SHELL MAURITIUS LIMITED

INTERIM CONDENSED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2005

	Unaudited 6 months ended 30 June 2005	Restated Unaudited 6 months ended 30 June 2004	Restated Audited Year ended 31 December 2004
	Rs'000	Rs'000	Rs’000
SALES	2,669,221	2,262,958	4,846,264
OTHER RECOVERY ACCOUNTS	-	( 1,722)	( 1,722)
	----------	----------	----------
	2,669,221	2,261,236	4,844,542
COST OF SALES	( 2,416,668)	( 2,017,983)	( 4,364,539)
	----------	----------	----------
GROSS PROFIT	252,553	243,253	480,003
OTHER OPERATING INCOME	36,141	26,138	58,763
DISTRIBUTION COSTS	( 24,862)	( 23,893)	( 53,616)
ADMINISTRATIVE EXPENSES	( 182,084)	( 132,937)	( 315,306)
	----------	----------	----------
OPERATING PROFIT	81,748	112,561	169,844
FINANCE INCOME - NET	912	4,957	4,630
SHARE OF PROFITS OF ASSOCIATES BEFORE TAXATION	14,026	9,971	26,710
	----------	----------	----------
PROFIT BEFORE TAXATION	96,686	127,489	201,184
TAXATION (Note 4)	( 23,413)	( 28,216)	( 47,558)
	----------	----------	----------
PROFIT FOR THE PERIOD/YEAR	73,273	99,273	153,626
	==========	==========	==========

EARNINGS PER SHARE	Rs	2.50	3.39	5.24
DIVIDENDS PER SHARE
Interim	Rs	-	-	2.50
Final (Note 5)	Rs	-	-	4.90
NET ASSETS PER SHARE	Rs	12.57	15.60	14.96
NUMBER OF SHARES USED IN THE CALCULATION (000's)		29,323	29,323	29,323

SHELL MAURITIUS LIMITED

INTERIM CONDENSED BALANCE SHEET - 30 JUNE 2005

	Unaudited 30 June 2005	Unaudited 30 June 2004	Audited 31 December 2004
	Rs’000	Rs’000	Rs’000
ASSETS
Non-current assets
Property, plant and equipment (Note 3)	397,223	385,720	412,687
Intangible assets (Note 3)	504	939	802
Prepaid operating leases	1,288	1,309	1,329
Investments in associates	19,307	17,033	27,530
Loans receivable	4,460	4,098	3,238
	---------	---------	---------
	422,782	409,099	445,586
	---------	---------	---------
Current assets
Inventories	343,177	171,202	250,320
Receivables and prepayments	411,051	411,376	422,946
Cash at bank and in hand	108,415	203,656	237,483
	---------	---------	---------
	862,643	786,234	910,749
	---------	---------	---------
Total assets	1,285,425	1,195,333	1,356,335
	=========	=========	=========
EQUITY AND LIABILITIES
Capital and reserves
Share capital	293,223	293,223	293,223
Retained earnings	75,283	164,328	2,010
Proposed dividends	-	-	143,679
	---------	---------	---------
Total equity	368,506	457,551	438,912
	---------	---------	---------
LIABILITIES
Non-current liabilities
Deferred income tax liabilities	28,304	33,412	30,069
Retirement benefit obligations (Note 6)	14,795	8,062	10,747
	---------	---------	---------
	43,099	41,474	40,816
	---------	---------	---------
Current liabilities
Trade and other payables	710,735	521,592	737,060
Deposits on LPG cylinders	95,259	93,795	94,747
Current income tax liabilities	66,480	80,671	44,800
Bank overdrafts (unsecured)	1,346	250	-
	---------	---------	---------
	873,820	696,308	876,607
	---------	---------	---------
Total liabilities	916,919	737,782	917,423
	---------	---------	---------
Total equity and liabilities	1,285,425	1,195,333	1,356,335
	=========	=========	=========

