Handbook (Official Market)

Transcription

1 Handbook (Official Market)

2 AfrAsia Global Custody Services The essential link to worldwide capital markets Offered in partnership with ABN AMRO Bank, AfrAsia Bank s Global Custody Services provide a single point and easy access to the world s capital markets focusing on: Safe custody of assets Trade settlement & Corporate actions management Coverage of all major markets - USA, Asia, Australia, South Africa & Europe, amongst others Brokerage services through our partners Treasury capabilities offering competitive FX rates Cash management, including attractive interest rate on surplus funds With its global reach covering all major markets, the Bank focuses on providing the highest quality offering to support its clients ambitions and strategies. Mauritius South Africa afrasia@afrasiabank.com Awarded Best Private Bank in Mauritius 2011

3 Handbook (Official Market) 2011

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. The Stock Exchange of Mauritius 4th Floor, One Cathedral Square Building 16, Jules Koenig Street, Port Louis Republic of Mauritius Tel : (230) Fax : (230)

5 Table of Contents Air Mauritius Limited Automatic Systems Limited Belle Mare Holding Limited Caudan Development Limited Compagnie Des Magasins Populaires Limitée Dale Capital Group Limited ENL Commercial Limited ENL Land Limited Fincorp Investment Limited Gamma Civic Limited Harel Frères Limited Harel Mallac & Co. Limited Innodis Limited IPRO Growth Fund Ltd Ireland Blyth Limited Mauritius Chemical & Fertilizer Industry Limited The Mauritius Commercial Bank Limited The Mauritius Development Investment Trust Co Limited Mauritian Eagle Insurance Company Limited The Mauritius Leasing Company Limited Mauritius Oil Refineries Limited Mauritius Stationery Manufacturers Limited Mauritius Union Assurance Co Limited Naïade Resorts Limited National Investment Trust Limited New Mauritius Hotels Limited Omicane Limited Phoenix Beverages Limited Plastic Industry (Mauritius) Limited P.O.L.I.C.Y. Limited Promotion and Development Limited Rogers and Company Limited Shell Mauritius Limited State Bank of Mauritius Limited Sun Resorts Limited Swan Insurance Company Limited United Basalt Products Limited United Docks Limited 93-94

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11 Handbook (Official Market)

12 Air Mauritius Ltd Sem Code : AIRM Classification : Transport Registered Office : Paille-en-Queue Court, President J Kennedy Street, Port Louis Chairman : Mr Rajkamal Taposeea Directors* : Mr Rajkamal Taposeea (Chairman) Mrs Aisha Timol, G.O.S.K. Mr Kremchand Beegoo Mr Dheerendra Dabee, S.C. Mr Dominique Patry Mr Ali Mansoor Mr Ramapatee Gujadhur, C.S.K. Mr Gerard Espitalier-Noël, C.S.K. Mr Philippe Espitalier-Noël Mr Suresh Seeballuck, G.O.S.K. Mr Timothy Taylor Mr Arvind Jadhav Mr F Woo Shing Hai, G.O.S.K Mr Raj Ringadoo Company Secretary : Mr Fooad Nooraully Executive Team** : Mr Viljoen Andries Nathaniel (Officer-in-Charge/Chief Finance Officer and Chief Information Officer) : Mr Banymandhub Pramil (EVP-Flight Operations) : Mr Buton Indradev (EVP-Strategic Planning) : Mr Gentil Jacques (EVP-Technical Services) : Mr Seetul Vijay (EVP-internal Audit) : Mr Payen Donald (EVP-Commercial & Communications) : Mr Fooad Nooraully (EVP-Company Secretary & General Counsel) : Mr Ramjutun Sudh (VP Ground Operations) : Mr Baguant Roshan (VP Cabin Operations) * List of Board Directors as at 25 May 2011 ** Executive Team as at 25 May Handbook (Official Market) 2011

13 Air Mauritius Ltd SUMMARY INFORMATION Air Mauritius, the national carrier of the Republic of Mauritius was incorporated in In those days, it acted solely as the handling agent for airlines operating from Plaisance Airport. The Company started actual flight operations only in September 1972 with a leased six-seater, twin-propeller Piper Navajo flying to Rodrigues and Reunion. To-day it flies to the main European, Asian, and African destinations. From Ground Handler to an International Airline Boeing 707, in full Air Mauritius livery, operated to Europe. A key milestone leading to the rapid development of Air Mauritius was reached in 1984 with non-stop services being offered between Mauritius and London, Paris, Rome, and Zurich. a hub for air traffic between South East Asia and South Africa. Responding to international market realities Airbus A E, two Airbus A , two Airbus A , two ATR and three Bell Jet Ranger helicopters. The Australasia network includes Mumbai, Delhi, Bangalore and Chennai in India, Perth and Melbourne in Australia, and Kuala Lumpur, Singapore and Hong Kong. As from the 04th July 2011, Air Mauritius will start operating to Shanghai. On the regional routes, Air Mauritius operates to 3 points in South Africa (Durban, Johannesburg and Cape Town), to Nairobi, Madagascar, Reunion and Rodrigues. cargo yearly. stakeholders expectations. Air Mauritius is listed since 1995 on the Stock Exchange of Mauritius Ltd. Activities of the company Ltd (MEDCOR) which owns Air Mauritius Centre, a building in the prime commercial area of Port Louis. awaiting the grant of an Air Operator Certificate. Services, Ground Handling, Maintenance and Engineering, and a hotel in Rodrigues. of aircraft operated by carriers flying into SSR International Airport. In 1998, Air Mauritius obtained the approval as a JAR (Joint Aviation Requirements) 145 Maintenance Organisation by the French Direction Generale.This approval allows the airline to perform maintenance on aircraft and components belonging to the member States of the Joint Aviation Authorities. Handbook (Official Market)

14 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET ( 000) 31 Mar ASSETS Non-current assets Property, plant and equipment 300, , , , ,708 Investment property 10,081 9,581 8,975 10,060 11,998 Intangible assets 1, Investment in associated companies Available-for-sale investment ,085 1,956 1,796 Other financial assets ,969 Deferred tax asset Long term deposits 9,062 7,533 15,280 12,997 84,063 Long term receivables , Current assets 78,990 99, , , ,644 Assets classified as held for sale 2,271 5, ,748 Total assets 403, , , , ,611 EQUITY AND LIABILITIES Capital and reserves Share capital 41,724 41,724 41,724 41,724 41,724 Share premium 18,869 18,869 18,869 18,869 18,869 Other reserves (16,358) (80,719) (6,786) (10,255) (1,172) Retained earnings 53,392 59, , , ,915 Proposed dividends Shareholders interests 97,627 39, , , ,336 Minority interests 2,118 1,842 1,970 1,715 1,851 Non-current liabilities Borrowings and financial derivatives 98,772 79,052 84, , ,042 Deferred credit Provisions 41,987 35,517 32,955 23,827 23,330 Current liabilities 162, , , , ,476 Total equity and liabilities 403, , , , ,611 INCOME STATEMENT ( 000) 31 Mar Turnover 371, , , , ,602 Gross Operating Profit / (Loss) 24,867 (14,308) 48,359 26,080 30,657 Administrative expenses (20,092) (24,422) (25,982) (26,560) (22,425) Profit on sale of investment (181) Share of results of associates (2) (66) 2 5 (13) Other income 3,154 4,624 2,248 1,724 1,764 Fair value adjustments Net finance costs (8,871) (875) (7,488) (8,113) (2,035) Loss on derognition of liabilities (4,806) (50,816) (Loss)/Profit before tax (5,931) (85,263) 17,220 (6,473) 7,948 Deferred tax (104) (190) (210) (196) (60) Profit after tax (6,035) (85,453) 17,010 (6,669) 7,888 Minority interests (130) (221) (183) (130) (5) Net (Loss)/profit for the year (6,165) (85,674) 16,827 (6,799) 7,883 Dividends - - 3,712-1,382 STATISTICS Number of ordinary shares used in calculation 102,305, ,305, ,305, ,305, ,305,000 Euro Euro Euro Euro Euro Earnings/(Loss) Per Share (Re) (0.06) (0.84) 0.17 (0.07) 0.08 Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011

15 Automatic Systems Limited SEM Code : ASL Classification : Leisure Registered Office : c/o Abax Corporate Administrators Ltd, 6th Floor, Tower A, 1 CyberCity, Ebene, Mauritius Directors* : M. A. Eric ESPITALIER-NOEL (Chairperson) Ravindra CHETTY Jowaheer Lall DOOKUN M. L. Jean HARDY Antoine Louis HAREL Charles P. L. HAREL Hervé HENRY O. Farouk A. HOSSEN J.D. Gérard PASCAL L. J. Michel RIVALLAND, G.O.S.K John A. STUART Willem Adriaan DU PLESSIS Alternate Directors** : Arvind Lall DOOKUN Alternate director to Jowaheer Lall DOOKUN M. L. Jean HARDY Alternate director to Hervé HENRY and O. Farouk A. HOSSEN Antoine Louis HAREL Alternate director to L.J. Michel RIVALLAND, G.O.S.K and Charles P. Harel Charles HAREL Alternate director to Antoine HAREL Michel RIVALLAND Alternate director to Antoine HAREL John A. STUART Alternate director to Willem Adriaan DU PLESSIS Secretary & Transfer Registrar : Abax Corporate Administrators Ltd Principal Activity : Running of a totalisator (Tote) betting system in Mauritius. * List of Directors as at 28 May 2010 ** List of Alternate Directors as at 28 May 2010 SUMMARY INFORMATION Incorporated as a public company in 1991 and listed on the Stock Exchange of Mauritius Ltd in ASL s principal activities are the running of a totalisator (Tote) system of betting on races in Mauritius organized by the Mauritius Turf Club and the organization of fixed-odds betting on foreign football matches, both in accordance with the provisions of the Gambling Regulatory Authority Act Handbook (Official Market)

16 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS Non-current assets 27,234 34,901 40,612 40,827 34,872 Current assets 32,804 32,085 36,856 15,474 12,516 Total assets 60,038 66,986 77,468 56,301 47,388 SHAREHOLDERS EQUITY Share capital 24,745 24,745 24,745 24,745 24,745 Share premium 1,168 1,168 1,168 1,168 1,168 Retained earnings 6,124 6,392 6,649 3,144 1,383 Total equity 32,037 32,305 32,562 29,057 27,296 LIABILITIES Non-current liabilities 2,855 3,417 3,420 3,085 3,284 Current liabilities 25,146 31,264 41,486 24,159 16,808 Total liabilities 28,001 34,681 44,906 27,244 20,092 Total equity and liabilities 60,038 66,986 77,468 56,301 47, Dec Revenue 1,325,487 1,550,051 1,328, , ,120 Operating profit 25,455 35,522 24,138 13,199 10,676 Finance income 2,119 2, ,423 Profit before taxation 27,574 37,596 24,793 13,402 12,099 Taxation (4,864) (6,038) (3,613) (1,036) (2,553) Profit for the year 22,710 31,558 21,180 12,366 9,546 Dividends declared 22,978 31,815 17,675 10,605 8,166 STATISTICS STATEMENT OF COMPREHENSIVE INCOME (Rs 000) Number of ordinary shares used in calculation 3,535,000 3,535,000 3,535,000 3,535,000 3,535,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook (Official Market) 2011

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

18 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 106, , , , ,837 Investment in associates 65,510 62,319 64,923 59,378 51,549 Investment in financial assets 1,189, , , , ,573 Bearer biological assets Current assets 6,069 8,478 12,059 14,746 13,567 Non-current asset classified as held-for-sale Total assets 1,368,060 1,050, , , ,526 EQUITY AND LIABILITIES Capital and reserves Share capital 42,668 42,668 42,668 42,668 42,668 Reserves 825, , , , ,344 Retained earnings 450, , , , ,342 Shareholders interests 1,319,401 1,001, , , ,354 Minority interests Non-current liabilities Deferred tax liabilities 15, Retirement benefit obligations Borrowings Current liabilities 33,399 49,441 50,231 20,774 22,172 Total equity and liabilities 1,368,060 1,050, , , , Dec Turnover 27, ,492 27,807 25,805 31,339 Operating profit 24, ,861 23,369 21,495 31,041 Profit on disposal of subsidiary ,277 Finance costs (1,559) (3,043) (2,490) (1,356) (3,528) Share of result of associates 4,755 14,905 9,043 9,302 3,813 Profit before tax 28, ,723 29,922 29,441 35,603 Taxation (324) (352) (255) (290) (389) Profit after tax 27, ,371 29,667 29,151 35,214 Minority interests Profit attributable to shareholders of holding company 27, ,371 29,667 29,151 35,401 Dividends-in cash 21,333 21,333 17,067 17,067 17,067 STATISTICS INCOME STATEMENT (Rs 000) Number of ordinary shares used in calculation 4,266,776 4,266,776 4,266,776 4,266,776 4,266,776 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011

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20 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 17th February Caudan Development Limited specialises in the ownership, promotion and development of Le Caudan Waterfront, a mixed commercial project on the waterfront of Port-Louis. Apart from the waterfront project, the company also rents out industrial buildings at Pailles,Riche Terre and Albion Dock. Caudan via a subsidiary, operates in the security business, and is involved in the sale of alarm equipment and the provision of security and property protection services. Caudan is managed by its holding company, Promotion and Development Limited, an associated company of The Mauritius Commercial Bank Limited. 18 Handbook (Official Market) 2011

21 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Investment property 3,640,962 3,633,001 3,182,427 2,183,325 2,193,635 Prepaid operating leases Property, plant and equipment 178, , , ,713 60,708 Intangible asssets 3,755 3,726 4,210 4,240 4,298 Investments in associate 19,926 23,922 22,671 18,423 17,766 Investments in available-for-sale financial assets 62,750 57,500 52,350 37,750 36,075 3,906,708 3,852,354 3,857,593 2,559,962 2,312,999 Current assets 101, ,050 80,823 74,673 59,023 Total assets 4,008,573 3,992,404 3,938,416 2,634,635 2,372,022 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 22,750 17,500 12,350 (2,250) (3,925) Retained earnings 1,960,710 1,960,268 1,907,710 1,203,606 1,185,038 Total equity 2,805,842 2,800,150 2,742,442 2,023,738 2,003,495 Non-current liabilities Borrowings 604, , ,053 45,298 75,700 Deferred tax liabilities 231, , , , ,931 Retirement benefit obligations 7,863 4,778 2,703 1,763 1, , , , , ,979 Current liabilities 358, , , , ,548 Total liabilities 1,202,731 1,192,254 1,195, , ,527 Total equity and liabilities 4,008,573 3,992,404 3,938,416 2,634,635 2,372,022 INCOME STATEMENT (Rs 000) 30 Jun Turnover 425, , , , ,548 Operating profit 130, , ,320 78,241 80,980 Dividend income 1,200 3,900 3,900 3,150 1,200 Net gain from fair value adjustment on investment property - 34, , Net finance costs (68,278) (61,483) (24,340) (18,003) (18,773) Share of (loss)/profit of associate (3,996) 10,737 13,303 9,320 10,724 Profit before tax 59, , ,060 72,708 74,131 Taxation (9,733) (19,340) (105,785) (13,164) 52,719 Profit for the year attributable to owners of the parent 49, , ,275 59, ,850 Dividends (MRs 000) 49,171 49,171 49,171 40,976 40,976 STATISTICS Number of ordinary shares used in calculation 819,520, ,520, ,520, ,520, ,520,000 Earnings per share (Re) Adjusted earnings per share (excluding net gain on investment property) (Re) Dividends per share (Re) Net assets value (Rs) Handbook (Official Market)

22 Compagnie des Magasins Populaires Limitée SEM Code : CMPL Classification : Commerce Registered Office : 18, Edith Cavell Street, Port Louis Directors : Antoine L. HAREL (Chairman) Jean Marie Noël de Marcy CHELIN (Managing Director) J.M. Antoine HAREL Charles P.L. HAREL Gaëtan LECLEZIO M. J. I. G. Michel PILOT L J Michel Rivalland (GOSK) L. A. Alain VALLET Secretaries : HM Secretaries Ltd. Principal Activity : Retailing of perishable, non-perishable, general and textile goods. SUMMARY INFORMATION Compagnie des Magasins Populaires Limitée (Monoprix) Compagnie des Magasins Populaires Ltée has been operating in the retail sector since 1975 and has been listed on the Stock exchange of Mauritius Ltd since 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 Grande Surfaces Reunies (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. 20 Handbook (Official Market) 2011

23 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 31 Dec ASSETS EMPLOYED Non-current assets Fixed assets 104,529, ,530, ,788, ,899,669 86,960,166 Intangible Assets 643, , , , ,762 Investments in subsidiary Investments in associate Investments 26,963,104 25,217,770 18,435,863 29,987,068 18,600,861 Current assets 41,742,169 38,369,858 38,325,598 48,441,353 55,803,053 Total assets 173,878, ,723, ,027, ,595, ,792,842 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 44,515,123 51,650,297 52,608,613 53,475,613 35,490,613 Fair Value Reserves 388,373 (759,934) (8,075,563) 4,319,340 3,349,283 Retained earnings 22,007,299 19,879,281 25,017,696 31,023,134 26,085,979 Shareholders interests 88,914,279 92,773,128 91,554, ,821,571 86,929,359 Non-current assets Deferred tax 10,475,958 4,179,656 4,738,426 5,920,527 9,146,420 Retirement benefit obligations 4,233,620 3,752,526 3,553,242 3,215,538 2,754,991 Borrowings 141,573 2,439,427 11,215, ,382 - Current liabilities 70,113,184 70,578,436 57,966,174 63,149,245 62,962,072 Total equity and liabilities 173,878, ,723, ,027, ,595, ,792, Dec Turnover 256,838, ,478, ,804, ,219, ,535,617 Gross profit 52,499,375 44,248,901 45,248,338 44,508,876 40,804,625 Other income 1,710, ,470 2,800,581 8,428,982 4,768,661 Administrative expenses (43,869,005) (44,645,425) (47,848,767) (42,046,859) (38,144,464) Depreciation (6,664,564) (6,553,194) (5,838,853) (5,088,513) (4,750,065) Operating income/(loss) 3,676,686 (5,961,248) (5,638,701) 5,802,486 2,678,757 Finance (costs)/income (457,260) (694,253) (677,924) (619,746) 257,927 Gain on disposal of investment Exceptional Items Profit/(loss) before taxation 3,219,426 (6,655,501) (6,316,625) 5,182,740 2,936,684 Taxation (294,924) 558,770 1,198,987 3,154, ,096 Profit/(loss) after taxation 2,924,502 (6,096,731) (5,117,638) 8,337,080 3,785,780 Dividends 1,754,800-1,754,800 3,399,925 3,070,900 STATISTICS INCOME STATEMENT (Rs) Number of ordinary shares 2,193,500 2,193,500 2,193,500 2,193,500 2,193,500 Earnings per share (Rs) 1.33 (2.78) (2.33) Dividends per share (Rs) Net assets value (Rs) Handbook (Official Market)

