confidence - Investing In Africa

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Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)8. TANGIBLE FIXED ASSETS (cont’d)The carrying amounts of Land and Buildings that would have been included in the financial statements at 30 June 2005 hadthe assets been carried at cost are as follows:-GROUP AND BANKMRs'000Freehold Land and Buildings 295,980Leasehold Buildings 500,057796,037The freehold land and buildings and buildings on leasehold land in Mauritius were revalued as at 1 July 2004 by Mr P. RamrekhaM.Sc. F.R.I.C.S, Chartered Valuation Surveyor, on an open market value basis. The freehold land and building in India werevalued on 30 June 2005 by the following Chartered Valuation Surveyors on an open market value basis:- Mr P.R. Seshadri, M.E, F.I.E, F.I.V, C. Eng- Mr Rajiv Mishra, M.E, F.I.I.A, A.I.T.P, A.I.I.D, F.I.V- Mr Manohar Rao, M. Tech, F.I.E, F.I.V9. OTHER ASSETSGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Accounts Receivable 172,993 47,806 34,484 167,836 37,489 28,051Balances due in Clearing 173,339 116,435 270,601 161,202 113,235 217,830Tax Paid in Advance 130,949 113,662 100,391 130,949 113,662 100,391Financial Derivative Asset (Note 20) 78,315 90,398 142,333 78,514 90,398 142,333Pension Asset (Note 10) 14,752 1,694 23,095 14,752 1,694 21,338Balance with Clearing Corporation in India 15,362 16,722 36,416 15,362 16,722 36,416Printing, Stationery and Others 60,216 39,172 26,928 51,685 37,471 24,474645,926 425,889 634,248 620,300 410,671 570,83346The tax paid in advance is incurred by the Indian Operations and is a requirement under Indian tax regulations. The amountis shown net of the current tax payable by the Indian Operations.10. PENSION ASSETAmount recognised in the Balance Sheet:GROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Present Value of Funded Obligations 319,115 321,197 330,523 319,115 321,197 310,327Fair Value of Plan Assets (346,722) (309,386) (295,840) (346,722) (309,386) (277,320)(27,607) 11,811) 34,683) (27,607) 11,811) 33,007)Unrecognised Actuarial Gains/(Losses) 12,855) (13,505) (57,778) 12,855) (13,505) (54,345)Asset in the Balance Sheet (14,752) (1,694) (23,095) (14,752) (1,694) (21,338)At 30 June 2005, about 7.81% (2004: 0.40%) (2003: 1.24%) of the total assets of the SBM Group Pension Fund were investedin shares of State Bank of Mauritius Ltd.
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)10. PENSION ASSET (cont’d)Amount recognised in the Profit and Loss Accounts:GROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Current Service Cost 16,096 16,593 16,749 16,096 16,593 15,258Interest Cost 29,913 34,476 31,390 29,913 34,476 29,518Expected Return on Plan Assets (30,126) (30,835) (32,761) (30,126) (30,835) (30,633)Actuarial Loss/(Gain) recognised - 1,167 558 - 1,167 558Total included in Staff Costs (Note 24) 15,883 21,401 15,936 15,883 21,401 14,701Actual Return on Plan Assets 25,122 16,078 26,320 25,122 16,078 25,514Movements in the asset recognised in the Balance Sheet:GROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000At 1 July (1,694) (23,095) (39,031) (1,694) (21,338) (36,039)Transfer from SBM IT Ltd -) -) -) -) (1,757) -)Contributions paid (28,941) -) -) (28,941) -) -)Total Expense as above 15,883 21,401 15,936 15,883 21,401 14,701At 30 June (14,752) (1,694) (23,095) (14,752) (1,694) (21,338)The principal actuarial assumptions used for accounting purposes were:GROUP AND BANK2005 2004 2003% % %Discount Rate 9.5 9.5 10.5Expected Rate of Return on Plan Assets 9.5 9.5 10.5Future Salary Cost Increases 8.0 8.0 9.0Future Pension Increases - - -Pension amounts and disclosures have been based on the report dated 8 August 2005 submitted by Bacon Woodrow & Legris Ltd,Actuaries and Consultants.4711. DEPOSITSGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Personal, Business and GovernmentsDemand Deposits 2,494,383 2,525,102 2,468,540 2,333,632 2,363,702 2,212,324Savings Deposits 21,215,566 18,444,208 15,483,145 21,163,147 18,442,693 15,567,749Time Deposits with remaining Term to Maturity:- Within 3 months 4,050,051 3,835,598 3,764,163 3,706,947 3,126,857 3,354,833- Over 3 months and up to 6 months 1,741,262 1,722,364 1,647,364 1,258,606 1,475,647 1,255,826- Over 6 months and up to 1 year 2,419,400 2,924,718 2,454,789 2,091,599 2,520,156 2,052,354- Over 1 year and up to 2 years 1,923,756 2,432,586 2,606,355 1,342,787 1,974,908 1,871,132- Over 2 years and up to 5 years 1,051,259 905,630 752,463 928,565 789,513 675,659- Over 5 years 4,914 5,404 5,316 4,914 5,404 5,31634,900,591 32,795,610 29,182,135 32,830,197 30,698,880 26,995,193BanksDemand Deposits 100,216 76,643 - 100,739 80,135 49,725Total 35,000,807 32,872,253 29,182,135 32,930,936 30,779,015 27,044,918
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Management Discussions & AnalysisOp
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Management Discussions & AnalysisFI
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Management Discussions & AnalysisFi
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Corporate Governance ReportSBM has
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Corporate Governance ReportCorporat
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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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Executive ManagementExecutive Manag
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Group Addresses136CORPORATE OFFICES
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