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THE MAURITIUS
CHEMICAL AND FERTILIZER INDUSTRY LIMITED (
MCFI) |
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ABRIDGED UNAUDITED
FINANCIAL STATEMENTS FOR THE 18 MONTHS
ENDED 31 DECEMBER 2006
(MUR'000) ISSUED PURSUANT TO LISTING RULE 12.20 |
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GROUP |
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COMPANY |
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GROUP |
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COMPANY |
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1. INCOME
STATEMENT |
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2006 |
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2005 |
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2006 |
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2005 |
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2006 |
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2005 |
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2006 |
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2005 |
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18 MONTHS |
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12 MONTHS |
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18 MONTHS |
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12 MONTHS |
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18 MONTHS |
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12 MONTHS |
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18 MONTHS |
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12 MONTHS |
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3. |
STATEMENT OF
EQUITY CHANGES |
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Turnover for the 12 months ended 30 June2006 |
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507,297 |
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800,950 |
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346,711 |
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593,375 |
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Opening balance |
482,014 |
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499,760 |
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381,410 |
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408,796 |
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Turnover for the 6 months
ended 31 December 2006 |
388,475 |
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- |
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303,335 |
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- |
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Fair value
increase |
1,431
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(5,841) |
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1,431
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(5,841) |
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Turnover for the 18 months |
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895,772 |
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800,950 |
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650,046 |
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593,375 |
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Revaluation reserve
increase/(reduction) |
1,407
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(23,159) |
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(6,685) |
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(23,159) |
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Exchange difference on
consolidation |
7,314 |
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2,535
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- |
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- |
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Profit/(Loss) for the 12
months ended 30 June 2006 |
9,856 |
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9,021 |
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(9,005) |
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(7,400) |
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Net profit for the year |
84,476 |
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26,324 |
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125,454 |
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19,219
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Profit for the 6
months ended 31 December 2006 |
24,302 |
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- |
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17,829 |
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- |
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Dividend |
(39,612) |
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(17,605) |
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(39,612) |
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(17,605) |
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Profit for the 18
months before finance costs |
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34,158 |
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9,021 |
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8,824 |
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(7,400) |
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Closing balance |
537,030 |
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482,014 |
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461,998 |
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381,410 |
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Net finance income/(costs) |
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5,750 |
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(255) |
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7,154 |
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(870) |
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Dividends receivable from subsidiaries |
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- |
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- |
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61,234 |
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- |
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4. |
CASH
FLOW STATEMENT |
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Dividends receivable from associates |
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- |
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- |
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11,814 |
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10,364
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Net cash flows
from operating activities |
132,193 |
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(784) |
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153,952 |
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(43,167) |
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Share of profit of associate companies |
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13,739 |
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6,366
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- |
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- |
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Cash flows from
investing activities |
83,349
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27,651
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73,325
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59,044
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Profit before exceptional items |
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53,647 |
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15,132 |
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89,026 |
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2,094 |
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215,542 |
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26,867 |
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227,277 |
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15,877 |
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Profit on sale of NPK plant |
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18,715 |
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- |
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18,715 |
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- |
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Cash flows from
financing activities |
(58,226) |
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(6,076) |
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(58,226) |
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- |
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Profit on sale of investments |
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27,173 |
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11,049
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25,411 |
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11,049
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Increase in cash
and cash equivalents |
157,316 |
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20,791 |
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169,051 |
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15,877 |
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Profit before taxation |
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99,535 |
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26,181 |
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133,152 |
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13,143 |
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Cash and cash equivalents at beginning |
28,758
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7,967
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7,953
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(7,924) |
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Taxation |
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(14,638) |
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(151) |
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(7,698) |
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6,076
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Cash and cash equivalents at end |
186,074 |
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28,758 |
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177,004 |
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7,953 |
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Profit after taxation |
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84,897 |
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26,030 |