24 Dale Capital Group Limited SEM Code : DCPL.N0000 Classification : Foreign Registered Office : Akara Building, 24 de Castro Street Wickham s Cay 1, Road Town Tortola British Virgin Islands Directors : Norman Theodore Noland (Executive Chairman & Chief Executive Officer) Sanjeeven Ramasawmy (Financial Director) Kee Chong Li Kwong Wing (Non Executive Director) Dr. Jürg P. (Giorgio) Blum (Non Executive Director) Nigel Hampton McGowan (Non Executive Director) Secretary : Dale International Trust Company Limited Executive Director and Senior Management Team : Norman Noland (Executive Chairman & Chief Executive Officer) Sanjeeven Ramasawmy (Financial Director) Allan Maynard Burgoyne (Head of Property) Vanessa Lesley Northing (Head of Marketing) Principal Activities : 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, Sector DCG invests either in controlling interests or in influential, but noncontrolling stakes, in both private businesses and publicly quoted companies. In the latter case we aim to achieve private equity style returns through rigorous active ownership. Though its subsidiaries it operates in offices situated at Ebene in Mauritius and Cape Town in South Africa. The aim of the group is to deliver stable and consistent longer term returns for shareholders, minimizing risk whilst capturing opportunities in its chosen fields of investment in the most effective way. 22 Handbook (Official Market) 2011

25 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (USD) End Feb ASSETS Non-current assets Property, plant and equipment 22,072,174 17,598,806 65,466 Investment Property 1,181, Intangible assets 736, ,218 8,408,584 Investment in associate ,682 Investment in financial assets 9,229,542 7,905,694 11,836,927 Loans receivable ,207 Deferred taxation 92,701 1,699,751 1,427,420 33,312,170 27,948,499 22,339,286 Current assets Inventories & deposits 191, ,593 - Trade and other receivables 302,213 3,124, ,091 Loans receivable 1,379, , ,426 Investment in financial assets ,420 Cash and cash equivalents 1,099,096 82, ,639 2,972,195 4,697,199 1,232,576 TOTAL ASSETS 36,284,365 32,645,698 23,571,862 EQUITY AND LIABILITIES Capital and reserves Stated capital 21,818,315 15,888,073 21,138,073 Treasury shares (2,494,264) - (4,136,159) Reserves 6,256,563 4,141,106 (1,905,566) Retained earnings (9,612,663) (6,209,395) 1,340,144 Equity attributable to equity holders of the parent 15,967,951 13,819,784 16,436,492 Non-controlling interest 6,250,008 4,628, ,223 22,217,958 18,448,184 16,578,715 Non-current liabilities Borrowings 2,791,861 4,834,176 1,465,198 Financial liabilities 6,058,004 5,200, ,167 Deferred taxation - 15,916 16,625 8,849,865 10,050,092 1,679,990 Current liabilities Trade and other payables 2,074,695 2,610, ,060 Borrowings 743, ,088 3,149,872 Bank overdraft 2,393,276 1,154,717 1,865,157 Taxation 5,162-68,068 5,216,541 4,147,422 5,313,157 TOTAL EQUITY AND LIABILITIES 36,284,365 32,645,698 23,571,862 Continuing Operations Revenue 2,351,250 1,084,646 2,509,134 Investment income 74, ,027 2,236,089 2,425,376 1,291,673 4,745,223 Expenses Administrative expenses (491,079) 180,575 1,295,503 Operating expenses (3,233,036) 2,021,838 1,614,320 (3,724,115) 2,202,413 2,909,823 (Loss)/Profit from operations (1,298,739) (910,740) 1,835,400 Finance costs (861,276) (419,230) (281,031) Other losses on investments (203,623) (3,684,393) (6,371,034) (Loss)/Profit before taxation (2,363,638) (5,014,363) (4,816,665) Income tax(expense)/ income (1,692,639) (46,446) 1,779,156 (Loss)/Profit for the year from continuing operations Discontinued Operations: (4,056,277) (5,060,809) (3,037,509) Loss for the year from Discontinued Operations - (3,183,988) - (Loss)/profit for the year (4,056,277) (8,244,797) (3,037,509) Other Comprehensive Income/(Loss) 2,115,457 6,046,672 (627,514) Total Comprehensive (Loss)/Income (3,403,268) (2,198,125) (3,665,023) Loss per share: From Continuing and Discontinued Operations (USD) (0.15) (1.97) (0.67) From Continuing Operations (USD) (0.15) (0.95) (0.67) Dividends per share (USD) Net Asset value per share* (USD) * The shares of the Company were split into 3 on 1st March 2010 Handbook (Official Market)

26 ENL Commercial Limited SEM Code : GIDC Classification : Investments Registered Office : 7th Floor, Swan Group Centre, Intendance Street, Port Louis Directors : Guy RIVALLAND (Chairman) Hector ESPITALIER-NOËL Eric ESPITALIER-NOËL Edouard ESPITALIER-NOËL Gilbert ESPITALIER-NOËL Louis RIVALLAND Gérard GARRIOCH Secretary : ENL LIMITED Principal Activities : 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 May 1969 and has been quoted on the Official List of The Stock Exchange of Mauritius Ltd since 26 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 is to invest in companies engaged in trade, industry and commerce and its main subsidiaries are: envelopes The Company has the following associates: 24 Handbook (Official Market) 2011

27 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun THE GROUP ASSETS Non-current assets Property, plant and equipment 402, , , , ,437 Investment properties ,446 16,646 Intangible assets 27,212 25,815 22,809 22,359 22,614 Investments in associates 22,288 23,679 20, , ,532 Investments in financial assets 835, , , , ,084 Deposit on investments 52, , ,340,472 1,198,819 1,126,345 1,147, ,313 Current assets 595, , , , ,219 Total assets 1,936,254 1,759,037 1,882,138 1,682,702 1,250,532 EQUITY AND LIABILITIES Capital and reserves Share capital 177, , , , ,960 Reserves 926, , , , ,821 Equity holders interests 1,104,448 1,132,870 1,035, , ,781 Non-controlling interests (526) 37,036 35,402 Total equity 1,104,528 1,133,017 1,034, , ,183 LIABILITIES Non-current liabilities Borrowings 134, ,197 88, ,674 75,823 Deferred tax liabilities 3,307 3,721 3,707 2,739 1,443 Retirement benefit obligations 19,173 17,902 17,724 17,518 18, , , , ,931 95,386 Current liabilities 674, , , , ,963 Total equity and liabilities 1,936,254 1,759,037 1,882,138 1,682,702 1,250, Jun THE GROUP Sales 1,345,657 1,324,690 1,262,597 1,105, ,558 Profit before finance costs 67,016 69, ,874 92,286 70,834 Fair value adjustments 1,490 (6,761) 1,425 10,720 5,090 Finance costs (29,045) (54,978) (79,633) (68,651) (52,943) Profit on disposal of investments and others (780) 8, ,367 (9,342) (11,199) Share of results of associated companies (4,760) 18,866 67,073 26,731 21,622 Profit/(loss) before tax 33,921 35, ,106 51,744 33,404 Taxation (7,422) (4,529) (4,513) (3,572) (6,299) Profit/(loss) after tax 26,499 30, ,593 48,172 27,105 Dividends 23,338 23,338 17,503 8,752 5,835 STATISTICS STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

28 ENL Land Ltd SEM Code : SAVA Classification : Sugar Registered Office : 7th Floor, Swan Group Centre, Intendance Street, Port Louis Directors : Guy RIVALLAND (Chairman) Hector ESPITALIER-NOËL Eric ESPITALIER-NOËL Gilbert ESPITALIER-NOËL M P Roger ESPITALIER-NOËL Jean Claude R GIRAUD Jean Claude LECLÉZIO G Jean Raymond HARDY Alain NOËL CBE, GOSK Secretary : ENL Limited Manager : ENL Limited Principal Activity : Sugar cane cultivation, agribusiness and property development and management. 26 Handbook (Official Market) 2011

29 ENL Land Ltd SUMMARY INFORMATION ENL Land Ltd (previously known as The Savannah Sugar Estates Company Limited) was incorporated on 21 May 1913 and has been quoted on the Official List of The Stock Exchange of Mauritius Ltd since 27 December ENL Land Ltd is a subsidiary of ENL Limited, the holding company of the ENL Group whose businesses are involved in the main sectors of the Mauritian economy. ENL Land Ltd is one of the largest sugar cane growers on the island and was amalgamated with Mon Désert- Alma Limited, its sister company, on 31 December 2009, in order to optimise resources including land, employees, equipment and to enhance shareholders value. In the recent past, the group disposed of its interest in SUDS and proceeded to close the MDA sugar mill such that ENL Land Ltd has now divested out of the sugar cane industrial cluster. The Group s activities now consist mainly of agriculture and the development of its extensive land holdings. The Group owns some 16,000 arpents of land situated mainly in the Moka and Savannah regions such that it enjoys the whole range of climatic conditions prevailing in Mauritius, particularly suitable for all types of agricultural activities. The Group s land holdings, situated on the Port-Louis Curepipe Plaisance axis, offer strong potential for property development, especially in the fast developing Moka region and along its 6 kilometers sea frontage in the South. The land conversion rights available to ENL Land Ltd enable the Group to contemplate a planned and phased mix development of its land resources with the support of ENL Property Services and through a number of joint ventures. A number of promising property developments are already under way and others are being finalised for implementation namely: significant interests in the Rogers Group, New Mauritius Hotels Ltd, Food and Allied Industries Group and Swan Group. The value of this investment has grown significantly over the past few years and the dividends derived therefrom provide a stable supplementary cash inflow to the Group. The Company has the following subsidiaries: Bagaprop Limited Mall of (Mauritius) at Bagatelle Ltd Mon Désert-Alma Sugar Milling Company Ltd MDA Properties Ltd Helvetia Sport Ltd (previously known as Moka Sport Club Limited) Savannah Properties Limited Savi Shop Ltd SB Cattle Limited The Savannah Sugar Milling Company Ltd The Gardens of Bagatelle Limited ENL House Limited The Old Factory Ltd Valetta Locoshed Offices Ltd Enquickfix Limited Société du Courlis The Company has the following associates: ENL Investment Limited Espral Ltd ESP Landscapers Limited Espral International Limited ENL Foundation (previously known as Fondation ENL) Plastinax Austral Limitée International Valuers Limited Handbook (Official Market)

30 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun THE GROUP ASSETS Non-current assets Property, plant and equipment 7,142,459 2,981,594 1,232,277 1,268,065 1,277,327 Deferred expenditure 426, , ,435 67,099 65,505 Investment properties 44,498 8,830 9,146 9,463 9,779 Intangible assets 715, ,269 42,723 32,011 25,331 Investments in associated companies 1,795,837 1,202,060 1,521,052 1,173, ,989 Investment in jointly controlled entity 274, Investments in financial assets 362,460 45,433 10,242 98, ,469 Deposit on shares Bearer biological assets 131,724 68,126 63,989 71,242 71,895 Non-current receivables 338, ,000 40,663 11,231,581 4,728,847 3,031,882 2,762,004 2,619,958 Current assets 659, , , , ,382 Non current assets classified as held for sale 16,279 40,034 34, Total assets 11,906,904 4,993,695 3,366,667 3,094,220 2,950,340 EQUITY AND LIABILITIES Capital and reserves Share capital 98,783 43,920 43,920 43,920 43,920 Revaluation, fair value and other reserves 8,162,580 3,748,954 2,123,802 1,903,267 1,759,884 Retained earnings/(revenue deficit) 528,346 (207,677) (238,720) (216,743) (121,075) 8,789,709 3,585,197 1,929,002 1,730,444 1,682,729 Treasury shares (2,295) Owners interests 8,787,414 3,585,197 1,929,002 1,730,444 1,682,729 Non controlling interests 347,898 (55,523) Total equity 9,135,312 3,529,674 1,929,002 1,730,444 1,682,729 LIABILITIES Non-current liabilities Borrowings 733, , , , ,510 Retirement benefit obligations 168,517 97,144 94, , ,633 Deferred income 273, , ,176, , , , ,143 Current liabilities 1,595, , , , ,468 Total equity and liabilities 11,906,904 4,993,695 3,366,667 3,094,220 2,950,340 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun THE GROUP Turnover 463, , , , ,540 Operating profit (162,605) 21,764 36,819 60,135 58,092 Other income 15, ,450 6,732 14,828 Finance costs (87,707) (98,445) (145,079) (121,398) (108,873) Sales of land, investments and others 154,721 47,200 (93,666) 23,690 48,988 Amortisation of deferred expenditure (40,596) (22,687) (12,311) (1,935) (3,439) Share of results of associates and jointly controlled entity 76,459 73, ,447 (38,310) (48,289) (Loss)/profit before taxation (44,122) 21,722 (73,340) (71,086) (38,693) Taxation (5,389) (639) (Loss)/profit for the year (49,511) 21,083 (73,340) (71,086) (38,693) Dividends 72,120 21,960-26,352 21,960 STATISTICS Weighted average number of ordinary shares in issue 7,211,969 4,392,036 4,392,036 4,392,036 4,392,036 (Loss)/earnings per Share (Rs) (5.66) (16.70) (16.19) (9.32) Dividends Per Share (Rs) Net Assets Value (Rs) 1, Handbook (Official Market) 2011

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

32 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 291, , , , ,569 Intangible assets 3,888 7,671 11,646 15,684 19,404 Investment in associates 3,419,949 3,394,559 3,513,123 3,106,399 2,787,667 Investment in securities - available-for-sale 222, , , , ,642 - held to maturity ,000 Loan receivable 300, , , , ,253 Finance lease receivables 1,334,919 1,265,423 1,385,527 1,318,264 1,108,580 Deposits with bank 150, ,000 94,000 94,000 94,000 Current assets 926, ,223 1,211, , ,578 Total assets 6,649,911 6,455,281 6,518,234 5,959,793 5,355,693 EQUITY AND LIABILITIES Capital and reserves Share capital 103, , , , ,155 Reserves 3,240,326 3,209,466 3,367,511 2,973,221 2,839,907 Shareholders interests 3,343,681 3,312,821 3,470,866 3,076,576 2,960,062 Non-current liabilities Deposits 1,093,709 1,930,221 2,357,065 1,311,013 1,438,963 Debenture loans ,000 Borrowings 386, , , , ,292 Deferred tax liabilities 9,234 12,344 12,361 13,103 9,761 Current liabilities 1,817,102 1,138, ,760 1,238, ,615 Total equity and liabilities 6,649,911 6,455,281 6,518,234 5,959,793 5,355, Jun Turnover 382, , , ,274 2,351,357 Operating (loss)/profit (19,638) (1,499) 20,679 80,730 71,001 Transfer from revaluation reserve - Share of result of associates (13,967) 135, , , ,230 Loss on disposal of subsidiary (143) - Profit before tax (33,605) 133, , , ,231 Taxation (3,199) (6,499 ) (8,419) (10,319) (7,362) Profit attributable to shareholders of holding company (36,804) 127, , , ,869 Dividends 15,504 51,678 62,013 65,373 60,077 STATISTICS INCOME STATEMENT (Rs 000) Number of ordinary shares used in calculation 103,355, ,355, ,355, ,686, ,154,860 Earnings Per Share (Rs) (0.36) Earnings Per Share(excluding fair value adj.) (Rs) (0.36) Dividends Per Share (Re) Net asset value per share (Rs) Handbook (Official Market) 2011

33 Gamma-Civic Ltd SEM Code : GAMMA-CIVIC Classification : Industry Registered Office : Level 3, Alexander House, 35 Cybercity, Ebene Directors : 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 Secretary and Transfer office : Intercontinental Secretarial Services Ltd Activities : Stone crushing and block manufacturing, readymix concrete, asphalt and roadworks, building and civil engineering contracting, property development and lottery. 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 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 Ltd on 30th November Handbook (Official Market)

34 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 1,133,265, ,872, ,882, ,324, ,434,654 Intangible assets 78,952, ,713,775 87,378,980 46,368,790 49,361,429 Investments in associates 460,033, ,223, ,660, ,316, ,753,882 Investment properties 1,393,889,190 1,064,760, ,810, ,914, ,000,000 Other investments 14,105,915 13,997,415 14,633,415 15,000,415 15,000,415 Amounts due from associates 34,147,525 34,147,525 34,147,525 34,147,525 34,147,525 Non-current deposits and prepayments 41,287,969 39,173,995 19,801,055 8,482,544 9,260,333 Current assets 1,429,972,117 1,346,781,767 1,219,597, ,403, ,078,603 Total assets 4,585,654,673 3,808,670,979 2,723,911,889 2,015,957,728 1,710,036,841 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 227,117, ,265, ,609, ,883, ,883,459 Retained earnings 784,319, ,782, ,072, ,065, ,281,319 Shareholders interests 1,231,169,595 1,086,781, ,414, ,681, ,897,357 Minority interest (4,457,490) 18,093,410 3,086, , ,581 Non-current liabilities Borrowings 1,030,902, ,095, ,901, ,038, ,369,721 Retirement benefit obligations 54,346,000 50,360,000 46,100,000 42,427,000 37,722,000 Deferred tax liability 31,722,497 44,814,190 4,629,795 7,194,778 15,819,066 Current liabilities 2,241,971,544 1,690,526,772 1,454,779, ,338, ,967,116 Total equity and liabilities 4,585,654,673 3,808,670,979 2,723,911,889 2,015,957,728 1,710,036, Jun Turnover 3,928,645,736 2,300,698,653 2,148,986,631 1,759,230,806 1,560,044,102 Operating (loss)/profit before exceptional items (135,456,373) 174,139, ,984,452 89,189, ,879,908 Exceptional items ,000,468 Operating (loss)/profit after exceptional items (135,456,373) 174,139, ,984,452 89,189, ,880,376 Net gain from fair value adjustment on investment properties 366,719, ,643,925 20,214, Net finance costs (164,437,892) (125,278,705) (77,400,175) (64,525,202) (72,790,846) Share of profit of associates 57,185,590 63,283,537 52,285,024 43,562,702 11,081,992 Profit before taxation 124,010, ,788, ,083,874 68,226,835 78,171,522 Taxation 2,197,862 (49,191,134) (14,579,664) (7,445,488) (4,921,974) Profit after taxation 126,208, ,597, ,504,210 60,781,347 73,249,548 Minority interest 35,051,900 32,518, ,524 (16,330) (150,919) Net profit for the year 161,260, ,115, ,624,734 60,765,017 73,098,629 Dividend 56,631,250 33,312,500 46,637,500 29,981,250 25,625,000 STATISTICS Number of ordinary shares used in calculation of Earnings per Share 13,325,000 13,325,000 13,325,000 13,325,000 10,939,643 Number of ordinary shares used in calculation of Dividends per Share 13,325,000 13,325,000 13,325,000 13,325,000 10,250,000 Number of ordinary shares used in calculation of 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) Handbook (Official Market) 2011 INCOME STATEMENT (Rs)

