Alteo Annual Report 2014

Striving for a
sustainable growth
ANNUAL REPORT 2014
page
CONTENTS
Dear Shareholder,
The Board of Directors of Alteo Limited (ALTEO or the Company) is pleased to present its Annual Report for the year
ended June 30, 2014. This report was approved by the Board of Directors at a meeting held on September 22, 2014.
On behalf of the Board of Directors of ALTEO, we invite you to go through the Annual Report and join us at the Annual
Meeting of the Company which will be held:
DATE:
TIME:
PLACE:

THURSDAY, DECEMBER 18, 2014

10.00 HOURS
HENNESSY PARK HOTEL
EBONY CONFERENCE ROOM
65, EBNE CYBERCITY, 72201 EBNE
Notice of Annual Meeting

Corporate Information
Group Structure
Chairmans Statement
Executives Report
Corporate Social Responsibility
Statement of Compliance
Corporate Governance
Statutory Disclosures
Company Secretarys Certificate
02
04
06 - 07
08 - 09
10 - 47
44 - 47
48
49 - 71
72 - 82
83
Independent Auditors Report to the Members 84 - 85

Statements of Financial Position
86
Statements of Profit or Loss
87 - 88
and Other Comprehensive Income
Statements of Changes in Equity
89 - 90
Statements of Cash Flows
91
Notes to the Financial Statements
92 - 159
Proxy Form
163
Postal Vote
164
We look forward to seeing you.

Yours sincerely,
Arnaud Lagesse
Chairman
Alteo Limited - ANNUAL REPORT 2014
page
NOTICE OF ANNUAL MEETING

TO SHAREHOLDERS
page
Notice is hereby given that the Annual Meeting (the Meeting) of Shareholders of Alteo Limited (the Company) will be held at
Hennessy Park Hotel, Ebony Conference Room, 65 Ebne Cybercity, 72201 Ebne on Thursday, December 18, 2014 at 10.00
hours to transact the following business in the manner required for the passing of ORDINARY RESOLUTIONS:
AGENDA
1. To consider the Annual Report 2014 of the Company.
2. To receive the report of BDO & Co, the auditors of the Company.
3. To consider and adopt the Groups and Companys audited financial statements for the year ended June 30, 2014.
4. To elect, on the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as Director
of the Company to hold office until the next Annual Meeting, Mr. Jrme de Chasteauneuf1 who has been nominated by the
Board of Directors on 26 March 2014 and who offers himself for election.
5. To elect, on the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as Director
of the Company to hold office until the next Annual Meeting, Mr. Jean-Pierre Dalais1 who has been nominated by the Board
of Directors on 30 June 2014 and who offers himself for election.
6-13. To re-elect, on the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as
Directors of the Company to hold office until the next Annual Meeting, the following persons1 who offer themselves for
re-election (as separate resolutions):
6. Mr. Arnaud Lagesse
7. Mr. Jean-Claude Bga
8. Mr. Jan Boull
9. Mr. P. Arnaud Dalais
10. Mr. Amde Darga
11. Mr. Jean de Fondaumire
12. Mr. Patrick de L. dArifat
13. Mr. Thierry Lagesse
14. To re-appoint BDO & Co as auditors of the Company for the ensuing year and to authorise the Board of Directors to fix their
remuneration.
15.
To ratify the remuneration paid to the auditors for the financial year ended June 30, 2014.
By Order of the Board
Nathalie Gallet, ACIS

For Navitas Corporate Services Ltd
Company Secretary
November 13, 2014
Notes
1.
A shareholder of the Company entitled to attend and vote at this Meeting may appoint a proxy of his/her own choice to attend and vote
on his/her behalf. A proxy need not be a member of the Company.
2.
A proxy form and a postal vote are included in this Annual Report and are also available at the registered office of the Company, Viva
Business Park, 81406 Saint Pierre.
3.
The instrument appointing a proxy or any general power of attorney shall be deposited at the Share Registry and Transfer Office of the
Company, MCB Registry & Securities Ltd, 9th Floor, MCB Centre, Sir William Newton Street, 11328 Port-Louis, not less than twenty-four
(24) hours before the start of the Meeting and in default, the instrument of proxy shall not be treated as valid.
4.
Postal votes shall be deposited at the Share Registry and Transfer Office of the Company, MCB Registry & Securities Ltd, 9th Floor, MCB
Centre, Sir William Newton Street, 11328 Port-Louis, not less than forty-eight (48) hours before the start of the Meeting and in default,
the postal vote shall not be treated as valid.
5.
For the purpose of this Annual Meeting, the Directors have resolved, in compliance with Section 120(3) of the Companies Act 2001, that
the shareholders who are entitled to receive notice of the meeting shall be those shareholders whose names are registered in the share
register of the Company as at November 20, 2014.
6.
The minutes of the Annual Meeting held on December 18, 2013 are available for consultation by the shareholders during office hours at
the registered office of the Company, Viva Business Park, 81406 Saint Pierre.
7.
The minutes of the Annual Meeting to be held on December 18, 2014 will be available for consultation and comments during office hours
at the registered office of the Company, Viva Business Park, 81406 Saint Pierre from February 2 to 13, 2015.
The year under review has thus

witnessed the consolidation of
our sugar and property operations
in Mauritius and the progress achieved
towards putting into place the
optimum framework to achieve our
global sustainability objectives.
Financial operational results
both in Mauritius and Tanzania
have been encouraging despite
the reduction in sugar prices on both
markets. On the property front, the start
of an interesting turnaround has been
achieved at Anahita which should be
reflected in the next years results.
Footnote 1: The profiles and categories of the Directors proposed for election and re-election are set out at pages 52 to 54 of the Annual Report 2014.
page
CORPORATE
INFORMATION
MANAGEMENT TEAM
P. Arnaud Dalais Group Chief Executive
Patrick de L. dArifat Chief Executive Officer
Fabien de Marass Enouf Chief Finance Officer
Robert Baissac CEO of TPC Ltd
Sbastien Lavoipierre COO Industrial Activities
Christian Marot COO Agricultural Activities
Jean-Robert Lincoln Group Agricultural Development
Executive
Patrice Legris CEO of Alteo Properties Ltd
REGISTERED OFFICE
Viva Business Park
81406 Saint Pierre
Mauritius
BRN: C06000012
Tel: (230) 402 9050
Fax: (230) 432 0729
Website: www.alteogroup.com
ALTEO - BEAU CHAMP

Beau Champ
40903 Grand River South East
Mauritius
Tel: (230) 417 6000
Fax: (230) 417 6481
page
5
SHARE REGISTRY & TRANSFER OFFICE
If you are a shareholder and have inquiries regarding
your account, wish to change your name or address,
or have questions about lost share certificates, share
transfers or dividends, please contact our Share Registry
and Transfer Office:
MCB Registry & Securities Limited
9th Floor, MCB Centre
Sir William Newton Street
11328 Port-Louis
Mauritius
Tel: (230) 202 5397
Fax: (230) 208 1167
EXTERNAL AUDITORS
BDO & Co.
INTERNAL AUDITORS
EY
BANKERS
ABC Banking Corporation
AfrAsia Bank Limited
Barclays Bank PLC
Bank of Baroda
Banque des Mascareignes Lte
ALTEO - UNION FLACQ

41903 Union Flacq
Mauritius
Tel: (230) 402 3300
Fax: (230) 413 2699
Bank One Limited

State Bank of Mauritius Ltd
The Hong Kong and Shanghai Banking Corporation Ltd
The Mauritius Commercial Bank Ltd
COMPANY SECRETARY
Navitas Corporate Services Ltd
Navitas House
Robinson Road
74111 Floral
Tel: (230) 605 1700
Fax: (230) 698 5351
50%
Alteo Astonfield Solar Ltd
page
GROUP
STRUCTURE
100%
50%
AS AT SEPTEMBER 22, 2014
6.99%
99.99%
CIEL Limited
(formerly Deep River
Investment Ltd)
20.96%
64.23%
61.72%
65.19%
100%
Commercial and Industrial

Enterprises Ltd
Anahita Residences
and Villas Limited
33.33%
Ferney Aquaculture Limited
Refinest Limited
Eastern Energy Company
Limited
32.5%
32.5%
13.13%
ALTEO
LIMITED
100%
Consolidated Energy
Co. Ltd.
Usinest Limited
100%
37.5%
GML Investissement Lte

26.92%
Alteo Refinery Ltd
50.63%
Alteo Properties Ltd
50%
Trois Ilots Limited
Constance La Gait
Company Limited
100%
60%
page
Anahita World Class

Sanctuary Ltd
Sucrire des Mascareignes

Limited
100%
CIEL et Nature Limite
80%
Anahita Centre for Excellence

Limited
Deep River Beau Champ

Milling Company Ltd
Bluefrog Limited
Sukari Investment Company
Limited
75%
TPC Ltd
Anahita Estates Limited

61%
50%
Anahita Hotel Limited
39%
Anahita Golf Ltd
33.3%
Fondation CIEL Nouveau Regard
100%
Socit Beauregard
65.10%
Other Shareholders
52.12%
Alteo Energy Ltd
50%
Compagnie Usinire de
Mon Loisir Lte
50%
76.50%
Alteo Milling Ltd
100%
85.72%
100%
100%
99.99%
57.15%
Alteo Planters Services Ltd
Compagnie de la Vigie Limite
Schoenfeld Co. Ltd
Island Fresh Ltd
West East Limited
99.89%
100%
Trianon Estates Limited
Socit Gonin
100%
Socit Ducomet
Sena Development Ltd

33.33%
42.03%
Volailles et Tradition Ltee
Alcohol & Molasses Export Limited

page
page
CHAIRMANS STATEMENT
Dear Shareholder,
In the name of the Board of Directors of ALTEO, I am
pleased to present you with the companys annual
report for the year 2013/2014. As you are aware, this
has been the second reporting year of your company
following the amalgamation of Flacq United Estates
Limited with and into Deep River Beau Champ (DRBC)
in July 2012.
During the year under review, ALTEO further
consolidated its operations in the aftermath of the
amalgamation and decisively set about to achieving the
strategic goals which had been earmarked at the time of
the amalgamation.
On the financial side, the Alteo Group registered positive
results for the year under review, mainly led by sugar
operations in Tanzania which continued to yield very
good results and achieved a record production. At the
same time, sugar operations in Mauritius suffered from a
significant drop in price which was partly compensated
by an early start of harvest 2014. The energy cluster
continued to post satisfactory results achieved through
improved efficiency and relatively low coal prices. The
property operations posted better results following the
successful launch of three new phases at Anahita.
OVERALL REVIEW
On a strategic and operational plan, the following main
features occured during the year:
1) The adoption of a modern agricultural management
information system in Mauritius as an important
decision making tool with regard to yield
optimisation and cost-efficiency for the future.
2) The closure of the Deep River Beau Champ Milling
(DRBC M) factory in line with the national sugar
reform plan and the redirection of all the canes to
Alteo Milling factory, in parallel to the completion
of the investment programs at both Alteo Milling Ltd
and Alteo Energy Ltd to accommodate the additional
cane throughput.
3) On the property front, the successful development
of two land plot phases, namely The Gardens and
Woodview, at Anahita as well as the Amalthea
17-villas phase.
4) The disposal of ALTEOs 50% stake in Novelife in
December 2013.
5) The signing of a MoU in October 2013 with Nsoko
Msele promoters with regards to a new sugar project
in Swaziland.
6) The signing of Head of Terms in July 2014 in respect of

the proposed acquisition of 51% stake in Transmara
Sugar Company Ltd in Kenya.
7) The decision in September 2014 to dispose of
ALTEOs 50% stake in Anahita Hotel Ltd in line with
the Groups strategy to focus on its core activities.
GROUP FINANCIAL RESULTS
The Group turnover for the year under review reached
Rs 5,932M, down 2% on the previous years figure of
Rs 6,066M. This turnover was achieved despite the drop
in sugar prices in both Mauritius and Tanzania during the
year. The effect of lower prices were partly offset by a
higher sales volume in Tanzania and an early start to the
2014 harvest in Mauritius.
The Group operating profit for the year stood at
Rs 1,337M compared to Rs 2,008M in 2013. This
significant drop is largely attributable to a 10% and
12% drop in sugar prices in Mauritius and Tanzania
respectively. Furthermore, these prices have had an
adverse effect on the standing crop valuation at year
end. A loss of Rs 124M was thus recorded on the fair
value of consumable biological assets in Mauritius
compared to a gain of Rs 111M last year. The previous
year profit also included a one-off gain on the fair
value of investment property.
Group profit after tax dropped to Rs 569M compared
to a figure of Rs 1,415M achieved in 2013. During the
year, the company disposed of its 50% stake in Novelife
for a gross cash consideration of Rs 180M, however, this
disposal led to an accounting loss of Rs 229M for the group.
This loss was partly offset by gains available for sale
assets. Finance costs decreased by Rs 60M compared
to last year as a result of the full impact of the notes
issued in June 2013.
Share of results from associates and joint ventures
dropped to Rs 55M compared to Rs 104M in 2013.
This drop can primilarly be explained by an exceptional
income recorded by Novelife in 2013.
PROSPECTS
Social responsibility
Sugar and Energy
An excellent overall crop is expected in Mauritius but
this will unfortunately not fully mitigate the effect
caused by the significant reduction forecast in export
prices to the EU market. Following the transfer of the
DRBCM operations onto Alteo Milling Ltd at Union
Flacq, the latter is expected to produce some 140,000
tonnes of sugar from the 2014 crop. Once the inevitable
operational issues linked to such a centralisation are
resolved, the merged operation will fully benefit from
the economies of scale generated by the increase
throughput.
Energy results are likely to remain in line with the
previous years on the basis of stable coal prices over the
foreseeable future and improved bagasse availability.
A very good crop is again anticipated in Tanzania against
the still challenging market conditions.
Property
The recent turnaround witnessed in the property cluster
at Anahita is expected to gain in momentum towards
the end of the year with the delivery of The Gardens
and Woodview phases and the completion of the villas
phase of the Amalthea development.
ALTEO continued to be very active on the social and

environmental fronts. Total contribution of Rs 5.9M (2013:
Rs 4.7M) to various socio-economic developments,
education and training, childcare and health projects.
ALTEO will continue to fulfil the various commitments of
ex-DRBC as well as those of ex-FUEL through Fondation
CIEL Nouveau Regard and GML Fondation Joseph
Lagesse respectively, as well as directly contributing to a
number of other activities.
Appreciation
I would like to express my gratitude to my colleagues on
the Board of Directors for their assistance and guidance
throughout the year. A special mention for Messrs
Christian Dalais and Louis Guimbeau who resigned
during the year after having served on the DRBC and
Alteo Boards for 17 and 23 years respectively. We would
like to thank them for their contribution to the affairs
of the Company and seize this opportunity to welcome
Messrs Jrme De Chasteauneuf and Jean-Pierre Dalais who
were appointed on the Board of ALTEO on March 26, 2014
and June 30, 2014 respectively. Finally, we also extend
our appreciation to the management and staff under
the leadership of Arnaud Dalais, Group Chief Executive,
and Patrick dArifat, Chief Executive Officer, for their
valuable contribution during the year.
Regional Development
SWAZILAND: Operational and financial studies are
still being conducted with regards to this project with
a view to determining its viability under the present
challenging export market conditions.
KENYA: The proposed acquisition of a majority stake in
Transmara Sugar Company is subject to the satisfactory
completion of a due diligence exercise which is well
under way and which, at the time of writing, is expected
-to-be completed by the end of 2014.
Arnaud Lagesse
Chairman
September 22, 2014
An interim dividend of Re 0.35 per share (2013: Re 0.30)

and a final dividend of Re 0.45 per share (2013: Re 0.45)
were declared during the financial year under review.
page
10
page
EXECUTIVES REPORT
EXECUTIVES REPORT
We are pleased to submit our executives report for the
year 2013/2014, ALTEOs second year in operation.
ALTEO AGRI
During the year, the Group continued to strive towards

its declared objective of being a regional reference in the
sugar cane and related industry as well as in property
development. The main achievements and landmarks
of the year are contained in the present report which
summarizes the operational and strategic ambitions of
your company.
ALTEO SUGARS
ALTEO ENERGY
ALTEO INTERNATIONAL
ALTEO PROPERTY & HOSPITALITY
The year under review has thus witnessed the

consolidation of our sugar and property operations in
Mauritius and the progress achieved towards putting the
optimum framework into place to achieve our global
sustainability objectives. At the same time, further
resources have been devoted to the ALTEOs strategic
intent of expanding its production base in Africa and
exciting prospects are being pursued.
Financial operational results both in Mauritius and
Tanzania have been encouraging despite the reduction
in sugar prices on both markets. On the property front,
the start of an interesting turnaround has been achieved
at Anahita which should be reflected in next years
results.
Jean Luc Harel, for his part, retired as Chief Operating

Officer of the Industrial Cluster as from the beginning
of 2014 and was replaced by Sbastien Lavoipierre. We
would like to take this opportunity to thank Jean Luc for
his contribution to the development of ex FUEL and also
to his commitment and dedication in ensuring that the
ALTEO merger be a success.
We extend a special welcome to Fabien and Sbastien
in the Alteo Group and wish them a very fruitful career
among us.
We are pleased to present hereunder an extensive
review of the different lines of activity in which the
group operates, namely:
a) Cane Growing
b) Sugar Manufacturing
c) Sugar Refining
d) Energy Production
e) Regional Development
f) Property & Hospitality
At the Executive level, Jrme De Chasteauneuf who

acted as Head of Finance during the 18-month transition
period after the amalgamation was replaced as Chief
Finance Executive by Fabien de Marass Enouf as from
the January 1, 2014. Jrme has since been appointed
as Non-Executive Director on the Board of ALTEO and
is now an Executive Director of CIEL Ltd, one of the two
main shareholders of the company. We would like to
put on record our appreciation for Jeromes significant
contribution to the development of ex-DRBC and to
making ALTEO a reality.
Alteo
Alteo Limited
Limited --ANNUAL
ANNUAL REPORT
REPORT 2013
2014
11
page
page
12
EXECUTIVES REPORT
CANE GROWING
CANE GROWING
Review of Operations
ALTEO
2013 Crop
ALTEOs cane production only reached 759,486 t in
2013, a disappointing crop compared to the initial
estimate of 843,294 t and to the 807,645 t harvested
the previous year. Total area harvested stood at 10,024
ha, slightly lower than that of 2012 by 50 ha.
Compared to budgeted figures, a reduction of 19.3% in
cane productivity was registered in Mon Loisir, 10.6% at
Union Flacq, 5.8% at Beau Champ while at Ferney
the result was 0.4% above the budgeted figures.
Such a drop in production was mainly caused by the

uneven rainfall distribution during the vegetative period.
From October 2012 to March 2013, the cumulative
rainfall recorded in the North and East was 901 mm and
1,684 mm respectively, representing 111% and 139% of
the Long Term Mean (LTM) and was conducive to cane
growth. Unfortunately, between April and September
2013, a deficit of of 61.2% of rainfall was recorded
in the North and 20.4% in the East as compared to
the LTM, and impacted cane productivity negatively.
Rainfall was evenly distributed in the South and was
beneficial to the Ferney region where cane productivity
per hectare increased from 76.3 t in 2012 to 90.7 t in
2013, representing an increase of 19%.
The precipitations in the North and the East are illustrated by Graphs below.
Rainfall distribution in the North from October 2013 to April 2014 v/s LTM (source MSIRI)
cms
500
450
400
350
300
250
200
150
100
50
0
Oct 2012 - April 2013

Oct 2013 - April 2014
ril
Ap
ry
ar
ch
M
ru
a
ry
Fe
b
Ja
nu
a
be
r
r
be
ce
m
De
ov
em
N
O
ct
ob
er
LTM
Rainfall distribution in the East from October 2013 to April 2014 v/s LTM (source MSIRI)
cms
Pulling resources
together to improve
competitiveness
800
700
600
500
400
Oct 2012 - April 2013
300
200
Oct 2013 - April 2014
100
LTM
ril
Ap
M
ar
ch
Fe
br
ua
r
y
Ja
nu
ar
be
r
be
r
De
ce
m
ov
em
ct
ob
er
13
page
14
page
EXECUTIVES REPORT
CANE GROWING
Table 1 below gives an overview on the tonnage of cane production for crop 2013 at ALTEO.
Area (hectares)
Regions
Beau
Champ
Cane Production (tonnes)
Yield (tonne/hectare)
Estimate
Actual
Estimate
Olivia
1,197
1,187
104,000
98,499
86.8
83.0
Belle Rive
1,472
1,471
117,000
108,867
79.5
74.0
792
797
71,500
72,325
90.3
90.7
Ferney
Actual
Estimate
Actual
Union
Flacq
Q. Victoria
2,930
2,908
258,000
222,919
88.0
76.7
Bel Etang
1,900
1,900
150,000
140,271
78.9
73.8
Mon Loisir
Mon Loisir
1,741
1,761
142,795
116,605
82.0
66.2
10,032
10,024
843,295
759,486
80.2
75.8
TOTAL
An extraction rate (commercial sugar recovered % cane)

of 10.70% was recorded on average which compared
favourably to the initial budget of 10.50% and to the
rate of 10.45% recorded the previous year. Beau Champ
had the lowest extraction rate at 10.60% followed by
Union Flacq at 10.70%, while Mon Loisir registered the
highest result at 10.94%.
new Centre Pivots covering 125 ha

Upgrading the existing irrigation infrastructure at
Beau Champ
Implementing a GPS guidance system for a better
control of in-field traffic
Introducing 4 new filtercake applicators
On the harvest front, 55.9% of cane production, that is

424,000 t was harvested mechanically which is at par
with the previous year. An additional tonnage of 20,000
t of canes, belonging to small and medium out growers,
were also harvested by ALTEOs mechanical harvesters.
Overall capital expenditure for the year under review,
excluding land acquisition of Rs 38M, amounted to
Rs 275M, of which Rs125M was spent on replanting
1,325 ha compared to 1,225 ha in 2012/2013. Total
capital expenditure for the previous financial year, had
stood at Rs 204.3M.
Such additional investment was required for:
Optimizing and upgrading the agricultural and
transport equipment
Extending the mechanized area
Extending the irrigation systems at Mon Loisir with 2
EXECUTIVES REPORT
CANE GROWING
During the year, the ALTEO agricultural management

team opted for a modern agricultural management
information system, namely Cane Pro, which is a
strategic tool not only used to cater for superior
monitoring, queries and analysis, but also to facilitate
the flow of information within the Agri Cluster with the
result of improving communication, favouring team
work and enhancing decision making.
2013/2014 Financial Results
For the year under review, the price of sugar reached
Rs 15,830 per tonne, down 9.92% from the previous
year (Rs 17,573 per tonne). The price of molasses, fell
by 11.81% to Rs 1,971 per tonne as compared to
Rs 2,235 in 2012 .
Table 1 shows the trend in prices in recent years.
For the 2013 crop year, the company harvested 758,230

t of cane, bringing in a revenue of Rs 1,002M. The 2014
crop harvest began on the May 26, 2014 and the revenue
(Rs 106M) from the 100,501 t of cane harvested by
June 30, was recognised in the financial statements to
June 30, 2014. Both crop years generated a combined
turnover of Rs 1,108M. Hence, the impact of reduced
prices was mitigated by the recognition of the additional
revenue from canes harvested in May and June 2014.
Other cane related revenues were accounted for on the
same basis and generated Rs 72M, bringing the turnover
to Rs 1,180M.
Other operating income rose by Rs 15M when
compared to the estimates which can be explained by
a higher refund of cane transport costs by the milling
company, an increase in management fees receivable
and increased revenues from agricultural diversification.
After taking into account the negative movement
of Rs 124M on the valuation of the standing crop,
which was mainly due to the fall in the sugar price, as
compared to the previous years positive movement of
Rs 111M, the company achieved a total income of
Rs 1,227M for the year.
As a result of the fall in the sugar price and of increases

in operating expenses, due to deferred expenses released
in the year, and the movement to cover the increase
in retirement benefit obligations, an operating loss of
Rs 146M was sustained.
2014 Crop
Based on prevailing climatic conditions from October
2013 to April 2014 and the monthly cane growth
measurements, the forecast for the 2014 crop is
853,300 t, i.e. 12.4% and 5.7% above 2013 and 2012
crop respectively. The rainfall trend during the growth
and development phases (October to April) in both the
Northern and Eastern regions was very favourable and
has been more or less in line with the Long Term Mean
(LTM). The same trend was observed at Ferney in the
Southern Region.
ALTEO Union Flacq: Cane Growth 2014

Cms
280
260
2014
240
2013
220
2001
200
180
160
140
120
100
80
60
Table 1: The selling price of sugar and molasses (2007-2014) in Rs per tonne.
Crop years
40
2014 (est.)
2013
2012
2011
2010
2009
2008
2007
Sugar
15,000
15,830
17,573
16,020
13,536
14,612
17,427
18,620
Molasses
2,000
1,971
2,235
1,982
2,689
3,016
2,181
1,361
9/1
23/1
6/2
20/2
6/3
20/3
3/4
17/4
1/5
15/5
29/5 12/6
Dates
15
page
16
page
ExecutiveS Report
CANE GROWING
ALTEO Beau Champ: Cane Growth 2014

Cms
260
2014
240
2013
220
ExecutiveS Report
CANE GROWING
An average cane yield of 85.3 tonnes per hectare has
been budgeted as well as a sugar recovery of 10.50%,
resulting in a sugar per hectare of 8.67 t on the total
harvest extent of 10,006 ha. On this basis, estimated
sugar accruing will amount to 66,328 t.
2001
200
180
Cane Estimate Crop 2014
160
As a result of the significant reduction forecasted

in sugar price on the EU market, the Mauritius Sugar
Syndicates latest price estimate for the 2014 crop
140
120
has been set at Rs 12,500 per tonne. However, it is

anticipated that the industry will benefit from a oneoff special dividend as a result of the Sugar Insurance
Fund actuarial surplus. The budgeted price of sugar has
thus been established at Rs 15,000 per tonne. Moreover,
the molasses price has been estimated at Rs 2,000 per
tonne and the Bottlers and Distributors Contribution
on potable alcohol at Rs 220 per tonne of sugar. The
production estimate is expected to increase slightly to
853,000 t of cane.
100
80
60
Manual Harvesting
Regions
40
20
9/1
23/1
6/2
20/2
6/3
20/3 3/4
17/4 1/5
15/5
29/5 12/6
Dates
Beau
Champ
Union
Flacq
ALTEO Mon Loisir: Cane Growth 2014

280
2014
260
2013
240
2001
220
200
2013
2014
2013
2014
Olivia
16,568
23,580
88,862
74,919
105,430
98,499
Belle Rive
52,477
52,196
71,089
56,671
123,566
108,867
Ferney
32,016
30,625
46,484
41,700
78,500
72,325
Q. Victoria
87,876
78,599
170,982
144,320
258,858
222,919
Bel Etang
136,720
132,547
10,280
7,724
147,000
140,271
12,953
17,763
127,047
98,842
140,000
116,605
338,610
335,310
514,744
424,176
853,354
759,486
TOTAL
Future Prospects
Since the amalgamation of DRBC and FUEL, one of the
main objectives of the agricultural cluster has been to
focus on the benefits of economies of scale as well as
enhancing operational efficiency.
180
160
140
120
100
During the financial year 2013/2014, significant

emphasis was placed on important new projects
amounting to Rs 75M, representing 50% of total capital
expenditure excluding replantation costs.
80
60
40
9/1
23/1
6/2
20/2
6/3
20/3 3/4
17/4 1/5
15/5
29/5 12/6
2013
A number of projects have been put on hold until the

sugar price evolves to more positive levels. Furthermore
it was decided that the replanting program would be
reduced by 400 ha and hence costs by a third, thus
from Rs 125M to Rs 87M, for the year 2014/2015. The
immediate impact will be an improvement in the cash
flow as fields that would once have been replanted will
now generate revenues for one further crop year.
Information Technology
Dates
As a consequence of the reduced forecasted sugar price,

capital expenditure will be concentrated on essential
core activities and urgent replacements, including the
planned replacement of 2 centre pivots at Union Flacq
and Beau Champ, the extension of the mechanised area
by 150 ha through a de-rocking scheme in rocky soil and
land improvement in rock free soil during replantation
process.
TOTAL
2014
Mon Loisir Mon Loisir
Cms
Mechanical Harvesting
ALTEOs global IT infrastructure has undergone a

major uplift not only with the deployment of the
VoIP PABX system and centralised printers, but also
with the implementation of an IT disaster recovery
plan. Furthermore, the IT network is being upgraded
to improve its reliability and robustness as well as to
increase data security. This upgrade will constitute
the foundation for the second phase of the Thin
Client deployment which, coupled with the setup of a
Virtual Desktop Infrastructure (VDI) as an alternative
to traditional hardware replacement, will significantly
enhance ALTEOs IT environment.
17
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18
19
ExecutiveS Report
HUMAN RESOURCES
Human Resources
- Training and Development
The company continues to invest in developing
the capabilities of its employees whose support is
instrumental in the organisations success.
During the year, an amount of Rs 2M was spent on
training and development. 80 employees attended
training courses ranging from maintenance and
upgrading of technical skills, supervisory skills to BSc and
MBA programs. Managers have also been encouraged to
participate in workshops and seminars. Field supervisors
have followed leadership courses to upgrade their skills.
- Occupational Safety and Health
The Occupational Safety & Health committees,
comprising representatives of employees and employer,
were very active during the year. Continuous emphasis
has been placed on risk assessment exercises to ensure
that health and safety matters are being fully complied
with.
In addition, regular on-site visits were organized to
ensure proper implementation of the safety and health
aspects at work and to address any ad-hoc issues.
ALTEO participates in the national effort aiming
at reversing the effects of diabetes and other noncommunicable diseases in Mauritius.
With the
collaboration of the Ministry of Health and other
partners, awareness sessions on diabetes, hypertension,
cancer and visual tests were organized for employees.
The awareness campaign on the importance of first
aid at work was pursued. Some 55 employees followed
3-day courses on first aid and 12 employees were
trained on forklift operating.
The main objective of Alteo Planters Services Ltd

(APS) is to provide cane planters with the best cultural
practices and with cost effective and quality services
to reduce their production costs. A la carte services
for all cultural practices, namely cane harvest, loading
and transport, fertilization, amongst others, are thus
available, as well as the complete management of fields
under the Field Operations and Regrouping Irrigation
Project (FORIP).
1. Field Operations Regrouping and Irrigation Project

(FORIP)
The department completed the handing over of the
Planters fields replanted in Long Season 2013 under
the 7th phase of FORIP and started the implementation
of the 8th Phase. The target for the 8th phase is the
replanting of 438 ha belonging to 603 planters in the
ALTEO factory area. The table below summarizes the
area replanted by the APS in the factory area since the
inception of FORIP in 2006.
Area (ha) Replanted in Alteo Factory Area
Year
Area replanted
(ha)
2006/2007
266
II
2008
326
III
2009
286
IV
2010
327
2011
285
VI
2012
370
VII
2013
352
VIII
2014*
675
TOTAL
The total number of small and medium cane planters in

the factory area of ALTEO is now 7,300. They contribute
about 385,000 t of cane to the factory yearly, which
represents 27% of total cane crushed and 37% of total
cane produced by planters island-wide.
2. Harvest Services
2.2. Fully Mechanized Harvest
2.1. Semi-Mechanized Harvest
As part of the Total Management Contracts with planters

of the Beau Champ region, ALTEO harvested 17,070 t of
cane for 62 planters. Furthermore, 4,850 t of cane were
also harvested for a cooperative at Union Flacq.
As it has been the case since 2011, APS provided Harvest

Services to planters of the factory area. A total of 50,886 t
of cane were harvested over an area of around 780 ha
belonging to 569 planters.
During the period under review, the main achievements

of the organisation were as follows:
Phase
ExecutiveS Report
HUMAN RESOURCES
Year
2011
2012
Semi-Mechanised Harvest
ALTEO Factory Area
Tonnage
No.
Harvested
Planters
34,428
324
47,704
445
Fully Mechanised Harvest

Union Flacq
Beau Champ
Tonnage
No.
Tonnage
No.
Harvested
Planters
Harvested
Planters
6,688
1 Cooperative
-
2013
50,886
569
4,850
1 Cooperative
17,070
62
2014 *
60,000
615
2,500
22,000
65
Note: * estimates
3. A la Carte Services
In addition to Harvest Services, APS provided la Carte
Services to 30 planters (18 Planters in 2012) over
an area of around 75 ha. Services included planting,
manual weeding, application of fertilizers and herbicides
and trash lining. Demand for such services is expected
to rise significantly in the future.
Future Prospects
The FORIP scheme, on the one hand, has greatly helped

to mitigate this land abandonment issue, whereas APS
has greatly contributed in reducing the constraints of
labour shortage and logistics by providing the required
services when needed and at a reasonable cost. APS
mission is to extend such valuable services to a greater
number of small cane planters on a timely basis. The
total management scheme, also proposed by ALTEO,
will also be extended to medium size cane planters. APS
will be structured accordingly to meet these challenges.
One of the main concerns with respect to the small cane

planters sector is the current trend in land abandonment
due to the continuous increase in their production costs
and logistics availability, as well as labour shortage to
manage their cane fields.
2887
Note: * = provisional
6,450
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20
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ExecutiveS Report
21
POULTRY
POULTRY
Volailles & Traditions Limite
Island Fresh
ALTEO owns one third of Volailles & Traditions Limite

(VTL) in partnership with Ireland Blyth Limited and
Inicia Lte.
During the year under review, the Mrandon farm was
upgraded to double its capacity from 80,000 to 160,000
chickens per flock.
For the financial year, five full batches were realized
instead of 6 as originally forecast. This was due to a
prolonged cleaning activity of 20 days between two
cycles for each batch instead of 14 days as initially
planned. The cleaning span is currently under review by
Management so as to reduce it to the initial forecast.
Production reached 1,867 t compared to the budgeted
figure of 2,068 t. The financial result for the same period
was better than initially estimated due, in a large part,
to very good result in terms of average live weight
per chick of 2.3 kg compared to a budgeted weight
of 2.22 kg, a better Food Conversion Ratio (FCR) and
a significant reduction in the mortality rate at 8.02%
instead of 8.21% as forecast.
As previously planned, the Mon Loisir farm facility,
now accommodates the production of a new breed of
slow-growing broiler chicken, marketed by Volailles et
Traditions Lte (VTL) under the brand Label 60, and
welcomed its first batch in the first quarter of the
financial year 2013/2014. However, as a result of a
delay in the coming into operation of the VTL slaughter
house, the farm remained idle for four months.
VTL taps the poultry niche market created by the

increasing consumer demand for more naturally raised
protein sources.
The rearing, breading and slaughter house facilities are
now fully operational and the product was launched
under the brand Label 60 on April 30, 2014. This
differentiated product has been well accepted by the
market and customers are recognising the difference
between this product and standard chicken.
Label 60 chickens are raised on a slower growth cycle
improving meat quality and taste and on a vegetable
diet consisting exclusively of corn and soybeans
enriched with vitamins and minerals. .
VTL chickens are from a French strain particularly sought
after from the Landes region, near Bordeaux, known as
Le Poulet Jaune des Landes. It can be recognized by
two specific physical characteristics - its yellow skin and
its neck bare of feathers.
After only two months of trading, due to delays in the
construction of the slaughter house, VTL registered
a loss of Rs 41.2M for the year ended June 30, 2014.
The 2014/2015 results should hence show a marked
improvement, and more so as a second contract growing
farm is now operational.
Normal farm operations only resumed with the second

batch as from March 2014. The financial impact of this
delay in starting slaughtering operations would have
been greater, had the contract with VTL not guaranteed
a gross operating profit based on the past performance
of the farm. Thus, Island Fresh Ltd, comprising the farms
at Mrandon and Mon Loisir registered a combined
profit of Rs 22.7M, higher than the budgeted amount
of Rs 21M.
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22
ExecutiveS Report
SUGAR MANUFACTURING
Exploring
new value-added
opportunities
SUGAR MANUFACTURING
DEEP RIVER BEAU CHAMP MILLING LIMITED
2013 Crushing Season
2009/2010
2010/2011
2012/2013
2013/2014
768,953
720,911
678,453
654,463
636,576
TCH
234.5
231.6
224.5
222.4
234.1
Canes/day (tonnes)
4,867
4,871
4,744
4,777
4,751
Purity mixed juice (%)
85.8
85.7
85.2
85.2
85.3
Sugar produced tonnes
Cane crushed during crop (tonnes)
2011/2012
78,285
76,203
69,493
66,874
68,311
Extraction (%)
10.18
10.57
10.24
10.21
10.73
OR (%)
85.97
86.33
86.21
85.55
86.15
Muscovado (tonnes)
9,316
9,407
10,139
14,153
13,913
13,573
12,858
15,815
14,635
8,367
520
55,367
53,889
43,579
38,040
45,523
Demerara (tonnes)
Special Raw (tonnes)
Other raws (PWS)
Extraction Rate Crop 2009 to 2013