SHELL MAURITIUS LIMITED

INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2005

	Share capital	Retained earnings	Proposed dividends	Total
	Rs 000	Rs 000	Rs 000	Rs 000
At 01 January 2004	293,223	65,055	117,289	475,567
Profit for the period	-	99,273	-	99,273
Dividends relating to 2003	-	-	( 117,289)	( 117,289)
	---------	---------	---------	---------
At 30 June 2004	293,223	164,328	-	457,551
Profit for the period	-	54,353	-	54,353
Unclaimed dividends forfeited during the year	-	314	-	314
Dividends relating to 2003:
Proposed before 31 December 2004	-	( 73,306)	-	( 73,306)
Proposed after 31 December 2004	-	( 143,679)	143,679	-
	---------	---------	---------	---------
At 31 December 2004	293,223	2,010	143,679	438,912
Profit for the period	-	73,273	-	73,273
Dividends relating to 2004 (Note 5)	-	-	( 143,679)	( 143,679)
	---------	---------	---------	---------
At 30 June 2005	293,223	75,283	-	368,506
	=========	=========	=========	=========

SHELL MAURITIUS LIMITED

INTERIM CONDENSED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2005

	Unaudited 6 months ended 30 June 2005	Unaudited 6 months ended 30 June 2004	Audited Year ended 31 December 2004
	Rs’000	Rs’000	Rs’000
Cash flow from operating activities
Profit before taxation	96,686	127,489	201,184
Adjustments for:
Depreciation on property, plant and equipment	25,522	22,473	47,059
Provision/(Release) for impairment of receivables	4,030	( 1,591)	11,624
Amortisation of intangible assets	298	253	555
Amortisation of prepaid operating leases	39	39	80
Interest expense	30	2	2
Retirement benefit obligations	4,048	2,097	4,782
(Profit)/loss on disposal of property, plant and equipment	( 659)	87	758
Profit on disposal of associate	-	-	( 1,311)
Interest income	( 2,519)	( 3,391)	( 5,321)
Fair value loss on forward contracts	-	-	447
Share of profits of associates before taxation	( 14,026)	( 9,971)	( 26,710)
Unrealised gain on exchange	766	( 7,764)	( 1,400)
Deposits on LPG cylinders written back	( 4,308)	( 4,272)	( 8,524)
Property, plant and equipment written off	-	-	155
	---------	---------	---------
Operating profit before working capital changes	109,907	125,451	223,380
Increase in inventories	( 92,857)	( 6,634)	( 85,752)
Decrease/(increase) in receivables and prepayments	11,895	( 63,692)	( 86,085)
(Decrease)/increase in trade and other payables	( 26,325)	( 57,126)	142,429
Increase in deposits on LPG cylinders	512	4,374	9,578
	---------	---------	---------
Cash generated from operations	3,132	2,373	203,550
Interest paid	( 30)	( 2)	( 2)
Income tax paid	-	-	( 54,433)
	---------	---------	---------
Net cash from operating activities	3,102	2,371	149,115
	---------	---------	---------
Cash flow from investing activities
Proceeds from disposal of property, plant and Equipment	714	10	231
Proceeds from disposal of associate	-	-	5,880
Interest received	2,519	3,391	5,321
Payments for purchase of property, plant and Equipment	( 10,131)	( 20,210)	( 63,044)
Payments for the purchase of intangible assets	-	-	( 165)
Operating lease payments	-	-	( 61)
Loans refunded	( 1,222)	536	1,396
Dividends received from associates	18,750	8,980	10,580
	---------	---------	---------
Net cash generated from/(used in) investing activities	10,630	( 7,293)	( 39,862)
	---------	---------	---------
Cash flow from financing activities
Forfeited dividends (Note 5)	-	-	314
Dividends paid	( 143,679)	( 117,289)	( 190,595)
	---------	---------	---------
Net cash used in financing activities	( 143,679)	( 117,289)	( 190,281)
	---------	---------	---------
Net decrease in cash and cash equivalents	( 129,947)	( 122,211)	( 81,028)
Cash and cash equivalents at beginning of period/year	237,483	318,873	318,873
Effects of exchange rate changes on cash and cash equivalents	( 467)	6,744	( 362)
	---------	---------	---------
Cash and cash equivalents at end of period/year	107,069	203,406	237,483
	=========	=========	=========

SHELL MAURITIUS LIMITED

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2005

1 ACCOUNTING POLICIES

The interim condensed financial statements are prepared in accordance with and comply with International Accounting Standard IAS 34, Interim Financial Reporting. The accounting policies used in the preparation of the interim condensed financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2004.

Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year.

These interim condensed financial statements should be read in conjunction with the 2004 annual financial statements.

2 SEGMENT INFORMATION

Primary reporting format - business segments

Six months ended 30 June 2005

	Aviation and marine	LPG	Retail and commercial	Total
	Rs’000	Rs’000	Rs’000	Rs’000
Sales	1,041,744	210,421	1,417,056	2,669,221
	=========	=========	=========	=========
Segment results	63,627	34,794	53,069	151,490
Unallocated costs				( 69,742)
				---------
Profit from operations				81,748
				=========

Six months ended 30 June 2004(Restated)

	Aviation and marine	LPG	Retail and commercial	Total
	Rs’000	Rs’000	Rs’000	Rs’000
Sales	757,812	196,198	1,308,948	2,262,958
	=========	=========	=========	=========
Segment results	49,138	35,198	97,974	182,310
Unallocated costs				( 69,749)
				---------
Profit from operations				112,561
				=========

SHELL MAURITIUS LIMITED

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2005 (CONTINUED)

2 SEGMENT INFORMATION (Continued)

Year ended 31 December 2004(Restated)

	Aviation and marine	LPG	Retail and commercial	Total
	Rs’000	Rs’000	Rs’000	Rs’000
Sales	1,683,983	416,796	2,745,485	4,846,264
	=========	=========	=========	=========
Segment results	78,491	76,422	194,287	349,200
Unallocated costs				( 179,356)
				---------
Profit from operations				169,844
				=========

3 CAPITAL EXPENDITURE AND COMMITMENTS

	Property, plant and equipment	Intangible assets
	Rs 000	Rs000
Six months ended 30 June 2005
Net book value at 01 January 2005	412,687	802
Additions	10,131	-
Disposals	( 73)	-
Depreciation/amortisation	( 25,522)	( 298)
	----------	----------
Net book value at 30 June 2005	397,223	504
	=========	=========
Capital commitments at 30 June 2005	34,084	-
Capital commitments at 30 June 2004	125,062	-
Capital commitments at 31 December 2004	47,495	-
	=========	=========

SHELL MAURITIUS LIMITED

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2005 (CONTINUED)

4 INCOME TAX

Income tax expense is recognised based on the best estimate of the weighted average annual income tax rate expected for the full financial year. The weighted average annual income tax rate used for the 6 months ended 30 June 2005 is 24.22% (2004 – 22.13%). The actual income tax rate for the year ended 31 December 2004 was 23.64%.

Charge for the period/year

	Unaudited 6 months ended 30 June 2005	Unaudited 6 months ended 30 June 2004	Audited Year ended 31 December 2004
	Rs’000	Rs’000	Rs’000
Income tax	21,679	25,605	44,167
Deferred tax	( 1,764)	36	( 3,307)
	---------	---------	---------
	19,915	25,641	40,860
Share of tax of associates	3,498	2,575	6,698
	---------	---------	---------
Charge to income statement	23,413	28,216	47,558
	=========	=========	=========

5 DIVIDENDS

A dividend in respect of 2004 of Rs 4.90 per share (2003 – Rs 4.00), amounting to a total dividend of Rs 143,679,035 (2003 – Rs 117,289,008), was recommended by the directors after 31 December 2004. The financial statements for the year ended 31 December 2004 do not reflect this dividend as a liability in accordance with International Accounting Standard IAS 10, Events After the Balance Sheet Date. The dividend is shown in the Statement of Changes in Equity under the heading proposed dividends. The payment of the dividend is accounted for in proposed dividends.

On 23 December 2004, the MCB Registry and Securities Limited remitted Rs 313,716 to the Company in respect of dividends unclaimed by the Company’s shareholders for the years 1991 to 1998. The Constitution of the Company provides for the forfeiture of dividends unclaimed five years after having been declared.