35 Harel Frères Limited SEM Code : H. FRERES Classification : Sugar Registered Office : 18, Edith Cavell Street, Port Louis Directors : J Hugues MAIGROT (Chairperson) Cyril MAYER (Managing Director) George DUMBELL Maurice de MARASSÉ ENOUF Jean de FONDAUMIERE Dominique de FROBERVILLE Louis GUIMBEAU Alexis HAREL Henri HAREL François MONTOCCHIO Alain VALLET Secretary : H F Administrative Services Ltd Principal Activity : Sugar cane cultivation and investment in subsidiaries engaged in energy, sugarcane milling and other activities. SUMMARY INFORMATION Incorporated in July 1960, the company took over the assets and liabilities of Société Harel Frères, consisting mainly of land under cane cultivation, the Belle Vue and Solitude sugar factories and investments in subsidiary companies including The Beau Plan S.E. Co. Ltd. One of the main sugar groups in the island, the Company cultivates sugar cane in the northern part of the island and its subsidiary Belle Vue Milling Co Ltd runs the sugar factory of Belle Vue - Mauricia. In 1995, the canes of the factory area of the Mount have been directed to Belle Vue with the closing down of the Mount sugar factory and in 1999, following the closing down of the Beau Plan sugar factory the canes of the latter s factory area were also directed to Belle Vue. On January 01, 2010, The Mount Sugar Estates Company Limited and on 31st December 2010 The Saint André Sugar Estate were amalgamated with Harel Frères Limited. The group is the largest producer of specialty sugars and owns at Belle Vue one of the island s most technologically sophisticated factories. In 1997, the Company has acquired a major participation in two sugar complex in Ivory Coast. Though both complex are still in activity, this investment was totally written-off in 2004 in view of the difficult political situation prevailing in that country. The group has also set up, in association with a French partner named SIDEC, SIT and SIC, Compagnie Thermique de Belle Vue Limitée, which operates a bagasse-coal power plant at Belle Vue. Another subsidiary, namely Sagiterre Ltée has been set up to provide services to the group in respect of property development. Alcohol is produced at Beau Plan by its subsidiary Grays Refinery Ltd. This alcohol is bottled and distributed, along with the branded imported wines spirits, by another subsidiary, namely Grays Inc. Ltd. Harel Frères Limited also has interests in a stonecrusher known as Proban, a building and civil engineering company named Rhem Grinaker Construction Co. Ltd, the insurance industry through Intendance Holding Ltd, the controlling shareholder of the Swan Group, in Sugarworld Ltd which owns the museum L Aventure du Sucre in Beau Plan, in Harel Mallac & Co Ltd and, through Commada Ltd, in Orange Madagascar. Stock Exchange listing was granted on 13 December Handbook (Official Market)

36 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 10,011,400 6,239,100 6,247,400 6,335,100 4,825,100 Biological assets 267, , , , ,400 Investments properties 246, , ,800 7,800 8,500 Investments 1,555, , , , ,400 Intangible assets 189, , , , ,700 Non-current receivables 7,200 9,800 6,500 9,400 14,600 Land development 79,800 57,200 56,400 54,100 48,200 Deferred tax assets 1,300 1,300 1,200 1,300 10,000 Deferred VRS costs 75,900 46,900 54,700 68,300 14,800 Current assets 1,960,600 2,163,300 2,413,800 2,229,000 2,098,200 Non-current assets classified as held for sale 12,400 18,900 27,900 49, ,400 Total assets 14,407,500 9,867,200 9,965,100 9,690,700 8,032,300 EQUITY AND LIABILITIES Capital and reserves Stated capital 3,523, , , , ,800 Revaluation and other reserves 5,563,600 4,352,500 4,220,300 4,212,000 2,632,000 Retained earnings 2,367,900 2,235,800 2,116,600 1,821,000 1,444,300 Shareholders interests 11,455,000 6,762,100 6,510,700 6,206,800 4,250,100 Minority interests 840, , , , ,500 Non-current liabilities Borrowings 206, , , ,600 1,315,000 Retirement benefit obligations 231, , , , ,600 Deferred tax liabilities 447, , , , ,500 Deferred income 10, Current liabilities 1,216,400 1,299,200 1,413,400 1,239,100 1,305,600 Liabilities directly associated with non-current assets held for sale ,100 44,000 Total equity and liabilities 14,407,500 9,867,200 9,965,100 9,690,700 8,032,300 INCOME STATEMENT (Rs 000) 31 Dec Turnover 3,643,300 3,246,900 3,289,200 2,948,000 2,768,500 Operating profit before exceptional items 395, , , , ,600 Exceptional items , ,100 Operating profit after exceptional items 395, , , , ,700 Other income 152, , , , ,600 Net finance (costs)/income (158,900) (218,100) (144,800) (203,100) (162,800) Share of profit/(loss) of associates 86,700 90, , ,600 46,200 Profit/(loss) before taxation 475, , , , ,700 Taxation (75,700) (70,800) (100,500) (113,000) (86,200) Profit/(loss) after taxation 400, , , , ,500 Minority interest (149,800) (122,600) (231,000) (192,800) (184,400) Profit/(loss) attributable to the group 250, , , , ,100 Dividends 154, , , ,300 69,500 STATISTICS Number of ordinary shares used in calculation 220,100, ,834, ,834, ,834, ,834,000 Earnings Per Share (Rs) Dividends Per Share (Re) Net Assets Value Per Share (Rs) Handbook (Official Market) 2011

37 Harel Mallac & Co. Ltd SEM Code : H. MALLAC Classification : COMMERCE Registered office : 18, Edith Cavell Street Port Louis Directors : Antoine L. HAREL (Chairman) Christopher BOLAND (Chief Executive Officer) R. J. Paul CLARENC Anne Lise LÉVIGNE-FLETCHER Charles P. L. HAREL Jérôme DE CHASTEAUNEUf Anwar H. MOOLLAN L. J. Michel RIVALLAND, GOSK Vincent ROGERS Frédéric G. TYACK Secretary : HM SECRETARIES LTD SUMMARY INFORMATION Harel Mallac s origins date back to the late 1700 s, as a family owned enterprise which started in business as a charter to merchant ships between Mauritius, Réunion and Madagascar islands. Today it is one of the longest standing and most important business companies in Mauritius. Established since 1830 in the capital city of Port Louis, Harel Mallac & Co. Ltd. was incorporated in Group Profile The Harel Mallac Group is a diversified conglomerate involved in various key markets which include Chemicals, Information Technology, Engineering, Business Process Outsourcing, Travel and Leisure and Retail amongst others. In recent times, the Group has grown organically and through acquisitions. Listed on the Stock Market of Mauritius Ltd 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 eight Strategic Business Units some of which have been consolidated into larger business arms. Harel Mallac Technologies Arm Harel Mallac Outsourcing Arm Harel Mallac Engineering Arm Harel Mallac Chemical Arm Harel Mallac International Arm Harel Mallac Travel and Leisure Compagnie des Magasins Populaires Limitée (Monoprix) Property and Business Development It also has shares in leading Associate Companies. Our main 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 enhance its capabilities and effectiveness in all its operations. Handbook (Official Market)

38 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec Restated Restated Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 679, , , , ,510 Investment poperties 301, , Intangible assets 184,266 90,983 37,996 30,092 29,752 Investments in associated companies 302, , , , ,226 other securities 115, ,552 66, ,994 74,173 Non-current receivables 1,144 5,224 8,308 10,465 15,926 Deferred tax assets 1, ,379 2,716 15,482 Retirement benefit assets 4,480 5,020 1, Non-current assets classified as held for sale 35, Current assets 1,583,219 1,511,812 1,424, , ,978 Total assets 3,209,257 2,840,638 2,531,391 2,069,492 1,931,192 EQUITY AND LIABILITIES Capital and reserves Share capital 112, , , , ,594 Revaluation and other reserves 330, , , , ,667 Fair value reserves 32,247 33,624 6,404 48,454 16,891 Retained profit 1,349,418 1,239,366 1,013, , ,661 Shareholders interests 1,825,103 1,624,847 1,261,741 1,093, ,813 Minority interests 315, , , , ,871 Non-current liabilities Borrowings 97, , , , ,921 Deferred tax liabilities 92,281 25,730 20,748 21,216 37,327 Retirement benefit obligations 41,465 40,957 41,123 45,730 40,959 Provision for other liabilities and charges 17, Current liabilities 819, , , , ,301 Total equity and liabilities 3,209,257 2,840,638 2,531,391 2,069,492 1,931, Dec Turnover 3,149,331 2,795,038 2,589,944 2,105,205 1,860,761 Profit from operations 194, , , ,398 50,054 Profit on disposal of associates - 38, Reorganisation costs (24,592) - Profit on disposal of investments ,439-23,477 Profit on disposal of plant and machinery ,715 Impairment on investments (6,260) Provision for bad debts (6,641) Net finance (costs)/income (35,575) (35,946) (38,081) (39,414) (28,568) Exceptional items ,317 - Share of profit of associates 70,362 81, ,202 76,965 30,139 Profit before taxation 228, , , ,674 80,916 Income tax (26,854) (28,126) (28,121) (13,536) 965 Profit after taxation 202, , , ,138 81,881 Minority interest 42,591 31,102 (20,374) (26,756) (15,631) Net profit for the year 159, , ,842 98,382 66,250 Dividends 45,038 30,963 26,797 23,645 20,267 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011 INCOME STATEMENT (Rs 000)

39 Innodis SEM Code : HWF Classification : Commerce Registered Office : Innodis Building, Caudan, Port Louis Principal activities : Poultry farming, manufacturing, marketing and distribution of food and grocery products Directors : Sir René Seeyave CBE (Chairman) Mr. Jean How Hong (Chief Executive Officer) Mr. Maurice de Marasse Enouf Mr. Gil de Sornay Mr. Pierre Doger de Speville Mr. Victor Seeyave Mr. Wing Soon L.K.C Leung Wan Kin Mr. Imrith Ramtohul SUMMARY INFORMATION Innodis is a multi-billion Mauritian group, reputed as one of the major players in the field of production and marketing of fast moving consumer goods on the island. The name Innodis is derived from the fusion of the two words Innovation and Dynamism, reflecting its corporate mission to create wealth by consistently providing high quality products cost-effectively to the benefit of all partners. The initial promoters started in 1952 as manufacturers of lollies and ice cream. Since, the Group has massively diversified its range of activities to also include importation and wholesaling of a wide array of dry, chilled and frozen goods. The Group also 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 Ltd 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. Handbook (Official Market)

40 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 1,250,512 1,266,786 1,189,767 1,199,667 1,300,781 Investment property 4,031 4, Biological assets 32,091 27, Intangible assets 36,122 41,935 47,748 61,286 61,908 Investments in associates 81,795 75,177 68,794 57,921 54,366 Available-for-sale investments 1,209 1,209 1,209 1,181 1,181 Receivables 19,268 19,822 20,332 20,865 23,721 Deferred taxation ,111 Current assets 918, , , , ,877 Total assets 2,343,203 2,304,415 2,033,820 1,952,938 2,061,945 EQUITY AND LIABILITIES Capital and reserves Share capital 367, , , , ,303 Share premium 5,308 5,308 5,308 5,308 5,308 Reserves 332, , , , ,527 Foreign exchange translation reserve (38,534) (5,871) 6,324 (842) 1,425 Retained earnings 566, , , , ,956 Shareholders interests 1,233,405 1,184,340 1,005, , ,519 Minority interests 65,709 52, , , ,998 Non-current liabilities Deferred tax 63,296 57,863 28,323 20,236 33,963 Retirement benefits obligations 27,472 26,369 32,164 40,223 36,063 Borrowings 252, , , , ,774 Current liabilities 700, , , , ,628 Total equity and liabilities 2,343,203 2,304,415 2,033,820 1,952,938 2,061, Jun Turnover 2,815,626 2,762,351 2,744,705 2,387,507 2,012,805 Gross profit Other income Manufacturing and storage expenses Selling and distribution expenses Administrative expenses Provision for impairment of receivables Provision for impairment of property, plant and equipment Operating profit 180, , ,296 49,870 40,668 Finance costs (34,261) (21,215) (49,425) (47,786) (57,917) Share of profit of associates 15,392 14,298 17,183 8,835 9,698 Profit before taxation 161, , ,054 10,919 (7,551) Taxation (33,030) (42,510) (28,631) (12,580) (616) Profit/(Loss) attributable to shareholders 128, ,556 94,423 (1,661) (8,167) Minority interest 4,266 (6,973) 15,862 23,794 12,565 Net Profit 133, , ,285 22,133 4,398 Dividends 51,422 44,076-22,038 - STATISTICS Number of ordinary shares used in calculation ,730,266 36,730,266 36,730,266 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011 INCOME STATEMENT (Rs 000)

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

42 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS Non-current assets Investments in associated companies Investments in securities 565,898, ,481, ,426, ,749, ,435,656 Current assets 17,914,992 29,871,373 50,743,042 9,706,035 48,626,743 Total assets 583,813, ,352, ,169, ,455, ,062,399 EQUITY AND LIABILITIES Capital and reserves Share capital 371,123, ,777, ,593,866 87,686, ,392,474 Fair value reserve (63,596,480) (84,965,972) 79,658, ,568,383 82,945,251 Retained earnings 242,968, ,473, ,439, ,078, ,277,687 Proposed dividends Shareholders funds 550,495, ,284, ,692, ,332, ,615,412 Current liabilities 33,317,474 6,068,331 2,477,377 1,123,020 2,446,987 Total equity and liabilities 583,813, ,352, ,169, ,455, ,062, Jun Income from investments 20,674,880 12,033,067 10,592,778 8,561,946 8,331,693 Other income 425,106 3,885,497 2,185, , ,682 21,099,986 15,918,564 12,777,960 9,459,987 8,616,375 Profit on disposal of securities 24,254,039 30,090,239 70,198,092 70,949,743 45,031,271 Administrative expenses (7,810,112) (6,360,455) (8,686,070) (6,891,544) (5,971,517) Profit/(loss) before tax 37,543,913 39,648,348 74,289,982 73,518,186 47,676,129 Income tax (125,347) (374,370) (148,464) - (8,979) Profit/(loss) after tax 37,418,566 39,273,978 74,141,518 73,518,186 47,667,150 Dividends declared and paid (29,923,478) (28,240,126) (30,780,438) (15,717,551) (14,972,691) Retained income 7,495,088 11,033,852 43,361,080 57,800,635 32,694,459 STATISTICS INCOME STATEMENT (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011

43 L avenir appartient à ceux qui le bâtissent L histoire d IBL remonte au XIX ème siècle, lorsqu Ireland Fraser et Blyth Brothers s installent à Maurice. En 1972, quelques années après l accession à l indépendance, ces deux compagnies fusionnent pour devenir Ireland Blyth Limited. L histoire d IBL est donc intimement liée à celle du pays et à son développement. Pilier économique incontesté à Maurice, IBL emploie désormais 6500 personnes. Prônant la culture de l excellence, le Groupe occupe un rôle incontournable dans plusieurs secteurs d activités : Commerce, Ingénierie, «Global Business», Assurances, Logistique, Aviation, Transport Maritime et Aérien, Grande Distribution et Produits de la Mer. Grâce à cette diversité, au nombre de ses employés et en représentant les plus grandes marques internationales sur le marché local et régional, IBL fait quotidiennement partie de la vie de chaque Mauricien et s inscrit aujourd hui comme une institution qui inspire le respect, l estime et la confiance. Handbook (Official Market)

44 Ireland Blyth Ltd SEM Code : IBL Classification : Commerce Registered Office : IBL House, Caudan, Port Louis Directors : Thierry LAGESSE (Chairman) Nicolas MAIGROT Christian DE JUNIAC J. M. Bertrand HARDY Jason HAREL Arnaud LAGESSE J. Cyril LAGESSE Gaetan LAN HUN KUEN Jean RIBET Louis RIVALLAND Michel Guy RIVALLAND Company Secretary : Simon Pierre REY Principal Activity : A major conglomerate engaged in a number of commercial activities. SUMMARY INFORMATION Created in 1972 with a merger of Ireland Fraser & Co. Ltd and of Blyth Brothers Co. Ltd. Stock Exchange listing was granted on 17th August Ireland Blyth Limited is engaged in a wide range of activities from financial services, fish storage and processing to mechanical and electrical engineering, logistics, aviation, shipping operations, the distribution of consumer goods and durables and a chain of supermarkets. These activities are organized into seven main sectors, namely Commerce, Engineering, Logistics Aviation & Shipping, Global Business, Insurance, Retail and Seafood. The group has some 6,500 employees. 42 Handbook (Official Market) 2011

45 FINANCIAL REVIEW OF THE GROUP STATEMENTS OF FINANCIAL POSITION (Rs 000) 6 months 31 Dec 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 5,228,598 4,386,076 4,249,063 3,676,747 3,607,516 Investment property , ,364 Intangible asset 556, , , , ,908 Investments in associated companies 852, ,613 1,811,075 1,623,568 1,356,856 Investments in securities 270, , , , ,161 Finance lease receivables 741, , ,746 1,060, ,691 7,649,821 6,833,410 7,772,686 7,589,650 6,741,496 Current assets 6,030,519 5,881,240 5,804,496 5,521,323 5,498,926 Total assets 13,680,340 12,714,650 13,577,182 13,110,973 12,240,422 EQUITY AND LIABILITIES Capital and reserves Share capital 714, , , , ,383 Share premium 192, , , , ,097 Revaluation reserves 980, , , , ,358 Translation and other reserves 420, ,964 1,043, , ,651 Retained profit 1,077, ,031 1,068,013 1,039, ,756 3,384,432 2,724,917 3,479,179 3,289,973 2,988,245 Non-controlling interests 506, , , , ,925 3,891,188 3,190,282 3,925,949 3,749,202 3,411,170 Non-current liabilities Obligations under finance lease 58,401 85, , , ,122 Long-term loans 1,578,361 1,859,771 1,864,106 2,420,510 2,425,662 Retirement benefit obligations 133, , , , ,957 1,770,733 2,068,393 2,114,018 2,742,490 2,777,741 Current liabilities 7,377,759 6,903,612 7,055,583 6,205,529 5,801,653 Life assurance fund 585, , , , ,858 Total equity and liabilities 13,680,340 12,714,650 13,577,182 13,110,973 12,240,422 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 6 months 31 Dec 30 Jun Revenue 6,679,478 13,208,847 12,909,578 11,693,781 10,028,505 Profit from operations 422, , , , ,128 Profit on disposal of related companies Surplus arising on distribution of investment - 867, Net finance costs (208,280) (453,477) (533,400) (503,851) (461,529) Share of profit of associates 59, , , , ,579 Profit before taxation 274,042 1,498, , , ,178 Income tax (33,342) (61,904) (62,928) (44,928) (33,555) Profit after taxation 240,700 1,436, , , ,623 Non-controlling interest (29,375) (75,362) (35,927) (53,761) (54,250) Net profit for the year 211,325 1,361, , , ,373 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

