|
|
|
AUDITED |
||
|
|
|
2005 |
2004 |
|
|
|
|
Rs’000 |
Rs’000 |
|
|
|
|
|
|
|
|
SALES |
|
5,966,310 |
4,855,594 |
|
|
COST OF GOODS SOLD |
|
(
5,454,382) |
( 4,373,394) |
|
|
|
|
--------- |
--------- |
|
|
GROSS PROFIT |
|
511,928 |
482,200 |
|
|
OTHER OPERATING INCOME |
|
55,669 |
47,711 |
|
|
DISTRIBUTION COSTS |
|
( 51,107) |
( 53,616) |
|
|
ADMINISTRATIVE EXPENSES |
|
( 359,481) |
( 306,451) |
|
|
|
|
--------- |
--------- |
|
|
OPERATING PROFIT |
|
157,009 |
169,844 |
|
|
FINANCE (COSTS)/INCOME – NET |
|
( 3,425) |
4,630 |
|
|
SHARE OF PROFITS OF ASSOCIATES |
|
21,669 |
20,012 |
|
|
|
|
--------- |
--------- |
|
|
PROFIT BEFORE TAXATION |
|
175,253 |
194,486 |
|
|
TAXATION (Note 3) |
|
( 32,990) |
( 40,860) |
|
|
|
|
--------- |
--------- |
|
|
PROFIT FOR THE YEAR |
|
142,263 |
153,626 |
|
|
|
|
========= |
========= |
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
Rs |
4.85 |
5.24 |
|
|
|
|
|
|
|
|
DIVIDENDS PER SHARE |
|
|
|
|
|
Interim Rs |
Rs |
1.50 |
2.50 |
|
|
Final Rs |
Rs |
1.80 |
4.90 |
|
|
|
|
|
|
|
|
NET ASSETS PER SHARE Rs |
Rs |
13.42 |
14.97 |
|
|
|
|
|
|
|
|
NUMBER OF SHARES USED IN THE CALCULATION (000’s) |
|
29,322 |
29,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHELL MAURITIUS LIMITED
|
|
|
AUDITED |
|||
|
|
|
2005 |
2004 |
|
|
|
|
|
Rs’000 |
Rs’000 |
|
|
ASSETS
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment |
|
446,520 |
412,687 |
|
|
|
Intangible assets |
|
235 |
802 |
|
|
|
Prepaid operating leases |
|
1,249 |
1,329 |
|
|
|
Investments in associates |
|
16,949 |
27,530 |
|
|
|
Loans receivable |
|
4,371 |
3,238 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
|
469,324 |
445,586 |
|
|
|
|
|
--------- |
--------- |
|
|
Current assets
|
|
|
|
|
|
|
Inventories |
|
456,450 |
250,320 |
|
|
|
Receivables and prepayments |
|
557,911 |
422,946 |
|
|
|
Cash at bank and in hand |
|
193,392 |
237,483 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
|
1,207,753 |
910,749 |
|
|
|
|
|
--------- |
--------- |
|
|
Total assets
|
|
1,677,077 |
1,356,335 |
|
|
|
|
|
========= |
========= |
|
|
EQUITY
|
|
|
|
|
|
|
Share capital |
|
293,223 |
293,223 |
|
|
|
Retained earnings |
|
100,290 |
2,010 |
|
|
|
Proposed dividends |
|
- |
143,679 |
|
|
|
|
|
--------- |
--------- |
|
|
Total equity
|
|
393,513 |
438,912 |
|
|
|
|
|
--------- |
--------- |
|
|
LIABILITIES
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Deferred income tax liabilities |
|
30,739 |
30,069 |
|
|
|
Retirement benefit obligations |
|
19,266 |
10,747 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
|
50,005 |
40,816 |
|
|
|
|
|
--------- |
--------- |
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables |
|
1,098,074 |
737,060 |
|
|
|
Deposits on LPG cylinders |
|
99,162 |
94,747 |
|
|
|
Current income tax liabilities |
|
36,323 |
44,800 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
|
1,233,559 |
876,607 |
|
|
|
|
|
--------- |
--------- |
|
|
Total liabilities
|
|
1,283,564 |
917,423 |
|
|
|
|
|
--------- |
--------- |
|
|
Total equity and liabilities
|
|
1,677,077 |
1,356,335 |
|
|
|
|
|
========= |
========= |
|
|
SHELL MAURITIUS LIMITED
STATEMENT
OF CHANGES IN EQUITY
FOR THE
YEAR ENDED 31 DECEMBER 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 |
Dividends
relating to 2003
|
- |
- |
( 117,289) |
( 117,289) |
Profit
for the year
|
- |
153,626 |
- |
153,626 |
|
Unclaimed dividends forfeited during the year (Note 4
(b))
|
- |
314 |
- |
314 |
Dividends
relating to 2004:
|
|
|
|
|
Proposed before the balance sheet date
(Note 4)
|
- |
( 73,306) |
- |
( 73,306) |
Proposed after the balance sheet date
(Note 4)
|
- |
( 143,679) |
143,679 |
- |
|
|
-------- |
-------- |
-------- |
-------- |