The Company paid, in the six months ended 30 June 2005, dividends totalling Rs 143,679,035 (6 months ended 30 June 2004 – Rs 117,289,008) in respect of the financial year ended 31 December 2004.

6 RETIREMENT BENEFIT OBLIGATIONS

The Company operates a defined benefit plan, the assets of which are held in a separate fund administered by the Anglo Mauritius Assurance Society Limited. The plan is funded by payments from the Company, taking account of the recommendations of independent qualified actuaries.

SHELL MAURITIUS LIMITED

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2005 (CONTINUED)

6 RETIREMENT BENEFIT OBLIGATIONS (Continued)

The liability recognised in the balance sheet in respect of the defined benefit pension plan is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for unrecognised actuarial gains or losses and past service costs. Premium costs are assessed using the projected unit credit method: the cost of providing pensions is charged to the income statement so as to spread the regular cost over the service lives of employees in accordance with the advice of the actuaries who carry out a full valuation of the plan every three years (the latest valuation was done at 01 January 2003). The pension obligation is measured as the present value of the estimated future cash outflows using a discount rate by reference to current interest rates and the yield on Treasury Bills and recent corporate debentures. Actuarial gains and losses are recognised over the average remaining service lives of employees.

The amounts recognised in the income statement are as follows:

	Unaudited 6 months ended 30 June 2005 Rs 000	Unaudited 6 months ended 30 June 2004 Rs 000	Audited Year ended 31 December 2004 Rs 000
Current service cost	2,786	2,928	5,202
Interest cost	4,763	3,842	7,669
Expected return on plan assets	( 3,656)	( 3,473)	( 6,889)
Actuarial loss	155	-	-
	---------	---------	---------
Total included in staff costs	4,048	3,297	5,982
	=========	=========	=========
The movement in the liability recognised in the balance sheet is as follows:
At 01 January 2005	10,747	5,965	5,965
Total expense as above	4,048	3,297	5,982
Contributions paid	-	( 1,200)	( 1,200)
	---------	---------	---------
At 30 June 2005	14,795	8,062	10,747
	=========	=========	=========

The principal actuarial assumptions used were as follows:

	%	%	%
Discount rate	10.0	10.0	10.0
Expected return on plan assets	10.5	10.5	10.5
Future long-term salary increases	7.5	7.5	7.5
Future pension increases	3.0	3.0	3.0
Plan assets
% of plan assets invested in share of the Company	0.01	0.01	0.01
% of plan assets invested in property used by the Company	0.21	0.21	0.21

SHELL MAURITIUS LIMITED

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2005 (CONTINUED)

7 REVIEW OF ACTIVITIES

There was no change in the company’s operations during the period under review. There was an increase in turnover due to higher prices of oil on the international market and also because of the introduction of the Automatic Pricing Mechanism in 2004. Gross profit has remained almost unchanged.

Increase in the company’s administrative expenses is due to increase in charges coming from central/regional offices following a change in the basis of allocation of central costs.

With the recent government decision to re introduce control over the price of non-domestic LPG resulting in a decreased margin, it is foreseen that the profitability of LPG will suffer over the next few months.

8 CONTINGENT LIABILITIES

At 30 June 2005, there were contingent liabilities in respect of guarantees in the ordinary course of business from which it is anticipated that no material liabilities will arise. At 30 June 2005, guarantees amounted to Rs 8,891,407 (31 December 2004 – Rs 6,027,477). The Company’s share of the contingent liabilities in respect of bank guarantees of its associate amounted to Rs Nil (31 December 2004 – Rs 1,800,000). The tax authorities have made a claim amounting to Rs. 4.4 m excluding any fines in respect of VAT on deposits on LPG cylinders. The Company is contesting this claim.

9 INTERIM CONDENSED FINANCIAL STATEMENTS

The interim condensed financial statements are unaudited.

Copies of the interim condensed financial statements are available free of charge on request at the registered office of the Company.

These interim condensed financial statements are issued pursuant to Listing Rule 12.21.

The Board of Directors of Shell Mauritius Limited accepts full responsibility for the information contained in the unaudited interim condensed financial statements.