46 MCFI The Mauritius Chemical and Fertilizer Industry Ltd SEM Code : MCFI Classification : Industry Registered office : Chaussée Tromelin, Fort George, PO Box 344, Port Louis, Mauritius Directors : Antoine L. HAREL (Chairman) Christopher BOLAND Jean-Yves CORSON Allain DOGER DE SPEVILLE Charles P.L. HAREL M. J. Vincent LABAT Sebastien LAVOIPIERRE E. Harold NG KWING KING Rajendrasingh RATHACHAREN L.J. Michel RIVALLAND Secretary : HM Secretaries Ltd Principal Activity : Manufacture and sale of fertilizers, pesticides, and industrial and specialty chemicals and detergents. SUMMARY INFORMATION The Mauritius Chemical and Fertilizer Industry Limited is a manufacturing company, operating a blending plant for fertilizers in the Port Area. It is a public company and 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 Fertilisers, 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 1 September Its main activities consist of waterproofing and specialty decorative coating applications. MCFI has a contract to manage two fellow subsidiaries, namely, Chemco Ltd., 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. 44 Handbook (Official Market) 2011

47 FINANCIAL REVIEW OF THE GROUP STATEMENTS OF FINANCIAL POSITION (Rs 000) 31 Dec Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 90,125 94,957 99, , ,268 Investments in associates 32,565 29,647 39,720 48,311 38,056 Investments in securities 20,873 15,731 11,539 10,703 16,513 Intangible assets Current assets 719, , , , ,642 Total assets 862, , , , ,479 EQUITY AND LIABILITIES Capital and reserves Share capital 220, , , , ,064 Revaluation and other reserves 48,559 43,313 42,542 48,466 80,241 Retained earnings 485, , , , ,726 Shareholders interests 754, , , , ,031 Non controlling interest Non-current liabilities Deferred tax 10,523 11,789 12,944 13,133 16,113 Retirement benefits 6,303 5,874 4,572 4,452 4,064 Borrowings , ,583 Current liabilities 90,963 89, ,161 71,029 63,688 Total equity and liabilities 862, , , , ,479 INCOME STATEMENT (Rs 000) 31 Dec Restated 18 months ended Turnover 610, , , , ,772 Operating profit 30,517 20,100 54,475 42,156 25,676 Other income 41,012 43,325 18,822 17,889 8,912 Net Finance income 1,979 8,801 7,151 4,155 12,466 Exceptional items (5,304) 38,742 Share of profit of associates 22,276 15,027 33,862 27,227 13,739 Profit before taxation 95,784 87, ,310 86,123 99,535 Taxation (11,824) (14,507) (11,368) (5,868) (14,638) Profit after taxation 83,960 72, ,942 80,255 84,897 Minority interests (421) Profit attributable to shareholders 83,960 72, ,942 80,255 84,476 Dividends 22,006 17,605 24,207 22,006 39,612 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

48 The Mauritius Commercial Bank Ltd SEM Code : MCB Classification : Bank Registered Office : 9-15 Sir William Newton Street, Port Louis Directors : J. Gérard HARDY (President) E. Jean MAMET (Vice-President) Herbert COUACAUD, C.M.G. Anil C. CURRIMJEE Bertrand DE CHAZAL Philippe A. FORGET (Deputy Chief Executive Banking) Sanjiv GOBURDHUN Navin HOOLOOMANN, C.S.K. Jean Pierre MONTOCCHIO Pierre Guy NOEL (Chief Executive Group) Antony R. Withers (Chief Executive Banking) Margaret WONG PING LUN Activity : Banking and related services Transfer Registrar : MCB Registry & Securities Ltd. Website : SUMMARY INFORMATION Incorporated in 1838 by Royal Charter and registered as a limited liability company in 1955, the MCB is listed on the Stock Exchange since The 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 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 (the Mahebourg branch was opened in 1955), the MCB has pioneered a number of products and services such as the launch of credit and debit cards, ATMs, mobile points of sale, junior savings accounts, SWIFT, TCR machines, phone 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 The Bank expanded regionally as early as Today, the MCB brand is present in Madagascar, Maldives, BFCOI, in partnership with Sociéte Générale. 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. The MCB is the only bank from East Africa and the Indian Ocean region to feature in The Banker s Top 25 African Banks. Moody s foreign currency deposit ratings for MCB are stable at the country ceiling of Baa2/P-2 and the financial strength rating stands at D+ while the domestic currency deposit rating is at Baa1/P-2. In December 2010, the Bank was voted Bank of the Year for Mauritius for the third consecutive year by The Banker, a publication of the Financial Times Group whilst EMEA Finance proclaimed the MCB as the Best local Bank for Last year, a key milestone of the Bank s social engagement was reached with the creation of the MCB Forward Foundation, a structure engaged in the more effective management of its Corporate Social Responsibility activities. Besides, in line with the country s Maurice Ile Durable proposal, a dedicated programme, named Initiative 175, was launched to foster environment-friendly practices through a series of actions to culminate on the 175th birthday of the MCB in 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. 46 Handbook (Official Market) 2011

49 FINANCIAL REVIEW OF THE GROUP CONSOLIDATED BALANCE SHEET (Rs 000) 30 Jun ASSETS Cash and cash equivalents 15,352,000 17,922,610 13,476,454 16,299,180 12,203,748 Securities and other investments 25,532,153 24,342,754 32,469,003 22,092,086 23,462,154 Loans and advances to customers 109,442,349 96,859,064 77,551,907 65,768,165 58,365,276 Other assets 7,716,208 7,512,388 6,103,193 2,540,222 2,341,984 Tangible fixed assets 4,696,459 3,839,527 3,371,104 3,443,069 3,036,585 Total assets 162,739, ,476, ,971, ,142,722 99,409,747 LIABILITIES AND SHAREHOLDERS EQUITY Deposits 132,483, ,240, ,486,873 84,624,385 77,194,860 Other borrowed funds 1,521,864 2,285,933 3,346,579 5,311,877 6,240,537 Subordinated loans 1,454,853 1,471,555 1,237,128 1,411,108 - Other liabilities and provisions 5,402,473 5,346,027 4,906,691 3,880,964 3,523,824 Minority interests in subsidiaries 1,557,042 1,557,928 1,648,034 1,439, ,855 Shareholders Equity Ordinary share capital 2,554,970 2,544,998 2,543,046 2,503,756 2,821,105 Reserves 3,990,086 4,417,071 4,847,551 4,205,442 3,309,129 Retained earnings 13,774,324 11,611,885 8,955,759 6,765,698 6,203,437 20,319,380 18,573,954 16,346,356 13,474,896 12,333,671 Total equity and liabilities 162,739, ,476, ,971, ,142,722 99,409,747 Contingent Liabilities Acceptances, Guarantees, Letters of credit, Endorsements and Other Obligations on account of customers and foreign exchange contracts 26,796,327 22,646,581 22,132,669 25,892,067 16,707,977 Commitments 6,450,251 7,473,105 6,300,151 4,487,776 4,622,812 Assets pledged ,014,515 Tax Assessment 319, , , , ,880 Other 777, ,117 1,085,998 1,071, ,368 TOTAL 34,343,601 31,367,077 29,739,460 31,653,191 23,310,552 INCOME STATEMENT (Rs 000) 30 Jun Interest income 9,326,639 10,348,263 10,283,586 8,926,818 6,906,439 Interest expense (4,181,663) (5,312,066) (6,119,650) (5,325,676) (3,813,251) Net Interest income 5,144,976 5,036,197 4,163,936 3,601,142 3,093,188 Other income 3,143,525 3,747,709 3,917,903 2,664,474 1,919,210 Operating Income 8,288,501 8,783,906 8,081,839 6,265,616 5,012,398 Non interest expense (3,714,144) (3,478,745) (3,195,042) (2,782,158) (2,357,836) Charge for bad and doubtful debts (272,180) (371,226) (425,889) (375,928) (320,154) Exceptional items (190,140) ,675 Profit before tax 4,112,037 4,933,935 4,460,908 3,107,530 2,413,083 Income taxes (691,918) (887,976) (575,180) (560,822) (399,632) Profit after tax 3,420,119 4,045,959 3,885,728 2,546,708 2,013,451 Minority interest (6,865) (81,957) (191,994) (85,863) (27,028) Amortisation of goodwill Profit attributable to shareholders 3,413,254 3,964,002 3,693,734 2,460,845 1,986,423 Dividend 1,245,874 1,245,597 1,079, , ,006 Number of ordinary shares used in calculation (000) 237, , , , ,399 Earnings/(loss) Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook (Official Market)

50 The Mauritius Development Investment Trust Company Ltd SEM Code : MDIT Classification : Investment Registered Office : 7 th Floor, Newton Tower, Sir William Newton Street, Port-Louis Tel: (230) Fax: (230) mdit@intnet.mu Directors : Georges LEUNG SHING (Chairperson) Robert AHNEE C.S.K Lloyd COOMBES Christian FOO KUNE Marc HEIN Roger LEUNG SHIN CHEUNG François MONTOCCHIO Geereesha RAMSARRAN-KANDHAI Louis RIVALLAND Manager : Fabrice PARSOORAMEN Company Secretary : Marie-Louise LEUNG DAT WAN Principal Activity : 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 an Approved Investment Institution under the Stock Exchange Act MDIT is a closed-ended Fund and is one of the first five companies to be listed on the Official List of the Stock Exchange of Mauritius Ltd (SEM) on 29 June 1989, at the same time as The Mauritius Commercial Bank Ltd (MCB), Omnicane Ltd, formerly Mon Trésor and Mon Desert Ltd (MTMD), Mauritius Stationery Manufacturers Ltd (MSM) and The United Basalt Products Ltd (UBP). At 30 June 2010, MDIT had 4,722 shareholders, with the main shareholder being Golden Foundation Ltd following the purchase of the experience in their respective fields of expertise and who participate actively in the board meetings. MDIT is managed by Golden Fund Management Services Ltd, formerly Omnicane Fund Management Services 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 June 2010, its portfolio of investments is well spread in 102 local companies covering all sectors of the Mauritian economy with Official Market (OM), Development and Enterprise Market (DEM) overseas securities. MDIT has been playing a major role over the last forty three 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 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 March 2011, MDIT shares ranked 9th amongst all the listed securities, in terms of the SEM Total Return 48 Handbook (Official Market) 2011

51 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun ASSETS Non-current assets Investments 1,469,942 1,334,624 1,707,616 1,710,428 1,116,017 Current assets 157, , , ,945 80,717 Total assets 1,627,643 1,523,156 1,857,929 1,864,373 1,196,734 EQUITY AND LIABILITIES Capital and reserves Stated capital 352, , , , ,366 Fair value reserve 795, ,863 1,041,759 1,066, ,775 Surplus on realisation of investments 252, , , , ,164 Retained surplus 139, , , , ,474 Shareholders interests 1,539,921 1,377,216 1,757,473 1,737,941 1,125,779 Current liabilities 87, , , ,432 70,955 Total equity and liabilities 1,627,643 1,523,156 1,857,929 1,864,373 1,196, Jun Investment income 43,972 46,987 54,701 47,309 47,589 Interest receivable 12,632 14,330 14,912 14,800 7,636 (Loss)/gain on exchange (629) 5,573 (3,865) (126) 455 Profit/(loss) on sale of local investments 34,167 (43,433) 50,504 65,655 22,728 Profit/(loss) on sale of overseas investments 265 (3,120) (1,274) 1, ,407 20, , ,090 78,947 Surplus/(deficit) on revaluation of investments 227,789 (270,617) 103, , ,397 Expenses (20,277) (22,416) (21,508) (17,062) (14,112) Profit/(loss) before taxation 297,919 (272,696) 197, , ,232 Taxation (1,141) (1,714) (1,401) (702) (832) Profit/(loss) for the year 296,778 (274,410) 195, , ,400 Dividends declared during the year 134, , , , ,319 STATISTICS INCOME STATEMENT (Rs 000) Number of ordinary shares used in calculation* 352,822, ,822, ,822, ,822, ,411,466 Earnings/(loss) Per Share (Rs) 0.84 (0.78) Dividends Per Share (Re) Net Assets Value (Rs)** * 2007 to 2010: After 1:1 bonus issue ** Includes final dividend declared at year end Handbook (Official Market)

52 50 Handbook (Official Market) 2011

53 Mauritian Eagle Insurance Company Limited SEM Code : MEI Classification : Insurance Registered Office : 5 th floor IBL House, Caudan Waterfront, Port Louis Directors : Nicolas Marie Edouard MAIGROT (Chairman)-appointed on 18th January 2011 André CHUNG SHUI (Managing Director) - appointed on 1st July 2011 Patrice D HOTMAN DE VILLIERS (Chairman)-resigned on 31 December 2010 Eric VENPIN, F.C.A., T.E.P. (Managing Director) resigned on 30th June 2011 Dennis M. BURTON, A.C.I.I.- resigned on 24th February 2010 Gilbert ITHIER, LLB. Hons., Barrister At Law Subhash LALLAH, Barrister At Law Gaetan LAN HUN KUEN, F.C.A Alain MALLIATE, F.C.I.I., A.C.I.S. Simon Pierre REY, B.A. (Hons) ECON, A.C.A Robert IP MIN WAN, F.C.A Gavin MUNNOCH, BSc (Hons) Civil Eng.- appointed on 26th March 2010 Mosidi Faith SHOMANG, BA Hons, MBL- appointed on 8 April 2010, resigned on 30th April 2011 Dylan GARNETT-appointed on 27th June 2011 Company Secretary : Simon Pierre REY, B.A (Hons) ECON, A.C.A Transfer Secretary : MCB Registry & Securities Principal Activity : 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 Ltd and the shareholding of the company now stands as follows: 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 1st 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 27001:2005 ISMS Standard. In September 2009, Mauritian Eagle Insurance successfully upgraded its QMS to the ISO 9001:2008 Standard. As from 1st 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. Handbook (Official Market)

54 FINANCIAL REVIEW OF THE GROUP STATEMENTS OF FINANCIAL POSITION (Rs 000) 6 months 31 Dec 30 Jun ASSETS EMPLOYED Non-current assets Intangible assets 13,637 14,745 15,434 10,434 10,230 Propety, plant and equipment 324, , , , ,674 Investment in associate 27,714 24,368 21,045 17,013 16,291 Statutory and other deposits 16,000 15,000 3,000 1,000 14,500 Other investments 223, , , , ,329 Mortgage and other loans 104, , , , ,837 Finance lease receivables 781, ,224 1,011,331 1,075, ,784 1,489,966 1,582,422 1,584,011 1,639,842 1,350,645 Current assets 1,616,648 1,244,197 1,067, , ,748 Total assets 3,106,614 2,826,619 2,651,282 2,571,205 2,202,393 EQUITY AND LIABILITIES Capital and reserves Share Capital 80,000 80,000 80,000 80,000 26,667 Share premium ,404 Revaluation reserve 19, ,216 Investment revaluation reserve 11,609 19,718 (29,884) 29,759 27,160 Retained earnings 330, , , , ,474 Equity attributable to owners of the company 441, , , , ,921 Non-controlling interest 101, , , ,986 70,030 Total equity 542, , , , ,951 Statutory reserve fund 2,334 2,334 2,061 1,779 37,652 Insurance funds General insurance fund 109, ,879 94,463 65,750 65,137 Life insurance fund 585, , , , ,383 Non-current liabilities Loans - 1,025-68, ,000 Deposits from clients 722, , , , ,959 Deferred tax liability 13,044 7,902 6,473 3,917 1,854 Current liabilities 1,131, , , , ,457 Total equity and liabilities 3,106,614 2,826,619 2,651,282 2,571,205 2,202,393 INCOME STATEMENT (Rs 000) 6 months 31 Dec 30 Jun Gross insurance premiums 352, , , , ,052 Gross lease rental income 188, , , , , ,834 1,047,210 1,060,894 1,127, ,392 Net revenue 292, , , , ,408 Investment income 23,791 49,452 52,082 40,520 34,069 Commission income 24,227 51,877 50,008 43,331 40,041 Other income 19, ,127 68,374 84,986 67, , , , , ,175 Benefits and expenses (242,194) (505,924) (380,566) (360,311) (300,396) Profit from operations 117, , , , ,779 Release (to)/from General insurance fund 3,735 (18,416) (28,714) (612) (8,383) Life insurance fund (32,940) (73,303) (64,957) (172,720) (61,581) Finance costs (63,272) (121,425) (138,030) (137,459) (102,429) 25,349 40,424 64,034 53,459 50,386 Share of results of associate 3,346 6,698 4,032 2,522 5,407 Profit before taxation 28,695 47,122 68,066 55,981 55,793 Taxation (6,576) (11,670) (9,489) (8,629) (7,416) Profit after taxation 22,119 35,452 58,577 47,352 48,377 Transfer to statutory reserve fund - (273) (707) (1,779) (3,849) Profit for the year 22,119 35,179 57,870 45,573 44,528 Non-controlling interest 4,518 (757) (1,962) (3,556) (1,687) Profit attributable to owners of the company 26,637 34,422 55,908 42,017 42,841 Dividends 6,640 14,640 14,640 12,667 12,667 STATISTICS Number of ordinary shares used in calculation 7,999,998 7,999,998 7,999,998 7,999,998 2,666,666 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011

