enl commercial limited annual report 2011 - Investing In Africa

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Notes to the Financial Statements Year ended June 30, 2011 2 SIGNIFICANT ACCOUNTING POLICIES (continued) (a) Basis of preparation (continued) Improvements to IFRSs (issued 6 May 2010) IFRS 3 (Amendment), ‘Business Combinations’, clarifies that the choice of measuring non-controlling interests at fair value or at the proportionate share of the acquiree’s net assets applies only to instruments that represent present ownership interests and entitle their holders to a proportionate share of the net assets in the event of liquidation. All other components of non-controlling interest are measured at fair value unless another measurement basis is required by IFRS. The application guidance in IFRS 3 applies to all share-based payment transactions that are part of a business combination, including un-replaced and voluntarily replaced share-based payment awards. IAS 27 (Amendment), ‘Consolidated and Separate Financial Statements’, clarifies that the consequential amendments to IAS 21, IAS 28 and IAS 31 resulting from the 2008 revisions to IAS 27 are to be applied prospectively. Standards, Amendments to published Standards and Interpretations issued but not yet effective Certain standards, amendments to published standards and interpretations have been issued that are mandatory for accounting periods beginning on or after 1 January 2011 or later periods, but which the group has not early adopted. At the reporting date of these financial statements, the following were in issue but not yet effective: Amendments to IFRIC 14 Prepayments of a Minimum Funding Requirement IAS 24 Related Party Disclosures (Revised 2009) Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS1) Deferred Tax: Recovery of Underlying Assets (Amendments to IAS 12) Disclosures – Transfers of Financial Assets (Amendments to IFRS 7) Amendments to IAS 1 Presentation of Items of Other Comprehensive Income IFRS 9 Financial Instruments IAS 27 Separate Financial Statements IAS 28 Investments in Associates and Joint Ventures IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair Value Measurement IAS 19 Employee Benefits (Revised 2011) Improvements to IFRSs (issued 6 May 2010) IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 7 Financial Instruments: Disclosures IAS 1 Presentation of Financial Statements IAS 34 Interim Financial Reporting IFRIC 13 Customer Loyalty Programmes Where relevant, the group is still evaluating the effect of these standards, amendments to published standards and interpretations, issued but not yet effective, on the presentation of its financial statements. (b) Investments in subsidiary companies Separate financial statements of the investor Investments in subsidiary companies are carried at fair values. The carrying amount is reduced to recognise any impairment in the value of individual investments. 72 ENL Commercial Limited Annual Report 2011
Notes to the Financial Statements Year ended June 30, 2011 (b) Investments in subsidiary companies (continued) Consolidated financial statements Subsidiaries are all entities (including special purpose entities) over which the group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the group. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly on the statement of comprehensive income. Inter-company transactions, balances and unrealised gains and losses on transactions between group companies are eliminated. The accounting policies of subsidiaries have been amended where necessary to ensure consistency with the policies adopted by the group. Transactions and non-controlling interests The group accounts for transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the group ceases to have control or significant influence, any retained interests in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit and loss. (c) Investments in associates Separate financial statements of the investor Investments in associated companies are carried at fair values. The carrying amount is reduced to recognise any impairment in the value of individual investments. Consolidated financial statements An associate is an entity over which the group has significant influence but not control, or joint control. Investments in associates are accounted for under the equity method. The group’s investments in associates include goodwill (net of any accumulated impairment loss) identified on acquisition. Investments in associates are initially recognised at cost as adjusted by post acquisition changes in the group’s share of the net assets of the associates less any impairment in the value of individual investments. When the group’s share of losses exceeds its interest in an associate, the group discontinues recognising further losses, unless it has incurred legal or constructive obligation or made payments on behalf of the associate. ENL Commercial Limited Annual Report 2011 73
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ENL COMMERCIAL LIMITED ANNUAL REPOR
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Dear Shareholder, The Board of Dire
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ENL Commercial Limited Annual Repor
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Portfolio of operating companies of
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Dividend per Share (Rs) 0.80 0.80 0
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ENL Commercial Limited Annual Repor
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Directors’ Report (continued) Ass
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AXESS LIMITED ENL Commercial Limite
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CHARABIA LTD ENL Commercial Limited
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COGIR LIMITÉE ENL Commercial Limit
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GREWALS (MAURITIUS) LIMITED ENL Com
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Page 115 and 116: Proxy Form ENL Commercial Limited I
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