reserves 878, , , , ,615 Equity holders interests 1,056,312 1,104,448 1,132,870 1,035, ,575 Non-controlling interests 17, (526) 37,036 Total equity 1,073,701 1,104,528 1,133,017 1,034, ,611 LIABILITIES Non-current liabilities Borrowings 403, , ,197 88, ,674 Deferred tax liabilities 27,635 3,307 3,721 3,707 2,739 Retirement benefit obligations 47,493 19,173 17,902 17,724 17,518 Deferred income , , , , ,931 Current liabilities 980, , , , ,160 Total equity and liabilities 2,532,474 1,936,254 1,759,037 1,882,138 1,682,702 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Sales 2,631,792 1,345,657 1,324,690 1,262,597 1,105,274 Profit before finance costs 131,036 67,016 69, ,874 92,286 Fair value adjustments 0 1,490 (6,761) 1,425 10,720 Finance costs (74,016) (29,045) (54,978) (79,633) (68,651) Profit on disposal of investments and others 47,345 (780) 8, ,367 (9,342) Share of results of associated companies (3,937) (4,760) 18,866 67,073 26,731 Profit / (loss) before tax 100,428 33,921 35, ,106 51,744 Taxation (10,165) (7,422) (4,529) (4,513) (3,572) Profit / (loss) after tax 90,263 26,499 30, ,593 48,172 Dividends 26,255 23,338 23,338 17,503 8,752 STATISTICS Number of ordinary shares in issue 29,172,500 29,172,500 29,172,500 29,172,500 29,172,500 Earnings / (loss) Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 19

22 ENL Land Ltd SEM Code Classification Registered office Directors Company Secretary Manager Principal Activities SAVA Sugar 7 th Floor, Swan Group Centre, Intendance Street, Port Louis. Louis RIVALLAND (Chairman) Eric ESPITALIER-NOËL Gilbert ESPITALIER-NOËL Hector ESPITALIER-NOËL M.P. Roger ESPITALIER-NOËL G. Jean Raymond HARDY Jean Claude LECLÉZIO Jean-Pierre MONTOCCHIO Jean Claude R. GIRAUD ENL Limited ENL Limited Sugar cane cultivation, agribusiness and property development and management SUMMARY INFORMATION ENL Land Ltd (previously known as The Savannah Sugar Estates Company Limited) was incorporated on 21 st May 1913 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 27 th December ENL Land forms part of the ENL Group whose businesses are involved in the main sectors of the Mauritian economy. ENL Land manages some 16,000 acres of land situated mainly in the Moka and Savannah regions. It has recently rationalised its structures with a view to enhance the efficiency of both its agricultural and property development segments and has created two wholly owned subsidiaries, namely, ENL Agri Limited and ENL Property Limited. Most of the land of the group is dedicated to sugar cane cultivation. ENL Agri is currently gearing up to implement its new strategic plan, which aims at making agriculture more economically sustainable in a future which no longer holds the safety net of preferential trade agreements. ENL Agri produces an average of 385,000 tons of sugar cane a year. It is also involved in cattle, deer, chicken farming as well as growing food crops, ornamental shrubs, trees and tropical flowers. In recent years, ENL Land has ventured into property development through ENL Property. Small portions of its estates have been carved out for the construction of malls, high end residential estates, integrated resorts and office facilities. A number of these promising property developments have been completed while others are already under way namely Mall of (Mauritius) at Bagatelle, Helvétia and Kendra Commercial Centres, Les Allées d Helvétia and Gros Bois residential, Villas Valriche and Vivéa Office Park. In addition, ENL Land holds 28.4% in ENL Investment Limited, the investment arm of the ENL Group, which has significant interests in the Rogers Group, New Mauritius Hotels Ltd, Food and Allied Industries Group and Swan Group. 20 THE STOCK EXCHANGE OF MAURITIUS LTD

23 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 7,853,715 7,142,459 2,981,594 1,232,277 1,268,065 Deferred expenditure 293, , , ,435 67,099 Investment properties 2,722,320 44,498 8,830 9,146 9,463 Intangible assets 428, , ,269 42,723 32,011 Investments in associated companies 1,777,025 1,795,837 1,202,060 1,521,052 1,173,464 Investment in jointly controlled entity 1,256, , Investments in financial assets 372, ,460 45,433 10,242 98,660 Deposit on shares Bearer biological assets 107, ,724 68,126 63,989 71,242 Non-current receivables 295, , ,000 Deferred tax assets ,106,869 11,231,581 4,728,847 3,031,882 2,762,004 Current assets 715, , , , ,216 Non-current assets classified as held for sale 146,998 16,279 40,034 34,116 - Total assets 15,968,962 11,906,904 4,993,695 3,366,667 3,094,220 EQUITY AND LIABILITIES Capital and reserves Share capital 6,030,058 98,783 43,920 43,920 43,920 Revaluation, fair value and other reserves 3,757,401 8,162,580 3,748,954 2,123,802 1,903,267 Retained earnings/(revenue deficit) 2,989, ,346 (207,677) (238,720) (216,743) 12,776,478 8,789,709 3,585,197 1,929,002 1,730,444 Treasury shares (2,295) Owners interests 12,776,478 8,787,414 3,585,197 1,929,002 1,730,444 Non controlling interests 471, ,898 (55,523) - - Total equity 13,247,532 9,135,312 3,529,674 1,929,002 1,730,444 LIABILITIES Non-current liabilities Borrowings 327, , , , ,061 Retirement benefit obligations 174, ,517 97,144 94, ,342 Deferred income 301, , , Deferred taxation 823,320 1,627,348 1,176, , , ,403 Current liabilities 1,094,082 1,595, , , ,373 Total equity and liabilities 15,968,962 11,906,904 4,993,695 3,366,667 3,094,220 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun THE GROUP Turnover 699, , , , ,434 Operating profit (29,658) (162,605) 21,764 36,819 60,135 Other income 25,208 15, ,450 6,732 Finance costs (62,617) (87,707) (98,445) (145,079) (121,398) Sales of land, investments and others 18, ,721 47,200 (93,666) 23,690 Relocation cost of poultry (75,505) Fair value gain on investment properties 1,840,948 Goodwill on acquisition written off net of negative goodwill (118,303) Amortisation of deferred expenditure (58,466) (40,596) (22,687) (12,311) (1,935) Share of results of associates and jointly controlled entity 335,189 76,459 73, ,447 (38,310) (Loss)/profit before taxation 1,875,368 (44,122) 21,722 (73,340) (71,086) Taxation (49,014) (5,389) (639) - - (Loss)/profit for the year 1,826,354 (49,511) 21,083 (73,340) (71,086) Dividends 195,875 72,120 21,960-26,352 STATISTICS Weighted average number of ordinary shares in issue 210,524, ,451,349 4,392,036 4,392,036 4,392,036 (Loss)/earnings per Share (Re) 8.25 (0.19) (16.70) (16.19) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 21

24 Fincorp Investment Limited SEM Code Classification Registered office Directors Secretary Transfer Registrar FINCORP Investment Company 9-15 Sir William Newton Street, Port Louis. 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. Jean Francois DESVAUX DE MARIGNY 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, 33.7% of Caudan Development Ltd. The issued share capital of the company consists of 103,355,340 shares of Re.1 each. 22 THE STOCK EXCHANGE OF MAURITIUS LTD

25 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 315, , , , ,897 Intangible assets 145 3,888 7,671 11,646 15,684 Investment in associates 3,391,948 3,419,949 3,394,559 3,513,123 3,106,399 Investment in securities - available-for-sale 324, , , , ,746 - held to maturity Loan receivable 311, , , , ,274 Finance lease receivables 1,541,588 1,334,919 1,265,423 1,385,527 1,318,264 Deposits with bank 200, , ,000 94,000 94,000 Current assets 978, , ,223 1,211, ,529 Total assets 7,062,774 6,649,911 6,455,281 6,518,234 5,959,793 EQUITY AND LIABILITIES Capital and reserves Share capital 103, , , , ,355 Reserves 3,236,883 3,240,326 3,209,466 3,367,511 2,973,221 Shareholders interests 3,340,238 3,343,681 3,312,821 3,470,866 3,076,576 Non-current liabilities Deposits 1,861,541 1,093,709 1,930,221 2,357,065 1,311,013 Debenture loans Borrowings 461, , , , ,274 Deferred tax liabilities 11,397 9,234 12,344 12,361 13,103 Current liabilities 1,387,986 1,817,102 1,138, ,760 1,238,827 Total equity and liabilities 7,062,774 6,649,911 6,455,281 6,518,234 5,959,793 INCOME STATEMENT (Rs 000) 30 Jun Turnover 382, , , , ,274 Operating profit/(loss) 9,991 (19,638) (1,499) 20,679 80,730 Transfer from revaluation reserve Share of result of associates 19,146 (13,967) 135, , ,273 Loss on disposal of subsidiary (143) Profit before tax 29,137 (33,605) 133, , ,860 Taxation (7,761) (3,199) (6,499) (8,419) (10,319) Profit attributable to shareholders of holding company 21,376 (36,804) 127, , ,541 Dividends 25,839 15,504 51,678 62,013 65,373 STATISTICS Number of ordinary shares used in calculation 103,355, ,355, ,355, ,355, ,686,000 Earnings Per Share (Rs) 0.21 (0.36) Earnings Per Share (excluding fair value adj.) (Re) 0.21 (0.36) Dividends Per Share (Re) Net asset value per share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 23

26 Gamma-Civic Ltd SEM Code Classification Registered office Directors Secretary and Transfer Office Activities GAMMA-CIVIC Industry Level 3, Alexander House, 35 Cybercity, Ebene. Carl AH TECK (Chairman) Tommy AH TECK Patrice AH TECK Alex FON SING C.B.E Clifford FON SING Cyril HOW KIN SANG Adam MOOLLAN Dr Pitumber Rye RAMDENEE Intercontinental Secretarial Services Ltd Stone crushing and block manufacturing, readymix concrete, asphalt and roadworks, building and civil engineering contracting, property development and investment, sale of construction equipment and vehicles, lottery, cement and hospitality. 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 vehicles; lottery; cement; and hospitality. 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 THE STOCK EXCHANGE OF MAURITIUS LTD

27 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 961,588,174 1,133,265, ,872, ,882, ,324,075 Intangible assets 33,827,046 78,952, ,713,775 87,378,980 46,368,790 Investments in associates and joint venture 693,180, ,033, ,223, ,660, ,316,584 Investment properties 1,414,585,967 1,393,889,190 1,064,760, ,810, ,914,683 Other investments 14,319,415 14,105,915 13,997,415 14,633,415 15,000,415 Amounts due from associates 20,264,977 34,147,525 34,147,525 34,147,525 34,147,525 Non-current deposits and prepayments 91,844,534 41,287,969 39,173,995 19,801,055 8,482,544 Current assets 2,806,063,905 1,429,972,117 1,346,781,767 1,219,597, ,403,112 Total assets 6,035,674,426 4,585,654,673 3,808,670,979 2,723,911,889 2,015,957,728 EQUITY AND LIABILITIES Capital and reserves Stated capital 133,250, ,250, ,250, ,250, ,250,000 Share premium 86,482,579 86,482,579 86,482,579 86,482,579 86,482,579 Reserves 192,659, ,117, ,265, ,609, ,883,459 Retained earnings 1,916,999, ,319, ,782, ,072, ,065,086 Shareholders interests 2,329,391,652 1,231,169,595 1,086,781, ,414, ,681,124 Non-controlling interests (65,035,979) (4,457,490) 18,093,410 3,086, ,911 Non-current liabilities Borrowings 908,999,537 1,030,902, ,095, ,901, ,038,809 Retirement benefit obligations 171,185,000 54,346,000 50,360,000 46,100,000 42,427,000 Deferred tax liability 47,945,889 31,722,497 44,814,190 4,629,795 7,194,778 Current liabilities 2,643,188,327 2,241,971,544 1,690,526,772 1,454,779, ,338,106 Total equity and liabilities 6,035,674,426 4,585,654,673 3,808,670,979 2,723,911,889 2,015,957,728 INCOME STATEMENT (Rs) 30 Jun Continuing Operations Turnover 4,509,368,800 3,115,123,698 2,300,698,653 2,148,986,631 1,759,230,806 Operating profit/(loss) 595,396,507 (253,559,770) 174,139, ,984,452 89,189,335 Net gain from fair value adjustment on investment properties 17,448, ,719, ,643,925 20,214,573 - Net finance costs (137,408,018) (151,659,487) (125,278,705) (77,400,175) (64,525,202) Share of profit of associates 17,084,813 57,185,590 63,283,537 52,285,024 43,562,702 Profit before taxation 492,521,767 18,685, ,788, ,083,874 68,226,835 Taxation 83,132,500 8,881,594 (49,191,134) (14,579,664) (7,445,488) Profit for the year from continuing operations 575,654,267 27,567, ,597, ,504,210 60,781,347 Discontinued Operations Profit for the year from discontinued operations 163,705,618 98,641, Profit for the year 739,359, ,208, ,597, ,504,210 60,781,347 Loss/(profit) for the year attributable to non-controlling interests 70,834,539 35,051,900 32,518, ,524 (16,330) Profit for the year attributable to the owners of the company 810,194, ,260, ,115, ,624,734 60,765,017 Dividend 53,300,000 56,631,250 33,312,500 46,637,500 29,981,250 STATISTICS Number of ordinary shares used in calculation of Earnings per Share 13,325,000 13,325,000 13,325,000 13,325,000 13,325,000 Number of ordinary shares used in calculation Dividends per Share 13,325,000 13,325,000 13,325,000 13,325,000 13,325,000 Number of ordinary shares used in calculation Net Assets Value 13,325,000 13,325,000 13,325,000 13,325,000 13,325,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 25