55

56 The Mauritius Leasing Company Limited SEM Code : MLC Classification : Banks, Insurance and other Finance Registered Office : 25, Pope Hennessy Street Port Louis Directors : Mr. Dawood A. Rawat, Director Mr. Saleem R. Beebeejaun, Director (Resigned on 7 February 2011) Mr. Yatemani Gujadhur FCIB, CSK, Director (Chairman) Mr. Shivananda P. Mootien, Director Mr. Omar Farouk A. A. Hossen, OSK, Director Mr. Sulleman A. Rawat, Director Mr. Ayoob M.H. Rawat (Resigned on 25 March 2011) Mr. Ashraf Esmael (Appointed on 7 February 2011) Chief Executive Officer : Mr. Ashraf Esmael Chief Operating Officer : Mr. Ramesh Motee Chief Financial Officer : Mr. Deepak D. Mohadeb Vice President Credit Management : Mr. Jean Hugues Yvan Tranquille Vice President Sales : Mrs. Linda Vithilingum Secretaries : Mrs. Z. I. Salajee (Attorney at Law) BA Corporate Services Ltd Principal Activity : Plant, Equipment and Vehicle Leasing and Deposit Taking. SUMMARY INFORMATION The Mauritius Leasing Company Limited (ML) is a MUR 3 Billion Asset Finance Company. ML, the pioneer in Leasing, was incorporated in 1987 as a joint venture between Government and the private sector of Mauritius. The company serves a wide range of customers in the individual and corporate markets spread across diverse sectors of the Mauritian economy. ML today remains the market leader with the most innovative products and services and the largest asset base of the industry. The impressive track record of ML speaks for itself: Mauritius Leasing (ML) played a pioneering role in the leasing industry since 1987 and has since stayed at the forefront of innovation in the financial services market. For almost a quarter of a century, Mauritius Leasing has been supporting budding entrepreneurs, established businesses and individuals alike to achieve their ambitions. ML continues to remain in the vanguard, continuously upgrading its product offerings to contribute to the socio-economic development of the country. ML has throughout its existence brought innovative asset financing solutions to corporate and individual customers and helped deliver vibrant businesses in all sectors of the economy. The company has set the trend in an intensely competitive industry and maintains its momentum to scale up to new heights. ML has a track record of adding value to its customers at every step of its relationship it engages with them. It sustains competitiveness through innovative products and service delivery whilst adopting an efficient management approach. In line with that spirit, the company pioneered Islamic leasing (Ijarah) products on the domestic market during 2009 and, recently in 2010, made Real Estate Finance Leasing a reality in Mauritius. Mauritius Leasing deploys financing solutions directly to the end customer and also through win-win arrangements with channel partners such as car dealers and equipment vendors. As the financial services landscape undergoes deep changes and customers demand increasingly complex solutions, the clientele and other stakeholders look up to Mauritius Leasing as the brand that inspires trust and distinctive savoir-faire in the asset finance business. 54 Handbook (Official Market) 2011

57 FINANCIAL REVIEW OF THE COMPANY BALANCE SHEET 31 Dec MUR 000 MUR 000 MUR 000 MUR 000 MUR 000 ASSETS Balances with Category 1 Banks 471, , , , ,881 Securities and Other Investments 251, , , ,782 95,187 Operating Assets 2,342,454 2,243,853 2,139,068 2,052,421 2,086,258 Tangible Fixed Assets 285, , , , ,827 TOTAL ASSETS 3,349,942 3,188,826 3,077,362 3,009,747 2,549,153 LIABILITIES AND SHAREHOLDERS EQUITY Borrowings 195,905 93,804 49,800 36, ,451 Deposits 2,515,581 2,442,863 2,401,822 2,359,683 1,746,535 Other Liabilities and Provisions 195, , , ,724 99,618 Shareholders Funds 442, , , , ,549 TOTAL LIABILITIES 3,349,942 3,188,826 3,077,362 3,009,747 2,549, Dec MUR 000 MUR 000 MUR 000 MUR 000 MUR 000 Income from Leasing 253, , , , ,929 Other Income 56,473 59,325 89,515 67,748 38,795 Gross Income 309, , , , ,724 Interest expense (233,403) (245,995) (264,515) (238,738) (176,087) Non Interest expense (64,643) (80,399) (65,839) (65,005) (60,676) Net Income before income taxes 11,482 15,389 9,773 16,661 20,961 Provision for income taxes - (5,214) 6,316 5,566 (3,961) Net Income after income taxes 11,482 10,175 16,089 22,227 17,000 STATISTICS INCOME STATEMENT Number of ordinary shares used in calculation (000) 300, , , , ,000 Earnings/(loss) per share (Re) Handbook (Official Market)

58 Mauritius Oil Refineries Limited SEM Code : MOR Classification : Industry Address : Quay Road, Port Louis Directors : G.Allain DOGER DE SPÉVILLE Chairman R J Paul CLARENC Managing Director A.N.Yacoob DAWOOD Ashraf CURRIMJEE Hansraj RUHEE J N Roland DAURAT Mohamed CASSAM MOREEA Maurice DE MARASSE ESNOUF M.D.P. André ESPITALIER NOËL I.M. SAYED HASSEN Alternate Director : Yacub MOREEA Secretary : Speville Secretarial Services Ltd Principal Activity : Importing and refining of crude vegetable oil, filling the refined oil in appropriate containers for sale on the local and export markets. SUMMARY INFORMATION Set up as an import substituting industry,the Mauritius Oil Refineries Ltd (MOROIL) started its operation in November 1968 with a subscribed share capital of Rs 2.5 million. The liberalisation of the edible oil market and new conditions prevailing since 1988 enabled the Company to set up a marketing division based on thorough market research. The company s main mission is to provide a reliable supply of top quality edible oil at the lowest price consistent with a reasonable rate of return to shareholders and good conditions of employment. Stock Exchange Listing was granted on 9th January Handbook (Official Market) 2011

59 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 268,132, ,434, ,862, ,738, ,929,530 Leasehold land payments 218, , , ,775 1,093,700 Investment property 59,900,000 52,250,000 52,250,000 52,250,000 44,300,000 Intangible assets 1,909,636 3,026,597 4,142,117 3,959,644 3,377,536 Investments in associated company 28,769,726 26,010,331 24,416,292 23,132,406 13,282,848 Investments in securities 4,904,492 4,904,492 4,904,492 4,904,492 4,904,492 Current assets 380,936, ,724, ,385, ,642, ,504,102 Total assets 744,771, ,788, ,616, ,501, ,392,208 EQUITY AND LIABILITIES Capital and reserves Share capital 166,401, ,401, ,401, ,401, ,401,280 Revaluation and other reserves 53,464,726 53,464,726 53,464,726 41,911,852 43,604,718 Retained earnings 193,955, ,474, ,164, ,861, ,941,528 Shareholders interests 413,821, ,340, ,030, ,174, ,947,526 Minority interest 29,201,871 28,102,790 26,284,676 24,746,506 23,140,171 Non-current liabilities Borrowings 5,285,959 5,873,166 12,744,222 17,915,503 18,722,792 Deferred tax liabilities 33,328,131 30,852,537 30,022,376 28,435,069 32,233,764 Employee benefit obligations 15,178,629 20,389,000 22,141,000 20,776,000 19,033,000 Current liabilities 247,954, ,229, ,394, ,453, ,314,955 Total equity and liabilities 744,771, ,788, ,616, ,501, ,392, Jun Turnover 1,295,000,409 1,480,916,330 1,329,427, ,339, ,278,029 Operating profit 90,632,110 73,184,720 85,014,855 55,338,701 36,528,014 Finance costs (5,507,118) (11,277,814) (17,893,001) (12,805,432) (3,647,501) Share of results of associated company 5,178,895 5,142,342 3,864,362 3,714,358 2,293,691 Increase in fair value of investment property 7,650, ,950,000 - Profit on disposal of financial assets ,680,323 Profit before taxation 97,953,887 67,049,248 70,986,216 54,197,627 42,854,527 Taxation (14,773,590) (10,016,106) (10,201,417) (3,470,808) (4,547,674) Profit after taxation 83,180,297 57,033,142 60,784,799 50,726,819 38,306,853 Minority interest (1,099,081) (1,818,114) (1,538,170) 2,182,329 (935,735) Net profit for the year 82,081,216 55,215,028 59,246,629 48,544,490 37,371,118 Dividends 41,600,320 59,904,461 34,944,269 26,624,205 24,960,192 STATISTICS INCOME STATEMENT (Rs) 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

60 58 Handbook (Official Market) 2011

61 Mauritius Stationery Manufacturers Limited SEM Code : MSM Classification : Industry Registered Office : 4th Floor IBL House, Caudan Waterfront, Port Louis Directors* : Arnaud LAGESSE (Chairman) Laurent DE LA HOGUE Hervé DURANTON (CEO) J. Cyril LAGESSE Thierry LAGESSE Georges LEUNG SHING Rajendra PUDDOO Alternate Director* : Jean Claude BEGA Hugues LAGESSE Chief Executive Officer* : Hervé DURANTON Secretary : GML Management Ltée Principal Activity : Industrial printing and packaging. * List of Directors, Alternate Directors and Chief Executive Officer as at 1 August 2011 SUMMARY INFORMATION Incorporated in 1966, it was among the first five companies listed on the Stock Exchange of Mauritius Ltd. A regional leader in the field of fine and corrugated packaging, security printing, industrial printing and fine commercial printing. directory and bible printing activities for export. Handbook (Official Market)

62 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Jun restated restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 557, , , , ,945 Investment property ,750 34,000 Intangible assets 232, , ,061 7,748 17,172 Investments in associate ,294 10,824 Other investments Deferred Tax Asset 28,974 35,909 36, Current assets 545, , , , ,591 Total assets 1,364,992 1,357,873 1,381, , ,024 EQUITY AND LIABILITIES Capital and reserves Share capital 284, , ,295 35,376 35,376 Reserves 112, , ,003 73,363 69,252 Retained earnings (36,193) 20, , , ,511 Shareholders interests 361, , , , ,139 Minority interests 1,249 1, Non-current liabilities Long term borrowings 434, , , , ,382 Deferred taxation 4,016 11,337 19,211 24,251 20,713 Employee benefit obligations 19,895 13,241 14,787 8,571 9,602 Current liabilities 544, , , , ,819 Total equity and liabilities 1,364,992 1,357,873 1,381, , ,024 INCOME STATEMENT (Rs 000) 30 Jun restated Turnover 762, , , , ,525 Profit from operations 23,815 5,789 65,563 40,108 33,348 Increase in fair value of investment property ,750 - Net finance costs (79,699) (86,404) (33,525) (31,759) (30,616) Negative Goodwill on consolidation, released Finance Revenue Profit on disposal of associate ,158 Share of (loss)/profit of associates - - (9,294) (1,530) (3,769) Exceptional item - - (19,482) (8,674) - Profit/(Loss) before taxation (55,884) (79,520) 3, Impairment Losses - (12,500) Taxation (934) 10,373 (4,275) (4,975) (2,778) Profit after taxation (56,818) (81,647) (1,013) (4,080) (2,657) Loss after tax-discontinued operation - (2,808) (12,031) (16,028) (20,146) Minority interest (1,217) (2,294) (1,959) 324 2,005 (Loss)/Profit attributable to shareholders (58,035) (86,749) (15,003) (19,784) (20,798) Dividends - 8,015 8,015 7,960 7,960 STATISTICS Number of ordinary shares used in calculation 15,882,052 5,937,186 5,937,186 3,537,600 3,537,600 (Loss)/Earnings Per Share (Rs) (4) (15) (4) (6) (6) Dividends Per Share (Rs) Net Assets Value per Share (Rs) Handbook (Official Market) 2011

63

64 Mauritius Union Assurance Co Ltd SEM Code : MUA Classification : Insurance Registered Office : 4, Léoville L Homme Street, Port Louis Directors : Vincent AH CHUEN Priscilla BALGOBIN-BHOYRUL Gérard DU HECQUET DE RAUVILLE Mélanie FAUGIER Dominique GALEA (Chairman) Bruno HUET D ARLON DE FROBERVILLE Lakshmana (Kris) LUTCHMENARRAIDOO Lawrence POISSON Arjoon SUDDHOO Chief Executive Officer : Lakshmana (Kris) LUTCHMENARRAIDOO Secretary : Gilbert POISSON Registrar & Transfer Office : Abax Corporate Administrators Ltd Principal Activity : General & Life Insurance SUMMARY INFORMATION Since January 2011, The Mauritius Union Group operates in the insurance sector, through Mauritius Union Assurance Co. Ltd for General Insurance and La Prudence (Mauricienne) Assurances Ltée for Life Insurance. The Group also holds 2 wholly-owned subsidiaries: Feber Associates which specializes in Group Pension Schemes and National Mutual Fund (NMF) Ltd, a Fund Management company which specializes in unit trusts. Lending and financing of property development projects through MU Property Gold also forms part of our activities. The Mauritius Union Assurance Co. Limited was incorporated in It is listed on the Stock Exchange of Mauritius Ltd since Handbook (Official Market) 2011

65 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec Restated ASSETS EMPLOYED Non-current assets Property, plant and equipment 82,734 19,360 93,466 92,314 91,044 Investment properties 77,800 10,000 8,000 8,000 6,320 Intangible assets 565,682 34,279 10,144 11,786 14,055 Statutory deposits ,000 Investment in associated companies ,695 32,894 45,319 Investments in securities 907,018 1,304,422 1,193,797 1,287, ,961 Non-current receivables 106,812 53,723 32,269 23,631 16,327 Deferred tax assets Amount receivable from Life business ,203 92,590 Retirement benefit assets 1, Life business non-current assets 4,416,219 2,572,157 2,034,113 3,014,721 2,181,708 Current assets 1,211, , , , ,059 Life business current assets 576, , , ,840 96,019 Non-current asset held for sale ,346 25,599 Total assets 7,947,087 5,214,066 4,382,621 5,400,514 4,006,001 EQUITY AND LIABILITIES Capital and reserves Share capital 200, , , , ,400 Share premium Revaluation and other reserves 43, , , , ,485 Non-distributable share of Life surplus 46,129 56,861 45,200 92,328 85,652 Retained profit 811, , , , ,288 Statutory reserve fund ,117 Shareholders interests 1,101,025 1,230,251 1,036,211 1,481,016 1,019,942 Minority Interest 6,095 5,241 3,233 3,315 2,600 General insurance fund 565, , , , ,341 Life assurance fund 4,855,650 2,971,331 2,412,918 3,046,106 2,193,574 Outstanding claims 1,038, , , , ,352 Non-current liabilities Borrowings Deferred tax liabilities 51, Retirement benefit obligations 1, Life business non-current liabilities 1, ,998 Current liabilities 188, , ,053 85, ,971 Life business current liabilities 137,044 30,039 26, ,801 16,754 Total equity and liabilities 7,947,087 5,214,066 4,382,621 5,400,514 4,006,001 INCOME STATEMENT (Rs 000) 31 Dec Restated Revenue 1,033, , , , ,976 Operating profit 385, , , ,467 14,212 Finance costs (788) Share of results of associates - (885) (6,886) 111 5,583 Profit before taxation 385, , , ,578 19,795 Taxation (14,052) (7,315) (4,696) (4,252) (359) Profit after taxation 371, , ,532 97,326 19,436 Loss from discontinued operations (2,230) Minority Interest (1,208) (1,464) (1,085) (1,110) (686) Profit attributable to equity holders of company 369, , ,447 96,216 16,520 Dividends 88, ,376 78,156 70,140 52,104 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) Handbook (Official Market)

66 Naïade Resorts Ltd SEM Code : NRL Classification : Hotel & Leisure Registered Office : 58, Pierre Simonet Street, Floréal Chairman : Arnaud Lagesse Chief Executive Officer : Paul Jones Directors : Arnaud Lagesse Jean Claude Bega Jean Paul Chasteau de Balyon Jean de Fondaumière Désiré Elliah Alexis Harel J. Cyril Lagesse Stéphane Lagesse Laurent de la Hogue Company Secretary : Poséidon Limitée Per Désiré Elliah 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) Executive Team : Paul Jones - Chief Executive Officer Désiré Elliah - Chief Financial Officer Nicolas Autrey - Group Human Resources Manager Julian Hagger - Chief Sales and Marketing Officer Guillaume Valet - Group Head of Legal, Secretarial and Corporate Affairs SUMMARY INFORMATION Naïade Resorts Ltd was founded in The company was admitted to the Official List of the Stock Exchange of Mauritius Ltd in November 2005 and is mainly Mauritian-owned. Naïade Resorts owns and manages 8 hotels in the Indian Ocean, namely: Beau Rivage and its twelve luxury villas, Legends, Les Pavillons, Tamassa and Merville Beach in Mauritius, where it also runs the private, one- du Lagon, 5-star and Hôtel Le Récif, 3-star. 64 Handbook (Official Market) 2011

67 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec 30 Jun ASSETS EMPLOYED Non-current assets Property, plant and equipment 5,747,713 6,367,513 6,400,486 3,568,925 2,167,202 Intangible assets 401, , , , ,309 Investments in associated companies 464, , , , ,843 Investments in securities 26,067 28,427 32,906 28,111 22,779 Non current receivable 51, , , Deferred tax assets 27,933 71,953 71,971 62,511 3,681 Retirement benfit asset 6,592 4,528 2, Current assets 1,420,004 1,323,441 2,040,319 1,292, ,586 Assets classified as held for sale 379, ,450 - Total assets 8,525,274 8,806,031 9,290,734 5,886,350 3,811,400 EQUITY AND LIABILITIES Capital and reserves Share capital 862, , , , ,568 Share premium 194, , , , ,386 Treasury shares (18,081) (18,081) (18,081) - - Other reserves 1,469,091 1,479,595 1,465, , ,483 Retained earnings 487, ,467 1,154,932 1,050, ,942 Shareholders interests 2,995,537 3,262,935 3,658,947 2,366,763 2,100,379 Minority interests ,684 - Non-current liabilities Borrowings 3,277,805 3,046,922 2,613,324 1,741, ,427 Deferred tax liabilities 323, , , , ,936 Retirement benefit obligations 27,612 24,483 20,032 17,762 17,092 Current liabilities 1,900,428 2,134,553 2,645,904 1,336, ,566 Liabilities directly associated with the assets classified as held for sale ,711 - Total equity and liabilities 8,525,274 8,806,031 9,290,734 5,886,350 3,811, Dec 30 Jun Revenue 1,166,071 2,390,338 2,470,551 2,413,767 2,067,468 Operating profit before exceptional items (10,039) 132, , , ,595 Exceptional Items , ,807 81,805 Finance costs (155,085) (324,539) (195,983) (116,432) (102,356) Share of results in associated companies (61,990) (173,236) (155,018) (38,797) 13,477 (Loss)/Profit before tax (227,114) (365,071) 277, , ,521 Taxation (29,780) (2,409) (7,266) (56,596) (68,128) (Loss)/Profit after tax (256,894) (367,480) 269, , ,393 Minority interests - - 6,634 (87,113) (7,704) (Loss)/Profit attributable to shareholders (256,894) (367,480) 276, , ,689 Dividends declared - 42, , , ,016 STATISTICS INCOME STATEMENT (Rs 000) Ordinary shares in issue 86,256,873 86,256,873 86,256,873 86,256,873 86,256,873 Earnings Per Share after exceptional items (Rs) (2.99) (4.27) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

