Omnicane Financial Statements 2011

Omnicane Annual Report 2011
85
Statements of
Comprehensive Income
year ended December 31, 2011
THE GROUP THE COMPANY
Notes 2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Turnover 5 3,912,953 3,471,501 325,983 275,749
Gain/(loss) in fair value of consumable biological
assets 23 10,401 (3,241) 8,452 (3,320)
Other operating income 6 19,504 19,963 1,182 1,273
3,942,858 3,488,223 335,617 273,702
Operating expenses 7 (3,069,284) (2,873,072) (309,877) (322,795)
Operating prot/(loss) 7 873,574 615,151 25,740 (49,093)
Investment income 8 41,027 55,255 256,720 220,565
Amortisation of VRS costs 20 (19,998) (9,663) (17,506) (8,744)
Finance costs 9 (585,579) (580,887) (138,471) (180,547)
Share of results of associates 17 (3,358) (3,906) - -
Prot/(loss) before exceptional items 305,666 75,950 126,483 (17,819)
Exceptional items 10 271,519 372,918 271,519 372,918
Prot before taxation 577,185 448,868 398,002 355,099
Taxation 11(a) (88,394) (132,779) (13,136) (7,737)
Prot for the year 488,791 316,089 384,866 347,362
Other comprehensive income:
(Decrease)/increase in fair value of
available-for-sale nancial assets 18 (6,924) 117,436 2,937 11,269
Deferred tax on revaluation of land 21 421,498 (421,498) 337,455 (337,455)
Cash ow hedge 2(z) 33,228 (36,625) - -
Other comprehensive income for the year 447,802 (340,687) 340,392 (326,186)
Total comprehensive income for the year 936,593 (24,598) 725,258 21,176
Prot attributable to:
Owners of the parent 392,940 248,916 384,866 347,362
Non-controlling interests 95,851 67,173 - -
488,791 316,089 384,866 347,362
Total comprehensive income attributable to:
Owners of the parent 834,096 (84,446) 725,258 21,176
936,593 (24,598) 725,258 21,176
Earnings per share (Rs) 12 5.86 3.71 5.74 5.18
The notes on pages 90 to 131 form an integral part of these nancial statements.
Auditors report on page 81.
Omnicane Annual Report 2011 Omnicane Annual Report 2011
86 87
Statements of
Changes in Equity
THE GROUP

Attributable to owners of the parent
Modernisation
Fair and agricultural Non-
Share Share Revaluation value Hedging diversication Retained Controlling Total
Note capital premium reserve reserve reserve reserve earnings Total interests equity
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Balance at January 1, 2011 502,593 292,450 3,686,161 150,547 (29,300) 187,455 780,674 5,570,580 693,134 6,263,714
Total comprehensive income
for the year - - 421,498 (6,924) 26,580 - 392,940 834,094 102,497 936,591
Transfer - - (50,803) - - (8,959) 59,762 - - -
Dividends 33 - - - - - - (184,284) (184,284) (100,000) (284,284)
Deconsolidation of subsidiary - - - - - - 4,212 4,212 - 4,212
Balance at
December 31, 2011 502,593 292,450 4,056,856 143,623 (2,720) 178,496 1,053,304 6,224,602 695,631 6,920,233
Balance at January 1, 2010 502,593 292,450 4,140,392 33,111 - 192,673 661,097 5,822,316 713,165 6,535,481
Total comprehensive income
for the year - - (421,498) 117,436 (29,300) - 248,916 (84,446) 59,848 (24,598)
Transfer - - (32,733) - - (5,218) 37,951 - - -
Dividends 33 - - - - - - (167,531) (167,531) (80,000) (247,531)
Consolidation adjustments - - - - - - 241 241 121 362
Balance at December 31, 2010 502,593 292,450 3,686,161 150,547 (29,300) 187,455 780,674 5,570,580 693,134 6,263,714
THE COMPANY
Modernisation
and agricultural
Share Share Revaluation Fair value diversication Retained
Note capital premium reserve reserve reserve earnings Total
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Balance at January 1, 2011 502,593 292,450 3,210,339 27,813 187,455 727,131 4,947,781
Total comprehensive income for the year - - 337,455 2,937 - 384,866 725,258
Transfer - - (50,803) - (8,959) 59,762 -
Dividends 33 - - - - - (184,284) (184,284)
Balance at December 31, 2011 502,593 292,450 3,496,991 30,750 178,496 987,475 5,488,755
Balance at January 1, 2010 502,593 292,450 3,580,527 16,544 192,673 509,349 5,094,136
Total comprehensive income for the year - - (337,455) 11,269 - 347,362 21,176
Transfer - - (32,733) - (5,218) 37,951 -
Dividends 33 - - - - - (167,531) (167,531)
Balance at December 31, 2010 502,593 292,450 3,210,339 27,813 187,455 727,131 4,947,781
The notes on pages 90 to 131 forman integral part of these nancial statements.
Statements of
Financial Position
December 31, 2011
Notes 2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
ASSETS EMPLOYED
Non-current assets
Property, plant and equipment 13 10,445,566 10,625,167 3,798,732 3,865,900
Investment properties 14 - 9,643 - 9,643
Intangible assets 15 1,608,189 1,161,708 220,382 220,434
Investment in subsidiary companies 16 - - 1,364,201 1,364,831
Investment in associated companies 17 23,413 26,771 10,688 10,688
Investment in nancial assets 18 171,744 178,656 57,361 54,424
Bearer biological assets 19 176,289 175,182 135,735 134,315
Deferred expenditure 20 81,950 89,118 69,763 74,457
12,507,151 12,266,245 5,656,862 5,734,692
Current assets
Inventories 22 442,818 449,539 13,081 12,277
Consumable biological assets 23 123,711 113,310 97,877 89,425
Receivable fromrelated parties 24 68,664 40,897 1,668,739 1,220,213
Trade and other receivables 25 1,485,063 1,183,841 551,081 232,635
Current tax assets 11(b) - 153 - 153
Cash in hand and at bank 585,389 710,457 21,253 11,761
2,705,645 2,498,197 2,352,031 1,566,464
Non-current assets classied as held for sale 34(b) 85,521 - - -
Total assets 15,298,317 14,764,442 8,008,893 7,301,156
EQUITY AND LIABILITIES
Capital and reserves
Share capital 26 502,593 502,593 502,593 502,593
Share premium 292,450 292,450 292,450 292,450
Revaluation and other reserves 27 4,376,255 3,994,863 3,706,237 3,425,607
Retained earnings 1,053,304 780,674 987,475 727,131
Owners interests 6,224,602 5,570,580 5,488,755 4,947,781
Total equity 6,920,233 6,263,714 5,488,755 4,947,781
Non-current liabilities
Borrowings 28 4,519,263 5,091,945 440,473 538,142
Deferred tax liabilities 21 99,675 461,552 15,761 346,314
Retirement benet obligations 29 87,519 88,988 28,551 21,569
4,706,457 5,642,485 484,785 906,025
Current liabilities
Payable to related parties 30 80,595 47,152 51,570 31,408
Trade and other payables 31 579,919 670,025 95,666 75,544
Current tax liabilities 11 27,503 19,757 6,081 -
Borrowings 28 2,203,640 1,681,741 1,685,309 1,127,881
Provisions for VRS and Blue print costs 32 595,686 272,037 12,443 44,986
Proposed dividend 33 184,284 167,531 184,284 167,531
3,671,627 2,858,243 2,035,353 1,447,350
Total equity and liabilities 15,298,317 14,764,442 8,008,893 7,301,156
The nancial statements have been approved for issue by the Board of Directors on 29 March 2012.
Kishore Sunil Banymandhub Jacques M. dUnienville
Chairperson Chief Executive O cer
The notes on pages 90 to 131 forman integral
part of these nancial statements.
88 89
Notes to the
Statements of Cash Flows
Statements of Cash Flows
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
(a) Operating prot before working capital
changes as follows:
Prot before tax 577,185 448,868 398,002 355,099
Adjustments for:
Depreciation of property, plant and equipment 379,723 399,073 16,913 17,777
Amortisation of intangible assets 21,844 21,362 52 52
Retirement benet obligations 11,681 2,996 6,982 8,404
Dividend income (6,950) (5,419) (153,816) (121,305)
Interest income (34,077) (49,836) (102,904) (99,260)
Interest expense 597,820 651,433 144,651 180,360
Share of results of associates 3,358 3,906 - -
Prot on disposal of land (299,418) (372,918) (299,418) (372,918)
Prot on disposal of plant and equipment (8,315) (11,760) (1,182) (1,273)
Impairment of investment in subsidiary - - 641 -
(Gain)/loss in fair value of consumable biological assets (10,401) 3,241 (8,452) 3,320
Amortisation of bearer biological assets 44,798 45,475 34,900 35,537
Amortisation of VRS costs 19,998 9,663 17,506 8,744
Operating prot before working capital changes 1,297,246 1,146,084 53,875 14,537
(b) Working capital requirements comprise of
the following:
Inventories 6,721 (169,840) (804) (168)
Trade and other receivables (95,675) 299,869 (112,899) 373,218
Receivable fromrelated parties (27,767) 23,916 (448,526) 90,308
Trade and other payables (90,106) 86,535 20,122 34,723
Payable to related parties 33,443 32,929 20,162 18,205
Provisions for VRS and Blue print costs (45,112) (65,682) (32,543) (4,303)
Total working capital requirements (218,496) 207,727 (554,488) 511,983
(c) Income tax paid
Taxation is reconciled to the amounts disclosed in
the statement of comprehensive income as follows:
Amounts due at beginning of the year (19,604) (16,610) 153 (3,102)
Per statement of comprehensive income (28,773) (23,302) (6,234) (3,142)
Amounts due at the end of the year 27,503 19,604 6,081 (153)
Total income tax paid (20,874) (20,308) - (6,397)
(d) Dividends paid
Dividends are reconciled to the amounts disclosed
in the statement of comprehensive income as follows:
Amounts due at beginning of the year (167,531) (134,024) (167,531) (134,024)
Dividends declared (184,284) (167,531) (184,284) (167,531)
Amounts due at the end of the year 184,284 167,531 184,284 167,531
Dividends paid (167,531) (134,024) (167,531) (134,024)
(e) Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and balances with banks and bank overdrafts.
Cash and cash equivalents are represented by:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Cash in hand and at bank 421,235 566,303 21,253 11,761
Debt service reserve account 164,154 144,154 - -
Bank overdrafts (1,655,331) (1,099,532) (1,587,641) (997,475)
(1,069,942) (389,075) (1,566,388) (985,714)
Notes 2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Cash ows fromoperating activities
Operating prot before working capital changes a 1,297,246 1,146,084 53,875 14,537
Working capital requirements b (218,496) 207,727 (554,488) 511,983
Net cash generated from/(absorbed in) operations 1,078,750 1,353,811 (500,613) 526,520
Interest paid (597,820) (651,433) (144,651) (180,360)
Income tax paid c (20,874) (20,308) - (6,397)
Cash inow/(outow) fromoperating activities 460,056 682,070 (645,264) 339,763
Cash ows frominvesting activities
Purchase of property, plant and equipment (346,710) (184,072) (15,208) (26,735)
Investment in bearer biological assets (45,905) (42,619) (36,320) (32,251)
Intangible assets (112,714) (35,624) - -
Acquisition of investments in subsidiaries - - (11) -
Acquisition of investments in nancial assets (12) (276) - -
Proceeds on disposal of land 159,335 376,579 159,335 376,579
Proceeds on disposal of plant and equipment 8,315 14,975 1,182 4,307
Proceeds fromdisposal of investment property 9,643 - 9,643 -
Deferred expenditure - VRS costs (12,830) (72,030) (12,812) (61,041)
Interest received 34,077 49,836 102,904 99,260
Dividends received from subsidiary companies - - 150,520 119,419
Dividends received fromavailable-for-sale investments 6,950 5,419 3,295 1,886
Cash ow(used in)/frominvesting activities (299,851) 112,188 362,528 481,424
Financing activities
Dividends paid to companys shareholders d (167,531) (134,024) (167,531) (134,024)
Dividends paid to minority shareholders (100,000) (80,000) - -
Payments of long-term borrowings (610,576) (866,570) (130,407) (205,921)
Finance lease principal payments (526) - - -
Proceeds from long-term borrowings - 1,390,250 - -
Net (repayments)/proceeds from short-term borrowings - (281,835) - (276,728)
Cash ow(used in)/fromnancing activities (878,633) 27,821 (297,938) (616,673)
(Decrease)/increase in cash and cash equivalents (718,428) 822,079 (580,674) 204,514
Cash and cash equivalents at beginning of the year (389,075) (1,174,529) (985,714) (1,190,228)
Eect of foreign exchange rate changes 33,228 (36,625) - -
Deconsolidation of subsidiary 4,333 - - -
Cash and cash equivalents at closing of the year e (1,069,942) (389,075) (1,566,388) (985,714)
The notes on pages 90 to 131 forman integral part of these nancial statements.
90 91
(a) Basis of preparation (Continued)
Improvements to IFRSs (issued May 6, 2010)
IAS 1 (Amendment), Presentation of Financial
Statements, claries that an entity may present
the required reconciliations for each component
of other comprehensive income either in the
statement of changes in equity or in the notes
to the nancial statements. This amendment is
not expected to have any impact on the Groups
nancial statements.
IAS 27 (Amendment), Consolidated and
Separate Financial Statements, claries that the
consequential amendments to IAS 21, IAS 28 and
IAS 31 resulting from the 2008 revisions to IAS 27
are to be applied prospectively. This amendment
is unlikely to have an impact on the Groups
nancial statements.
IAS 34 (Amendment), InterimFinancial Reporting,
emphasises the disclosure principles in IAS 34 and
adds further guidance to illustrate how to apply
these principles. This amendment is not expected
to have any impact on the Groups nancial
statements.
IFRS 1 (Amendment), First-time Adoption of
International Financial Reporting Standards,
claries that a rst-time adopter is exempt from
all the requirements of IAS 8 for the interim
nancial report it presents in accordance with IAS
34 for part of the period covered by its rst IFRS
nancial statements and for its rst IFRS nancial
statements. It also allows an entity to recognise
an event-driven fair value measurement as
deemed cost when the event occurs, provided
that this is during the periods covered by its rst
IFRS nancial statements. This amendment is
not expected to have any impact on the Groups
nancial statements.
IFRS 3 (Amendment), Business Combinations,
claries that the choice of measuring non-
controlling interests at fair value or at the
proportionate share of the acquirees net assets
applies only to instruments that represent present
ownership interests and entitle their holders to a
proportionate share of the net assets in the event
of liquidation. All other components of non-
controlling interest are measured at fair value
unless another measurement basis is required by
IFRS. The application guidance in IFRS 3 applies to
all share-basedpayment transactions that arepart
of a business combination, including un-replaced
and voluntarily replaced share-based payment
awards. This amendment is unlikely to have an
impact on the Groups nancial statements.
IFRS 7 (Amendment), Financial Instruments:
Disclosures, claries the required level of
disclosure around credit risk and collateral held
and provides relief from disclosures regarding
renegotiated loans. The Group has provided
the required disclosures OR This amendment is
unlikely to have an impact on the Groups nancial
statements.
IFRIC 13 (Amendment), Customer Loyalty
Programmes claries that when the fair value
of award credits is measured on the basis of
the value of the awards for which they could be
redeemed, the fair value of the award credits
should take account of expected forfeitures as
well as the discounts or incentives that would
otherwise be oered to customers who have
not earned award credits from an initial sale. This
amendment is unlikely to have an impact on the
Groups nancial statements.
Standards, Amendments to published Standards
and Interpretations issued but not yet eective
Certain standards, amendments to published
standards and interpretations have been issued
that are mandatory for accounting periods
beginning on or after January 1, 2012 or later
periods, but which the Group has not early
adopted.
At thereportingdateof thesenancial statements,
the following were in issue but not yet eective:
Severe Hyperination and Removal of Fixed Dates
for First-time Adopters (Amendments to IFRS1)
(eective July 1, 2011)
Deferred Tax: Recovery of Underlying Assets
(Amendments to IAS 12)
Disclosures - Transfers of Financial Assets
(Amendments to IFRS 7) (eective July 1, 2011)

