confidence - Investing In Africa

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Financial StatementsCash Flow Statementsfor the year ended 30 June 2005GROUPBANK2005 2004 2003 2005 2004 2003Note MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Cash Flows from Operating ActivitiesNet Income before Income Taxes 1,501,299 1,365,513 1,186,413 1,493,932 1,360,433 1,182,912Income Tax Paid (36,869) (105,549) (55,923) (18,964) (91,373) (38,473)Adjustments to Determine Net Cash Flows:Depreciation 245,298 193,867 201,921 241,180 192,609 199,220Pension 10 (13,058) 21,401) 15,936) (13,058) 21,401) 14,701)Provisions and Adjustments to Income for Credit Losses 78,613 164,401 143,617 51,397 127,898 128,198Exchange Difference 84,062) (118,522) 12,878) 71,180) (21,116) 20,574)Net Gain on Disposal of Investment Securities (40,257) (63,796) (531) (38,121) (18,905) (61)Net Loss/(Gain) from dealing in Trading Securitiesand Derivatives 14,877) (89,576) (79,105) 15,448) (87,343) (75,943)Net Gain on Disposal of Tangible Fixed Assets (5,175) (11,620) (12,806) (5,175) (11,616) (12,806)Dividend Income (69,032) (72,114) (80,527) (65,352) (66,798) (70,641)Share of Profit of Subsidiaries and Associates (88,248) (65,900) (68,868) (232,252) (216,487) (163,322)Operating Profit before Working Capital Changes 1,671,510 1,218,105 1,263,005 1,500,215 1,188,703 1,184,359Change in Operating Assets and LiabilitiesIncrease in Other Liabilities 212,406 24,646 175,027 171,818 7,211 180,027(Increase)/Decrease in Loans and Advances (1,914,685) (2,196,674) (437,495) (1,634,648) (2,668,860) 169,831)Decrease/(Increase) in Trading Securities 110,494) 1,762,151) (811,955) 100,640) 1,761,253) (813,599)(Increase)/Decrease in Other Assets (193,473) 126,471) (267,295) (183,065) 78,275) (217,889)Increase in Deposits 2,128,554 3,690,118 3,031,758 2,151,921 3,734,097 2,413,815(Increase)/Decrease in Placements (425,871) 1,253) 57,807) (425,871) 1,253) 57,807)Net Cash Provided by Operating Activities 1,588,935 4,626,070 3,010,852 1,681,010 4,101,932 2,974,35130Cash Flows from/(used in) Financing ActivitiesNet (Decrease)/Increase in Obligations under Finance Leases -) -) -) (122,556) (16,401) 258,755)Increase/(Decrease) in Other Borrowings 412,092) (181,853) (140,480) 413,259) (179,235) (58,680)Repurchase of Ordinary Shares -) (188,215) (417,544) -) (188,215) (417,544)Debentures Repaid -) -) (9,609) -) -) -)Dividend Paid on Ordinary Shares (390,063) (357,558) (363,270) (390,063) (357,558) (363,270)Dividend Paid to Minority Interest (2,837) (1,802) (6,836) -) -) -)Net Cash from/(used in) Financing Activities 19,192) (729,428) (937,739) (99,360) (741,409) (580,739)Cash Flows from/(used in) Investing ActivitiesAcquisition of Tangible Fixed Assets (186,902) (147,419) (327,382) (152,514) (145,422) (326,636)Disposal of Tangible Fixed Assets 5,316 38,923 12,852 5,314 38,919 12,852Dividend Received from Subsidiaries and Associates 45,673 3,250 46,097 277,023 148,250 238,097Other Dividend Received 69,032 72,114 80,527 65,352 66,798 70,641Capital Reduction in Subsidiaries - - - 185,231 - -Acquisition of Other Equity Investments 1,336) (39,999) (8,428) -) -) -)Disposal of Other Equity Investments 70,666 131,201 15,670 3,614 24,850 5,011Decrease/(Increase) in Gilt-edged Investment Securities 1,576,728) (3,578,871) (2,401,938) 1,318,700) (3,104,641) (2,866,904)Loans Repaid by Subsidiaries and Associates - - 13,419 - - 36,878Net Cash from/(used in) Investing Activities 1,581,849) (3,520,801) (2,569,183) 1,702,720) (2,971,246) (2,830,061)Net Change in Cash and Cash Equivalents 3,189,976) 375,841) (496,070) 3,284,370) 389,277) (436,449)Cash and Cash Equivalents at 1 July 2,317,566 1,941,725 2,437,795 1,988,595 1,599,318 2,035,767Cash and Cash Equivalents at 30 June 28 5,507,542 2,317,566 1,941,725 5,272,965 1,988,595 1,599,318
Financial StatementsNotes to the Accounts for the year ended 30 June 20051. GENERAL INFORMATIONState Bank of Mauritius Ltd (“SBM”) is a public company incorporated and domiciled in Mauritius. SBM is listed on the StockExchange of Mauritius. Its registered office is situated at State Bank Tower, 1 Queen Elizabeth II Avenue, Port Louis, Mauritius.The Group operates in the financial services sector, principally commercial banking.2. ACCOUNTING POLICIESThe principal accounting policies adopted by the Group and the Bank are as follows:(a)Basis of AccountingThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certaintangible fixed assets and financial instruments, and in accordance with International Financial Reporting Standards(“IFRSs”) and the guidelines of Bank of Mauritius.The measurement of certain tangible fixed assets at revalued amounts represents a change in accounting policy. Therevaluation has been accounted for in accordance with IAS 16 (Property, Plant and Equipment).The preparation of financial statements in conformity with IFRSs requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities asat the date of the financial statements and the reported amounts of revenues and expenses for the year. Actual resultscould differ from those estimates.(b)Basis of ConsolidationThe consolidated financial statements include the state of affairs and results of the Bank and those of its subsidiaries andits associates. The results of subsidiaries acquired or disposed of during the year are included in the ConsolidatedStatement of Income from the date of their acquisition or up to the date of their disposal. Intragroup transactions areeliminated on consolidation.Goodwill or negative goodwill arising on an acquisition of a subsidiary, measured as the difference between the cost ofacquisition and the fair value of the share of net assets acquired is written off/back immediately in the Statement ofIncome where it is not material.Investments in associates are dealt with in the consolidated financial statements under the equity method and reportedunder Investment Securities on the Balance Sheet. The Group’s share of profit of associates and gains and losses arisingfrom disposal of investments in associates are recorded as Other Income in the Statement of Income.It is the policy of the holding company to have a coterminous financial year end for all its operations and subsidiariesexcept in jurisdictions where regulations impose different dates. However, in such cases, the state of affairs and results ofthese branches and subsidiaries are consolidated using accounts drawn up to correspond with the financial year end ofthe holding company.31(c)Revenue RecognitionRevenue is generally recognised on an accrual basis.Interest income is generally recognised on performing interest-earning financial assets using the effective interestmethod. The accrual of interest income is suspended when the associated asset becomes impaired (See Note 2(g)).Dividend income from equity investments, other than subsidiaries and associates, are accounted for in the Statement ofIncome as Other Income when the right to receive payment is established.
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Corporate Governance ReportSBM has
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confidence to foster growth
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Board of DirectorsHarel, Antoine L.
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Board CommitteesRemuneration Commit
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Directors of SubsidiariesSBM LEASE
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Executive ManagementCHIEF EXECUTIVE
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Group Addresses136CORPORATE OFFICES
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