Extraction
11.00
10.73
10.57
10.50
10.25
10.24
10.22
10.00
9.50
9.00
8.50
22/12
15/12
08/12
01/12
24/11
17/11
10/11
03/11
27/10
20/10
13/10
06/10
29/09
22/09
15/09
08/09
01/09
25/08
18/08
11/08
04/08
28/07
21/07
14/07
07/07
30/06
23/06
16/06
8.00
Week
Year 2009
Year 2010
Year 2011
Year 2012
Year 2013
23
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ExecutiveS Report
SUGAR MANUFACTURING
In 2013, 636,576 t of canes were milled at DRBC M over

a period of 134 days at an average daily rate of 4,751 t.
68,311 t of sugar were produced, 22,800 of which were
converted into special sugars.
The main features of the crushing season were firstly a
further reduction in the supply of canes to the factory
caused by the dry climatic conditions that prevailed
during the cane vegetative season and secondly a
substantial decrease in the production of Demerara
sugars resulting from a more competitive export
market. The shortfall in canes was compensated by the
higher sugar recovery of 10.73% which resulted in a 2%
increase in sugar production compared to the previous
year.
The overall mill recovery was slightly higher than in
the previous year at 86.15% with a mill extraction
at 97.31%, and a Boiling house efficiency at 99.60%.
Factory time efficiency was lower than in 2012 due to a
large number of small stoppages. Energy and electricity
consumption was at par with the previous year at 431
kg of steam and 28.6 kWh per tonne of cane.
Operating expenses decreased by Rs 9.1M, mainly

attributable to lower intercrop costs following the
closure of the sugar mill.
The company recorded a profit after tax of Rs 26M as
compared to a profit after tax of Rs 49.4M in 2012/2013.
No dividend was declared for the year ended June 30,
2014 (2012/2013: Rs 50M).
In March 2014, the Ministry of Agro-Industry and Food

Security approved the closure of the Deep River-Beau
Champ factory and the transfer of all the canes of the
factory area to Alteo Milling, in line with the national
reform of making the industry more competitive. The
factory ceased its operation two weeks later after
having been in operation for 254 years.
Out of the 179 employees working at the factory, 159
employees opted for the early retirement package
option and 20 employees for the two-year adaptation
period at Alteo Milling.
As a result of the reduced cane throughput, of the drop

in the price of sugar to Rs 15,830 per tonne (2012/2013:
Rs 17,573) and of the lower tonnage of special sugars,
turnover fell to Rs 320M (2012/2013: Rs 358M).
Following the closure of the mill, the yard and reception

area were transformed into a platform for the offloading
of canes from planters. Since the beginning of the 2014
crop season in June, canes from the DRBCM platform
are reloaded into large carriers on a 24hr basis and
transported to Alteo Milling.
Other operating income included an exceptional profit

of Rs 4M on disposal of the Muscovado Plant and stood
at Rs 8.6M (2012/2013: Rs 5.7M).
Necessary measures have been taken to maintain the

factory plant in good condition for it to be readily
available for relocation to another potential project.
Financial Results 2013/2014
ALTEO MILLING LTD

2009/2010
Cane crushed during crop (tonnes)
2010/2011
2011/2012
2012/2013
2013
July-Nov
2014
May-June
902,281
888,033
846,018
848,214
744,096
207,157
295
289
285
307
358
367
5,897
6,001
6,000
6,575
6,644
6,649
86.8
86.6
85.9
86.7
86.2
84.3
93,397
93,826
86,036
89,382
78,492
18,422
Extraction (%)
10.35
10.57
10.16
10.54
10.55
8.75
OR (%)
87.63
87.66
87.4
87.96
87.28
82.90
11,779
11,573
14,999
14,602
13,149
129
TCH
Canes/day (tonnes)
Closure of DRBC M
ExecutiveS Report
SUGAR MANUFACTURING
Purity mixed juice (%)

Sugar Produced (tonnes)
Special Raw Sugar (tonnes)
Extraction from crop 2009 to 2014

Extraction
10.90
Year 2014
10.70
Year 2013
10.50
Year 2012
10.30
Year 2011
10.10
Year 2010
9.90
Year 2009
9.70
9.50
9.30
9.10
8.90
8.70
8.50
1
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
The factory consolidation and upgrading at Union

Flacq was successfully completed prior to the start of
the 2014 crop season in May. The plant capacity was
increased in order to be able to crush the canes of the
Deep River-Beau Champ Sugar Milling Co. Ltd and Alteo
Milling Ltd factory areas which amount to 1,400,000 t
of canes in a normal year.
The main installations were as follows:
The main cane carrier was re-engineered,
A heavy duty pressure feeder was placed on mill no. 1,
Week
A low duty pressure feeder was placed on mill no. 6,

The four Cails mills were upgraded for higher throughput,
The special sugar plant was transferred from DRBC M
and upgraded,
The road infrastructure for cane transport from exDRBC M to Union Flacq was upgraded.
951,253 t of canes were crushed during two distinctive
periods within the financial year, i.e. from July 1, to
November 13, 2013 and from May 26, to June 30, 2014.
25
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ExecutiveS Report
SUGAR MANUFACTURING
Crop 2013: July November 2013
SUGAR REFINING
Crop duration was 112 days, 17 days shorter than

the previous year due to a drop in availability of cane
caused by the dry climatic conditions prevailing during
the months of April to November 2013. During that
period, 744,096 t of canes were milled at Alteo Milling
compared to 848,000 t in the previous year.
The years results rest on an increase of 12.1% in cane

tonnage crushed as compared to the previous year,
which is mainly attributed to the early start of the 2014
crop. This increased production did not fully compensate
for the reduction of the 2013 sugar price (Rs 15,830 per
tonne) compared to that of 2012 (Rs 17,573 per tonne)
and the reduced special sugar premium. A net decline in
turnover from Rs 36M to Rs 20M was thus recorded for
the period.
ALTEO REFINERY LTD
The average daily crushing rate was 358 TCH, a 16.7 %

increase in throughput compared to the previous year.
78,492 t of sugar were produced out of which 13,149
were converted into special sugars.
Sugar recovery was slightly lower at 10.44% compared
to the previous year which was 10.54%. The prior
years investment in energy savings equipment resulted
in lower steam and energy consumption, 290 kg of
steam per tonne of cane and 21.7 kW per tonne cane
respectively. On the other hand, the mechanical down
time soared with increased throughput and foreign
bodies which repetitively damaged the hammers of
the shredder and cane belt conveyors. The increase
throughput and higher stoppages were detrimental to
the quality of the bagasse which registered an increase
of 2% in humidity level.
Costs of operations increased by Rs 19M as a result of the

additional costs, associated with the capacity increase,
incurred during the intercrop and of the additional
103,000 t of canes manipulated during the year. Other
Income fell by Rs 6M owing to reduced interest income
and exceptional gain on disposal last year. Finance costs
rose by Rs 9M as a result of increased loan financing the
factory expansion.
Following the centralisation of DRBC M onto Alteo

Milling, the extremely favourable cane production
anticipated in the region and the commissioning of new
equipment following the factory capacity increase, an
exceptionally early start (May 26) of the 2014 crop was
decided.
The upgrading of the mill tandem brought an increase in
throughput up to 376.6 TCH at end June 2014. 207,157 t
were milled during this period to produce 18,422 t of
Plantation White Sugar. Crystallisation of sugar at a
low juice purity of 84.30% was poor, resulting in a low
overall recovery of 82.90% for that period.
The production of special sugar was minimal during
these five weeks as Alteo Milling was under the process
of BRC accreditation which was successfully obtained in
August 2014.
An effluent abatement program has been implemented
since the beginning of the crop season with substantial
reduction in water usage. Flow meters have been
installed to monitor on line the generation of effluents
which will be treated in the future waste water
treatment plant.
2009/2010
2010/2011
Originating PWS produced by Alteo

Milling Ltd. (less recovery) (tonnes)
46,146
75,676
Originating PWS received from

other factories (tonnes)
85,485
Non-originating PWS received

(tonnes)
White refined sugar exported to
E.U. (tonnes)
White refined sugar for local
market (tonnes)
Steam/tonne sugar (kg)
Electricity/tonne sugar (kWh)
2011/2012
2012/2013
2013/2014
70,162
73,880
72,573
49,293
80,396
77,217
8,269
20,650
16,582
21,136
50,060
125,698
147,208
160,326
161,577
1,243
5,316
6,310
2,791
4.2
1.9
1.7
1.1
1.0
102
63
63
62
61
The company realised a loss after tax of Rs 15.7M

compared to a profit after tax of Rs 28.8M last year.
No dividend was declared for the year ended June 30,
2014 (2012/2013: Rs 27M).
Future Prospects
Crop 2014: May -June 2014
ExecutiveS Report
SUGAR REFINING
The 2014/2015 investment program will mainly involve

the consolidation of the mill tandem, installation of a
4.8 MW shredder and the construction of a waste water
treatment plant.
The new waste water treatment plant will be operational
by year end and will treat approximately 50 m3/hr of
effluents with a high organic load. A project of compost
is being studied to add value to the scum generated by
the factory and some of the wastewater generated on
site will be re-used in that process.
The climatic conditions prevailing in 2014 have been
conducive to cane growing and a bumper crop above
1,550,000 t of canes is expected for the factory area.
The factory is expected to crush 1,400,000 t of canes
and the excess canes will be exceptionally diverted to
other mills.
The substantial drop in sugar prices on the European
market has also adversely affected the sales of special
sugars. The price gap between special sugars and VHP
sugars or white sugars has induced customers to replace
special sugars by cheaper alternatives. This will result
in a lower demand of special sugars and an increase in
production of Plantation White Sugar for refining.
The production of white refined sugar for export

reached 161,577 t in 2013 which represents 95% of the
capacity of the refinery. The blending of non-originating
Plantation White Sugar with originating Plantation
White Sugar reached 21,136 t this year; an increase of
27% compared to the previous year and representing
13% of the white refined sugar produced.
The energy and electricity usage has been maintained at
the same level as the previous year. The crystallisation
process has been reviewed to produce a more uniform
grain size thereby improving the fluidity of sugars.
The company is presently accredited to Smeta, BRC and
Coca-Cola standards.
The refinery installed a 22 kV sub-station to import
energy from the Central Electricity Board, which was
commissioned in April 2014. This investment will allow
the refinery to reduce its electricity demand from the
Alteo Energy Power Plant whilst securing additional
steam energy in order to increase its capacity.
Financial Results 2013-2014

Turnover was comparable to that of the previous year
at EUR 7.6M. Operating expenses rose by EUR 0.3M
on account of increased cost incurred for the provision
of Plantation White Sugar and for majors repairs
undertaken after five years of operations. Interest

expense for the year decreased by EUR 0.14M in line
with loan repayments, however exchange gain was
lower at EUR 0.17M so that total finance costs stood at
EUR 0.24M (2012/2013: EUR 0.21M).
Profit after tax amounted to EUR 2.8M for the current
year (2012/2013: EUR 3.1M)
Prospects
For the coming year, the refinery will have an increased
availability of originating sugar due to a very good
sugar crop coupled with a decrease in production of
special sugars. The forecasted production will be around
165,000 t.
The normal attrition of sugar cane in Mauritius and
the unstable European market conditions will in future
entail a higher usage of non-originating sugar for the
local and export markets with a new marketing strategy
put into place to penetrate these new markets. With
that objective, the refinery is envisaging to invest in a
bagging station to pack white refined sugar in different
pack sizes.
27
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ExecutiveS Report
ENERGY
ENERGY
CONSOLIDATED ENERGY CO. LIMITED
Bagasse (tonnes)
Coal (tonnes)
2009/2010
2010/2011
2011/2012
2012/2013
237,786
228,029
199,916
222,647
190,702
48,374
24,812
55,990
46,629
58,959
50.1
50.6
42.5
50.9
46.0
Export Bagasse (GWh)

Export Coal (GWh)
68.5
31.8
81.6
67.5
89.5
Total Exports (GWh)
118.6
82.4
124.1
118.4
135.5
kWh/tonne Bagasse
211
222
212
229
241
1,416
1,280
1,458
1,447
1,518
kWh/tonne Coal
Mill Electricity Consumption (kWh)/tonne Cane
Mill Steam Consumption (kg)/tonne Cane
29
28
29
29
28
434
455
453
421
431
The power plant located at Beau Champ performed

satisfactorily with an increased electricity off-take from
the CEB of 135.5 GWh compared to 118.4 GWh in
2012/2013.
The main features of the 2013 crushing season were:
Lower export of bagasse energy caused by a decrease
in cane availability.
Higher total energy export, with increased coal energy
(22 GWh) due to reduced maintenance stop of 30
days instead of 45 days as was the case the previous
year.
Higher bagasse and coal efficiency due to the
refurbishment of the condenser tubes.
Investigating
renewable sources
2013/2014
During the shorter 2013/2014 maintenance stop, the

3.8 MW Alternator was refurbished. The boiler grate
chain was completely replaced, the chimney repaired
and 7 right hand side tubes were replaced on the lateral
panel wall.

The company posted a profit after tax of Rs 36.1M
compared to Rs 23.1M in 2012/2013.
The main factors for this increased profitability are the
incremental production of 17.1 GWh, improved coal
efficiency and reduction in coal costs. The average coal
price for the year was Rs 3,344 per tonne compared to
Rs 3,417 for the previous year.
Other Income increased to Rs 14.2M (2012/2013:
Rs 4.9M) on account of higher interest income and
disposal of shares.
The company declared a dividend of Rs 20M Re 1 per
share (2012/2013: Rs 1.25) in June 2014.
Future Prospects
In view of the forthcoming closure of Deep River Beau
Champ sugar factory, CEL signed an amendment to the
existing Power Purchase Agreement which ends in July
2015 for its operation on coal mode during the 2014
crop season. The amendment caters for a minimum
take of 159.4 GWh of coal energy in 2014. The Ministry
of Environment and Sustainable Development approved
the EIA of CEL to run only on coal on August 11, 2014.
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ENERGY
ExecutiveS Report
ENERGY
ALTEO ENERGY LTD
Future Prospects
Photovoltaic Project
Further to the centralisation of DRBC M onto Alteo

Milling Ltd, the latter will have an annual throughput
of some 1,400,000 t of canes and 435,000 t of bagasse
which will be available for electricity production. At
the same time, following investments in both the mill
and the power plant, the improved bagasse quality
and combustion efficiency will allow AEL, as from
the 2014/2015 season, to significantly increase its
production of green energy to approximately 90 GWh,
representing about 50% of the total energy exported
and reducing coal usage from 98,000 t in 2013/2014 to
70,000 t in 2014/2015.
It is to be recalled that the Astonfield-ALTEO partnership

was awarded a 2MW Photovoltaic project at Union
Flacq on a PV area of 4 ha in May 2013.
2009/2010
2010/2011
2011/2012
2012/2013
292,850
280,099
240,195
250,534
303,644
83,618
79,351
83,352
86,313
77,353
Bagasse (tonnes)
Coal (tonnes)
Export Bagasse (GWh)
2013/2014
53.5
55.8
47.7
50.2
62.2
Export Coal (GWh)
113.9
109.8
110.6
116.6
104.0
Total Exports (GWh)
167.4
165.6
158.3
166.8
166.2
kWh/tonne Bagasse
183
199
198
201
205
kWh/tonne Coal
1379
1,383
1,327
1,351
1,343
Mill Electricity Consumption (kWh)/tonne Cane
21.3
22.2
21.8
21.4
21.7
Mill Steam Consumption (kg)/tonne Cane
392
380
380
378
366
During the period under review, the power plant at Union

Flacq performed satisfactorily with minimum outage,
thus meeting its contractual obligations with the CEB
whilst providing the required energy and electricity to
ramp up Alteo Millings capacity to 375 TCH.
The main features of the 2013/2014 season were:
Slight decrease in energy export to the grid, 166.2 GWh
instead of 166.8 GWh the previous year.
Lower coal energy export compensated by higher
bagasse energy export as a result of the early start of
the 2014 sugar harvest.
Lower energy export to the refinery.
Operational efficiencies were comparable to the
previous year.
Successful commissioning of the new cooling towers
with zero effluent disposal.
During the 2013/2014 maintenance stop, both
alternators were inspected by Jeumont France and ABB
Sweden. No flaws were detected and both alternators
were found fit for operation and the maintenance was in
line with the insurers recommendations.
2013/2014 Financial Results

Total energy exported to the CEB and Alteo Refinery Ltd
amounted to 193 GWh for the year, a shortfall of
3 GWh compared to 2012/2013 (196 GWh). Despite
the decline in energy exported, gross operating profit
stood at Rs 419M (2012/2013: Rs 421M) mainly
attributable to an additional 11.2 GWh produced from
bagasse obtained from the early start of the crop season
in May 2014.
One of ALTEOs objectives is to gradually substitute coal

with Biomass and it has initiated some experiments on
different sources of biomass such as cane thrash, arundo
donax and wood chips and will pursue its objective of
increasing the usage of Biomass sustainably.
Alteo Astonfield Solar Limited was incorporated on June

26, 2014 and the Energy Supply and Purchase Agreement
(ESPA) with the CEB was signed on the July 28, 2014.
The shareholding of the company effective on
September 8, 2014 and agreed under the ESPA stands at
ALTEO 49%, Astonfield Solar (Mauritius) Limited 49%
and Juwi Energieprojekte GmbH 2%.
The Engineering, Procurement and Construction (EPC)
contract is being finalised with Juwi. The conditions
precedent contained in the ESPA relative to the
financial arrangement and to the required
permits and agreements are currently
being addressed.
The installation of a new power plant for additional

power generation is under study. The main broad
characteristics of the proposed plant are expected to be:
- 1 x 200 tph boiler operation at 110 bar, 540 c out of
bagasse from the sugar plant during crop season and
Biomass or coal during the intercrop season.
- 1 x 50 MW extraction cum condensing steam turbine
- High efficiency electrostatics precipitators with stack
Operating and administrative expenses rose by Rs 20M

as a result of increased costs of bagasse handling and
effluent management costs and stood up at Rs 278M
(2013: Rs 258M). Other operating income dropped by
Rs 11M, while finance costs showed a decrease of Rs 11M.
The company recorded a profit after tax of Rs 109M
compared to a profit after tax of Rs 127M for the
previous year.
The company maintained the same dividend policy
as the previous year which amounted to Rs 101M,
representing a dividend per share of Rs 5.50.
The travelling grate of the John Thomson boiler was

refurbished and 1,550 tubes of the air heater were
changed. In addition, the grit collectors and the induced
draft fan on the FCB boiler were replaced.
- Water treatment plant based on membrane technology

- Ash handling system with silo storage
The plant will be designed for the maximum usage of
biomass and will comply with national and international
environmental standards.
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ExecutiveS Report
INTERNATIONAL
Seeking opportunities
beyond national
frontiers
REGIONAL DEVELOPMENT
TPC Limited (TPC)
2013/2014 SEASON
Cane Production
During the 2013/2014 season, a total of 961,394 t of
cane were produced from a harvested area of 6,884 ha.
This was a record cane production for TPC, more so when
taking into account that, over and above the harvested
cane, about 100,000 t of cane from 700 ha could not
be harvested before the beginning of the rainy season
and have been carried over to the next season. Excellent
cane yields of 139 tonnes per hectare, for an average
cane age at harvest of 12.04 months, were achieved

with an average productivity of 11.57 tonnes per
hectare per month; a 19.3% increase over the previous
season. Such an increased cane production resulted
from the combined effect of the continued replacement
of old cane varieties, improvements in fertilisation and
irrigation, and the very favourable rainfall before the
start of the season. Sucrose content averaged 12.72%
which saw a slight decrease of 0.20 percentage point
compared to the figure reached during the previous
season. The table below presents the various production
parameters for each area of the estate.
Table 1. Cane production and yields 2013/2014 season
Area
Area
harvested
(ha)
Average Age
(months)
Average
Estimated
Productivity
(t/ha/
month)
North
1,397
12.23
10.54
12.31
166,955
210,041
150.32
West
1,235
12.09
10.33
12.20
144,108
182,043
147.37
South
1,498
11.81
9.28
10.23
162,712
182,634
121.86
Official
Estimated
Tonnage
(tonnes)
Tonnage
Produced
(tonnes)
Average
Yield (t/ha)
East
1,900
11.87
10.82
12.09
236,352
272,257
143.28
Kahe
852
12.43
9.31
10.65
91,212
114,417
134.14
TOTAL
6,882
12.04
10.15
11.57
801,339
961,392
139.65
The area re-planted during the 2013/2014 season

amounted to 1,290 ha.
The trial to evaluate the performance of drip irrigation
in saline and sodic soils continued to produce promising
results with average yields of 157 tonnes per hectare
which, although lower than the average yields of 186
tonnes per hectare achieved for the first ratoon in the
previous season, is still well above the yields achieved in
the control portion of the trial. This was about 91 tonnes
per hectare more than the furrow irrigated control
portion of the experiment. The salinity reclamation
in Kahe yielded results which were in line with TPC
expectations.
Average
Realised
Productivity
(t/ha/
month)
Finally, it is to be pointed out that major improvements

as to TPC agricultural practices have started to be
implemented; among which going into 1.8 metre row
spacing, GPS guidance, and increasly using light chisel
ploughing instead of disc ploughing. It is expected that
these new and improved practices will bring material
efficiency gains, lower land preparation associated
costs, reduce soil compaction, less stool damage while
at the same time preparing TPC operations for increased
mechanisation in the future.
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INTERNATIONAL
Sugar Production
The amount of cane crushed per hour for the 2013/2014
season, at 176.1 t, was higher than the previous year
(162.1) and higher than budgeted amount (170.0) as
crushing was pushed to the limit in order to exploit the
available cane to the maximum.
A number of new performance records were established
for the season, among which:
Longest crop in crushing hours (second longest in
crushing days);
Highest: crushing rate, mill extraction, mixed juice

purity, boiling house recovery, overall recovery and
sugar production; and
Lowest: molasses, bagasse, filter cake and total losses.
Despite a lower sucrose level in the cane than forecast
and compared to the previous crop, the above improved
factors, along with additional cane crushed, resulted in a
record sugar production of 101,229 t, thus 15,090 t higher
than the previous record for the 2011/2012 season
and by 6,179 t over the budgeted figures. The table
below presents the main factory parameters for the
2013/2014 season.
Table 2. Factory parameters 2013/2014 season

CROP
2013-2014
ACHIEVED
CROP
2012-2013
ACHIEVED
CROP
2013-2014
ORIGINAL
BUDGET
@ 21-Mar-14
@ 18-Feb-13
@ 09-Mar-14
962,371
822,796
898,395
284
252
272
AVERAGE CANE CRUSHED PER DAY (t)
3,389
3,265
3,303
AVERAGE CRUSHING RATE (TCH)
176.1
162.2
170.0
SUCROSE % CANE
12.72%
12.92%
12.93%
MILL EXTRACTION (%)
96.4%
95.8%
96.3%
BOILING HOUSE RECOVERY (%)
84.9%
83.7%
84.1%
OVERALL RECOVERY (%)
81.8%
80.1%
81.0%
SUGAR PRODUCED % CANE
10.52%
10.46%
10.58%
MIXED JUICE PURITY (%)
85.7%
85.3%
85.4%
OVERALL TIME EFFICIENCY (%)
80.4%
83.9%
81.3%
FACTORY TIME EFFICIENCY (%)
89.4%
92.4%
93.0%
TOTAL SUGAR PRODUCTION (t)
101,229
86,086
95,050
BAGASSE LOSS % CANE
0.46%
0.55%
0.47%
FILTER CAKE LOSS % CANE
0.04%
0.06%
0.05%
MOLASSES LOSS % CANE
1.48%
1.62%
1.63%
UNDETERMINED LOSS % CANE
0.33%
0.34%
0.30%
TOTAL LOSS % CANE
2.31%
2.57%
2.45%
FACTORY PARAMETERS
TONNES CANE CRUSHED (t)

No. OF CRUSHING DAYS
ExecutiveS Report
INTERNATIONAL
Projects
TPC launched a research and development project
pertaining to woody biomass production, on its marginal
land, and by communities around TPC estate, as an
incremental source of renewable feedstock for power
production. This project is now well underway with
species and varieties selection along with preparations
being made for pilot planting in October 2014.
Enquiries to various engineering firms were floated to
study the technical and financial viability of a greenfield
distillery attached to TPCs current sugar factory;
running on molasses and for the purpose of producing
potable alcohol. It is expected that such studies will be
completed in the course of next financial year.
The 5-Year Business Plan for the company, aiming at
increasing the sugar production through important
investments in the fields and factory, was subsequently
put on hold as a result of (i) the persisting poor market
conditions caused by the importation of illegal sugar,
and (ii) the much higher than expected yields obtained
in the 2013/2014 crop. This business plan is being
regularly updated with revised investments, production
and price parameters and will be re-launched as soon as
the market conditions warrant it.
Miscellaneous
Over and above the production of electricity for
irrigation and other internal requirements, power export
to the national grid amounted to 11.4 GWh by the end
of June 2014.
Industrial relations continued to be cordial during
the course of the year. The annual wage negotiation
between the workers union, TASIWU and management
was successfully conducted and an agreement was
signed on June 25, 2013.
Financial results
As was the case in the previous financial year the local
sugar market was severely impacted by the prevalence
of significant quantities of illegally imported sugar
supported at low world market prices and VAT evasion.
This resulted in a highly competitive environment
which necessitated an aggressive pricing strategy in
order to be able to sell all production before the start
of the following crop. As a result the average selling
price for the year declined by 10.3% in local currency

terms compared to the previous year although this was
entirely offset by higher selling volumes made possible
by achieving a record harvest. A total of 98,396 t of sugar
was sold for the financial year compared to 85,161 t in
the prior year. Molasses demand for the year was strong
with 37,315 t being sold, some 2,631 t higher compared
to the prior year, despite prices increasing by 14% in
local currency.
Sales in local currency increased by 4.1% during the
year under review; however due to the devaluation of
the Tanzanian shilling to the USD, the increase in USD
was reduced to 2.6% with overall sales at USD 73.1M.
Cost of Sales increased by 12.9% (increase of 14.5%
in local currency) and Operating Expenses by 10.7%
(increase of 12.3% in local currency) mainly resulting
from the higher cane and sugar production. Finance
Costs reflected a favourable variance of USD 0.14M
mainly as a result of less interest paid on overdraft
positions and otherwise due to higher favourable
exchange variances on foreign currency positions held
during the year. The combined impact of the increases in
Cost of Sales and Other Operating Expenses of USD 4.9M,
as well as a Lower Gain in fair value of Consumable
Biological Assets of USD 0.5M, resulted in the Net Profit
before Tax declining by USD 3.4M for the year reaching
USD 34.6M, or a 8.9% reduction. With the resulting
decrease in profitability the tax charge also decreased
by USD 0.9M leaving Net Profit after Tax for the year
at USD 24M, a decrease of USD 2.5M or 9.4%. Despite
the reduction in profitability, there is a net increase of
USD 0.9M in the cash position for the year compared to a
decrease of USD 4.5M in the prior year, largely reflecting
favourable impacts from higher trade payables, lower
dividend payment and prior year settlement of loans.
Total Assets reflected an increase of USD 9.5M primarily
as a result of increases in the biological assets valuation
and investments in fixed assets. On the liability side
the Non-Current portion increased by USD 1.8M due
to increases in the Deferred Tax Liability and Retirement
Benefit Obligation, whilst the Trade Payables reflected
an increase of USD 3.2M.
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ExecutiveS Report
INTERNATIONAL
ExecutiveS Report
INTERNATIONAL
2014 OFFCROP
2014/2015 OUTLOOK
Other Prospects
Kenya
The long rains season started in March. The amount

of rainfall from April to June was however much lower
than the long term mean and compared to last seasons
rainfall.
Due to excess cane produced during the previous season
and resulting carry-over cane, about 90 ha of marginal
fields were fallowed in the South Area; in addition to
which 40 ha were not planted due to wet conditions.
On the factory side, a new 1st mill was installed and
the existing 1st mill was moved in 3rd position. The
installation of a second-hand TA/Set to be used as a
backup is almost complete and will be commissioned
by the end of October 2014.
Estimated production for the 2014/2015 season, which

will, in all likelihood, not all be crushed, amounts to
1,062,326 t from 7,284 ha (145.8 tonnes per hectare).
Average age for the season is estimated at 13.5 months
(2013/2014: 12.04 months) due to approximately
100,000 tonnes of cane carried over from the
2013/2014 season. Average estimated productivity is
10.85 tonnes per hectare per month, which is 6% lower
than productivity achieved in 2013/2014, mainly due
to lower rainfall level from November 2013 to May
2014. Graph 1 below indicates comparative cumulative
rainfall for the North area over the last three years and
the long term average.
Building upon its experience, ALTEO has made it one of

its major objectives to pursue the expansion of its sugar
operations in the region. During the year under review,
ALTEO has dedicated further resources at investigating
and supporting external development opportunities
and initiatives abroad, on the African continent.
Significant progress was achieved during the year in its
investigations of the two more promising prospects.
In Kenya, through its subsidiary company, Sucrire des

Mascareignes Limited (SML), ALTEO signed a nonbinding Heads of Terms in July 2014 for the proposed
acquisition of an effective stake of 51% in the share
capital of Transmara Sugar Company Limited (TSCL), a
Kenyan company operating a sugar mill in the Transmara
region.
Graph 1. Comparative cumulative rainfall North Area

mm
Month Cum. 13-14
900
Month Cum. 12-13
800
Month Cum. 11-12
700
Month Cum. LTM
600
500
400
300
Swaziland
In October 2013 the Company signed a Memorandum
of Understanding (MoU) with Nsoko Msele promoters
with respect to the development of a sugar project in
Swaziland.
The feasibility study to evaluate all parameters such
as the agricultural potential, the land valuation, the
potential to sell electricity to the grid and the sugar
market potential is still under way. The extension of the
current promoters land from 4,000 ha under cane to
some 10,000 ha under cane is being considered with
the phase 2 of the Lower Usuthu Smallholder Irrigation
Project (LUSIP II).
The actual milling capacity of TSCL is above 400,000 t

of sugar cane over a 300 day crop with a potential to
increase same to over 1,000,000 t of sugar cane within
the next three years. The proposed acquisition by SML is
expected to be completed before the calendar year end,
subject to the satisfactory completion of a due diligence
by SML, relevant Board approvals and the execution of
a binding Sale and Purchase Agreement, amongst other
Conditions Precedent.
Other opportunities also identified and investigated on
the African continent during the year under review, will
be reported upon in due course, as and when they reach
a concrete potential project stage.
The industrial feasibility study has been conducted

based on the assumption that the Beau Champ sugar
factory and power plant would be relocated to Nsoko.
200
100
Cane crushed is budgeted at 929,108 t for the season.

This is 33,000 less than the previous year against a
crop which is shorter by 3 weeks due to late start of
the season and an earlier end due to the risk of rain.
The sugar production has been budgeted at a level of
99,120 t. The new season started - with some delays,
due to issues faced while installing the new 1st mill and
relocating the old 1st mill to the 3rd mill position - on
June 23, and is planned to end on March 15.
Ju
n
ay
M
r
Ap
ar
M
Fe
b
Ja
n
c
De
ov
N
ct
O
p
Se
Au
g
Ju
l
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Dates
Sales volumes in the first 7 weeks of production have

been higher than estimated by over 10%. However,
due to unusually high competition with imports in a
distorted market, TPC had to lower its price, bringing
its actual selling price at 2% lower than budgeted. It is
expected that pressure on the market will remain due
to the continued presence of illegally imported sugar in
the country.
The marketing of sugar to be produced in Swaziland

with a limited internal and regional market could face
the same challenges as Mauritius post 2017 with the
impending abolishment of the EU domestic sugar beet
quota.
For the first 7 weeks of the season, cane yields have

been 5% higher than budgeted, reaching an average of
176 tonnes of cane per hectare. Average age at harvest
was 16.3 months resulting in an average productivity of
10.58 tonnes of cane per hectare per month. These were
mostly carried over fields which were not harvested last
season.
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PROPERTY & HOSPITALITY

PROPERTY DEVELOPMENT AND TOURISM
Sustainable real estate

development
Anahita Hotel Limited (AHL)

Following a strong year, the Four Seasons Resort
Mauritius at Anahita (Four Seasons Resort) retained
its position as the leading 5-star hotel in Mauritius,
showing positive growth across all areas.
Four Seasons Resort experienced an overall increase
of 24.1% in turnover amounting to Rs 610M for the
6 month period up to June 2014, compared to the same
period in 2013. The resorts annual occupancy grew by
9 percentage points over that period and an EBITDA
improvement in excess of 29% was achieved amounting
to Rs 187M. According to an ongoing benchmarking
exercise, the resort continued to be number one out
of five others within its competitive set, with a RevPAR
index of 232.2.
The strength and luxury reputation of the Four Seasons
brand provides higher visibility across many international
markets, particularly in the growing markets of the
Middle East and China.
Four Seasons Resort continues to achieve award
winning success and retained the title of the Number
One Luxury Hotel in Mauritius this year, voted in the
TripAdvisor Travellers Choice Awards 2014.
A commendable number of existing homeowners have

signed up for new villas and plots, thereby confirming
their satisfaction with and trust in Anahita. Additionally,
resale properties have been strong with particular
emphasis on the villas which have allowed significant
returns on investment.
The increased activity in the sector has only had a small
impact on the turnover for the year to June 2014 (an
increase of Rs 17M or 8% increment over the prior year);
the greater part of these sales will be recognised in the
next financial year which should show a significant
improvement
Anahita has recently signed on as one of three main
sponsors for the upcoming tri-sanctioned AfrAsia Bank
Mauritius Open due to take place in May 2015 at
Heritage Golf and in May 2016 at Anahita. The official
launch for this event was held on August 28, 2014.
Anahita Golf Limited (AGL)
At June 2014, three villas remained in the inventory of

the private residences at Four Seasons.
ALTEO has, through AEL, an effective holding of 81%

in AGL.
In line with the Groups declared strategy of focusing on

its core activities, ALTEO decided to dispose of its 50%
stake in AHL for a cash consideration of Rs 926M on
September 22, 2014. The transaction is subject to the
fulfilment or waiver of certain conditions.
Four Seasons Golf Club Mauritius at Anahita (the golf

course) once again maintained its position as the
leading golf course in Mauritius for the year ending
June 30, 2014. Year on year growth continues to be
seen in all areas of revenue, reflecting positively on
the opportunities for future growth. EBITDA improved
significantly during the year from just over Rs 2M to
more than Rs 10M.
Anahita Estates Limited (AEL)

AEL is a fully owned subsidiary of ALTEO.
The year ending June 2014 marked the beginning of
the eighth year of existence of Anahita Mauritius under
Anahita Estates Ltds tenure.
Anahita maintains its leading position within the local
IRS market. After several difficult years, a marked
improvement in real estate sales to international buyers
has been noted over the past 12 months, with a total of
25 properties sold during the financial year 2014.
Sustained sales have been registered both in the existing
phases of Anahita, as well as in the two new land-plot
phases, namely The Gardens and Woodview, as well
as the Amalthea 17-villas phase where construction

started in January 2014. At The Gardens and Woodview,
23 out of the 26 plots, and at Amalthea 14 out of 17
villas, had, at the time of writing, been sold or been
reserved with deposits
The twin resort inclusive golf agreement (Anahita The

Resort and Four Seasons Resort) remains popular, helping
to generate a consistent base of players and revenue.
In order to increase the number of outside players, an
international affiliate program has been devised to
target international golfers of fellow premium golf clubs,
and a new e-brochure has been created to strengthen
the marketing collateral available and position the golf
course amongst the best in the world.
Favourable rates are also offered to local hotels and
groups, and the golf course remains open and available
to the public to ensure revenue opportunities from a
cross section of market segments.
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PROPERTY & HOSPITALITY
For the fifth consecutive year, the golf course will play
host to the AfrAsia Golf Masters in December 2014,
and service a solid number of international golfing
guests while providing strong marketing opportunities
across Europe and South Africa through the associated
professional players and media coverage.
As from 2015, the golf course at Anahita, through its
relationship with Anahita Estates Ltd, will partner the
AfrAsia Bank Mauritius Open, the first tri-sanctioned
golf event to be held in the world and in Mauritius.
Alteo Properties Limited (APL)