Notes to the
Financial Statements (Continued)
1 GENERAL INFORMATION
Omnicane Limited is a limited liability company
incorporated and domiciled in Mauritius. The
address of its registered o ce is 7th Floor, Anglo-
Mauritius House, Adolphe de Plevitz Street, Port
Louis.
These nancial statements will be submitted for
consideration and approval at the forthcoming
Annual Meeting of Shareholders of the company.
2 SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the
preparation of these nancial statements are set
out below. These policies have been consistently
applied to all the years presented, unless
otherwise stated.
(a) Basis of preparation
The nancial statements of Omnicane
Limited (the Company) and its subsidiaries
(the Group) comply with the Companies Act
2001 and are prepared in accordance with
International Financial Reporting Standards
(IFRS). Where necessary, comparative gures
have been amended to conform with changes
in presentation in the current year. The nancial
statements are prepared under the historical cost
convention, except that:
(i) Freehold Land is carried at revalued amount;
(ii) Investment properties are stated at fair value;
(iii) Consumable biological assets are stated at
fair value; and
(iv) Available-for-sale securities are stated at their
fair value.
Standards, Amendments to published Standards
and Interpretations eective in the reporting
period
Amendment to IAS 32, Classication of rights
issues, addresses the accounting for rights issues
that are denominatedin a currency other than the
functional currency of the issuer. Provided certain
conditions are met, such rights issues are now
classied as equity regardless of the currency in
which the exercise price is denominated.
Previously, these issues had to be accounted for
as derivative liabilities. This amendment is not
expected to have any impact on the Groups
nancial statements.
Amendment to IFRS 1 Limited Exemption from
Comparatives IFRS 7 Disclosures for First-time
Adopters provides rst-time adopters relief
from presenting comparative information for
the new disclosures required by the March 2009
amendments to IFRS 7 Financial Instruments:
Disclosures. This amendment is not expected
to have any impact on the Groups nancial
statements.
IFRIC 19, Extinguishing nancial liabilities with
equity instruments, claries the accounting by
an entity when the terms of a nancial liability
are renegotiated and result in the entity issuing
equity instruments to a creditor of the entity to
extinguish all or part of the nancial liability (debt
for equity swap). It requires a gain or loss to be
recognised in prot or loss, which is measured
as the dierence between the carrying amount
of the nancial liability and the fair value of the
equity instruments issued. If the fair value of the
equity instruments issued cannot be reliably
measured, the equity instruments should be
measured to reect the fair value of the nancial
liability extinguished. This IFRIC will not have any
IAS 24, Related Party Disclosures (Revised
2009), claries and simplies the denition of a
related party and removes the requirement for
government-related entities to disclose details of
all transactions with the government and other
government-related entities. The Group and the
parent have disclosed transactions between its
subsidiaries and its associates.
Amendments to IFRIC 14, Prepayments of a
Minimum Funding Requirement correct an
unintended consequence of IFRIC 14, IAS 19
The limit on a dened benet asset, minimum
funding requirements and their interaction.
Without the amendments, entities are not
permitted to recognise as an asset some voluntary
prepayments for minimumfundingcontributions.
These amendments are not expected to have any
Notes to the
Financial Statements
92 93
(d) Property, plant and equipment
The annual rates used for the purpose are :
Buildings 2 - .25 %
Power Plant & Equipment 5 - 7 %
Renery Plant 5 %
Factory, Plant & Equipment 2 - 20 %
Where the carrying amount of an asset is greater
than its estimated recoverable amount, it is
written down immediately to its recoverable
amount.
Gains and losses on disposal of property, plant
and equipment are determined by reference to
their carrying amount and are taken into account
in determining operating prot. On disposal of
revalued assets, amounts in revaluation and other
reserves relating to that asset are transferred to
retained earnings.
(e) Investment properties
Investment properties consist of land held for
capital appreciation and are stated at fair value.
Gains or losses arising from changes in the fair
value of investment properties are included in the
statement of comprehensive income in the year
in which they arise.
Investment properties have been valued at fair
value by Gexim Land Consultants, property
valuers, in December 2003. The valuation was
arrived by reference to market evidence of
transaction prices for similar properties.
(f) Borrowing costs
Borrowing costs directly attributable to the
acquisition, construction or production of
qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for
their intended use or sale are capitalised as part
of the cost of the assets until such time as the
assets are substantially ready for their intended
use or sale. All other borrowing costs are charged
to the statement of comprehensive income in the
period in which they are incurred.
(g) Intangible assets
Intangible assets acquired seperately are
measured on initial recognition at cost. The
cost of intangible assets acquired in a business
combination is fair value as at the date of
acquisition. Following initial recognition,
intangible assets are carried at cost less any
accumulated amortisation and any accumulated
impairment losses. Internallygeneratedintangible
assets, excluding capitalised development costs,
are not capitalised and expenditure is reected
in the income statement in the year in which the
expenditure is incurred.
The useful lives on intangible assets are assessed
as either nite or indenite.
Intangible assets with nite lives are amortised
over the useful economic life and assessed for
impairment whenever there is an indication
that the intangible asset may be impaired.
The amortisation period and the amortisation
method for an intangible asset with a nite life
is reviewed at each nancial year end. Changes
in the expected useful life or the expected
pattern of consumption of future economic
benets embodied in the asset is accounted for
by changing the amortisation period or method,
as appropriate, and are treated as changes in
accounting estimates. The amortisation expense
on intangible assets with nite lives is recognised
in the statement of comprehensive income in
the expense category with the function of the
intangible asset.
Intangibleassets with indeniteuseful lives arenot
amortised, but are tested for impairment annually
either individually or at the cash generating unit
level. The assessment of indenite life is reviewed
annually to determine whether the indenite life
continues to be supportable. If not, the change
in useful life from indenite to nite is made on a
prospective basis.
Gains or losses arising from derecognition of an
intangible asset are measured as the dierence
between the net disposal proceeds and the
carrying amount of the asset and are recognised
in the statement of comprehensive income when
the asset is derecognised.

Notes to the
(Continued)

(a) Basis of preparation (Continued)
Amendments to IAS 1 Presentation of Items of
Other Comprehensive Income
IFRS 9 Financial Instruments
IAS 27 Separate Financial Statements
IAS 28 Investments in Associates and Joint
Ventures
IFRS 10 Consolidated Financial Statements
IFRS 11 Joint Arrangements
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement
IAS 19 Employee Benets (Revised 2011)
Where relevant, the Group is still evaluating
the eects of these Standards, amendments to
published Standards and Interpretations issued
but not yet eective, on the presentation of its
nancial statements.
The preparation of nancial statements in
conformity with IFRS requires the use of certain
critical accounting estimates. It also requires
management to exercise its judgement in the
process of applying the groups accounting
policies. The areas involving a higher degree
of judgement or complexity, or areas where
assumptions and estimates are signicant
to the nancial statements, are disclosed in
Note 4.
(b) Turnover
Turnover represents the gross proceeds of sugar,
molasses, bagasse and income receivable for the
supply of electricity to the National Grid of the
Central Electricity Board.
Sugar and molasses proceeds are recognised on
total production of thecropyear. Bagasseproceeds
are accounted as and when it is receivable for the
Group. Sugar and molasses prices are based on
prices recommended by the Mauritius Chamber
of Agriculture for the crop year after consultation
with the Mauritius Sugar Syndicate. The dierence
between the recommended price and the nal
price is reected in the nancial year in which it is
established.
Other revenues earned by the Group are
recognised on the following basis:
Dividend income - when the shareholders right
to receive payment is established.
Interest income - on a time-proportion basis
using the eective interest method.
SIFB compensation - on an accrual basis.