|
At 31 December 2004 |
293,223 |
2,010 |
143,679 |
438,912 |
|
Profit for the year |
- |
142,263 |
- |
142,263 |
|
Dividends relating to 2004 |
- |
- |
( 143,679) |
( 143,679) |
|
Dividends relating to 2005: |
|
|
|
|
|
Proposed and
paid before the balance sheet date (Note 4) |
- |
( 43,983) |
- |
( 43,983) |
|
|
-------- |
-------- |
-------- |
-------- |
|
At 31 December 2005 |
293,223 |
100,290 |
- |
393,513 |
|
|
======== |
======== |
======== |
======== |
SHELL MAURITIUS LIMITED
CASH FLOW
STATEMENT
|
|
|
AUDITED |
|
|
|
2005 |
2004 |
|
|
|
Rs’000 |
Rs’000 |
|
|
Cash flow
from operating activities |
|
|
|
|
Profit
before taxation |
175,253 |
194,486 |
|
|
Adjustments
for: |
|
|
|
|
Depreciation on property, plant and
equipment |
51,903 |
47,059 |
|
|
(Decrease)/increase in provision for
impairment of receivables |
( 1,831) |
11,624 |
|
|
Amortisation of intangible assets |
567 |
555 |
|
|
Amortisation of prepaid operating leases |
80 |
80 |
|
|
Interest expense |
370 |
2 |
|
|
(Profit)/loss
on disposal of property, plant and equipment |
( 170) |
758 |
|
|
Profit on disposal of associate |
- |
( 1,311) |
|
|
Interest income |
( 4,163) |
( 5,321) |
|
|
Unrealised gain on exchange |
( 9,185) |
( 1,400) |
|
|
Property, plant and equipment written off |
704 |
155 |
|
|
Fair value loss on forward contracts |
- |
447 |
|
|
Share of
profits of associates |
( 21,669) |
( 20,012) |
|
|
Retirement benefit obligations |
8,519 |
4,782 |
|
|
Deposits on LPG cylinders written back |
( 8,728) |
( 8,524) |
|
|
|
--------- |
--------- |
|
Operating profit before working capital
changes
|
191,650
|
223,380
|
|
|
Increase in inventories |
( 206,130) |
( 85,752) |
|
|
Increase in receivables and prepayments |
( 132,334) |
( 86,085) |
|
|
Increase
in trade and other payables |
363,951 |
142,429 |
|
|
Increase
in deposits on LPG cylinders |
13,143 |
9,578 |
|
|
|
--------- |
--------- |
|
|
Cash generated from operations |
230,280 |
203,550 |
|
|
Interest
paid |
( 370) |
( 2) |
|
|
Income
tax paid |
( 40,797) |
( 54,433) |
|
|
|
--------- |
--------- |
|
Net cash from operating activities |
189,113 |
149,115 |
|
|
|
--------- |
--------- |
|
|
Cash flow
from investing activities |
|
|
|
|
Proceeds from disposal of property, plant and
equipment |
714 |
231 |
|
|
Proceeds from disposal of associate |
- |
5,880 |
|
|
Interest
received |
4,163 |
5,321 |
|
|
Dividends
received from associates |
32,250 |
10,580 |
|
|
Payments
for purchase of property, plant and equipment |
( 80,967) |
( 63,044) |
|
|
Payments
for purchase of intangible assets |
- |
( 165) |
|
|
Operating
lease payments |
- |
( 61) |
|
|
Loans
(given)/refunded |
( 1,133) |
1,396 |
|
|
|
--------- |
--------- |
|
|
Net cash used in investing activities |
( 44,973) |
( 39,862) |
|
|
|
--------- |
--------- |
|
|
Cash flow
from financing activities |
|
|
|
|
Forfeited
dividends (Note 4) |
- |
314 |
|
|
Dividends
paid |
( 187,662) |
( 190,595) |
|
|
|
--------- |
--------- |
|
|
Net cash used in financing activities |
( 187,662) |
( 190,281) |
|
|
|
--------- |
--------- |
|
|
Net decrease in cash and cash equivalents |
( 43,522) |
( 81,028) |
|
|
Cash and
cash equivalents at beginning of year |
237,483 |
318,873 |
|
|
Effect of exchange rate changes on cash and cash
equivalents |
( 569) |
( 362) |
|
|
|
--------- |
--------- |
|
|
Cash and cash equivalents at end of year |
193,392 |
237,483 |
|
|
|
========= |
========= |
|
SHELL
MAURITIUS LIMITED
NOTES TO THE CONDENSED FINANCIAL STATEMENTS - 31 DECEMBER
2005
1 ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of these financial statements are the same as those adopted for the preparation of the previous year’s financial statements.