During the year under review, ALTEO increased its stake
from 50 to 100% in APL with a view of reinforcing
its presence in the property development sector. APL
continued to diversify its revenue stream via its four core
strategic activities: asset management, development
management, real estate sales and marketing services,
and project management. The amalgamation of
Flagstone Management Ltd within APL was officialised
this past fiscal year.
Infrastructure works for The Gardens and Woodview
are meant to be completed by the last quarter of 2014,
making way for construction to begin in the early part
of 2015.
The trend in sales of Building Packages, which has
increased over the past year, is expected to continue
further and contribute to the successful sale of land
results.
ALTEO has recently invited companies of international
repute with sufficient conceptual, engineering and
commercial background in the higher end of the
residential/hospitality property market, to submit
proposals to produce a Master Plan. The main objective
of the said Master Plan is to attempt to determine the
immediate, as well as the long term, priority challenges
and opportunities of the Alteo Property Cluster and to
have a fresh look at the Anahita development and lead
the process of defining the boundaries of an updated
development master plan that would encompass
the Beau Rivage Domain and land adjoining Anahita.
The ultimate objective is to arrive at a conceptual
development proposal that is financially and
commercially viable.
A number of sites at various locations within the land

holding of ALTEO are also being studied for real estate
development projects destined mainly for the local
market. Subject to market demand, these projects
would be implemented over the next 5 to 6 years.
A marked improvement in bottom line figures with a

positive EBITDA increasing from Rs 7M to Rs 18M is to
be noted, thanks mostly to a rise in turnover of
Rs 49M from 2013 to 2014; the positive impact is partly
mitigated by higher financial charges.
The two development projects, namely at Trou dEau

Douce and Providence, which were marketed by
Alteo Properties Limited during the last financial year,
are presently being built up as only very few plots
still remain to be sold. The ongoing onsite works are
expected to be completed by February 2015 and May
2015 respectively. The total gross proceeds of Rs 308M
is expected from the sale of these two projects.
To keep up with the pace of technological change, ATR is

the first resort in Mauritius to have a mobile application
available for free download on Play Store and App Store.
This marketing tool provides complete information on
the resorts services and facilities while enhancing the
guests experiences before, during and after their stays
at Anahita.
Anahita Residences and Villas Limited (ARVL)

It is to be recalled that ARVL is a joint venture between
ALTEO and CIEL.
Looking ahead, Anahita The Resort is showing promising

signs of further establishing its position within the east
coast local tourism scenery. Reservation levels for the
following months until December are indicating that
high and peak period occupancy levels should bring in
additional revenues.
Anahita Centre for Excellence (ACE)

Anahita Centre for Excellence is recognised as being
a dedicated contributor to the social welfare of the
eastern region of Mauritius.
In this respect, the CSR arm of Anahita, has conducted
an exercise to re-focus its activities within the following
core areas:
education and empowerment
training and employment
environment
A series of programs and events is being put into place
for the next financial year to further promote ACEs
actions in the region.
Operated by Anahita Residences and Villas Limited,

Anahita The Resort (ATR) is the administrator of the
property rental program at Anahita Mauritius, managing
its hotel facilities as well as amenities at La Place
Belgath, the resorts waterfront village.
With its positioning as a 5-star resort, ATR is well
integrated within the Mauritian hotel industry and
maintains the esteem and trust of the international
travel industry.
The financial year 2014 has seen a consolidation of
ATRs position keeping up with improved performances.
A turnover growth of 26% was achieved by the resort
through successful marketing initiatives which include
the introduction of new experiences at Ile aux Cerfs:
Exclusive Beach and Golf Facilities. These helped to
boost occupancy as the company furthered its market
diversification strategy.
Though Europe remains ATRs main source of booking
with 63% of the market share, emerging markets are
considered as key elements representing 15% (Asia)
and 7% (Middle East) of the market share. This strategy
proves to be the way forward.
The opening of its distribution channel with the Online
Travel Agencies (OTA) revealed to be a good sales
channel resulting in up to 77% increase in sales figures.
To keep improving its positioning, ATR plans to add
focus on this segment.
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42
43
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44
CORPORATE
SOCIAL RESPONSIBILITY
page
CORPORATE
We have demonstrated that we put our responsibilities
towards the community at the heart of what we do in a
huge variety of ways.
ALTEO gave a total amount of Rs 4M this year to
Fondation CIEL Nouveau Regard and Fondation Joseph
Lagesse as well as Rs 2M to CSR initiatives in ALTEOs
factory area.
We put our responsibilities

towards the community at the
heart of what we do
CSR initiatives in ALTEOs factory areas include support

to community projects in the field of education. Some
Rs 800, 000 were allocated to projects for needy children
through APEIM of Bonne Mre, Ecole des handicaps
de Laventure, Maison Familiale Rurale de lEst, EWADEastern Welfare Association for Disabled, College St.
Monfort and College St Gabriel.
We also provided industrial attachment to students of
the University of Mauritius and to students from other
training institutions like MITD.
ALTEO, together with other economic partners of the
region, continues to promote sports development in the
region through Faucon Flacq Sporting. Many youngsters
from low income group families and trained by Faucon
Flacq are now performing at national and international
level. Some of them even represented the country in the
Jeux dAfrique and the Commonwealth Games.
We also maintain our support to health, through
charitable institutions, namely Etoile de Mer, Friends in
Hope, Link to life, among others.
THE GML FONDATION JOSEPH LAGESSE (GML FJL)

- ACTIONS
ALTEOs CSR contribution to the GML FJL as at June 30,
2014 amounted to Rs 2M and was spent on projects in
line with the objectives set by the Management Board.
These were:
target the most vulnerable children and to start from

early childhood. The education of adolescents is carried
out through specialised ANFEN (Adolescent Non Formal
Education Network) schools for students who have
repeatedly failed at CPE level. At the tertiary level, GML
FJL has extended its support to Rodrigues. Among the 24
students who received scholarships from GML FJL, 13 of
them were from Rodrigues and are now studying at the
University of Mauritius. In addition to the stipend paid
monthly to all students, the students from Rodrigues
also receive an accommodation allowance and a
return ticket to spend Christmas with their parents in
Rodrigues. And finally, GML FJL supports adult literacy.
Health Care
GML FLJ is also resolute in helping poor persons to
have better access to medical treatment. Its actions
were however somewhat limited due to some of the
restrictive criteria of the CSR guidelines.
Community Development
Since its inception, GML FJL has established a program
of integrated community development in the
neighbourhood of Chemin Rail, a small village located in
Riviere du Rempart. A whole team of coordinators, social
workers, educators and volunteers are working for, and
are supporting, a group of twenty poor families. While
aiming to restore their dignity, GML FJL has received
the support of ALTEO which has contributed to this
community development program. The GML FJL staff
has been working with these inhabitants for nearly 9
years and are working on an important social housing
project for them, which should see the day in 2015.
Environment
Education
Health care
Community Development
Environment
Education
GML FJLs main focus is education. GML FJL is
determined to promote education at all levels through
its 13 dedicated centres around Mauritius. Its aim is to
ExecutiveS Report
The focus of GML FJL on education also has an

environmental aspect. GML Think Green has
undertaken several projects this year tackling priorities
such as waste management and awareness through
the Ensam A Nou Recycler Plastik campaign and Les
Ateliers GML THINK GREEN art and marine protection
campaign. The specialised ANFEN school, Oasis de
Paix, has been supported for its permaculture project,
encouraging students to respect the environment
while benefiting from it. The GML FJL also renewed its
engagement to Mission Verte for the awareness school
45
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CORPORATE
ExecutiveS Report
sessions and the sorted waste collect around the island.
Furthermore, in partnership with Winners, GML FJL
placed 5 new plastic bins to encourage citizens to sort
their waste.
Environmental education continued at Chemin Rail
with various activities organised throughout the year
and projects such as Chemin Rail Fleurie 2014 which
encouraged the inhabitants to take care of their
environment and enhance it.
FONDATION CIEL NOUVEAU REGARD (FCNR) ACTIONS
Following CIELs rebranding, the Fondation Nouveau
Regard was renamed Fondation CIEL Nouveau Regard
(FCNR) and welcomed a new chairman, Mr. Eddy Yeung.
During the year under review, the FCNR kept the focus
on its main activities, inter alia:
- The research of financial and technical partners to
support the FCNR projects;
- Developing synergies with the local NGOs, in line with
the latters realities and competencies;
- The financing of working capitals;
- The regular follow-up of projects;
- The renewal of the FCNRs commitments to existing
and running projects.
Fight against Poverty and Social Integration

The fight against poverty is of paramount importance to
the FCNR. In line with its sustained interest in the project
La Caze Lespwar, it contributed to the working capital of
this project. The FCNR also helped in the reintegration of
former women detainees through Kinout and funded
the salary of the ICJMs psychologist at the counselling
room at Bambou Virieux.
Disability
Also concerned in helping the disabled, FCNR provided
funds for the salary envelop for Autisme Maurice, in
Beau Bassin, and for Mille Soleil, a school for disabled
children. It also funded part of the working capital of the
Society for the Welfare of the Deaf.
For the year 2013/2014, the amount of CSR taxes

received by the FCNR exceeded Rs 5M, out of which Rs
2M were contributed by Alteo.
This amount was used by the FCNR as follows:
- 82% towards the fight against poverty, disability,
education and health
- 7% towards the environment
- 11% for the ACTogether.mu project
The FCNRs actions have been directly beneficial to
1200 persons and indirectly to 2600 persons.
Health Care
Fight against Poverty

Disability
Education
CONCLUSION AND OUTLOOK

ALTEO continues to consolidate its existing operations
in Mauritius and Tanzania whilst decisively setting out to
achieve the strategic goals which had been earmarked
at the time of the amalgamation.
Globally, the operational results for the year 2014/2015
are likely to improve based on the following:
higher cane and sugar throughput in Mauritius partly
compensating for the reduced sugar price,
stable revenue and profitability trends in the energy sector
in Mauritius and in sugar operations in Tanzania, and
expected improved property results.
Education
Promoting education is another valued cause for the
FCNR. It has thus contributed towards the funding of
a school program, Les Amis de Zippy, in two schools for
a period of one year. In respect of the ANFEN school
network, the FCNR helped in various ways namely
through the funding of an Arts & Craft class animation
project for Atelier Joie de Vivre for a period of one year,
as well as the salary envelop of Teen Hope, and it also
funded part of the social workers salaries working at
the ANFEN schools. Other contributions included the
funding of three academic scholarships to the Fondation
Cours Jeanne dArc specialized school, the salary envelop
participation in a music school, Vent dun Rve, and
finally, providing academic support to Solidarit Maman.
Contributions per Sector
ExecutiveS Report
P. Arnaud Dalais
Group Chief Executive
Patrick de L. dArifat
Chief Executive Officer
September 22, 2014
Also resolute to help poor people to have better health

care, FCNR participated in the funding of the therapeutic
education program T1Diams intended for people with
type 1 diabetes, among others.
Environment
Health
Environment
The FCNR participated in the working capital of La

Valle de Ferney.
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48
STATEMENT OF
COMPLIANCE
Name of the Public Interest Entity:
Reporting Period:
(Section 75(3) of the

Financial Reporting Act)
ALTEO LIMITED
June 30, 2014
On behalf of the Board of Directors of ALTEO, we confirm that, to the best of our knowledge, the Company has
complied with all its obligations and requirements under the Code of Corporate Governance (the Code) except
with respect to sections 2.8.2 (Remuneration of Directors), 2.10.3 (Board and Directors Appraisal) and 7.3.1 (Ethics)
of the Code.
Reasons for non-compliance with these sections are given on pages 64, 50 and 71 respectively.
Arnaud Lagesse
Chairman
CORPORATE
GOVERNANCE
Jean de Fondaumire
Director
September 22, 2014
COMPLIANCE WITH THE CODE OF CORPORATE

GOVERNANCE
the Group within a framework of prudent and effective

controls which enables risk to be assessed and managed.
ALTEO, formerly known as Deep River-Beau Champ

Limited, incorporated on April 18, 1913, is a public
company listed on the Official Market of the Stock
Exchange of Mauritius Ltd (SEM).
The Board also acknowledges its responsibility to ensure

that the Company adheres to all relevant legislation,
complies with the Listing Rules of the SEM and applies
the principles of good governance throughout the Group.
ALTEO is committed to the highest standard of business

integrity, professionalism and transparency in all its
activities to ensure that the activities within the Company
and the Group are managed ethically and responsibly to
enhance business value for all stakeholders.
The key functions of the Board include inter alia:

- overseeing the conduct of the Companys business,
to evaluate whether the business is being properly
managed at all levels;
- monitoring the effectiveness of the Groups governance
practices and making changes as needed;
- reviewing and, where appropriate, approving risk policy,
financial statements, annual budgets, business plans
and Committees reports;
- overseeing major capital expenditure, acquisitions and
divestments;
- ensuring the precision and integrity of the Companys
accounting and financial reporting systems, including
the independent audit;
- ensuring that the appropriate systems of control are in
place to prevent any malpractices;
- selecting, compensating and monitoring key executives
and overseeing management succession planning;
- ensuring that the Companys business is conducted
with the highest standards of ethical conduct and in
conformity with applicable laws and regulations in
Mauritius at all times; and
- overseeing the process of disclosure and
communication.
The Board of Directors and management of ALTEO

continue to be committed to ensuring and maintaining
a high standard of corporate governance to ensure
protection and transparency of the interests of ALTEOs
shareholders and all stakeholders at large. They also
acknowledge the need to adapt and improve the
principles and practices in light of their experience,
regulatory requirements and investor expectations.
This report describes, among others, the main corporate
governance framework and compliance requirements of
the Company with its Constitution, the Companies Act
2001, the Securities Act 2005, the Listing Rules of the
SEM, the disclosures required under the Code of Corporate
Governance for Mauritius (the Code) and the Terms of
Reference of the Board Committees.
COMPANYS CONSTITUTION
Following the amalgamation of Flacq United Estates
Limited with and into the Company, ALTEO has adopted
a new Constitution which is in conformity with the
provisions of the Companies Act 2001 and the Listing
Rules of the SEM.
There are no clauses of the Constitution deemed material
enough for special disclosure.
A copy of ALTEOs Constitution is available upon request
in writing to the Company Secretary at the registered
office of the Company, Viva Business Park, Saint Pierre.
BOARD OF DIRECTORS
The Board of Directors is responsible for the stewardship
of ALTEO and for the supervision of the management of
the business and affairs of the Company.
ALTEO is headed by an effective board, which is
collectively responsible for the success of the Company
and for the overall corporate governance of the Group.
The central role of the Board of Directors of ALTEO is to
provide entrepreneurial leadership of the Company and
The Board of Directors of ALTEO believes that the

responsibilities of the Directors should not be confined
in a Board charter and has consequently resolved not to
adopt a charter.
Board members have unrestricted access to the records of
the Company.They also have the right to seek independent
professional advices at the expense of the Company to
enable them to discharge their responsibilities at their
upmost abilities.
Besides, the Board of Directors of ALTEO considers that its
members should be continuously developing themselves.
To this effect, the Board believes that its members
should not be prohibited from serving on boards of other
organisations provided that each Director has a duty to
act in the best interests of the Company and is expected
to ensure that his other responsibilities do not impinge on
his responsibilities as a Director of ALTEO.
The Directors of ALTEO hereby confirm that they perform
their duties, responsibilities and powers to the extent
permitted by law.
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50
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CORPORATE GOVERNANCE
CHAIRMAN, GROUP CHIEF EXECUTIVE AND CHIEF
EXECUTIVE OFFICER
The duties and responsibilities of the Non-Independent
Chairman, Group Chief Executive and Chief Executive
Officer are separate to ensure proper balance of power,
increased accountability and greater capacity of the
Board for independent decision-making.
The post of Non-Independent Chairman is held
by Mr. Arnaud Lagesse. In case of equality of votes at
either a Board meeting or a Shareholders meeting, the
Chairman of the meeting is not entitled to a casting
vote.
The posts of Group Chief Executive and Chief Executive
Officer are held by Messrs. P. Arnaud Dalais and Patrick
de L. dArifat respectively.
BOARD COMPOSITION
ALTEOs Constitution provides that, unless otherwise
determined by the shareholders in an Annual or Special
Meeting, the Board shall consist of a minimum of 7
Directors and a maximum of 15 Directors.
In accordance with ALTEOs Constitution, the Board has
the power to appoint any person to be a Director, either
to fill a casual vacancy or as an addition to the existing
Directors but so that the total number of Directors shall
not at any time exceed the number fixed in accordance
with the Constitution. The Director so appointed shall
hold office only until the next following Annual Meeting
of Shareholders and shall then be eligible for re-election.
The composition of the Board is reviewed by the
Corporate Governance, Nomination, Remuneration &
Ethics Committee, in its role as Nomination Committee,
to ensure that the Board has the appropriate mix of
expertise and experience, and collectively possesses the
necessary core competencies for effective functioning
and informed decision-making. The said Committee is
responsible for identifying and recommending potential
directors to the Board.
On appointment to the Board and any Committees,
newly appointed Directors receive a complete
induction pack and are invited to meet members of
the management team in order to rapidly acquire
a comprehensive view of the Companys current
operations practises, acceptable risks level and medium
and long term strategy.
ALTEO is currently managed by a unitary Board of 10
members comprising of:
- 6 Non-Executive Directors;
- 2 Independent Non-Executive Directors; and
- 2 Executive Directors.
On March 26, 2014, Mr. Louis Guimbeau submitted
his resignation as Director of the Company and upon
recommendation of the Corporate Governance,
Nomination, Remuneration & Ethics Committee,
the Board appointed Mr. Jrme de Chasteauneuf
in replacement. Mr. de Chasteauneuf has been
closely associated with the expansion of the CIEL
Group in different sectors of the local economy and
internationally. His long business experience and
exposure to the financial evaluation of projects and
monitoring of operations will certainly prove very
useful to the Company. The profile of Mr. Jrme de
Chasteauneuf is set out on page 53.
On June 30, 2014, upon recommendation of the
Ethics Committee, Mr. Jean-Pierre Dalais was appointed
as Director of the Company by the Board, in replacement
of Mr. Christian Dalais who submitted his resignation.
Mr. Jean-Pierre Dalais has been at the forefront of many
of the CIEL Group ventures over the past decades. The
Board of Directors of ALTEO will surely benefit from his
entrepreneurial disposition and business acumen. The
profile of Mr. Jean-Pierre Dalais appears on page 53.
The Board continues to believe that its overall
composition remains appropriate, having regard in
particular to the independence of character and
integrity of all of its directors, and the experience and
skills which they bring to their duties.
During the year under review, no Board evaluation
has been conducted. It has been decided that a Board
evaluation will be carried out when all members of the
Board will be fully conversant and familiar with the
Companys structure and business activities following
the amalgamation of ex-Flacq United Estates Limited
(FUEL) with and into the Company.
From left to right : Messrs. Jan Boull, Arnaud Lagesse, Jean-Claude Bga, Patrick de L. dArifat, Jean-Pierre Dalais,
P. Arnaud Dalais, Jean de Fondaumire, Thierry Lagesse, Amde Darga and Jrme de Chasteauneuf.
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DIRECTORS PROFILES
The names of the Directors, their categories, their
profiles and the list of their directorships in other listed
companies are provided hereafter.
Arnaud LAGESSE
Non-Independent Chairman - first appointed to the
Board in 1995 and Chairman as from August 13, 2013
Arnaud Lagesse, born in 1968, has been appointed as
Chairman of the Company on August 13, 2013. He
holds a Maitrise de Gestion from the University of
Aix-Marseille III, France and is a graduate of Institut
Suprieur de Gestion, France. He also completed an
Executive Education Program at INSEAD, Fontainebleau,
France and an Advanced Management Program
(AMP180) at Harvard Business School, Boston, USA.
He joined GML in 1993 as Finance and Administrative
Director before becoming in August 2005 its Chief
Executive Officer. He also participated in the National
Corporate Governance Committee as a member of
the Board. He is a member of the Board of Directors
of several of the countrys major companies (Phoenix
Beverages, The United Basalt Products Ltd) and is the
Chairman of BlueLife Limited, Ireland Blyth Limited,
LUX* Island Resorts Ltd, AfrAsia Bank Limited, inter
alia. Arnaud Lagesse is an ex-president of the Mauritius
Chamber of Agriculture, the Mauritius Sugar Producers
Association and the Sugar Industry Pension Fund.
Arnaud Lagesse is also the Chairman of GML Fondation
Joseph Lagesse since July 2012.
Directorships in other companies listed on the Official
Market of the SEM:
- BlueLife Limited (Non-Independent Chairman)
- Ireland Blyth Limited (Non-Independent Chairman)
- LUX* Island Resorts Ltd (Non-Independent Chairman)
- Phoenix Beverages Limited
- The United Basalt Products Ltd
Jean-Claude BGA
Non-Executive Director first appointed to the Board in
2012
Jean-Claude Bga, born in 1963, is a Fellow of the
Association of Chartered Certified Accountants. He
joined GML in 1997 and is the Chief Financial Officer of
GML Management Lte. He is a member of the Mauritius
Institute of Professional Accountants and a Fellow of the
Mauritius Institute of Directors. Jean-Claude Bga is the
Chairman of Phoenix Beverages Limited and Director
of a number of companies including AfrAsia Bank
Limited, LUX* Island Resorts Ltd, Alteo Properties Ltd,
Anahita Estates Limited, Anahita Golf Ltd and Anahita
Residences & Villas Limited. He is also a member of the
Audit & Risk Committee of the Company.
Market of the SEM:
- Phoenix Beverages Limited (Non-Independent Chairman)
- LUX* Island Resorts Ltd
- Bluelife Limited (Alternate Director)
Jan BOULL
Non-Executive Director first appointed to the Board in
2012
Jan Boull, born in 1957, is an Ingnieur Statisticien
Economiste (France) and holds a diploma of 3me cycle
de Sciences Economiques, Universit Laval, Quebec
(Canada). He joined the Constance Group in 1984 and
is currently Head of Projects and Development. Jan
Boull has recently been appointed as Non-Executive
Chairman of GML Investissement Lte and is also a
Director of several major companies of the country.
Market of the SEM:
- Belle Mare Holding Limited
P. Arnaud DALAIS
Executive Director - first appointed to the Board in 1984
P. Arnaud Dalais, born in 1955, is the Group Chief
Executive of Alteo Limited (ex-Deep River BeauChamp Ltd (DRBC)) since November 1991. Under his
leadership, the Company has gone through an important
development both locally and on the international front.
He has been leading his team to successfully conclude
the amalgamation of ex-FUEL with and into ex-DRBC
which has since been renamed Alteo Limited. He is also
the Chairman of the CIEL Group and as such chairs the
Boards of CIEL Limited, CIEL Textile Ltd and Sun Resorts
Ltd. He plays an active role at the level of the Mauritian
private sector and has assumed the Chairmanship of a
number of organizations including the Joint Economic
Council from 1999 to 2001.
Market of the SEM:
- Caudan Development Limited (Non-Executive Vice Chairman)
- CIEL Limited (Non-Independent Chairman)
- Promotion and Development Limited
- Sun Resorts Limited (Non- Independent Chairman)
Jean-Pierre DALAIS
Non-Executive Director - appointed to the Board on June
30, 2014
Jean-Pierre Dalais, born in 1964, obtained his MBA from
the International University of America, San Francisco.
He started his career with Arthur Andersen, working in
both Mauritius and France. He joined the CIEL Group
in 1990 as General Manager of Aquarelle Clothing Ltd.,
before proceeding to the head office where he played
a key role in developing the affairs of the group in
Mauritius and internationally. Jean-Pierre Dalais is now
the Executive Director of CIEL Limited. He also assumes
directorships in several companies.
Market of the SEM:
- Phoenix Beverages Limited (Alternate Director)
- CIEL Limited
- Ipro Growth Fund Limited
- Sun Resorts Limited
Amde DARGA
Independent Non-Executive Director first appointed to
the Board in 2012
Amde Darga, born in 1951, is a Fellow of the Institution
of Engineers of Mauritius. He is the Chairman of
Enterprise Mauritius, Managing Partner of Straconsult,
a Social Science Researcher, a Trustee of SEATINI
(Southern & Eastern Africa Trade Information Network
Initiative) since 2003 and Chairman of the Mauritius
Africa Business Club. Amde Darga has served as
Minister of Housing, Lands, Town and Country Planning
for two years and previously occupied numerous
positions such as Mayor of Curepipe. He was a Member
of Parliament since the age of 26 and from 1976,
Trade Union Negotiator and Adviser. He is a regular
resource person to the United Nations on matters of
governance. Amde Darga is a member of the Audit &
Risk Committee of the Company.
Directorship in other companies listed on the Official
Market of the SEM:
- CIM Financial Services Ltd
Jrme DE CHASTEAUNEUF
Non-Executive Director - appointed to the Board on
March 26, 2014
Jrme de Chasteauneuf, born in 1966, is qualified as
Chartered Accountant of England and Wales. He also
holds a BSc honours in Economics from the London
School of Economics and Political Science (1989). He
joined the CIEL Group in 1993 as Project Financier and
became Head of Finance of the CIEL Group in 2000. He
has been closely involved with the sugar industry by
acting as Head of Finance of DRBC (now Alteo Limited)
for a number of years. He is an Executive Director of
CIEL Limited.
Market of the SEM:
- CIEL Limited
- Harel Mallac & Co. Ltd
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Jean DE FONDAUMIRE
Independent Non-Executive Director - first appointed to
the Board in 1996
Thierry LAGESSE
Non-Executive Director - first appointed to the Board in
1983
PROFILES OF THE SENIOR MANAGEMENT TEAM
Patrice Legris CEO of Alteo Properties Ltd
Fabien de Marass Enouf Chief Finance Executive
Jean de Fondaumire, born in 1953, is a Chartered

Accountant of Scotland. He worked in Australia for
eleven years and he retired as the CEO of the Swan
Group at the end of 2006 after fifteen years. He is a past
Chairman of The Stock Exchange of Mauritius and his
former directorships include companies operating in the
African, Indian Ocean and Asia Pacific regions. Jean holds
a portfolio of directorships in Mauritius for companies
operating in commerce, finance, power generation, sugar
and tourism. He is the current Chairman of the Audit
& Risk Committee and of the Corporate Governance,
Nomination, Remuneration & Ethics Committee of the
Company.
Thierry Lagesse, born in 1953, holds a Matrise des

Sciences de Gestion from the University of Paris
Dauphine. Up to August 12, 2013, he was the NonExecutive Chairman of GML Investissement Lte. He
was the past chairman and is presently the Director of
the following listed companies, Alteo Limited, Ireland
Blyth Limited, Phoenix Beverages Limited and The
United Basalt Products Ltd. He is also the Executive
Chairman and founder of Palmar Group of Companies
and the Chairman of Parabole Runion SA.
Fabien de Marass Enouf, born in 1977, holds a Bcom

(Accounting and Finance) from Curtin University of
Technology (1999) and qualified as a member of the
Institute of Chartered Accountants in England and
Wales in 2004. He joined the Corporate Finance practice
of PwC Mauritius in 2005. As Senior Manager, he has
advised clients on several M&A projects, finance raising
projects and business valuations both locally and in the
region and has regularly been involved on stock markets
related work. He was part of the independent valuers
teams advising on recent mergers within the local sugar
industry. Fabien joined Alteo Limited in January 2014 as
Chief Finance Executive.
Patrice Legris, born in 1957, holds a Masters in Economic

and Social Administration from Sorbonne Paris, as
well as a Diploma in Personnel Management from the
University of Mauritius. CEO of Alteo Properties Ltd
since April 2012, Patrice was previously CEO of lAHRIM
(Association des Hoteliers et Restaurateurs de lIle
Maurice) and former director of the Mauritius Sugar
Producers Associations (MSPA).

Market of the SEM:
- LUX* Island Resorts Ltd

Market of the SEM:
- Ireland Blyth Limited
- The United Basalt Products Ltd
Patrick DE L. DARIFAT
Executive Director first appointed to the Board on July
20, 2012
Patrick de L. dArifat, born in 1958, holds a BSC degree
in Economics and Accountancy from City University,
London. He started his career with the Mauritius
Chamber of Agriculture in 1982 and in 1991 he was
appointed Director of the Mauritius Sugar Producers
Association. He has chaired that same association for
four years and that of the Mauritius Sugar Syndicate
for two years. He joined CIEL Agro-industry as Chief
Executive Officer in July 2001. Patrick de L. dArifat
has, throughout those years, been closely associated
with the policy formulation and implementation of
the modernization process of the sugar industry in
Mauritius and in the region. Patrick de L. dArifat is the
Chief Executive Officer of ALTEO.
Market of the SEM:
- Rogers and Company Limited
Robert Baissac CEO of TPC Ltd

Robert Baissac, born in 1960, holds a BSc honours
in Agriculture from the University of Natal,
Pietermaritzburg, RSA. He joined the group in 1984
as Assistant Agronomist of Deep River Beau Champ
Ltd and was then appointed Agronomist in charge of
diversification in 1985. In 1987, he joined Mon Trsor
Mon Dsert S.E as Agronomist and in 1991, was
appointed Field Manager of Compagnie de Beau Vallon
Lte. Since 2000, Robert Baissac is the CEO of TPC Ltd
in Tanzania.
Sbastien Lavoipierre COO Industrial Activities

Sbastien Lavoipierre, born in 1972, holds a Bsc. degree
in Chemical Engineering from University of Natal
and an MBA from Heriot Watt University, Edinburgh
Business School. He joined Les Gaz Industriels in 1998 as
Production Manager and then held a senior management
position at Ireland Blyth Limited from 2003 to 2006. He
was the Project Manager of the MCFI Group from 2007
to 2008 and Business Development Manager of the
Harel Mallac Group in 2009. In 2010, he was promoted
as the Managing Director of the Chemical arm of the
Harel Mallac Group. Sbastien Lavoipierre joined ALTEO
in August 2013 and he is currently the Chief Operations
Officer of the Industrial Activities.
Jean-Robert Lincoln Group Agricultural Development

Executive
Jean-Robert Lincoln, born in 1959, joined the Company
in 1985. Initially involved with sugarcane operations in
Mauritius, he occupied various responsibilities within
Agronomy and R&D. He has, over the last fifteen years,
been playing a more active role in evaluating and
developing agricultural opportunities abroad and is
currently Group Agricultural Development Executive. He
holds a BSc in Crop Science from Natal University, South
Africa (1983), a Certificate in Sugar Agriculture from the
South African Sugar Association (1984), a Certificate
in Agricultural Water Management from Cranfield
University, UK (1990), and an MBA from the University
of Surrey, UK (1997).
Christian Marot COO Agricultural Activities

Christian Marot, born in 1958, holds a Master in Business
Administration from the University of Surrey, England.
He joined the Deep River-Beau Champ Ltd in 1983 as
Section Manager and occupied successively the post
of Assistant Field Manager (1987) and Field Manager
(1991) until his nomination as General Manager in
2002. As from July 2012, Christian Marot is the Chief
Operations Officer of the Agricultural Activities of the
Company.
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DIRECTORS AND OFFICERS INTERESTS IN SHARES OF

ALTEO LIMITED
shares of ALTEO. According to ALTEOs Constitution, a

Director is not required to hold shares in the Company.
DIRECTORS AND OFFICERS DEALINGS IN SHARES OF

ALTEO LIMITED
Written records of the interests of the Directors and

their closely related parties in shares of ALTEO are
kept in a Register of Directors Interests. Accordingly, as
soon as a Director becomes aware that he is interested
in a transaction, or that his holdings or his associates
holdings have changed, this should be reported to
the Company in writing. The Company Secretary
then ensures that the Register of Interests is updated
accordingly.
Moreover, pursuant to the Securities Act 2005, ALTEO

registered itself as a reporting issuer with the Financial
Services Commission (FSC) and makes every effort
to follow the relevant disclosure requirements. The
Company keeps a Register of its insiders and the said
register is updated with the notification of interest in
securities submitted by the Directors, the Officers and
the other insiders of ALTEO.
The Directors of ALTEO use their best endeavours

to abide by the absolute prohibition principles and
notification requirements of the Model Code on
Securities Transactions by Directors as stipulated in
Appendix 6 of the Listing Rules of the SEM.
All new Directors are required to notify in writing to the

Company Secretary their direct and indirect holdings in
The Directors and Officers of ALTEO having direct

and/or indirect interests in the ordinary shares of the
Company at June 30, 2014 were as follows:
Indirect
Interest
Direct Interest
Directors
ALTEO has set up a procedure whereby any Director

wishing to deal in the shares of the Company should
first notify the Chairman of the Company and receive a
dated written acknowledgement prior to any dealings.
In his own case, the Chairman of the Company should
first notify the Board at a Board meeting and receive a
dated written acknowledgement prior to dealing.
The Directors and Officers of the Company are strictly
prohibited from dealing in the shares of ALTEO at any
time when in possession of unpublished price-sensitive
information, or for the period of one month prior to the

publication of the Companys quarterly and yearly results
and to the announcement of dividends and distributions
to be paid or passed, as the case may be, and ending on
the date of such publications/announcements.
Moreover, Directors and Officers of ALTEO are required
to observe the insider trading laws at all times even
when dealing in securities within permitted trading
periods.
The Directors and Officers of ALTEO have also been
made aware of their responsibilities in disclosing to the
Company any acquisition or disposal in the Companys
securities, as per the Securities Act 2005 and the Listing
Rules of the SEM.
During the year under review, the following Directors
and Officers have traded in ALTEOs shares:
No. of shares
Arnaud Lagesse
1.02
Jean-Claude Bga
Jan Boull
0.03
632,128
0.20
Arnaud Lagesse
*90,929
500
*1,796
P. Arnaud Dalais
Direct Interest
No. of shares
Directors
Acquired
Indirect Interest
No. of shares
Disposed of
Acquired
Disposed of
18,648
0.01
Jan Boull
1,075
0.00
P. Arnaud Dalais
Jrme de Chasteauneuf
Officers
Jean de Fondaumire
Jean-Robert Lincoln
0.00
* Inherited
33,577
0.01
0.93
The other Directors and Officers of ALTEO did not deal with the shares of the Company either directly or indirectly.
Fabien de Marass Enouf
Christian Marot
Sbastien Lavoipierre
11,860
0.00
14,421
0.00
Jean-Pierre Dalais
Amde Darga
Thierry Lagesse
Officers
Robert Baissac
Patrice Legris
Jean-Robert Lincoln
DIRECTORS AND OFFICERS INDEMNITIES AND

INSURANCE
A Directors and Officers liability insurance policy has
been subscribed to by the Company. The policy provides
cover for the risks arising out of the acts or omissions of
the Directors and Officers of the Company. The cover
does not provide insurance against fraudulent, malicious
or willful acts or omissions.
None of the Directors and Officers had any interest in the equity of subsidiaries of ALTEO.
BOARD MEETINGS
Decisions taken between meetings are confirmed by

way of resolutions in writing, agreed and signed by all
the Directors then entitled to receive notice of meeting.
Board meetings are convened by giving appropriate notice
after obtaining approval of the Chairman and of the Chief
Executive Officer. As a general rule, detailed agenda,
management reports and other explanatory statements
are circulated in advance amongst the Directors to
facilitate meaningful, informed and focused decisions at
the meetings. To address specific urgent business needs,
meetings are at times called at shorter notice.
The Board of Directors of ALTEO meets quarterly and at

any additional times as the Groups business requires.
57
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58
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The Directors may ask for any explanations or the
production of additional information and, more
generally, submit to the Chairman any request for
information or access to information which might
appear to be appropriate to him.
A quorum of 6 Directors is currently required for a Board
meeting of ALTEO and in case of equality of votes, the
Chairman does not have a casting vote.
Board meetings of ALTEO are also attended by the
Chief Finance Executive as well as the Chief Operations
Officers of both the agricultural and industrial activities.
Other key management personnel and outside
consultants are invited to attend Board meetings when
deemed necessary.
A Director of ALTEO who has declared his interest shall
not vote on any matter relating to the transaction or
proposed transaction in which he is interested, and shall
not be counted in the quorum present for the purpose
of that decision.
During the year under review, the Board met 4 times
with an attendance rate of 80%. Decisions were also
taken by way of resolutions in writing, agreed and signed
by all the Directors then entitled to receive notice of the
meeting.
At its meetings, the Board approved the audited
financial statements for the previous financial year, the
unaudited quarterly results, the declaration of dividends
and the budget for the next financial year. The Board also
reviewed the reports of its Committees, the Companys
and Groups performance as compared to the results of
previous years corresponding period and to the budget
as well as future business projects.
The minutes of the proceedings of each Board meeting
are recorded by the Company Secretary and are entered
in the Minutes Book of the Company. The minutes of
each Board Meeting are submitted for confirmation
at its next meeting and these are then signed by the
Chairman and the Company Secretary.
BOARD COMMITTEES
Members
Category
In line with the Code, the Board has constituted an

Audit & Risk Committee and a Corporate Governance,
Nomination, Remuneration & Ethics Committee. These
Committees operate within defined terms of reference
and independently to the Board.
Jean de Fondaumire - Chairman
Independent Non-Executive Director
Jean-Claude Bga
Non-Executive Director
Amde Darga
The Company Secretary acts as secretary to the Board