(c) Government grants
Government grants are not recognised until
there is reasonable assurance that the Group will
comply with the conditions attaching to them
and that the grants will be received.
Government grants are recognised as income over
the periods necessary to match them with the
costs for which they are intended to compensate,
on a systematic basis. Government grants that
are receivable as compensation for expenses
or losses already incurred or for the purpose of
giving immediate nancial support to the Group
with no future related costs are recognised in
the statement of comprehensive income in the
period in which they become receivable.
(d) Property, plant and equipment
All property, plant and equipment are initially
recorded at cost. Freehold Land is subsequently
revalued. The last revaluation was carried out
by Gexim land Consultants, property valuers in
December 2007 based on open market value.
Increases in the carrying amount arising on
revaluation are credited to revaluation and other
reserves in shareholders equity. Decreases that
oset previous increases of the same asset are
charged against the revaluation reserve; all
other decreases are charged to the statement of
comprehensive income.
Depreciation is calculated on the straight line
method to write o the cost of assets, or the
revalued amounts, to their residual values over
their estimated useful lives as follows:

Notes to the
94 95
(g) Intangible assets (Continued)
Rebranding cost(Continued)
All cost associated to the rebranding exercise
has been capitalised and included as intangible
assets. Rebranding cost is amortised over a period
of 20 years, time at which a full review of the
brand will be performed.
(h) Investment in subsidiaries
Separate nancial statements of the investor
In the separate nancial statements of the
investor, investments in subsidiary companies
are carried at cost (or at fair value). The carrying
amount is reduced to recognise any impairment
in the value of individual investments.
Consolidated nancial statements
Subsidiaries are all entities (including special
purpose entities) over which the Group has the
power to govern the nancial and operating
policies generally accompanying a shareholding
of more than one half of the voting rights. The
existence and eect of potential voting rights
that are currently exercisable or convertible
are considered when assessing whether the
Group controls another entity. Subsidiaries
are fully consolidated from the date on which
control is transferred to the Group. They are de-
consolidated fromthe date that control ceases.
The acquisition method of accounting is used
to account for business combinations by the
Group. The consideration transferred for the
acquisition of a subsidiary is the fair value of the
assets transferred, the liabilities incurred and
the equity interests issued by the Group. The
consideration transferred includes the fair value
of any asset or liability resulting froma contingent
consideration arrangement. Acquisition-related
costs are expensed as incurred. Identiable assets
acquired and liabilities and contingent liabilities
assumed in a business combination are measured
initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the
Group recognises any non-controlling interests
in the acquiree either at fair value or at the non-
controlling interests proportionate share of the
acquirees net assets.
The excess of the consideration transferred, the
amount of any non-controlling interests in the
acquiree and the acquisition-date fair value of any
previous equity interest in the acquiree over the
fair value of the Groups share of the identiable
net assets acquired is recorded as goodwill. If
this is less than the fair value of the net assets of
the subsidiary acquired in the case of a bargain
purchase, the dierence is recognised directly in
the statement of comprehensive income.
Inter-company transactions, balances and
unrealised gains on transactions between group
companies are eliminated.
Unrealised losses are also eliminated. Accounting
policies of subsidiaries have been changed where
necessary to ensure consistency with the policies
adopted by the Group.
Transactions and non-controlling interests
The Group treats transactions with non-
controlling interests as transactions with equity
owners of the Group.
For purchases from non-controlling interests,
the dierence between any consideration paid
and the relevant share acquired of the carrying
value of net assets of the subsidiary is recorded
in equity. Gains or losses on disposals to non-
controlling interests are also recorded in equity.
When the Group ceases to have control or
signicant inuence, any retained interest in the
entity is remeasured to its fair value, with the
change in carrying amount recognised in prot or
loss. The fair value is the initial carrying amount
for the purposes of subsequently accounting for
the retained interest as an associate, joint venture
or nancial asset. In addition, any amounts
previously recognised in other comprehensive
income in respect of that entity are accounted for
as if the Grouphaddirectly disposedof the related
assets or liabilities. This may mean that amounts
previously recognised in other comprehensive
income are reclassied to prot or loss.
If the ownership interest in an associate is
reduced but signicant inuence is retained, only
a proportionate share of the amounts previously
recognised in other comprehensive income are
reclassied to prot or loss where appropriate.
(i) Investment in associated companies
The Company
Investments in associated companies are
carried at cost. The carrying amount is reduced
to recognise any impairment in the value of
individual investments.

Notes to the
(Continued)
(g) Intangible assets (Continued)
Professional fees relating to the Power purchase
agreement
In the case of professional fees incurred in relation
to the Purchasing Power Agreement (PPA), the
useful life is taken as the termof the contract, that
is 20 years.
Accounting software
The accounting software has been granted for a
period of three years with the option of renewal
at the end of this period.
Goodwill
Goodwill represents the excess of the cost of
an acquisition over the fair value of the groups
share of the net identiable assets of the acquired
subsidiary/associate at the date of acquisition.
Goodwill on acquisition of subsidiaries is included
in intangible assets. Goodwill on acquisition of
associates is included in investment in associates.
Goodwill is tested annually for impairment and
carried at cost less any accumulated impairment
losses. For the purpose of impairment testing,
goodwill is allocated to each of the groups cash
generating units.
If the recoverable amount of the cash-generating
unit is less than the carrying amount of the unit,
the impairment loss is allocated rst to reduce the
carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each
asset in the unit. An impairment loss recognised
for goodwill is not reversed in a subsequent
period.
Blue Print costs
The cash compensation together with the costs
of land and infrastructure payable under the Blue
Print and Early Retirement Scheme is capitalised
as deferred expenditure. Such costs are charged
to statement of comprehensive income when
the associated benets related to the special
rights to acquire, convert and sell agricultural
land are realised. At the end of each nancial
year, the carrying amount is subject to testing
for impairment and reduced to the recoverable
amount, if this is less.
Management contract - The Company
The Company had acquired the rights to manage
its subsidiary Omnicane Milling Operations
Limited under a management contract. The cost
has been recognised as an intangible asset with
indenite life as the contract does not have a
dened lifetime. The contract is assessed annually
for impairment.
Energy management contract - The Group
Omnicane Milling Operations Limited acquired
the rights to the management contract between
Omnicane Milling Operations Limited, Omnicane
Thermal Energy Operations (St Aubin) Limited
and Omnicane Thermal Energy Operations (La
Baraque) Limited, two energy generating entities.
This management contract will run for a period
of twenty years in line with the provisions of the
PurchasingPower Agreement betweenOmnicane
Thermal Energy Operations (St Aubin) Limitedand
Central Electricity Board and between Omnicane
Thermal Energy Operations (La Baraque) Limited
and Central Electricity Board.
These rights have been recognised as an intangible
asset andare amortisedover the life of the contract.
Factory upgrading and modernising expenditure
Following the closure of Riche-en-Eau, Mon
Tresor Mill and Saint Flix Mill, Omnicane Milling
Operations Limited has become the sole cane
receiving mill in the Southern region. Omnicane
Milling operations Limited has therefore
upgraded and modernised its factory to cater
for the transfer of cane to its mill. The cost of
upgrade and modernisation will be nanced
through special rights to acquire, convert and
sell agricultural land under the provisions of the
Sugar Industry E ciency Act (SIE ACT). Omnicane
Milling Operations Limited has recognised
these rights as an intangible asset and valued
them at the cost of the expenditure incurred.
Management has determined that this intangible
asset has an indenite life and is assessed for
impairment on an annual basis.
Rebranding cost
In 2009, the Group completed a rebranding
exercise aiming at regrouping all members under
a common brand.
Notes to the
96 97
(p) Retirement benet obligations (Continued)
A portion of the actuarial gains and losses will
be recognised as income or expense if the net
cumulative unrecognised actuarial gains and
losses at the end of the previous accounting
period exceeded the greater of:
(i) 10% of the present value of the dened benet
obligation at that date; and
(ii) 10%of the fair value of plan assets at that date.
Other retirement benets
The present value of other retirement benets
in respect of Labour Act gratuities is recognised
in the statement of nancial position as a non-
current liability.
State plan and dened contribution pension plan
Contributions to the National Pension Scheme
and dened contribution pension plan are ex-
pensed to the statement of comprehensive in-
come in the period in which they fall due.
(q) Foreign currencies
Transactions denominated in foreign currencies
are recorded at the rate of exchange ruling on the
transaction date.
Monetary assets and liabilities expressed in
foreign currencies are translated into Mauritian
Rupees at the rates of exchange ruling at the
statement of nancial position date. Exchange
dierences arising from foreign currencies
transactions are accounted for in the statement
of comprehensive income.
(r) Income tax
The tax currently payable is based on taxable
prot for the year. Taxable prot diers from
prot as reported in the income statement
because it excludes items of income or expense
that are taxable or deductible in other years and
it further excludes items that are never taxable or
deductible.
(s) Financial instruments
The Groups accounting policies in respect of the
main nancial instruments are set out below:
(i) Investment in nancial assets
Initial recognition
Investments are recognised on a trade-date basis
and are initially measured at cost.
(A) Categories of nancial assets
The Group classies its nancial assets in the fol-
lowing categories: nancial assets through prot
or loss, loans and receivables, held-to-maturity in-
vestments, and available-for-sale nancial assets.
The classication depends on the purpose for
which the investments were acquired. Manage-
ment determines the classication of its nancial
assets at initial recognition.
(a) Financial assets at fair value through prot
or loss
This category has two sub-categories: nan-
cial assets held-for-trading, and those desig-
nated at fair value through prot or loss at
inception.
A nancial asset is classied in this category
if acquired principally for the purpose of
selling in the short term or if so designated
by management. Derivatives are also cat-
egorised as held-for-trading unless they are
designated as hedges. Assets in this category
are classifed as current assets if they are ei-
ther held for trading or are expected to be
realised within twelve months to the end of
the reporting period.
(b) Loans and receivables
Loans and receivables are non-derivative
nancial assets with xed or determinable
payments that are not quoted in an active
market. They arise when the Group provides
money, goods or services directly to a debtor
with no intention of trading the receivable.
They are included in current assets when ma-
turity is within twelve months after the end
of the reporting period or non-current assets
for maturities greater than twelve months.
(c) Held-to-maturity investments
Held-to-maturity investments are non-
derivative nancial assets with xed or
determinable payments and xed maturities
that the Groups/Companys management
has the positive intention and ability to hold
to maturity.
Notes to the
(Continued)
(i) Investment in associated companies
(Continued)
The Group
An associate is an entity over which the Group
has signicant inuence but not control, or joint
control.
Investments in associated companies are
accounted for by the equity method.
Investment in associates are initially recorded at
cost as adjusted by post acquisition changes in
the Groups share of the net assets of the associate
less any impairment in the value of individual
investments. When the Groups share of losses
exceeds its interests in an associate, the Group
discontinues recognising further losses, unless
it has a legal or constructive obligation to make
payments on behalf of the associate.
Unrealised prots and losses are eliminated to the
extent of the Groups interests in the associate.
(j) Bearer biological assets
Cane replantation costs are deferred at cost and
amortised over 7 years.
(k) Consumable biological assets
Standing canes are measured at fair value. The fair
value of the living plants held for sale is based on
expected selling price and future direct costs to
bring the biological assets to saleable condition,
discounted at an appropriate discount rate to the
reporting date.
(l) Deferred Expenditure
Voluntary Retirement Scheme (VRS) costs
VRS costs are capitalised as deferred expenditure
when incurred as the costs will be recouped
through the sale of land on which no land
conversion tax will be payable. VRS costs is
amortised over a period of seven years. The
amortisation period is reviewed periodically to
reect the circumstances of the company. When
the sale of land is realised, the corresponding
unamortised portion of deferred cost will be
recognised in the statement of comprehensive
income.
(m) Deferred Taxation
Deferred income tax is provided, using the liability
method, for all temporary dierences arising
between the tax bases of assets and liabilities
and their carrying values for nancial reporting
purposes.
The principal temporary dierences arise from
depreciation on property, plant and equipment,
revaluation of certain non-current assets,
provisions for retirement benet obligations and
tax losses carried forward. Deferred tax assets
relating to the carry forward of unused tax losses
are recognised to the extent that it is probable
that future taxable prot will be available against
which the unused tax losses can be utilised.
(n) Inventories
Inventories are stated at the lower of cost and
net realisable value. Cost is determined by the
weighted average method. The cost of nished
goods and work in progress comprises raw
materials, direct labour, other direct costs and
related production overheads but excludes
interest expense. Net realisable value is the
estimate of the selling price in the ordinary course
of business less the costs of completion and
selling expenses.
(o) Land under development
Land under development comprise of cost of
land to be sold and related infrastructural costs.
This expenditure is released to the statement
of comprehensive income to the extent cash is
received on the sale of land.
(p) Retirement benet obligations
Dened benet pension plan
The cost of providing benets are actuarially
determined using the projected unit credit
method. The present value of funded obligations
is recognisedinthestatement of nancial position
as a non-current liability after adjustingfor the fair
value of plan assets, any unrecognised actuarial
gains and losses and any unrecognised past
service cost. The valuation of funded obligations
is carried out annually by a rm of actuaries.
The current service cost and any recognised past
service cost are included as an expense together
with the associated interest cost, net of expected
return on plan assets.
Notes to the
98 99
(v) Impairment of assets (Continued)
Assets that are subject to amortisation are
reviewed for impairment whenever events or
changes in circumstances indicate that the
carrying amount may not be recoverable. An
impairment loss is recognised for the amount by
which the carrying amount of the asset exceeds
its recoverable amount. The recoverable amount
is the higher of an assets fair value less costs to
sell and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest
levels for which there are separately identiable
cash ows (cash-generating units).
(w) Non-current assets held for sale
Non-current assets classied as held for sale
are measured at the lower of carrying amount
and fair value less costs to sell if their carrying
amount is recovered principally through a sale
transaction rather than through a continuing use.
This condition is regarded as met only, when the
sale is highly probable and the asset is available
for immediate sale in its present condition.
(x) Related parties
Related parties are individuals and companies
where the individual or company has the ability,
directly or indirectly, to control the other party or
exercise signicant inuence over the other party
in making nancial and operating decisions.
(y) Dividend distribution
Dividend distribution to the companys share-
holders is recognised as a liability in the Groups
nancial statements in the period in which the
dividends are declared.
(z) Cash owhedge
The Company has a subsidiary which has a foreign
bank loan (hedge item) denominated in Euro
and has its revenue stream (hedge instrument)
in Euro. The subsidiary has a cash ow hedge
whereby the foreign exchange exposure arising
from translation of the bank loan is hedged
against the revenue stream.
Exchange dierences arising fromthe translation
of the loan is taken to Hedging reserve. The
realised gain/(loss) on repayment of the bank
loan is then released to the statement of
comprehensive income.
When the hedging instrument expires or is sold,
or when a hedge no longer meets the criteria for
hedge accounting, any cumulative gain or loss
existing in equity at that time remains in equity
and is recognised when the forecast transaction
is ultimately recognised in the statement
of comprehensive income. When a forecast
transaction is no longer expected to occur, the
cumulative gain or loss that was reported in
equity is immediately transferredto thestatement
of comprehensive income within nance costs.
(aa) Segment reporting
Segment information presented relate to the
operating segments that are engaged in the
business activities for which revenues are earned
and expenses incurred.
3 FINANCIAL RISK MANAGEMENT
3.1 Financial Risk Factors
The Groups activities expose it to a variety of
nancial risks; market risk (including currency risk,
price risk and cash ow and fair value interest rate
risk), credit risk and liquidity risk.
A description of the signicant risk factors is
given below together with the risk management
policies applicable.
(a) Market risk
(i) Currency risk
The Groups activities is mainly in the sugarcane
growing and milling, and electricity production.
The market strategy for the sale of rawandrened
sugar rests with the Mauritius Sugar Syndicate
(MSS) which is responsible for negotiating the
sale of the sugar production of the country with
potential buyers. There is a much wider and
diverse demand for white sugar in Europe which
mitigates the market risk. The Group invoices its
rened sugar in Euro to the MSS. For electricity
production, sale is made solely to the Central
Electricity Board (CEB) and is based on a Power
Purchase Agreement (PPA) for both energy
companies. Coal used for electricity production is
purchased in US dollar. However, any uctuation
in foreign currency is passed over to the CEB per
the PPA.
Notes to the
(Continued)
(s) Financial instruments (Continued)
(i) Investment in nancial assets (Continued)
(d) Available-for-sale nancial assets
Available-for-sale nancial assets are non-
derivatives that are either designated in
this category or not classied in any of the
other categories. They are included in non-
current assets unless management intends
to dispose of the investment within twelve
months of the end of the reporting period.
(ii) Loans and receivables
Loans and receivables are non-derivative nancial
assets with xed or determinable payments that
are not quoted in an active market. They arise
when the Group provides money, goods or
services directly to a debtor with no intention
of trading the receivable. They are included in
current assets when maturity is within twelve
months after the end of the reporting period date
or non-current assets for maturities greater than
twelve months.
(iii) Trade receivables
Trade receivables are recognised initially at fair
value and subsequently measured at amortised
cost using the eective interest method, less
provision for impairment. A provision for
impairment of trade receivables is established
when there is objective evidence that the Group
will not be able to collect all amounts due
according to the original terms of receivables.
The amount of the provision is the dierence
between the assets carrying amount and
the present value of estimated future cash
ows, discounted at the eective interest rate.
The amount of provision is recognised in the
statement of comprehensive income.
(iv) Borrowings
Interest-bearing bank loans, debentures and
overdrafts are recorded at the proceeds received,
net of direct issue costs. Finance charges,
including premiums payable on settlement or
redemption, are accounted for on an accrual basis
and are added to the carrying amount of the
instrument to the extent that they are not settled
in the period in which they arise.
Borrowings are classied as current liabilities
unless the Group has an unconditional right to
defer settlement of the liability for at least twelve
months after the end of the reporting period.
(v) Trade payables
Trade payables are stated at fair value and
subsequently measured at amortised cost using
the eective interest method.
(vi) Cash and cash equivalents
Cash and cash equivalents include cash in
hand, deposits held at call with banks and bank
overdrafts.
Bank overdrafts are shown within borrowings in
current liabilities on the statement of nancial
position.
(vii) Equity instruments
Equity instruments are recorded at the proceeds
received, net of direct issue costs.
(viii) Share capital
Ordinary shares are classied as equity.
(t) Provisions
Provisions are recognised when the Group has
a present or constructive obligation as a result
of past events which will probably result in
an outow of economic benets that can be
reasonably estimated. They are measured at
the directors best estimate of the expenditure
required to settle the obligation at the reporting
date.
Provisions are reviewed at each statement of
nancial position date and adjusted to reect the
current best estimate.
(u) Alternative MinimumTax (AMT)
Alternative Minimum Tax (AMT) is provided for,
where a Company which has a tax liability of less
than 7.5%of its book prot pays a dividend. AMT
is calculated as the lower of 10% of the dividend
paid and 7.5%of book prot.
(v) Impairment of assets
Assets that have an indenite useful life are not
subject to amortisation but are tested annually
for impairment.
Notes to the
100 101
The table below analyses the Groups nancial liabilities into relevant maturity groupings based on the
remaining period at the reporting date to the contractual maturity date:
THE GROUP Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years
Rs000 Rs000 Rs000 Rs000
At December 31, 2011
Trade and other payables 579,919 - - -
Bank borrowings 2,202,631 569,374 1,316,969 2,629,933
Finance lease liabilities 1,009 1,100 1,887 -
Payable to related parties 80,595 - - -
Bank borrowings 1,681,741 557,736 1,408,504 3,125,705

