Financial Statements - The United Basalt Products Ltd

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Financial Statements Year ended June 30, 2009 (cont’d...) 4. PROPERTY, PLANT AND EQUIPMENT Freehold Land and Leasehold Plant and Motor Buildings Properties Equipment Vehicles Total The Group Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 COST OR VALUATION At July 1 , 2007 1,212,659 53,391 1,187,830 73,486 2,527,366 Additions 34,629 20,667 106,823 19,744 181,863 Disposals (200) - (7,224) (4,300) (11,724) Exchange differences (284) (159) (6,138) (531) (7,112) At July 1 , 2008 1,246,804 73,899 1,281,291 88,399 2,690,393 Additions 76,812 101 136,743 15,537 229,193 Disposals - - (18,189) (2,959) (21,148) Exchange differences 3,081 - (608) 121 2,594 At June 30 , 2009 1,326,697 74,000 1,399,237 101,098 2,901,032 DEPRECIATION At July 1 , 2007 5,210 3,836 898,733 33,390 941,169 Charge for the year 38,205 2,258 65,393 15,744 121,600 Disposals adjustment (4) - (171) (3,662) (3,837) Exchange differences 142 (14) (2,831) (270) (2,973) At July 1 , 2008 43,553 6,080 961,124 45,202 1,055,959 Charge for the year 20,317 2,227 88,151 13,824 124,519 Disposals adjustment - - (3,640) (2,959) (6,599) Exchange differences 1,002 - 974 (454) 1,522 At June 30 , 2009 64,872 8,307 1,046,609 55,613 1,175,401 NET BOOK VALUES At June 30 , 2009 1,261,825 65,693 352,628 45,485 1,725,631 At June 30 , 2008 1,203,251 67,819 320,167 43,197 1,634,434 Included in the above, assets under finance lease Plant and Motor Total Total comprise the following: Equipment Vehicles 2009 2008 The Group Rs’000 Rs’000 Rs’000 Rs’000 Cost 94,481 70,948 165,429 142,453 Accumulated depreciation (50,632) (24,974) (75,606) (56,378) Net Book Values 43,849 45,974 89,823 86,075 Bank borrowings are secured by fixed and floating charges over the assets of the Group. Leased liabilities are effectively secured as the rights to the leased assets revert to the lessor in event of default. The revaluations were carried out by Societe D’Hotman De Speville, independent valuer, on May 30, 2007. The fair value has been determined by reference to market-based evidence. Freehold Land and Leasehold Plant and Motor Buildings Properties Equipment Vehicles Total The Company Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 COST OR VALUATION At July 1, 2007 642,002 43,126 959,152 42,730 1,687,010 Additions 26,710 - 59,398 8,395 94,503 Disposals (200) - (6,319) (3,171) (9,690) At July 1, 2008 668,512 43,126 1,012,231 47,954 1,771,823 Additions 25,453 - 82,482 6,797 114,732 Disposals - - (2,200) (2,959) (5,159) Transfer from investment properties 1,292 - - - 1,292 At June 30, 2009 695,257 43,126 1,092,513 51,792 1,882,688 DEPRECIATION At July 1, 2007 12,326 2,672 748,337 17,062 780,397 Charge for the year 29,740 2,156 43,070 9,967 84,933 Disposals adjustment (4) - - (2,714) (2,718) At July 1 , 2008 42,062 4,828 791,407 24,315 862,612 Charge for the year 12,867 2,156 61,044 6,603 82,670 Disposals adjustment - - (2,200) (2,959) (5,159) Transfer from investment properties 129 - - - 129 At June 30 , 2009 55,058 6,984 850,251 27,959 940,252 NET BOOK VALUES At June 30 , 2009 640,199 36,142 242,262 23,833 942,436 At June 30, 2008 626,450 38,298 220,824 23,639 909,211 Included in the above, assets under finance lease Plant and Motor Total Total comprise the following: Equipment Vehicles 2009 2008 The Company Rs’000 Rs’000 Rs’000 Rs’000 Cost 94,481 56,607 151,088 133,247 Accumulated depreciation (50,632) (19,410) (70,042) (48,834) Net Book Values 43,849 37,197 81,046 84,413 The Group The Company If the land and buildings were measured using the cost model, 2009 2008 2009 2008 the carrying amounts would be as follows: Rs’000 Rs’000 Rs’000 Rs’000 Cost 894,254 814,361 371,720 346,267 Accumulated depreciation (194,969) (173,508) (161,919) (139,817) Net Book Values 699,285 640,853 209,801 206,450 56 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 57