Committees. The minutes of each Board Committee
meeting are submitted for confirmation at the following
meeting and then signed by the Chairman of the Board
Committee and the Company Secretary.
P. Arnaud Dalais
Group Chief Executive - Executive Director
Patrick de L. d'Arifat
Chief Executive Officer - Executive Director
Chief Finance Executive
EY
Internal Auditors - Independent Service Provider
BDO & Co
External Auditors - Independent Service Provider
The Chairmen of the Board Committees report on the

proceedings of the Committees at each Board meeting
of the Company.
The Board Committees are authorised to obtain, at the
Companys expense, professional advice both within and
outside the Company in order for them to perform their
duties.
Audit & Risk Committee
In line with the Code, the Board has nominated an
Independent Non-Executive Director to chair the Audit
& Risk Committee and the said Committee comprises
4 members namely, 2 Independent Non-Executive
Directors and 2 Non-Executive Directors.
The Audit & Risk Committee operates under the terms of
reference approved by the Board. The Committee meets
at least once each quarter and reports on its activities to
the Board. A quorum of 2 members is currently required
for an Audit & Risk Committee meeting.
The composition of the Audit & Risk Committee has
changed during the year under review and at the date
of this report, the membership of the said Committee
is as follows:
In attendance (when deemed appropriate)
Upon his appointment to the Board on March 26, 2014 in

replacement of Mr. Louis Guimbeau who has submitted
his resignation, Mr. Jrme de Chasteauneuf has also been
nominated as member of the Audit & Risk Committee.
The Committee met 5 times during the year under

review with an attendance rate of 100%. The particulars
of attendance at the Committee meetings are given on
page 62.
The Board of Directors is of the view that the members

of the Audit & Risk Committee have sufficient financial
management expertise and experience to discharge its
responsibilities properly.
During the financial year ended June 30, 2014, the Audit
& Risk Committee has mainly reviewed the quarterly
and final audited financial statements, the management
letter submitted by the external auditors, the internal
audit reports, the elaboration of a Risk Register for the
Company and the fees of the internal and external
auditors.
The core responsibilities of the Audit & Risk Committee

remains the:
- monitoring of the integrity of the financial statements of the
Company and the Group and any formal announcements
relating to the Companys financial performance, before
submission to the Board;
- recommendation to the Board of the condensed unaudited
quarterly financial statements;
- review of the effectiveness of the Companys internal
control and risk management systems;
- monitoring and review of the effectiveness of the
Companys internal audit function;
- approval of the appointment and/or termination of the
internal auditors;
- monitoring and supervision of the effective function of the
internal audit;
- monitoring of the objectivity and independence of the
external auditors;
- recommendation to the Board on the appointment, reappointment, removal of the external auditors and their
fees;
- reviewing of the external auditors management letter; and
- conduct of investigations into any matters within its scope
of responsibilities.
The external auditors have been systematically called

to all meetings at which the Committee has considered
interim or annual financial statements.
The Committee met on September 16, 2014 to
recommend to the Board the approval of the annual
financial statements at June 30, 2014 and the relevant
abridged audited consolidated results for publication.
The Audit & Risk Committee confirms that it has
fulfilled its responsibilities for the year under review, in
accordance with its terms of reference.
In 2014/2015, the Audit & Risk Committee will maintain
its focus on the continued examination and review of
the internal control environment and risk management
system within the Group.
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60
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Ethics Committee
During the year under review, the Committee was
renamed as Corporate Governance, Nomination,
Remuneration & Ethics Committee.
In line with the Code, the Board has nominated an
Independent Non-Executive Director to chair the
Ethics Committee and the said Committee comprises
3 members namely, 1 Independent Non-Executive
Director and 2 Non-Executive Directors.
The Corporate Governance, Nomination, Remuneration
& Ethics Committee operates under the terms of
reference approved by the Board and a quorum of 2
members is currently required for a meeting of the said
Committee.
During the year under review, the Committee met 3

times with an attendance rate of 89%. Decisions were
also taken by way of resolutions in writing, agreed and
signed by all the members of the Committee then
entitled to receive notice of the meeting.
The composition of the Corporate Governance,

Nomination, Remuneration & Ethics Committee has
changed during the year under review and at the date
of this report, the membership of the said Committee
is as follows:
The particulars of attendance at the Committee

meetings are given on page 62.
Members
Category
Jean de Fondaumire - Chairman
Arnaud Lagesse
Non-Independent Chairman
In attendance (when deemed appropriate)

P. Arnaud Dalais
Group Chief Executive - Executive Director
Patrick de L. d'Arifat
Chief Executive Officer - Executive Director
Chief Finance Executive
In his capacity as new Chairman of the Board of

Directors, Mr. Arnaud Lagesse has been nominated as
member of the Corporate Governance, Nomination,
Remuneration & Ethics Committee on August 9, 2013 in
replacement of Mr. Thierry Lagesse.
Upon his appointment to the Board on March 26,
2014 in replacement of Mr. Louis Guimbeau who has
submitted his resignation, Mr. Jrme de Chasteauneuf
has also been nominated as member of the Corporate
Governance, Nomination, Remuneration & Ethics
Committee.
& Ethics Committee is responsible for:
- Making recommendations to the Board on all corporate
governance provisions to be adopted so that the Board
remains effective and follows prevailing corporate
governance principles;
- In its role as Nomination Committee, reviewing
the structure, size and composition of the Board,
identifying and recommending to the Board possible
appointees as Directors, making recommendations
to the Board on matters relating to appointment or

re-appointment of Directors and succession plans for
Directors whilst assessing the independence of the
Independent Non-Executive Directors;
- In its role as Remuneration Committee, determining and
developing the Companys and Groups general policy
on executive and senior management remuneration
and making recommendations to the Board on all
the essential components of remuneration whilst
determining the adequate remuneration to be paid to
Directors and senior management; and
- In its role as Ethics Committee, helping to define the
code of conduct underpinning corporate behavior
applicable to senior management and employees,
making recommendations or giving an opinion on
initiatives aimed at promoting best practices in this
area, and ensuring that the Groups values and rules of
good conduct are respected.
During its meetings, the Committee has examined

corporate governance and ethical issues and has approved
the corporate governance section of the Annual Report
2013. The Committee has also recommended to the
Board the re-election of the Directors of the Company
through separate resolutions and had reviewed the
Board and Board Committees fees as well as the
remuneration and benefits of the Executive Directors
and of the key management personnel.
& Ethics Committee reviewed and approved the present
corporate governance section.
The Committee also confirms that it has met its
responsibilities for the year under review, in compliance
with its terms of reference.
COMPANY SECRETARY
Navitas Corporate Services Ltd administers, attends and

prepares minutes of all Board meetings, Committee
meetings and Shareholders meetings. She assists the
Chairman in ensuring that Board procedures are followed
and that the Companys Constitution and relevant
rules and regulations are complied with. The Company
Secretary also assists the Chairman and the Board in
implementing and strengthening good governance
practices and processes with a view to enhance longterm shareholders value.
Navitas Corporate Services Ltd is the primary channel
of communication between the Company and the
regulatory bodies.
BOARD AND BOARD COMMITTEES ATTENDANCE

A Director of ALTEO is expected to spend the time and
effort necessary to properly discharge his responsibilities.
Accordingly, he is expected to regularly prepare for and
attend meetings of the Board and all Committees on
which he sits, with the understanding that, on occasion,
he may be unable to attend a meeting.
A Director who is unable to attend a meeting is expected
to notify either the Company Secretary or the Chairman
of the Board or the Chairman of the appropriate
Committee, in advance of such meeting.
ALTEO has a service agreement with Navitas Corporate

Services Ltd for the provision of company secretarial
services.
All Directors have access to the advice and services
of the Company Secretary who is responsible for
providing guidance to the Directors as to their duties,
responsibilities and powers, whilst also ensuring that the
Company is at all times in line with applicable laws, rules
and regulations in Mauritius.
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62
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The attendance record of the Directors for the year ended June 30, 2014 is set out below:
Annual
Meeting of
Shareholders
(held on
December 18,
2013)
2 out of 2
yes
Category
Board
of
Directors
Arnaud Lagesse (1)
NICB
4 out of 4
Jean-Claude Bga
NED
3 out of 4
Jan Boull
NED
3 out of 4
yes
G. Christian Dalais (2)
NED
2 out of 4
yes
ED
4 out of 4
NED
*1 out of 1
Amde Darga
INED
2 out of 4
5 out of 5
Jrme de Chasteauneuf (3)
NED
*3 out of 3
1 out of 1
*4 out of 4
*1 out of 1
*1 out of 1
yes
Jean de Fondaumire
INED
4 out of 4
5 out of 5
3 out of 3
yes
ED
4 out of 4
*5 out of 5
*3 out of 3
yes
NED
3 out of 3
4 out of 4
3 out of 3
yes
NED
2 out of 4
0 out of 1
no
Directors
P. Arnaud Dalais
Jean-Pierre Dalais
Louis Guimbeau
Thierry Lagesse
(2)
(3)
(1)
Audit &
Risk
Committee
Corporate
Governance,
Nomination,
Remuneration
& Ethics
Committee
5 out of 5
*3 out of 5
yes
*3 out of 3
yes
no
yes
In attendance
Fabien de Marass Enouf (4)
2 out of 2
Christian Marot
4 out of 4
Sbastien Lavoipierre
(5)
2 out of 2
N/A
yes
4 out of 4
BOARD AND BOARD COMMITTEES FEES
The Board has delegated to the Corporate Governance,

Nomination, Remuneration & Ethics Committee,
the responsibility of determining the adequate
remuneration to be paid to the Chairman of the Board,
the Independent Non-Executive Directors, the NonExecutive Directors, the Executive Directors and the
senior management staff.
The fees are approved by the Board of Directors following

recommendation of the Corporate Governance,
Nomination, Remuneration & Ethics Committee.
The Groups underlying philosophy is to set remuneration

at an appropriate level to retain, motivate and attract
high calibre personnel and Directors, and to reward
them in accordance with their individual as well as
collective contribution towards the achievement of the
Companys objectives and performance, whilst taking
into account current market conditions and/or other
factors which may be determined from time to time.
A management committee, consisting of the Chief
Executive Officer, the Chief Finance Executive and the
Human Resource Officer, handles remuneration matters
related to the Companys personnel.
During the year under review, the Corporate Governance,
Nomination, Remuneration & Ethics Committee has
retained outside consultants to provide independent
market information and advice relating to the regular
review of executive performance and remuneration.
The Board has decided to cancel the attendance fee

of Rs 30,000 per meeting and to increase the fixed
fee payable to the Non-Independent Chairman as
well as the Independent and Non-Executive Directors.
In addition, the Directors who are Board Committee
members receive a further fixed fee, with the Chairman
of each Board Committee being remunerated at a higher
rate.
With respect to the cancellation of the attendance
fee, the Directors of ALTEO believe that even if they
cannot attend a Board meeting, they still perform their
duties and responsibilities as Directors of the Company
by reviewing the Board papers of the said meeting.
Indeed, the Directors are of the opinion that their duty
of diligence is not merely to attend Board meetings but
more importantly to be knowledgeable and ready to
make informed decisions affecting ALTEO.
The Board and Board Committees fees at June 30, 2014
were as follows:
yes
Internal Auditors
5 out of 5
no
External Auditors
4 out of 4
yes
* In attendance not a member

ED = Executive Director
NED = Non-Executive Director
STATEMENT OF REMUNERATION PHILOSOPHY
INED = Independent Non-Executive Director

NICB = Non-Independent Chairman of the Board
(1)On August 13, 2013, the Board nominated Mr. Arnaud Lagesse as Chairman of the Board of Directors in replacement of Mr. Thierry Lagesse.
On that same date, Mr. Arnaud Lagesse has also been nominated as member of the Corporate Governance, Nomination, Remuneration &
Ethics Committee in replacement of Mr. Thierry Lagesse.
(2)On June 30, 2014, Mr. G. Christian Dalais submitted his resignation as Director of the Company and Mr. Jean-Pierre Dalais was appointed
in replacement.
Board Service
Meeting Fees
Annual Chairmans fixed fee
Rs 750,000
Annual Independent and Non-Executive Directors fixed fee
Rs 250,000
Audit & Risk Committee Service

Chairmans fee
Rs 250,000
Members fee (except if the member is an Executive Director)
Rs 150,000
Corporate Governance, Nomination, Remuneration & Ethics Committee Service

Chairmans fee
Rs.125,000
Members fee (except if the member is an Executive Director)
Rs 75,000
(3)On March 26, 2014, Mr. Louis Guimbeau submitted his resignation as Director of the Company and Mr. Jrme de Chasteauneuf was
appointed in replacement. On that same date, Mr. Jrme de Chasteauneuf has also been nominated as member of both the Corporate
Governance, Nomination, Remuneration & Ethics Committee and the Audit & Risk Committee in replacement of Mr. Guimbeau.
(4)On January 1, 2014, Mr. Fabien de Marass Enouf was appointed as Chief Finance Executive in replacement of Mr. Jrme de Chasteauneuf
who submitted his resignation.
(5)On February 1, 2014, Mr. Sbastien Lavoipierre was appointed as COO Industrial Activities upon the retirement of Mr. Jean-Luc Harel.
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DIRECTORS REMUNERATION AND BENEFITS
HOLDING STRUCTURE
SHAREHOLDERS AGREEMENT
SHARES IN PUBLIC HANDS
The Board of Directors has resolved not to disclose the

remuneration paid to each Director on an individual basis
due to the commercial sensitivity of the information.
For the remuneration and benefits received, or due and
receivable, by the Directors from the Company and its
subsidiaries as at June 30, 2014, please refer to page 73
of the Statutory Disclosures.
T h e s t a t e d c a p i t a l o f A LT E O i s c u r r e n t l y
Rs 8,991,595,000.- divided into 318,492,120 ordinary
shares of no par value.
To the best knowledge of the Company, there has been

no such agreement with any of its Shareholders for the
year under review.
In accordance with the Listing Rules of the SEM, at least

25% of the shareholding of ALTEO is in the hands of
the public.
SHARE REGISTRY AND TRANSFER OFFICE
SHAREHOLDING PROFILE
ALTEOs Share Registry and Transfer Office is

administered by MCB Registry & Securities Limited.
For any queries regarding an account and/or change
in name or address, and/or questions about lost share
certificates, share transfers or dividends, the shareholder
is invited to contact the Share Registry and Transfer
Office.
The share ownership and categories of shareholders at

June 30, 2014 were as follows:
CIEL Limited
(CIEL)
The holding structure of ALTEO is as follows:

(GMLI)
20.96%
Others
26.92%
52.12%
ALTEO LIMITED
The Groups shareholding is found on pages 6 and 7.

Common Directors
The names of the common Directors are as follows:
Directors
ALTEO
CIEL
GMLI
Number of
Size of
Number of
% of Total
Shareholders
Shareholding
Shares Owned
Issued Shares
535
1 - 500 shares
104,279
0.03
312
501 - 1,000 shares
237,942
0.07
870
1,001 - 5,000 shares
2,316,009
0.73
402
5,001 - 10,000 shares
2,900,093
0.91
732
10,001 - 50,000 shares
16,513,588
5.19
181
50,001 - 100,000 shares
12,704,412
3.99
142
100,001 - 250,000 shares
22,898,741
7.19
58
250,001 - 500,000 shares
20,040,707
6.29
**
30
500,001 - 1,000,000 shares
19,672,994
6.18
Jan Boull
**
31
Above 1,000,000 shares
221,103,355
69.42
P. Arnaud Dalais
**
318,492,120
100.00
Jean-Pierre Dalais
Thierry Lagesse
Arnaud Lagesse
3,293
** Chairman
* Alternate Director
SUBSTANTIAL SHAREHOLDERS
The shareholders holding more than 5% of the share capital of ALTEO at the date of reporting were as follows:
Number of
Shares Owned
%
Holding
85,742,078
26.92
CIEL Limited
66,755,299
20.96
Shareholders
Number of
Category of
Number of
% of Total
Shareholders
Shareholders
Shares Owned
Issued Shares
2,976
Individuals
95,970,337
30.13
Insurance and Assurance Companies
9,924,568
3.12
78
Pensions and Provident Funds
15,770,674
4.95
68
Investment and Trust Companies
176,136,623
55.30
162
Other Corporate Bodies
20,689,918
6.50
318,492,120
100.00
3,293
The above number of shareholders is indicative due to consolidation of multi-portfolios for reporting purposes.
The total number of active shareholders as at June 30, 2014 was 3,655.
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66
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SHAREHOLDERS COMMUNICATION
An open and transparent communication is of utmost
importance for ALTEO.
ALTEO communicates to its shareholders through its
Annual Report, publication of unaudited quarterly
and audited abridged financial statements of the
Group, dividend declaration, press announcements
and the Annual Meeting of Shareholders to which all
shareholders are encouraged to attend.
The Companys website www.alteogroup.com is also an
important means of effectively communicating with all
stakeholders, keeping them abreast of developments
within the ALTEO Group.
Indeed, the Annual Meeting of shareholders provides an
ideal opportunity to interact with the Board of Directors
and the management team on matters affecting the
Company and on the Groups strategy and goals. The
external auditors are also present at the meeting to
answer any queries.
SHARE PRICE INFORMATION

The share price of ALTEO increased by 1.11% from Rs 35.60 at June 30, 2013 to Rs 36.00 at September 15, 2014,
with the Semdex increasing by 9.89% for the same period.
Performance of ALTEO share versus the market
In accordance with the ALTEOs Constitution, the

quorum for a meeting of the shareholders of the
Company is at least 5 members present in person or
proxy together holding shares representing at least 30%
of the total voting rights.
SHAREHOLDERS CALENDAR
The Company has planned the following forthcoming
events:
November 2014
Publication of first quarter results to September 30, 2014
December 2014
Mailing of the Annual Report for the year ended June 30, 2014
December 2014
Declaration of an interim dividend*
December 2014
Annual Meeting of the Shareholders
January 2015
Payment of the interim dividend
February 2015
Publication of half-year results to December 31, 2014
May 2015
Publication of third quarter results to March 31, 2015
June 2015
Declaration of a final dividend*
INTERNAL AUDIT FUNCTION
July 2015
Payment of the final dividend*
September 2015
Publication of abridged end-of-year results to June 30, 2015
The role of the Internal Audit Function is to provide

to management, the Audit & Risk Committee and the
Board of Directors independent objective assurance and
advice aiming at identifying cost efficiencies, providing
strategic insights that improve business performance
and providing key insights that focus on the risks that
matter. It also plays a key role in the maintenance of
a sustainable and fit for purpose risk management
framework, which provides the right balance between
risk, cost and value, in line with ALTEOs overall business
strategy and risk appetite.
* Subject to the approval of the Board of Directors.

DIVIDEND POLICY
No formal dividend policy has been determined by
the Board. Dividend payments are determined by the
profitability of the Company, its cash flow, its future
investments, its ability to meet future expenses, its
growth opportunities and its visibility on the medium
and long term.
An interim dividend of Rs 0.35cs per share and a final

dividend of Rs 0.45cs per share were declared during the
financial year under review. The said dividends were paid
on January 20, 2014 and July 18, 2014 respectively.
Dividends are normally declared and paid twice yearly.

Directors ensure that the Company satisfies the solvency
test for each declaration of dividend and a certificate
of compliance with the solvency test is signed by all
Directors when a dividend is declared by the Board.
Semdex
ALTEO
To date, the share of ALTEO is quoted at Rs 36.50 on the Official Market of the SEM.
The Internal Audit function is outsourced to Ernst

& Young Ltd (EY). As internal auditors, they have
unrestricted access to the records, management and
employees of all operating units within the Group. They
report to the Audit & Risk Committee and maintain
an open and constructive line of communication with
management at all times. This kind of collaboration
reaps multiple benefits for the organisation, including
enhanced efficiency, and the ability to make informed
decisions on how to manage risk.
The Internal Audit coverage is determined through a

systematic and collaborative risk based approach which
involves members of the Audit & Risk Committee and
senior management of each cluster of the Group in the
identification of risk areas and the levels of risk within
each of them. The overall audit plan is approved by the
Audit & Risk Committee and regularly reviewed in light
of changes to the risk landscape.
In line with its mandate to be a value adding partner to
the business, EY discusses its findings with management
and provides advisory support in the development
of risk mitigation action plans. Regular follow-ups are
performed by EY to assess the status of implementation
of these action plans. Reports detailing all internal audit
findings are submitted to the Audit & Risk Committee
and all high risk areas are presented by EY through face
to face meetings with the Audit & Risk Committee
members on a periodic basis.
67
page
68
page
The areas reviewed by the internal auditors during the
financial year 2013/2014 were as follows:
- ALTEO - IT General Controls
- ALTEO - Alignment of key operational and finance
business processes following the amalgamation of
ex-DRBC and ex-FUEL
- ALTEO - Central Treasury Function
- ALTEO - The following processes were reviewed:
* Procurement Management
* Store Management
* HR & Payroll
- ALTEO - CEMIS Post Migration
- TPC Ltd - The following processes were reviewed:
* Fixed Assets Management
* Store Management
* Financial Statement Close
EXTERNAL AUDIT
BDO & Co was re-appointed as external auditors of the
Company for the financial year ended June 30, 2014
at the last Annual Meeting of the shareholders of the
Company held on December 18, 2013.
The audit fees of BDO & Co for the financial year ended
June 30, 2014 amounted to Rs 1,1M (2013: Rs 1,2M)
and no non-audit services were carried out by BDO &
Co during the year under review.
Upon the recommendation of the Audit & Risk
Committee, shareholders will be asked at the
forthcoming Annual Meeting to approve the reappointment of BDO & Co as external auditors and to
authorise the Board of Directors to fix the remuneration
of the auditors for the ensuing year.
INTERNAL CONTROL
The Board is satisfied that a continual process for
identifying, evaluating and managing significant risks
has been in place for the financial year and up to the
date of this Annual Report. The effectiveness of the
internal control systems is reviewed by the Audit & Risk
Committee and the Board receives assurance from the
Audit & Risk Committee, which derives its information
from regular internal and external audit reports.
To date, no material financial problems have been
identified that would affect the results reported in
these financial statements. The Board confirms that if
significant weaknesses had been identified during this
review, the Board would have taken the necessary steps
to remedy them.
RISK MANAGEMENT
The Board maintains full control and direction over
appropriate strategic, financial, operational and
compliance issues and has put in place an organisational
structure with formally defined lines of responsibility,
delegated authorities and clear operating processes. The
systems that the Board has established are designed to
safeguard both the shareholders investment and the
assets of the Group.
The Board of ALTEO has empowered the Audit & Risk
Committee to ensure that the Risk Management and
Internal Control framework and systems are adequate
to promote transparency and good governance practice
across the various lines of activity. In discharging its
responsibility towards the Board members, the Audit &
Risk Committee relies upon the reports of the internal
auditors and of the management to provide assurance
on the effectiveness of the Internal Control framework.
In its effort to further strengthen the ALTEO risk
management framework to better respond to the risks in
its changing environment, the Audit & Risk Committee
mandated EY to conduct a Business Risk Identification
and Assessment exercise across the Group in 2013. This
exercise covered all activity clusters and culminated
in the establishment of a Group Risk Register which
summarises the following for the priority areas within
each cluster:
- Associated exposure (corresponds to the inherent risk);
- Mitigating controls in respect of each of these areas,
if any;
- Associated residual risk (which factors in the likelihood,
impact and controllability of the risk);
- Actions to be taken in order to address aspects which
are not sufficiently covered including details relating
to who will be the responsible person, timeframe for
implementation and other relevant information such as
key performance indicators that will indicate successful
mitigation of the risk; and
- Acceptance level for each risk (unacceptable, needs
improvement and acceptable).
Priorities were identified according to the following four

(4) risk quadrants of the EY Risk Radar:
Quadrant 1: Cost Competitiveness
This quadrant relates to market risks as well as costcutting and pricing pressure faced by businesses. Market
risks present immediate challenges in the current
economic context, particularly in view of the limited
diversification of the ALTEO group revenue and the
threats to the preferential EU markets beyond 2017.
The volatility of the world sugar prices and the need
for the group to readjust to reduced sugar prices and
reduced market access means that improving efficiency
has become key to sustainability as well as the internal
capacity to look for diversified markets and investment
opportunities.
ALTEO has also put in place a dedicated strategic
development team consisting of resources with
complementary backgrounds, i.e. agricultural, industrial,
project management and project finance. This ensures
that ongoing projects are appropriately managed and
that new projects are continuously being screened.
Quadrant 2: Stakeholder Confidence
Government involvement in business, particularly with
regard to regulation and compliance, is expanding.
Shareholders business awareness has increased,
emphasising the need to provide more detailed and
transparent information. Goals and objectives of the
organisation need to be clearly communicated to
stakeholders.
Other local stakeholders welcome innovative ways
to do business which comply with the green ethics
that protect national interest, social goals and the
environment. Internal stakeholders provide for the
engine of the organisation. All these stakeholders are
regarded as business partners that have to be carefully
managed. Companies of the group need to ensure
compliance with regulatory requirements as well as
environmental and Health & Safety norms, both locally
and internationally in order to acquire and maintain
stakeholders confidence.
business plan and an update process is launched if

deemed necessary. Within ALTEO, same is managed
by the senior management at cluster level under the
supervision of the Group CEO, and the performance
results are then reported to the Board.
Quadrant 3: Customer Reach
Organisations need to prioritise their overall customer
reach and cultivate enriched and sustainable client
relationships. This is especially relevant for ALTEOs
property cluster, as demand for its products is highly
sensitive to changes in the global market dynamics.
The following measures are expected to positively
impact on the trading activities of the property cluster,
namely:
- customer reach efforts are on-going through
business partners (increased network of brokers and
connectors);
- Mix of products offered by Anahita Estates (different
sizes of villas, land for sale, customization of villa
through building package); and
- Products are being developed based on market
feedback solicited from existing and prospective
buyers, brokers and other partners.
Quadrant 4: Operational Agility
How well the organisation is adapting to the ever
changing landscape of the Cane Industry is a direct
result of the organisations operational agility. It relates
to people, processes and systems in place to run the
business. It also relates to the ability of the group to
maintain updated and relevant systems to meet group
objectives and to clearly communicate its HR strategies
impacting on the recruitment and retention of talented
staff.
The development of ALTEOs human resources strategy
and the recruitment of key resources at corporate level
is currently a priority for the Company.
Moreover, the Communication Committee together
with the HR managers review the change management
process on a regular basis. Team building initiatives are
also planned and rolled out in accordance with the
change management plan.
A strategic business plan for ALTEO was prepared

at the time of the merger and communicated to
senior management as well as board members. Actual
performance is constantly monitored against the said
69
page
70
page
RISK REGISTER AND RISK MITIGATING ACTION PLAN
RELATED PARTY TRANSACTIONS
ETHICAL BUSINESS CONDUCT
RETIREMENT BENEFIT OBLIGATION
Following the risk assessment exercise done at ALTEO,

a total of 83 risks, regrouped in the four quadrants
mentioned above, were identified and assessed. These
risks were further classified by business segments of the
Group and have been logged into a Risk Register. The
Risk Register also contains the corresponding mitigating
actions relating to the risks. Regular monitoring is
exercised by top management and the Audit & Risk
Committee regarding the implementation of the
mitigating actions.
For details on related party transactions, please refer to

the Notes to the Financial Statements.
Furthermore, in compliance with the Listing Rules of
the SEM, shareholders of the Company are informed
of related party transactions through the issue of
cautionary announcements and circulars.
The ALTEO Group together with its employees is

committed to the highest standards of ethical and
professional integrity. This commitment, which is
actively endorsed by the Board and the management
team, is based on a fundamental belief that business
should be conducted honestly, fairly and legally whilst
preserving the environment.
The details of the total amount of provisions booked

or otherwise recognised by the Company for payment
of pensions are provided in the Notes to the Financial
Statements.
As such, ALTEO is in the process of developing a Code

of Ethics which will apply to all Directors, Officers and
employees within the Group. The Code of Ethics will
outline the responsibilities and guidelines that describe
the ethical standard expected of all ALTEO employees
including how to deal with conflicts of interest and the
disclosure required of actual or potential conflicts.
ALTEO believes that growth should not be at the

expense of the environment and remains sensible to the
climatic change to which the globe is subject to.
MANAGEMENT AGREEMENTS
The following agreements have been entered into by
ALTEO, namely:
- service agreements with two related companies, namely
Ciel Corporate Services Ltd and GML Management Lte,
for the provision of legal, financial, secretarial services
and administrative support to the companies of the
ALTEO Group;
- a service agreement with Navitas Corporate Services
Ltd for the provision of company secretarial services;
- a treasury agreement with Azur Financial Services
Limited and GML Trsorerie Lte, for the provision of
cash management services, treasury advisory services
and foreign exchange & money market brokerage
services to the ALTEO Group;
- a management agreement for the provision of
administrative, financial, legal and technical services
to four of its subsidiaries namely Alteo Energy Limited,
Consolidated Energy Limited, Alteo Milling Ltd and Deep
River-Beau Champ Milling Limited; and
- a management agreement for the provision of
managerial and administrative services to Alteo Refinery
Ltd which owns the refinery.
HEALTH AND SAFETY POLICY

The ALTEO Group aims to act as a good employer in
providing and maintaining a safe and healthy work
environment for all its employees. The objective being
the optimisation of work efficiency and the prevention
of accidents at work, through the implementation of
safety standards in all its operations across the Group.
The Group has set out a culture whereby health and
safety are of equal importance as productivity and
quality. The said culture is implemented consistently
throughout the business by having an accident-free
company and ensuring employee safety by reducing risks
in the working environment, providing and maintaining
safe working practices and equipment which undergo
regular inspections in compliance with the law.
The Group recognizes that it cannot achieve these aims
and responsibilities by management actions alone.
Consequently, regular consultations with employee and
employer representatives are conducted throughout the
year.
No major agreements, other than those in the ordinary

course of business, were contracted by the Company
during the year under review.
ENVIRONMENT AND SUSTAINABILITY
In its endeavour to preserve the integrity of natural

heritage, ALTEO continuously aims at improving
processes in its various operations.
The Code of Ethics will also define what is regarded as

acceptable and not acceptable for the Group as a whole.
SOCIAL CONTRIBUTION
The Company is committed to Corporate Social and
Environmental Responsibility (CSER) activities and
will continue to support socio-economic development,
education and training, childcare and health, through
Fondation CIEL Nouveau Regard and GML Fondation
Joseph Lagesse.
Jean de Fondaumire
Chairman of the Corporate
Governance, Nomination,
Remuneration & Ethics
Committee
September 22, 2014

For more information on the Groups CSER, please refer
to Annual Report of the Company.
CHARITABLE DONATIONS AND POLITICAL

CONTRIBUTIONS
Donations made during the year are shown on page 73
of the Statutory Disclosures.
There were no political donations for the year ended
June 30, 2014.
EMPLOYEE SHARE OPTION PLAN

ALTEO has no Employee Share Option Plan.

For Navitas Corporate
Services Ltd
Company Secretary
71
page
72
STATUTORY
DISCLOSURES
page
STATUTORY DISCLOSURES - YEAR ENDED JUNE 30, 2014
YEAR ENDED JUNE 30, 2014
(Pursuant to Section 221 of the Companies Act 2001 and Section 88 of the Securities Act 2005)
The Directors are pleased to present the Annual Report
of Alteo Limited (the Company) for the year ended
June 30, 2014.
Remuneration and benefits

AUDITORS REPORT AND ACCOUNTS
The auditors report is set out on pages 84 and 85 and
the statements of profit or loss and other comprehensive
income are set out on pages 87 and 88.
NATURE OF BUSINESS
The main activities of the Company consist of sugar cane
growing and milling and other agricultural activities.
The main activities of the Group consist principally of:
- Sugar cane growing and milling and other agricultural
activities;
- Sugar refining activities;
- Operating a bagasse and coal based power generation
plant for the supply of electricity to the National Grid
of the Central Electricity Board;
- Regional development; and
- Property development, hospitality and leisure.
DIRECTORS
The persons who held office as Directors of the Company
as at June 30, 2014 are:
Arnaud Lagesse (Chairman)
Jean-Claude Bga
Jan Boull
P. Arnaud Dalais
Jean-Pierre Dalais (Appointed on June 30, 2014)
Amde Darga
Jrme De Chasteauneuf (Appointed on March 26, 2014)
Jean de Fondaumire
Thierry Lagesse
G. Christian Dalais (Resigned on June 30, 2014)
Louis Guimbeau (Resigned on March 26, 2014)
DIRECTORS SERVICE CONTRACTS

- Mr. Patrick de L. dArifat has a service contract with the
Company with no expiry terms.
- Messrs. Christian Marot, Sbastien Lavoipierre, Fabien
de Marass Enouf, Neel Madhun, Dominique Rousset
& Andy Tonta, Directors of subsidiary companies, have
a service contract with the Company with no expiry
terms.
- Mr. Patrice Legris, Director of a subsidiary company,
has a service contract with Alteo Properties Ltd with
no expiry terms.
- Mr. Salim Soobadar, Director of Compagnie Usinire
de Mon Loisir Lte, has a service contract with the said
company with no expiry terms.
- Mr. Jean-Luc Harel, alternate Director of a subsidiary
company, has a service contract with the Company
with an expiry term.
The Directors of the subsidiaries are disclosed on pages

76 to 79.
Remuneration and benefits received from the Company and its subsidiaries were as follows:
THE COMPANY
2013
Rs000
2014
Rs000
2013
Rs000
Directors of the Company

Executive Directors
Non-Executive Directors
Independent Non-Executive Directors
35,750
2,450
1,025
24,152
2,640
1,095
-
12
-
48
-
Directors of the Subsidiary companies

Executive Directors
Non-Executive Directors
22,100
-
32,159
-
1,504
361
12,290
193
The emoluments of the Directors have not been disclosed on an individual basis due to the commercial sensitivity
of such information.
Donations
THE GROUP

Donations made during the year:

- Political
- Charitable
THE COMPANY
2014
Rs000
2013
Rs000
2014
Rs000
2013
Rs000
-
2,638
384
256
-
522
384
-
Auditors fees

Audit fees paid to:
BDO & Co
THE GROUP

THE COMPANY
2014
Rs000
2013
Rs000
2014
Rs000
2013
Rs000
4,767
5,094
1,100
1,200
The Board expresses its appreciation and thanks to all those involved for their contribution during the year.
Approved by the Board of Directors on September 22, 2014 and signed on its behalf by:
Arnaud Lagesse
Chairman
THE SUBSIDIARIES
2014
Rs000
Jean de Fondaumire
Director
73
page
74
page
75

Statement of Directors responsibilities in respect of the preparation of Financial Statements

Directors acknowledge their responsibilities for:
(i) adequate accounting records and maintenance of effective internal control systems;
(ii) the preparation of financial statements which fairly present the state of affairs of the Company as at the end
of the financial year and the results of its operations and cash flows for that period and which comply with
International Financial Reporting Standards (IFRS);
(iii) the selection of appropriate accounting policies supported by reasonable and prudent judgements.
The external auditors are responsible for reporting on whether the financial statements are fairly presented.
The Directors report that:
(i) adequate accounting records and an effective system of internal controls and risk management have been
maintained;
(ii) appropriate accounting policies supported by reasonable and prudent judgements and estimates have been used
consistently;
(iii) International Financial Reporting Standards have been adhered to. Any departure in the interest in fair
presentation has been disclosed, explained and quantified; and
(iv) the Code of Corporate Governance has been adhered to in all material aspects and reasons provided for noncompliance.
APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY:
Arnaud Lagesse
Chairman
Jean de Fondaumire
Director
September 22, 2014
page
Anahita Golf Ltd
Anahita World Class Sanctuary Ltd
Commercial and Industrial Enterprises Limited
Compagnie Usinire de Mon Loisir Lte
Consolidated Energy Co. Ltd
Deep River-Beau Champ Milling Company

Limited
Eastern Energy Company Ltd
Island Fresh Ltd
Refinest Limited
Schoenfeld Co. Ltd
Socit Beauregard
Socit Ducomet**
Socit Gonin**
Sucrire des Mascareignes Ltd
Sukari Investment Company Limited
TPC Ltd
Usinest Limited
West East Limited
AUCHARAZ Hastadeo
BGA Jean Claude
BHEEKEE Mahensingh
Alteo Refinery Ltd
Alteo Milling Ltd
Anahita Centre for Excellence Limited
AH SUE Carine Barbara
AH SUE William
Directorships of Subsidiary Companies as at June 30, 2014
Alteo Energy Ltd
76
page
BHOLAH Premsagar
BOULLE Jan
CALLY Devendra
DALAIS Jean-Pierre
DALAIS P. Arnaud
DE CHASTEAUNEUF Jrme
DE L. DARIFAT Patrick
DE MARASSE ENOUF Fabien

DUVAL Alexis
GOCOOL Geerendra
GOLAM Iswurlal
GOVINDEN Thierry Desire Laval
HAREL Jean-Claude
HAREL Jean-Luc
LABRO Philippe
LAGESSE Arnaud
LAGESSE Stephane
LAGESSE Thierry
LAVOIPIERRE Sbastien
LECLEZIO Hubert
** Socit Ducomet and Socit Gonin are both managed by West East Limited.
77
page
MADHUN Neel Kamal
West East Limited
Usinest Limited
TPC Ltd
Anahita Golf Ltd
Anahita Centre for Excellence Limited
Eastern Energy Company Ltd
RAMDHARY Shyamduthsingh
Socit Ducomet**
Socit Gonin**
MWAKIBINGA Mihalale
Socit Beauregard
MAUNICK Youlaganaden
Schoenfeld Co. Ltd
MAROT Christian
Refinest Limited
Island Fresh Ltd
Deep River-Beau Champ Milling Company

Limited
MALLAM HASHAM Muhammad Iqbal
Commercial and Industrial Enterprises Limited
LEGRIS Patrice
Alteo Refinery Ltd
Alteo Milling Ltd
Directorships of Subsidiary Companies as at June 30, 2014 (cond)
Alteo Energy Ltd
78
page
RAMPERSAD Khemlall
REY Clment
RIBET Jean
ROUSSET Dominique
SEMWAZA Henry
SOOBADAR Salim
SOOJHAWON Swayaj
THIEBLIN Xavier
TONTA Andy
SUKARI Investment Company Limited
** Socit Ducomet and Socit Gonin are both managed by West East Limited.
79
page
80
page
Directorships of Subsidiary Companies as at June 30, 2014 (cond)

The following changes occurred during the year under review:
Alteo Energy Ltd
Mr. Thierry Lagesse resigned as Director on September 19, 2013
Mr. Jean-Luc Harel resigned as Director on March 20, 2014
Mr. Jean-Pierre Piat Dalais resigned as Director on March 17, 2014
Mr. Sbastien Lavoipierre was appointed as Director on March 21, 2014

Mr. Jerome de Chasteauneuf was appointed as Director on March 17, 2014

Alteo Milling Ltd

Mr. Jean-Pierre Piat Dalais resigned as Director on March 17, 2014
Deep River-Beau Champ Milling Company Limited
Mr. Jerome de Chasteauneuf was appointed as Director on March 17, 2014

Mr. Hubert Leclzio resigned as Director on March 20, 2014
Island Fresh Ltd

Mr. Patrick de L. dArifat resigned as Director on June 4, 2014
Mr. Hugues Ren resigned as Director on June 4, 2014
Mr. Christian Marot was appointed as Director on June 9, 2014
Mr. Grard Rambert resigned as Director on June 4, 2014

Mr. Fabien De Marass Enouf was appointed as Director on June 4, 2014
Mr. Hubert Leclzio was appointed as Director on June 4, 2014
Mr. Jean-Claude Bga was appointed as Director on January 27, 2014
Mr. Neel Kamal Madhun was appointed as Director on June 4, 2014
Mr. Jean-Pierre Piat Dalais resigned as Director on June 3, 2014
Mr. Christian Marot was appointed as Director on June 4, 2014
Alteo Refinery Ltd

81
COMPANY SECRETARYS
CERTIFICATE
page
82


Mr. Philippe Duval resigned as Director on November 21, 2013
In our capacity as Company Secretary, we hereby confirm that, to the best of our knowledge and belief, the Company
has lodged with the Registrar of Companies, as at June 30, 2014, all such returns as are required for a company in
terms of the Companies Act 2001, and that all such returns are true, correct and up to date.
Mr. Alexis Duval was appointed as Director on November 28, 2013

Mr. Alexis Duval was appointed as Director on November 28, 2013

For Navitas Corporate Services Ltd
Company Secretary
TPC Ltd
Ms. Elipina Mkaki resigned as Director on November 29, 2013
September 22, 2014

Mr. Mihalale Mwakibinga was appointed as Director on November 29, 2013
Mr. Philippe Labro was appointed as Director on November 29, 2013
Mr. Robert Baissac resigned as Director on June 12, 2014
Sukari Investment Company Ltd was appointed as Director on June 12, 2014
page
83
page
84
INDEPENDENT AUDITORS
REPORT TO THE MEMBERS
This report is made solely to the members of Alteo Limited (the Company), as a body, in accordance with Section
205 of the Companies Act 2001. Our audit work has been undertaken so that we might state to the Companys
members those matters we are required to state to them in an auditors report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and
the Companys members as a body, for our audit work, for this report, or for the opinions we have formed.
page
INDEPENDENT AUDITORS REPORT TO THE MEMBERS

Report on Other Legal and Regulatory Requirements
Companies Act 2001
We have no relationship with, or interests in, the Company or any of its subsidiaries, other than in our capacity as
auditors, business advisers and dealings in the ordinary course of business.
We have obtained all information and explanations we have required.
Report on the Financial Statements

We have audited the group financial statements of Alteo Limited and its subsidiaries (the Group) and the
Companys separate financial statements on pages 86 to 159 which comprise the statements of financial position
at June 30, 2014, the income statements, statements of comprehensive income, statements of changes in equity
and statements of cash flows for the year then ended, and a summary of significant accounting policies and other
explanatory notes.
Directors Responsibility for the Financial Statements
The directors are responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards and in compliance with the requirements of the Companies Act
2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial
statements that are free from material misstatement, whether due to fraud or error.
In our opinion, proper accounting records have been kept by the Company as far as it appears from our examination
of those records.
Financial Reporting Act 2004
The directors are responsible for preparing the Corporate Governance Report. Our responsibility is to report on the
extent of compliance with the Code of Corporate Governance as disclosed in the annual report and whether the
disclosure is consistent with the requirements of the Code.
In our opinion, the disclosure in the annual report is consistent with the requirements of the Code.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditors consider internal control relevant to the Companys preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Companys internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors,
as well as evaluating the overall presentation of the financial statements.
BDO & Co
Chartered Accountants
Shabnam Peerbocus, FCA

Licensed by FRC
Port Louis, Mauritius.