THE COMPANY Less than Between 1 Between 2 Over
1 year and 2 years and 5 years 5 years
Rs000 Rs000 Rs000 Rs000
Borrowings 1,685,309 98,734 255,809 85,930
Borrowings 1,127,881 99,162 310,067 128,913
Notes to the
Notes to the
3 FINANCIAL RISK MANAGEMENT
(Continued)
3.1 Financial Risk Factors (Continued)
At December 31, 2011, if the Rupee had
weakened/strenghthened by 5% against the US
Dollar and the Euro with all other variable held
constant, post tax prot and equity would have
been Rs.5,578,000 (2010: Rs.184,000) higher/
lower for the Company following changes in
foreign exchange gains/losses on translation of
US Dollar and Euro denominated cash balances.
At December 31, 2011, if the Rupee had weakened/
strenghthened by 5% against the US Dollar and
the Euro with all other variable held constant,
post tax prot would have been Rs.8,262,000
higher/lower (2010: Rs.5,004,000 lower/higher)
and equity Rs.27,707,000 lower/higher (2010:
Rs.20,920,000) for the Group following changes
in foreign exchange dierences on translation of
US Dollar and Euro denominated cash balances,
trade receivables and bank borrowings.
(ii) Price risk
The Group is exposed to equity securities price
risk because of investments in nancial assets
held by the Group and classied as available-for-
sale.
Sensitivity analysis
The table below summarises the impact of
increases/decreases in the fair value of the
investments on the Groups equity. The analysis is
based on the assumption that the fair value had
increased/decreased by 5%.
Impact on equity
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Categories of
investments:
Available-for-sale 8,587 8,933 2,868 2,721
(iii) Cash ow and fair value interest rate risk
As the Group has no signicant interest-bearing
assets, its income and operating cash ows
are substantially independent of changes in
market interest rates. The Groups interest rate
risk arises from borrowings. Borrowings issued
at variable rates expose the Group to cash ow
interest-rate risk. At December 31, 2011 if interest
rates on borrowings had been 50 basis points
higher/lower with all other variables held
constant, post-tax prot for the year would have
been Rs.7,131,000 (2010: Rs.4,055,000) lower/
higher for the Company and Rs.29,741,000 (2010:
Rs.30,146,000) lower/higher for the Group, mainly
as a result of higher/lower interest expense on
oating rate borrowings.
(b) Credit risk
The carrying amount of nancial assets
recorded in the nancial statements, which is
net of impairment losses, represents the groups
maximum exposure to credit risk without taking
account of the value of any collateral obtained.
The Groups main debtors are the Mauritius
Sugar Syndicate on account of sugar proceeds
receivable, and the Central Electricity Board for
the sale of electricity.
The Groups energy clusters credit risk is highly
mitigated by the fact that accounts receivable
from its sole customer, the Central Electricity
Board, is guaranteed by the Government.
(c) Liquidity risk
Prudent liquidity risk management implies
maintaining su cient cash marketable funding
through an adequate amount of committed
credit facilities. The Group aims at maintaining
exibility in funding by keeping committed credit
lines available.
Management monitors rolling forecasts of the
Groups liquidity reserve on the basis of expected
cash ow and does not foresee any major liquidity
risk over the next two years.

102 103
3.4 Biological assets
The Group is exposed to uctuations in the price
of sugar and the incidence of exchange rate. The
risk aects both the crop proceeds and the fair
value of biological assets. The risk is not hedged.
4 CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
In the application of the Groups accounting
policies, management is required to make
judgements, estimates and assumptions about
the carrying amounts of assets and liabilities
that are not readily apparent from other sources.
The estimates and associated assumptions are
based on historical experience and other factors
that are considered to be relevant. Actual results
may dier from these estimates. The estimates
and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates
are recognised in the period of the revision and
future periods if the revision aects both current
and future periods.
Key sources of estimation uncertainty
The key assumptions concerning the future, and
other key sources of estimation uncertainty at
the statement of nancial position date, that
have a signicant risk of causing a material
adjustment to the carrying amounts of assets
and liabilities within the next nancial year, are
discussed below.
(i) Estimated impairment of goodwill
Determining whether goodwill is impaired
requires an estimation of the value in use of the
cash-generatingunits to whichgoodwill has been
allocated. The value in use calculation requires
the entity to estimate the future cash ows
expected to arise from the cash-generating units
and a suitable discount rate in order to calculate
present value.
(ii) Consumable biological assets - StandingCanes
The fair value of consumable biological assets has
been arrived at by discounting the present value
of expected net cash ows from standing canes at
the relevant market determined pre-tax rate.