68 National Investment Trust Limited SEM Code : NIT Classification : Fund Management Registered Office : 8th Floor, Newton Tower, Sir William Newton Street, Port Louis Chairman : Raj RINGADOO Directors : Mazahir ADAMJEE Chaya DAWONAUTH Jose PONCINI, G.O.S.K Jayavadee SOOBEN Chief Executive Officer : Gaetan WONG TO WING Principal Activity : Investment Trust Company established to promote L actionnariat populaire. SUMMARY INFORMATION Incorporated in March 1993 as an Approved Investment Institution under section 50A of the Stock Exchange Act of In January 2008, NIT got the approval from the Financial Services Commission to establish the NIT Unit Trust and to manage the Trust s two sub-funds namely, the NIT Local Equity Fund and the NIT Global Opportunities Fund. 66 Handbook (Official Market) 2011

69 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS EMPLOYED Non-current assets Plant and equipment 48,244,125 35,486, , , ,170 Deferred tax asset ,233, ,983 Intangible assets 82, , ,814 91,605 44,361 Investments Portfolio of domestic securities 776,082, ,730, ,190,000 1,543,719, ,840,480 Portfolio of overseas securities ,666, ,330,972 Fixed income securities ,000,000 25,000,000 25,000,000 Current assets 83,728, ,053, ,564,228 32,845,573 33,077,826 Total assets 908,137, ,473, ,604,938 2,190,191,187 1,384,182,792 EQUITY AND LIABILITIES Capital and reserves Share capital 137,025, ,025, ,025, ,750, ,750,000 Capital redemption reserve 319,722, ,722, ,722, Share premium 19,693,346 19,693,346 19,693,346 19,693,346 19,693,346 Surplus on realisation of investments reserve (377,393,998) (377,393,998) (377,327,349) 226,613, ,886,012 Investment revaluation reserve 684,882, ,530, ,990,000 1,386,770, ,662,018 Retained profit 92,601, ,405,317 99,150,360 95,931,289 76,860,355 Shareholders interests 876,530, ,981, ,253,357 2,185,759,228 1,380,851,731 Non-Current Liabilities Deferred tax liability 662, Bank Loan 22,500, Retirement benefit obligations 850, Current liabilities 7,594,689 8,242,021 24,351,581 4,431,959 3,331,061 Total equity and liabilities 908,137, ,473, ,604,938 2,190,191,187 1,384,182, Jun Domestic dividend receivable 4,200,000 9,300,000 22,638,803 31,503,292 26,174,784 Domestic interest receivable 4,522,940 5,477,103 5,997,457 4,635,890 5,547,562 Overseas investment income - - 1,271,985 1,992, ,443 Management fees receivable 11,643,888 11,712,604 7,003,219 3,274,278 2,145,304 Exit fees receivable 2,939,209 2,788,663 11,774, Initial Service charge 8,192 83, Surplus on portfolio of investments 293,352,100 (65,526,649) 186,273, ,221,925 (56,561,342) 316,666,329 (36,164,820) 234,959, ,627,927 (21,899,249) Expenses 17,756,105 (11,810,406) (16,246,937) (13,195,865) (10,817,092) Profit before tax 298,910,224 (47,975,226) 218,712, ,432,062 (32,716,341) Taxation (659,220) (1,594,266) (1,815,010) 266, ,288 Net income after tax 298,251,004 (49,569,492) 216,897, ,698,442 (32,484,053) Dividends 10,276,875 13,702,500 13,702,500 27,405,000 22,837,500 STATISTICS INCOME STATEMENT (Rs) Number of ordinary shares used in calculation 13,702,500 13,702,500 32,353,000 45,675,000 45,675,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

70 New Mauritius Hotels Limited SEM Code : NMH Classification : Hotel & Leisure Registered Office : Robert Edward Hart Street, Curepipe Directors : Hector ESPITALIER NOEL (Chairman) Sunil BANYMANDHUB Timothy TAYLOR Herbert COUACAUD D. Marcel MASSON Michel PITOT Robert DOGER DE SPEVILLE LOUIS RIVALLAND Jean Marc LAGESSE M.J. JEAN PIERRE MONTOCCHIO Secretarial Services : Beachcomber Limited Principal Activity : Hotels Industry SUMMARY INFORMATION Incorporated as a public limited Company on 24th December NMH operates eight resort hotels namely Royal Palm, Dinarobin, Paradis, Shandrani, Trou aux Biches, Victoria, Canonnier and Mauricia and an airline catering unit in Mauritius and Sainte Anne hotel in Seychelles. The hotels are marketed under the well-known Beachcomber brand. NMH is also engaged in tour operating activities through its foreign subsidiaries. Stock Exchange Listing was granted on 12th June Handbook (Official Market) 2011

71 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Sep ASSETS EMPLOYED Non-current assets Property, plant and equipment 17,227,577 14,534,134 12,358,065 11,892,590 9,121,015 Intangible assets 1,684,706 1,696,735 1,633,225 1,350,815 1,396,143 Investment in associates 484, , , , ,805 Available-for-sale financial assets 43,982 42,076 23,067 21,138 8,964 Other non-current assets 2,054,935 1,963,228 1,825, Current assets 3,484,545 3,292,830 3,054,058 2,446,544 1,999,100 Total assets 24,979,762 21,864,668 19,184,491 15,963,911 12,654,027 EQUITY AND LIABILITIES Capital and reserves Share capital 1,724,361 1,724,361 1,724,361 1,724,361 1,724,361 Share premium Reserves 4,323,272 4,382,504 4,006,070 4,119,868 2,350,525 Retained earnings 5,007,279 4,714,389 4,153,226 3,311,553 2,274,549 Shareholders interests 11,054,912 10,821,254 9,883,657 9,155,782 6,349,435 Minority interests 45,214 51,345 73,698 84,647 75,797 Non-current liabilities Long term borrowings 6,422,717 4,171,621 2,773,048 1,352,360 1,540,113 Deferred tax liabilities 1,434,558 1,454,034 1,295,197 1,329, ,156 Retirement benefit obligations , ,416 Current liabilities 6,022,361 5,366,414 5,158,891 3,968,099 3,739,110 Total equity and liabilities 24,979,762 21,864,668 19,184,491 15,963,911 12,654, Sep Turnover 6,833,209 7,401,852 8,099,921 7,735,237 5,873,284 Operating profit 1,147,370 1,664,237 2,333,703 2,593,698 1,559,585 Finance costs (394,856) (412,083) (288,575) (267,172) (276,563) Amortisation of intangible assets (3,541) (1,943) (2,088) (2,495) (2,746) Share of result of associates (27,671) (7,169) (33,641) 18,685 11,003 Exceptional items 89, , , Profit before tax 810,489 1,368,502 2,130,473 2,342,716 1,291,279 Taxation (108,264) (158,463) (240,360) (344,416) (148,531) Profit after tax 702,225 1,210,039 1,890,113 1,998,300 1,142,748 Minority interests (42,447) (34,251) (44,293) (28,888) (16,226) Profit attributable to shareholders 659,778 1,175,788 1,845,820 1,969,412 1,126,522 Dividends 403, , , , ,694 STATISTICS INCOME STATEMENT (Rs 000) Number of ordinary shares used in calculation 161,423, ,423, ,423, ,423, ,423,536 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

72 Omnicane Limited SEM Code : Omnicane Classification : Sugar Registered Office : 7th Floor, Anglo-Mauritius House, A. de Plevitz Street, Port Louis. Board of Directors : Sunil BANYMANDHUB (Chairperson) Jacques M. d UNIENVILLE (Chief Executive Officer) Ravin BHOLAH (Alternate: Chandan Lautan) Jacques DE NAVACELLE Pierre M. d UNIENVILLE Marc HEIN (Alternate: Nishi I Vythilingum - Kichenin) Georges LEUNG SHING Hugues MAIGROT Nelson MIRTHIL Ritesh SUMPUTH (Alternate: Geerendra Gocool) Bertrand THEVENAU Anbanaden VEERASAMY Principal Activity : Cane growing, Sugar milling, Sugar Refining and Energy Production Secretaries : 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 Omnicane Limited has, for the past 100 years and more, been playing a major role in the highly developed sugar sector, which is still one of the pillars of the Mauritian economy. Its agricultural operations are carried out at Mon Trésor, Britannia, Benares and Highlands. They encompass 3, hectares of wholly owned land and the management of 906 hectares, owned by SIT Land Holdings Ltd. Holdings (St Aubin) Limited (formerly CESL) and Omnicane Holdings (La Baraque) Thermal Energy Limited Compagnie Thermique du Sud Limitée (CTDS)) and in Omnicane Thermal Energy Operations (La Baraque) Limited (formerly Compagnie Thermique de Savannah Limitée (CTSAV)) respectively. OMOL operates a state of the art factory and a sugar refinery with a capacity of 600 tonnes per day at La Baraque and a second smaller unit at Union St Aubin. In 2010 a total of 1,355,351 tonnes of cane was crushed to produce 138,781 tonnes of plantation white sugar(pws). All the sugar is manufactured at La Baraque whilst USA concentrates its cane juice into syrup, which is then transported to La Baraque for processing into PWS. At the end of the year, 104,483 tonnes of refined sugar had been produced of which 101,871 tonnes were exported to Europe and 2,612 tonnes were sold domestically. Omnicane owns three power plants, running on bagasse solely at Union St. Aubin of a capacity of 12.2 MW, one on bagasse-cum-coal at La Baraque of 2 x 45 MW which is the largest such installation in the world and a third unit running on coal of 35 MW at Union St. Aubin. The Omnicane Limited business mix is complemented with the production and export of exotic flowers, and transport of sugar and coal for Omnicane Milling Operations Limited and Omnicane Thermal Energy Concassage Ltée, a rock crushing and brick making company utilising rocks removed from cane fields. Omnicane Limited is managed by a company wholly owned by OMHL, 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. 70 Handbook (Official Market) 2011

73 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec ASSETS Non-current assets Property, plant and equipment 10,625,167 10,886,997 10,360,764 4,537,007 1,206,325 Investment properties 9,643 9,643 9,643 10,934 12,438 Intangible assets 1,161,708 1,147,446 1,099,482 72,467 68,219 Investments in associated companies 26,771 30,677 20, , ,722 Investment in financial assets 178,656 60, , , ,051 Bearer biological assets 175, , , , ,922 Deferred expenditure 89,118 26,751 27,723 88,780 33,204 Deferred tax assets 14,039 94, , Current assets 2,498,197 2,715,437 2,521,189 1,147,984 1,141,855 Total assets 14,778,481 15,150,835 14,627,583 6,897,656 3,457,736 EQUITY AND LIABILITIES Capital and reserves Ordinary share capital and share premium account 795, , , , ,043 Revaluation and other reserves 3,994,863 4,366,176 4,572,045 4,691,490 1,359,769 Retained earnings 780, , , , ,905 Owners interests 5,570,580 5,822,316 5,890,482 5,912,253 2,551,717 Non-controlling interests 693, , ,499 91,394 91,062 Non-current liabilities Borrowings 5,091,945 4,351,799 4,651,453 33,535 57,916 Retirement benefit obligations 88,988 85,992 90,668 23,141 85,991 Deferred tax liabilities 475,591 25,479 40,181 25,406 18,448 Provision for Blue Print and ERS cost - 276, ,055 5,241 10,759 Current liabilities 2,858,243 3,876,029 2,970, , ,843 Total equity and liabilities 14,778,481 15,150,835 14,627,583 6,897,656 3,457, Dec Turnover 3,479,704 3,192, , , ,657 Operating profit 615, ,273 38,730 31,224 78,580 Amortisation of VRS costs (9,663) (5,368) (10,774) (5,092) (33,531) Investment income 55,255 80, , ,169 91,536 Finance costs (580,887) (711,980) (78,961) (57,863) (54,755) Share of results from associates (3,906) (788) 23,578 64,581 48,637 75,950 59,826 75, , ,467 Exceptional items 372, , ,052 63, ,949 Profit before taxation 448, , , , ,416 Taxation (132,779) (22,557) 7,833 (16,791) (8,297) Profit after taxation 316, , , , ,119 Non-controlling interests (67,173) (64,666) (39,156) (332) 1,843 Profit attributable to the parent owners 248, , , , ,962 Dividends paid 167, , , , ,556 STATISTICS INCOME STATEMENT (Rs 000) 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 (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

74 Phoenix Beverages Limited SEM code : PBL Classification : Industry Brewer : Pont Fer, Phoenix Registered Office : 4 th Floor, IBL House, Caudan Waterfront, Port Louis Directors* : 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 Alternate Directors* : Jean Pierre DALAIS Marguerite HUGNIN Arnaud LAGESSE Chief Executive Officer* : Richard WOODING Company Secretary : GML Management Ltée Principal Activity : Brewing of beer, bottling and distribution of beer, soft drinks, table water, wines and spirits and alternative beverages * List of Directors, Alternate Directors and Chief Executive Officer as at 30 June 2011 SUMMARY INFORMATION Phoenix Beverages Limited ( PBL ) is a public company listed on It was incorporated in 1960 and started trading in PBL is the leading beverages company in Mauritius. PBL offers a wide range of non-alcoholic and alcoholic beverages among which are carbonated soft drinks, table water, beer, cider and other alternative drinks. The Company is also engaged in the import and distribution of Wine and Spirits. PBL s flagship brand, Phoenix Beer, was launched in 1963 and has since become the most famous and preferred beer of Mauritius. The Company also produces Blue Marlin, Phoenix Special Brew, Phoenix Fresh, Phoenix Cider and Stella Pils. PBL also has in its portfolio world famous brands such as Guinness FES, Malta Guinness, Smirnoff Ice and Appletiser. PBL won 4 Gold medals for Phoenix Beer, Guiness Foreign Extra Stout and Non-Alcoholic Phoenix Cider at 2011 World Selections and was also awarded the International High Quality Trophy 2011 following three consecutive years achievement of gold award for Phoenix Beer. Other subsidiaries of PBL include: Phoenix Beverages Overseas Ltd, a Freeport Company engaged in the export of PBL s products. The (Mauritius) Glass Gallery Ltd, a company involved in the recycling of glass for the manufacture and sale of various glass products. Sri Lanka. Indien, a company engaged in the marketing, sales and distribution of beer, wines and other products in Reunion Island. operations in November Handbook (Official Market) 2011

75 FINANCIAL REVIEW OF THE GROUP GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 2,209,152 2,092,785 1,895,263 1,875,833 1,418,409 Intangible assets 11,312 12,640 5,762 7,762 6,771 Investments in associates 85, , ,912 10,490 5,059 Investments in financial assets 17,623 12, Deferred tax assets ,324,097 2,259,073 2,064,512 1,894,660 1,430,814 Current assets 724, , , , ,978 Non-current assets classified as held for sale ,224 13,801 52,136 Total assets 3,049,034 2,972,488 2,719,079 2,523,543 1,991,928 EQUITY AND LIABILITIES Capital and reserves Stated capital 164, , , , ,470 Share premium 202, , , , ,492 Revaluation and other reserves 636, , , , ,273 Retained earnings 1,135,062 1,078, , , ,270 Shareholders interest 2,138,387 2,090,669 1,949,699 1,801,622 1,176,505 Minority interest 1,757 2,724 4,955 4,728 8,499 2,140,144 2,093,393 1,954,654 1,806,350 1,185,004 Non-current liabilities Borrowings 53,666 75, , , ,904 Deferred tax liabilities 36, , , ,457 97,881 Retirement benefit obligations 164,190 30,506 41,596 58,891 68, , , , , ,447 Current liabilities 654, , , , ,477 Total equity and liabilities 3,049,034 2,972,488 2,719,079 2,523,543 1,991, Jun Revenue 3,401,038 3,202,342 2,897,155 2,709,546 2,298,230 Operating profit 282, , , , ,073 Exceptional items (87,185) Profit on disposal of securities - - 2,147 54, , , , , , ,817 Finance costs (22,296) (21,314) (22,997) (34,015) (35,748) Share of results of associates (42,970) (30,545) (32,957) (6,896) 868 Profit before taxation 217, , , , ,937 Taxation (52,019) (52,537) (48,433) 8,683 9,726 Profit for the year 165, , , , ,663 Minority interest 967 (93) (2,429) 2,300 (2,121) Net Profit attributable to shareholders 166, , , , ,542 Dividends 110, ,906 90,459 82,235 74,011 STATISTICS GROUP STATEMENT OF COMPREHENSIVE INCOME (Rs 000) Number of ordinary shares in issue 16,447,000 16,447,000 16,447,000 16,447,000 16,447,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook (Official Market)

76 Plastic Industry (Mtius) Limited SEM Code : PIM Classification : Industry Registered Office and : Level 3, Alexander House, 35 Cybercity, Ebene, Mauritius Share Registry Office Place of Head Office and : P.O. Box 1173, Quay Road, Port Louis, Mauritius Factory address Directors : Paul CLARENC (Chairman) Alex FON SING C.B.E. Roland DAURAT Andre ESPITALIER-NOEL Philippe HARDY Sulliman Adam (Chota) MOOLLAN Secretary : Intercontinental Secretarial Services Ltd Principal Activity : Manufacturer of plastic products for all industrial and commercial business by blow moulding and injection process. Mainly packaging for the chemical, detergent, paint, pharmaceutical, beverages and food sector SUMMARY INFORMATION Incorporated in 1970 Listed on The Stock Exchange of Mauritius Ltd on 30th June 1993 Certified ISO 9001 : 2000 on 09th October 2002 Certified ISO 9001 : 2008 since 16th September Handbook (Official Market) 2011