28 Harel Mallac & Co. Ltd. SEM Code Classification Registered office Directors Secretary H. MALLAC COMMERCE 18 Edith Cavell Street, Port-Louis Antoine L. HAREL (Chairman) Christopher BOLAND (Chief Executive Officer) Dean AH CHUEN R. J. Paul CLARENC Anne Christine LEVIGNE-FLETCHER Charles P. L. HAREL Jérôme de CHASTEAUNEUF Anwar H. MOOLLAN L. J. Michel RIVALLAND, GOSK Frédéric G. TYACK HM Secretaries Ltd SUMMARY INFORMATION Harel Mallac s origins date back to the 1830s, 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 in the capital city of Port-Louis, Harel Mallac & Co. Ltd. was incorporated in Group Profile The Harel Mallac Group is a diversified Mauritian conglomerate involved in various key industries which include Chemicals, Information Technology, Engineering, Business Process Outsourcing, Travel and Leisure, and Retail, amongst others. In recent times, the Group has grown significantly, both organically and through acquisitions, whilst gearing itself for the African market growth with new ventures in the currently developing countries of Sub-Saharan and Eastern Africa. Listed on the Stock Market of Mauritius since 1991, the Group is among the leading companies in the country and has built strong relations with its various stakeholders. Strategic Business Arms/Units of the Group The Group is made up of six Strategic Business Arms comprising 25 individual Business Units. It also has investments in leading Associate Companies in the regional market. Operating within a business excellence framework and ethical business practices, the Harel Mallac Group has been able to forge a reputation of a trustworthy organisation with strong values whilst enhancing its capabilities and effectiveness in all its operations. The six Strategic Business Arms are: Technology Arm Chemical Arm Engineering Arm Distribution Arm Services Arm Corporate Services Arm The Group also has shares in Associate Companies: Total Mauritius Limited, Mauvilac Industries Limited and Rehm Grinaker Construction Company Limited are among leaders in their respective industries. Operating within a business excellence framework and ethical business practices, the Harel Mallac Group has been able to forge a reputation of a trustworthy organisation with strong values whilst enhancing its capabilities and effectiveness in all its operations. 26 THE STOCK EXCHANGE OF MAURITIUS LTD

29 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 759, , , , ,380 Investment properties 316, , , Intangible assets 165, ,266 90,983 37,996 30,092 Investments in associated companies 327, , , , ,437 other securities 115, , ,552 66, ,994 Non-current receivables 1,138 1,144 5,224 8,308 10,465 Deferred tax assets 1,241 1, ,379 2,716 Retirement benefit assets 4,593 4,480 5,020 1, Non-current assets classified as held for sale 35,388 35, Current assets 1,892,752 1,583,219 1,511,812 1,424, ,271 Total assets 3,619,996 3,209,257 2,840,638 2,531,391 2,069,492 EQUITY AND LIABILITIES Capital and reserves Share capital 112, , , , ,594 Revaluation and other reserves 358, , , , ,021 Fair value reserves 35,712 32,247 33,624 6,404 48,454 Retained profit 1,454,351 1,349,418 1,239,366 1,013, ,595 Shareholders interests 1,960,748 1,825,103 1,624,847 1,261,741 1,093,664 Minority interests 337, , , , ,714 Non-current liabilities Borrowings 76,975 97, , , ,440 Deferred tax liabilities 57,681 92,281 25,730 20,748 21,216 Retirement benefit obligations 42,125 41,465 40,957 41,123 45,730 Provision for other liabilities and charges 14,575 17, Current liabilities 1,130, , , , ,728 Total equity and liabilities 3,619,996 3,209,257 2,840,638 2,531,391 2,069,492 INCOME STATEMENT (Rs 000) 31 Dec Turnover 3,521,008 3,149,331 2,795,038 2,589,944 2,105,205 Profit from operations 132, , , , ,398 Profit on disposal of associates 81,356-38, Reorganisation costs (24,592) Profit on disposal of investments ,439 - Profit on disposal of plant and machinery Impairment on goodwill/ investments (22,471) Provision for bad debts Net finance (costs) / income (29,369) (35,575) (35,946) (38,081) (39,414) Exceptional items ,317 Share of profit of associates 66,884 70,362 81, ,202 76,965 Profit before taxation 228, , , , ,674 Income tax (29,740) (26,854) (28,126) (28,121) (13,536) Profit after taxation 198, , , , ,138 Minority interest 48,356 42,591 31,102 (20,374) (26,756) Net profit for the year 150, , , ,842 98,382 Dividends 45,038 45,038 30,963 26,797 23,645 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) THE STOCK EXCHANGE OF MAURITIUS LTD 27

30 Innodis SEM CODE Classification Registered Office Directors Principal Activity HWF Commerce Innodis Building, Caudan, Port Louis Sir René SEEYAVE CBE (Chairman) Mr. Jean HOW HONG (Chief Executive Officer) Mr. Maurice de MARASSÉ 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 Poultry farming, manufacturing, marketing and distribution of food and grocery products 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 then, 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 manages and operates three cash and carry outlets under the Supercash and is the franchiser for Point Frais, dedicated and expert outlets in the sale of chilled chicken, fresh fish and other frozen products. Just recently, INNODIS acquired a majority stake in Meaders Feeds Ltd, in line with its strategy to be more vertically integrated in the poultry operations. 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. 28 THE STOCK EXCHANGE OF MAURITIUS LTD

31 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 1,454,092 1,250,512 1,266,786 1,189,767 1,199,667 Investment property 3,561 4,031 4, Biological assets 38,912 32,091 27, Intangible assets 28,554 36,122 41,935 47,748 61,286 Investments in associates 4,633 81,795 75,177 68,794 57,921 Available-for-sale investments 1,209 1,209 1,209 1,209 1,181 Receivables 18,743 19,268 19,822 20,332 20,865 Deferred taxation Current assets 1,275, , , , ,018 Total assets 2,825,161 2,343,203 2,304,415 2,033,820 1,952,938 EQUITY AND LIABILITIES Capital and reserves Share capital 367, , , , ,303 Share premium 5,308 5,308 5,308 5,308 5,308 Reserves 327, , , , ,121 Foreign exchange translation reserve (24,168) (38,534) (5,871) 6, Retained earnings 637, , , , ,457 Shareholders' interests 1,312,599 1,233,405 1,184,340 1,005, ,347 Minority interests 65,709 52, , ,438 Non-current liabilities Deferred tax 87,689 63,296 57,863 28,323 20,236 Retirement benefits obligations 33,052 27,472 26,369 32,164 40,223 Borrowings 131, , , , ,973 Total equity and liabilities 2,825,161 2,343,203 2,304,415 2,033,820 1,952,938 STATEMENT OF COMPREHENSIVE INCOME (Rs) 30 Jun Turnover 3,352,013 2,815,626 2,762,351 2,744,705 2,387,507 Operating profit 274, , , ,296 49,870 Finance costs (47,280) (34,261) (21,215) (49,425) (47,786) Share of profit of associates 7,629 15,392 14,298 17,183 8,835 Profit before taxation 234, , , ,054 10,919 Taxation (35,269) (33,030) (42,510) (28,631) (12,580) Profit/(Loss) attributable to shareholders 199, , ,556 94,423 (1,661) Minority interest (11,025) 4,266 (6,973) 15,862 23,794 Net Profit 188, , , ,285 22,133 Dividends 62,658 51,422 44, ,038 STATISTICS Number of ordinary shares used in calculation ,730,266 36,730,266 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 29

32 Ireland Blyth Limited SEM Code Classification Registered office Directors Company Secretary Principal Activity IBL COMMERCE IBL House, Caudan, Port Louis. Thierry LAGESSE (Chairman) Nicolas MAIGROT Christian DE JUNIAC J. M. Bertrand HARDY Jason HAREL Arnaud LAGESSE J. Cyril LAGESSE Gaëtan LAN HUN KUEN Jean RIBET Louis RIVALLAND Michel Guy RIVALLAND Simon Pierre REY 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 17 th 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 six main sectors, namely Commerce, Engineering, Logistics Aviation & Shipping, Financial Services, Retail and Seafood & Marine. The group has some 7,000 employees. 30 THE STOCK EXCHANGE OF MAURITIUS LTD

33 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 6 months 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 5,578,740 5,228,598 4,386,076 4,249,063 3,676,747 Investment property 97, ,000 Intangible asset 553, , , , ,789 Investments in associated companies 919, , ,613 1,811,075 1,623,568 Investments in securities 452, , , , ,999 Finance lease receivables 758, , , ,746 1,060,547 8,361,257 7,649,821 6,833,410 7,772,686 7,589,650 Current assets 6,479,109 6,030,519 5,881,240 5,804,496 5,521,323 Total assets 14,840,366 13,680,340 12,714,650 13,577,182 13,110,973 EQUITY AND LIABILITIES Capital and reserves Share capital 714, , , , ,383 Share premium 192, , , , ,097 Revaluation reserves 911, , , , ,466 Translation and other reserves 465, , ,964 1,043, ,501 Retained profit 1,276,751 1,077, ,031 1,068,013 1,039,526 3,559,813 3,384,432 2,724,917 3,479,179 3,289,973 Non-controlling interests 590, , , , ,229 4,150,524 3,891,188 3,190,282 3,925,949 3,749,202 Non-current liabilities Obligations under finance lease 20,097 58,401 85, , ,817 Long-term loans 1,530,218 1,578,361 1,859,771 1,864,106 2,420,510 Deferred taxation 165,356 55, Retirement benefit obligations 156, , , , ,163 1,871,943 1,826,090 2,068,393 2,114,018 2,742,490 Current liabilities 8,302,313 7,377,759 6,903,612 7,055,583 6,205,529 Life assurance fund 515, , , , ,752 Total equity and liabilities 14,840,366 13,680,340 12,714,650 13,577,182 13,110,973 INCOME STATEMENT (Rs 000) 6 months 30 Jun Revenue 16,157,096 6,679,478 13,208,847 12,909,578 11,693,781 Profit from operations 977, , , , ,010 Profit on disposal of related companies Surplus arising on distribution of investment ,328 - Net finance costs (426,711) (208,280) (453,477) (533,400) (503,851) Share of profit of associates 111,469 59, , , ,086 Profit before taxation 662, ,042 1,498, , ,245 Income tax (86,353) (33,342) (61,904) (62,928) (44,928) Profit after taxation 575, ,700 1,436, , ,317 Non-controlling interest (71,982) (29,375) (75,362) (35,927) (53,761) Net profit for the year 503, ,325 1,361, , ,556 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) THE STOCK EXCHANGE OF MAURITIUS LTD 31

34 Lux Island Resorts Ltd SEM Code Classification Registered office Chairman Chief Executive Officer Directors Company Secretary Executive Team LIR Hotel & Leisure 58, Pierre Simonet Street, Floréal. Arnaud LAGESSE Paul JONES Arnaud LAGESSE Paul JONES Jean-Claude BÉGA Jean de FONDAUMIÈRE Laurent de La HOGUE Désiré ELLIAH Alexis HAREL Julian HAGGER J. Cyril LAGESSE Stéphane LAGESSE Christof ZUBER Jean Raymond HAREL (Alternate to Alexis Harel) Amaury LAGESSE (Alternate to Stéphane Lagesse) Hugues LAGESSE (Alternate to J. Cyril Lagesse) Dev POOLOVADOO (Alternate to Désiré Elliah) Poséidon Limitée Per Désiré ELLIAH Paul JONES (Chief Executive Officer) Désiré ELLIAH (Chief Financial Officer) Julian HAGGER (Chief Sales and Marketing Officer) Nicolas AUTREY (Group Human Resources Manager) Guillaume VALET (Group Head of Legal, Secretarial and Corporate Affairs) Jeff BUTTERWORTH (Chief Spa & Wellness Officer) SUMMARY INFORMATION Lux Island 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. Lux Island Resorts Ltd owns and manages 9 hotels in the Indian Ocean, namely: LUX*Belle Mare and its twelve luxury villas, LUX*Grand Gaube, LUX*Le Morne, Tamassa, Merville Beach in Mauritius, where it also runs the private, one-villa Ile des Deux Cocos in Blue Bay; LUX*Maldives, in the Maldives; 2 hotels in Reunion Island; LUX*Ile de la Réunion, 5-star and Hôtel Le Récif, 3-star. 32 THE STOCK EXCHANGE OF MAURITIUS LTD

35 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 7,720,305 5,747,713 6,367,513 6,400,486 3,568,925 Intangible assets 1,139, , , , ,366 Investments in associated companies 194, , , , ,968 Investments in securities 94 26,067 28,427 32,906 28,111 Non-current receivable 57,138 51, , ,750 - Deferred tax assets 19,733 27,933 71,953 71,971 62,511 Retirement benfit asset 12,277 6,592 4,528 2,256 - Current assets 1,060,317 1,420,004 1,323,441 2,040,319 1,292,019 Assets classified as held for sale 132, , ,450 Total assets 10,336,220 8,525,274 8,806,031 9,290,734 5,886,350 EQUITY AND LIABILITIES Capital and reserves Share capital 1,140, , , , ,568 Share premium 391, , , , ,386 Treasury shares (18,081) (18,081) (18,081) (18,081) - Other reserves 1,339,963 1,469,091 1,479,595 1,465, Retained earnings 550, , ,467 1,154, Shareholders interests 3,404,983 2,995,537 3,262,935 3,658,947 2,366,763 Non-controlling interest 87, ,684 Non-current liabilities Borrowings 4,722,196 3,277,805 3,046,922 2,613,324 1,741,483 Deferred tax liabilities 323, , , , ,854 Retirement benefit obligations 32,497 27,612 24,483 20,032 17,762 Government grants 20,764 11, Current liabilities 1,744,521 1,889,000 2,134,553 2,645,904 1,336,093 Liabilities directly associated with the assets classified as held for sale ,711 Total equity and liabilities 10,336,220 8,525,274 8,806,031 9,290,734 5,886,350 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Revenue 3,153,615 1,166,071 2,390,338 2,470,551 2,413,767 Operating profit before exceptional items 433,635 (10,039) 132, , ,427 Exceptional Items , ,807 Finance costs (322,794) (155,085) (324,539) (195,983) (116,432) Share of results in associated companies (66,372) (61,990) (173,236) (155,018) (38,797) (Loss)/Profit before tax 44,469 (227,114) (365,071) 277, ,005 Taxation (32,963) (29,780) (2,409) (7,266) (56,596) (Loss)/Profit after tax 11,506 (256,894) (367,480) 269, ,409 Non-controlling interest (4,947) - - 6,634 (87,113) (Loss)/Profit attributable to shareholders 6,559 (256,894) (367,480) 276, ,296 Dividends declared , , ,771 STATISTICS Ordinary shares in issue 114,034,651 86,256,873 86,256,873 86,256,873 86,256,873 Earnings Per Share after exceptional items (Rs) 0.07 (2.99) (4.27) Dividends Per Share (Rs) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 33