The expected cash ows have been computed
by estimating the expected crop and the sugar
extraction rate and the forecasts of sugar prices
which will prevail in the coming year for standing
canes.
The harvesting costs and other direct expenses
are based on the yearly budgets of the Group.
(iii) Other investments - Available for sale
Level 3Available-for-saleinvestments arestatedat
cost since no reliable estimate could be obtained
to compute the fair value of these securities.
The directors used their judgement at year-
end and reviewed the carrying amount of these
investments and in their opinion there were no
material dierence between the carrying amount
and the fair value of the unquoted securities. To
their judgement, the carrying amount reect the
fair value of these investments.
(iv) Impairment of available-for-sale nancial
assets
The Group follow the guidance of IAS 39 on
determining when an investment is other-than-
temporarily impaired.
This determination requires signicant
judgement. In making this judgement, they
evaluate, among other factors, the duration and
extent to which the fair value of an investment
is less than its cost, and the nancial health
of and near-term business outlook for the
investee, including factors such as industry and
sector performance, changes in technology and
operational and nancing cash ow.
(v) IFRIC 4 - Whether arrangements contains a
lease
In preparing these nancial statements, the
Directors have considered the implications of
IFRIC 4 - Whether an arrangement contains
a lease and have concluded that the Power
Purchase Agreement of the energy subsidiaries
with the Central Electricity Board does meet the
criteria qualifying for a lease arrangement.
(vi) Recoverability of proceeds from sale of Land
At December 31, 2011, management considered
the recoverability of proceeds from sale of land
under Section 8 of the Land Acquisition Act.
Proceeds have been determined on a case by case
basis and take into account the location of the
land, surveyors report and previous sale of similar
properties in the vicinity.
Notes to the
3. FINANCIAL RISK MANAGEMENT
(Continued)
3.2 Capital risk management
The Groups objective when managing capital is
to safeguard the entitys ability to continue as a
going concern so that it can continue to provide
returns for shareholders and benets for other
stakeholders.
The Group sets the amount of capital in
proportion to risk. The Group manages the capital
structure and makes adjustments to it in the light
of changes in economic conditions and the risk
characteristics of the underlying assets. In order
to maintain or adjust the capital structure, the
Group may adjust the amount of dividends paid
to shareholders, return capital to shareholders or
sell assets to reduce debt.
Consistently with others in the industry, the
Group monitors capital on the basis of the debt-
to-adjusted capital ratio. This ratio is calculated
as net debt over adjusted capital. Net debt
is calculated as total debt (as shown in the
statement of nancial position) less cash in hand
and at bank and short term deposits, adjusted
capital comprises all components of equity (i.e.
share capital, retained earnings and reserves).
The debt-to-adjusted capital ratios at December
31, 2011 and December 31, 2010 were as follows:
3.3 Fair value estimation
The fair value of nancial instruments traded
in active markets is based on quoted market
prices at the end of the reporting period. A
market is regarded as active if quoted prices are
readily and regularly available from an exchange,
dealer, broker, industry group, pricing service, or
regulatory agency, and those prices represent
actual and regularly occurring market transactions
on an arms length basis. The quoted market price
used for nancial assets held by the Group is the
current bid price. These instruments are included
in level 1. Instruments included in level 1 comprise
primarily quoted equity investments classied as
trading securities or available-for-sale.
The fair value of nancial instruments that are not
traded in an active market is determined by using
valuation techniques. These valuation techniques
maximise the use of observable market data
where it is available and rely as little as possible on
specic estimates. If all signicant inputs required
to fair value an instrument are observable, the
instrument is included in level 2.
If one or more of the signicant inputs is not
based on observable market data, the instrument
is included in level 3.
Specic valuation techniques used to value
nancial instruments include:
Quoted market prices or dealer quotes for similar
instruments.
Other techniques, such as discounted cash ow
analysis, are used to determine fair value for the
remaining nancial instruments.
The nominal value less estimated credit
adjustments of trade receivables and payables
are assumed to approximate their fair values.
The fair value of nancial liabilities for disclosure
purposes is estimated by discounting the future
contractual cashows at the current market
interest rate that is available to the Group for
similar nancial instruments.
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Total debt 6,722,903 6,773,686 2,125,782 1,666,023
Less: cash in hand and at bank (585,389) (710,457) (21,253) (11,761)
Net debt 6,137,514 6,063,229 2,104,529 1,654,262
Shareholders interests 6,920,233 6,263,714 5,488,755 4,947,781
Debt to adjusted capital ratio 0.89 0.97 0.38 0.33
Notes to the
104 105
Notes to the
5 TURNOVER
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Sugar, molasses and bagasse 809,962 695,036 263,005 229,111
Rened sugar 398,469 299,750 - -
Sugar insurance compensation 371 11,501 40 2,469
Electricity generation 2,631,179 2,418,601 - -
Agricultural diversication and others 72,972 46,613 62,938 44,169
3,912,953 3,471,501 325,983 275,749
6 OTHER OPERATING INCOME
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Prot on sale of plant and equipment 8,315 11,760 1,182 1,273
Sundry income 11,189 8,203 - -
19,504 19,963 1,182 1,273
7 OPERATING PROFIT
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Operating prot is arrived at after charging:
Depreciation on property, plant and equipment 379,723 399,073 16,913 17,777
Amortisation of bearer biological assets 44,798 45,475 34,900 35,537
Amortisation of intangible assets 21,844 21,362 52 52
Raw materials and consumables used 1,721,801 1,385,300 36,275 37,698
Employees remuneration (note 7(a)) 351,076 362,721 103,856 98,764
and crediting:
Other expenses 550,042 659,141 117,881 132,967
Total 3,069,284 2,873,072 309,877 322,795
Prot on disposal of plant and equipment (8,315) (11,760) (1,182) 1,273
(a) Employees remuneration
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Wages and salaries 327,281 330,002 89,431 82,940
Pension costs 23,795 32,719 14,425 15,824
351,076 362,721 103,856 98,764
4 CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS (Continued)
(vii) Depreciation policies
Property, plant and equipment are depreciated
to their residual values over their estimated
useful lives. The residual value of an asset is the
estimated net amount that the Group would
currently obtain from the disposal of the asset
if the asset was already of the age and in the
condition expected at the end of its useful life.
The directors therefore make estimates based in
historical experience and use best judgement to
assess the useful lives of assets and to forecast the
expected residual values of the assets at the end
of their expected useful lives.
(viii) Pension benets
The present value of the pension obligations
depend on a number of factors that are
determined on an actuarial basis using a number
of assumptions. The assumptions used in
determining the net cost (income) for pensions
include the discount rate. Any changes in these
assumptions will impact the carrying amount of
pension obligations.
The Group determines the appropriate discount
rate at the end of each year. This is the interest
rate that should be used to determine the present
value of estimated future cash outows expected
to be required to settle the pension obligations.
In determining the appropriate discount rate, the
Group considers the interest rates of high-quality
corporate bonds that are denominated in the
currency in which the benets will be paid, and
that have terms to maturity approximating the
terms of the related pension liability.

Notes to the
106 107
Notes to the
11 TAXATION (Continued)
The tax on the Groups prot before tax diers fromthe theoretical amount that would arise using the basic
tax rate of the Group as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Prot before tax: 577,185 448,868 398,002 355,099
Tax calculated at current income tax rate of 15%
(2010: 15%) 86,578 67,330 59,700 53,265
Income not subject to tax (82,230) (57,431) (58,707) (74,321)
Expenses not deductible for tax purposes 10,685 58,503 5,909 25,651
Alternative Minimum Tax 25,960 20,000 3,504 -
Underprovision in previous year 83 2,733 - 3,142
Tax losses for which no deferred income tax asset
was recognised 44,588 41,644 - -
Capital gains tax 2,730 - 2,730 -
Tax charge for the year 88,394 132,779 13,136 7,737
(b) Current tax liability/(asset)
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 19,604 16,610 (153) 3,102
Movement during the year:
Current 15% tax on the adjusted prot
for the year - 569 - -
Alternative Minimum Tax 25,960 20,000 3,504 -
28,773 23,302 6,234 3,142
Less:
Tax deducted at source - (153) - (153)
Tax paid (20,874) (20,155) - (6,244)
(20,874) (20,308) - (6,397)
At December 31, 27,503 19,604 6,081 (153)
Disclosed as follows:
Current tax assets - (153) - (153)
Current tax liabilities 27,503 19,757 6,081 -
27,503 19,604 6,081 (153)
Notes to the
8 INVESTMENT INCOME
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Interest income 34,077 49,836 102,904 99,260
Dividend income 6,950 5,419 153,816 121,305
41,027 55,255 256,720 220,565
9 FINANCE COSTS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Foreign exchange (gains)/losses (12,241) (70,546) (6,180) 187
Interest expense:
- Bank overdrafts 66,080 123,295 60,205 89,737
- Bank and other loans 528,741 528,138 84,446 90,623
- Related parties 2,999 - - -
597,820 651,433 144,651 180,360
585,579 580,887 138,471 180,547
10 EXCEPTIONAL ITEMS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Prot on disposal of land 278,429 372,918 278,429 372,918
Write o of receivable (6,910) - (6,910) -
271,519 372,918 271,519 372,918
11 TAXATION
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
(a) Charge for the year
Current tax on adjusted prot for the year
at 15%(2010: 15%) - 569 - -
Alternative minimum tax 25,960 20,000 3,504 -
Deferred tax (note 21) 59,621 109,477 6,902 4,595
Tax charge for the year 88,394 132,779 13,136 7,737
108 109
Notes to the
13 PROPERTY, PLANT AND EQUIPMENT (Continued)
(a) THE GROUP (Continued)
(iii) If the freehold land was stated on the historical cost basis, the amounts would be as follows:
2011 2010
Freehold Freehold
Land Land
Rs000 Rs000
Cost 349,527 364,187
(b) THE COMPANY
Freehold Leasehold Plant and
Land Buildings Properties Equipment Total
Rs000 Rs000 Rs000 Rs000 Rs000
2011
Valuation / Cost 3,682,038 68,830 2,466 245,929 3,999,263
Accumulated depreciation - (16,594) - (183,937) (200,531)
Net Book Value 3,682,038 52,236 2,466 61,992 3,798,732
2010
Valuation / Cost 3,747,501 66,881 2,466 252,009 4,068,857
Accumulated depreciation - (14,816) - (188,141) (202,957)
Net Book Value 3,747,501 52,065 2,466 63,868 3,865,900
Freehold Leasehold Plant and
NET BOOKVALUES Land Buildings Properties Equipment Total
Rs000 Rs000 Rs000 Rs000 Rs000
2011
At January 1, 2011 3,747,501 52,065 2,466 63,868 3,865,900
Additions - 1,948 - 13,260 15,208
Disposals (65,463) - - - (65,463)
Depreciation - (1,777) - (15,136) (16,913)
At December 31, 2011 3,682,038 52,236 2,466 61,992 3,798,732
2010
At January 1, 2010 3,791,115 9,466 2,466 100,543 3,903,590
Additions - 10,988 - 15,747 26,735
Disposals (43,614) - - (3,034) (46,648)
Depreciation - (1,175) - (16,602) (17,777)
Transfer - 32,786 - (32,786) -
At December 31, 2010 3,747,501 52,065 2,466 63,868 3,865,900
Notes to the
12 EARNINGS PER SHARE
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Basic earnings per share (Rs.) 5.86 3.71 5.74 5.18
Based on:
Prot after tax and non-controlling interests (Rs000) 392,940 248,916 384,866 347,362
Number of ordinary shares in issue 67,012,404 67,012,404 67,012,404 67,012,404
13 PROPERTY, PLANT AND EQUIPMENT
(a) THE GROUP

Freehold Leasehold Power Plant Factory & Renery Plant and Work In
Land Buildings Properties & Equipment Equipment Plant Equipment Progress Total
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
2011
Valuation / Cost 4,419,675 197,085 2,466 4,983,926 751,761 1,250,561 375,716 229,330 12,210,520
Accumulated depreciation - (54,785) - (1,207,135) (114,625) (125,288) (263,121) - (1,764,954)
Net Book Value 4,419,675 142,300 2,466 3,776,791 637,136 1,125,273 112,595 229,330 10,445,566
2010
Valuation / Cost 4,471,846 174,657 2,466 4,907,651 848,636 1,249,977 328,281 51,529 12,035,043
Accumulated depreciation - (46,688) - (959,622) (99,982) (65,917) (237,667) - (1,409,876)
Net Book Value 4,471,846 127,969 2,466 3,948,029 748,654 1,184,060 90,614 51,529 10,625,167
NET BOOK VALUES