September 22, 2014
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements on pages 86 to 159 give a true and fair view of the financial position of
the Group and of the Company at June 30, 2014 and their financial performance and cash flows for the year then
ended in accordance with International Financial Reporting Standards and comply with the Companies Act 2001.
85
page
86
STATEMENTS OF
FINANCIAL POSITION
STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

THE GROUP

Notes
2014
2013

Restated

Rs000
Rs000
ASSETS EMPLOYED
Non-current assets
Property, plant and equipment
Land-projects
Investment properties
Intangible assets
Investment in subsidiary companies
Investment in joint ventures
Investment in associated companies
Investment in available-for-sale financial assets
Bearer biological assets
Non-current receivables
Deferred expenditure
Retirement benefit asset
Deferred tax assets
THE COMPANY
As at July 1,
2012*
2014
2013
Restated

Restated
Rs000
Rs000
Rs000
As at July 1,
2012*
Restated
Rs000
5
6
7
8
10
11
12
13
14
15
16
27
17
17,702,994
5,853
1,722,668
23,725
-
1,233
60,854
117,106
596,871
7,578
1,006,362
127
125,997
16,420,306
5,853
1,722,677
-
-
985,420
46,392
139,605
552,678
1,619
872,496
5,016
70,850
7,113,194
6,961
758,038
20,000
-
663,469
126,954
52,931
328,006
6,619
776,435
4,299
15,472
12,941,005
-
1,845,607
33,400
8,155,669
30,575
41,336
87,283
379,237
511,509
180,230
-
115,905
11,609,836
-
1,845,607
33,400
8,420,643
1,043,206
37,677
117,632
317,968
504,205
188,156
-
60,289
4,459,566
756,833
33,400
6,129,341
1,021,999
36,977
117,054
495,819
52,829
21,051

Current assets
Deferred expenditure
16
Inventories
18
Work in progress
19
Consumable biological assets
20
Trade and other receivables
21
Current tax assets
22
Short term deposits
38(b)
Cash and cash equivalents
38(b)
21,371,368
20,822,912
9,872,378
24,321,756
24,178,619
13,124,869
163,420
501,953
282,118
2,409,932
909,323
48,084
-
229,009
210,116
579,987
181,761
2,437,104
607,779
38,962
2,545
412,993
128,122
342,617
67,720
1,621,602
286,681
47,158
20,937
105,152
23,193
53,539
-
890,691
547,297
2,704
344
35,849
33,083
43,061
-
1,014,248
355,559
-
31,416
209,346
16,211
10,263
352,546
100,766
219
2,584
4,543,839
4,471,247
2,619,989
1,553,617
1,686,713
482,589
Non-current assets classified as held for sale
1,014,154
171,249
960,200
37,700
39,000
Total assets
26,929,361
25,465,408
12,492,367
26,835,573
25,903,032
13,646,458
EQUITY AND LIABILITIES

Capital and reserves
Share capital
23
Revaluation and other reserves
24
Retained earnings
8,991,595
5,548,349
2,268,016
8,991,595
4,335,361
2,552,731
1,869,867
3,577,397
1,649,186
8,991,595
12,306,054
1,891,682
8,991,595
11,232,409
2,092,816
1,869,867
8,780,312
1,704,201
Owners interests
Shareholders loans
25
Non-Controlling interests
16,807,960
55,951
2,321,673
15,879,687
55,951
2,286,838
7,096,450
44,488
1,461,566
23,189,331
-
-
22,316,820
-
-
12,354,380
-
19,185,584
18,222,476
8,602,504
23,189,331
22,316,820
12,354,380
26
29
17
27
2,338,233
59,373
896,452
765,400
2,628,198
59,780
853,196
679,137
1,265,504
56,668
669,867
378,868
1,240,819
-
-
542,259
1,383,495
-
-
449,314
637,573
217,815
4,059,458
4,220,311
2,370,907
1,783,078
1,832,809
855,388
Current liabilities
Trade and other payables
Deferred income
Current tax liabilities
Borrowings
Proposed dividend
28
29
22
26
30
1,837,989
7,804
6,989
1,688,216
143,321
1,287,164
7,000
25,070
1,560,066
143,321
672,585
5,006
4,535
836,830
-
991,538
-
-
728,305
143,321
993,701
-
5,269
611,112
143,321
165,121
271,569
-
3,684,319
3,022,621
1,518,956
1,863,164
1,753,403
436,690
Total equity and liabilities
26,929,361
25,465,408
12,492,367
26,835,573
25,903,032
13,646,458
Non-current liabilities
Borrowings
Deferred income
Deferred tax liabilities
Retirement benefit obligations
THE GROUP

Notes
2014

Rs000
Turnover
(Losses)/Gains arising from changes
in fair value of biological assets
Other operating income
5,931,826
6,066,307
1,180,300
1,234,311
20
32
33,784
234,799
284,115
294,593
(123,557)
195,731
110,841
212,452

Operating expenses
33
6,200,409
(4,866,062)
6,645,015
(4,753,379)
34
35
36
7
1,334,347
2,985
(262,916)
-
1,891,636
6,942
(323,068)
108,971
(149,922)
411,497
(164,544)
-
204,233
414,733
(186,984)
141,927

Loss on disposal of investment
Impairment - subsidiary
Profit on disposal of land and investment property
Share of results of associates and joint ventures 11,12
1,074,416
(204,544)
-
29,003
55,471
1,684,481
-
(20,000)
61,796
104,315
97,031
(54,250)
-
29,003
-
573,909
(20,000)
11,416
-
Profit before taxation

Income tax (charge)/credit
22
954,346
(385,546)
1,830,592
(414,900)
71,784
46,054
565,325
62,159
Profit for the year
568,800
1,415,692
117,838
627,484
Attributable to:
- Owners of the parent
- Non-Controlling interests
63,059
505,741
837,229
578,463
117,838
-
627,484
-
568,800
1,415,692
117,838
627,484
0.20
2.63
0.37
1.97
Operating profit/ (loss)

Investment and other income
Finance costs
Gain in fair value of investment property
Earnings per share
37
Rs.
*The comparative figures of the Group and the Company as

at July 1, 2012 presented herewith are those of ex-Deep River
Beau Champ and its subsidiaries only.
1,252,474
1,557,604
(1,402,396) (1,353,371)
The notes on pages 92 to 159 form an integral part of these financial statements. Auditors report on pages 84 and 85.
The notes on pages 92 to 159 form an integral part of these

financial statements. Auditors report on pages 84 and 85.
Jean de Fondaumire
Director
Restated
2013
Rs000
31, 2(af)
The financial statements have been approved for issue by the Board of Directors on September 22, 2014.
Arnaud Lagesse
Chairman
THE COMPANY
Restated
2013
2014
Rs000
Rs000
page
87
page
88
STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME
STATEMENTS OF
CHANGES IN EQUITY

THE GROUP

Notes
2014

Rs000
Profit for the year
Other comprehensive income
Items that will not be reclassified
to profit or loss:
Remeasurements of post employment
benefit obligations
Gain on revaluation of land
5
Reclassification adjustment
5
Items that may be reclassified subsequently
to profit or loss:
Change in fair value of investments
10,11,12,13
Reclassification adjustment upon disposal
of investment
Currency translation differences
Movement in reserves of associates
and joint ventures
568,800
7,489
-
1,259,382
1,415,692
THE GROUP
THE COMPANY
Restated
2013
2014
Rs000
Rs000
117,838
(131,853)
9,992
1,368,474
-
- 1,259,382
Restated
2013
Rs000
627,484
(102,987)
1,335,518
-
21,688
(18,148)
(229,884)
-
(85,619)
-
3,339
58,261
-
(6,840)
(12,456)
537,309
Other comprehensive income for the year,
1,196,100
1,209,356
1,097,751
1,769,840
Total comprehensive income for the year
1,764,900
2,625,048
1,215,589
2,397,324
Attributable to:
1,309,828
455,072
2,054,643
570,405
1,215,589
-
2,397,324
-
1,764,900
2,625,048
1,215,589
2,397,324
Attributable to owners of the parent
Revaluation

Share and other Retained

Notes
Capital
reserves
Earnings
Total

Rs000
Rs000
Rs000
Rs000
Share-
Nonholders Controlling
Loans
interests
Rs000
Rs000
Total
equity
Rs000
Balance at July 1, 2013

- as previously stated 8,991,595
- effect of adopting IAS 19 (revised) 43
-
4,579,042 2,541,162 16,111,799

(243,681)
11,569
(232,112)
55,951
-
2,322,890 18,490,640
(36,052) (268,164)
- as restated 8,991,595
- Net SIPF1 Liabilities *
-
4,335,361
-
2,552,731 15,879,687
(76,441)
(76,441)
55,951
-
2,286,838 18,222,476
(10,681)
(87,122)
- as restated 8,991,595
Total comprehensive income
for the year:
- Profit or loss
-
- Other comprehensive income
-
Movement in reserves
-
-
Consolidation adjustments
-
Dividends
30
-
Share buy back
-
Transfer
-
4,335,361
2,476,290 15,803,246
55,951
2,276,157 18,135,354
Balance at June 30, 2014 8,991,595
5,548,349 2,268,016 16,807,960
55,951
2,321,673 19,185,584

- as previously stated 1,869,867
- effect of adopting IAS 19 (revised) 43
-
3,699,569 1,644,224
(122,172)
4,962
7,213,660
(117,210)
44,488
-
1,488,796
(27,230)
8,746,944
(144,440)
3,577,397
7,096,450
44,488
1,461,566
8,602,504
837,229
1,217,414
-
227,140
78,045
(238,869)
7,121,728
(459,450)
-
-
11,463
-
-
-
-
-
-
1,246,769
(13,806)
(24,106)
3,288
-
-
843
63,059
-
(15,696)
-
-
(254,794)
-
(843)
1,649,186
63,059
1,246,769
(29,502)
(24,106)
3,288
(254,794)
-
-
- as restated** 1,869,867
Total comprehensive income
for the year:
- Profit or loss
-
-
Loan received
-
-
-
Dividends
30
-
Issue of shares 7,121,728
Amalgamation adjustments
-
-
1,217,414
-
-
-
-
-
(459,450)
Balance at June 30, 2013 8,991,595
4,335,361 2,552,731 15,879,687
837,229
-
-
227,140
78,045
(238,869)
-
-
-
-
-
-
-
-
-
-
55,951
505,741
(50,669)
6,035
-
1,306
(347,861)
(69,036)
-
578,463
(8,058)
-
-
52,114
(415,553)
-
618,306
568,800
1,196,100
(23,467)
(24,106)
4,594
(602,655)
(69,036)
-
1,415,692
1,209,356
11,463
227,140
130,159
(654,422)
7,121,728
158,856
2,286,838 18,222,476
* Following the unitisation of SIPF, the assets for each employer within SIPF have been allocated so that it is now possible to compute the
net pension liability for each employer in respect of SIPF pension promises. Therefore, the pension provisions have been increased to not
only include the pension promises under the MSPA/SISEA agreement but also those under SIPF. The Company has restated the opening
balance of retained earnings at July 1, 2013 since it is impracticable to adjust comparative information for prior periods.
**The comparative figures of the Group and the Company for the period June 2012 presented herewith are those of ex-Deep River Beau
Champ and its subsidiaries only.
page
89
page
90
STATEMENTS OF
CASH FLOWS
STATEMENTS OF
CHANGES IN EQUITY

THE COMPANY

Share

Notes
Capital

Rs000
Revaluation
and other
reserves
Rs000

Notes

Retained
Earnings
Rs000
Total
Rs000

- as previously stated
- effect of adopting IAS 19 (revised)
43
8,991,595
-
11,435,919
(203,510)
2,083,623
9,192
22,511,137
(194,318)

- Net SIPF1 Liabilities *
8,991,595
-
11,232,409
-
2,092,815
(64,177)
22,316,819
(64,177)
- as restated
Total comprehensive income for the year:
- Profit or loss
Dividends
30
8,991,595
11,232,409
2,028,638
22,252,642
Balance at June 30, 2014
8,991,595

43
1,869,867
-
- as restated**
Issue of shares
23
Amalgamation adjustments
Total comprehensive income for the year:
- Profit or loss
Dividends
30
Balance at June 30, 2013
-
-
-
-
-
1,097,751
-
(24,106)
12,306,054
117,838
-
(254,794)
-
117,838
1,097,751
(254,794)
(24,106)
1,891,682
23,189,331
8,880,835
(100,523)
1,700,573
3,628
12,451,275
(96,895)
1,869,867
7,121,728
-
8,780,312
-
682,257
1,704,201
-
-
12,354,380
7,121,728
682,257
-
-
-
-
1,769,840
-
8,991,595
11,232,409
627,484
-
(238,869)
2,092,816
THE GROUP
627,484
1,769,840
(238,869)
22,316,820
* Following the unitisation of SIPF, the assets for each employer within SIPF have been allocated so that it is now
possible to compute the net pension liability for each employer in respect of SIPF pension promises. Therefore,
the pension provisions have been increased to not only include the pension promises under the MSPA/SISEA
agreement but also those under SIPF. The Company has restated the opening balance of retained earnings at July
1, 2013 since it is impracticable to adjust comparative information for prior periods.
**The comparative figures of the Group and the Company at July 1, 2012 presented herewith are those of ex-Deep
River Beau Champ and its subsidiaries only.
2014
Rs000
2013
Rs000
THE COMPANY
2014
Rs000
Operating activities
Cash generated from/(absorbed by) operations
38(a)
Interest received
Interest paid
Tax paid
1,898,096
1,173
(275,243)
(385,997)
2,335,853
4,978
(338,626)
(358,775)
(18,130)
7,306
(166,024)
(7,973)
705,482
3,725
(192,691)
-
Net cash from/(used in) operating activities
1,238,029
1,643,430
(184,821)
516,516
Investing activities
Purchase of property, plant and equipment
Investment in subsidiary
Investment in joint ventures
Investment in associates
Investment in securities
Disposal of subsidiary
Disposal of investment in joint ventures
Disposal of investment in available-for-sale financial assets
Proceeds on disposal of non-current assets held for sale
Proceeds on disposal of land
Proceeds from sale of property, plant and equipment
Proceeds on disposal of investment property
Investment in cane replantation
Additions to deferred expenditure
Grant received from the Sugar Reform Trust
Loans (granted)/recovered
Additions to deferred income
Dividends received from subsidiaries
Dividends received from available-for-sale financial assets
Dividends received from associated companies
(738,863)
(4,180)
-
(17,667)
(5,235)
6,850
175,970
66,659
3,877
57,498
31,412
-
(212,125)
(152,053)
207,712
(5,959)
6,000
-
1,812
5,218
(620,149)
-
(3,750)
(25,600)
-
-
-
29,361
-
-
154,066
431,462
(208,281)
(150,291)
-
5,000
10,290
-
1,964
8,789
(178,966)
(41,518)
(23,237)
(17,000)
(5,235)
-
175,970
38,936
6,000
57,498
2,657
-
(130,409)
(21,053)
-
(7,304)
-
398,601
1,371
4,219
(115,280)
(3,750)
(25,600)
44,042
(106,292)
(109,693)
16,416
400,089
4,169
6,750
Net cash (used in)/from investing activities
(573,074)
(367,139)
260,530
110,851
Financing activities
Proceeds from debentures
Proceeds from borrowings
Repayment of borrowings
Shareholders loan
Share redemption
Finance lease principal payments
Dividends paid to minority shareholders
Dividends paid to companys shareholders
-
1,000,000
251,798
59,196
(805,901) (1,494,650)
-
11,463
(69,036)
-
(18,824)
(15,283)
(347,861)
(370,655)
(254,794)
(95,548)
Net cash used in financing activities (1,244,618)
- 1,000,000
-
25,600
(398,583) (1,155,938)
-
-
(8,867)
(6,858)
-
(254,794)
(95,548)
(905,477)
(662,244)
(232,744)
(Decrease)/Increase in cash and cash equivalents
(579,663)
370,814
(586,535)
394,623
Movement in cash and cash equivalents

At July 1,
(Decrease)/increase
Effect of business combination
(143,952)
(579,663)
(17,975)
(263,694)
370,814
(251,072)
54,780
(586,535)
-
(182,184)
394,623
(157,659)
38(b)
(741,590)
(143,952)
(531,755)
54,780
At June 30,
2013
Rs000
page
91
page
92
NOTES TO THE
FINANCIAL STATEMENTS
1.
GENERAL INFORMATION
Alteo Limited is a limited liability company

incorporated and domiciled in Mauritius. The
address of its registered office is Vivea Business
Park, Saint Pierre. These financial statements will
be submitted for consideration and approval at
the forthcoming Annual Meeting of Shareholders
of the Company.
SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies adopted in the

preparation of these financial statements are set
out below. These policies have been consistently
applied to all the years presented, unless otherwise
stated.
(a) Basis of preparation

The financial statements of Alteo Limited

and its subsidiaries (theGroup) comply with
the Companies Act 2001 and are prepared in
accordance with International Financial Reporting
Standards (IFRS).
Standards, Amendments to published Standards

and Interpretations effective in the reporting period
Amendment to IAS 1, Financial statement

presentation regarding other comprehensive
income. The main change resulting from these
amendments is a requirement for entities to group
items presented in other comprehensive income
(OCI) on the basis of whether they are potentially
reclassifiable to profit or loss subsequently
(reclassification adjustments).
(ii) Available-for-sale securities are stated at

their fair value,
IAS 27, Separate Financial Statements deals

solely with separate financial statements. The
standard has no impact on the Groups financial
statements.
IFRS 11, Joint arrangements focuses on the rights

and obligations of the parties to the arrangement
rather than its legal form. There are two types
of joint arrangements: joint operations and joint
ventures. Joint operations arise where the investors
have rights to the assets and obligations for the
liabilities of an arrangement. A joint operator
accounts for its share of the assets, liabilities,
revenue and expenses. Joint ventures arise where
the investors have rights to the net assets of
the arrangement; joint ventures are accounted
for under the equity method. Accounting for an
interest in a joint venture using the proportionate
consolidation method is not permitted under
IFRS 11. The standard is not expected to have any
impact on the Groups financial statements.
(iii) Consumable biological assets are stated at

fair value,
(iv) Relevant financial assets and financial
liabilities are carried at amortised cost.
(v) Investment property is stated at their fair
value.
IAS 28, Investments in Associates and Joint

Ventures. The scope of the revised standard
covers investments in joint ventures as well.
IFRS 11 requires investments in joint ventures
to be accounted for using the equity method of
accounting. The standard has no impact on the
Groups financial statements.


(continued)
IAS 16 (Amendment), Property, plant and

equipment, clarifies that spare parts and servicing
equipment are classified as property, plant and
equipment rather than inventory when they meet
the definition of property, plant and equipment.
The amendment does not have an impact on the
Groups operations.
IAS 32 (Amendment), Financial instruments:

Presentation, clarifies the treatment of income
tax relating to distributions and transaction costs.
The amendment does not have an impact on the
Groups operations.
IAS 34 (Amendment), Interim financial reporting,

clarifies the disclosure requirements for segment
assets and liabilities in interim financial
statements.
Standards, Amendments to published Standards

and Interpretations issued but not yet effective
Certain standards, amendments to published

standards and interpretations have been issued
that are mandatory for accounting periods
beginning on or after 1 January 2014 or later
periods, but which the Group has not early
adopted.
At the reporting date of these financial statements,

the following were in issue but not yet effective:
IFRS 9 Financial Instruments
IAS 32 Offsetting Financial Assets and Financial

Liabilities (Amendments to IAS 32)
Investment Entities (Amendments to IFRS 10, IFRS

12 and IAS 27)
IFRIC 21: Levies
Recoverable Amount Disclosures for Non-financial

Assets (Amendments to IAS 36)
Novation of Derivatives and Continuation of

Hedge Accounting (Amendments to IAS 39)
(a) Basis of preparation (continued)
Where necessary, comparative figures have been

amended to conform with change in presentation
in the current year. The financial statements are
prepared under the historical cost convention,
except that:
Land is carried at revalued amount,
2.
IFRS 10, Consolidated financial statements builds

on existing principles by identifying the concept
of control as the determining factor in whether an
entity should be included within the consolidated
financial statements of the parent company. The
standard provides additional guidance to assist in
the determination of control where this is difficult
to assess. The standard is not expected to have
any impact on the Groups financial statements.
The financial statements include the consolidated

financial statements of the parent company
and its subsidiary companies (the Group), and
the separate financial statements of the parent
company (the Company). The financial statements
are presented in Mauritian Rupees and all values
are rounded to the nearest thousand (Rs 000),
except when otherwise indicated.
(i)
NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED JUNE 30, 2014
- YEAR ENDED JUNE 30, 2014

2.
page
IFRS 12, Disclosures of interests in other entities

includes the disclosure requirements for all forms
of interests in other entities, including joint
arrangements, associates, structured entities and
other off balance sheet vehicles. The standard has
no impact on the Groups financial statements.
IFRS 13, Fair value measurement, aims to
improve consistency and reduce complexity by
providing a precise definition of fair value and
a single source of fair value measurement and
disclosure requirements for use across IFRSs. The
requirements do not extend the use of fair value
accounting but provide guidance on how it should
be applied where its use is already required or
permitted by other standards within IFRSs.
IAS 19, Employee benefits was revised in June
2011. The changes on the groups accounting
policies has been as follows: to immediately
recognise all past service costs; and to replace
interest cost and expected return on plan assets
with a net interest amount that is calculated by
applying the discount rate to the net defined
benefit liability (asset). See note 43 for the impact
on the financial statements.
IFRIC 20, Stripping costs in the production phase

of a surface mine, has no impact on the Groups
financial statements.
Amendment to IFRS 7, Financial instruments:

Disclosures, on asset and liability offseting. This
amendment includes new disclosures and is not
expected to have any impact on the Groups
Amendment to IFRS 1 (Government Loans) has no

impact on the Groups financial statements.
Annual Improvements to IFRSs 2009-2011

Cycle
IFRS 9 Financial instruments (Hedge Accounting

and amendments to IFRS 9, IFRS 7 and IAS 39)
IFRS 1 (Amendment), First time adoption of IFRS,

has no impact on the Groups operations.
Defined Benefit Plans: Employee Contributions

(Amendments to IAS 19)
Annual Improvements to IFRSs 2010-2012 cycle
Annual Improvements to IFRSs 2011-2013 cycle
Where relevant, the Group is still evaluating

the effect of these Standards, amendments to
published Standards and Interpretations issued
but not yet effective, on the presentation of its
IAS 1 (Amendment), Presentation of financial

statements, clarifies the disclosure requirements
for comparative information when an entity
provides a third statement of financial position
either as required by IAS 8, Accounting policies,
changes in accounting estimates and errors or
voluntarily.
93
page
94
page

2.

(continued)
(a) Basis of preparation (continued)

The preparation of financial 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 significant to the
financial statements, are disclosed in note 4.
(b) Property, plant and equipment

All property, plant and equipment are initially

recorded at cost. Land, buildings and plant and
machinery are subsequently revalued. Freehold
land has been revalued by Societe Dhotman De
Speville in October 2008 based on open market
value. The directors have valued the freehold land
at 70% of the revalued amount. Factory building
and plant and machinery have been revalued by
directors in 1995, based on the recommendations
of the Mauritius Sugar Authority. This has been
treated as deemed cost. All other property,
plant and equipment are subsequently stated at
historical cost less depreciation, except for golf
course which is not depreciated.
Subsequent costs are included in the assets
carrying amounts. Increases in the carrying
amount arising on revaluation are credited to other
comprehensive income and shown as revaluation
surplus in shareholders equity. Decreases that
offset previous increases of the same asset are
charged against the revaluation surplus directly in
equity; all other decreases are charged to profit or
loss.
Depreciation is calculated on the straight line
method to write off the cost of assets, or the
revalued amounts, to their residual values over
their estimated useful lives as follows:
The annual rates used are:
Buildings
Agricultural equipment
Motor Vehicles
Plant & Machinery
5 - 20 %
Power generation plant
4 - 10 %
Furniture and Equipment
4 - 20 %
Computer equipment
25%
Land derocking project and

land improvement
4%
2.
2-5%
5 - 20 %
10 - 25 %
Others
2 - 20 %
Freehold land is not depreciated.
The assets residual values, useful lives and

depreciation methods are reviewed, and adjusted
prospectively, if appropriate, at the end of each
reporting period.
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 comparing
proceeds with carrying amount and are included
in profit or loss. On disposal of revalued assets,
amounts in revaluation surplus relating to that
asset are transferred to retained earnings.
(e) Intangible assets

Land-projects represent the portion of land

relating to the northern part of the IRS project of
Anahita Estate Ltd which is yet to be developed
as far as general infrastructure is concerned.It
will be sold in the medium to long term once the
southern portion are fully developed and sold.
Land projects are initially recorded at cost. Gains
on disposal are credited to profit or loss.
Investment properties, held to earn rentals or for

capital appreciation or both, and not occupied
by the Group, are measured initially at cost,
including transaction costs. Subsequent to initial
recognition, investment properties are carried
at fair value, representing open-market value
determined annually by external valuers. Changes
in fair values are included in profit or loss.
The Company
Investment in subsidiaries is carried at fair value.

The carrying amount is reduced to recognise any
impairment in the value of individual investments.
Intangible assets consist of land development

rights and goodwill.
(i)
Land development rights
The Group
Land development rights are shown at cost

and tested annually for impairment.
Subsidiaries are all entities (including structured

entities) over which the Group has control. The
Group controls an entity when the Group is
exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability
to affect those returns through its power over the
entity.
Subsidiaries are fully consolidated from the date

on which control is transferred to the Group. They
are de-consolidated from the 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 values 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 from a contingent
consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable 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 interest
in the acquiree either at fair value or at the noncontrolling interests proportionate share of the
acquirees net assets.
The excess of the consideration transferred, the

amount of any non-controlling interest 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 identifiable
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 difference is recognised directly in
profit or loss.
Goodwill arising on an acquisition of a business

is carried at cost as established at the date of
acquisition of the business, less accumulated
impairment losses, if any.
Goodwill is tested annually for impairment.
Goodwill is allocated to cash-generating units for

the purpose of impairment testing.
On disposal of a subsidiary, the attributable amount

of goodwill is included in the determination of the
gains and losses on disposal.
(f) Non-current assets held for sale

The Company
Non-current assets classified as held for sale are

measured at the lower of carrying value amount
and fair value less costs to sell if their carrying
amounts are 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.
The Group
Non-current assets classified as held for sale are

measured at the lower of carrying value amount
and fair value less costs to sell if their carrying
amounts are recovered principally through a sale
transaction rather than through a continuing use.
This condition is regarded as met only when the
saleis highly probable and the asset is available for
immediate sale in its present condition.
(d) Investment properties

(g) Investment in subsidiaries
(ii) Goodwill
(c) Land projects


(continued)
When the Group is committed to a sale plan

involving loss of control of a subsidiary, all of
the assets and liabilities of that subsidiary are
classified as held for sale when the criteria
described above are met, regardless of whether
the Group will retain a non-controlling interest in
its former subsidiary after the sale.
95
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96
page

2.

(continued)
The Group
An associate is an entity over which the Group

has significant influence but not control, or joint
control.
(g) Investment in subsidiaries (continued)

The Group (continued)
Inter-company transactions, balances and

unrealised gains on transactions between group
companies are eliminated. Unrealised losses are
also eliminated. Accounting policie of subsidiaries
have been changed where necessary to ensure
consistency with the policies adopted by the
Group.
Transactions with non-controlling interests
The Group treats transactions with noncontrolling interests as transactions with equity
owners of the Group. For purchases from noncontrolling interests, the difference 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.
Disposal of subsidiaries
When the Group ceases to have control, any

retained interest in the entity is remeasured to
its fair value, with the change in carrying amount
recognised in profit 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 financial asset.
In addition, any amounts previously recognised
in other comprehensive income in respect of
that entity are accounted for as if the Group
had directly disposed of the related assets or
liabilities. This may mean that amounts previously
recognised in other comprehensive income are
reclassified to profit or loss.
(h) Investments in associates

The Company
Investments in associated companies are carried

at fair value. The carrying amount is reduced
to recognise any impairment in the value of
individual investments.
Investments in associated companies are

accounted for using the equity method, except
when classified as held-for-sale.
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.
Any excess of the cost of acquisition and the
Groups share of the net fair value of the associates
identifiable assets and liabilities recognised at
the date of acquisition is recognised as goodwill,
which is included in the carrying amount of the
investment. Any excess of the Groups share of the
net fair value of identifiable assets and liabilities
over the cost of acquisition, after assessment, is
included as income in the determination of the
Groups share of the associates profit or loss.
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.

2.

(continued)
(i)
Investments in joint ventures
A joint venture is a joint arrangement whereby the

parties that have joint control of the arrangement
have rights to the net assets of the joint
arrangement. Joint control is the contractually
agreed sharing of control of an arrangement,
which exists only when decisions about the
relevant activities require unanimous consent of
the parties sharing control.
Where necessary, appropriate adjustments are

made to the financial statements of associates
to bring the accounting policies used in line with
those adopted by the group.
If the ownership interest in an associate is

reduced but significant influence is retained, only
a proportionate share of the amount previously
recognised in other comprehensive income are
reclassified to profit or loss where appropriate.
Dilution gains and losses arising in investment in
associates are recognised in profit or loss.
Purchases and sales of financial assets are

recognised on trade-date, the date on which the
Group commits to purchase or sell the asset.
Investments are initially measured at fair value
plus transaction costs for all financial assets.
Available-for-sale financial assets are subsequently

carried at their fair values. Loans and receivables
are carried at amortised cost using the effective
interest method.
Investments in equity instruments that do not

have a quoted market price in an active market
and whose fair value cannot be reliably measured
are measured at cost.
Unrealised gains and losses arising from changes

in the fair value of financial assets classified
as available-for-sale are recognised in other
comprehensive income. When financial assets
classified as available-for-sale are sold or impaired,
the accumulated fair value adjustments are
included in profit or loss as gains and losses on
financial assets.
The fair values of quoted investments are based

on current bid prices. If the market for a financial
asset is not active (and for unlisted securities), the
Group establishes fair value by using valuation
techniques. These include the use of recent
arms length transactions and reference to other
instruments that are substantially the same.
Joint ventures are accounted for using the equity

method.
(j) Financial assets

(i)
Categories of financial assets
The Group classifies its financial assets in the

following categories: loans and receivables, and
available-for-sale financial assets.
The classification depends on the purpose

for which the investments were acquired.
Management determines the classification of its
financial assets at initial recognition.
(a) Loans and receivables

Unrealised profits and losses are eliminated to the

extent of the Groups interests in the associate.
Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment
of the assets transferred.
(ii) Recognition and measurement
Loans and receivables are non-derivative

financial assets with fixed or determinable
payments that are not quoted in an active
market. They are recognised initially at
fair value plus any directly attributable
transaction costs. Subsequent to initial
recognition, loans and receivables are
measured at amortised cost using the
effective interest method, less any
impairment.
The Groups loans and receivables comprise
cash and cash equivalents, and trade and
other receivables.
(b) Available-for-sale financial assets

Available-for-sale financial assets are nonderivatives that are either designated in

this category or not classified in any of the
other categories. They are included in noncurrent assets unless management intends
to dispose of the investment within twelve
months after the end of the reporting period.
(iii) Impairment of financial assets

(a) Financial assets classified as available-for-sale

The Group assesses at the end of each

reporting period whether there is objective
evidence that a financial asset or a group
of financial assets is impaired. In the case of
equity investments classified as availablefor-sale, a significant or prolonged decline in
the fair value of the security below its cost
is considered in determining whether the
securities are impaired. If any such evidence
exists for available-for-sale financial assets,
the cumulative loss, measured as the
difference between acquisition cost and the
current fair value, less any impairment loss
on that financial asset previously recognised
in profit or loss, is removed from equity and
recognised in profit or loss.
97
page
98
page

2.
will not be able to collect all amounts due

according to the original terms of receivables.