Basis of
preparation
The financial statements are prepared under the
historical cost convention.
The financial
statements are prepared in accordance with and comply with International
Financial Reporting Standards (“IFRS”).
The preparation of financial statements in accordance with IFRS requires
the use of estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Although
these estimates are based on management’s best knowledge of current events and
actions, actual results ultimately may differ from these estimates.
2 SEGMENT
INFORMATION
Year ended
31 December 2005
|
|
Aviation and marine |
LPG |
Retail and Commercial |
Total |
|
|
Rs’000 |
Rs’000 |
Rs’000 |
Rs’000 |
|
|
|
|
|
|
|
Sales |
2,501,010 |
500,094 |
2,965,206 |
5,966,310 |
|
|
========= |
========= |
========= |
========= |
|
Segment results |
139,247 |
64,805 |
93,071 |
297,123 |
|
Unallocated costs |
|
|
|
(
140,114) |
|
|
|
|
|
--------- |
|
Operating profit |
|
|
|
157,009 |
|
|
|
|
|
========= |
Year ended 31 December 2004
|
|
Aviation
and marine |
LPG |
Retail
and commercial |
Total |
|
|
Rs’000 |
Rs’000 |
Rs’000 |
Rs’000 |
|
|
|
|
|
|
|
Sales |
1,683,983 |
427,848 |
2,743,763 |
4,855,594 |
|
|
========= |
========= |
========= |
========= |
|
Segment
results |
78,491 |
76,422 |
194,287 |
349,200 |
|
Unallocated
costs |
|
|
|
(
179,356) |
|
|
|
|
|
--------- |
|
Operating
profit |
|
|
|
169,844 |
|
|
|
|
|
========= |
SHELL
MAURITIUS LIMITED
NOTES TO THE CONDENSED FINANCIAL STATEMENTS - 31 DECEMBER
2005 (CONTINUED)
3
TAXATION
|
|
2005 |
2004 |
|
|
Rs’000 |
Rs’000 |
|
Charge for the year |
|
|
|
|
|
|
|
Based on the profit for the year, as adjusted for tax
purposes, at 25% (2004 – 25%) |
36,323 |
44,800 |
|
Over
provision of income tax in previous year |
( 4,003) |
(
633) |
|
Deferred tax |
670 |
(
3,307) |
|
|
------- |
------- |
|
|
32,990 |
40,860 |
|
|
======= |
======= |
4
DIVIDENDS
|
|
2005 |
2004 |
|
|
Rs’000 |
Rs’000 |
|
Declared and paid: |
|
|
|
Interim
dividend of Rs 1.50 per ordinary
share (2004 : Rs 2.50) |
43,983 |
73,306 |
|
|
======= |
======= |
|
Proposed: |
|
|
|
Final dividend of Rs NIL per
ordinary share (2004 : Rs 4.90) |
-
|
143,679 |
|
|
======= |
======= |
a) As
from 2005, the Company accounts for dividends in accordance with International
Accounting Standard IAS 10 (Revised 2003), Events After the Balance Sheet Date
and only recognises dividends declared by the Board of Directors during the
year under review. Accordingly, the
dividend of Rs 52,780,054 representing Rs. 1.80
per share declared on 27 March 2006 shall be accounted for in the year to
31 December 2006.
b) 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.
5 COMMENTS ON RESULTS
Increased
revenue in 2005 was due to higher international oil prices and the continued
impact of the introduction of the automatic pricing mechanism (APM) for
controlled petroleum products.
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 and increased bonuses granted to employees of Shell Mauritius following good performance from the
Shell Group.
SHELL
MAURITIUS LIMITED
NOTES TO THE CONDENSED FINANCIAL STATEMENTS - 31 DECEMBER
2005 (CONTINUED)
6 FUTURE DEVELOPMENTS
The
construction of the new Plaisance depot has started and is expected to be completed
by the end of 2006. The new Head Office
is currently under construction at Roche Bois and will be operational as from
mid 2007.
These
financial statements are issued pursuant to Listing Rule 12.20.
The
Board of Directors accepts full responsibility for the accuracy of the
information contained in these financial statements.
BY ORDER
OF THE BOARD
27 March
2006