Freehold Leasehold Power Plant Factory & Renery Plant and Work In
Land Buildings Properties & Equipment Equipment Plant Equipment Progress Total
2011
At January 1, 2011 4,471,846 127,969 2,466 3,948,029 748,654 1,184,060 90,614 51,529 10,625,167
Additions 13,292 22,428 - 76,275 13,291 584 47,559 179,632 353,061
Disposals (65,463) - - - - - - - (65,463)
Depreciation - (8,097) - (247,513) (39,288) (59,371) (25,454) - (379,723)
Transfer to Non-current
assets held for sale (34(b)) - - - - (85,521) - - - (85,521)
Deconsolidation
of subsidiary - - - - - - (124) - (124)
Consolidation
adjustment - - - - - - - (1,831) (1,831)
At December 31, 2011 4,419,675 142,300 2,466 3,776,791 637,136 1,125,273 112,595 229,330 10,445,566
2010
At January 1, 2010 4,515,460 132,268 2,466 4,138,439 786,967 1,191,702 98,510 21,185 10,886,997
Additions - 693 - 62,864 10,725 10,529 26,013 73,248 184,072
Disposals (43,614) - - - - - (3,215) - (46,829)
Depreciation - (7,431) - (253,274) (49,038) (61,075) (28,255) - (399,073)
Transfers - 2,439 - - - 42,904 (2,439) (42,904) -
At December 31, 2010 4,471,846 127,969 2,466 3,948,029 748,654 1,184,060 90,614 51,529 10,625,167
(i) Freehold Land has been revalued by Gexim Land Consultants, property valuers in December 2007 based on open market value. The revaluation surplus,
net of deferred tax, was credited to revaluation reserve.
(ii) Borrowings are secured by oating charges on the assets of the group, including property, plant and equipment. (note 28).
110 111
Notes to the
15 INTANGIBLE ASSETS (Continued)
Goodwill is allocated to the cash generating units. The carrying amount of goodwill had been allocated as
follows:
THE GROUP
2011 & 2010
Rs000
Floreal Ltd 427
Omnicane Agricultural Operations Ltd 20,152
Omnicane Milling Holdings (Britannia Highlands) Ltd 6,077
Omnicane Thermal Energy Holdings (St Aubin) Ltd 46,597
73,253
Impairment assessment has been performed comparing net realisable value, based on land development
potential and carrying amount. No impairment of goodwill is considered necessary after having compared
the net realisable value and the carrying amount.
(b) THE COMPANY
2011 2010
Rebranding Management
costs Contract Total Total
Rs000 Rs000 Rs000 Rs000
COST
At January 1, and at December 31, 1,038 219,500 220,538 220,538
AMORTISATION
At January 1, 104 - 104 52
Charge for the year 52 - 52 52
At December 31, 156 - 156 104
NET BOOKVALUES
At December 31, 882 219,500 220,382 220,434
16 INVESTMENT IN SUBSIDIARY COMPANIES
THE COMPANY 2011 2010
Rs000 Rs000
COST
At January1, 1,364,831 1,364,831
Additions 11 -
Disposal (641) -
At December 31, 1,364,201 1,364,831
Notes to the
13 PROPERTY, PLANT AND EQUIPMENT (Continued)
(b) THE COMPANY (Continued)
(i) Freehold Land has been revalued by Gexim Land Consultants, property valuers in December 2007 based on
open market value. The revaluation surplus, net of deferred tax, was credited to revaluation reserve.
(ii) Borrowings are secured by oating charges on the assets of the group, including property, plant and
equipment. (note 28)
(iii) If the freehold land was stated on the historical cost basis, the amounts would be as follows:
2011 2010
Freehold Freehold
Land Land
Rs000 Rs000
Cost 185,047 199,707
14 INVESTMENT PROPERTIES
Freehold Land
THE GROUP & THE COMPANY 2011 2010
Rs000 Rs000
Fair value
At January 1 and December 31, - 9,643
(b) Investment properties have been valued at fair value by Gexim Land Consultants, property valuers, in
December 2003. The valuation was arrived by reference to market evidence of transaction prices for similar
properties. There was no rental income and no direct operating expenses attributable to the investment
properties.
15 INTANGIBLE ASSETS
a) THE GROUP
2011 2010
Software &
Professional Centralisation Management Rebranding
Fees Goodwill Costs Contracts Costs Total Total
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
COST
At January 1, 85,059 73,253 502,123 555,200 11,333 1,226,968 1,191,344
Additions 935 - 480,540 - - 481,475 35,624
RBO Movement - - (13,150) - - (13,150) -
At December 31, 85,994 73,253 969,513 555,200 11,333 1,695,293 1,226,968
AMORTISATION
At January 1, 18,489 - 12,432 33,568 771 65,260 43,898
Charge for the year 2,934 - - 16,784 2,126 21,844 21,362
At December 31, 21,423 - 12,432 50,352 2,897 87,104 65,260
CARRYING AMOUNT
At December 31, 64,571 73,253 957,081 504,848 8,436 1,608,189 1,161,708