36 WE VE GOT YOU COVERED Mauritian Eagle Leasing Co IBL House, 2nd Floor, Caudan, Port-Louis. Tel: (230) /52 - Fax: (230) leasing@mauritianeagle.com deposit@mauritianeagle.com Head office 1st Floor, IBL House, Caudan Port Louis. Tel: (230) Fax: (230) caudan@mauritianeagle.com 34 THE STOCK EXCHANGE OF MAURITIUS LTD Mauritian Eagle Life Co 12th Floor Raffles Tower, Cybercity, Ebene. Tel: (230) Fax: (230) ebene@mauritianeagle.com

37 Mauritian Eagle Insurance Company Limited SEM Code Classification Registered office MEI Insurance IBL House, Caudan Waterfront, Port Louis. Directors Nicolas Marie Edouard MAIGROT (Chairman) - (appointed on 31 st January 2011) André CHUNG SHUI, F.C.A., (Managing Director) - (appointed on 1 st July 2011) 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. (resigned on 20 May 2012) Dylan GARNETT, (appointed on 27 th June resigned on 31 st May 2012) Eric VENPIN, F.C.A., T.E.P. (resigned on 30 th June 2011) Mosidi Faith SHOMANG, BA Hons, MBL (appointed on 8 th April resigned on 30 th April 2011) Company Secretary Transfer Secretary Principal Activity Simon Pierre REY, B.A (Hons) ECON, A.C.A MCB Registry & Securities Insurance and leasing businesses 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 was engaged in the general insurance business and covers fire and allied perils, accident, engineering, motor, and marine. In 1991, a life insurance department was set up. Stock Exchange listing was granted on 1 st December Mauritian Eagle Insurance started its leasing operation in 2002 through its subsidiary Mauritian Eagle Leasing Company Limited. 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 2700:12005 ISMS Standard. In September 2009, Mauritian Eagle Insurance successfully upgraded its QMS to the ISO 9001:2008 Standard. As from 1 st January 2011, all the long term activities of Life business have been transferred to Mauritian Eagle Life Company Limited, a wholly owned subsidiary of Mauritian Eagle Insurance Company Limited. THE STOCK EXCHANGE OF MAURITIUS LTD 35

38 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 JUN ASSETS EMPLOYED Non-current assets Intangible assets 11,362 13,637 14,745 15,434 10,434 Propety, plant and equipment 445, , , , ,768 Investment in associate 31,259 27,714 24,368 21,045 17,013 Statutory and other deposits 6,500 16,000 15,000 3,000 1,000 Other investments 397, , , , ,937 Mortgage and other loans 105, , , , ,037 Finance lease receivables 790, , ,224 1,011,331 1,075,653 Deferred tax assets ,789,057 1,489,966 1,582,422 1,584,011 1,639,842 Current assets 1,263,430 1,616,648 1,244,197 1,067, ,363 Total assets 3,052,487 3,106,614 2,826,619 2,651,282 2,571,205 EQUITY AND LIABILITIES Capital and reserves Share Capital 80,000 80,000 80,000 80,000 80,000 Share premium Revaluation reserve 19,754 19, Investment revaluation reserve 36,409 11,609 19,718-29,884 29,759 Retained profit 372, , , , ,763 Equity attributable to equity holders of the parent 508, , , , ,522 Minority interest 99, , , , ,986 Total equity 608, , , , ,508 Statutory reserve fund 2,334 2,334 2,334 2,061 1,779 Insurance funds General insurance fund 167, , ,879 94,463 65,750 Life insurance fund 515, , , , ,103 Non-current liabilities Loans 45,076 12,927 1,025-68,214 Deposits from clients 543, , , , ,757 Deferred tax liability 11,581 13,044 7,902 6,473 3,917 Current liabilities 1,158,604 1,118, , , ,177 Total equity and liabilities 3,052,487 3,106,614 2,826,619 2,651,282 2,571,205 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 12 months 6 months 30 JUN Gross insurance premiums 864, , , , ,721 Gross lease rental income 391, , , , ,010 1,256, ,834 1,047,210 1,060,894 1,127,731 Net revenue 728, , , , ,724 Investment income 61,522 23,791 49,452 52,082 40,520 Commission income 61,027 24,227 51,877 50,008 43,331 Other income 12,129 19, ,127 68,374 84, , , , , ,561 Benefits and expenses (705,344) (242,194) (505,924) (380,566) (360,311) Profit from operations 157, , , , ,250 Release (to)/from General insurance fund (57,944) 3,735 (18,416) (28,714) (612) Life insurance fund 69,717 (32,940) (73,303) (64,957) (172,720) Finance costs (130,151) (63,272) (121,425) (138,030) (137,459) 39,507 25,349 40,424 64,034 53,459 Share of results of associate 6,367 3,346 6,698 4,032 2,522 Profit before taxation 45,874 28,695 47,122 68,066 55,981 Taxation (8,840) (6,576) (11,670) (9,489) (8,629) Profit after taxation 37,034 22,119 35,452 58,577 47,352 Transfer to statutory reserve fund (273) (707) (1,779) Profit for the year 37,034 22,119 35,179 57,870 45,573 Minority interest 21,722 4,518 (757) (1,962) (3,556) Profit attributable to equity holders of the parent 58,756 26,637 34,422 55,908 42,017 Dividends 16,000 6,640 14,640 14,640 12,667 STATISTICS Number of ordinary shares used in calculation 7,999,998 7,999,998 7,999,998 7,999,998 7,999,998 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

39 The Mauritius Commercial Bank Ltd SEM Code Classification Registered office Directors Activity Transfer Registrar Website MCB Bank 9-15 Sir William Newton Street, Port Louis. J. Gérard HARDY (President) E. Jean MAMET (Vice-President) Herbert COUACAUD, C.M.G. Anil C. CURRIMJEE Philippe A. FORGET (Deputy Chief Executive Banking) Gilles GUFFLET Navin HOOLOOMANN, C.S.K. Jean Pierre MONTOCCHIO Pierre Guy NOEL (Chief Executive Group) Antony R. WITHERS (Chief Executive Banking) Margaret WONG PING LUN Banking and related services MCB Registry & Securities Ltd. 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 of Mauritius since The Bank has a large and diversified shareholder base with more than 19,000 local and foreign investors. It has the highest market capitalisation locally, representing a market share of above 25%. Currently, no single shareholder holds more than 3% of the company s capital. Anchoring its operations on a local network of 40 branches, the Bank has achieved several market firsts throughout its history. Apart from being the first bank to set up rural operations (Mahebourg branch opened in 1955), the MCB has pioneered a number of products and services such as launch of credit and debit cards, ATMs, SWIFT, TCR machines and Internet Banking amongst others. The MCB Group offers a wide spectrum of financial solutions, all designed to assist customers in reaching their goals effectively and efficiently, be it in domestic or regional markets. Supported by its sensible business model as well as its strategic orientations, the MCB has built a leading position in the domestic landscape as gauged by market shares of over 40% in respect of credit to the economy and local currency deposits, and of above 50% of cards issued. The Bank expanded regionally as early as Today, the MCB brand is present in Madagascar, Maldives, Mozambique and Seychelles through dedicated subsidiaries as well as in Réunion Island through its 50% stake in BFCOI, in partnership with Sociéte Générale. The Bank is also present in Paris and South Africa via its representative offices. The MCB is pursuing its Bank of Banks strategy towards positioning itself as a regional hub for handling trade finance, payments and cards operations outsourcing. Moreover, the MCB has diversified its participation in non-bank financial services like leasing and factoring as well as a comprehensive range of investor services. Whilst being the first bank in East Africa, the MCB is ranked 716th globally according to The Banker s Top 1000 World Bank rankings of July 2011.The Bank was the overall winner in the PwC Corporate Reporting Awards 2012, receiving accolades for the SEM-7, Corporate Governance Disclosures and On-line Reporting categories. Moody s financial strength rating for MCB stands at D+ while the domestic currency deposit ratings are Baa1/P-2. The foreign currency deposit ratings have recently been revised upwards to Baa1/P-2 following the upgrade in the country s ceiling by Moody s. Through the MCB Forward Foundation, the Bank is highly involved in the community by means of its CSR activities. Besides, a dedicated programme, named Initiative 175, is underway to foster environment friendly practices at the Bank and the national level. Looking forward, the MCB is committed to reinforcing its foundations and maintaining its development momentum in line with its multi-pronged strategy of consolidating the domestic banking arm, developing non-bank financial services and furthering international expansion. THE STOCK EXCHANGE OF MAURITIUS LTD 37

40 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Cash and cash equivalents 9,211,566 15,352,000 17,922,610 13,476,454 12,891,062 Securities and other investments 24,351,608 25,532,153 24,342,754 32,469,003 22,092,086 Loans and advances to customers 122,439, ,442,349 96,859,064 77,551,907 65,768,165 Other assets 10,768,474 7,716,208 7,512,388 6,103,193 5,948,340 Tangible fixed assets 5,918,072 4,696,459 3,839,527 3,371,104 3,443,069 Total assets 172,689, ,739, ,476, ,971, ,142,722 LIABILITIES AND SHAREHOLDERS EQUITY Deposits 136,209, ,483, ,240, ,486,873 84,624,385 Other borrowed funds 5,153,730 1,521,864 2,285,933 3,346,579 5,311,877 Subordinated loans 1,278,856 1,454,853 1,471,555 1,237,128 1,411,108 Other liabilities and provisions 4,746,616 5,402,473 5,346,027 4,906,691 3,880,964 Minority interests in subsidiaries 1,571,537 1,557,042 1,557,928 1,648,034 1,439,492 Shareholders Equity Ordinary share capital 2,581,709 2,554,970 2,544,998 2,543,046 2,503,756 Reserves 4,248,596 3,990,086 4,417,071 4,847,551 4,205,442 Retained earnings 16,898,668 13,774,324 11,611,885 8,955,759 6,765,698 23,728,973 20,319,380 18,573,954 16,346,356 13,474,896 Total equity and liabilities 172,689, ,739, ,476, ,971, ,142,722 Contingent Liabilities Acceptances, Guarantees, Letters of credit, Endorsement and Other Obligations on account of customers and foreign exchange contracts 33,143,144 26,796,327 22,646,581 22,132,669 25,892,067 Commitments 3,922,272 6,450,251 7,473,105 6,300,151 4,487,776 Assets pledged Tax Assessment 315, , , , ,762 Other 1,000, , ,117 1,085,998 1,071,586 TOTAL 38,381,769 34,343,601 31,367,077 29,739,460 31,653,191 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Interest income 9,924,655 9,326,639 10,348,263 10,283,586 8,926,818 Interest expense (4,038,370) (4,181,663) (5,312,066) (6,119,650) (5,325,676) Net Interest income 5,886,285 5,144,976 5,036,197 4,163,936 3,601,142 Other income 3,844,928 3,143,525 3,747,709 3,917,903 2,664,474 Operating Income 9,731,213 8,288,501 8,783,906 8,081,839 6,265,616 Non interest expense (4,021,671) (3,714,144) (3,478,745) (3,195,042) (2,782,158) Charge for bad and doubtful debts (315,089) (272,180) (371,226) (425,889) (375,928) Exceptional items (24,428) (190,140) Profit before tax 5,370,025 4,112,037 4,933,935 4,460,908 3,107,530 Income taxes (853,365) (691,918) (887,976) (575,180) (560,822) Profit after tax 4,516,660 3,420,119 4,045,959 3,885,728 2,546,708 Minority interest (25,539) (6,865) (81,957) (191,994) (85,863) Amortisation of goodwill Profit attributable to shareholders 4,491,121 3,413,254 3,964,002 3,693,734 2,460,845 Dividend 1,365,494 1,245,874 1,245,597 1,079, ,335 STATISTICS Number of ordinary shares used in calculation (000) 237, , , , ,534 Earnings / (loss) Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

41 MCFI SEM Code Classification Registered office Directors Secretary Principal Activity The Mauritius Chemical and Fertilizer Industry Limited MCFI Industry Chaussée Tromelin, Fort George, PO Box 344, Port-Louis, Mauritius. Antoine L. HAREL (Chairman) Christopher BOLAND Jean-Yves CORSON Allain DOGER DE SPEVILLE Charles P.L. HAREL M.J. Vincent LABAT Sébastien LAVOIPIERRE E. Harold NG KWING KING Rajendrasingh RATHACHAREN L.J. Michel RIVALLAND HM Secretaries Ltd Manufacture and sale of fertilizers, industrial and specialty chemicals. SUMMARY INFORMATION The Mauritius Chemical and Fertilizer Industry Limited is a manufacturing company, operating a NPK complex fertilizer plant and a blending plant for fertilizers in the Port Area. It is a public company which has been listed on the official market of the Stock Exchange of Mauritius Ltd since the 6th of October 1989 and is a subsidiary of Harel Mallac & Co. Ltd. In addition to 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. Coolkote Enterprises Ltd is a fully owned subsidiary of MCFI since 1st September Its main activities consist of waterproofing and specialty decorative coating applications. MCFI has also a contract to manage two fellow subsidiaries, namely, Chemco Limited, which trades in chemicals and general goods and Bychemex Limited which specializes in textile chemicals. MCFI holds 21.5 per cent of the equity capital of Rehm Grinaker Construction Co. Ltd., a leading construction company. THE STOCK EXCHANGE OF MAURITIUS LTD 39

42 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 144,596 90,125 94,957 99, ,454 Investments in associates 37,777 32,565 29,647 39,720 48,311 Investments in securities 24,341 20,873 15,731 11,539 10,703 Intangible assets Current assets 687, , , , ,388 Total assets 894, , , , ,856 EQUITY AND LIABILITIES Capital and reserves Share capital 220, , , , ,064 Revaluation and other reserves 46,911 48,559 43,313 42,542 48,466 Retained earnings 512, , , , ,079 Shareholders interests 779, , , , ,609 Non controlling interest Non-current liabilities Deferred tax ,523 11,789 12,944 13,133 Retirement benefits 14,274 6,303 5,874 4,572 4,452 Borrowings 6, , Current liabilities 94,294 90,963 89, ,161 71,029 Total equity and liabilities 894, , , , ,856 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Turnover 690, , , , ,432 Operating profit 17,966 30,517 20,100 54,475 42,156 Other income 36,100 41,012 43,325 18,822 17,889 Net Finance income 5,758 1,979 8,801 7,151 4,155 Exceptional items (5,304) Share of profit of associates 5,156 22,276 15,027 33,862 27,227 Profit before taxation 64,980 95,784 87, ,310 86,123 Taxation (16,640) (11,824) (14,507) (11,368) (5,868) Profit after taxation 48,340 83,960 72, ,942 80,255 Minority interests Profit attributable to shareholders 48,340 83,960 72, ,942 80,255 Dividends 22,006 22,006 17,605 24,207 22,006 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) THE STOCK EXCHANGE OF MAURITIUS LTD