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125,454 |
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19,219 |
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Minority interest |
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(421) |
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294
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- |
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- |
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5. |
SEGMENTAL
INFORMATION - GROUP |
REVENUES |
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RESULTS |
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Attributable profit to shareholders |
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84,476 |
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26,324 |
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125,454 |
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19,219 |
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Fertilizers |
690,973 |
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640,375 |
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13,665 |
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(4,153) |
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Earnings per share (MUR) |
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3.84 |
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1.20 |
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5.70 |
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0.87 |
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Trading |
193,852 |
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145,966 |
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19,365
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14,063
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Net assets per
share (MUR) |
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24.40 |
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21.90 |
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20.99 |
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17.33 |
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Services |
10,947
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14,609
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1,128
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(889) |
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Dividend per share (MUR) |
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1.80 |
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0.80 |
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1.80 |
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0.80 |
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Total |
895,772 |
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800,950 |
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34,158 |
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9,021 |
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2. BALANCE SHEET |
BALANCE SHEET |
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31.12.06 |
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30.06.05 |
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31.12.06 |
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30.06.05 |
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ASSETS |
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6. |
COMMENTS |
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NON-CURRENT ASSETS |
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In order to bring the Balance Sheet date in
line with the parent company, Harel
Mallac & Co Ltd, the accounting period under review covers 18 months
compared to only 12 months for the previous period during which the NPK
Plant was sold.
The Company realised an operating profit of MUR 17.8 M during the last 6
months when about 80% of the annual sales of fertilizers were
effected.
This, together with our
subsidiary in Zambia and our associates,
enhanced Group profit before exceptional items to MUR 53.6 M.
Group earnings per share rose to MUR 3.84, inclusive of exceptional profit on sale of equipment and investments , enabled net assets per
share to reach MUR 24.40 at 31 December 2006 after deducting a higher
dividend of MUR 1.80 per share.
NEW PROJECTS
A master
plan, inclusive of a complete
feasibility study, is being
prepared for the most appropriate projects, which will be in line with
the master plan of the Port.
By order of the Board
Jean Marc Ulcoq
H.M Secretaries ltd.
21.03.2007
MCFI's Board of Directors accepts
full responsibility for the accuracy of the above
information prepared in
accordance with International
Financial Reporting Standards.
Copies of the report are available free of charge at the Company's
registered office
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Property, plant and
equipment |
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143,268 |
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154,274 |
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128,855 |
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140,542 |
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Intangible assets |
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- |
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833 |
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- |
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- |
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Investments |
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54,569 |
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78,597 |
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49,499 |
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87,764 |
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197,837 |
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233,704 |
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178,354 |
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228,306 |
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CURRENT ASSETS |
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426,331 |
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355,181 |
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366,632 |
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232,998 |
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TOTAL
ASSETS |
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624,168 |
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588,885 |
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544,986 |
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461,304 |
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EQUITY AND LIABILITIES |
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Share capital |
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220,064 |
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220,064 |
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220,064 |
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220,064 |
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Reserves |
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316,966 |
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261,950 |
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241,934 |
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161,346 |
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SHAREHOLDERS'
INTEREST |
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537,030 |
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482,014 |
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461,998 |
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381,410 |
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Minority interest |
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- |
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4,032 |
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- |
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- |
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Deferred taxation |
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16,113 |
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13,816 |
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15,893 |
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13,310 |
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Retirement
benefit obligations |
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4,487 |
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3,461 |
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4,064 |
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3,461 |
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NON-CURRENT
LIABILITIES |
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20,600 |
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17,277 |
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19,957 |
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16,771 |
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CURRENT LIABILITIES |
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66,538 |
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85,562 |
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63,031 |
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63,123 |
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TOTAL EQUITY AND
LIABILITIES |
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624,168 |
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588,885 |
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544,986 |
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461,304 |
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3. |
STATEMENT OF EQUITY
CHANGES |
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Opening balance |
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482014 |
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Fair value increase |
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2539 |
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Revaluation
reserve reduction |
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Exchange difference on consolidation |
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4410 |
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Net profit for the
year |
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61701 |
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Dividend |
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-36912 |
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Closing balance |
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513752 |
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513752 |
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