112 113
Notes to the
Notes to the
16 INVESTMENT IN SUBSIDIARY COMPANIES (Continued)
(a) Subsidiaries of Omnicane Limited:
2011 2010
%Holding Amount %Holding Amount
Held by Held by
Type of Held other group Held other group
Company shares held Activity Directly companies Rs000 Directly companies Rs000
Direct Holding
. Omnicane Milling Holdings (Mon Trsor) Limited Ordinary Investment 80 - 118,242 80 - 118,242
. Omnicane Milling Holdings (Britannia Highlands) Ltd Ordinary Investment 80 - 272,037 80 - 272,036
. Floreal Limited Ordinary Investment 100 - 3,188 100 - 3,188
. FAWInvestment Limited Ordinary Investment 100 - 148,206 100 - 148,206
. Exotic Exports Limited Ordinary Flower Export 100 - - 100 - 642
. Omnicane Logistic Operations Limited Ordinary Transport 100 - 25 100 - 25
. Omnicane Thermal Energy Holdings (St Aubin) Ltd Ordinary Investment 100 - 287,271 100 - 287,271
. Omnicane Holdings (La Baraque) Thermal Energy Limited Ordinary Investment 100 - 535,221 100 - 535,221
. Omnicane Wind Energy Limited Ordinary Energy 100 - 0.1 - - -
. Omnicane Britannia Windfarm Operations Limited Ordinary Energy 100 - 0.1 - - -
. Omnicane Ethanol Holdings Limited Ordinary Ethanol 100 - 10 - - -
. Airport Hotel Ltd Ordinary Hotel 100 - 0.1 - - -
. Omnicane Ethanol Production Ltd Ordinary Ethanol 100 - 0.1 - - -
. Omnicane International Investment Co Ltd Ordinary Investment 100 - 0.1 - - -
Omnicane Africa Investment Ltd Ordinary Investment 100 - 0.1 - - -
1,364,201 1,364,831
Indirect Holding
. Omnicane Milling Operations Limited Ordinary Sugar Milling - 80 390,888 - 80 390,888
& Rening
. Omnicane Agricultural Operations Ltd Ordinary Sugar Growing - 100 10,400 - 100 10,400
. Omnicane Thermal Energy Operations (St Aubin) Limited Ordinary Energy - 60 153,000 - 60 153,000
. Omnicane Thermal Energy Operations (La Baraque) Limited Ordinary Energy - 60 456,600 - 60 456,600
1,010,888 1,010,888
(b) The nancial statements of all above subsidiaries, included in the consolidated nancial statements, are co-terminous with those of
the holding company. Except for FAW Investment Limited, which is incorporated in the Isle of Man, all the subsidiary companies are
incorporated in the Republic of Mauritius.
17 INVESTMENT IN ASSOCIATED COMPANIES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 26,771 30,677 10,688 100
Additions - - - 10,588
Share of results after taxation (3,358) (3,906) - -
At December 31, 23,413 26,771 10,688 10,688
17 INVESTMENT IN ASSOCIATED COMPANIES (Continued)
The results of the following associated companies have been included in the consolidated nancial
statements:
Year Country of Direct Indirect Prot/
Name end incorporation Interest Interest Assets Liabilities (Loss) Revenues
% % Rs000 Rs000 Rs000 Rs000
2011
Coal Terminal
(Management)
Co. Ltd December 31, Mauritius - 24.43 32,012 30,282 1,630 48,489
Copesud
(Mauritius) Lte December 31, Mauritius 25.00 - 104,781 98,465 (15,330) 140,937
136,793 128,747 (13,700) 189,426
2010
Coal Terminal
(Management)
Co. Ltd December 31, Mauritius - 24.43 25,946 24,918 869 44,688
Copesud
(Mauritius) Lte December 31, Mauritius 25.00 - 120,119 98,473 (16,638) 111,403
146,065 123,391 (15,769) 156,091
18 INVESTMENT IN FINANCIAL ASSETS
(i) Non-Current
2011 2010 2011 2010
Level 1 Level 2 Level 3 Total Total Level 1 Level 3 Total Total
AVAILABLE-FOR-SALE
At January 1, 81,211 89,253 8,192 178,656 60,944 46,435 7,989 54,424 43,155
Additions - 12 - 12 276 - - - -
Increase/(decrease)
in fair value 947 (7,871) - (6,924) 117,436 2,937 - 2,937 11,269
At December 31, 82,158 81,394 8,192 171,744 178,656 49,372 7,989 57,361 54,424
(ii) Level 3 investments are stated at cost since reliable fair values cannot be obtained. At the reporting date, the
Directors reviewed the carrying amount of investments and in their opinion, there is no objective evidence
that the investments are impaired.
114 115
Notes to the
Notes to the
19 BEARER BIOLOGICAL ASSETS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
COST
At January 1, 361,421 353,546 281,490 271,459
Additions 45,905 42,619 36,320 32,251
Write o (47,360) (34,744) (36,719) (22,220)
At December 31, 359,966 361,421 281,091 281,490
AMORTISATION
At January 1, 186,239 175,508 147,175 133,858
Amortisation 44,798 45,475 34,900 35,537
Write o (47,360) (34,744) (36,719) (22,220)
At December 31, 183,677 186,239 145,356 147,175
NET BOOKVALUES 176,289 175,182 135,735 134,315
Bearer biological assets represent cane replantation expenditure that have an expected life cycle of 7 years as
they would normally generate 7 years of crop harvest.
In line with IAS 41 - Agriculture, the replantation costs are deferred and amortised over 7 years.
20 DEFERRED EXPENDITURE
2011 2010 2011 2010
VOLUNTARY RETIREMENT SCHEME COSTS Rs000 Rs000 Rs000 Rs000
COST
At January 1, 239,410 167,380 207,547 146,506
Infrastructure and other social costs 12,830 72,030 12,812 61,041
At December 31, 252,240 239,410 220,359 207,547
AMORTISATION
At January 1, 150,292 140,629 133,090 124,346
Charge for the year 19,998 9,663 17,506 8,744
At December 31, 170,290 150,292 150,596 133,090
CARRYING AMOUNT
At December 31, 81,950 89,118 69,763 74,457
TheVoluntary Retirement Scheme costs comprise of compensationpayments, provisionfor landinfrastructure
and other costs less refunds received from the Sugar Reform Trust (SRT). The net expenses are amortised over
a period of 7 years.
21 DEFERRED INCOME TAXES
Deferred income taxes are calculated on all temporary dierences under the liability methods at 15% (2010:
15%). Deferred income tax assets and liabilities are oset when the income taxes relate to the same scal
authority.
(a) THE GROUP
(i) The following amounts are shown in the statement of nancial position:
2011 2010
Rs000 Rs000
Deferred tax liabilities 319,816 475,591
Deferred tax assets (220,141) (14,039)
99,675 461,552
Movement in deferred income tax
2011 2010
Rs000 Rs000
At January 1, 461,552 (69,423)
Charge to the income statement 59,464 109,477
(Credit)/charge to other comprehensive income (421,341) 421,498
At December 31, 99,675 461,552
Deferred tax assets and liabilities, deferred tax movement in the statement of comprehensive income and
other comprehensive income are attributable to the following items:
Movement in Movement in
statement of other At
At January 1, comprehensive comprehensive December 31,
2011 income income 2011
Rs000 Rs000 Rs000 Rs000
(ii) Deferred income tax liabilities
Biological assets 20,162 198 - 20,360
Accumulated tax depreciation 306,749 25,849 - 332,598
VRS costs 11,169 (705) - 10,464
Deferred tax on revaluation of land 421,498 - (421,498) -
759,578 25,342 (421,498) 363,422
Deferred income tax assets
Tax losses carried forward (277,930) 30,040 - (247,890)
Provision for infrastucture costs (6,748) 4,882 - (1,866)
Retirement benet obligations (13,348) (643) - (13,991)
(298,026) 34,279 - (263,747)
Net deferred income tax (asset)/liability 461,552 59,621 (421,498) 99,675
116 117
Notes to the
Notes to the
21 DEFERRED INCOME TAXES (Continued)
(b) THE COMPANY
2011 2010
Rs000 Rs000
At January 1, 346,314 4,264
Charge to the income statement 6,902 4,595
(Credit)/Charge to other comprehensive income (337,455) 337,455
At December 31, 15,761 346,314
Deferred tax assets and liabilities, deferred tax movement in the statement of comprehensive income and
other comprehensive income are attributable to the following items:
Movement in Movement in
statement of other At
At January 1, comprehensive comprehensive December 31,
2011 income income 2011
Rs000 Rs000 Rs000 Rs000
Deferred income tax liabilities
Biological assets 20,162 198 - 20,360
Accumulated tax depreciation 2,367 350 - 2,717
VRS costs 11,169 (705) - 10,464
Deferred tax on revaluation of land 337,455 - (337,455) -
371,153 (157) (337,455) 33,541
Deferred income tax assets
Tax losses carried forward (14,856) 3,225 - (11,631)
Provision for infrastructure costs (6,748) 4,882 - (1,866)
Retirement benet obligations (3,235) (1,048) - (4,283)
(24,839) 7,059 - (17,780)
Net deferred income tax liability 346,314 6,902 (337,455) 15,761
(c) Capital gains tax on immovable property is abolished on transactions carried out as from November 5, 2011.
22 INVENTORIES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Spare parts and consumables
- Growing 13,081 12,277 13,081 12,277
- Milling 52,257 52,928 - -
- Energy production 376,763 383,162 - -
- Others 717 1,172 - -
Total 442,818 449,539 13,081 12,277
(i) The cost of inventories recognised as expense and included in operating expenses amounted to
Rs.1,721,801,034 (2010: Rs.1,385,300,132) for the Group and Rs.36,275,181 (2010: Rs.37,698,143) for the
Company.
(ii) Borrowings are secured by oating charges on the assets of the group, including inventories. (note 28).
23 CONSUMABLE BIOLOGICAL ASSETS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Standing canes (at fair value)
At January 1, 113,310 116,551 89,425 92,745
Gain/(Loss) in fair value 10,401 (3,241) 8,452 (3,320)
At December 31, 123,711 113,310 97,877 89,425
Consumable biological assets represent the fair value of standing canes. The fair value has been arrived at by
discounting the present value of expected net cash ows at the relevant market determined pre-tax rate. The
expected cash ows have been computed by estimating the expected crop, the sugar extraction rate and the
forecasts of sugar prices which will prevail in the coming year. The harvesting costs and other direct costs are
based on yearly budgets.
The principal assumptions used are:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Expected price of sugar per tonne (Rs) 15,500 14,500 15,500 14,500
Expected sugar accruing (tonnes) 18,796 17,500 14,818 13,912
Expected average extraction rate (%) 10.55 10.43 10.55 10.43
24 RECEIVABLE FROM RELATED PARTIES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Subsidiary companies - - 1,607,641 1,183,388
Companies with common directors 41,678 21,173 38,184 21,173
Associated company 26,986 19,724 22,914 15,652
68,664 40,897 1,668,739 1,220,213
Receivable fromrelated parties bear interest between 7.5%to 9.4%per annum(2010: 7.5%to 11%).
25 TRADE AND OTHER RECEIVABLES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Trade receivables 898,073 848,576 82,696 76,755
Prepayments and other receivables 411,640 240,248 293,035 60,863
Land and project expenses deferred 175,350 95,017 175,350 95,017
1,485,063 1,183,841 551,081 232,635
Trade debtors represents mainly electricity and sugar proceeds receivable. The sugar proceeds receivable are
paid by the Mauritius Sugar Syndicate (MSS) as and when proceeds are received. Advances on sugar proceeds
are paid on a weekly basis and the nal settlement for the crop year is made at latest in June of the following
year. Rened sugar become receivable as and when the Group invoices the MSS.
118 119
Notes to the
Notes to the
25 TRADE AND OTHER RECEIVABLES (Continued)
Electricity and rened sugar proceeds receivable are generally paid within one month.
The carrying amounts of trade and other receivables approximate their fair values and no impairment was
required.
Provision for impairment at December 31, 2011 was Rs.NIL (2010: Rs.10,000,000) for the Group and the
Company. Provision for impairment represents receivables due for more than one year.
At December 31, 2011, other receivables of Rs.20,241,614 (2010: Rs.54,702,000) were past due for the Group
and the Company and no impairment was required.
The carrying amounts of the Groups trade and other receivables are denominated in the following currencies:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Mauritian Rupee 1,421,656 1,122,444 551,081 232,635
Euro 63,407 61,397 - -
1,485,063 1,183,841 551,081 232,635
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable
mentioned above. The Group does not hold any collateral as security.
26 SHARE CAPITAL
THE GROUP &
THE COMPANY
2011 & 2010
Rs000
Issued and Fully paid
67,012,404 ordinary shares of Rs.7.50 each 502,593
27 REVALUATION AND OTHER RESERVES
(a) THE GROUP
Modernisation
Fair & agricultural
Revaluation Value Hedging diversication
Reserve Reserve Reserve Reserve Total
Rs000 Rs000 Rs000 Rs000 Rs000
At January 1, 2011 3,686,161 150,547 (29,300) 187,455 3,994,863
Decrease in fair value of
available-for-sale nancial assets - (6,924) - - (6,924)
Transfer to Retained Earnings (50,803) - - (8,959) (59,762)
Cash ow hedge - - 26,580 - 26,580
Deferred tax on revaluation of land 421,498 - - - 421,498
At December 31, 2011 4,056,856 143,623 (2,720) 178,496 4,376,255
27 REVALUATION AND OTHER RESERVES (Continued)
(a) THE GROUP
Modernisation
Fair & agricultural
Revaluation Value Hedging diversication
Reserve Reserve Reserve Reserve Total
Rs000 Rs000 Rs000 Rs000 Rs000
At January 1, 2010 4,140,392 33,111 - 192,673 4,366,176
Increase in fair value of
available-for-sale nancial assets - 117,436 - - 117,436
Transfer to Retained Earnings (32,733) - - (5,218) (37,951)
Cash ow hedge - - (29,300) - (29,300)
Deferred tax on revaluation of land (421,498) - - - (421,498)
At December 31, 2010 3,686,161 150,547 (29,300) 187,455 3,994,863
(b) THE COMPANY
Modernisation
Fair & agricultural
Revaluation Value diversication
Reserve Reserve Reserve Total
Rs000 Rs000 Rs000 Rs000
At January 1, 2011 3,210,339 27,813 187,455 3,425,607
available-for-sale nancial assets - 2,937 - 2,937
Transfer to Retained Earnings (50,803) - (8,959) (59,762)
Deferred tax on revaluation of land 337,455 - - 337,455
At December 31, 2011 3,496,991 30,750 178,496 3,706,237
At January 1, 2010 3,580,527 16,544 192,673 3,789,744
available-for-sale nancial assets - 11,269 - 11,269
Transfer to Retained Earnings (32,733) - (5,218) (37,951)
Deferred tax on revaluation of land (337,455) - - (337,455)
At December 31, 2010 3,210,339 27,813 187,455 3,425,607
Revaluation Reserve
The revaluation reserve relates to the surplus, net of deferred tax on revaluation of property, plant and
equipment.
Fair value Reserve
Fair value reserve comprises of the cumulative net change in the fair value of available-for-sale nancial assets
that has been recognised in other comprehensive income until the investments are derecognised or impaired.
Hedging Reserve
The hedging reserve comprises of the eective portion of the cumulative net change in the fair value of cash
ow hedging instruments related to the hedged transactions that have not yet occurred.
Modernisation and agricultural diversication Reserve
The modernisation and agricultural diversication reserve was created under the SIE Act 1988. Expenditure
qualifying for the criteria under the Act are transferred, if any, to retained earnings on a yearly basis.
120 121
Notes to the
Notes to the
28 BORROWINGS (Continued)
(c) Finance lease liabilities (Continued)
The present value of nance lease liabilities may be analysed as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Not later than one year 1,009 - - -
After 1 year and before 2 years 1,100 - - -
After 2 years and before 5 years 1,887 - - -
3,996 - - -
(d) All rupee denominated bank overdrafts and bank borrowings bear interest rates which can uctuate
anytime when the banks modify their Prime Lending rates based on the Bank of Mauritius Repo rate. Euro
denominated bank borrowings bear interest rates based on European Investment Bank and Euribor rates,
which can uctuate anytime.
(e) The carrying amounts of the groups and the companys borrowings are denominated in the following
currencies:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Mauritian Rupee 6,334,003 6,255,186 2,125,782 2,354,285
Euro 388,900 518,500 - -
6,722,903 6,773,686 2,125,782 2,354,285
(f ) The eective interest rates at the date of the statement of nancial position were as follows:
2011 2010
Rs Euro Rs Euro
GROUP % % % %
Bank overdrafts 6.15 - 9.625 N/A 5.75 - 7.50 N/A
Bank borrowings 5.75 - 10.02 1.114 - 4.085 8.375 - 9.45 1.115
Other loans N/A N/A N/A N/A
2011 2010
COMPANY Rs Euro Rs
% % %