43 The Mauritius Development Investment Trust Company Ltd SEM Code Classification Registered office Directors MDIT Investment 7 th Floor, Newton Tower, Sir William Newton Street, Port-Louis. Tel: (230) Fax: (230) mdit@intnet.mu Website: Georges LEUNG SHING (Chairperson) Catherine AHNEE-GOUEREC Aruna COLLENDAVELLOO Lloyd COOMBES Christian FOO KUNE Roger LEUNG SHIN CHEUNG François MONTOCCHIO Geereesha RAMSARRAN-KANDHAI Louis RIVALLAND Deputy Manager Company Secretary Principal Activity Jessica ANTHONY JLP Company Secretarial Services Ltd (Represented by Lawrence POISSON) Investment in companies established to promote the economic, industrial and tourism 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-end Fund authorised by the Financial Services Commission under the Securities Act MDIT is also one of the first five companies to be listed on the Official List of the Stock Exchange of Mauritius (SEM) on 29 th June 1989, at the same time as The Mauritius Commercial Bank Ltd (MCB), Omnicane Ltd, formerly Mon Trésor and Mon Désert Ltd (MTMD) which was MDIT s main shareholder until 31 st March 2010, Mauritius Stationery Manufacturers Ltd (MSM) and The United Basalt Products Ltd (UBP). At 30 th June 2011, MDIT had 4,970 shareholders, with the main shareholder being Golden Foundation Ltd. The board of MDIT is made up of non-executive and independent directors who have a vast experience in their respective fields of expertise and participate actively in the board and committee meetings. MDIT is managed by Golden Fund Management Services Ltd, formerly Omnicane Fund Management Services Ltd, a wholly owned subsidiary of Golden Foundation Ltd. MDIT s objective is to secure for investors the benefits of a good dividend yield as well as long-term capital growth. At 30 th June 2011, its portfolio of investments was well spread in 102 local companies covering all sectors of the Mauritian economy, with Official Market (OM), Development and Enterprise Market (DEM) and Unquoted shares accounting for 91% of the total portfolio value, and the balance of 9% being in diversified overseas securities. At 30 th June 2011, MDIT s main portfolio value was in the local sectors of Investments (40%), Finance (15%), Sugar (11%), Hotels (11%), Commerce (7%) and Industry (5%). MDIT has been playing a major role over the last forty five 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 profit after tax, as adjusted for profit on sale of investments on a cost basis and excluding year end revaluation surplus or deficit. This policy together with the good performance of its well diversified portfolio, have over the years, enabled distributions of relatively higher dividend yields for investors. At 31 st March 2012, MDIT shares ranked 9th amongst all the listed securities, in terms of the SEM Total Return Index (SEMTRI) with an annualised return of 20.70% since its listing. THE STOCK EXCHANGE OF MAURITIUS LTD 41

44 FINANCIAL REVIEW STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Investments 1,651,090 1,469,942 1,334,624 1,707,616 1,710,428 Current assets 217, , , , ,945 Total assets 1,868,567 1,627,643 1,523,156 1,857,929 1,864,373 EQUITY AND LIABILITIES Capital and reserves Stated capital 423, , , , ,823 Fair value reserve 833, , ,863 1,041,759 1,066,570 Surplus on realisation of investments 319, , , , ,825 Retained surplus 132, , , , ,723 Total equity 1,709,216 1,539,921 1,377,216 1,757,473 1,737,941 Current liabilities 159,351 87, , , ,432 Total equity and liabilities 1,868,567 1,627,643 1,523,156 1,857,929 1,864,373 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Income from investments 39,221 43,972 46,987 54,701 47,309 Interest receivable 12,800 12,632 14,330 14,912 14,800 Gain/(loss) on exchange (2,931) (629) 5,573 (3,865) (126) Profit/(loss) on sale of local investments 37,218 34,167 (43,433) 50,504 65,655 Profit/(loss) on sale of overseas investments (2,321) 265 (3,120) (1,274) 1,452 83,987 90,407 20, , ,090 Surplus/(deficit) on revaluation of investments 271, ,789 (270,617) 103, ,607 Expenses (24,193) (20,277) (22,416) (21,508) (17,062) Profit/(loss) before taxation 331, ,919 (272,696) 197, ,635 Taxation (2,669) (1,141) (1,714) (1,401) (702) Profit/(loss) for the year 328, ,778 (274,410) 195, ,933 Dividends declared during the year 159, , , , ,770 STATISTICS Number of ordinary shares used in calculation* 423,387, ,387, ,387, ,387, ,387,518 Earnings/(loss) per share (Rs) (0.65) Earnings per share (cost basis)** (Rs) Dividend per share (Rs) Net Asset Value*** (Rs) Dividend yield (%) * Figures are after the 1:5 bonus issue in March 2011 ** Excludes revaluation surplus/(deficit) *** Includes final dividend declared 42 THE STOCK EXCHANGE OF MAURITIUS LTD

45 Mauritius Stationery Manufacturers Limited SEM CODE Classification Registered Office Directors Chief Executive Officer* MSM Industry 4 th Floor IBL House, Caudan Waterfront, Port Louis. Arnaud LAGESSE (Chairman) Hervé DURANTON (CEO) Jean-Claude BEGA Thierry LAGESSE Georges LEUNG SHING Laurent de la HOGUE Hervé DURANTON Secretary GML Management Ltée Principal Activity Industrial printing and packaging * List of Directors and Chief Executive Officer as at 29 May 2012 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, through Book Printing Services Ltd, a 99.85% indirect holding in Repro + Ltd - a Mauritian company involved in school books publishing mainly for the African market. THE STOCK EXCHANGE OF MAURITIUS LTD 43

46 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun re-stated 2008 re-stated 2007 ASSETS EMPLOYED Non-current assets Property, plant and equipment 571, , , , ,025 Investment property ,750 Intangible assets 231, , , ,061 7,748 Investments in associate ,294 Other investments Deferred Tax Asset 8,633 28,974 35,909 36,744 - Current assets 455, , , , ,723 Total assets 1,267,377 1,364,992 1,357,873 1,381, ,999 EQUITY AND LIABILITIES Capital and reserves Share capital 284, , , ,295 35,376 Reserves 139, , , ,003 73,363 Conversion option reserve 9, Retained earnings (200,082) (36,193) 20, , ,749 Shareholders' interests 234, , , , ,488 Minority interests 2,067 1,249 1, Non-current liabilities Long-term borrowings 466, , , , ,286 Deferred taxation 1,527 4,016 11,337 19,211 24,251 Employee benefit obligations 21,336 19,895 13,241 14,787 8,571 Current liabilities 542, , , , ,073 Total equity and liabilities 1,267,377 1,364,992 1,357,873 1,381, ,999 INCOME STATEMENT (Rs 000) 30 Jun re-stated 2008 re-stated 2007 Turnover 606, , , , ,799 Profit from operations (107,661) 23,815 5,789 65,563 40,108 Increase in fair value of investment property ,750 Net finance costs (52,005) (79,699) (86,404) (33,525) (31,759) Negative Goodwill on consolidation, released Finance Revenue 13, Profit on disposal of associate Share of (loss)/profit of associates (9,294) (1,530) Exceptional item (19,482) (8,674) Profit/(Loss) before taxation (146,481) (55,884) (79,520) 3, Impairment Losses - - (12,500) - - Taxation (17,021) (934) 10,373 (4,275) (4,975) Profit after taxation (163,502) (56,818) (81,647) (1,013) (4,080) Loss after tax-discontinued operation - - (2,808) (12,031) (16,028) Minority interest (1,818) (1,217) (2,294) (1,959) 324 (Loss)/Profit attributable to shareholders (165,320) (58,035) (86,749) (15,003) (19,784) Dividends - - 8,015 8,015 7,960 STATISTICS Number of ordinary shares used in calculation 15,882,052 15,882,052 5,937,186 5,937,186 3,537,600 (Loss)/Earnings Per Share (Rs) (10) (4) (15) (4) (6) Dividends Per Share (Rs) Net Assets Value per Share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

47 THE STOCK EXCHANGE OF MAURITIUS LTD 45

48 Mauritius Union Assurance Cy. Ltd SEM CODE Classification Registered Office Directors Chief Executive Officer Secretary Registrar & Transfer Office Website MUA Insurance and Other Financial Services 4, Léoville L Homme Street, Port Louis. Mr. Dominique GALEA (Chairman) Mr. Vincent AH CHUEN Mrs. Priscilla BALGOBIN-BHOYRUL Mr. Bertrand de CHAZAL Mrs. Melanie FAUGIER Mr. Bruno de FROBERVILLE Mr. Lakshmana (Kris) LUTCHMENARRAIDOO Mr. Gilbert POISSON Mr. Lawrence POISSON Mr. Gerard de RAUVILLE Mr. Arjoon SUDDHOO Mr. Lakshmana (Kris) LUTCHMENARRAIDOO Mr. Gilbert POISSON Abax Corporate Administrators Ltd SUMMARY INFORMATION The Mauritius Union Group operates within the financial services industry through its 5 companies: The Mauritius Union Assurance Cy Ltd La Prudence (Mauricienne) Assurances Ltée Feber Associates Ltd National Mutual Fund (NMF) Ltd Associated Brokers Ltd (ABL) The group specialises in Insurance, Corporate Pension Schemes, Fund Management and Property Management. Backed by 64 years of experience and the combined expertise of its enterprises, the Mauritius Union Group provides a comprehensive and wide variety of financial solutions. Today, the group holds 11 branches around the island (including in Seychelles and Rodrigues) The Mauritius Union Group is listed on the Stock Exchange of Mauritius since THE STOCK EXCHANGE OF MAURITIUS LTD

49 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 299, , , , ,622 Investment properties 190, , ,200 72,000 58,000 Intangible assets 567, ,879 46,777 15,908 12,945 Investment in associated companies - - 1,172 3,100 69,749 Financial assets 4,712,208 4,420,344 3,242,192 2,731,555 3,738,874 Non-current receivables 856, , , , ,054 Deferred tax assets 119,059 31, Retirement benefit assets - 1, ,745,051 6,189,731 3,994,527 3,373,484 4,471,244 Current assets 1,376,909 1,752,591 1,182, , ,721 Non-current asset held for sale - 5, ,346 Total assets 8,121,960 7,948,200 5,177,279 4,342,799 5,267,311 EQUITY AND LIABILITIES Capital and reserves Share capital 200, , , , ,400 Revaluation and other reserves (46,217) 42, , , ,205 Non-distributable share of Life surplus 19,450 46,129 56,861 45,200 92,328 Retained profit 1,193, , , , ,083 Shareholders' interests 1,367,562 1,101,025 1,230,251 1,036,211 1,481,016 Minority Interest 5,784 6,095 5,241 3,233 3,315 Total equity 1,373,346 1,107,120 1,235,492 1,039,444 1,484,331 General insurance fund 666, , , , ,712 Life assurance fund 4,890,975 4,855,650 2,971,331 2,412,918 3,046,106 Outstanding claims 767,468 1,038, , , ,603 Non-current liabilities Borrowings 180, Deferred tax liabilities 18,735 85, Retirement benefit obligations 7,006 1, Current liabilities 216, , , , ,511 Total equity and liabilities 8,121,960 7,948,200 5,177,279 4,342,799 5,267,311 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Revenue 2,167,743 1,870,016 1,122, , ,276 Operating profit 312, , , , ,467 Finance costs (10,543) Share of results of associates - - (885) (6,886) 111 Profit before taxation 301, , , , ,578 Taxation 153,965 (19,230) (7,315) (4,696) (4,252) Profit after taxation 455, , , ,532 97,326 Minority Interest (657) (1,208) (1,464) (1,085) (1,110) Profit attributable to equity holders of company 454, , , ,447 96,216 Dividends 100,200 88, ,376 78,156 70,140 STATISTICS Number of ordinary shares used in calculation 20,040,000 20,040,000 20,040,000 20,040,000 20,040,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 47

50 MOROIL Company Limited SEM Code Classification Registered office Directors Alternate Director Secretary Principal Activity MOR Industry Quay Road, Port Louis 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 M.D.P. André ESPITALIER NOËL I.M. SAYED HASSEN Yacub MOREEA Speville Secretarial Services Ltd Importing and refining of crude vegetable oil, filling the refined oil in appropriate containers for sale on the local and export markets. SUMMARY INFORMATION Mauritius Oil Refineries (Moroil) started its commercial operations in 1968 with a subscribed share capital of Rs 2.5M. In line with the national import substitution policy, Moroil set out to ensure the Mauritian population a continuous supply of locally refined edible oils of international quality, at competitive prices. For more than four decades now Moroil has unfailingly sustained these objectives, with a continuous improvement of its production and distribution activities. MSB, HACCP and SA 8000 certified, Moroil today produces oils meeting the most demanding international standards with a quality assurance and consistency in supply which owe the Moroil brands the trust of a wide range of distributors, professional users and consumers. Moroil s acknowledged competencies have also been conducive in the setting up of partnerships with renowned European producers, namely Lesieur in France, Sovena in Spain and Attianese in Italy for the representation and marketing of their products on the Mauritian market. Stock Exchange Listing was granted on 9th January THE STOCK EXCHANGE OF MAURITIUS LTD