58 The Directors’ valuation of the investment properties in reference to market-based evidence at June 30, 2009 was Rs 49.2 m (2008: Rs. 46.9 m) for the Group and Rs 189.0 m (2008: Rs 150.0 m) for the Company. No direct operating expenses were incurred on the investment properties during the year (2008: Rs. Nil). Goodwill has been impaired by Rs 9.8 m reflecting the full impairment of the carrying value of the goodwill arising on the acquisition of United Granite Products (Pvt) Ltd and Pricom Ltd. Financial Statements Year ended June 30, 2009 (cont’d...) 5. INVESTMENT PROPERTIES 6. BEARER BIOLOGICAL ASSETS 7. INTANGIBLE ASSETS The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 COST At July 1, 45,216 45,216 172,699 172,699 Additions - - 38,978 - Transfer to property, plant and equipment - - (1,292) - At June 30 , 45,216 45,216 210,385 172,699 DEPRECIATION At July 1, 15,962 13,688 38,663 29,324 Charge for the year 2,965 2,274 9,110 9,339 Transfer to property, plant and equipment - - (129) - At June 30, 18,927 15,962 47,644 38,663 NET BOOK VALUES At June 30, 26,289 29,254 162,741 134,036 The Group 2009 2008 Rs’000 Rs’000 At July 1, 19,204 17,705 Plantation cost 6,895 6,456 Amortisation (5,625) (4,957) At June 30, 20,474 19,204 The Group The Company Computer Computer Software Goodwill Total Software Rs’000 Rs’000 Rs’000 Rs’000 COST At July 1, 2007 18,442 46,344 64,786 14,942 Additions 5,490 - 5,490 4,042 At July 1, 2008 23,932 46,344 70,276 18,984 Additions 2,718 - 2,718 1,948 At June 30, 2009 26,650 46,344 72,994 20,932 AMORTISATION At July 1, 2007 7,017 21,119 28,136 6,383 Amortisation charge and impairment 3,274 10,000 13,274 2,550 At July 1, 2008 10,291 31,119 41,410 8,933 Amortisation charge and impairment 4,246 9,793 14,039 3,377 At June 30, 2009 14,537 40,912 55,449 12,310 NET BOOK VALUES At June 30, 2009 12,113 5,432 17,545 8,622 At June 30, 2008 13,641 15,225 28,866 10,051 All subsidiaries are incorporated in the Republic of Mauritius except for UBP Madagascar which is incorporated in the Republic of Madagascar and United Granite Products (Pvt) Ltd which is incorporated in Sri Lanka. 8. INVESTMENTS IN SUBSIDIARY COMPANIES Particulars of interests in the Group’s subsidiary companies: Nominal Value Class of of Investment % Holding OPERATIONAL Shares Rs’000 2009 2008 Marbella Espace Maison Ltée Ordinary 200,000 100.0 100.0 Compagnie de Gros Cailloux Ltée Ordinary 8,400 100.0 100.0 Société d’ Investissement Rodriguais Parts in société 100 100.0 100.0 Welcome Industries Ltd Ordinary 1,631 75.9 75.9 U.B.P. International Ltd Ordinary 280 100.0 100.0 U.B.P. Madagascar Ordinary 36 100.0 100.0 United Granite Products (Pvt) Ltd Ordinary 31,996 71.7 71.7 Sainte Marie Crushing Plant Ltd Ordinary 9,600 76.5 76.5 DORMANT 9. INVESTMENT IN ASSOCIATES The Company 2009 2008 Rs’000 Rs’000 At July 1, 561,255 361,280 Additions - 199,975 Impairment (2,000) - At June 30, 559,255 561,255 Marbella Ltd Ordinary 3,200 100.0 100.0 Land Reclamation Ltd Ordinary 2,000 100.0 100.0 Stone and Bricks Co Ltd Ordinary 350 100.0 100.0 The Stone Masters Co Ltd Ordinary 100 100.0 100.0 Pricom Ltd Ordinary 2,000 100.0 100.0 The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 COST At July 1, 132,513 127,147 27,853 38,741 Additions 6 - 6 - Disposals (28,666) (2,084) (13,895) (10,888) Share of results 32,660 29,323 - - Share of tax (5,966) (3,987) - - Share of reserves - 521 - - Dividend (30,295) (18,407) - - At June 30, 100,252 132,513 13,964 27,853 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 59
Page 1 and 2: Head Office: Trianon, Quatre-Bornes
Page 3 and 4: A shareholder of the Company entitl
Page 5 and 6: Thierry Lagesse - Chairman Mr Thier
Page 7 and 8: June 30, 2009 Employees 42% Provide
Page 9 and 10: Corporate Governance The United Bas
Page 11 and 12: Corporate Governance (cont’d...)
Page 13 and 14: Corporate Governance (cont’d...)
Page 15 and 16: Disclosures (Pursuant to Section 22
Page 17 and 18: June 30, 2009 I certify that, to th
Page 19 and 20: The Notes on pages 38 to 73 form an
Page 21 and 22: Financial Statements Year ended Jun
Page 29: Financial Statements Year ended Jun
Page 33 and 34: Consumable biological assets are st
Page 39: 1. A member of the Company entitled

Financial Statements - The United Basalt Products Ltd

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