Financial Statements - The United Basalt Products Ltd

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Trade payables are non-interest bearing and are normally settled on 60-day terms. Other payables are non-interest bearing and have an average term of 6 months. 68 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 Financial Statements Year ended June 30, 2009 (cont’d...) 20. TRADE AND OTHER PAYABLES 21. REVENUE The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 Trade payables 107,606 77,631 40,512 45,814 Other payables and accruals 30,288 81,092 57,431 48,768 137,895 158,723 97,943 94,582 The Group The Company 2009 2008 2009 2008 Revenue is analysed as follows : Rs’000 Rs’000 Rs’000 Rs’000 Sale of goods 1,883,718 1,629,823 1,080,457 910,244 Rendering of services 150,592 88,898 71,013 60,422 2,034,310 1,718,721 1,151,470 970,666 22. OPERATING PROFIT Operating profit is arrived at after: The Group The Company 2009 2008 2009 2008 (a) Crediting: Rs’000 Rs’000 Rs’000 Rs’000 - Rental income 9,114 8,932 22,002 21,532 - Other operating income 66,614 54,618 58,637 49,072 - Profit on disposal of property, plant and equipment 592 670 592 670 (b) Charging : - Cost of sales 1,397,176 1,214,478 719,473 643,338 - Administrative expenses 458,820 383,935 277,280 230,971 - Selling and distribution costs 22,673 22,542 28,539 23,878 Included in cost of sales and operating expenses are : Depreciation of property, plant and equipment - owned assets 95,929 98,616 57,084 63,764 - leased assets 28,590 22,984 25,586 21,169 Depreciation of investment properties 2,965 2,274 9,110 9,339 Cost of inventories recognised as expenses 1,123,039 925,032 582,575 500,196 Amortisation of bearer biological assets 5,625 4,957 - - Amortisation of intangible assets 4,246 3,274 3,377 2,550 Staff costs (note (i)) 315,310 238,722 217,942 176,534 (i) Analysis of staff costs: -Wages and salaries 289,007 218,831 198,816 160,921 -Social security costs 11,283 8,763 6,399 5,407 -Pension costs 15,020 11,128 12,727 10,206 315,310 238,722 217,942 176,534 Basic and diluted earnings per share were the same for both years since there were no transactions in respect of ordinary shares with dilutive potential. 23. FINANCE REVENUES 24. FINANCE COSTS 25. EXCEPTIONAL ITEMS 26. EARNINGS PER SHARE The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 Investment income: - Quoted 1,493 3,553 1,493 3,462 - Unquoted 912 6,650 35,207 32,241 Interest income 7,689 19,209 8,137 31,209 10,094 29,412 44,837 66,912 The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 Interest is payable on : Bank overdrafts 18,698 30,413 16,783 29,178 Bank loans 42,090 58,780 37,097 58,780 Leases 14,447 12,067 13,489 11,498 Others 25,085 22,289 25,085 24,750 100,320 123,549 92,454 124,206 The Group The Company 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 Profit on sale of available-for-sale investments - 29,813 - 29,813 Profit on sale of associate 12,367 65,436 27,139 56,633 Impairment of goodwill (9,793) (10,000) - - Impairment of subsidiary - - (2,000) - 2,574 85,249 25,139 86,446 The Group The Company 2009 2008 2009 2008 Profit attributable to equity holders of the parent (Rs’000) 149,428 158,456 165,174 156,177 Number of shares in issue 22,091,702 22,091,702 22,091,702 22,091,702 Earnings per share (Rs) 6.76 7.17 7.48 7.07 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 69
Financial Statements Year ended June 30, 2009 (cont’d...) 27. DIVIDEND The Company 2009 2008 Dividend on ordinary shares: Rs’000 Rs’000 Dividend of Rs 1.30 per share paid 28,719 - Dividend of Rs 1.30 per share declared (2008: Rs 2.00 per share) 28,719 44,183 57,438 44,183 28. FAIR VALUES The fair value of the financial assets and financial liabilities of the Group and the Company approximates their carrying value. 29. RELATED PARTY TRANSACTIONS Enterprises Directors and Enterprises with Subsidiary Associate Under Common Key Management Common Major The Company Companies Companies Management Personnel Shareholders 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 (a) Nature of transactions Purchase of goods and services 103,570 79,696 200,461 180,656 36,837 34,206 513 69 16,664 13,616 60,879 56,382 Purchase of property, plant and equipment 44,374 1,853 438 - 151 - 32,135 - - 795 12,275 1,058 Sale of goods and services 400,468 321,808 90,609 50,161 166,212 109,578 140,226 117,219 3,022 1,232 8,082 6,435 Management fees 24,990 20,075 - - 8,375 4,840 10,616 9,157 - - - - Interest received 8,000 31,150 11 35 - 19,150 - - - - - - Interest paid 7,182 7,567 8,000 12,000 556 545 - - 1,106 1,350 5,509 5,637 (b) Outstanding balances at June 30, Amounts receivable 184,875 310,712 19,494 25,551 28,767 19,626 49,203 42,289 2,757 2,037 2,131 1,331 Amounts payable 5,582 11,268 134,787 278,479 1,047 2,723 - - - - 5,478 3,940 Loans receivable 335,679 267,763 - - 13,795 - - - - - - - Loans payable 29,960 61,501 - 1,500 1,600 2,600 - - 12,360 11,301 16,000 47,600 Provision for impairment 107,013 107,013 - - - - - - - - - - The Group 2009 2008 (c) Compensation of key management personnel Rs’000 Rs’000 Short term employee benefits 40,222 34,002 Post-employment benefits 3,595 2,714 43,817 36,716 Terms and conditions of transactions with related parties: The sales to and purchases from related parties are made at normal market prices. Outstanding balances at the year-end are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables and payables. At each financial year, an assessment of provision for impairment is undertaken through the examination of the financial position of the related party and the market in which the related party operates. 30. CONTRACTS OF SIGNIFICANCE Except for transactions as disclosed in Note 29 on related party transactions, the Group did not have any contract of significance as defined by the Listing Rules of the Stock Exchange of Mauritius with any of its Directors and controlling shareholders. 31. CAPITAL COMMITMENTS The Group The Company 2009 2008 2009 2008 Capital expenditure : Contracted for but not provided Rs’000 Rs’000 Rs’000 Rs’000 in the financial statements - 14,925 - 10,925 Approved by the Directors but not contracted for 248,435 164,251 211,976 141,258 248,435 179,176 211,976 152,183 The expenditure for property, plant and equipment will be financed by cash generated from Group activities and from available and new borrowing facilities. 32. CONTINGENT LIABILITIES At June 30, 2009, the Group had contingent liabilities in respect of bank guarantees arising in the ordinary course of business from which it is anticipated that no material liabilities would arise. 33. SUBSEQUENT EVENT No material adjusting and non-adjusting events have arisen between the balance sheet date and the date the financial statements were authorised for issue. 34. OPERATING LEASE COMMITMENTS The Group and The Company 2009 2008 Future minimum rentals payable under operating leases are as follows: Rs’000 Rs’000 Within one year 13,557 8,258 After one year and before two years 13,670 8,258 After two years and before five years 29,167 17,244 After five years - 1,213 56,394 34,973 70 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 71
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
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Page 31 and 32: 58 The Directors’ valuation of th
Page 33 and 34: Consumable biological assets are st
Page 35: Financial Statements Year ended Jun
Page 39: 1. A member of the Company entitled

Financial Statements - The United Basalt Products Ltd

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