51 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 271, , , , ,739 Leasehold land payments Investment property 59,900 59,900 52,250 52,250 52,250 Intangible assets 917 1,910 3,027 4,142 3,960 Investments in associated company 31,434 28,770 26,010 24,416 23,132 Investments in securities 4,904 4,904 4,904 4,904 4,904 Current assets 424, , , , ,642 Total assets 793, , , , ,502 EQUITY AND LIABILITIES Capital and reserves Share capital 166, , , , ,401 Revaluation and other reserves 50,274 53,465 53,465 53,465 41,912 Retained earnings 219, , , , ,862 Shareholders interests 435, , , , ,175 Minority interest 25,877 29,202 28,103 26,285 24,747 Non-current liabilities Borrowings 6,787 5,286 5,873 12,744 17,916 Deferred tax liabilities 32,370 33,328 30,853 30,022 28,435 Employee benefit obligations 17,734 15,179 20,389 22,141 20,776 Current liabilities 275, , , , ,454 Total equity and liabilities 793, , , , ,502 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Turnover 1,506,267 1,295,000 1,480,916 1,329, ,339 Operating profit 75,456 90,632 73,185 85,015 55,339 Finance costs (7,655) (5,507) (11,278) (17,893) (12,805) Share of results of associated company 5,084 5,179 5,142 3,864 3,714 Increase in fair value of investment property - 7, Profit on disposal of financial assets Profit before taxation 72,885 97,954 67,049 70,986 46,248 Taxation (11,048) (14,774) (10,016) (10,201) (3,471) Profit after taxation 61,837 83,180 57,033 60,785 42,777 Minority interest 3,325 (1,099) (1,818) (1,538) 2,182 Net profit for the year 65,162 82,081 55,215 59,247 44,959 Dividends 41,600 41,600 59,904 34,944 26,624 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) THE STOCK EXCHANGE OF MAURITIUS LTD 49

52 National Investment Trust Ltd SEM Code Classification Registered Office Chairman Directors NIT Fund Management 8th Floor, Newton Tower, Sir William Newton Street, Port Louis. Raj RINGADOO Mazahir ADAMJEE Chaya DAWONAUTH José 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 The National Investment Trust Ltd (NIT) is a public limited liability company incorporated on 18 March 1993 as a government initiative to promote l actionnariat populaire. The Company s shares were admitted to the Official list of the Stock Exchange of Mauritius on 29 July 1993 and, did enjoy the status of an Approved Investment Institution under section 50A of the then Stock Exchange Act Over the years, our status as a government-sponsored institution, has given us the necessary clout to nurture a reputation for excellence in promoting an equity investment culture among the local public. In January 2008, NIT got the approval from the Financial Services Commission of Mauritius 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. The Company was granted a CIS Manager Licence on 21st June THE STOCK EXCHANGE OF MAURITIUS LTD

53 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Plant and equipment 48,915, ,244, ,486, , ,873 Deferred tax asset ,233,363 Intangible assets - 82, , ,814 91,605 Investments Portfolio of domestic securities 852,750, ,082, ,730, ,190,000 1,543,719,871 Portfolio of overseas securities ,666,902 Fixed income securities ,000,000 25,000,000 Current assets 69,516, ,728, ,053, ,564,228 32,845,573 Total assets 971,182, ,137, ,473, ,604,938 2,190,191,187 EQUITY AND LIABILITIES Capital and reserves Share capital 137,025, ,025, ,025, ,025, ,750,000 Capital redemption reserve 319,722, ,722, ,722, ,722,000 - Share premium 19,693, ,693, ,693,346 19,693,346 19,693,346 Surplus on realisation of investments reserve (377,393,998.00) (377,393,998.00) (377,393,998) (377,327,349) 226,613,678 Investment revaluation reserve 761,550, ,882, ,530, ,990,000 1,386,770,915 Retained profit 83,645, ,601, ,405,317 99,150,360 95,931,289 Shareholders interests 944,241, ,530, ,981, ,253,357 2,185,759,228 Non-current liabilities Deferred tax liability 1,126, , Bank Loan 18,750, ,500, Retirement benefit obligations - 850, Current liabilities 7,063, ,594, ,242,021 24,351,581 4,431,959 Total equity and liabilities 971,182, ,137, ,473, ,604,938 2,190,191,187 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Domestic dividend receivable 4,260, ,200, ,300,000 22,638,803 31,503,292 Domestic interest receivable 3,166, ,522, ,477,103 5,997,457 4,635,890 Overseas investment income ,271,985 1,992,542 Management fees receivable 10,066, ,643, ,712,604 7,003,219 3,274,278 Exit fees receivable 1,445, ,939, ,788,663 11,774,554 - Initial Service charge 11, , , Surplus on portfolio of investments 76,667, ,352, (65,526,649) 186,273, ,221,925 Other Income 254, ,872, ,666, (36,164,820) 234,959, ,627,927 Expenses 17,411, ,756, (11,810,406) (16,246,937) (13,195,865) Profit before tax 78,461, ,910, (47,975,226) 218,712, ,432,062 Taxation (472,893.00) (659,220.00) (1,594,266) (1,815,010) 266,380 Net income after tax 77,988, ,251, (49,569,492) 216,897, ,698,442 Dividends 6,851, ,276, ,702,500 13,702,500 27,405,000 STATISTICS Number of ordinary shares used in calculation 13,702, ,702, ,702,500 32,353,000 45,675,000 Earnings Per Share (Rs) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 51

54 New Mauritius Hotels Limited SEM Code Classification Registered Office Directors NMH Hotel & Leisure Beachcomber House, Botanical Garden Street, Curepipe. Hector ESPITALIER NOEL (Chairman) Sunil BANYMANDHUB Timothy TAYLOR Herbert COUACAUD D. Marcel MASSON Michel PITOT Robert DOGER DE SPEVILLE LOUIS RIVALLAND Jean Marc LAGESSE M.J. Jean Pierre MONTOCCHIO Secretarial Services Principal Activity Beachcomber Limited Hotels Industry SUMMARY INFORMATION Incorporated as a public limited Company on 24 th 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 local and foreign subsidiaries. Stock Exchange Listing was granted on 12 th June THE STOCK EXCHANGE OF MAURITIUS LTD

55 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Sep ASSETS EMPLOYED Non-current assets Property, plant and equipment 20,196,683 17,227,577 14,534,134 12,358,065 11,892,590 Intangible assets 1,710,384 1,684,706 1,696,735 1,633,225 1,350,815 Investment in associates 520, , , , ,824 Available-for-sale financial assets 39,721 43,982 42,076 23,067 21,138 Other non-current assets 374,421 2,054,935 1,963,228 1,825,383 - Current assets 6,413,051 3,484,545 3,292,830 3,054,058 2,446,544 Total assets 29,255,006 24,979,762 21,864,668 19,184,491 15,963,911 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 5,013,846 4,323,272 4,382,504 4,006,070 4,119,868 Retained earnings 5,447,655 5,007,279 4,714,389 4,153,226 3,311,553 Shareholders interests 12,185,862 11,054,912 10,821,254 9,883,657 9,155,782 Minority interests 46,799 45,214 51,345 73,698 84,647 Non-current liabilities Long-term borrowings 9,315,370 6,422, ,773,048 1,352,360 Deferred tax liabilities 1,487,276 1,434, ,295,197 1,329,465 Retirement benefit obligations ,558 Current liabilities 6,219,699 6,022, ,158,891 3,968,099 Total equity and liabilities 29,255,006 24,979,762 21,864,668 19,184,491 15,963,911 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Sep Turnover 7,622,377 6,833,209 7,401,852 8,099,921 7,735,237 Operating profit 1,125,813 1,147,370 1,664,237 2,333,703 2,593,698 Finance costs (486,150) (394,856) (412,083) (288,575) (267,172) Amortisation of intangible assets (3,912) (3,541) (1,943) (2,088) (2,495) Share of result of associates 24,398 (27,671) (7,169) (33,641) 18,685 Exceptional items 143,033 89, , ,074 - Profit before tax 803, ,489 1,368,502 2,130,473 2,342,716 Taxation (50,718) (108,264) (158,463) (240,360) (344,416) Profit after tax 752, ,225 1,210,039 1,890,113 1,998,300 Minority interests (25,912) (42,447) (34,251) (44,293) (28,888) Profit attributable to shareholders 726, ,778 1,175,788 1,845,820 1,969,412 Dividends 322, , , , ,542 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) THE STOCK EXCHANGE OF MAURITIUS LTD 53

56 Omnicane Limited SEM CODE Classification Registered Office Board of Directors Principal Activity Secretaries Omnicane Sugar 7 th Floor, Anglo-Mauritius House, A. de Plevitz Street, Port Louis. Sunil BANYMANDHUB (Chairperson) Jacques M. d UNIENVILLE (Chief Executive Officer) Premsagar BHOLAH O.S.K (Alternate Chandan Lautan) Georges LEUNG SHING Marc HEIN (Alternate Nishi I Vythilingum - Kichenin) Hugues MAIGROT G.O.S.K Nelson MIRTHIL Pierre M. d UNIENVILLE Ritesh SUMPUTH (Alternate Geerendra Gocool) Bertrand THEVENAU Rajeswara DUVA-PENTIAH (Appointed in August 2011) Anbanaden VEERASAMY (Resigned in August 2011) Jacques de NAVACELLE (Resigned in January 2012) The principal activities of the Group are electricity, raw sugar and refined sugar production while the Company is engaged in sugar cane and other food crops cultivation. Omnicane Management & Consultancy Limited 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 2,052 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 3,072 hectares of wholly owned land and the management of 824 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 and Omnicane Holdings (La Baraque) Thermal Energy Limited which own 60% of Omnicane Thermal Energy Operations (St Aubin) Limited and in Omnicane Thermal Energy Operations (La Baraque) Limited respectively. OMOL operates a state-of-the-art factory at La Baraque and in 2011, crushed a total of 1,331,977 tonnes of sugar cane and produced a total of 136,925 tonnes of raw and plantation white sugar (PWS). In 2011, the newly built refinery produced 148,321 tonnes of refined sugar, 94.26% of which was exported to Europe and the Group s two power plants exported 28.32% of Mauritius total electricity requirements to the national grid. 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 transport of sugar and coal for Omnicane Milling Operations Limited, Omnicane Thermal Energy Operations (St Aubin) Limited and Omnicane Thermal Energy Operations (La Baraque) 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. 54 THE STOCK EXCHANGE OF MAURITIUS LTD

57 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 10,531,087 10,625,167 10,886,997 10,360,764 4,537,007 Investment properties - 9,643 9,643 9,643 10,934 Intangible assets 1,608,189 1,161,708 1,147,446 1,099,482 72,467 Investment in associated companies 23,413 26,771 30,677 20, ,919 Investment in financial assets 171, ,656 60, , ,492 Bearer biological assets 176, , , , ,073 Deferred expenditure 81,950 89,118 26,751 27,723 88,780 Deferred tax asset - 14,039 94, ,514-12,592,672 12,280,284 12,435,398 12,106,394 5,749,672 Current assets 2,705,645 2,498,197 2,715,437 2,521,189 1,147,984 Total assets 15,298,317 14,778,481 15,150,835 14,627,583 6,897,656 EQUITY AND LIABILITIES Capital and reserves Share capital 502, , , , ,593 Share premium 292, , , , ,450 Revaluation and other reserves 4,376,255 3,994,863 4,366,176 4,572,045 4,691,490 Retained earnings 1,053, , , , ,720 Owners interests 6,224,602 5,570,580 5,822,316 5,890,482 5,912,253 Non controlling interests 695, , , ,499 91,394 Total equity 6,920,233 6,263,714 6,535,481 6,598,981 6,003,647 Non-current liabilities Borrowings 4,519,263 5,091,945 4,351,799 4,651,453 33,535 Retirement benefit obligations 99,675 88,988 85,992 90,668 23,141 Deferred tax liabilities 87, ,591 25,479 40,181 25,406 Provision for VRS and Blue Print costs , ,055 5,241 4,706,457 5,656,524 4,739,325 5,058,357 87,323 Current liabilities 3,671,627 2,858,243 3,876,029 2,970, ,686 Total equity and liabilities 15,298,317 14,778,481 15,150,835 14,627,583 6,897,656 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Turnover 3,912,953 3,479,704 3,192, , ,230 Operating profit 873, , ,273 38,730 31,224 Amortisation of VRS costs (19,998) (9,663) (5,368) (10,774) (5,092) Investment income 41,027 55,255 80, , ,169 Finance costs (585,579) (580,887) (711,980) (78,961) (57,863) Share of results of associates (3,358) (3,906) (788) 23,578 64,581 Profit before exceptional items 305,666 75,950 59,826 75, ,019 Exceptional items 271, , , ,052 63,186 Profit before taxation 577, , , , ,205 Taxation (88,394) (132,779) (22,557) 7,833 (16,791) Profit after taxation 488, , , , ,414 Non controlling interests (95,851) (67,173) (64,666) (39,156) (332) Profit attributable to the owners of the parent 392, , , , ,082 Proposed dividend 184, , , , ,531 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) THE STOCK EXCHANGE OF MAURITIUS LTD 55

58 Phoenix Beverages Limited SEM CODE Classification Brewer Registered Office Directors* Alternate Directors* PBL Industry Pont Fer, Phoenix 4 th Floor IBL House, Caudan Waterfront, Port Louis. Thierry LAGESSE (Chairman) Jean Claude BÉGA Jan BOULLÉ François DALAIS Guillaume HUGNIN Valeria JUAREZ Didier KOENIG Arnaud LAGESSE J. Cyril LAGESSE Seewoocoomar SEWRAZ George WIEHE Richard WOODING Jean Pierre DALAIS Marguerite HUGNIN Arnaud LAGESSE Chief Executive Officer* Richard WOODING Company Secretary GML Management Ltée Brewing of beer, bottling and distribution of beer, soft drinks, table water, wines and Principal Activity spirits and alternative beverages *List of Directors, Alternate Directors and Chief Executive Officer as at 23 rd May 2012 SUMMARY INFORMATION Phoenix Beverages is an independent brewer and soft drinks company, incorporated in 1960 and operating in both Mauritius and the wider Indian Ocean region. Phoenix Beverages is the leading brewer in Mauritius, primarily due to the dominance of its flagship Phoenix Beer on the home market and this product is also exported to Reunion, Madagascar, Europe, Africa and Australia. The company markets a number of beer and cider products under the Phoenix brand and also produces Blue Marlin and Stella Pils beers. In addition Phoenix Beverages produces under license Guinness Stout and Malta Guinness. The Company is also the authorized Coca-Cola bottler for Mauritius, marketing and producing Coca-Cola, Fanta, Sprite and Schweppes sparkling drinks, together with Crystal and Dasani mineral waters. In addition, Phoenix Beverages markets a full portfolio of wines and spirits. Phoenix Beverages has won numerous international awards over the years, the latest being another 2 gold medals for Phoenix beer as well as the International High Quality trophy at Monde Selection Phoenix Beverages also holds 40% stake in Nouvelle Brasserie de Madagascar which started its commercial operations in December Other subsidiaries of Phoenix Beverages Limited include: Phoenix Beverages Overseas Ltd, a Freeport Company engaged in the export of Phoenix Beverages products. The (Mauritius) Glass Gallery Ltd, a company involved in the recycling of glass for the manufacture and sale of various glass products. MBL Offshore Ltd, an investment Company holding a 20% stake in Asia Pacific Breweries (Lanka) Ltd in Sri Lanka. PCM Offshore Ltd., an investment company holding a 100% interest in Rennie et Thony SARL, a Company engaged in the marketing, sales and distribution of beer, wines and other products in Reunion Island. 56 THE STOCK EXCHANGE OF MAURITIUS LTD