Bank overdrafts 6.15 - 8.05 N/A 5.75 - 7.50
Bank borrowings 5.75 - 9.50 3.843 - 4.085 8.375 - 8.50
Other loans N/A N/A N/A
28 BORROWINGS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Non-current
Bank loans (note 28(a)) 4,516,276 5,091,945 440,473 538,142
Finance lease obligations (note 28(c)) 2,987 - - -
4,519,263 5,091,945 440,473 538,142
Current
Bank overdrafts (note 28 (b)) 1,655,331 1,099,532 1,587,641 997,475
Bank loans (note 28 (a)) 547,300 582,209 97,668 130,406
Finance lease obligations (note 28(c)) 1,009 - - -
2,203,640 1,681,741 1,685,309 1,127,881
Total Borrowings 6,722,903 6,773,686 2,125,782 1,666,023
(a) Bank loans
The bank loans are secured by oating charges on the groups assets and bear interest at rates between 5.75%
and 10.07%per annum.
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
The maturity of non-current bank loans
are as follows:
- After one year and before two years 569,374 557,736 98,734 99,162
- After two years and before ve years 1,316,969 1,408,504 255,809 310,067
- After ve years 2,629,933 3,125,705 85,930 128,913
4,516,276 5,091,945 440,473 538,142
(b) Bank overdrafts
The bank overdrafts are secured by oating charges on the groups assets. The rate of interest on bank
overdrafts between 6.15%and 9.625%varied between and during the year.
(c) Finance lease liabilities
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Not later than one year 1,318 - - -
After 1 year and before 2 years 1,318 - - -
After 2 years and before 5 years 2,023 - - -
4,659 - - -
Future nance charges (663) - - -
Present value of nance lease liabilities 3,996 - - -
122 123
Notes to the
Notes to the
29 RETIREMENT BENEFIT OBLIGATIONS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Amounts recognised in the statement of
nancial position:
Dened benet plan 14,017 10,600 (9,010) (10,824)
Other retirement benets 73,502 78,388 37,561 32,393
87,519 88,988 28,551 21,569
Statement of comprehensive income charge:
Dened benet plan 8,334 10,734 2,882 6,415
Other retirement benets 70,565 9,553 5,191 4,392
78,899 20,287 8,073 10,807
Retirement benet obligations comprise mainly the groups and the companys pension scheme and other
post retirement benets.
Dened benet plan
Sta are covered by a contributory Death and Retirement (dened benet) Scheme managed by the Sugar
Industry Pension Fund.
Dened contribution plan
A dened contribution plan is a pension plan under which the group pays xed contributions to Anglo-
Mauritius Assurance Society Limited. The group has no legal or constructive obligations to pay further
contributions if the fund does not hold su cient assets to pay all employees the benets relating to employee
service in the current and prior periods.
The group operates a dened contribution retirement benet plan for all qualifying employees (and their
dependents). Payments to deferred contribution retirement plans are charged as an expense as they fall due.
Other retirement benets
Other retirement benets relate to gratuities on death and retirement that are based on length of service and
salaries at the date of death or retirement.
(a) Dened benet plan
(i) The amounts recognised in statement of nancial position are as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Present value of funded obligations 180,144 182,918 94,766 92,272
Fair value of plan assets (142,784) (141,312) (69,961) (68,318)
37,360 41,606 24,805 23,954
Unrecognised actuarial losses (23,343) (31,006) (33,815) (34,778)
Liability in the statement of nancial position 14,017 10,600 (9,010) (10,824)
29 RETIREMENT BENEFIT OBLIGATIONS (Continued)
(ii) The movement in the present value of obligations for the year is as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 182,917 180,831 92,272 86,536
Current service cost 4,437 4,659 2,526 2,248
Interest cost 17,857 16,336 9,039 7,072
Actuarial (gains) /losses (17,195) 11,037 (5,677) 15,133
Benets paid (7,274) (35,759) (361) (23,309)
Contribution fromplan participants 1,044 2,029 464 808
Past service cost (1,642) - (3,497) -
Curtailments losses - 3,784 - 3,784
At December 31, 180,144 182,917 94,766 92,272
(iii) The movement in the fair value of plan assets for the year is as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 141,312 150,483 68,318 84,222
Expected return on plan assets 14,067 14,694 6,889 7,295
Contributions from employer 4,917 15,090 1,068 1,807
Contributions fromparticipants 1,044 2,029 464 808
Benets paid (7,274) (35,759) (361) (23,309)
Asset loss (11,282) (5,225) (6,417) (2,505)
At December 31, 142,784 141,312 69,961 68,318
(iv) The amounts recognised in statement of comprehensive income are as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Interest cost 17,857 16,336 9,039 7,072
Expected return on plan assets (14,067) (14,694) (6,889) (7,295)
Net actuarial loss recognised 1,750 649 1,703 606
Losses on curtailments - 3,784 - 3,784
Past service cost recognised (1,642) - (3,497) -
Total, included in employee benet expense 8,334 10,734 2,882 6,415
Actual return on plan assets 2,785 9,468 472 4,790
124 125
Notes to the
(ix) The principal actuarial assumptions used for accounting purposes were:
THE GROUP &
THE COMPANY
2011 2010
% %
Discount rate 10.00 10.00
Expected return on plan assets 10.00 10.00
Future salary increases 8.00 8.00
Future pension increases 4.00 4.00
(b) Other retirement benets
(i) The amounts recognised in the statement of nancial position are as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Present value of unfunded obligations 71,869 80,712 40,084 35,419
Unrecognised actuarial gain/(loss) 1,633 (2,324) (2,523) (3,026)
73,502 78,388 37,561 32,393
(ii) The movement in the present value of obligations for the year is as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 80,712 64,726 35,419 27,754
Interest cost 7,823 6,618 3,541 2,885
Benets paid (75,070) (2,555) (23) (596)
Actuarial (gain)/loss (3,940) 8,473 (503) 3,869
Past service cost (145) - - -
Curtailments losses 59,529 - - -
Deconsolidation of subsidiary (381) - - -
At December 31, 71,869 80,712 40,084 35,419
(iii) The amounts recognised in statement of comprehensive income are as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Interest cost 7,823 6,618 3,541 2,885
Actuarial gains (1) (161) - -
Past service cost (127) - - -
Curtailments losses 59,529 - - -
Total, included in employee benet expense 70,565 9,907 5,191 4,392
Notes to the
(v) Liability movements in the statement of nancial positions:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 10,600 14,956 (10,824) (15,432)
Total expense as above 8,334 10,734 2,882 6,415
Contributions paid (4,917) (15,090) (1,068) (1,807)
At December 31, 14,017 10,600 (9,010) (10,824)
(vi) History of obligations, assets and experience adjustments:
THE GROUP
2011 2010 2009 2008
Rs000 Rs000 Rs000 Rs000
Fair value of plan assets 142,784 141,312 150,484 198,219
Present value of dened benet obligation (180,144) (182,918) (180,831) 131,631
(Decit)/surplus (37,360) (41,606) (30,347) 329,850
Asset experience gains/(losses) 5,913 (7,564) 28,805 (72,787)
History of obligations, assets and experience adjustments:
THE COMPANY
2011 2010 2009 2008
Rs000 Rs000 Rs000 Rs000
Fair value of plan assets 69,961 68,318 84,222 147,670
Present value of dened benet obligation (94,766) (92,272) (86,535) (87,565)
(Decit)/surplus (24,805) (23,954) (2,313) 60,105
Asset experience (losses)/gains (6,417) (2,505) 1,076 (49,059)
(vii) Major asset categories as percentage of plan assets:
THE GROUP &
THE COMPANY
2011 2010
% %
Local:
Local Equities 34 29
Property 24 25
Fixed interest - Local 19 22
Overseas Equities 14 17
Fixed interest - Overseas 7 7
Cash & Other 2 -
Total 100 100
(viii) Expected contributions to post-employment benet plans for the year ending December 31, 2012 for the
Group and the Company are Rs.7,484,000 and Rs.1,762,000 respectively.
126 127
Notes to the
33 DIVIDENDS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Final proposed dividend of Rs.2.75
(2010: Rs.2.50) per share 184,284 167,531 184,284 167,531
34 NON CURRENT ASSETS HELD FOR SALE
(a) Non-current assets classied as held for sale include factory equipments which one of the subisidiaries
(Omnicane Milling Operations Ltd) intends to sell during the next nancial year.
(b) Non-current assets classied as held for sale
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Non-current assets held for sale:
Property, plant and equipment 85,521 - - -
35 OPERATING LEASE COMMITMENTS
Operating leases relate to lands leased from Government of Mauritius with lease terms of 99 years. Nothing in
the lease arrangements, due to expire in year 2061, provides for any possibility of cancellation. The leases do
not provide for renewal.
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Operating leases expensed during the year 826 719 151 145
At the reporting date the company has outstanding commitments under non-cancellable operating leases,
which fall due as follows:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
- Within one year 826 719 151 145
- Between two and ve years 2,837 2,918 606 579
- After ve years 38,173 38,850 9,962 1,560
41,836 42,487 10,719 2,284
Notes to the
(iv) Liability movements in the statement of nancial position:
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
At January 1, 78,388 71,036 32,393 28,597
Total expense as above 70,565 9,907 5,191 4,392
Contributions paid (75,070) (2,555) (23) (596)
Deconsolidation of subsidiary (381) - - -
At December 31, 73,502 78,388 37,561 32,393
30 PAYABLE TO RELATED PARTIES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Holding company - 2,292 - 2,292
Subsidiary companies - - 10 9,014
Subsidiary of holding company 80,595 44,860 51,560 20,102
80,595 47,152 51,570 31,408
The carrying amounts of amounts payable to related parties approximate their fair values.
31 TRADE AND OTHER PAYABLES
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Trade payables 195,597 136,150 29,060 32,083
Other payables and accrued expenses 384,322 533,875 66,606 43,461
579,919 670,025 95,666 75,544
The carrying amounts of trade and other payables approximate their fair values.
32 PROVISIONS FOR VRS AND BLUE PRINT COSTS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Infrastructure and social costs 595,686 272,037 12,443 44,986
Provisions for VRS and Blue print costs relate to future expenditure for land and infrastructure costs for
employees who opted for theVRS in case of Omnicane Limited and Omnicane Agricultural Operations Limited
and Blue Print and Early Retirement Scheme for Omnicane Milling Operations Limited.
128 129
Notes to the
Notes to the
36 CAPITAL COMMITMENTS
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Capital expenditure approved by the Board:
- not contracted 154,615 128,207 7,065 4,807
- contracted - 184,500 - -
154,615 312,707 7,065 4,807
37 HOLDING COMPANY
The ultimate holding company is Omnicane Holdings Limited, a company incorporated in Mauritius.
38 CONTINGENT LIABILITIES
A subsidiary has a court case against the Mauritius Revenue Authority (MRA) regarding capital allowances
claimed in years 1999 to 2002 to which the MRA is not agreeable. The case is still pending as at date.
39 RELATED PARTY TRANSACTIONS
(a) THE GROUP
Sale/(Purchase) of Interest income/ Amount Amount
supplies and services (expense) due to due from
2011 2010 2011 2010 2011 2010 2010 2009
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Holding company - - (578) (186) 129,460 119,983 - -
Associated company 36,078 28,782 - - - - 26,986 19,724
Subsidiary of
holding company (56,819) (58,139) (2,421) (930) 80,595 44,860 - -
Companies with
common directors - - 2,371 2,041 - - 41,678 21,173
Total (20,741) (29,357) (628) 925 210,055 164,843 68,664 40,897
The above transactions have been made on normal commercial terms and in the normal course of business.
39 RELATED PARTY TRANSACTIONS (Continued)
b) THE COMPANY
Interest income/ Sale/(Purchase) of Dividend income/ Amount Amount
(expense) supplies and services (payable) owed to due from
2011 2010 2011 2010 2011 2010 2011 2010 2010 2009
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Holding company (578) (186) - - (129,460) (119,691) 129,460 119,983 - -
Subsidiaries 93,257 96,572 43,896 47,230 150,520 119,419 10 9,014 1,607,641 1,183,388
Associated company - - 36,078 28,782 - - - - 22,914 15,652
Subsidiary of
holding company (1,456) (930) (45,402) (34,038) - - 51,560 20,102 - -
Companies with
common directors 2,200 2,041 - - - - - - 38,184 21,173
Total 93,423 97,497 34,572 41,974 21,060 (272) 181,030 149,099 1,668,739 1,220,213
The above transactions have been made on normal commercial terms and in the normal course of business.
(i) KEY MANAGEMENT PERSONNEL COMPENSATION
2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000
Short-termbenets 13,749 14,425 3,351 3,327
Post-employment benets 5,831 8,524 314 240
19,580 22,949 3,665 3,567
40 SEGMENT INFORMATION
The Group is organised into the following main business segments:-
Sugar Energy Total
2011 2010 2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Primary reporting format - business segments
Segment revenue 1,281,774 1,052,900 2,631,179 2,418,601 3,912,953 3,471,501
Segment prot/(loss) 202,461 (117,941) 671,113 733,092 873,574 615,151
Share of results of associates (3,358) (3,906)
Investment income 41,027 55,255
Amortisation of VRS costs (19,998) (9,663)
Exceptional items 271,519 372,918
Finance costs (585,579) (580,887)
Prot before tax 577,185 448,868
Taxation (88,394) (132,779)
Prot for the year 488,791 316,089
Non-controlling interests (95,851) (67,173)
Prot attributable to owners of the parent 392,940 248,916
130 131
Notes to the
41 THREE YEAR FINANCIAL SUMMARY (Continued)
THE GROUP
2011 2010 2009
Rs000 Rs000 Rs000
(b) Statement of nancial position
ASSETS
Non-current assets 12,592,672 12,266,245 5,656,862
Current assets 2,705,645 2,498,197 2,352,031
Total assets 15,298,317 14,764,442 8,008,893
EQUITY AND LIABILITIES
Owners interests 6,224,602 5,570,580 5,488,755
Non-controlling interests 695,631 693,134 -
Total equity 6,920,233 6,263,714 5,488,755
LIABILITIES
Non-current liabilities 4,706,457 5,642,485 484,785
Current liabilities 3,671,627 2,858,243 2,035,353
Total liabilities 8,378,084 8,500,728 2,520,138
Total equity and liabilities 15,298,317 14,764,442 8,008,893
Net assets per share (Rs.) 92.89 83.13 81.91
Notes to the
40 SEGMENT INFORMATION (Continued)
Sugar Energy Total
2011 2010 2011 2010 2011 2010
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
Segment assets 9,570,697 9,026,658 5,704,207 5,711,013 15,274,904 14,737,671
Associates 23,413 26,771
15,298,317 14,764,442
Segment liabilities 4,261,976 4,284,157 4,116,108 4,216,571 8,378,084 8,500,728
Owners interests 6,224,602 5,570,580
Non-controlling interests 695,631 693,134
15,298,317 14,764,442
Investment income 17,681 18,505 24,346 36,750 42,027 55,255
Interest expense 221,704 207,682 376,116 443,751 597,820 651,433
Capital expenditure 258,901 118,153 94,160 65,919 353,061 184,072
Depreciation 125,225 138,646 254,498 260,427 379,723 399,073
41 THREE YEAR FINANCIAL SUMMARY
THE GROUP
2011 2010 2009
Rs000 Rs000 Rs000
(a) Results
Turnover 3,912,953 3,471,501 3,192,067
Share of results of associates (3,358) (3,906) (788)
Prot before taxation 577,185 448,868 345,622
Income tax expense (88,394) (132,779) (22,557)
Prot for the year 488,791 316,089 323,065
Other comprehensive income for the year, net of tax 447,802 (340,687) (189,184)
Total comprehensive income for the year 936,593 (24,598) 133,881
Prot attributable to:
- Owners of the parent 392,940 248,916 384,866
- Non-Controlling interests 95,851 67,173 -
488,791 316,089 384,866
Total comprehensive income attributable to:
- Owners of the parent 834,096 (84,446) 725,258
- Non-Controlling interests 102,497 59,848 -
936,593 (24,598) 725,258
Earnings per share (Rs.) 5.86 3.71 5.74

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