(continued)

(j) Financial assets (continued)

(iii) Impairment of financial assets (continued)
(a) Financial assets classified as available-for-sale
(continued)

If the fair value of a previously impaired

debt security classified as available-forsale increases and the increase can be
objectively related to an event occurring
after the impairment loss was recognised, the
impairment loss is reversed and the reversal
Impairment losses recognised in profit or loss
for an investment in an equity instrument
classified as available-for-sale are not
reversed through profit or loss.
For loans and receivables category, the

amount of the loss is measured as the
difference between the assets carrying
amount and the present value of estimated
future cash flows (excluding future credit
losses that have not been incurred),
discounted at the financial assets original
effective interest rate. The carrying amount
of the asset is reduced and, the amount of
the loss is recognised in profit or loss.
If, in a subsequent period, the amount of
the impairment loss decreases and the
decrease can be related objectively to
an event occurring after the impairment
was recognised, the previously recognised
impairment loss is reversed through profit
or loss to the extent that the carrying
amount of the investment at the date the
impairment is reversed does not exceed what
the amortised cost would have been had the
impairment not been recognised.
(k) Trade receivables

Trade receivables are recognised initially at fair

value and subsequently measured at amortised
cost using the effective interest method, less
provision for impairment. A provision for
impairment of trade receivables is established
when there is objective evidence that the Group
2.
(l) Borrowings

Borrowings are recognised initially at fair value

being their issue proceeds net of transaction
costs incurred. Borrowings are subsequently
stated at amortised cost; any difference between
the proceeds (net of transaction costs) and the
redemption value is recognised in profit or loss
over the period of the borrowings using the
effective interest method.
(p) Non current receivable

Non current receivable, without fixed repayment

terms, is carried at cost.
Trade and other payables are stated at fair value

and subsequently measured at amortised cost
using the effective interest method.
Cash and cash equivalents include cash in hand,

deposits held at call with banks, other short-term
highly liquid investments with original maturities
of 3 months or less, and bank overdrafts. Bank
overdrafts are shown within borrowings in current
liabilities on the statement of financial position.
Ordinary shares
Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue
of new shares or options are shown in equity as
deduction, net of tax, from proceeds.
Preference share capital
Preference share capital is classified as equity

if it is non-redeemable, or redeemable only at
the Companys option, and any dividends are
discretionary. Discretionary dividends thereon are
recognised as distributions within equity upon
approval by the Companys shareholders.
Closure costs (net of refunds under the Multi

Annual Adaptation Scheme and pension
obligations previously provided for) are carried
forward and are recoverable from the sale
proceeds of freehold land.
Closure of Mon Desert Alma Sugar Factory

forward and are amortised over a period of 6
years. The amortisation is reviewed and reassessed
yearly to ascertain the adequacy of the yearly
charge taking into account the right exercised.
Closure of Deep River Beau Champ Sugar Factory

forward and are recoverable from the sale
proceeds of freehold land.
Deposit on investments is shown at cost.
Cane replantation costs are deferred at cost and

amortised over 4 to 7 years.
Standing cane, flowers crop, palmhearts and

pineapples have been measured at fair value. The
fair value of the living plants held for sale is the
present value of expected net cash flows from the
standing canes discounted at the relevant marketdetermined pre-tax rate.
(t) Deferred Expenditure

Land development
Land development costs incurred are in respect

of land to be sold. This expenditure is released to
profit or loss in proportion to the subsequent land
disposal.
Current milling and crop expenses
Expenditure incurred in respect of direct factory

repairs, maintenance works and operating
expenses, the benefit of which will be derived in
the subsequent crop season, has been accounted
as deferred milling expenses.
Sugar Industry Voluntary Retirement Scheme (VRS)
VRS (net of refunds under the Multi Annual

Adaptation Scheme and pension obligations
previously provided for) are carried forward
and are amortised over a period of 6 years. The
amortisation is reviewed and reassessed yearly to
ascertain the adequacy of the yearly charge taking
into account the right exercised.
(o) Share capital

Closure of Mon Loisir Sugar Factory
(s) Consumable biological assets
(n) Cash and cash equivalents

(r) Bearer biological assets
Borrowings are classified 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.
(m) Trade and other payables
relating to the closure of Constance La Gait

Sugar Factory are recoverable from the sale
proceeds of freehold land. Land development costs
are capitalised and released against proceeds from
the subsequent land disposal.

(continued)
(q) Deposit on investments
(b) Financial assets carried at amortised cost

The amount of the provision is the difference

between the assets carrying amount and the
present value of estimated future cash flows,
discounted at the effective interest rate. The
amount of provision is recognised in profit or loss.
Milling centralisation costs
Closure of Constance La Gaiete Sugar Factory
The compensation payments for centralisation in

accordance with the provisions of the Blue Print
(u) Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost is determined by the weighted
average method. The cost of finished 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.
(v) Leases

Leases are classified as finance leases where the

terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee. All
other leases are classified as operating leases.
Payments made under operating leases (net of any
incentives received from the lessor) are charged
to profit or loss on a straight-line basis over the
period of the lease.
99
page
100
page

2.
(ii) Transactions and balances

(continued)
(v) Leases (continued)

Finance leases-Where the Company is the lessee.
Finance leases are capitalised at the leases

inception at the lower of the fair value of the
leased property and the present value of the
minimum lease payments. Each lease payment
is allocated between the liability and finance
charges so as to achieve a constant rate of interest
on the remaining balance of the liability. Finance
charges are charged to profit or loss.
Deferred income tax is provided in full, using the

liability method, on temporary differences arising
between the tax bases of assets and liabilities and
their carrying amounts in the financial statements.
However, if the deferred income tax arises from
initial recognition of an asset or liability in a
transaction, other than a business combination,
that at the time of the transaction affects neither
accounting nor taxable profit or loss, it is not
accounted for.
Deferred income tax is determined using tax rates
that have been enacted or substantively enacted
at the reporting date and are expected to apply
in the period when the related deferred income
tax asset is realised or the deferred income tax
liability is settled.
The results and financial position of all

the Group entities that have a functional
currency different from the
presentation currency are translated into the

presentation currency as follows:
(a) assets and liabilities are translated at the

closing rate at the date of the statement of
financial position;
(b) income and expenses are translated at

average exchange rates;
(c) all resulting exchange differences are

recognised in other comprehensive income.
(i) Defined benefit plans
A defined benefit plan is a pension plan that is

not a defined contribution plan. Typically defined
benefit plans define an amount of pension benefit
that an employee will receive on retirement,
usually dependent on one or more factors such as
age, years of service and compensation.
(i)
Functional and presentation currency
Items included in the financial statements

are measured using Mauritian Rupees,
the currency of the primary economic
environment in which the entity operates
(functional currency). The consolidated
financial statements are presented in
Mauritian Rupees, which is the Companys
functional and presentation currency.
The liability recognised in the statement of

financial position in respect of defined benefit
pension plans is the present value of the defined
benefit obligation at the end of the reporting
period, less the fair value of plan assets. The
defined benefit obligation is calculated annually
by independent actuaries using the projected unit
credit method.
(i) Defined benefit plans (continued)
Remeasurement of the net defined benefit

liability, which comprise actuarial gains and losses
arising from experience adjustments and changes
in actuarial assumptions, the return on plan assets
(excluding interest) and the effect of the asset
ceiling (if any, excluding interest), is recognised
immediately in other comprehensive income in
the period in which they occur. Remeasurements
recognised in other comprehensive income shall
not be reclassified to profit or loss in subsequent
period.
The Group determines the net interest expense/

(income) on the net defined benefit liability/(asset)
for the period by applying the discount rate used
to measure the defined benefit obligation at the
beginning of the annual period to the net defined
benefit liability/(asset), taking into account any
changes in the net defined liability/ (asset) during
the period as a result of contributions and benefit
payments. Net interest expense/(income) is
Service costs comprising current service cost,

past service cost, as well as gains and losses on
curtailments and settlements are recognised
immediately in profit or loss.
(ii) Defined contribution plans
A defined contribution plan is a pension plan

under which the Group pays fixed contributions
into a separate entity. The Group has no legal
or constructive obligations to pay further
contributions if the fund does not hold sufficient
assets to pay all employees the benefits relating to
employee service in the current and prior periods.
for. The obligations arising under this item are not

funded.

(continued)
(y) Retirement benefit obligations (continued)
and liabilities are recognised in profit or loss.

Such balances are translated at year-end
exchange rates.
(y) Retirement benefit obligations
Deferred tax assets are recognised to the extent

that it is probable that future taxable profit will
be available against which deductible temporary
differences can be utilised.
(x) Foreign currencies
Gains and losses resulting from settlement

of such transactions and from the translation
of monetary assets
2.
(iii) Group companies
(w) Deferred income tax

Foreign currency transactions are accounted

for at the exchange rates prevailing at the
date of the transactions.
Payments to defined contribution plans are

recognised as an expense when employees
have rendered service that entitle them to the
contributions.
(iii) Gratuity on retirement
For employees who are not covered (or who are

insufficiently covered by the above pension plans)
the net present value of gratuity on retirement
payable under the Employment Rights Act 2008
is calculated by qualified actuaries and provided
(iv) Termination benefits
Termination benefits are payable when

employment is terminated before the normal
retirement date, or whenever an employee
accepts voluntary redundancy in exchange for
these benefits. The Group recognises termination
benefits when it is demonstrably committed to
either: terminating the employment of current
employees according to a detailed formal plan
without the possibility of withdrawal; or providing
termination benefits as a result of an offer made
to encourage voluntary redundancy. Benefits
falling due more than 12 months after the end
of the reporting period are discounted to present
value.
(z) Provisions

Provisions are recognised when the Group has a

present legal or constructive obligation as a result
of past events; it is probable that an outflow of
resources that can be reliably estimated will be
required to settle the obligation.
The amount recognised as a provision is the

best estimate of the consideration required to
settle the present obligation at the end of the
reporting period, taking into account the risks and
uncertainties surrounding the obligation. When
a provision is measured using the cash flows
estimated to settle the present obligation, its
carrying amount is the present value of those cash
flows.
(aa) Dividend distribution

Dividend distribution to the Companys

shareholders is recognised as a liability in the
Groups financial statements in the period in
which the dividends are declared.
(ab) Related parties

Related parties are individuals and companies

where the individual or the company has the
ability, directly or indirectly, to control the other
party or exercise significant influence over the
other party in making financial and operational
decisions.
101
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102
page

2.
as inventories, prepayments or other assets,

depending on their nature.

(continued)

2.

(continued)
The Group is exposed to equity securities price risk

because of investments in financial assets held by
the Group and classified as available-for-sale.
The Group is also exposed to price risk with the

incidence of the price of sugar on the European
Union market.
To manage its price risk arising from investments

in equity securities, the Group diversifies its
portfolio.
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%.
3.1 Financial Risk Factors
Impact on equity
The Groups activities expose it to a variety of

financial risks; market risk (including currency risk,
price risk and cash flow and fair value interest rate
risk), credit risk and liquidity risk.
THE GROUP THE COMPANY
2014 2013 2014 2013

Rs000 Rs000 Rs000 Rs000
A description of the significant risk factors is given

below together with the risk management policies
applicable.
(ac) Segment reporting
(ae) Impairment of non-financial assets
(af) Turnover
Segment information presented relate to the

operating segments that engage in business
activities for which revenues are earned and
expenses incurred. The groups customer is
diversified, with no individually significant
customer except for Sudzucker, through the
Mauritius Sugar Syndicate and Central Electricity
Board.
(ad) Real Estate contracts

Contract costs are recognised when incurred.
Costs incurred in the year in connection with

future activity on a contract are excluded from
contract costs in determining the cost of sales.
They are presented as deferred expenditure.
When the outcome of a construction contract

cannot be estimated reliably, contract revenue is
recognised only to the extent of contract costs
incurred that are likely to be recoverable.
Real estate contract costs are recognised when

incurred.
When the outcome of a real estate contract

cannot be estimated reliably, contract revenue is
recognised only to the extent of contract costs
incurred that are likely to be recoverable.
When the outcome of a real estate contract

can be estimated reliably and it is probable that
the contract will be profitable, contract revenue
is recognised over the period of the contract.
When it is probable that total contract costs will
exceed total contract revenue, the expected loss is
recognised as an expense immediately.
The Group uses the percentage of completion
method to determine the appropriate amount
to recognise in a given period. The stage of
completion is measured by reference to the
contract costs incurred up to the end of reporting
period as a percentage of total estimated costs for
each contract (or by reference to surveys of work
performed or completion of a physical proportion
the contract work). Costs incurred in the year in
connection with future activity on a contract
are excluded from contract costs in determining
the stage of completion. They are presented
Assets that have an indefinite useful life are

not subject to amortisation and are tested
annually for impairment. 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 identifiable cash flows (cash-generating
units).
(af) Turnover

Turnover represents the gross proceeds of sugar,

molasses, bagasse, sale of IRS residences, golf
revenue, deer farming and other agricultural
products and income receivable for the supply
of electricity to the National Grid of the Central
Electricity Board.
Turnover is net of value added tax less discounts,
allowances and returns after eliminating sales
within the group companies. Sale of goods are
recognised when goods are delivered and title
has passed. Sale of services are recognised in
the accounting year in which the services are
rendered.
Sugar and molasses proceeds are recognised

on total production of the crop year. Bagasse
proceeds are accounted on a cash basis. Sugar and
molasses prices are based on prices recommended
by the Mauritius Chamber of Agriculture for the
crop year.
Other revenues earned by the Group are

recognised on the following basis:
Dividend income - when the shareholders right to

receive payment is established.
SIFB compensation - on a cash basis.
(ii) Price risk
3.
Interest income - on a time-proportion basis using

the effective interest method. When a receivable
is impaired, the Group reduces the carrying
amount to its recoverable amount, being the
estimated future cash flow discounted at original
effective interest rate, and continues unwinding
the discount as interest income. Interest income
on impaired loans is recognised either as cash is
collected or on a cost-recovery basis as conditions
warrant.
FINANCIAL RISK MANAGEMENT
Categories of
investments:
Available-for-sale 5,855 6,980 4,364 5,882
(a) Market risk
(iii) Cash flow and fair value interest rate risk
(i)
Currency risk
The Company exports its entire production

through the Mauritius Sugar Syndicate and is
exposed to currency risk due to fluctuations in the
price of sugar and the incidence of the exchange
rate, as sugar is initially paid in foreign currency
to the Mauritius Sugar Syndicate. This will affect
the sugar proceeds. Other group companies
operate internationally and are exposed to foreign
exchange risk arising from primarily the Euro, the
US Dollar and the Tanzanian Shilling.
At June 30, 2014, if the Rupee had weakened/

strenghthened by 5% against the US Dollar and
the Euro with all other variable held constant,
post tax profit and equity would have been
Rs.498,445 (2013: Rs.1,564,710) higher/ lower
for the Company and Rs.19,673,000 (2013:
Rs.15,847,000) lower/higher for the Group
following changes in foreign exchange gains/losses
on translation of US Dollar and Euro denominated
trade receivables, trade payables and borrowings.
As the Group has no significant interest-bearing

assets, its income and operating cash flows 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 flow interest-rate
risk. At June 30, 2014, if interest rates on borrowings
had been 50 basis points higher/lower with all
other variables held constant, post-tax profit for
the year would have been Rs.10,409,000 (2013:
Rs.7,029,000) lower/higher for the Company and
Rs.21,037,000 (2013: Rs.16,426,000) lower/higher
for the Group, mainly as a result of higher/lower
interest expense on floating rate borrowings.
(b) Credit risk

Credit risk is the risk of financial loss to the

Group if a customer or counterparty to a
financial instrument fails to meet its contractual
obligations, and arises principally from the Groups
trade receivables.
103
page
104
page

3.
FINANCIAL RISK MANAGEMENT (continued)
(c) Liquidity risk

3.1 Financial Risk Factors (continued)

(b) Credit risk (continued)

For the sugar and energy sectors, the Group

has a concentration of credit risk since its main
customers are the Mauritius Sugar Syndicate and
the Central Electricity Board. The Group does not
expect any losses from non-performance of the
latter since they are reputable institutions. Other
group companies have no significant concentration
of credit risk, with exposure spread over a large
number of counterparties and customers. The
Group has policies in place to ensure that sales
of products and services are made to customers
with an appropriate credit history and to limit the
amount of credit exposure to any one financial
institution.
3.
Liquidity risk is the risk that the Group will

encounter difficulty in meeting the obligations
associated with its financial liabilities that are
settled by delivery of cash or another financial
asset.
Prudent liquidity risk management implies
maintaining sufficient cash marketable funding
through an adequate amount of committed credit
facilities. The Group aims at maintaining flexibility
in funding by keeping committed credit lines
available.
Management monitors rolling forecasts of the
Groups liquidity reserve on the basis of expected
cash flow and does not foresee any major liquidity
risk over the next two years.
The table below analyses the Groups non-derivative financial liabilities into relevant maturity groupings based
on the remaining period at the reporting date to the contractual maturity date:
3.2 Capital risk management

The Groups objective when managing capital is to

safeguard its ability to continue as a going concern
so that it can continue to provide returns for
shareholders and benefits for other stakeholders.

THE GROUP

Less than
1 year
Rs000
Between 1
and 2 years
Rs000
Between 2
and 5 years
Rs000
Over
5 years
Rs000
At June 30, 2014

Loan at call
Bank borrowings
Debentures
Finance leases
112,647
1,837,989
697,862
-
19,755
-
-
555,221
-
18,549
-
-
884,289
800,000
34,445
45,729
-
At June 30, 2013

Loan at call
Bank borrowings
Debentures
Finance leases
125,102
1,287,164
1,214,855
200,000
20,109
-
-
526,412
-
18,826
-
-
1,069,072
800,000
51,089
161,250
1,549
THE COMPANY
At June 30, 2014

Loan at call
Bank borrowings
Debentures
Finance lease liabilities
185,459
991,538
148,848
-
11,509
-
-
94,287
-
9,621
-
-
284,052
800,000
11,788
41,071
-
At June 30, 2013

Loan at call
Bank borrowings
Debentures
181,744
993,701
217,864
200,000
11,504
-
-
137,003
-
9,636
-
-
292,996
800,000
20,645
123,215
-
Consistently with others in the industry, the

Group monitors capital on the basis of the
gearing ratio. This ratio is calculated as net debt
over total of adjusted capital and net debt. Net
debt is calculated as total debt (as shown in the
statement of financial position) less cash and
cash equivalents. Adjusted capital comprises all
components of equity (i.e. share capital, retained
earnings and reserves).
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
The gearing ratios at June 30, 2014 and at June 30, 2013 were as follows:
(c) Liquidity risk (continued)
to maintain or adjust the capital structure, the

Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue
new shares, or sell assets to reduce debt.
THE GROUP
THE COMPANY
2013
Rs000
2014
Rs000
2014
Rs000
2013
Rs000
Total debt
Less: cash and cash equivalents
4,026,449
(229,009)
4,188,264
(415,538)
1,969,124
(36,193)
1,994,607
(240,762)
Net debt
3,797,440
3,772,726
1,932,931
1,753,845
Equity
16,807,960
15,879,687
23,189,331
22,316,820
Gearing ratio
0.18
0.19
0.08
0.07
to fair value an instrument are observable, the

instrument is included in level 2.
3.3 Fair value estimation

The fair value of financial 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 financial 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 classified as
trading securities or available-for-sale.
The fair value of financial 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
specific estimates. If all significant inputs required
If one or more of the significant inputs is not

based on observable market data, the instrument
is included in level 3.
Specific valuation techniques used to value

financial instruments include:
Quoted market prices or dealer quotes for similar

instruments.
Other techniques, such as discounted cash flow

analysis, are used to determine fair value for the
remaining financial instruments.
The nominal value less estimated credit

adjustments of trade receivables and payables are
assumed to approximate their fair values. The fair
value of financial liabilities for disclosure purposes
is estimated by discounting the future contractual
cashflows at the current market interest rate
that is available to the Group for similar financial
instruments.
105
page
106
page

3.
been arrived at by discounting the present value

of expected net cash flows from standing canes at
the relevant market determined pre-tax rate. The
expected cash flows from standing canes 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. For palm hearts and pineapples, the expected
cash flows have been computed by estimating the
sales proceeds from the number of saleable palm trees
and pineapples currently in cultivation. The harvesting
costs and other direct expenses are based on the
yearly budgets of the Group.
3.4 Biological assets

4.

The Group is exposed to fluctuations in the price

of sugar and the the incidence of exchange rate.
The risk affects both the crop proceeds and the fair
value of biological assets.The risk is not hedged.
CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS (continued)
Estimates and judgements are continuously
evaluated and are based on historical experience
and other factors, including expectations of future
events that are believed to be reasonable under the
circumstances.
Critical accounting estimates and assumptions
The Group make estimates and assumptions

concerning the future. The resulting accounting
estimates will, by definition, seldom equal
the related actual results. The estimates and
assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year
are discussed below.
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 Company would currently
obtain from 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 on 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.
4.5 Investment in growing and milling entities
4.2 Estimated impairment of goodwill

The Group tests annually whether goodwill has

suffered any impairment, in accordance with
the accounting policy stated in note 2(e). These
calculations require the use of estimates.
IAS 36 requires the Group to assess whether there

is any indication that its assets may be impaired.
An asset is impaired if its carrying amount exceeds
its recoverable amount, measured as the higher of
the assets fair value less cost to sell and its value
in use. The value in use of milling assets is the
present value of future cash flows/future economic
benefits expected to be derived from the assets.
Accompanying measures have been provided by
the European Union (EU) to ACP countries. The
specific projects, in line with the Multi Annual
Strategy Plan, presented by sugar entities to reduce
costs and increase efficiency have been accepted
by the EU. The Company, in line with the industry,
started implementing such projects and in view of
these plans for the future, there exists no evidence
that milling assets are impaired.
4.6 Pension benefits
(a) Bearer biological assets
Bearer biological assets have been estimated based

on the cost of land preparation and planting of
bearer canes and flower seeds.
(b) Consumable biological assets - Standing Canes

The fair value of consumable biological assets has
CRITICAL ACCOUNTING ESTIMATES AND

JUDGEMENTS (continued)
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.
4.6 Pension benefits (continued)

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 outflows 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 benefits will be paid, and that
have terms to maturity approximating the terms of
the related pension liability.
The Group carries its investment properties at fair

value, with changes in fair value being recognised
in the statement of profit or loss and other
comprehensive income. In addition, it measures
land and buildings at revalued amounts with
changes in fair value being recognised in the
statement of profit or loss and other comprehensive
income. The Group engaged independent valuation
specialists to determine fair value as at June 30,
2014. For the investment property, the valuer used
a valuation technique based on a discounted cash
flow model as there is a lack of comparable market
data because of the nature of the property.
The fair value of securities not quoted in an

active market may be determined by the Group
using valuation techniques including third party
transaction values, earnings, net asset value or
discounted cash flows, whichever is considered to be
appropriate. The Group would exercise judgement
and estimates on the quantity and quality of
pricing sources used. Changes in assumptions about
these factors could affect the reported fair value of
financial instruments.
Sensitivity analysis in respect of market risk

demonstrates the effect of a change in a key
assumption while other assumptions remain
unchanged. In reality, there is a correlation between
the assumptions and other factors. It should also
be noted that these sensitivities are non-linear, and
larger or smaller impacts should not be interpolated
or extrapolated from these results.
Property, plant and equipment are depreciated over

its useful life taking into account residual values,
where appropriate. The actual lives of the assets and
residual values are assessed annually and may vary
depending on a number of factors. In reassessing
assets lives, factors such as technological innovation,
product life cycles and maintenance programmes
are taken into account. Residual value assessments
consider issues such as future market conditions,
the remaining life of the asset and projected
disposal values. Consideration is also given to the
extent of current profits and losses on the disposal
of similar assets.
4.11 Impairment of assets

4.8 Fair value of securities not quoted in an active

market

Sensitivity analysis does not take into consideration

that the Groups assets and liabilities are managed.
Other limitations include the use of hypothetical
market movements to demonstrate potential risk
that only represent the Groups view of possible
near-term market changes that cannnot be
predicted with any certainty.
4.10 Asset lives and residual values
4.7 Revaluation of property, plant and equipment

and investment properties
4.9 Limitation of sensitivity analysis
4.3 Biological assets

4.
4.4 Depreciation policies
4.1 Impairment of available-for-sale financial assets

The Group follow the guidance of IAS 39 on
determining when an investment is other-thantemporarily impaired. This determination requires
significant 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 financial health of and nearterm business outlook for the investee, including
factors such as industry and sector performance,
changes in technology and operational and financing
cash flow.
Goodwill is considered for impairment at least

annually. Property, plant and equipment, and
intangible assets, are considered for impairment if
there is a reason to believe that impairment may
be necessary. Factors taken into consideration in
reaching such a decision include the economic
viability of the asset itself and where it is a
component of a larger economic unit, the viability
of that unit itself.
4.12 Deferred tax on investment properties

For the purposes of measuring deferred tax liabilities

or deferred tax assets arising from investment
properties, the directors reviewed the Groups
investment property portfolio and concluded that
none of the Groups investment properties are
held under a business model whose objective is to
consume substantially all of the economic benefits
embodied in the investment properties over time,
rather than through sale. Therefore, in determining
the Groups deferred taxation on investment
properties, the directors have determined that
the presumption that the carrying amounts of
investment properties measured using the fair value
model are recovered entirely through sale is not
rebutted. As a result, the Group has not recognised
any deferred taxes on changes in fair value of
investment properties as the Group is not subject to
any capital gain taxes on disposal of its investment
properties.
107
page
page
108

5.
PROPERTY, PLANT AND EQUIPMENT
THE GROUP

Leasehold
Power
Furniture
Freehold
Land &
Agricultural
Motor vehicles
Plant and Machinery
Generation
and Computer
Land
Buildings
Equipment
Owned
Leased
Owned
Leased
Plant
Equipment Equipment
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000

(a)

Land
Improvement
and Derocking
Golf
Project
course
Rs000
Rs000
Expansion
Project and
Work in
Progress
Rs000
Total
Rs000
COST AND VALUATION

At July 1, 2013
Cost/Deemed cost
Valuation
991,008
10,111,470
1,694,443
4,250
727,177
-
664,642
-
139,842
-
3,352,482
-
28,169
-
1,611,573
-
580,663
-
51,773
-
338,522
-
378,576
-
161,008
-
10,719,878
10,115,720

Additions

Disposals

Transfers

Adjustments

Consolidation adjustment

Deconsolidation of subsidiary

Effects of business combination

Transfers to NCA Held-for-Sale

Reclassification adjustment *

Exchange differences
11,102,478
38,000
(28,495)
-
-
-
(12,954)
-
-
1,259,382
-
1,698,693
63,355
-
75,803
-
-
(33,551)
-
(77,262)
-
(10,968)
727,177
40,800
(21,561)
-
-
-
-
-
-
-
-
664,642
31,144
(33,117)
32,978
-
-
-
-
-
-
(28,641)
139,842
-
-
-
-
-
(10,467)
-
-
-
-
3,352,482
158,261
(41,995)
206,462
-
-
(3,198)
-
(541,640)
-
(36,668)
28,169
-
-
-
-
-
-
-
-
-
-
1,611,573
20,799
-
2,825
-
-
-
-
-
-
-
580,663
17,792
-
28,359
-
-
(8,706)
1,730
-
-
(17,613)
51,773
2,791
-
1,437
(49)
-
(3,030)
5,397
-
-
(1,476)
338,522
19,772
-
-
-
-
-
-
-
-
-
378,576
-
-
-
-
-
-
-
-
-
-
161,008
346,198
-
(303,786)
-
2,000
-
-
-
-
(4,922)
20,835,598
738,912
(125,168)
44,078
(49)
2,000
(71,906)
7,127
(618,902)
1,259,382
(100,288)
987,559
11,370,852
1,711,820
4,250
746,416
-
667,006
-
129,375
-
3,093,704
-
28,169
-
1,635,197
-
602,225
-
56,843
-
358,294
-
378,576
-
200,498
-
10,595,682
11,375,102
12,358,411
1,716,070
746,416
667,006
129,375
3,093,704
28,169
1,635,197
602,225
56,843
358,294
378,576
200,498
21,970,784
At June 30, 2014

Cost/Deemed cost
Valuation
DEPRECIATION
At July 1, 2013
Charge for the year
Disposal adjustments
-
-
-
-
-
-
-
350,831
43,269
-
-
(42,979)
(27,845)
(3,953)
579,357
28,341
-
(21,561)
-
-
-
509,922
69,943
-
(32,341)
-
-
(24,712)
42,731
278
-
-
-
(8,414)
-
1,534,635
205,456
-
(20,579)
(397,585)
(1,951)
(13,027)
172
9,426
-
-
-
-
-
938,524
51,642
-
-
-
-
-
284,973
30,886
1,665
-
-
(7,833)
(7,312)
38,718
7,111
4,998
-
-
(2,932)
(1,420)
134,640
13,814
-
-
-
-
-
789
113
-
-
-
-
-
-
-
-
-
-
-
-
4,415,292
460,279
6,663
(74,481)
(440,564)
(48,975)
(50,424)
At June 30, 2014
319,323
586,137
522,812
34,595
1,306,949
9,598
990,166
302,379
46,475
148,454
902
4,267,790
NET BOOK VALUES

At June 30, 2014
12,358,411
1,396,747
160,279
144,194
94,780
1,786,755
18,571
645,031
299,846
10,368
209,840
377,674
200,498
17,702,994
*Upon the amalgamation of ex-FUEL (and its 35 land holding socits) with and into Alteo Limited in 2012, the freehold
land of ex-FUEL was recognised at fair value as per IFRS 3 in the financial statements of Alteo Limited. In line with the
approach adopted by the independent valuers on the amalgamation, the fair value of freehold land was discounted to reflect
its relative lower value in agricultural use at the time. The directors now consider that it is appropriate to align the freehold
land values of ex-FUEL and ex-DRBC as any discount relating to the agricultural use of ex-FUELs freehold land is now fully
reflected in the cash flows of Alteo Limited as from this financial year.
Rs.
109
page
page
110

5. PROPERTY, PLANT AND EQUIPMENT (continued)
THE GROUP

Leasehold
Power
Furniture

Freehold
Land &
Agricultural
Motor vehicles
Plant and Machinery
Generation
and Computer

Land
Buildings
Equipment
Owned
Leased
Owned
Leased
Plant
Equipment Equipment

Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
(b)

COST AND VALUATION

At June 30, 2012
Cost/Deemed cost
Valuation

Amalgamation adjustment

Additions

Disposals

Transfers


Transfer to Investment Properties

Transfer from Investment Properties

Revaluations


At June 30, 2013

Cost/Deemed cost
Valuation
60,724
4,036,434
890,061
4,250
400,106
-
381,093
-
84,332
-
1,595,203
-
4,097,158
5,629,418
23,860
(56,147)
-
-
(51,456)
91,171
1,368,474
-
894,311
752,650
53,144
(9,933)
41,991
(67,564)
-
-
-
34,094
400,106
320,072
16,355
(5,857)
-
(3,499)
-
-
-
-
381,093
282,324
8,560
(37,476)
35,388
-
-
-
-
(5,247)
84,332
24,448
33,099
(2,037)
-
-
-
-
-
-
Land
Improvement
and Derocking
Golf
Project
course
Rs000
Rs000
-
-
707,872
-
515,313
-
40,620
-
310,494
-
376,324
-
74,945
-
5,437,087
4,040,684
1,595,203
2,398,498
98,968
-
98,906
(871,883)
-
-
-
32,790
-
-
28,169
-
-
-
-
-
-
-
707,872
802,982
100,719
-
-
-
-
-
-
-
515,313
36,599
4,701
(130)
30,669
-
-
-
-
(6,488)
40,620
8,153
431
-
2,688
-
-
-
-
(119)
310,494
7,597
20,431
-
-
-
-
-
-
-
376,324
2,252
-
-
-
-
-
-
-
-
74,945
-
297,005
-
(209,642)
-
-
-
-
(1,300)
9,477,771
10,264,993
685,442
(111,580)
(942,946)
(51,456)
91,171
1,368,474
53,730
1,694,443
4,250
727,177
-
664,642
-
139,842
-
3,352,482
-
28,169
-
1,611,573
-
580,663
-
51,773
-
338,522
-
378,576
-
161,008
-
10,719,878
10,115,720
11,102,478
1,698,693
727,177
664,642
139,842
3,352,482
28,169
1,611,573
580,663
51,773
338,522
378,576
161,008
20,835,598
DEPRECIATION
At July 1, 2012
Charge for the year
Transfers
-
-
-
-
-
-
-
234,349
136,908
41,413
(4,589)
(1,417)
(56,532)
699
351,438
209,427
27,064
(5,667)
-
(2,905)
-
261,664
224,060
64,567
(36,788)
-
-
(3,581)
33,415
2,442
8,911
(2,037)
-
-
-
683,960
1,386,550
206,907
-
1,417
(747,388)
3,189
-
-
172
-
-
-
-
422,353
465,966
50,205
-
-
-
-
228,191
30,693
30,100
(51)
(1,448)
-
(2,512)
27,590
2,783
7,229
-
1,448
-
(332)
121,617
-
13,023
-
-
-
-
-
676
113
-
-
-
-
-
-
-
-
-
-
-
2,364,577
2,459,505
449,704
(49,132)
(806,825)
(2,537)
350,831
579,357
509,922
42,731
1,534,635
172
938,524
284,973
38,718
134,640
789
4,415,292
11,102,478
1,347,862
147,820
154,720
97,111
1,817,847
27,997
673,049
295,690
13,055
203,882
377,787
161,008
16,420,306
At June 30, 2013

NET BOOK VALUES
At June 30, 2013
(i)
Freehold land has been revalued by Societe DHotman De Speville in June 2013 based on open market value. The directors
have valued the freehold land at 70% of the revalued amount.(2012:-67% of the revalued amount). The revaluation surplus
was credited to revaluation surplus.
(ii)
Factory building and plant and machinery have been revalued by directors in 1995, based on the recommendations of the
Mauritius Sugar Authority. The revaluation was done for the purpose of transferring assets to milling companies. This has
been treated as deemed cost.
Rs.
(iii) Borrowings are secured by floating charges on the asset of the group, including property, plant and equipment (note 26).
(iv) The depreciation charge for the year has been charged to operating expenses.
If the freehold land was stated on the historical cost basis, the amounts would be as follows:
Total
Rs000
991,008
10,111,470
(v)
Expansion
Project and
Work in
Progress
Rs000
Cost
2014
Rs000
2013
Rs000
987,559
991,008
111
page
page
112
5.
PROPERTY, PLANT AND EQUIPMENT (continued)
5.
Furniture
Land

THE COMPANY
Freehold Agricultural
Motor vehicles
and Improvement Work in

Land Buildings Equipment Owned
Leased Fittings and Derocking Progress

Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
(c)

COST AND VALUATION

At June 30, 2013
Cost/Deemed cost
Valuation

Additions

Disposals

Reclassification
adjustment *

At June 30, 2014

Cost/Deemed cost
Valuation
949,760
9,987,158
243,728
-
484,108
-
381,203
-
10,936,918
38,000
(28,495)
243,728
17,305
-
484,108 381,203
40,800
28,813
(21,561) (31,424)
55,306
-
64,030
-
371,721
-
55,306
-
-
64,030
7,967
-
371,721
19,772
-
-
-
Total
Rs000
2,549,856
9,987,158
1,259,382
1,259,382
959,265
11,246,540
261,033
-
503,347
-
378,592
-
55,306
-
71,997
-
391,493
-
26,309 2,647,342
- 11,246,540
12,205,805
261,033
503,347
378,592
55,306
71,997
391,493
26,309 13,893,882
Furniture
Land

THE COMPANY
Freehold Agricultural
Motor vehicles
and Improvement

Land Buildings Equipment
Owned
Leased Fittings and Derocking

Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
(d)

COST AND VALUATION

At June 30, 2012
Cost/Deemed cost
Valuation
DEPRECIATION
At July 1, 2013
Charge for the year
-
-
-
63,821
6,446
-
372,371 291,205
28,341
15,614
(21,561) (31,424)
13,396
11,061
-
52,298
3,477
-
134,087
13,745
-
-
-
-
927,178
78,684
(52,985)
At June 30, 2014
70,267
379,151
275,395
24,457
55,775
147,832
952,877
NET BOOK VALUES

At June 30, 2014 Rs. 12,205,805
190,766
124,196
103,197
30,849
16,222
243,661
26,309 12,941,005
*Upon the amalgamation of ex-FUEL (and its 35 land holding socits) with and into Alteo Limited in 2012, the freehold land of
ex-FUEL was recognised at fair value as per IFRS 3 in the financial statements of Alteo Limited. In line with the approach adopted
by the independent valuers on the amalgamation, the fair value of freehold land was discounted to reflect its relative lower value
in agricultural use at the time. The directors now consider that it is appropriate to align the freehold land values of ex-FUEL and
ex-DRBC as any discount relating to the agricultural use of ex-FUELs freehold land is now fully reflected in the cash flows of Alteo
Limited as from this financial year.
103,011
-
157,037
-
131,962
-
22,068
-
23,675
-
343,693
-
826,372
4,034,030


Additions

Transfer to investment properties

Revaluation

Disposals
4,078,956
5,556,767
23,860
(51,456)
1,335,518
(6,727)
103,011
95,189
45,528
-
-
-
157,037
316,573
16,355
-
-
(5,857)
131,962
265,309
3,838
-
-
(19,906)
22,068
-
33,238
-
-
-
23,675
35,654
4,701
-
-
-
343,693
7,597
20,431
-
-
-
4,860,402
6,277,089
147,951
(51,456)
1,335,518
(32,490)
949,760
9,987,158
243,728
-
484,108
-
381,203
-
55,306
-
64,030
-
371,721
-
2,549,856
9,987,158
10,936,918
243,728
484,108
381,203
55,306
64,030
371,721 12,537,014
8,785
-
4,611
-
20,116
29,776
2,406
-
121,133
-
12,954
-
400,836
478,090
73,226
(24,974)
927,178
At June 30, 2013

Cost/Deemed cost
Valuation
DEPRECIATION
At July 1, 2012
Charge for the year
-
-
-
-
29,088
28,903
5,830
-
144,452
206,522
27,064
(5,667)
77,262
212,889
20,361
(19,307)
At June 30, 2013
63,821
372,371
291,205
13,396
52,298
134,087
NET BOOK VALUES

At June 30, 2013
10,936,918
179,907
111,737
89,998
41,910
11,732
237,634 11,609,836
(i)
Freehold land has been revalued by Societe DHotman De Speville in June 2013 based on open market value. The directors have valued the freehold
land at 70% of the revalued amount (2012:-67% of the revalued amount). The revaluation surplus was credited to revaluation surplus.
(ii)
Factory building and plant and machinery have been revalued by directors in 1995, based on the recommendations of the Mauritius Sugar Authority.
The revaluation was done for the purpose of transferring assets to milling companies. This has been treated as deemed cost.
Rs.
(iii) Borrowings are secured by floating charges on the asset of the group, including property, plant and equipment (note 26).
(iv) The depreciation charge for the year has been charged to operating expenses.
(v)
If the freehold land was stated on the historical cost basis, the amounts would be as follows:
Total
Rs000
44,926
4,034,030
PROPERTY, PLANT AND EQUIPMENT (continued)
- 12,537,014
26,309
178,966
-
(81,480)
-
113
Cost
2014
Rs000
2013
Rs000
959,265
949,760
page
114
page

6. LAND-PROJECTS

THE GROUP

8.
2014
Rs000
2013
Rs000
At July 1,
Transfer to work in progress
5,853
-
6,961
(1,108)
At June 30,
5,853
5,853
Borrowings are secured by floating charges on the assets of the group, including land-projects (note 26).
Land-projects represent the portion of land relating to the northern part of the IRS project of Anahita Estates
Ltd which is yet to be developed as far as general infrastructure is concerned. It will be sold in the medium to
long term once the southern portion is fully developed and sold.
7. INVESTMENT PROPERTIES

Land and Buildings

(a) THE GROUP
2014
Rs000
FAIR VALUE
At July 1,
Transfer from property, plant and equipment
Transfer to property, plant and equipment
Impairment
Disposal
Revaluation gain
1,722,677
-
-
-
(9)
-
-
758,038
1,296,708
51,456
(91,171)
(8)
(401,317)
108,971
At June 30,
1,722,668
1,722,677
(i)
Rental income from investment property amounted to Rs.Nil (2013: Rs.2,410,000). No direct operating
expenses were incurred on the investment property during the year (2013: Rs.Nil). .
(ii) Investment properties have been revalued by Societe DHotman De Speville in June 2013 based on open
market value. The directors have valued the freehold land at 70% of the revalued amount at June 30, 2014.
(iii) Borrowings are secured by floating charges on the asset of the group, including investment properties
(note 26).