59 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 2,183,730 2,209,152 2,092,785 1,895,263 1,875,833 Intangible assets 9,069 11,312 12,640 5,762 7,762 Investments in associates 48,424 85, , ,912 10,490 Investments in financial assets 22,943 17,623 12, Deferred tax assets ,265,017 2,324,097 2,259,073 2,064,512 1,894,660 Current assets 922, , , , ,082 Non-current assets classified as held for sale ,224 13,801 Total assets 3,187,073 3,049,034 2,972,488 2,719,079 2,523,543 EQUITY AND LIABILITIES Capital and reserves Stated capital 164, , , , ,470 Share premium 202, , , , ,492 Revaluation and other reserves 627, , , , ,656 Retained earnings 1,189,462 1,135,062 1,078, , ,004 Shareholders' interest 2,183,532 2,138,387 2,090,669 1,949,699 1,801,622 Minority interest 1,202 1,757 2,724 4,955 4,728 2,184,734 2,140,144 2,093,393 1,954,654 1,806,350 Non-current liabilities Borrowings 69,719 53,666 75, , ,636 Deferred tax liabilities 42,515 36, , , ,457 Retirement benefit obligations 193, ,190 30,506 41,596 58, , , , , ,984 Current liabilities 696, , , , ,209 Total equity and liabilities 3,187,073 3,049,034 2,972,488 2,719,079 2,523,543 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Revenue 3,747,464 3,401,038 3,202,342 2,897,155 2,709,546 Operating profit 286, , , , ,022 Exceptional items Profit on disposal of securities ,147 54, , , , , ,150 Finance costs (28,868) (22,296) (21,314) (22,997) (34,015) Share of results of associates (39,234) (42,970) (30,545) (32,957) (6,896) Profit before taxation 217, , , , ,239 Taxation (53,892) (52,019) (52,537) (48,433) 8,683 Profit for the year 164, , , , ,922 Minority interest (93) (2,429) 2,300 Net Profit attributable to shareholders 164, , , , ,222 Dividends 110, , ,906 90,459 82,235 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) THE STOCK EXCHANGE OF MAURITIUS LTD 57

60 Plastic Industry (Mtius) Limited SEM Code Classification Registered Office and Share Registry Office Place of Head Office and Factory address Directors PIM Industry Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius. P.O. Box 1173, Quay Road, Port Louis, Mauritius. Paul CLARENC (Chairman) Alex FON SING C.B.E. Roland DAURAT Andre ESPITALIER-NOEL Philippe HARDY Sulliman Adam (Chota) MOOLLAN Secretary Principal Activity Intercontinental Secretarial Services Ltd. 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 30 th June Certified ISO 9001 : 2000 on 09 th October Certified ISO 9001: 2008 since 16 th September THE STOCK EXCHANGE OF MAURITIUS LTD

61 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun ASSETS Non-current assets Plant and equipment 36,766,147 33,209,584 26,471,997 30,963,094 33,299,001 Intangible assets 1,030,963 Investment in associates 5,332,699 5,071,280 5,369,874 5,187,288 5,015,412 Investment in securities Non-current receivables 2,750,000 3,000,000 3,250,000 3,500,000 3,811,634 Deferred tax assets Current assets 105,652,854 99,708,435 75,042,237 78,775,904 66,432,669 Total assets 151,532, ,989, ,134, ,426, ,558,716 SHAREHOLDERS' EQUITY Share capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 Share premium Retained earnings 76,902,804 68,643,335 59,917,907 50,445,404 42,226,762 Other Reserves 537, , , , ,463 Shareholders' interest 97,440,267 89,180,798 80,455,370 70,982,867 62,764,225 LIABILITIES Non-current liabilities Borrowings Deferred tax liabilities 2,181,950 1,724,761 1,652,033 1,708,014 1,559,336 Retirement benefit obligations 4,158,000 3,965,000 4,148,000 4,416,000 4,870,000 Current liabilities 47,752,446 46,118,740 23,878,705 41,319,405 39,365,155 Total equity and liabilities 151,532, ,989, ,134, ,426, ,558,716 INCOME STATEMENT (Rs 000) 30 Jun Turnover 182,586, ,814, ,908, ,356, ,077,315 Operating profit 18,483,570 19,611,423 19,464,551 17,184,434 12,275,055 Finance income / (cost) (188,767) (165,167) (489,005) (621,426) (462,705) Profit after finance income 18,294,803 19,446,256 18,975,546 16,563,008 11,812,350 Share of profit of associated company 261,419 (298,594) 182, , ,222 Profit before taxation 18,556,222 19,147,662 19,158,132 16,734,884 12,720,572 Taxation (2,796,753) (2,922,234) (2,685,629) (2,516,242) (1,558,444) Profit after tax 15,759,469 16,225,428 16,472,503 14,219,000 11,162,128 Dividends 7,500,000 7,500,000 7,000,000 6,000,000 6,000,000 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) THE STOCK EXCHANGE OF MAURITIUS LTD 59

62 P.O.L.I.C.Y. Ltd SEM Code Classification Registered Office Directors Fund Manager Administrator Secretary Registrar & Transfer Principal Activity P.O.L.I.C.Y. LIMITED Investments c/o Abax Corporate Administrators Ltd 6th Floor, Tower A, 1 CyberCity, Ebene. Mr. Robert BIGAIGNON (Chairperson) Mr. Jean Volcy Olivier LAGESSE (Vice-Chairperon) Me. Georges André ROBERT O.B.E., S.A. Mr. Vincent AH CHUEN Mr. Pierre Arthur DE CHASTEIGNER DU MEE Mr. Pierre-Yves POUGNET Mr. Bernard Marie Joseph MAYER Mr. Jean Maurice Richard ARLOVE Mrs. Marie Claude Priscille KOENIG - (Alternate to Mr. Arlove) IPRO Fund Management Ltd Abax Corporate Administrators Ltd Abax Corporate Administrators Ltd Abax Corporate Administrators Ltd Investing activities in local and foreign markets. SUMMARY INFORMATION P.O.L.I.C.Y. LIMITED (the Company ) was incorporated on 15 June 1979 and was granted a Stock Exchange listing on 25 November The Net Asset Value per share of P.O.L.I.C.Y. LIMITED stood at Rs while the share price stood at Rs as at 31 December P.O.L.I.C.Y. Limited portfolio composition as at 31 December 2011 was as follows: Rs. in million % of total portfolio SEM shares 1, % DEM shares % Foreign mutual funds % Investment in subsidiary - UPIC* % Unquoted shares % Liquidity % Total 1, % *UNION AND P.O.L.I.C.Y. INVESTMENT CO. LTD. 60 THE STOCK EXCHANGE OF MAURITIUS LTD

63 FINANCIAL REVIEW OF THE GROUP BALANCE SHEETS (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Investment in financial assets 1,185,974 1,298,971 1,240,240 1,066,309 1,746,009 Non-current receivables ,862 1,185,974 1,298,971 1,240,240 1,066,309 1,750,871 Current assets 113,752 65,910 68, ,095 99,745 Non-current asset classified as held for sale ,230 Total assets 1,299,726 1,364,881 1,308,331 1,291,404 1,853,846 EQUITY AND LIABILITIES Capital and reserves Share capital 170, , , , ,240 Share premium 61,964 61,964 61,964 61,964 61,964 Other reserves 625, , , ,202 1,478,813 Retained earnings 378, , , , ,512 Shareholders' interest 1,236,004 1,360,561 1,301,380 1,286,845 1,847,529 Minority interest Long-term liabilities Current liabilities 63,722 4,320 6,951 3,750 6,031 Total equity and liabilities 1,299,726 1,364,881 1,308,331 1,291,404 1,853,846 INCOME STATEMENT (Rs 000) 31 Dec Revenue 106, , , , ,979 Profit before finance (costs)/income 94, , , ,912 87,336 Finance (costs)/income (679) (101) 493 5,315 (704) Share of results of associated companies (237) Profit before taxation 94, , , ,227 86,395 Taxation (126) (92) (780) (1,321) (477) Profit after taxation 94, , , ,906 85,918 Minority interest (2) Profit attributable to equity holders of the Company 94, , , ,916 85,916 Dividends 85,120 85, , ,144 85,120 STATISTICS Number of shares used in calculation 170,240, ,240, ,240, ,240, ,240,004 Earnings Per Share (Re.) Dividends Per Share (Re.) Net Asset Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 61

64 Promotion and Development Ltd SEM code Classification Registered office Directors Secretary Managing director Transfer Registrar Activity PAD.N0000 Investments MCB Centre 9-15 Sir William Newton Street, Port Louis Jean Pierre MONTOCCHIO (Chairman) René LECLEZIO (Managing Director) Bertrand de CHAZAL Arnaud DALAIS Thierry DALAIS Gilbert GNANY Jocelyne MARTIN Adolphe VALLET Bernard YEN Jocelyne MARTIN René LECLEZIO MCB Registry & Securities Ltd Investment in property and shares SUMMARY INFORMATION Promotion and Development Ltd (PAD) was incorporated on 23 rd August 1984; trading of PAD s shares on the Official List of the Stock Exchange commenced on 17 th 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, Mauritius Freeport Development Co, The Mauritius Commercial Bank and New Mauritius Hotels. PAD has a deliberately heavy property bias. Caudan Development Limited owns prime waterfront property in Port Louis, Medine Limited has an investment portfolio comprising all types of property, Mauritius Freeport Development owns prime leasehold property in the port and New Mauritius Hotels owns prime beachfront property. 62 THE STOCK EXCHANGE OF MAURITIUS LTD

65 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Investment property 3,783,641 3,790,612 3,786,951 3,267,564 2,277,527 Property, plant and equipment 291, , , , ,275 Intangible assets 4,882 4,201 4,121 4,756 5,252 Investments in associates 3,524,071 3,647,781 3,648,613 3,379,640 3,321,916 Investments in available-for-sale financial assets 1,902,393 1,665,202 1,514,279 1,980,969 1,764,724 Non-current receivables ,099 Deferred tax assets ,124 5,954 9,506,883 9,392,136 9,170,544 9,216,592 7,681,747 Current assets 222, , , , ,811 Non- current assets classified as held for sale ,682 - Total assets 9,729,152 9,551,039 9,392,269 9,364,095 7,825,558 EQUITY AND LIABILITIES Capital and reserves Share capital 194, , , , ,331 Share premium 169, , , , ,018 Other reserves 3,614,685 3,726,244 3,582,257 4,014,621 3,847,421 Retained earnings 2,968,697 2,897,965 2,958,945 2,788,172 2,161,401 Equity attributable to owners of the parent 6,946,731 6,987,558 6,904,551 7,166,142 6,372,171 Non-controlling interests 1,067,227 1,095,122 1,120,341 1,097, ,698 Total equity 8,013,958 8,082,680 8,024,892 8,263,393 7,181,869 Non-current liabilities Borrowings 627, , , , ,298 Income tax liabilities , Deferred tax liabilities 241, , , , ,864 Retirement benefit obligations 25,823 19,209 12,499 8,118 6, , , , , ,530 Current liabilities 820, , , , ,159 Total liabilities 1,715,194 1,468,359 1,367,377 1,100, ,689 Total equity and liabilities 9,729,152 9,551,039 9,392,269 9,364,095 7,825,558 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Turnover 522, , , , ,971 Operating profit 135, , , , ,535 Profit/(loss) on disposal of shares 3,080 1,281 (32,236) 174, ,009 Profit on disposal of properties - 1, Impairment of available-for-sale financial assets - (71,184) Impairment of investment in associate (1,000) Surplus on distribution of assets by associate Profit on disposal of investment in associate Net gain from fair value adjustment on investment property , ,877 - Finance income 427 1,183 5,027 1, Finance costs (110,968) (84,822) (70,621) (19,271) (24,027) Share of results of associates (4,048) (14,300) 121,550 45, ,922 Gains on bargain purchases 40,059 11,663 17,425 15,772 - Profit/(loss) before taxation 64,107 (6,514) 342,391 1,121, ,520 Taxation (8,729) (9,892) (33,157) (114,046) (19,549) Profit/(loss) for the year 55,378 (16,406) 309,234 1,007, ,971 Non-controlling interests (20,067) (19,561) (40,702) (301,385) (23,824) Profit/(loss) attributable to owners of the parent 35,311 (35,967) 268, , ,147 Dividends (MRs 000) 58,299 77, ,882 77,732 69,959 STATISTICS Number of ordinary shares 38,866,160 38,866,160 38,866,160 38,866,160 38,866,160 Dividends per share (MRs) Net assets value (MRs) Number of ordinary shares used in EPS calculation Earnings/(loss) per share (MRs) 38,866, ,866,160 (0.93) 38,866, ,866, ,866, THE STOCK EXCHANGE OF MAURITIUS LTD 63

66 Rogers and Company Limited SEM code Classification Registered Office Board of Directors Company Secretaries Principal Activities ROGERS Commerce No.5, President John Kennedy Street, Port Louis. 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 Aruna COLLENDAVELLOO (Chief Legal Executive) Tioumitra MAHARAHAJE (Corporate Manager) - Legal Compliance Financial Services, Hotels, 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, and via the setting up of the leading hotel group on the island. Rogers is engaged in the following core business domains Financial services, Hotels, 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 also holds interests in various other industries through strategic investments. 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. Supplementary information On 9 th May 2012, the Board of Rogers announced a major restructuring of its activities whereby part of its turnover and asset base will be hived off through the listing of subsidiary, Cim Financial Services Ltd. This process is meant to be completed by end of October THE STOCK EXCHANGE OF MAURITIUS LTD