77 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS Non-current assets Plant and equipment 33,209,584 26,471,997 30,963,094 33,299,001 26,722,923 Investment in associates 5,071,280 5,369,874 5,187,288 5,015,412 4,648,790 Investment in securities Non-current receivables 3,000,000 3,250,000 3,500,000 3,811,634 4,128,198 Deferred tax assets Current assets 99,708,435 75,042,237 78,775,904 66,432,669 51,785,808 Total assets 140,989, ,134, ,426, ,558,716 87,285,719 SHAREHOLDERS EQUITY Share capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 Share premium Retained earnings 68,643,335 59,917,907 50,445,404 42,226,762 37,064,634 Other Reserves 537, , , , ,463 Shareholders interest 89,180,798 80,455,370 70,982,867 62,764,225 57,602,097 LIABILITIES Non-current liabilities Borrowings Deferred tax liabilities 1,724,761 1,652,033 1,708,014 1,559,336 1,331,149 Retirement benefit obligations 3,965,000 4,148,000 4,416,000 4,870,000 4,540,000 Current liabilities 46,118,740 23,878,705 41,319,405 39,365,155 23,812,473 Total equity and liabilities 140,989, ,134, ,426, ,558,716 87,285,719 INCOME STATEMENT (Rs) 30 Jun Turnover 173,814, ,908, ,356, ,077, ,818,431 Operating profit 19,611,423 19,464,551 17,184,434 12,275,055 10,993,577 Finance income/(cost) (165,167) (489,005) (621,426) (462,705) (232,522) Profit after finance income 19,446,256 18,975,546 16,563,008 11,812,350 10,761,055 Share of profit of associated company (298,594) 182, , , ,357 Profit before taxation 19,147,662 19,158,132 16,734,884 12,720,572 11,380,412 Taxation (2,922,234) (2,685,629) (2,516,242) (1,558,444) (1,076,323) Profit after tax 16,225,428 16,472,503 14,218,642 11,162,128 10,304,089 Dividends 7,500,000 7,000,000 6,000,000 6,000,000 4,000,000 STATISTICS Number of ordinary shares used in calculation 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

78 P.O.L.I.C.Y. Limited SEM Code : P.O.L.I.C.Y. Limited Classification : Investments Registered Office : c/o Abax Corporate Administrators Ltd 6th Floor, Tower A, 1 CyberCity, Ebene Directors : Me. Georges André ROBERT O.B.E., S.A (Chairperson) Mr. N. M. Robert BIGAIGNON (Vice Chairperson) Mr. Vincent AH CHUEN Mr. Pierre Arthur DE CHASTEIGNER DU MEE Mr. Pierre-Yves POUGNET Mr. Jean Volcy Olivier LAGESSE Mr. Bernard Marie Joseph MAYER Mr. Jean Maurice Richard ARLOVE Mrs. Marie Claude Priscille KOENIG - (Alternate to Mr. Arlove) Fund Manager : IPRO Fund Management Ltd Administrator : Abax Corporate Administrators Ltd Secretary : Abax Corporate Administrators Ltd Registrar & Transfer Office : Abax Corporate Administrators Ltd Principal Activity : Investing activities in local and foreign markets. SUMMARY INFORMATION P.O.L.I.C.Y. Limited was incorporated on 15 June 1979 and a Stock Exchange listing was granted on 25 November The Net Asset Value of P.O.L.I.C.Y. Limited reached Rs on 31 December 2010 compared to Rs as The portfolio mix of the Company s consolidated portfolio as at 31 December 2010 was as follows: 76 Handbook (Official Market) 2011

79 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property Investment in associated companies ,384 Investment in financial assets 1,298,971 1,240,240 1,066,309 1,746,009 1,116,614 Non current receivables ,862 4,862 1,298,971 1,240,240 1,066,309 1,750,871 1,123,860 Current assets 65,910 68, ,095 99, ,382 Non-current asset classified as held for sale ,230 3,230 Total assets 1,364,881 1,308,331 1,291,404 1,853,846 1,245,472 EQUITY AND LIABILITIES Capital and reserves Share capital 170, , , , ,240 Share premium 61,964 61,964 61,964 61,964 61,964 Other reserves 758, , ,202 1,478, ,460 Retained earnings 369, , , , ,219 Shareholders interest 1,360,561 1,301,380 1,286,845 1,847,529 1,241,883 Minority interest Long term liabilities Current liabilities 4,320 6,951 3,750 6,031 3,305 Total equity and liabilities 1,364,881 1,308,331 1,291,404 1,853,846 1,245, Dec Revenue 122, , , , ,702 Profit before finance (costs)/income 111, , ,912 87, ,033 Finance (costs)/ income (101) 493 5,315 (704) 68 Share of results of associated companies (237) (218) Profit before taxation 111, , ,227 86, ,883 Taxation (92) (780) (1,321) (477) (410) Profit after taxation 111, , ,906 85, ,473 Minority interest (2) - Profit attributable to equity holders of the company 111, , ,916 85, ,473 Dividends 85, , ,144 85,120 68,096 STATISTICS INCOME STATEMENT (Rs 000) Number of shares used in calculation 170,240, ,240, ,240, ,240, ,240,004 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

80 Promotion and Development Ltd SEM Code : PAD.N0000 Classification : Investments Registered office : MCB Centre 9-15 Sir William Newton Street, Port Louis Directors : Jean Pierre MONTOCCHIO (Chairman) René LECLEZIO ( Managing Director) Bertrand de CHAZAL Arnaud DALAIS Thierry DALAIS Gilbert GNANY Jocelyne MARTIN Adolphe VALLET Bernard YEN Secretary : Jocelyne MARTIN Managing Director : René LECLEZIO Transfer Registrar : MCB Registry & Securities Ltd Activity : Investment in property and shares SUMMARY INFORMATION Official List of The Stock Exchange of Mauritius Ltd commenced on 17th January PAD is an associated company of Fincorp Investment Ltd, a subsidiary company of The Mauritius Commercial Bank Ltd. Through its majority stake in Caudan Development Limited and as the manager of that company, PAD is closely involved with the prestigious Caudan Waterfront project. PAD has a substantial portfolio of shares and properties. Major investments other than Caudan Development Limited include The Medine Group, 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. 78 Handbook (Official Market) 2011

81 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Investment property 3,790,612 3,786,951 3,267,564 2,277,527 2,287,837 Property, plant and equipment 284, , , ,275 66,995 Intangible assets 4,201 4,121 4,756 5,252 4,970 Investments in associates 3,647,781 3,648,613 3,379,640 3,321,916 3,329,183 Investments in available-for-sale financial assets 1,665,202 1,514,279 1,980,969 1,764,724 1,181,973 Non-current receivables ,099 8,215 Deferred tax assets - - 1,124 5,954 10,692 9,392,136 9,170,544 9,216,592 7,681,747 6,889,865 Current assets 158, , , , ,926 Non-current assets classified as held for sale - - 5, Total assets 9,551,039 9,392,269 9,364,095 7,825,558 6,999,791 EQUITY AND LIABILITIES Capital and reserves Share capital 194, , , , ,331 Share premium 169, , , , ,018 Other reserves 3,726,244 3,582,257 4,014,621 3,847,421 3,552,748 Retained earnings 2,897,965 2,958,945 2,788,172 2,161,401 1,707,486 Equity attributable to owners of the parent 6,987,558 6,904,551 7,166,142 6,372,171 5,623,583 Non-controlling interests 1,095,122 1,120,341 1,097, , ,598 Total equity 8,082,680 8,024,892 8,263,393 7,181,869 6,425,181 Non-current liabilities Borrowings 604, , , , ,700 Income tax liabilities 252 1, Deferred tax liabilities 240, , , , ,932 Retirement benefit obligations 19,209 12,499 8,118 6,368 5, , , , , ,936 Current liabilities 604, , , , ,674 Total liabilities 1,468,359 1,367,377 1,100, , ,610 Total equity and liabilities 9,551,039 9,392,269 9,364,095 7,825,558 6,999,791 INCOME STATEMENT (Rs 000) 30 Jun Restated Turnover 491, , , , ,396 Operating profit 148, , , , ,860 Profit/(loss) on disposal of shares 1,281 (32,236) 174, ,009 4,895 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 ,674 Profit on disposal of investment in associate ,796 Net gain from fair value adjustment on investment property - 123, , Finance income 1,183 5,027 1, Finance costs (84,822) (70,621) (19,271) (24,027) (36,501) Share of results of associates (14,300) 121,550 45, , ,733 Negative goodwill of associates* 11,663 17,425 15, (Loss)/profit before taxation (6,514) 342,391 1,121, , ,654 Taxation (9,892) (33,157) (114,046) (19,549) 46,290 (Loss)/profit for the year (16,406) 309,234 1,007, , ,944 Non-controlling interests (19,561) (40,702) (301,385) (23,824) (50,753) (Loss)/profit attributable to owners of the parent (35,967) 268, , , ,191 Dividends (MRs 000) 77, ,882 77,732 69,959 42,753 STATISTICS Number of ordinary shares 38,866,160 38,866,160 38,866,160 38,866,160 38,866,160 Dividends per share (Rs) Net assets value (Rs) Number of ordinary shares used in EPS calculation 38,866,160 38,866,160 38,866,160 38,866,160 38,866,160 (Loss)/earnings per share (Rs) (0.93) * Comparatives have not been restated for practical reasons. Handbook (Official Market)

82 Rogers and Company Limited SEM code : ROGERS Classification : Commerce Registered Office : No. 5, President John Kennedy Street, Port Louis Board of Directors : Timothy Taylor - Chairman Marcel Descroizilles - Chairman - Risk Management and Audit Committee Jean Pierre Montocchio - Chairman - Corporate Governance Committee Dr Guy Adam Herbert Maingard Couacaud Eric Espitalier-Noël Gilbert Espitalier-Noël Hector Espitalier-Noël Philippe Espitalier-Noël - Chief Executive Officer Colin Taylor Matthew Taylor Philip Taylor Company Secretaries : Aruna Collendavelloo - Chief Legal Executive Tioumitra Maharahaje - Corporate Manager - Legal Compliance Senior Executives : Vaughan Heberden - Chief Executive Officer - Financial Services (Cim) Francois Eynaud - Chief Executive Officer - Hotels (Veranda Leisure & Hospitality) Vishal Nunkoo - Chief Executive Officer - Logistics (Velogic) Sanjiv Mihdidin - Chief Executive Officer - Property (Foresite) Richard Koenig - Chief Executive Officer - Real Estate and Agribusiness (Bel Ombre) Alexandre Fayd herbe de Maudave - Chief Executive Officer - Travel and Aviation (BlueSky) Principal Activities : 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. 80 Handbook (Official Market) 2011

83 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 30 Sep ASSETS EMPLOYED Non-current assets Property, plant and equipment 7, , , , ,285.4 Investment properties 1, , , Intangible assets 1, , , , Investment in associated companies Investment in financial assets 3, , , , ,745.3 Bearer biological assets Long term loan receivable Net investment in finance leases Deferred expenditure Life business assets 1, , , , ,050.6 Current assets 8, , , , ,778.9 Total assets 24, , , , ,358.0 EQUITY AND LIABILITIES Capital and reserves Share capital Reserves 4, , , , ,126.6 Retained earnings 4, , , , ,116.1 Equity attributable to equity holders of the parent 9, , , , ,494.7 Minority interest 2, , , , Non-current liabilities Long term loans payable 3, , , , ,807.4 Finance lease obligations Deferred taxation Employee benefit obligations Life assurance fund 1, , , , ,050.6 Current liabilities 7, , , , ,095.3 Total equity and liabilities 24, , , , ,358.0 INCOME STATEMENT (Rs 000) 30 Sep Revenue 9, , , , ,164.1 Profit before finance costs , , , Finance costs (486.4) (526.5) (506.5) (366.2) (250.3) Share of profit of associates Exceptional items , (20.1) Profit before taxation , Taxation (149.2) (183.1) (148.0) (111.0) (86.4) Profit from continuing operations , (Loss) profit from discontinued operations , Minority interest (378.9) (82.0) (71.2) Profit attributable to the group , Dividends STATISTICS Number of ordinary shares used in calculation 25,204,530 25,204,530 25,204,530 25,204,530 25,204,530 Earnings Per Share (Rs) Earnings Per Share from continiung operations (excluding exceptional items) (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

84 Shell Mauritius Limited SEM Code : SHELL Classification : Commerce Registered Office : Shell House, Roche Bois Directors : Mr. Mamadou SENE (Chairman) Mr. Pawan K. JUWAHEER (CEO and Country Chair) Mr. Patrick CRIGHTON Mr. Roger LEUNG Mr. Antoine DELAPORTE Secretary : Executive Services Ltd Principal Activity : Marketing and distribution of petroleum products. SUMMARY INFORMATION Shell is the market leader in Mauritius, operating in all sectors in oil industry. The products and services delivered by the company include mogas, diesel, Liquefied Petroleum Gas (LPG), autogas, lubricants, the Shell Card for fleet management solution, business-to-business commercial clients, an into-plane service at the airport and bunkering facilities. Shell was the first international oil company to set up business in the country in In 1991, Shell Mauritius its shares. The vision of Shell is to make the difference through its people, a team of dedicated professionals, who value their customers, deliver on the company s promises and contribute to sustainable development. Its mission is to safely market and distribute energy and petrochemical products while offering innovative value-added services. Shell operates under a common set of business principles and where emphasis is placed on core values, which are honesty, integrity and respect for people. As a responsible company, Shell is fully engaged in social, educational and environmental projects. Shell has always been at the forefront of innovation by being the first to officially launch autogas in a retail outlet and a Customer Service Centre in Mauritius. Shell also introduced a series of differentiated products for engine protection, fuel economy, and reduced particulate matter in our local regulated market at no extra cost. In addition, it is the only company to operate a dedicated bunkering depot in Port Louis and to own a barge, L Ami Constant. The company owns and operates two depots, namely Roche Bois and Causeway. It also has active interest in other depots, viz. ESCOL and Fort William (both under Shell management), Rodrigues and the airport storage terminal. Distribution to retail outlets, inland customers and the airport is made through a fleet of 11 bulk delivery vehicles (white oil and black oil), 14 vehicles (LPG retailers), three specialised vehicles (LPG bulk) and one lubricants delivery vehicle. Shell supplies half of the country s needs in LPG, used for both domestic purposes and industrial uses and has a network of about 1,000 resellers throughout the island. Its retail network consists of 41 service stations. Safety remains the company s number one priority. In 2009, Shell had zero fatal incidents out of nearly 700,000 exposure hours and 2.3 million kilometers driven. Similarly, its record in lost time injuries remain impressively low. 82 Handbook (Official Market) 2011

85 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment 619, , , , ,428 Intangible assets 487 1,217 1, Prepaid operating leases ,030 1,109 1,188 Investment in associates 39,384 61,341 30,328 42,545 33,072 Loans receivable ,174 Other long term assets 4, Current assets 2,047,545 1,463,082 1,547,377 1,231,977 1,489,034 Total assets 2,711,530 2,197,203 2,279,544 1,931,462 2,100,967 EQUITY AND LIABILITIES Capital and reserves Share capital 293, , , , ,223 Retained earnings 179, , , ,191 62,285 Proposed dividends Shareholders interests 472, , , , ,508 Non-current liabilities Deferred tax liabilities 48,028 46,373 39,367 30,074 22,508 Retirement benefit obligations 19,708 20,931 20,003 22,071 28,210 Current liabilities 2,170,823 1,688,629 1,786,600 1,411,903 1,694,741 Total equity and liabilities 2,711,530 2,197,203 2,279,544 1,931,462 2,100, Dec Turnover 9,453,712 8,430,950 10,562,749 8,659,857 8,147,463 Profit from operations 371, , , , ,340 Net finance income/(cost) 10,331 (2,890) (11,835) (14,198) (9,343) Share of result of associates 8,043 31,013 31,283 28,778 22,708 Profit before tax 390, , , , ,705 Taxation (65,146) (49,961) (37,294) (21,371) (26,794) Profit for the year 324, , , , ,911 Dividends declared over profit for the year 293, , , , ,493 STATISTICS INCOME STATEMENT (Rs 000) Number of ordinary shares used in calculation 29,322,252 29,322,252 29,322,252 29,322,252 29,322,252 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

86 State Bank of Mauritius Limited SEM Code : SBM Classification : Commercial Bank Registered Office : State Bank Tower, 1, Queen Elizabeth II Avenue, Port Louis. Directors : Muni Krishna T. REDDY, G.O.S.K (Chairman of the Board), Kalindee BHANJI Azim Fakhruddin CURRIMJEE Dheerendra Kumar DABEE, S.C George John DUMBELL Ali Michael MANSOOR Rohit RAMNAWAZ Alfred Joseph Gerard Robert Alain REY Professor Andrew SCOTT Pauline Sybille Cheh SEEYAVE Gautam VIR Chief Executive : Gautam VIR Company Secretary : Chandradev APPADOO Transfer Office : SBM Financials Limited Main Activity : Banking SUMMARY INFORMATION The 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 in 1973 and was listed on The Stock Exchange of Mauritius Ltd in Innovation, flexibility, accessibility and reliability are the key attributes that have contributed to the Group s reputation and trustworthiness. Owned by nearly 17,000 domestic and international shareholders, SBM has more than 1,100 employees and services over 375,000 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. 84 Handbook (Official Market) 2011

87 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 JUN ASSETS Cash Resources Cash and Balances with Central Banks 3,855,206 4,640,899 6,084,542 3,662,372 3,083,739 Balances with Banks and Interbank Loans 4,539,410 9,946,103 7,554,330 12,048,473 6,174,670 8,394,616 14,587,002 13,638,872 15,710,845 9,258,409 Securities, Placements and Other Investments 24,247,533 21,897,309 15,403,638 11,197,820 11,752,713 Loans and Advances 43,731,741 39,793,808 35,185,082 29,762,405 26,362,991 Tangible and Intangible Assets 2,930,376 2,372,743 2,560,799 2,751,746 2,863,987 Other Assets 535, , , , ,495 3,465,429 2,955,519 3,329,302 3,558,812 3,527,482 Total Assets 79,839,319 79,233,638 67,556,894 60,229,882 50,901,595 LIABILITIES AND SHAREHOLDERS EQUITY Deposits 61,697,954 63,721,100 54,882,256 48,568,830 40,093,939 Borrowings Central Banks 242, , , , ,266 Local and Foreign Banks 1,056,369 7, , , ,565 Other Financial Institutions 783, , ,376-2,083,289 1,057, , ,187 1,341,831 Other Liabilities 1,402,080 1,512,358 1,334,322 1,163,484 1,649,882 Total Liabilities 65,183,323 66,290,964 56,583,385 50,714,501 43,085,652 Minority Interest in Subsidiaries Shareholders Equity Share Capital 303, , , , ,414 Reserves 14,352,256 12,638,934 10,669,769 9,211,641 7,433,282 Equity Attributable to Equity holders of the Parent 14,655,996 12,942,674 10,973,509 9,515,381 7,815,696 Total Equity and Liabilities 79,839,319 79,233,638 67,556,894 60,229,882 50,901,595 MEMORANDUM ITEMS Acceptances, Guarantees, Letters of Credit, Endorsements, Other Obligations on Account of Customers and Spot Foreign Exchange Contracts 5,911,337 5,307,272 5,215,439 7,409,385 3,855,751 Credit Commitments 8,215,445 5,043,907 3,802,679 3,545,754 3,704,839 Inward Bills held for Collection 340, , , , ,876 Outward Bills sent for Collection 243, , , , ,996 14,710,583 10,808,457 9,532,336 11,525,999 8,400,462 STATEMENT OF INCOME (Rs 000) 30 JUN Interest Income 4,867,484 5,333,274 5,328,702 4,564,764 3,666,597 Interest Expense (2,374,327) (2,933,336) (3,284,535) (2,758,341) (1,923,327) Net Interest Income 2,493,157 2,399,938 2,044,167 1,806,423 1,743,270 Non Interest Income 1,344,270 1,581,857 2,061,238 1,319, ,805 Operating Income 3,837,427 3,981,795 4,105,405 3,125,840 2,704,075 Non Interest Expense (1,373,376) (1,422,956) (1,377,516) (1,133,861) (1,030,637) Profit before net impairment loss on financial assets 2,464,051 2,558,839 2,727,889 1,991,979 1,673,438 Net impairment loss on financial assets (318,425) (278,737) (391,900) (302,173) (223,583) Operating Profit 2,145,626 2,280,102 2,335,989 1,689,806 1,449,855 Share of profit of Associates 66,622 64,517 61,019 49,800 74,567 Profit before income tax 2,212,248 2,344,619 2,397,008 1,739,606 1,524,422 Tax Expense (353,408) (319,281) (283,035) (233,718) (204,181) Profit for the year 1,858,840 2,025,338 2,113,973 1,505,888 1,320,241 Minority Interest (208) (1,243) Net Income available to Shareholders 1,858,840 2,025,338 2,113,973 1,505,680 1,318,998 Dividend declared during the year ,105 Dividend declared after the balance sheet date 709, , , ,176 - STATISTICS Number of ordinary shares used in calculation of Earnings per Share (000) 258, , , , ,052 Earnings Per Share (Rs) Dividend Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market)