Land and Buildings

(b) THE COMPANY
2014
Rs000

THE GROUP
2014
Rs000
2013
Rs000
Goodwill on acquisition of subsidiaries

At July 1,
Impairment
-
-
23,725
20,000
(20,000)
-
At June 30,
23,725

THE COMPANY

Acquisition of land development rights
2013
Rs000
FAIR VALUE
Level 2
At July 1,
Transfer from property, plant and equipment
Revaluation gain
1,845,607
-
-
-
756,833
895,391
51,456
141,927
At June 30,
1,845,607
1,845,607
(i)
Rental income from investment property amounted to Rs.Nil (2013: Rs.1,997,000). No direct operating
expenses were incurred on the investment property during the year (2013: Rs.Nil).
2014 & 2013

Rs000
33,400
In 2005, the company purchased land development rights on 15 hectares from its subsidiary company, Deep
River Beau Champ Milling Company Limited. There is no time limit to utilise those land development rights.
9.
NON-CURRENT ASSETS HELD FOR SALE

THE GROUP

Level 3
Sugar mills
Inventories
Reclassified from investment in joint venture (note 47)
Others
2014
Rs000
2013
Rs000
310,582
80,793
615,473
7,306
136,121
35,128
-
1,014,154
171,249
The group intends to dispose of the sugar mills and inventories in the near foreseeable future.

THE COMPANY
2014
Rs000
2013
Rs000
Level 3
Lifetime golf memberships
Reclassified from investment in joint venture (note 47)
33,800
926,400
37,700
-
At June 30
960,200
37,700
The Company has purchased lifetime golf memberships and intends to sell these to villa owners as part of land
projects.
(ii) Investment properties have been revalued by Societe DHotman De Speville in June 2013 based on open
market value. The directors have valued the freehold land at 70% of the revalued amount at June 30, 2014.
(iii) Borrowings are secured by floating charges on the asset of the group, including investment properties
(note 26).
2013
Rs000
INTANGIBLE ASSETS
115
page
116
page
10. INVESTMENT IN SUBSIDIARY COMPANIES

THE COMPANY
2014
Rs000
2013
Rs000
FAIR VALUE
Level 2
At July 1,
Additions
Transferred from joint ventures (note 11)
Transferred from associated companies
Impairment
Fair value movement
8,420,643
-
41,518
24,305
-
-
(330,797)
6,129,341
1,544,156
247,325
(20,000)
519,821
At June 30,
8,155,669
8,420,643
(a) The following companies are subsidiaries of Alteo Limited:

Type of

Company
shares held
Stated capital
Activity
.
.
.
.

.
.

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

Anahita Golf Ltd
Commercial and Industrial
Entreprises Limited
Consolidated Energy Co Ltd
Constance La Gaiet
Milling Company Limited
Deep River Beau Champ Milling Company Limited
Eastern Energy Company Limited
Microlab Limite
Refinest Limited
Sukari Investment Company Ltd
TPC Ltd
Usinest Limited
World Tropicals Ltd
Alteo Refinery Ltd
Alteo Energy Ltd
Alteo Milling Co Ltd
Island Fresh Limited
West East Limited
Socit Beauregard
Socit Ducomet
Socit Gonin
Compagnie Usiniere de Mon Loisir Lte
Sena Development Limited
Schoenfeld Co Ltd
Alteo Planters Services Company Ltd
Flagstone Property Management Limited
Ordinary
Ordinary
Ordinary
Ordinary
Rs000
Rs000
Rs000
Rs000
826,123
528,584
10
48,400
Real Estates Development

Golf
Trademark Owner
Investment
Ordinary
Ordinary
Rs000
Rs000
200,000
7,438
Energy
Dormant
Ordinary
Ordinary
Ordinary
Ordinary and Preference
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
Rs000
Rs000
Rs000
Rs000
Rs000
USD000
USD000
TShs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
208,552
101,250
2,000
31,283
46,000
7,000
9,936
3,326,897
46
1,000
1,000
120,000
177,497
1,850
90,000
7,459
46,000
46,000
217,328
4,128
-
7
25
25
25
1,000
Sugar Milling
Investment
Vitropropagation of flower plants
Sugar
Investment
Investment
Investment
Sugar
Investment
Flower Export
Sugar Refinery
Electricity
Sugar Milling
Poultry Framing
Treasury
Rental of equipment
Real Estate
Real Estate
Real Estate
Sugar Growing
Investment Holding
Estate Management
Real Estate
Cane Harvesting
Property Management
Real Estate Development
2014
Effective percentage holding
held
held
Directly
Indirectly
2013
Effective percentage holding
% held by
held
held non-controlling
Directly
Indirectly
interests
100.00
-
-
100.00
-
61.00
100.00
-
100.00
-
-
100.00
-
61.00
100.00
-
39.00
-
13.13
-
31.25
52.15
13.13
-
31.25
52.15
55.62
47.85
-
61.72
-
99.99
64.23
60.00
-
-
65.19
-
32.50
65.10
76.50
100.00
99.99
100.00
-
-
-
-
57.15
85.72
100.00
-
-
100.00
52.15
-
-
-
-
-
60.00
45.00
-
-
20.87
-
-
-
-
-
99.99
99.99
70.80
99.89
-
-
-
65.10
-
-
-
61.72
-
99.99
64.23
60.00
-
-
65.19
-
32.50
65.10
65.10
100.00
99.99
100.00
-
-
-
-
57.15
85.72
100.00
-
-
-
52.15
-
67.55
-
-
-
60.00
45.00
-
100.00
20.87
-
-
-
-
-
99.99
99.99
65.10
99.89
-
-
-
65.10
100.00
50.00
47.85
38.28
32.45
0.01
35.77
40.00
40.00
55.00
34.81
46.63
34.90
23.50
0.01
0.01
0.01
34.90
0.11
42.85
14.28
34.90
-
117
page
118
page
10. INVESTMENT IN SUBSIDIARY COMPANIES (continued)
10. INVESTMENT IN SUBSIDIARY COMPANIES (continued)
(b) The financial statements of all above subsidiaries, included in the consolidated financial statements, are coterminous with those of the holding company. Except for TPC Ltd, which is incorporated in the Republic
of Tanzania and for Sena Development Limited which is incorporated in Mozambique, all the subsidiary
companies are incorporated in the Republic of Mauritius.
(h) Summarised financial information on subsidiaries with non-controlling interests

(i) Summarised statement of financial position and statement of profit or loss and other comprehensive income:
(c) Although the Group holds less than 51% in Consolidated Energy Co Ltd and TPC Ltd, the Group has the power
to govern the financial and operating policies of the entities so as to obtain benefits from their activities.
(d) Alteo Properties Ltd has become a subsidiary.
(e) Flagstone Property Management Limited was amalgamated with Alteo Properties Ltd (formerly Ciel Properties
Ltd) on November 11, 2013.
(f) World Tropicals Ltd and Microlab Lte were disposed during the year ended June 30, 2014.

Non-
Non-

Current
current
Current
current

Name
assets
assets liabilities liabilities
Revenue

Rs000
Rs000
Rs000
Rs000
Rs000
Dividend
Profit/loss
Other
Total
paid to
nonfrom comprehensive comprehensive
continuing
income for
income for controlling
operations
the year
the year interests
Rs000
Rs000
Rs000
Rs000
2014
TPC Ltd 1,922,921 1,783,106
446,679
875,170 2,180,116
715,602
(5,137)
710,464 (301,321)
2013
TPC Ltd
339,371
811,635
793,775
2,035
795,810 (331,543)
1,767,941 1,717,476
2,149,784
(g) Subsidiaries with material non-controlling interests

Details for subsidiaries that have non-controlling interests that are material to the entity:

Name

Profit allocated to
Non-controlling
interests during
the year
Rs000
Accumulated
Non-controlling
interests
at June 30,
Rs000
2014
TPC Ltd
393,581
1,225,298
2013
TPC Ltd
438,780
1,196,110
(ii) Summarised cash flow information:

Operating
Investing
Financing

Name
activities
activities
activities

Rs000
Rs000
Rs000

2014

TPC Ltd
925,169
(349,635)
(547,857)

2013
TPC Ltd
The summarised financial information above is the amount before intra-group eliminations.
846,004
(315,437)
11. INVESTMENT IN JOINT VENTURES

(665,197)
2014
Rs000
(a)

THE GROUP
At July 1,
Additions
Disposal
Share of result for the year
Share of movement in hedge reserve
Share of movement in other reserves
Reclassified to non-current assets held for sale (note 47)
At June 30,
985,420
-
(407,572)
52,708
-
-
(13,850)
(615,473)
1,233
Net increase/
(decrease) in
cash and cash
equivalents
Rs000
27,677
(134,630)
2013
Rs000
663,469
3,750
102,133
112,310
(13,114)
116,872
985,420
119
page
page
120

11. INVESTMENT IN JOINT VENTURES (continued)

(b)

THE COMPANY
FAIR VALUE
Level 2
At July 1,
Additions
Disposal
Transfer to subsidiary (note 10)
Reclassification adjustment upon disposal
Fair value movement
Reclassified to non-current assets held for sale (note 47)
At June 30,

11. INVESTMENT IN JOINT VENTURES (continued)
2014
Rs000
1,043,206
23,237
(243,846)
(24,305)
58,261
100,422
(926,400)
30,575
2013
Rs000
1,021,999
3,750
17,457
1,043,206
(c) The Company has effective interest in the following joint ventures. The financial statements used for all joint ventures
are in respect of the year ended June 30, 2014.

2014
2013
Activity

Name
Direct Indirect Direct Indirect

%
%
%
%

Anahita Hotel Limited (note 11(c)(iv))
50.00
- 50.00
-

-
- 50.00
-

(formerly Ciel Properties Ltd) (note 11(c)(iii))

Ciel et Nature Limite
50.00
- 50.00
-

Anahita Centre for Excellence
- 100.00
-
50.00

Limited (note 11(c)(i))

Anahita Residences & Villas Limited
50.00
-
-
50.00

Novelife Limited (note 11(c)(ii))
-
- 50.00
-

Noveprim Limited (note 11(c)(ii))
-
-
-
25.00

Noveprim Europe Ltd (note 11(c)(ii))
-
-
-
46.50
(i)
Hotel Operation
Real Estate
Development
Hospitality
Training, social
responsibility &
empowerment programme
Rental management
Investment in healthcare
& life sciences
Life sciences
Life sciences
Wholly owned subsidiaries of Ciel Properties Ltd.
(ii) Novelife Limited and its subsidiaries Noveprim Limited and Noveprim Europe Ltd were disposed during the year ended
June 30, 2014, for a consideration of Rs.176m resulting in a loss at group level of Rs.229m.
(v) The following amounts represent the assets, liabilities, revenue and results of the joint ventures:

Anahita

Ciel et
Residences

Nature
and Villas

Limite
Limited

Rs000
Rs000

2014
Assets
Liabilities
Revenues
Profit/(Loss)
Share of profit/(loss)

Anahita
Ciel et
Alteo

Hotel
Nature
Properties

Limited
Limite
Limited*

Rs000
Rs000
Rs000

2013
Assets
Liabilities
Revenues
Profit/(Loss)
Share of profit/(loss)
379,476
355,046
244,943
(15,649)
80
(7,825)
Flagstone
Property
Mangement
Limited
Rs000
Novelife
Limited*
Rs000
3,236,340
1,861,870
491,339
69,472
3,317
11,443
5,690
(1,840)
415,278
388,496
252,412
(17,371)
11,368
5,573
11,304
3,387
1,354,898
231,185
109,637
150,618
34,736
(920)
(8,686)
1,694
75,309
(a) Flagstone Property Management Limited has become a subsidiary company at June 30, 2013.

* Group figures are presented for these companies.
Summarised financial information
Summarised financial information in respect of the Groups material joint venture is set out below. The
summarised financial information below represents amounts shown in the joint ventures financial statements
prepared in accordance with IFRSs, adjusted for equity accounting purposes such as fair value adjustments made
at the time of acquisition and ajustments fo differences in accounting policies.
(iii) Alteo Properties Ltd has become a subsidiary company at June 30, 2014.
(iv) Anahita Hotel Limited has been reclassified to Non-current assets held for sale at June 30, 2014.
3,518
11,486
3,271
159
121
page
page
122

12. INVESTMENT IN ASSOCIATED COMPANIES

13. INVESTMENT IN AVAILABLE-FOR-SALE FINANCIAL ASSETS

2013
Rs000
2014
Rs000
THE GROUP
(a) THE GROUP
2014
(i)
Groups share of net assets
60,854
46,392
(ii)

At July 1,
Addition
Share of profit after taxation
Dividends
Transfer to subsidiary companies
46,392
-
17,667
2,763
(5,218)
-
(750)
126,954
12,651
25,600
2,182
(8,789)
(112,184)
(22)
At June 30,
46,392
60,854
(b) THE COMPANY

FAIR VALUE
Level 2
At July 1,
Addition
Transfer to subsidiary companies
Fair value movement
At June 30,
2014
2013
Rs000
Rs000
37,677
-
17,000
-
(13,341)
251,326
25,600
(247,325)
8,076
41,336
37,677
Proportion of
effective

Country of ownership Share of

Name
Year end incorporation
Indirect
Assets Liabilities Revenues
Profit
profit

%
Rs000
Rs000
Rs000 Rs000 Rs000
2014
Trois Ilots Limited
Alcohol & Molasses
Export Limited
Volailles et
Traditions Ltee
June 30,
Mauritius
33.33
52,297
8,651
20,665
4,568
1,523
June 30,
Mauritius
28.12
99,882
29,231
285,791
53,285
14,984
June 30,
Mauritius
33.33
181,718
155,403
333,897
193,285
344,680
16,616
2,763
25,354
6,276
2,092
2013
Trois Ilots Limited
Alcohol & Molasses
Export Limited
Volailles et Traditions Ltee
38,224 (41,237) (13,744)
June 30,
Mauritius
33.33
51,875
9,462
June 30,
June 30,
Mauritius
Mauritius
28.12
33.33
53,489
80,375
17,651
15,375
229,494 14,542
(467) (9,998)
185,739
42,488
254,381
(i)
All of the above associated companies are incorporated in the Republic of Mauritius.
10,820
Level 1
THE COMPANY
2013
Level 3
2013
2014
Level 1
Level 3

DEM
DEM

LISTED MARKET UNQUOTED TOTAL TOTAL LISTED MARKET UNQUOTED

Rs000 Rs000
Rs000 Rs000 Rs000 Rs000 Rs000
Rs000

AVAILABLEFOR-SALE
At July 1,
Amalgamation
adjustment
Additions
Disposals
Increase/(Decrease)
in fair value
Consolidation
adjustment
68,199
48,215
-
-
(49,137)
-
-
-
3,448
11,774
22,510
59,989
23,191 139,605 52,931 63,033 37,958

-
- 116,488
-
5,235 5,235
-
-
(2,087) (51,224) (21,337) (49,137)
6,466 21,688 (18,148)
-
-
-
TOTAL
Rs000
TOTAL
Rs000
16,641 117,632
36,977
-
- 88,700
5,235
5,235
(279) (49,416)
-
13,832
(8,045)
34,607 117,106 139,605 15,299 50,387
21,597
1,802
1,802
1,403 12,429
9,671
87,283 117,632
At June 30,
All the investments are denominated in the Mauritian Rupee. None of the financial assets are either past due or
impaired.
14. BEARER BIOLOGICAL ASSETS
(c) The following amounts represent the assets, liabilities, revenue and results of the associated companies:
123
4,089
(3,999)
2,182
COST
At July 1,
Additions during the year
Less: Fully amortised assets
Exchange difference
Deconsolidation adjustment
At June 30,
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
1,116,523
-
212,125
(18,377)
(81,346)
(109,321)
1,119,604
500,718
433,804
208,281
(21,305)
(4,975)
-
1,116,523
707,794
-
130,409
(18,377)
-
-
819,826
186,520
433,359
106,292
(18,377)
707,794
AMORTISATION
At July 1,
Amortisation charge for the year
Less: Fully amortised assets
Exchange difference
563,845
-
79,851
(18,377)
(2,859)
(99,727)
172,712
277,002
137,291
(21,305)
(1,855)
-
389,826
-
69,140
(18,377)
-
-
69,466
277,002
61,735
(18,377)
-
At June 30,
522,733
563,845
440,589
389,826
NET BOOK VALUES
596,871
552,678
379,237
317,968
page
124
page
14. BEARER BIOLOGICAL ASSETS (continued)
16. DEFERRED EXPENDITURE (continued)
(a) The compensation payments for centralisation, in accordance with the provisions of the Blue Print relating to
the closure of Constance La Gait Sugar Factory, Deep River Beau Champ factory, Mon Desert Alma factory
and Mon Loisir Factory are recoverable from the sale proceeds of freehold land.
Bearer biological assets represent cane replantation expenditure for canes that have an expected life cycle of
4 years and 7 years for TPC Ltd and Alteo Limited respectively, as they would normally generate 4 - 7 years
of crop harvest. There exists a market for cane tops, when sold in limited quantities. Such biological assets on
a large scale do not have a market value and alternative estimates of fair value would be unreliable, hence
these biological assets are measured at cost (direct costs incurred including cost of purchase if any) less
any accumulated depreciation and any accumulated impairment losses. In line with IAS 41 - Agriculture, the
replantation costs are deferred and amortised over 4 - 7 years.
(b) The Voluntary Retirement Scheme costs comprise of compensation payments, provision for land infrastructure
and other costs less refunds received from the Mauritius Sugar Reform Trust. The net expenses are amortised
over a period of 6 years.

15. NON-CURRENT RECEIVABLES

THE GROUP
2014
2013
Rs000
Rs000
Loans to subsidiary companies (note 15(a))

Other non-current receivables
THE COMPANY
2014
2013
Rs000
Rs000
-
7,578
-
1,619
511,509
-
504,205
-
7,578
1,619
511,509
504,205
16. DEFERRED EXPENDITURE

THE GROUP

Compensation payments
Closure of Closure of
Closure of Closure of
Constance La Mon Desert
Compagnie Deep River
Gaiete Sugar Alma Sugar Usiniere De Mon Beau Champ
Land
Factory
Factory
Loisir Factory
Factory
VRS 2 Develop(note 16(a)) (note 16(b))
(note 16(a)) (note 16(a)) (note 16(b))
ment
Rs000
Rs000
Rs000
Rs000
Rs000
Rs000
Non-current
At July 1,
85,547
Amalgamation
adjustment
-
Expenditure incurred
during the year
-
Additional provision
made during the year
-
Transfer to statements
of profit or loss and other
comprehensive income
-
Reversal of overprovision
made in previous years
-
Amortisation charge
for the year
-
Grant received
during the year
-
At June 30
85,547
2014
Rs000
2013
Rs000
601,554 872,496 776,435
82,284
103,111
4,740
9,825
137,488 152,053 150,291
380,000
- 380,000 163,159
- (161,496) (161,496) (375,015)
4,740
82,284
(207,712)
182,113
(28,979)
-
74,132
-
-
(71,063)
(28,979) (73,453)
- (207,712)
2013
Rs000
163,420
210,116
Current
Expenses incurred during the year
Expenditure incurred during the year, the benefit of which will be derived in the subsequent crop season, has
been accounted as deferred expenses.
THE COMPANY
Voluntary
Retirement
Scheme Costs
Rs000
Land
Development
Costs
Rs000
Total
2014
Rs000
Total
2013
Rs000
85,045
-
21,053
-
188,156
-
21,053
-
52,829
173,478
28,818
80,875
-
-
(28,979)
(19,196)
(71,063)
(57,585)
180,230
188,156
Non-current
At July 1,
Expenditure incurred during the year
Additional provision made during the year
Released to statement of profit or loss and
other comprehensive income on sale of land
Reversal of overprovision made in previous years
Amortisation
At June 30,
The Voluntary Retirement Scheme costs comprise of compensation payments, provision for land infrastructure
and other costs less refunds received from the Mauritius Sugar Reform trust. The net expenses are amortised
over a period of 6 years.
- 302,142
2014
Rs000
(a) Loans to subsidiary companies and joint ventures are interest free and have no fixed repayment terms.
THE GROUP
103,111
-
-
-
-
-
(28,979)
74,132
-
-
-
106,098
THE COMPANY
2014
Rs000
2013
Rs000
Current
Expenses incurred during the year
23,193
33,083
Expenditure incurred during the year, the benefit of which will be derived in the subsequent crop season, has
been accounted as deferred expenses.
577,546 1,006,362 872,496
125
page
126
page

17. DEFERRED INCOME TAXES
17. DEFERRED INCOME TAXES (continued)
Deferred income taxes are calculated on all temporary differences under the liability methods at 15%/30% for
the Group (2013:15%/30%), and 15% for the Company (2013: 15%). Deferred income tax assets and liabilities
are offset when the income taxes relate to the same fiscal authority.
(a) THE GROUP

The following amounts are shown net in the statement of financial position:

2014

Rs000
Restated
2013
Rs000
896,452
(125,997)
853,196
(70,850)
770,455
782,346
2014
Rs000
2013
Rs000

Deferred tax assets
Movement in deferred income tax

At July 1,
835,655
(53,309)
686,934
(32,539)
- as restated
Amalgamation Adjustment
Acquisition through business combination
Profit or loss (credit)/charge (note 22(b))
Charged to equity on SIPF 1
Credited to statement of comprehensive income
Exchange difference
782,346
-
83
792
30,128
(15,374)
26
(27,546)
654,395
124,685
33,954
(22,655)
(8,033)
At June 30,
770,455
782,346
Deferred tax assets and liabilities and deferred tax charge in the income statement are attributable to the following
items:

Tax

Accumulated
losses Retirement Deferred

Tax Biological
Depreciation
assets
Rs000
Rs000
Deferred income
tax liabilities
At July 1, 2012
372,099
- effect of
adopting IAS 19 (revised)
-
438,352
(67,139)
(17,779)
-
-
-
-
(23,093)
(13,370)
(2,857)
5,833
60,468
-
-
6,755
-
-
(9,928)
-
-
3,954
-
-
(5,833)
-
(22,655)
491,962
(19,210)
(84,876)
(96)
(116,810)
1,433
1,097
-
-
-
At June 30, 2013

501,644
Exchange difference
(9,960)
Acquisition through
business combination
83
Deconsolidation
of subsidiary
(21)
Charged/(credited)
to income statement
2,552
-
Credited to statements of OCI
-
47,427
-
-
(22,152)
-
-
(3,458)
(15,374)
26
At June 30, 2014
520,179
(107,124)
(133,370)
At the end of the reporting period, the Group had unused tax losses of Rs.1,680,686,000 (2013: Rs.1,442,311,000)
available for offset against future profits.
A deferred tax asset has been recognised in respect of Rs.714,166,000 (2013: Rs.565,841,000) of such losses. No
deferred tax asset has been recognised in respect of the remaining Rs.966,520,000 (2013: Rs.876,470,000) due to
unpredictability of future profit streams.
438,352
(6,858)
494,298
686,934
(32,539)
- as restated
372,099
Exchange difference
(268)
Amalgamation
adjustment
158,172
Charged/(credited) to
income statement
(28,359)
-
Credited to statements of OCI
-
(38,599)
Total
Rs000
(71,138)
281
carried
Benefit
Milling
Deferred Interest
forward Obligation Expenses Expenditure Deferred
Rs000
(67,139)
(1,399)
127
(17,779)
211
-
(32,539)
654,395
(8,033)
124,685
6,897
-
-
33,954
(22,655)
(10,671)
287
782,346
(27,546)
83
813
792
-
-
-
5,812
-
-
30,128
(15,374)
26
(4,572)
770,455
(53)
-
-
1,044
page
128
page

17. DEFERRED INCOME TAXES (continued)
18. INVENTORIES
(b) THE COMPANY

2014

Rs000
Restated
2013
Rs000
At July 1,
(25,997)
(34,292)
(3,952)
(17,099)
- as restated
Profit or loss credit (note 22(b))
Tax charged to equity
Credited to equity on SIPF 1
(60,289)
-
(46,054)
1,763
(11,325)
(21,051)
46,365
(67,428)
(18,175)
-
At June 30,
(115,905)
(60,289)
Deferred tax assets and liabilities, deferred tax charge in the income statements and deferred tax charge in
equity are attributable to the following items:

Accelerated
Tax Depreciation
Rs000
At July 1, 2012
Tax losses
carried
forward
Rs000
Retirement
Benefit
Obligation
Rs000
Total
Rs000
26,149
-
(14,526)
-
(15,575)
(17,099)
(3,952)
(17,099)
- as restated
Credited to profit or loss
Credited to equity
26,149
55,956
(57,715)
-
(14,526)
-
(2,755)
-
(32,674)
(9,591)
(6,958)
(18,175)
(21,051)
46,365
(67,428)
(18,175)
At June 30, 2013

Credited to profit or loss
Credited to equity on SIPF 1
Charged to equity
24,390
(11,172)
-
-
(17,281)
(30,504)
-
-
(67,398)
(4,378)
(11,325)
1,763
(60,289)
(46,054)
(11,325)
1,763
At June 30, 2014
13,218
(47,785)
(81,338)
(115,905)
At the end of the reporting period, the Company had unused tax losses of Rs.366,113,554 (2013: Rs.115,207,000)
available for offset against future profits. A deferred tax asset has been recognised in respect of Rs.318,563,000
(2013: Rs.115,207,000) of such losses. No deferred tax asset has been recognised in respect of the remaining
Rs.47,550,554 (2013: Rs.Nil). The tax losses expire on a rolling basis over 5 years.
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
Raw materials and spare parts

Raw sugar
Coal
Goods for resale
428,325
25,172
45,758
2,698
493,006
42,006
44,975
-
53,539
-
-
-
43,061
-
Total
501,953
579,987
53,539
43,061
(i)
The cost of inventories recognised as expense and included in operating expenses amounted to Rs.1,436,405,000
(2013: Rs.1,582,326,000) for the Group and Rs.244,338,000 (2013: Rs.267,672,481) for the Company.
(ii) Borrowings are secured by floating charges on the assets of the Group and the Company, including inventories
(note 26).
19. WORK IN PROGRESS

THE GROUP
2014
2013
Rs000
Rs000
IRS residences
Borrowings are secured by floating charges on the assets of the Group, including work in progress (note 26).
282,118
181,761
20. CONSUMABLE BIOLOGICAL ASSETS

THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
Level 2
At July 1,
(Loss)/Gain in fair value
Exchange difference
2,437,104
-
33,784
(56,253)
(4,703)
1,621,602
550,861
284,115
(19,474)
-
1,014,248
-
(123,557)
-
-
At June 30,
2,409,932
2,437,104
890,691
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 flows at the relevant market determined pre-tax rate. The
expected cash flows 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.
At June 30, 2014, standing canes comprised of approximately 17,756 hectares of cane plantations (2013:
17,541 hectares) for the Group and 10,006 hectares (2013: 10,000 hectares) for the Company. During the
year, the Group harvested approximately 1,768,276 tonnes of canes (2013: 1,630,441 tonnes), which has a fair
value less costs to sell of MURM 2,437.1 at the date of harvest.
352,546
550,861
110,841
1,014,248
129
page
130
page

21. TRADE AND OTHER RECEIVABLES

Mauritian Rupee
Tanzanian Shilling
US Dollar
Euro
Pound Sterling
THE COMPANY
2014
2013
Rs000
Rs000
426,469
454,841
275,514
314,946
99,338
138,073
30,549
89,798
-
28,013
-
17,319
300,645
9,241
226,589
8,623
909,323
607,779
547,297
355,559
The carrying amounts of trade and other receivables approximate their fair values. At June 30, 2014, no trade
receivables were past due or impaired (2013: Rs.Nil). The carrying amounts of the Groups and Companys trade
and other receivables are denominated in the following currencies.
22. INCOME TAX

THE GROUP
2014
2013
Rs000
Rs000
Trade receivables
Prepayments and other receivables
Receivable from related companies
- subsidiary companies
- related parties
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
812,618
18,633
9,300
68,104
668
475,938
27,460
4
104,377
-
547,297
-
-
-
-
355,559
-
909,323
607,779
547,297
355,559
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.

(a)

Statement of financial position

At July 1,
Movement during the year:
Current tax on the adjusted profit
for the year (15%/30% for the Group
and 15% for the Company)
Withholding tax
Less:
Tax refund
Tax paid
Transfer
TDS
Payment made under APS
(Over)/under provision transferred
Exchange difference
(13,892)
(42,623)
THE COMPANY
2014
2013
Rs000
Rs000
5,269
-
1,668
882
(829)
6,179
-
-
-
-
-
-
-
295,486
60,355
308,986
69,990
-
-
5,269
357,562
385,155
5,269
3,222
(352,542)
416
(10,617)
(26,060)
(423)
1,239
1,953
(360,748)
-
-
-
1,970
401
-
(5,269)
-
-
(2,704)
-
-
(384,765)
(356,424)
(7,973)
At June 30,
(41,095)
(13,892)
(2,704)
5,269
Disclosed as follows:
Current tax assets
(48,084)
6,989
(38,962)
25,070
(2,704)
-
5,269
(41,095)
(13,892)
(2,704)
5,269
(b) Income statement

Current tax on the adjusted profit for the year
(15%/30% for the Group and 15% for
the Company)
295,486

Withholding tax
60,355

Deferred tax (note 17)
30,128

(Over)/Under provision in previous year
(423)
308,986
69,990
33,954
1,970
-
-
(46,054)
-
5,269
(67,428)
-
414,900
(46,054)
(62,159)
THE GROUP
2014
2013
Rs000
Rs000
Tax charge/(credit) for the year
385,546
131
page
132
page
22. INCOME TAX (continued)
24. REVALUATION AND OTHER RESERVES
(c) The tax on the Groups profit before tax differs from the theoretical amount that would arise using the basic
rate of the group as follows:
THE GROUP
2014
2013
Rs000
Rs000
Profit before share of results of associates

and joint ventures and taxation:
Tax at 15%/30% for the group and
15% for the company
Withholding tax
Income not subject to tax
Expenses not deductible for tax purposes
Net tax losses utilised
Tax losses for which no deferred tax
was recognised
(Over)/Under provision in previous year
Foreign tax credit
Others
Tax charge/(credit) for the year
2,224,753
1,637,845
THE COMPANY
2014
2013
Rs000
Rs000
71,784
565,324
488,361
60,355
(173,193)
63,886
(3,196)
434,855
69,990
(33,282)
51,678
(7,177)
10,273
-
(99,177)
35,717
-
84,799
5,269
(135,121)
32,874
(3,635)
22,314
(423)
-
(69,333)
(3,225)
24,893
1,970
(46,864)
(75,735)
(5,428)
7,133
-
-
-
-
(46,345)
-
385,546
414,900
(46,054)
(62,159)
23. SHARE CAPITAL

THE GROUP AND THE COMPANY
2014
Number
of shares
Rs000
Ordinary Shares
At July 01,
Issue of new ordinary shares of
no par value to Ex FUELs shareholders
At June 30
2013
Revaluation and other reserves may be

analysed as follows:
Profit on disposal of property, plant and
equipment reserve
At July 1, and at June 30,
Reserve on consolidation
At July 1, and at June 30,
Associates and joint ventures reserves

At July 1,
Movement during the year
At June 30,
Revaluation surplus
At July 1,
5,278,756
1,259,382
At June 30,
6,538,138
Fair value reserve

At July 1,
17,954
18,802
At June 30,
36,756
Translation reserve
At July 1,
(177,084)
(29,752)
THE COMPANY
2014
2013
Rs000
Rs000
213,079
213,079
4,684
4,684
(89,618)
(6,840)
(77,162)
(12,456)
-
-
(96,458)
(89,618)
3,910,282
1,368,474
5,026,973
1,259,382
3,691,455
1,335,518
5,278,756
6,286,355
5,026,973
36,102
(18,148)
5,513,610
(171,622)
4,976,301
537,309
17,954
5,341,988
5,513,610
(178,137)
1,053
-
-
Number
of shares
Rs000
At June 30,
(206,836)
(177,084)
Amalgamation reserve
At July 1,
(455,650)
(37,912)
3,800
(459,450)
682,257
(24,107)
682,257
At June 30,
(493,562)
(455,650)
658,150
682,257
Actuarial (gains)/losses reserve

At July 1,
(243,681)
9,308
(122,172)
(121,509)
(203,510)
9,992
(100,523)
(102,987)
At June 30,
(234,373)
(243,681)
(193,518)
(203,510)
At June 30,
5,548,349
318,492,120
8,991,595
186,986,700
1,869,867
131,505,420
7,121,728
318,492,120
8,991,595
318,492,120
8,991,595
THE GROUP
2014
2013
Rs000
Rs000
4,335,361
12,306,054
11,232,409
133
page
134
page

24. REVALUATION AND OTHER RESERVES (continued)

Profit on disposal of property, plant and equipment reserve
The profit on disposal of property, plant and equipment reserve arose prior to the year 2000 upon disposal of
property, plant and equipment.
Reserve on consolidation
Reserve on consolidation represents reserve that arises on consolidation of subsidiaries.
Associates and joint ventures reserves
The associates and joint ventures reserve relates to the Groups share of associates and joint ventures reserves.
Revaluation surplus
The revaluation surplus relates to the revaluation of property, plant and equipment.
Fair value reserve
Fair value reserve comprises the cumulative net change in the fair value of available-for-sale financial assets
that has been recognised in other comprehensive income until the investments are derecognised.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial
statements of foreign operations.
Amalgamation reserve
Amalgamation reserve represents the excess of assets over liabilities and reserves of subsidiaries following
amalgamation of entities under common control.