67 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs m) As at 30 Sep ASSETS Non-current assets Property, plant and equipment 7, , , , ,031.9 Investment properties 1, , , , Intangible assets 1, , , , ,314.8 Investment in associated companies Investment in financial assets 2, , , , ,131.0 Bearer biological assets Net investment in leases Deferred expenditure Current assets 7, , , , ,125.4 Life business assets 1, , , , ,270.2 Total assets 24, , , , ,327.0 EQUITY AND LIABILITIES Capital and reserves Share capital Reserves 3, , , , ,432.3 Retained earnings 5, , , , ,512.1 Equity attributable to owners of the parent 9, , , , ,196.4 Non-controlling interests 2, , , , ,516.1 Non current liabilities Borrowings 4, , , , ,712.6 Deferred tax liabilities Retirement benefit obligations Current liabilities 6, , , , ,329.5 Life assurance fund 1, , , , ,270.2 Total equity and liabilities 24, , , , ,327.0 STATEMENT OF COMPREHENSIVE INCOME (Rs m) Year ended 30 Sep Revenue 10, , , , ,907.9 Profit from operations , , ,170.0 Finance costs (507.3) (486.4) (526.5) (506.5) (366.2) Fair value gain on investment properties (0.3) - Share of results of associated companies Exceptional items , Profit before taxation , Taxation (178.8) (149.2) (183.1) (148.0) (111.0) Profit from continuing operations , Profit (Loss) from discontinued operations (98.5) Profit for the year , Non-controlling interests (113.7) (378.9) (82.0) Profit attributable to 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 continuing operations (excl excep items) Dividends per share (Rs) Net Asset Value per share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD 65

68 at the heart of your life From its modest beginnings in 1973, the State Bank of Mauritius Group (SBM) has now grown into a leading financial services group in Mauritius. It is the second largest company listed on the Stock Exchange of Mauritius with a market capitalisation of USD 850 million and ranks among the top 1,000 global banks. SBM provides an extensive range of financial products and services to an increasing customer base comprising Corporate, SME, Retail, Private and Global clients. At the heart of SBM since its inception has been an unwavering commitment to making banking services available to all. Today, SBM s strong customer base is a reflection of the country s enriching diversity from all spheres of economic life. SBM s expansion strategy is underpinned by customer centricity and superior service through investment in leading edge technology and in human capital. the heart of your life Corporate SMEs Retail Private Global Savings, Investment and Financial Solutions Cards and Payments Treasury Services ebusiness Asset Management Brokerage Fiduciary Services State Bank of Mauritius Ltd, SBM Tower, 1 Queen Elizabeth II Avenue, Port Louis, Republic of Mauritius Tel: (230) Fax: (230) Swift: STCBMUMU sbm@sbmgroup.mu website: 66 THE STOCK EXCHANGE OF MAURITIUS LTD

69 State Bank of Mauritius Ltd SEM Code Classification Registered Office Directors Acting Chief Executive Company Secretary Transfer Office Main Activity SBM Commercial Bank State Bank Tower, 1, Queen Elizabeth II Avenue, Port Louis. Muni Krishna T. REDDY, G.O.S.K (Chairman of the Board) Chandradev APPADOO Kalindee BHANJI Dheerendra Kumar DABEE, S.C, G.O.S.K. George John DUMBELL Rohit RAMNAWAZ Alfred Joseph Gerard Robert Alain REY Professor Andrew SCOTT Shakeel SUMMUN Regis YAT SIN, C.S.K., G.O.S.K. Soopaya PARIANEN Chandradev APPADOO Bruj Madhav KALLEE SBM Fund Services Ltd Banking SUMMARY INFORMATION State Bank of Mauritius Ltd (SBM) Group is a leading Financial Services Group in Mauritius with a growing international presence. It provides all services of a universal bank within a diversified business model. The lines of business include: Corporate Banking, Retail Banking, SMEs, Private Banking and Wealth Management, International and Investment Banking, Treasury Services, Stockbroking, Asset/Fund management, Bancassurance and e-business. SBM started operations in 1973 and was listed on the Stock Exchange of Mauritius in Innovation, flexibility, accessibility and reliability are the key attributes that have contributed to the Group s reputation and trustworthiness. Owned by nearly 16,500 domestic and international shareholders, SBM has more than 1,200 employees and services over 440,000 customers through its network of 48 service units and counters in Mauritius, India and Madagascar. We are always mindful that the quality of our human resources and service delivery makes that difference and hence, continuously invest in people, infrastructure and technology. SBM is the second largest listed company in Mauritius offering universal banking services in Mauritius, India and Madagascar and is the highest rated Mauritian bank by Moody s Investors Service. THE STOCK EXCHANGE OF MAURITIUS LTD 67

70 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Cash and cash equivalents 6,744,422 5,501,822 11,764,439 11,534,748 13,788,759 Trading assets 146, , , , ,094 Loans to and placements with banks 943,359-2,766, ,404 92,711 Loans and advances to customers 56,741,302 43,731,741 39,793,808 35,185,082 29,762,405 Investment securities 23,570,849 24,160,809 19,011,409 14,905,859 10,928,813 Property and equipment 2,786,920 2,853,003 2,293,755 2,364,729 2,446,685 Intangible assets 54,148 77,373 78, , ,061 Mandatory balances with Central Banks 4,180,104 2,892,794 2,822,563 2,196,603 1,922,086 Other assets 560, , , , ,268 Total assets 95,727,806 79,839,319 79,233,638 67,556,894 60,229,882 LIABILITIES Deposits from banks 218, , ,725 46,758 93,650 Deposits from non-bank customers 70,888,333 61,502,326 63,569,375 54,835,498 48,475,180 Trading liabilities 141,077 84,964 49,071 54, ,753 Other borrowed funds 7,124,674 2,083,289 1,057, , ,187 Current tax liabilities 176, , , , ,335 Deferred tax liabilities 177, , , , ,102 Other liabilities 1,031, , , , ,294 Total liabilities 79,757,303 65,183,323 66,290,964 56,583,385 50,714,501 Shareholders' equity Share capital 303, , , , ,740 Retained earnings 12,839,632 11,514,037 10,318,964 8,941,255 7,357,333 Other reserves 5,160,417 5,171,505 4,653,256 4,061,800 4,187,594 18,303,789 16,989,282 15,275,960 13,306,795 11,848,667 Less treasury shares (2,333,286) (2,333,286) (2,333,286) (2,333,286) (2,333,286) Total equity attributable to equity holders of the parent 15,970,503 14,655,996 12,942,674 10,973,509 9,515,381 Total equity and liabilities 95,727,806 79,839,319 79,233,638 67,556,894 60,229,882 MEMORANDUM ITEMS Acceptances, guarantees, letters of credit, endorsements, other obligations on account of customers and spot foreign exchange contracts 12,917,916 5,911,337 5,307,272 5,215,439 7,409,385 Commitments 8,390,626 8,215,445 5,043,907 3,802,679 3,545,754 Inward bills held for collection 197, , , , ,052 Outward bills sent for collection 712, , , , ,808 22,218,891 14,710,583 10,808,457 9,532,336 11,525, THE STOCK EXCHANGE OF MAURITIUS LTD

71 Sun Resorts Ltd SEM Code Classification Registered Office Directors SUN Hotel & Leisure Investment 5 th Floor, Ebène Skies, Rue de l Institut, Ebène. P. Arnaud DALAIS (Chairman) G. Christian DALAIS Jean-Pierre DALAIS M.A. Louis GUIMBEAU Jacques HAREL Thierry HUGNIN 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 Incorporated on the 10th February 1983 and listed on the Official List of The Stock Exchange of Mauritius, Sun Resorts Limited is a major Indian Ocean based hotel group that currently owns and manages four resorts in Mauritius - 5* Luxury Le Touessrok, 5* Sugar Beach, 5* Long Beach and 4* La Pirogue and one resort in the Republic of Maldives - 5* Kanuhura. Sun Resorts Limited has also 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 hotels devoted General Managers complete the executive team with Sjefke Jansen at Le Touessrok, Andrew Slome at Sugar Beach, Nicolas Blandin de Chalain at Long Beach, Alessandro Cabella at La Pirogue and Vladimir Scanu at Kanuhura. In 2011, the Company has entered into a long-term lease with the Apavou Group for the lease of Ambre Resort & Spa, a 297 room four star hotel located in Palmar, Mauritius. The resort is currently being renovated and is targeted to open in October Sun Resorts Limited has also successfully launched the sale of 90 rooms and family suites at Long Beach under the Invest Hotel Scheme ( IHS ) legislation. The sales, being a first in Mauritius, attracted particular interest from local nationals as it has enabled them to own and benefit from use of the resort, and share in future returns of the Company. THE STOCK EXCHANGE OF MAURITIUS LTD 69

72 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec Equity attributable to owners of the Company 6,078,511 5,924,093 5,934,034 Treasury shares (1,422,238) (1,422,238) (1,422,238) Non-controlling interests 1,362 1,273 1,288 Total equity 4,657,635 4,503,128 4,513,084 Interest-bearing debt 4,954,201 4,435,265 3,217,043 Total capital employed 9,611,836 8,938,393 7,730,127 Non-current assets 10,463,997 9,691,399 8,563,937 Current assets 1,106,945 1,281,531 1,063,541 Total assets 11,570,942 10,972,930 9,627,478 Trade and other payables 1,302,100 1,305,307 1,174,325 Taxation 472, , ,008 Employee benefit liability 106, , ,018 Proposed dividend 42,211 Provisions 35,000 35,000 35,000 Interest free liabilities 1,959,106 2,034,537 1,897,351 Employment of capital 9,611,836 8,938,393 7,730,127 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Total revenue 3,722,681 3,194,632 3,547,522 Operating profit 534, , ,468 Finance costs (281,037) (200,859) (233,573) Finance income 4,834 9,107 11,340 Closure and marketing costs (52,748) (65,562) (41,961) Profit before tax 205, , ,274 Income tax credit/ (expense) 25,477 3,310 (46,062) Profit for the year 231, , ,212 Non-controlling interests 1 (75) (41) Profit attributable to owners of the Company 231, , ,171 Balance at 1 January 2,918,316 2,791,365 2,522,039 Movements during the year - - 1,956 Dividends on ordinary shares (103,182) (103,182) (93,801) Balance at 31 December 3,046,164 2,918,316 2,791,365 Ordinary shares in issue (000 s) 113, , ,397 Earnings per share (Rs) Dividend declared per ordinary share (Rs) Net worth per ordinary share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

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74 Swan Insurance Company Ltd Sem code Classification Registered Office Non-Executive SWAN Insurance Swan Group Centre, Intendance Street, Port-Louis. M.E. Cyril MAYER, B. Com., CA (SA) (Chairperson) J. Jean-Pierre P. DALAIS, M.B.A. (USA) 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. J.M. René LECLÉZIO, B.Sc Chemical Engineering Independent (Non-Executive) M.D. Pierre DINAN, G.O.S.K., 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 Principal Activity Swan Group Corporate Services Limited Short Term Insurance Business SUMMARY INFORMATION cover to corporate and individual clients either directly or through its agents network. 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. leading operator in the life insurance, pension and fund administration business in Mauritius. The Group s Gross Premium Income amounted to Rs. 3.3 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 financial services. provided according to its treaty capacities and the legislation prevailing in these countries. has a worldwide access to reinsurance markets and is therefore capable of offering first class security to clients. Market capitalisation as at 31st December 2011 was Rs. 2.3 billion. 72 THE STOCK EXCHANGE OF MAURITIUS LTD

75 FINANCIAL REVIEW OF THE GROUP THE SWAN GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS Non-current assets Property and equipment 86,703 84,001 86,249 91,831 94,942 Intangible assets 6,109 10,372 14, Investment in associated company 44,409 58,317 63,748 35,323 54,171 Investment in joint venture Investment in financial assets 545, , , , ,409 Loans and receivables 105,572 86,222 74,989 78,475 71,356 Net deferred tax assets 3,812 4,005 3,714 1,422 2,773 Current assets 1,455,737 1,132,636 1,098,072 1,095,381 1,141,468 Life business assets 20,586,765 20,888,758 18,507,136 15,701,377 17,607,922 Total assets 22,834,974 22,865,776 20,286,052 17,388,554 19,364,805 EQUITY AND LIABILITIES Capital and reserves Share capital 35,857 35,857 35,857 35,857 35,857 Reserves 163, , , , ,763 Retained earnings 944, , , , ,231 Owners interest 1,143,855 1,013, , , ,851 Non-controlling interests 64,924 50,853 60,844 61,299 22,890 Technical provisions Life assurance fund 20,586,765 20,888,758 18,507,136 15,701,377 17,607,922 Gross outstanding claims and IBNR 323, , , , ,799 Gross unearned premiums 523, , , , ,213 Non-current liabilities Retirement benefit obligations 36,129 37,726 39,165 31,934 33,965 Current liabilities 156,534 88,351 90, , ,165 Total equity and liabilities 22,834,974 22,865,776 20,286,052 17,388,554 19,364,805 THE SWAN GROUP STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Gross premiums 3,344,050 2,920,258 2,565,091 2,500,254 2,357,440 Net earned premiums 2,463,299 2,078,735 1,834,173 1,871,766 1,760,614 Underwriting surplus 317, , , , ,039 Investment and other income 109, , , ,081 93,884 Management expenses (190,918) (176,704) (161,973) (152,500) (152,122) Share of profit of associated company and joint venture 1,235 6,502 7,463 4,982 9,696 Profit before taxation 238, , , ,775 84,497 Taxation (25,247) (25,468) (19,638) (16,643) (4,848) Profit for the year 212, , , ,132 79,649 Non-controlling interests (16,991) (19,677) (20,903) (16,154) (15,132) Profit attributable to owners of the parent 195, , , ,978 64,517 Dividends 60,956 55,219 50,199 43,028 39,442 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) THE STOCK EXCHANGE OF MAURITIUS LTD 73

