confidence - Investing In Africa

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Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)14C TAX EXPENSEGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Current Tax Provision for the Year 199,683 56,865 94,928 175,726 40,104 80,179Exchange Difference (99) 1,647) (2,270) (891) 262) (1,714)(Over)/Underprovision in Previous Year (39,985) 15,385) (4,219) (39,113) 15,363) (4,221)Withholding Tax on Dividend 563 653 2,368 - - -Share of Tax of Subsidiaries and Associates 12,640 5,168 10,844 33,338 22,454 26,212Current Tax Expense 172,802 79,718 101,651 169,060 78,183 100,456Deferred Tax Expense 132,064 155,623 63,963 133,658 155,730 64,239Total Tax Expense 304,866 235,341 165,614 302,718 233,913 164,695The Group's total tax expense can also be analysed as being incurred as follows:GROUP2005 2004 2003MRs'000 MRs'000 MRs'000<strong>In</strong> Mauritius, excluding Share of Tax of Associates 269,379 211,080 128,469Overseas 22,847 19,093 26,301Share of Tax of Associates 12,640 5,168 10,844Total Tax Expense 304,866 235,341 165,61415. OBLIGATIONS UNDER FINANCE LEASESBANK Within 3 3-6 6-12 1-2 2-5months months months years years TotalMRs’000 MRs’000 MRs’000 MRs’000 MRs’000 MRs’000502005Minimum Lease Payments 65,430 65,399 130,798 266,097 210,629 738,353Less: Future Finance Charges (17,430) (16,014) (27,615) (36,325) (19,565) (116,949)Capital Element – due to SBM Lease Ltd 48,000 49,385 103,183 229,772 191,064 621,4042004Minimum Lease Payments 62,239 62,239 124,479 248,880 425,735 923,572Less: Future Finance Charges (21,172) (19,958) (36,129) (56,035) (46,318) (179,612)Capital Element – due to SBM Lease Ltd 41,067 42,281 88,350 192,845 379,417 743,9602003Minimum Lease Payments 58,231 58,231 126,686 212,241 525,049 980,438Less: Future Finance Charges (22,412) (21,308) (38,875) (63,323) (74,159) (220,077)Capital Element – due to SBM Lease Ltd 35,819 36,923 87,811 148,918 450,890 760,361
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)16. OTHER LIABILITIESGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Bills Payable 106,981 100,217 86,253 104,706 95,586 84,391Accruals for Operating and Non-Operating Expenses 58,655 90,983 50,351 58,301 90,786 50,102Dividend Payable (Note 26) 422,568 390,063 357,638 422,568 390,063 357,638Settlements on Debit Cards 11,212 4,328 6,981 11,212 4,328 6,981Accounts Payable- Subsidiaries - - - - - 21,195- Others 75,115 53,218 67,417 42,090 26,177 32,412Deferred <strong>In</strong>come 18,259 14,713 12,645 17,512 14,597 14,284Balance due in Clearing 209,225 133,786 174,017 173,982 133,786 174,017Salary Credit Transition Accounts 97,829 38,409 65,553 97,829 38,409 65,553Financial Derivative Liability (Note 20) 119,316 45,758 72,852 119,731 45,758 72,852Others 15,622 18,396 11,945 14,278 18,396 11,9451,134,782 889,871 905,652 1,062,209 857,886 891,37017. ORDINARY SHARE CAPITALGROUP AND BANK2005 2004 2003MRs'000 MRs'000 MRs'000Authorised Capital1,000,000,000 Ordinary Shares of MRe1 each 1,000,000 1,000,000 1,000,000Issued, Subscribed and Paid up Share Capital2005 2004 2003Number* MRs'000 Number* MRs'000 Number* MRs'000At 1 July 382,414,470 382,414 382,500,000 382,500 382,500,000 382,500Shares bought back and cancelled -) -) (72,700) (73) -) -)Treasury Shares cancelled -) -) (12,830) (13) -) -)51At 30 June 382,414,470 382,414 382,414,470 382,414 382,500,000 382,500Treasury Shares heldAt 1 July 57,362,170 57,362 46,296,999 46,297 19,125,000 19,125Shares bought back and held as Treasury Shares - - 11,078,001 11,078 27,171,999 27,172Treasury Shares cancelled -) -) (12,830) (13) -) -)At 30 June 57,362,170 57,362 57,362,170 57,362 46,296,999 46,297Outstanding Share CapitalAt 1 July 325,052,300 325,052 336,203,001 336,203 363,375,000 363,375Shares bought back and held as Treasury Shares -) -) (11,078,001) (11,078) (27,171,999) (27,172)Shares bought back and cancelled -) -) (72,700) (73) -) -)At 30 June 325,052,300 325,052 325,052,300 325,052 336,203,001 336,203* The number of shares relate to ordinary shares of MRe1 each.
Page 5 and 6: embracing change with confidencecon
Page 7: Corporate ProfileSBM Group offers a
Page 10 and 11: key financial indicatorsRestated*20
Page 12 and 13: Caution regardingforward-looking st
Page 14: confidence to move with the times
Page 17 and 18: Directors’ Report to the Sharehol
Page 23 and 24: Statement of Management’s Respons
Page 26 and 27: Report of the Auditors to the Share
Page 28 and 29: Financial StatementsBalance Sheets
Page 30 and 31: Financial StatementsStatements of I
Page 32 and 33: Financial StatementsCash Flow State
Page 34 and 35: Financial StatementsNotes to the Ac
Page 76: confidence to meet today’s challe
Page 79 and 80: Management Discussions & AnalysisRA
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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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