88 Sun Resorts Limited SEM Code : SUN Classification : Hotel & Leisure Investment Registered Office : 5th Floor, Ebène Skies, Rue de l Institut, Ebène Directors : P. Arnaud DALAIS (Chairperson as from February 21, 2011) 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 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. Incorporated on 10th February 1983 and listed on the Mauritian Stock Exchange since 1992, Sun Resorts Limited has marketing offices based in London, Paris and Frankfurt and representations in Milan, Madrid, Moscow and the UAE. The Company also fully owns one Tour Operator in France - Soléa Vacances and one in South Africa - World Leisure Holidays. The operating philosophy of the Company is to offer the best accommodation and entertainment experience, outstanding services and excellent value for money. The vision of Sun Resorts Limited is to reinforce its position as the leading premium resort operator in the Indian Ocean, bringing a greater sense of style and perfection in improving standards of excellence in the hotel industry. Sun Resorts Limited is managed by a group of people whose lives are dedicated to hospitality. Felice Piccirillo, Chief Executive Officer has over 35 years experience in the hospitality industry and is assisted by Arnaud Martin, C.S.K., Chief Marketing Officer and Tommy Wong, Chief Finance Officer. The hotels devoted General Managers complete the executive team with Sjefke Jansen at Le Touessrok, Andrew Slome, OBE at Sugar Beach, Nicolas Blandin de Chalain at Long Beach, Alessandro Cabella at La Pirogue and Vladimir Scanu at Kanuhura. Long Beach, the latest Sun Resorts hotel development in Mauritius, was opened on 18th April The new hotel of 255 keys, all with sea views, has been positioned in the upper-middle segment and, with its family segment. 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, which will be a first in Mauritius, are expected to create shareholder value, whilst enabling local nationals as well as foreign investors to own and share in the future returns of the Company. 86 Handbook (Official Market) 2011

89 3-YEAR FINANCIAL REVIEW CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Rs 000) 31 Dec Equity attributable to owners of the Company 5,924,093 5,934,034 5,418,926 Treasury shares (1,422,238) (1,422,238) (1,422,238) Non-controlling interests 1,273 1,288 1,161 Total equity 4,503,128 4,513,084 3,997,849 Interest-bearing debt 4,435,265 3,217,043 3,317,273 Total capital employed 8,938,393 7,730,127 7,315,122 Non-current assets 9,691,399 8,563,937 8,209,302 Current assets 1,281,531 1,063,541 1,128,437 Total assets 10,972,930 9,627,478 9,337,739 Trade and other payables 1,305,307 1,174,325 1,311,446 Taxation 583, , ,194 Employee benefit liability 111, , ,977 Provisions 35,000 35,000 35,000 Interest free liabilities 2,034,537 1,897,351 2,022,617 Employment of capital 8,938,393 7,730,127 7,315,122 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 31 Dec Total revenue 3,194,632 3,547,522 3,795,417 Operating profit 484, , ,246 Finance costs (200,859) (233,573) (268,924) Finance income 9,107 11,340 45,629 Provision for impairment - - (14,770) Closure costs (65,562) (41,961) (66,419) Gain on disposal of assets and operation ,806 Profit before tax 226, , ,568 Income tax credit/ (expense) 3,310 (46,062) 36,883 Profit for the year 230, , ,451 Non-controlling interests (75) (41) (58,361) Profit attributable to owners of the Company 230, , ,090 Balance at 1 January 2,791,365 2,522,039 1,843,879 Transfer from revaluation reserve ,276 Movements during the year - 1,956 - Dividends on ordinary shares (103,182) (93,801) (375,206) Balance at 31 December 2,918,316 2,791,365 2,522,039 Statistics Ordinary shares in issue (000 s) 113, , ,397 Earnings per share (Rs) Dividend declared per ordinary share (Rs) Net worth per ordinary share (Rs) Handbook (Official Market)

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91 Swan Insurance Company Limited SEM code : SWAN Classification : Insurance Registered Office : Swan Group Centre, Intendance Street, Port-Louis Non-Executive : M.E. Cyril MAYER, B. Com., CA (SA) - Chairperson J. Jean-Pierre P. DALAIS, M.B.A. (USA) F.M.J. Pierre DOGER DE SPÉVILLE George J. DUMBELL, A.C.I.B. (UK) M.A. Eric ESPITALIER-NOËL, B. Soc. Sc. (SA), M.B.A. (UK) M.D. Henri HAREL, A.C.I.S. 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 : Swan Group Corporate Services Limited (per M.J. Jean Paul Chasteau de Balyon, F.MIoD) Principal Activity : Short Term Insurance Business SUMMARY INFORMATION a full range of insurance cover to corporate and individual clients either directly or through its agents network. Company Limited and 17 years later of the Colonial Fire Insurance Company Limited. Swan Insurance Company Limited was incorporated in March 1955 to take over the activities of Mauritius Fire and Colonial Fire. Society Limited, a leading operator in the life insurance, pension and fund administration business in Mauritius. The Group s Gross Premium Income amounted to Rs. 2.9 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 in estate, sugar, trade and financial services. region. Such services are provided according to its treaty capacities and the legislation prevailing in these countries. reinsurers, the Group has a worldwide access to reinsurance markets and is therefore capable of offering first class security to clients. Mauritian Stock Exchange. Market capitalisation as at 31st December 2010 was Rs. 2.1 billion. Handbook (Official Market)

92 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs 000) 31 Dec ASSETS EMPLOYED Non-current assets Property and equipment 84,001 86,249 91,831 94,942 96,260 Intangible asset 10,372 14, ,857 Statutory deposits ,000 Investment in Associated company 58,317 63,748 35,323 54,171 80,330 Investment in Joint Venture Financial assets, Loans and receivables 687, , , , ,293 Net deferred tax assets 4,005 3,714 1,422 2,773 4,068 Life business assets 20,888,758 18,507,136 15,701,377 17,607,922 14,384,606 Current assets 1,132,636 1,098,072 1,095,381 1,141, ,553 Total assets 22,865,776 20,286,052 17,388,554 19,364,805 15,805,967 EQUITY AND LIABILITIES Capital and reserves Share capital 35,857 35,857 35,857 35,857 35,857 Reserves 167, , , , ,038 Retained earnings 809, , , , ,322 Equity holders interest 1,013, , , , ,217 Minority interest 50,853 60,844 61,299 22,890 24,597 Technical provisions Life assurance fund 20,888,758 18,507,136 15,701,377 17,607,922 14,384,606 Gross outstanding claims and IBNR 287, , , , ,256 Gross unearned premiums 499, , , , ,210 Non-current liabilities Retirement benefit obligations 37,726 39,165 31,934 33,965 35,032 Current liabilities 88,351 90, , , ,049 Total equity and liabilities 22,865,776 20,286,052 17,388,554 19,364,805 15,805,967 INCOME STATEMENT (Rs 000) 31 Dec Gross premiums 2,920,258 2,565,091 2,500,254 2,357,440 2,094,712 Net earned premiums 2,078,735 1,834,173 1,871,766 1,760,614 1,593,031 Underwriting surplus 293, , , ,039 90,172 Investment and other income 106, , ,081 93,884 93,206 Management expenses (176,704) (161,973) (152,500) (152,122) (139,440) Share of profit of Associated company and Joint Venture 6,502 7,463 4,982 9,696 14,971 Profit before taxation 229, , ,775 84,497 58,909 Taxation (25,468) (19,638) (16,643) (4,848) (2,189) Profit after taxation 203, , ,132 79,649 56,720 Transfer to Statutory Reserve Fund (1,598) Retained profit for the year 203, , ,132 79,649 55,122 Minority interest (19,677) (20,903) (16,154) (15,132) (17,833) Profit attributable to shareholders 184, , ,978 64,517 37,289 Dividends 55,219 50,199 43,028 39,442 35,857 STATISTICS Number of ordinary shares used in calculation 7,171,346 7,171,346 7,171,346 7,171,346 7,171,346 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs) Handbook (Official Market) 2011

93 United Basalt Products Ltd. SEM Code : UBP Classification : Industry Registered Office : Trianon, Quatre Bornes Directors : Thierry LAGESSE François BOULLÉ Marc FREISMUTH Jean Michel GIRAUD Joël HAREL Cyril LAGESSE Raymond LAGESSE Jean Claude MAINGARD Jean MAMET Jacques DE NAVACELLE Alternate Directors : Arnaud LAGESSE Managing Director : Jean Michel GIRAUD Secretary : Christophe QUEVAUVILLIERS F.C.C.A Principal Activity : Manufacture and sale of building materials SUMMARY INFORMATION The Company was incorporated in July The activities of the group s subsidiaries and associate companies are all related to the building industry. Stock Exchange listing was granted on 29 June Handbook (Official Market)

94 FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000) 30 Jun ASSETS Non-current assets Property, plant and equipment 1,837,046 1,725,631 1,634,434 1,586, ,256 Investment properties 24,381 26,289 29,254 31,528 34,493 Bearer biological assets 19,480 20,474 19,204 17,705 15,748 Intangible assets 15,531 17,545 28,866 36,650 34,978 Investments in associates 192, , , , ,263 Available-for-sale investments 51,984 54,531 71, ,004 57,781 Other financial asset 13,795 13, ,052 Deferred tax assets 3,893 3,188 2,531 1,578 - Current assets 1,175,018 1,018, , , ,826 Total assets 3,334,041 2,980,301 2,888,088 2,837,927 2,159,397 EQUITY AND LIABILITIES Equity Share capital 220, , , , ,917 Reserves 1,655,013 1,498,535 1,419,664 1,329, ,771 Equity attributable to shareholders of the parent 1,875,930 1,719,452 1,640,581 1,550, ,688 Non-controlling interests 52,387 17,255 20,084 21,464 14,902 Total equity 1,928,317 1,736,707 1,660,665 1,571, ,590 Non-current liabilities Borrowings 363, , , , ,868 Deferred tax liabilities Retirement benefit obligations 88,968 83,685 78,683 75,631 72,054 Current liabilities 953, , , , ,137 Total equity and liabilities 3,334,041 2,980,301 2,888,088 2,837,927 2,159,397 STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 Jun Revenues 2,230,272 2,034,310 1,718,721 1,404,405 1,355,677 Operating profit 301, , , , ,964 Net finance revenues/costs 34,102 (90,226) (94,137) (76,225) (50,763) Share of results of associates 36,672 32,660 29,323 11,748 11, , ,395 97,172 38,806 75,972 Exceptional Items (87,759) 2,574 85,249 11,233 - Profit before taxation 284, , ,421 50,039 75,972 Income tax expense (40,909) (29,437) (23,607) (15,823) (15,468) Profit for the year 243, , ,814 34,216 60,504 Attributable as follows: Equity shareholders of the parent 236, , ,456 34,000 61,378 Non-controlling interests 6,285 (1,896) (874) 243, , ,814 34,216 60,504 Dividends 60,752 57,438 44,183 33,138 33,138 STATISTICS Number of ordinary shares used in calculation 22,091,702 22,091,702 22,091,702 22,091,702 22,091,702 Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011

95 United Docks Limited SEM Code : UDL Classification : Investments Registered Office : Kwan Tee Street, Caudan, Port Louis Directors : Marie Henri Dominique GALEA (Chairperson) Michel Eric Cyril MAYER Jean Claude BAISSAC (Managing Director) Joseph Alexis HAREL Anwar KATHRADA Lucia Marie Chantal Michele LIONNET Mohammad Nassir RAMTOOLA Bernard KuoHsing WONG PING LUN SUMMARY INFORMATION The Company was incorporated in United Docks Ltd was established to take over the assets and operations of Société United Docks together with the assets of the New Mauritius Dock Co Ltd and the Albion Dock Co Ltd. The main activities of the group consist of: GROUP STRUCTURE The Company has the following subsidiaries: Name Portion Held Activity Stock Exchange listing was granted on 08 November * List of directors as at 25 May Handbook (Official Market)

96 FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs) 30 Jun ASSETS Non-current assets Property, plant and equipment 632,704 1,923,745 3,778,610 18,213,478 15,866,606 Investment properties 1,783,697,000 1,783,697,000 1,783,697,000 1,590,013,000 1,102,900,000 Investments in associates - - 2,711, , ,394,994 Available-for-sale investments 188,532, ,831, ,318, ,200,578 48,726,160 Deferred Development expenditure ,978,008 Retirement benefit assets Deferred tax assets ,124,493 Current assets 20,138,950 25,435,329 58,345,627 57,239,935 68,834,177 Asset classified as held for sale 84,660, Total assets 2,077,661,707 2,005,887,317 2,048,851,768 1,868,380,486 1,395,824,438 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 85,822,637 23,520, ,362, ,940, ,603,940 Retained earnings 1,693,110,885 1,683,024,761 1,586,426,539 1,439,144,036 1,023,746,876 1,909,165,436 1,836,776,691 1,873,021,037 1,731,316,368 1,303,582,730 Minority interest 1,667 1, ,963 5,745 LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 43,929,667 51,902,676 63,743,734 5,888,244 1,997,285 Deferred tax liabilities Retirement benefit obligations 3,822,041 3,702,419 5,538,270 4,402,268 3,403,000 Current liabilities 120,742, ,504, ,547, ,771,643 86,835,678 Total equity and liabilities 2,077,661,707 2,005,887,317 2,048,851,768 1,868,380,486 1,395,824, Jun Revenue 19,848,394 14,645,614 13,449,388 14,655,551 17,808,430 Increase in fair value of investment properties ,804, ,113, ,251,553 Other income 25,917, ,610 1,927,152 26,013,253 31,590,634 Operating expenses (23,264,232) (27,025,644) (25,564,314) (39,749,919) (36,170,250) Operating (loss)/profit 22,501,668 (11,675,420) 171,616, ,031, ,480,367 Finance costs (12,345,627) (18,226,281) (18,884,940) (12,207,511) (3,923,223) Share of profit of associates - 1,678, , ,241 4,211,148 (Loss)/Profit on disposal of associates - (1,203,460) Profit before exceptional items 10,156,041 (29,426,291) 153,369, ,389, ,768,292 Exceptional items (52,485,517) (13,600,000) Profit before tax 10,156,041 (29,426,291) 153,369, ,904, ,168,292 Taxation (69,569) (58,945) (47,316) (2,124,493) 5,390,931 (Loss)/Profit for the year 10,086,472 (29,485,236) 153,321, ,779, ,559,223 Minority interest (348) (374) 1,018 3,782 (5,129) Profit attributable to equity holders of the company 10,086,124 (29,485,610) 153,322, ,783, ,554,094 Dividends - 12,672,000 10,560,000-22,176,000 STATISTICS Number of ordinary shares used in calculation 10,560,000 10,560,000 10,560,000 10,560,000 10,560,000 Earnings Per Share (Rs) 0.96 (2.79) Dividends Per Share (Rs) Net Assets Value (Rs) Handbook (Official Market) 2011 INCOME STATEMENTS (Rs)

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98 Wherever your company operates you ll find us Industry focused assurance, tax and advisory services We know that value goes beyond a single engagement, or a single result. With our global network, our people and experience, we are ready and able to help you achieve that value wherever you do business. Talk to us André Bonieux Advisory - Deals Leader Tel andre.bonieux@mu.pwc.com Jean-Pierre Young Advisory - Consulting and Outsourcing Leader Tel jean-pierre.young@mu.pwc.com Issa Taujoo Assurance Leader Tel issa.taujoo@mu.pwc.com Anthony Leung Shing Tax Leader Tel anthony.leung.shing@mu.pwc.com 2011 PricewaterhouseCoopers Ltd. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers Ltd, which is a member firm of PricewaterhouseCoopers International Limited, each member of which is a separate legal entity.

99 From its modest beginnings in 1973, SBM has now grown into a leading financial services group in Mauritius, with an increasing share of foreign-sourced business, whether through its branches in India, its subsidiary in Madagascar or its cross-border operations in a wide range of countries. Underpinning the Group s achievement has been the focus on people. Our 400,000-strong customer base is a reflection of the country s enriching diversity from all spheres of economic life. We are also one of the most democratically-owned companies in the country with some 17,000 shareholders, both local and foreign. Moreover, at the heart of our expansion strategy is our belief in continuously enhancing our service through investment in human capital and by unlocking value in our people s diversity. SBM is an Equal Opportunity Employer as well as an Equality & Diversity Champion. Asset Finance Corporate Banking International Banking ebusiness Fiduciary Services Retail Banking SMEs Stockbroking Treasury Services Wealth Management & Private Banking SBM Tower, 1 Queen Elizabeth II Avenue, Port Louis, Republic of Mauritius Tel: (230) Fax: (230) Swift: STCBMUMU sbm@sbmgroup.mu Website:

100 Private Banking Building up wealth trust on Welcome to the Mauritius Commercial Bank (MCB), where we believe, since 1838, that Private Banking is an integral part of your lifestyle, not just a service. That s why we take great care in crafting bespoke solutions centered on your personal needs and aspirations. Only a call away, your Private Banker is your gateway to our team of experienced and highly talented professionals who work round-the-clock to With your best interests at heart, let s build a relationship that will last through generations.