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77 Terra Mauricia Ltd SEM CODE Classification Registered Office Directors Secretary Principal Activity TERRA Investment 18, Edith Cavell Street, Port Louis. Daniel NAIRAC (Chairperson) Cyril MAYER (Managing Director) Margaret WONG PING LUN Maurice de MARASSÉ ENOUF Jean de FONDAUMIERE Dominique de FROBERVILLE Hubert HAREL Alexis HAREL Henri HAREL François MONTOCCHIO Alain VALLET Terra Services Ltd Investment in a diversified conglomerate. SUMMARY INFORMATION Incorporated in September 2011, the company took over the assets and liabilities of Terragri Ltd (previously known as Harel Frères Limited - HFL) and its subsidiaries through a scheme of arrangement, whereby each share of HFL was exchanged for one share of the company. One of the main sugar groups in the island, Terra cultivates, through its subsidiary Terragri Ltd, sugar cane in the northern part of the island and another of its subsidiary, Terra Milling 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 1 st, 2010, The Mount Sugar Estates Company Limited and on 31 st December 2010 The Saint André Sugar Estate were amalgamated with HFL. 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 group has acquired a major participation in two sugar complex in Ivory Coast. The group has also set up, in association with a French partner named SIDEC, SIT and SIC, Terragen Ltd (formerly Compagnie Thermique de Belle Vue Limitée), which operates a bagasse-coal power plant at Belle Vue. Another subsidiary, namely Sagiterra Ltd 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 Distilling Ltd. This alcohol is bottled and distributed, along with the branded imported wines spirits, by another subsidiary, namely Grays Inc. Ltd. Terra also has interests in a stonecrusher known as Terrarock Ltd, 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 03 th January THE STOCK EXCHANGE OF MAURITIUS LTD 75

78 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 9,881,100 10,011,400 6,239,100 6,247,400 6,335,100 Biological assets 271, , , , ,500 Investments properties 240, , , ,800 7,800 Investments 1,578,400 1,555, , , ,500 Intangible assets 186, , , , ,900 Non-current receivables 11,500 7,200 9,800 6,500 9,400 Land development 87,600 79,800 57,200 56,400 54,100 Deferred tax assets 2,600 1,300 1,300 1,200 1,300 Deferred VRS costs 77,000 75,900 46,900 54,700 68,300 Current assets 2,149,500 1,960,600 2,163,300 2,413,800 2,229,000 Non-current assets classified as held for sale 7,200 12,400 18,900 27,900 49,800 Total assets 14,493,800 14,407,500 9,867,200 9,965,100 9,690,700 EQUITY AND LIABILITIES Capital and reserves Stated capital 3,523,500 3,523, , , ,800 Revaluation and other reserves 5,677,900 5,563,600 4,352,500 4,220,300 4,212,000 Retained earnings 2,774,600 2,367,900 2,235,800 2,116,600 1,821,000 Shareholders interests 11,976,000 11,455,000 6,762,100 6,510,700 6,206,800 Minority interests 914, , , , ,400 Non-current liabilities Borrowings 53, , , , ,600 Retirement benefit obligations 232, , , , ,400 Deferred tax liabilities 247, , , , ,300 Deferred income 8,100 10,100 - Current liabilities 1,061,500 1,216,400 1,299,200 1,413,400 1,239,100 Liabilities directly associated with non-current assets held for sale ,100 Total equity and liabilities 14,493,800 14,407,500 9,867,200 9,965,100 9,690,700 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Turnover 4,222,700 3,643,300 3,246,900 3,289,200 2,948,000 Operating profit before exceptional items 668, , , , ,900 Exceptional items ,500 Operating profit after exceptional items 668, , , , ,400 Other income 121, , , , ,400 Net finance (costs) / income (73,700) (158,900) (218,100) (144,800) (203,100) Share of profit / (loss) of associates 160,000 86,700 90, , ,600 Profit / (loss) before taxation 876, , , , ,300 Taxation (116,200) (75,700) (70,800) (100,500) (113,000) Profit / (loss) after taxation 760, , , , ,300 Minority interest (177,900) (149,800) (122,600) (231,000) (192,800) Profit / (loss) attributable to the group 582, , , , ,500 Dividends 182, , , , ,300 STATISTICS Number of ordinary shares used in calculation 227,545, ,100, ,834, ,834, ,834,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

79 United Basalt Products Ltd. SEM CODE UBP Classification Industry Address Trianon, Quatre Bornes. Registered Office Trianon, Quatre Bornes. Directors Thierry LAGESSE François BOULLÉ Marc FREISMUTH Jean-Michel GIRAUD Joël HAREL Cyril LAGESSE - Resigned on August 25, 2011 Arnaud LAGESSE - Appointed full-fledged Director on August 25, 2011 Raymond LAGESSE - Resigned on October 20, 2011 Stephane LAGESSE - Appointed on November 11, 2011 Jean Claude MAINGARD Jean MAMET Jacques de NAVACELLE - Resigned on December 21, 2011 Laurent de la HOGUE - Appointed on December 21, 2011 Chief Executive Officer (CEO) Jean-Michel GIRAUD Company 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 subsidiary and associate companies are all related to the building industry. Stock Exchange listing was granted on June 29 th, THE STOCK EXCHANGE OF MAURITIUS LTD 77

80 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 1,998,109 1,837,046 1,725,631 1,634,434 1,586,197 Investment properties 22,208 24,381 26,289 29,254 31,528 Bearer biological assets 18,118 19,480 20,474 19,204 17,705 Intangible assets 14,066 15,531 17,545 28,866 36,650 Investment in associates 203, , , , ,147 Available-for-sale investments 59,632 51,984 54,531 71, ,004 Other non-current financial assets 13,795 13,795 13, Deferred tax assets 12,218 3,893 3,188 2,531 1,578 Current assets 1,282,802 1,175,018 1,018, , ,118 Total assets 3,624,277 3,334,041 2,980,301 2,888,088 2,837,927 EQUITY AND LIABILITIES Equity Issued capital 265, , , , ,917 Reserves 1,652,183 1,655,013 1,498,535 1,419,664 1,329,461 Equity attributable to shareholders at the parent 1,917,283 1,875,930 1,719,452 1,640,581 1,550,378 Non-controlling interests 49,301 52,387 17,255 20,084 21,464 Non-current liabilities Interest-bearing loans and borrowings 297, , , , ,382 Deferred tax liability 127, Retirement benefit obligations 89,647 88,968 83,685 78,683 75,631 Current liabilities 1,142, , , , ,072 Total equity and liabilities 3,624,277 3,334,041 2,980,301 2,888,088 2,837,927 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Revenue 2,591,170 2,230,272 2,034,310 1,718,721 1,404,405 Operating profit 327, , , , ,283 Net finance costs (75,966) 34,102 (90,226) (94,137) (76,225) Share of results of associates 43,937 36,672 32,660 29,323 11, , , ,395 97,172 38,806 Exceptional Items - (87,759) 2,574 85,249 11,233 Profit before tax 295, , , ,421 50,039 Income tax expense (41,019) (40,909) (29,437) (23,607) (15,823) Profit for the year 254, , , ,814 34,216 Profit attributable to: Equity holders of the parent 237, , , ,456 34,000 Non-controlling interests 17,064 6,285 (1,896) Profit for the year 254, , , ,814 34,216 Dividends 72,902 60,752 57,438 44,183 33,138 STATISTICS Number of ordinary shares used in calculation 26,510,042 22,091,702 22,091,702 22,091,702 22,091,702 Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

81 United Docks Ltd SEM CODE Classification Registered Office Directors* UDL Investments Kwan Tee Street, Caudan, Port Louis. Marie Henri Dominique GALEA (Chairperson) Michel Eric Cyril MAYER Jean Claude BAISSAC (Managing Director) Joseph Alexis HAREL Anwar KATHRADA Lucia Marie Chantal Michele LIONNET Ismael Ibrahim BAHEMIA Bernard Kuo Hsing WONG PING LUN * List of directors as at 01 June 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: Portion Held Activity Fanfaron Advertising Ltd. 99.9% Advertising United Docks (Overseas Investments) Ltd % Investment holding United Properties Ltd % Property development UDL Investments Ltd 100.0% Investment holding Stock Exchange listing was granted on 8 th November THE STOCK EXCHANGE OF MAURITIUS LTD 79

82 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) June ASSETS Non-current assets Property, plant and equipment 262, ,704 1,923,745 3,778,610 18,213,478 Investment properties 1,783,697,000 1,783,697,000 1,783,697,000 1,783,697,000 1,590,013,000 Investments in associates ,711, ,495 Available-for-sale investments 191,291, ,532, ,831, ,318, ,200,578 Deferred Development expenditure Retirement benefit assets Deferred tax assets Current assets 13,455,874 20,138,950 25,435,329 58,345,627 57,239,935 Asset classified as held for sale 132,135,443 84,660, Total assets 2,120,842,111 2,077,661,707 2,005,887,317 2,048,851,768 1,868,380,486 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 136,663,443 85,822,637 23,520, ,362, ,940,418 Retained earnings 1,683,119,370 1,693,110,885 1,683,024,761 1,586,426,539 1,439,144,036 1,950,014,727 1,909,165,436 1,836,776,691 1,873,021,037 1,731,316,368 Minority interest 2,072 1,667 1, ,963 LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 36,099,769 43,929,667 51,902,676 63,743,734 5,888,244 Deferred tax liabilities Retirement benefit obligations 4,885,548 3,822,041 3,702,419 5,538,270 4,402,268 Current liabilities 129,839, ,742, ,504, ,547, ,771,643 Total equity and liabilities 2,120,842,111 2,077,661,707 2,005,887,317 2,048,851,768 1,868,380,486 INCOME STATEMENT (Rs 000) June Revenue 20,985,391 19,848,394 14,645,614 13,449,388 14,655,551 Increase in fair value of investment properties ,804, ,113,000 Other income 1,716,160 25,917, ,610 1,927,152 26,013,253 Operating expenses (20,166,577) (23,264,232) (27,025,644) (25,564,314) (39,749,919) Operating (loss)/profit 2,534,974 22,501,668 (11,675,420) 171,616, ,031,885 Finance costs (12,454,599) (12,345,627) (18,226,281) (18,884,940) (12,207,511) Share of profit of associates - - 1,678, , ,241 (Loss)/Profit on disposal of associates - - (1,203,460) - - Profit before exceptional items (9,919,625) 10,156,041 (29,426,291) 153,369, ,389,615 Exceptional items (52,485,517) Profit before tax (9,919,625) 10,156,041 (29,426,291) 153,369, ,904,098 Taxation (71,485) (69,569) (58,945) (47,316) (2,124,493) (Loss)/Profit for the year (9,991,110) 10,086,472 (29,485,236) 153,321, ,779,605 Minority interest (405) (348) (374) 1,018 3,782 (Loss)/Profit attributable to equity holders of the company (9,991,515) 10,086,124 (29,485,610) 153,322, ,783,387 Dividends ,672,000 10,560,000 - 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) (0.95) 0.96 (2.79) Dividends Per Share (Re) Net Assets Value (Rs) THE STOCK EXCHANGE OF MAURITIUS LTD

83 Vivo Energy Mauritius SEM CODE Classification Registered Office Directors Secretary Principal Activity VIVO ENERGY MAURITIUS Commerce Vivo Energy Mauritius Limited, Cemetery Road, Roche Bois. Mr. Honore DAINHI (Chairman) Mr. Pawan K. JUWAHEER (Managing Director) Mr. Patrick CRIGHTON Mr. Roger LEUNG Mr. Antoine DELAPORTE Executive Services Ltd. Marketing and distribution of petroleum products. SUMMARY INFORMATION Vivo Energy Mauritius Limited (formerly Shell Mauritius Limited) is the market leader in Mauritius, operating in all market segments of the oil industry. The products marketed by the company include mogas, diesel, Liquefied Petroleum Gas (LPG), autogas, lubricants, whilst services include the Shell Card for fleet management solution for business-to-business commercial clients, an into-plane service at the airport and bunkering facilities. Vivo Energy was the first international oil company to set up business in the country in In 1991, Vivo Energy Mauritius was floated on the Mauritian Stock Exchange. Currently 25% of the company s shares are held by Mauritian minority shareholders. On 30 th November 2011, Vitol and Helios finalised the acquisition of the majority shareholding in Shell s downstream businesses in seven African countries including Mauritius. This marked the beginning of Vivo Energy and Vivo Energy Mauritius Limited respectively. The vision of Vivo Energy Mauritius 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. The company 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, Vivo Energy is fully engaged in social, educational and environmental projects. Vivo Energy 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. The company 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 was the first company to operate a dedicated bunkering depot in Port Louis and to own a barge, L Ami Constant. Since beginning of 2012, L Ami Constant has been replaced by Tristar Glory, a bunker barge of higher capacity. Vivo Energy 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 Vivo Energy 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), 16 vehicles (LPG retailers), two 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 42 service stations. Safety remains the company s number one priority. In 2011, Vivo Energy had zero fatal incidents out of nearly 575,000 exposure hours and 2.0 million kilometers driven. THE STOCK EXCHANGE OF MAURITIUS LTD 81

84 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 668, , , , ,790 Intangible assets ,217 1, Prepaid operating leases ,030 1,109 Investment in associates 25,711 39,384 61,341 30,328 42,545 Loans receivable Other long term assets 2,088 4, Retirement benefit asset 44, Current assets 1,815,196 2,047,545 1,463,082 1,547,377 1,231,977 Total assets 2,557,373 2,711,530 2,197,203 2,279,544 1,931,462 EQUITY AND LIABILITIES Capital and reserves Share capital 293, , , , ,223 Retained earnings 179, , , , ,191 Proposed dividends Shareholders interests 472, , , , ,414 Non-current liabilities Deferred tax liabilities 55,018 48,028 46,373 39,367 30,074 Retirement benefit obligations - 19,708 20,931 20,003 22,071 Current liabilities 2,030,001 2,170,823 1,688,629 1,786,600 1,411,903 Total equity and liabilities 2,557,373 2,711,530 2,197,203 2,279,544 1,931,462 INCOME STATEMENT (Rs 000) 31 Dec Turnover 12,313,299 9,453,712 8,430,950 10,562,749 8,659,857 Profit from operations 412, , , , ,054 Net finance income / (cost) (24,218) 10,331 (2,890) (11,835) (14,198) Share of result of associates 10,327 8,043 31,013 31,283 28,778 Profit before tax 399, , , , ,634 Taxation (74,222) (65,146) (49,961) (37,294) (21,371) Profit for the year 324, , , , ,263 Dividends declared over profit for the year 325, , , , ,848 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) THE STOCK EXCHANGE OF MAURITIUS LTD

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