26. BORROWINGS

Loans are from other related shareholders in subsidiaries of the Group. The loans are interest free and have no
fixed repayment terms.
Current
Bank overdrafts (note 26(e))
Loans at call (note 26(e))
Bank loans (note 26(a))
Finance leases (note 26(b))
Debentures (note 26(c))
434,385
125,102
780,470
20,109
200,000
382,489
185,459
148,848
11,509
-
4,238
181,744
213,626
11,504
200,000
1,688,216
1,560,066
728,305
611,112
1,485,239
52,994
800,000
1,756,734
71,464
800,000
419,410
21,409
800,000
553,214
30,281
800,000
2,338,233
2,628,198
1,240,819
1,383,495
4,026,449
4,188,264
1,969,124
1,994,607
Non-current
Bank loans (note 26(a))
Finance leases (note 26(b))
Debentures (note 26(c))
Total Borrowings
(a) Bank loans

The bank loans are secured by floating charges on the groups assets and bear interest at rates between 3.75%
and 9.90% per annum.

THE GROUP
THE COMPANY

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000
The maturity of non-current bank loans

are as follows:
- After one year and before two years
- After two years and before five years
- After five years

(b) Finance leases

THE COMPANY
2014
2013
Rs000
Rs000
857,952
112,647
697,862
19,755
-

25. LOANS
THE GROUP
2014
2013
Rs000
Rs000
555,221
884,289
45,729
526,412
1,069,072
161,250
94,287
284,052
41,071
137,003
292,996
123,215
1,485,239
1,756,734
419,410
553,214
THE GROUP
2014
2013
Rs000
Rs000
Minimum lease payments

Not later than one year
25,210
Later than 1 year and not later than 2 years
21,763
Later than 2 years and not later than 5 years
36,381
Later than 5 years
-
Future finance charges on finance leases
(10,605)
Present value of finance lease liabilities
72,749
THE COMPANY
2014
2013
Rs000
Rs000
26,301
23,657
56,971
1,635
(16,991)
14,382
10,928
11,640
-
(4,032)
14,382
11,744
22,568
(6,909)
91,573
32,918
41,785
135
page
136
page
26. BORROWINGS (continued)
26. BORROWINGS (continued)
(b) Finance leases (continued)
(e) The carrying amounts of the Groups borrowings are denominated in the following currencies:
The present value of finance lease liabilities may be analysed as follows:
THE GROUP
2014
2013
Rs000
Rs000
19,755
18,549
34,445
-
20,109
18,826
51,089
1,549
11,509
9,621
11,788
-
11,504
9,636
20,645
-
72,749
91,573
32,918
41,785

Later than 1 year and not later than 2 years
Later than 2 years and not later than 5 years
Later than 5 years
THE COMPANY
2014
2013
Rs000
Rs000
The finance leases bear interest rates between 7.70% to 9.76% (2013: 7.70% to 9.76%) per annum.
Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of
default.
THE GROUP AND

THE COMPANY
2014
2013
Rs000
Rs000
Secured debentures:
At 4.10% fixed interest rates redeemable on June 26, 2014.
Less : repayable within one year shown as current borrowings
-
400,000
400,000
-
200,000
400,000
400,000
(200,000)
800,000
800,000
(d) The effective interest rates at the reporting date were as follows:

Bank overdrafts
Bank borrowings
Loans at call
Finance lease
liabilities
2013
RS
%
EURO
%
USD
%
TSH
%
RS
%
7.00 - 8.15
7-9.75
5.845- 6.025
1.26-4.5
1.26-4.5
N/A
4.50
4.25-9.5
N/A
13.00
13.00
N/A
3.75-9.65
3.75-9.9
5.75-6.025
7.70- 9.76
N/A
N/A
N/A
7.70 - 9.76
EURO
%
USD
%
TSH
%
1.54-1.61
4.50
1.54-1.61 4.25-9.5
N/A
N/A
13.36
13.36
N/A
N/A
N/A
Bank overdrafts
Bank borrowings
Loans at call
3,598,840
401,402
108,133
79,889
1,969,124
-
-
-
1,994,607
-
4,026,449
4,188,264
1,969,124
1,994,607
Amounts recognised in the Statement of

financial position:
Pension benefits (note 27(a)(i))
N/A
2014
%
2013
%
7.25 - 7.65
7.40-9.15
5.25 - 6.025
7.70- 9.76
7.40 - 7.65
6.50-9.40
6.00
7.70- 9.76
765,273
674,121
542,259
449,314


THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000

Current assets
(127)
765,400
(5,016)
679,137
-
542,259
449,314
765,273
674,121
542,259
449,314
Amounts charged to profit or loss:

- Pension benefits (note 27(a)(v))
61,001
86,232
57,270
49,532
Amounts (credited)/charged to other

comprehensive income:
- Pension benefits (note 27(a)(vi))
(7,515)
154,508
(11,755)
121,161
(a) Defined pension benefits

(i)
The Group operates a defined benefit pension. The plan is a final salary plan, which provides benefits to
members in the form of a guaranteed level of pension payable for life. The level of benefits provided depends
on memebers length of service and their salary in the final years leading up to retirement.
The assets of the plan are independently administered by Anglo Mauritius Assurance Society Limited, GML
superannuation fund and the Sugar Insurance Pension Fund.
The most recent actuarial valuation of the plan assets and the present value of the defined benefit obligations
were carried out at June 30, 2014 by Anglo Mauritius Assurance Society Limited. The present value of the
defined benefit obligations, and the related current service cost and past service cost, were measured using
the Projected Unit Credit Method.

THE COMPANY
3,644,450
285,897
-
96,102

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000
2014

THE GROUP
Mauritian Rupee (Rs)

Euro
US Dollar (USD)
Tanzanian Shilling (TSH)
THE COMPANY
2014
2013
Rs000
Rs000
27. RETIREMENT BENEFIT OBLIGATIONS
(c) Debentures

THE GROUP
2014
2013
Rs000
Rs000
137
page
138
page

27. RETIREMENT BENEFIT OBLIGATIONS (continued)
(ii) The amounts recognised in the statement of financial position are as follows:

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000

Present value of funded obligations

Fair value of plan assets
1,291,872
(880,799)
721,889
(398,546)
1,015,891
(671,474)
537,671
(269,240)
411,073
354,200
-
323,343
350,735
43
344,417
197,842
-
268,431
180,883
-
Liability in the statement of financial position 765,273
674,121
542,259
449,314
The reconciliation of opening balances to the closing balances for the net defined benefit liability is as follows:

Present value of unfunded obligations

Unrecognised actuarial losses

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000

At July 1,
- as previously reported
- effect of adopting IAS 19 (Revised)
Rs000
352,649
321,474
Rs000
197,591
176,981
Rs000
220,705
228,609
Rs000
103,821
113,994
674,123
2,026
(10,384)
61,001
374,572
128,477
-
86,233
449,314
-
-
57,270
217,815
101,603
49,532
- as restated
Charged/(credited) to profit or loss
(Credited)/Charged to other
comprehensive income
Net SIPF1 liability
Benefits paid
Contributions paid
Exchange difference
(7,515)
102,496
(10,503)
(41,588)
(4,383)
154,508
-
(9,336)
(59,455)
(878)
(11,755)
75,502
-
(28,072)
-
121,161
(40,797)
-
Balance at June 30,
765,273
674,121
542,259
449,314


THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000
(iii)

The movement in the present value of

obligations for the year is as follows:
At July 1,
1,072,623
-
600,165
-
718,554
-
305,420
-
- as restated
Current service cost
Employee contribution
Interest expense
Benefits paid
Exchange difference
SIPF1 Liabilities
Effect of curtailments/ settlements
Actuarial (gains)/losses
1,072,623
4,559
(21,050)
34,901
5,436
87,166
(41,745)
(3,992)
540,952
(36,043)
3,265
600,165
270,405
26,664
4,224
88,938
(66,766)
(1,496)
-
-
150,533
718,554
-
305,420
270,405
19,809
4,018
54,673
(26,864)
-
447,673
-
(4,130)
14,611
3,004
55,306
(48,619)
118,427
At June 30,
1,646,072
1,072,667
1,213,733
718,554
Funded obligations
Unfunded obligations
1,291,872
354,200
721,889
350,735
1,015,891
197,842
537,671
180,883
1,646,072
1,072,624
1,213,733
718,554
(iv) The movement in the fair value of plan assets

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000

At July 1,
398,793
(119)
233,752
(111)
269,240
-
122,661
-
- as restated
Contribution by employee
Scheme expenses
Cost of insuring risk benefits
Expected return on plan assets
SIPF1 Assets
Actuarial gains on plan assets
Contribution by employer
Exchange Difference
Benefits paid
Others
398,674
1,507
(10,793)
4,252
(466)
(3,073)
29,343
438,456
11,945
41,934
34
(31,439)
425
233,641
133,746
-
3,805
(623)
(3,046)
33,506
-
149
54,828
100
(57,560)
-
269,240
-
-
4,018
(365)
(2,355)
19,931
372,172
7,625
28,072
-
(26,864)
-
122,661
133,746
3,004
(412)
(2,134)
22,931
2,295
35,768
(48,619)
-
At June 30,
880,799
398,546
671,474
269,240
139
page
140
page

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000
(v)

The amounts recognised in profit

Current service cost
Interest expense
Scheme expenses
Cost of insuring risk benefits
Effects of curtailments/ settlements
35,030
58,155
561
3,297
(36,042)
26,663
55,833
643
3,093
-
19,809
34,741
365
2,355
-
14,611
32,375
412
2,134
-
Total, included in employee benefit expense
61,001
86,232
57,270
49,532
Actual return on plan assets
49,807
21,216
31,204
20,196
(vi) The amounts recognised in other comprehensive

income are as follows:

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000

Liability experience losses/(gains)

Actuarial losses arising from changes
in financial assumptions

Actuarial gains

Gains on pension scheme assets

Changes in financial assumptions

Return on plan assets excluding
interest income

3,621
(14,100)
4,569
131,198
8,190
(200)
(4,095)
-
117,098
(99)
2,244
32,531
Local equities
Overseas equities
Fixed interest
Properties
(6,471)
(345)
-
-
-
118,427
-
2,734
(11,410)
2,734
(7,515)
154,508
(11,755)
121,161
39%
28%
19%
14%
31%
31%
30%
8%
THE COMPANY
2014
2013
%
%
39%
27%
19%
15%
(x) The principal actuarial assumptions used for accounting purposes were: THE GROUP AND

THE GROUP AND

THE COMPANY
2014
2013
%
%
Discount rate
Expected return on plan assets
Future salary increases
Future pension increases
7.50
7.50
6.00/5.00
3.50/2.00
(xi) Sensitivity analysis on defined benefit obligations at end of the reporting date:

June 30, 2014

THE GROUP
Increase
Decrease
Rs000
Rs000
THE COMPANY
Increase
Decrease
Rs000
Rs000
167,065
52,575
124,881
33,056
Discount rate (1% movement)

Future long term salary assumption
(167,065)
(52,575)
(124,881)
(33,056)
(xii) The weighted average duration of the defined benefit obligation is 15 years for the company and 14 years for
the group at the end of the reporting period.
24%
29%
40%
7%
28. TRADE AND OTHER PAYABLES

Trade payables
Payable to related companies
- subsidiary companies
- related company
Other payables and accrued expenses
Accruals for centralisation and VRS costs
Land under development cost
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
641,313
355,057
68,862
55,292
-
101,610
701,331
351,635
42,100
-
41,370
550,709
319,525
20,503
696,861
-
41,868
141,847
42,100
652,965
3,000
24,962
236,979
20,503
1,837,989
1,287,164
991,538
993,701
The carrying amounts of trade and other payables approximate their fair values.
(viii) The assets of the plan are invested in funds. The expected return on plan assets was determined by considering
the expected returns available on the assets underlying the current investment policy. Expected yields on fixed
interest investments are based on gross redemption yields as at the balance sheet date. Expected returns on
equity and property investments reflect long-term real rates of return experienced in the respective markets.
(ix) Expected contributions to post-employment benefit plans for the year ending June 30, 2015 are Rs.28,800,000
for the company and Rs.42,546,000 for the group.
7.50
7.50
6.00/5.00
3.50/2.00
124,898
(11,410)
(vii) Major asset categories as percentage of plan assets:

THE GROUP

2014
2013

%
%

(345)
141
page
142
page

29. DEFERRED INCOME

THE GROUP
2014
2013
Rs000
Rs000
At July 1,
Additions during the year
Release to statement of comprehensive income
66,780
6,000
(5,603)
61,674
10,290
(5,184)
At June 30,
67,177
66,780
Deferred income may be analysed as follows:

Current
Non current
7,804
59,373
7,000
59,780
67,177
66,780
30. DIVIDENDS

THE GROUP AND

THE COMPANY
2014
2013
Rs000
Rs000
Interim of Re.0.35 per share paid (2013: Re.0.30)

- ordinary dividend
111,473
95,548
Final dividend of Re.0.45 per share (2013: Re.0.45) per share paid
- ordinary dividend
143,321
143,321
Total dividend declared
254,794
238,869
Dividend payable
At July 01,
Dividend declared during the year,
Dividend paid during the year,
143,321
254,794
(254,794)
238,869
(95,548)
At June 30,
143,321
143,321

31. TURNOVER

Sugar
Special sugars premium
Molasses
Distillers contribution
Bagasse
THE COMPANY
2014
2013
Rs000
Rs000
3,773,232
82,743
125,564
18,590
4,297
3,840,258
104,904
117,893
17,922
4,083
1,107,631
-
49,722
18,579
4,368
1,157,971
54,384
17,887
4,069

Electricity generation

Proceeds from sale of real estates

Golf revenue

Flower production and export

Refined service fees

Services to planters

Poultry

Others
4,004,426
1,016,457
222,824
99,819
11,790
307,754
79,390
132,047
57,319
4,085,060
1,192,987
205,797
92,976
55,937
183,193
113,948
134,965
1,444
1,180,300
-
-
-
-
-
-
-
-
1,234,311
-
5,931,826
6,066,307
1,180,300
1,234,311
32. OTHER OPERATING INCOME

THE GROUP
2014
2013
Rs000
Rs000
Management fees
Rent and transport
Profit on sale of property, plant and equipment
Agricultural diversification
Profit on sale of land
Profit on sale of NCA held for sale
Mutual exchange agreement
Gain on remeasuring to fair value the existing
interest in associate
Gain on remeasuring to fair value the existing
interest in joint venture (note 42 (b))
Others
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
-
42,172
9,221
32,160
30,249
3,147
21,205
-
47,066
9,529
29,264
31,522
-
35,154
78,912
55,636
2,657
32,150
-
2,100
-
86,717
58,774
5,914
29,264
-
46,636
2,908
93,737
-
95,422
-
24,276
31,783
234,799
294,593
195,731
212,452
143
page
144
page

33. EXPENSES BY NATURE

THE GROUP
2014
2013
Rs000
Rs000
Depreciation on property, plant and

equipment on:
- owned assets
450,575
- leased assets
9,704
Amortisation of bearer biological assets
149,765
Staff costs (note 34(a))
1,517,976
Cost of inventories recognised as expense
1,436,405
Management fees
37,111
SIFB premium
60,925
Cultivation and irrigation
496,612
Amortisation of VRS and centralisation costs
28,979
Construction costs
127,778
Factory expenses
284,763
Poultry
111,499
Others
153,970
4,866,062
34. OPERATING PROFIT

35. INVESTMENT AND OTHER INCOME

440,621
9,083
137,291
1,388,290
1,582,326
70,861
57,548
371,513
73,453
246,870
182,443
109,609
83,471
67,623
11,061
69,140
607,076
244,338
37,111
39,088
297,980
28,979
-
-
-
-
68,615
4,611
61,735
567,489
267,672
40,197
45,928
239,539
57,585
-
4,753,379
1,402,396
1,353,371
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
THE GROUP
2014
2013
Rs000
Rs000
Interest income
Dividend income
36. FINANCE COSTS

THE COMPANY
2014
2013
Rs000
Rs000
1,173
1,812
4,978
1,964
7,306
404,191
3,725
411,008
2,985
6,942
411,497
414,733
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
Foreign exchange transaction gains
(12,327)
(15,558)
Interest expense:
- Bank and other loans
- Bank overdrafts
- Finance leases
- Others
244,966
23,146
6,043
1,088
304,768
29,657
4,201
-
151,677
3,218
2,983
8,146
177,044
7,051
2,568
6,028
275,243
338,626
166,024
192,691
262,916
323,068
164,544
186,984
(1,480)
(5,707)
37. EARNINGS PER SHARE
Operating profit is arrived at after:
crediting
Profit on sale of land
-
Profit on sale of available for sale financial assets
-
Profit on sale of property, plant and equipment (9,221)
Profit on sale of non current asset held for sale (2,100)
and charging
Depreciation on property, plant and
equipment on:
- owned assets
- leased assets
Cost of inventories recognised as expense
Staff costs (note 34(a))
THE COMPANY
2014
2013
Rs000
Rs000
-
(8,024)
(29,356)
-
-
-
(2,657)
(2,100)
(11,416)
(5,914)
(700)
450,575
9,704
149,765
1,436,405
1,517,976
440,621
9,083
137,291
1,582,326
1,388,290
67,623
11,061
69,140
244,338
607,076
68,615
4,611
61,735
267,672
574,036
(a) Staff costs

Wages and salaries

Pension costs
1,298,095
219,881
1,151,466
236,824
534,766
72,310
529,396
44,640
1,517,976
1,388,290
607,076
574,036

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Basic earnings per share
Rs.
Based on:
Profit after tax and minority interest (Rs000) 63,059
Number of ordinary shares
in issue
318,492,120
0.20
2.63
0.37
1.97
837,229
117,838
627,484
318,492,120 318,492,120
318,492,120
145
page
146
page
38. NOTES TO STATEMENT OF CASH FLOWS
38. NOTES TO STATEMENT OF CASH FLOWS (continued)

THE GROUP
THE COMPANY

Restated
Restated

2014
2013
2014
2013

Rs000
Rs000
Rs000
Rs000
(a)

Cash generated from operations

Profit before tax
954,346
Adjustments for:
Impairment of investment in joint
ventures and investment in subsidiary
-
Impairment of goodwill on acquisition
of subsidiaries
-
Release of deferred income
(5,603)
Gain on fair value remeasurement
(2,908)
Increase in fair value of investment property
-
Depreciation of property, plant
and equipment
460,279
Impairment of investment property
9
79,851
Amortisation of deferred expenditure
28,979
Gain on disposal of subsidiary
(9,566)
Profit on sale of land and building
(29,002)
Profit on sale of investment property
-
Profit on sale of available for sale
financial assets
(15,435)
Profit on sale of property, plant and equipment (9,221)
Profit on sale of non current asset held for sale
-
Loss on sale of investment in joint ventures
229,365
Relocation costs
-
Investment income
(2,985)
Interest expense
275,243
Exchange difference
68,424
Retirement benefit obligations
8,910
Share of results of associates
(2,763)
Share of results of joint ventures
(52,708)
(828)
26,807
(29,131)
-
Changes in working capital:
- fair value of consumable biological assets
(33,784)
- trade and other receivables
(301,128)
- inventories
(17,715)
- trade and other payables
550,825
- deferred expenditure-non current
(218,504)
- deferred expenditure-current
46,696
- work in progress
(100,357)
Cash generated from/(absorbed by)
operations
1,898,096
1,830,592
71,784
565,325
20,000
-
-
-
-
(141,927)
20,000
(5,184)
(46,636)
(108,971)
449,704
8
137,291
73,453
-
(31,650)
(30,146)
78,684
-
69,140
28,979
-
(29,002)
-
73,226
61,735
57,585
(11,416)
-
(8,024)
(40,772)
-
-
(6,006)
(6,942)
338,626
951
15,515
(2,182)
(102,133)
-
-
-
46,689
(13,627)
(2,657)
(2,100)
67,876
-
(411,497)
166,024
29,198
-
-
-
-
-
-
(5,914)
(700)
(414,733)
192,691
(284,115)
(321,098)
(266,492)
522,483
355,819
(81,994)
(112,933)
123,557
(191,738)
(10,478)
(2,163)
-
9,890
-
(110,841)
131,444
(919)
227,000
71,063
(16,872)
-
(18,130)
705,482
2,335,853
8,735
-
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
(b)


Short term deposits
Cash in hand and at bank
Bank overdrafts
Loans at call
-
229,009
(857,952)
(112,647)
2,545
412,993
(434,388)
(125,102)
344
35,849
(382,489)
(185,459)
31,416
209,346
(4,238)
(181,744)
At June 30,
(741,590)
(143,952)
(531,755)
54,780
39(a) OPERATING LEASE COMMITMENTS

The group leases vehicles under non-cancellable operating lease agreements. The leases have varying terms,
escalation clauses and renewal rights.
Operating Lease Commitments - Where the Company is the Lessee
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
THE GROUP
2014
2013
Rs000
Rs000

1,308
Later than one year and not later than five years 3,269
4,577
THE COMPANY
2014
2013
Rs000
Rs000
1,308
4,262
315
31
315
289
5,570
346
604
Operating Lease Commitments - Where the Company is the Lessor
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
THE GROUP
2014
2013
Rs000
Rs000

Later than one year and not later
than five years
Later than 5 years
THE COMPANY
2014
2013
Rs000
Rs000
3,359
2,366
5,366
5,366
12,444
177,452
9,464
179,818
21,465
397,770
21,465
403,136
193,255
191,648
424,601
429,967
39(b) CAPITAL COMMITMENTS

THE GROUP
2014
2013
Rs000
Rs000
Capital expenditure approved by the Board :

- contracted
- not contracted
THE COMPANY
2014
2013
Rs000
Rs000
422,507
508,056
152,833
303,714
-
177,295
254,304
930,563
456,547
177,295
254,304
147
page
148
page
40. LOSS ON DISPOSAL OF INVESTMENT

THE GROUP
2014
2013
Rs000
Rs000
Loss on disposal of Novelife (note 11(c)(ii))

Others
42. BUSINESS COMBINATIONS

THE COMPANY
2014
2013
Rs000
Rs000
On June 30, 2014 the group disposed of its holding World Tropicals Limited, a wholly owned subsidiary.
229,803
(25,259)
-
-
67,876
(13,626)

Consideration received

204,544
54,250
Consideration received in cash and cash equivalents

Deferred sales proceeds
9,000
-
Total consideration received
9,000
During the year, Alteo Ltd disposed of its 50% stake in Novelife Limited and its subsidiaries for a consideration
of Rs 176M, net of taxes, resulting in a loss at group level of Rs 229M.
41. CONTINGENT LIABILITIES

(a) Disposal of subsidiary
THE GROUP
2014
2013
Rs000
Rs000
THE COMPANY
2014
2013
Rs000
Rs000
Bank Guarantees
646,777
1,037,345
322,764
251,429
Contingencies
275,576
275,576
55,600
55,600
THE COMPANY
(a) The Company has received income tax assessments totalling Rs 55.6M in respect of the years of assessment
2006/2007, 2007/2008 and 2009/2010. It has filed an objection to the assessment in accordance with the
provisions of the Income Tax Act.
2014
Rs000

The details of assets and liabilities disposed and the consideration are as follows:

Property plant and equipment

Investment in subsidiary
Bearer Biological assets
Deferred tax asset
Inventories
Consumable biological assets
Borrowings
RBO
Carrying
amount
of net assets
Rs000
22,319
1,351
8,655
753
3,706
5,105
7,422
2,150
(28,820)
(16,002)
(7,205)
The Company is of the opinion that the tax liability will not crystallise in the foreseeable future since it has
strong support based on legal and tax advice.
THE GROUP
Net assets disposed of
In addition to the above claim, the Group has also the following additional contingent liabilities:
Gain on disposal
Consideration received
Net assets disposed of
9,000
566
Gain on disposal
9,566
(a) Tax assessments have been issued by the Tanzania Revenue Authority (TRA) in connection with their
corporation tax filed and paid by TPC Limited for the financial years 2004 to 2013. In these assessments, some
expenses incurred in the production of income have been disallowed for tax purposes by the TRA, resulting into
a significant potential liability of T Sh. 10.512 billion for the company. TPC Limited has submitted a notice of
objection to the TRA assessment as per the requirements of the laws of the country. TPC Limited is confident
that such a large tax liability will not crystallise in the foreseeable future due to strong support based on legal
and tax advice although it is not able to determine how much, if any, smaller tax liability would arise as part
of a settlement agreement with the TRA.
(b) Following a reassessment of income tax computations for the years of assessments 2007/2008 and 2008/2009,
Alteo Energy Ltd has been assessed to additional income tax of Rs 15,029,681 including interest. These income
tax assessments liabilities are being contested in the Assessment Review Committee and the directors have no
clear indication of the outcome at this stage.
(566)

Net cash inflow on disposal of subsidiary

2014
Rs000
Consideration received in cash and cash equivalents

Less: cash and cash equivalent balances disposed of
9,000
(2,150)
Total consideration received
6,850
(c) In May 2013, Compagnie Usiniere de Mon Loisir Ltee, a subsidiary company, received a claim for compensation
from the Central Electricity Board for breach of contract further to the closure of Mon Loisir sugar factory. The
claim amounts to Rs270M and is disputed by the company.
(d) The Mauritius Revenue Authority (MRA) has a claim against Anahita Estates Ltd regarding taxation unpaid on
deemed interest on the long term loan receivable from its subsidiary, Anahita Golf Ltd for the years 2007 to
2010 to which Anahita Estates Ltd is not agreeable. The claim, including interest and penalty charges, amounts
to Rs.20,403,833 and is disputed by the company.
149
page
150
page
42. BUSINESS COMBINATIONS (continued)
43. EFFECTS OF CHANGES IN ACCOUNTING POLICIES
(b) Acquisition of subsidiaries
Adoption of IAS 19 Employee Benefits (Revised 2011)
Additional investment in Alteo Properties Limited (APL)
In July 2013, the Group acquired an additional 50.00% of Alteo Properties Ltd (Formerly known as CIEL
Properties Limited) to bring its total effective holding to 100.00% and obtained control of the company
through board representation.
In the current year, the Group/Company has adopted IAS 19 Employee Benefits (Revised 2011). The Group/
Company has applied IAS 19 (Revised 2011) retrospectively in accordance with the transitional provisions
as set out in IAS 19 (Revised 2011), paragraph 173. These transitional provisions do not have an impact on
future periods. The opening statement of financial position of the earliest comparative period presented (July
1, 2012) has been restated.
The main activity of APL is to act as property developer in respect of the hotel and IRS projects.
The following table summarises the consideration paid and the amounts of the assets acquired and liabilities
assumed recognised at acquisition date for the above investment.
The amendments to IAS 19 change the accounting for defined benefit plans and termination benefits. The
most significant change relates to the accounting for changes in defined benefit obligations and plan assets.
The amendments require the recognition of changes in defined benefit obligations and in fair value of plan
assets when they occur, and hence eliminate the corridor approach permitted under the previous version of
IAS 19 and accelerate the recognition of past service costs.
All actuarial gains and losses are recognised immediately through other comprehensive income in order for the
net pension asset or liability recognised in the statement of financial position to reflect the full value of the
plan deficit or surplus. Furthermore, the interest cost and expected return on plan assets used in the previous
version of IAS 19 are replaced with a net-interest amount under IAS 19 (Revised 2011), which is calculated by
applying the discount rate to the net defined benefit liability or asset. IAS 19 (Revised 2011) introduces certain
changes in the presentation of the defined benefit cost including more extensive disclosures.
Impact of the application of IAS 19 (Revised 2011)
These 2014 financial statements are the first financial statements in which the Group/Company has adopted
IAS 19 (Revised 2011). IAS 19 (Revised 2011) has been adopted retrospectively in accordance with IAS 8.
Consequently, the Group/Company has adjusted opening equity as of July 1, 2012 and the figures for 2012
have been restated as if IAS 19 (Revised 2011) had always been applied.
The effect on the statements of financial position are as follows:

Rs000
Cash
Fair value of equity interest held before the business combination
24,305
6,395
Total consideration
30,700

Recognised amounts of identifiable assets acquired and liabilities assumed


Property, plant and equipement (Note 5)
Investment in subsidiary companies
Investment in associate
Non-current receivables
Borrowings
Total identifiable net assets

Goodwill
22,574
464
357
977
1,300
2,579
(17,775)
(2,536)
(83)
(882)
6,975
23,725

Rs000
30,700
Net cash outflow on acquisition of subsidiaries

Consideration paid in cash
Less: cash and cash equivalents acquired
Add: Bank overdrafts
24,305
(22,574)
2,449
4,180
2,908
Gain on remeasurement of previously held equity interest

THE GROUP

Retirement
benefit
obligations
Rs000
Deferred
tax
Owners
assets
interests
Rs000
Rs000
Noncontrolling
interests
Rs000
Balance as reported at July 1, 2012

- effect of early adopting IAS 19 (revised)
197,590
176,979
686,934
(32,539)
7,213,660
(117,210)
1,488,796
(27,230)
- as restated
374,569
654,395
7,096,450
1,461,566
Balance as reported at June 30, 2013

on 2012 figures
on 2013 figures
352,648
835,655
16,111,799
2,322,890
176,979
(32,539)
(117,210)
(27,230)
144,494
(20,770)
(114,902)
(8,822)
674,121
782,346
- as restated
15,879,687
2,286,838
151
page
152
page

43. EFFECTS OF CHANGES IN ACCOUNTING POLICIES (continued)

THE COMPANY

153

44. RELATED PARTY TRANSACTIONS
(a) THE GROUP
Retirement
benefit
obligations
Rs000
Deferred
tax
assets
Rs000
Owners
interest
Rs000
Balance as reported at July 1, 2012

103,821
113,994
(3,952)
(17,099)
12,451,275
(96,895)
- as restated
217,815
(21,051)
12,354,380
Balance as reported at June 30, 2013

- effect of early adopting IAS 19 (revised) on 2012 figures
- effect of early adopting IAS 19 (revised) on 2013 figures
220,705
113,994
114,615
(25,997)
(17,099)
(17,193)
22,511,137
(96,895)
(97,423)
- as restated
449,314
(60,289)
22,316,819
Adoption of IAS 19 Employee Benefits (Revised 2011)
Companies with
common Directors
Major
Shareholders
Sale/
(Purchase)
Investment
of goods
income/
and services
(expense)
2014
Rs000
2013
Rs000
2014
2013
Rs000 Rs000
(85,519) (46,444)
-
Management
fees
receivable/
(payable)
671
Amount
due from
2014 2013
2014 2013 2014 2013 2014
2013
Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000 Rs000
(7,127) (40,411)
(85,519) (46,444)
Loans
at call
Amount
(from)/to
owed to
- (62,779)
- (62,779) 69,369 74,847 3,066
9,805
747
6,225 3,066
- 68,622 68,622
9,805
Total
The above transactions have been made at arms length, on normal commercial terms and in the normal course of business.
671
(7,127) (40,411)
(b) THE COMPANY

The effect on profit or loss is as follows:

THE GROUP
THE COMPANY
2013
Rs000
Decrease in administrative expenses

Increase of income tax expense
10,014
(1,885)
6,547
(982)
Increase in profit
8,129
5,565

The effect on total comprehensive income is as follows:

THE GROUP
2013
Rs000
2013
Rs000
THE COMPANY
2013
Rs000
Remeasurement of defined benefit obligations

Decrease of income tax relating to components
of other comprehensive income
(154,508)
(121,161)
22,655
18,174
Decrease in other comprehensive income
(131,853)
(102,987)
Decrease in total comprehensive income for the year
(123,724)
(97,422)
Sale/
(Purchase)
Investment
of goods
income/
and services
(expense)
127,002
-
-
-
93,316
-
-
-
Subsidiaries
Associates
Related company
Joint ventures
Companies with
common Directors
Major Shareholders
Total
105,591
The above transactions have been made at arms length, on normal commercial terms and in the normal course of business.
2014
Rs000
2013 2014
Rs000 Rs000
2013
Rs000
(41,233) (17,547) 78,726 81,567 (44,199) (34,183) 696,861 653,761 837,733 731,158
-
-
-
-
-
-
-
-
406
-
- (40,411)
-
(75) (62,274)
-
-
-
(152)
(578)
-
- (6,120) (13,869)
- 3,000 16,562
9,620
(21,411) (16,523)
-
-
76,793
2014
2013
Rs000 Rs000
Amount
due from
2013
Rs000
2014 2013
Rs000 Rs000
Loans
at call
Amount
(from)/to
owed to
2014
Rs000
2014
Rs000
2013
Rs000
Management
fees
receivable/
(payable)
41 (6,565)
(377)
-
- (40,197)
-
-
(2)
-
(2)
-
-
- 68,622 68,622
2,827
-
4,993
-
(41,721) (24,690) 38,315 41,370 (50,396) (110,328) 765,483 725,383 857,528 745,771
(c) Key management personnel compensation

THE GROUP
2014
2013
Rs000
Rs000
53,316
635
Salaries and short-term employee benefits

Post-employment benefits
55,619
4,906
THE COMPANY
2014
2013
Rs000
Rs000
35,750
-
39,108
4,271
page
154
page
45. THREE YEAR FINANCIAL SUMMARY (continued)
45. THREE YEAR FINANCIAL SUMMARY

THE GROUP

2014

Rs000

Restated
2013
Rs000
2012
Rs000
(a)

Results
Turnover
Share of results of joint ventures
Profit before taxation
Income tax expense
5,931,826
52,708
2,763
954,346
(385,546)
6,066,307
102,133
2,182
1,830,592
(414,900)
3,673,435
(12,806)
15,220
1,188,761
(488,400)
Profit for the year

Other comprehensive income for the year, net of tax
568,800
1,196,100
1,415,692
1,209,356
700,361
920,754
Total comprehensive income for the year
1,764,900
2,625,048
1,621,115
Profit attributable to:

63,059
505,741
837,229
578,463
168,535
531,826
568,800
1,415,692
700,361
Total comprehensive income attributable to:

Earnings per share (Rs.)
1,309,828
455,072
2,054,643
570,405
972,855
648,260
1,764,900
2,625,048
1,621,115
0.20
2.63
0.89
THE GROUP (continued)
(a) Statement of financial position

2014

Rs000
Restated
2013
Rs000
Restated
2012
Rs000
ASSETS
Non-current assets
Current assets
21,371,368
4,543,839
1,014,154
20,822,912
4,471,247
171,249
9,872,378
2,619,989
-
Total assets
26,929,361
25,465,408
12,492,367
EQUITY AND LIABILITIES

Capital and reserves
Loans
Non-Controlling interests
16,807,960
55,951
2,321,673
15,879,687
55,951
2,286,838
7,096,450
44,488
1,461,566
Total equity
19,185,584
18,222,476
8,602,504
LIABILITIES
Current liabilities
4,059,458
3,684,319
4,220,311
3,022,621
2,370,907
1,518,956
Total liabilities
7,743,777
7,242,932
3,889,863
Total equity and liabilities
26,929,361
25,465,408
12,492,367
155
page
156
page
46. SEGMENT INFORMATION

The accounting policies of the operating segments are same as those described in the summary of significant
accounting policies. Consolidation adjustments represent elimination of intra-group transactions which are
entered into under the normal commercial terms and conditions that would be available to unrelated parties.
Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, cash and
cash equivalents and receivables and exclude investments investments in associates, in joint ventures and
investment in other financial assets.
The Group is organised into the following main business segments :-
Sugarcane Growing, Sugar Milling & Refinery

Mauritius
Tanzania
Power Generation
Mauritius
Property Development
Mauritius
2014
Rs000
2013
Rs000
2014
Rs000
2013
Rs000
2014
Rs000
2013
Rs000
2,292,055
61,094
2,403,922
600,496
2,180,116
1,082,995
2,149,785
1,198,680
1,121,850
188,369
1,155,025
208,364
1,813
9,270
258
(28,979)
(73,453)
108,971
-
(172,633)
(20,000)
61,796
-
-
-
(217,741)
46,636
(198,899)
-
2,076
Segment revenue
Segment profit/(loss)
net of tax
Share of results of joint
ventures
Investment and other
income - net
VRS and centralisation
amortisation
Gain on fair value of
investment property
Impairment of goodwill on
acquisition of subsidiary
Exceptional items
Gain on fair value of
remesurement from
associate to subs
Finance costs - net
(Loss)/Profit before tax

Tax
(356,446)
27,983
534,817
27,685
Group profit/(loss)
Minority interest
(328,463)
-
(61,771)
Profit/(loss) for the year
(390,234)
2014
Rs000
2013
Rs000
222,824
(35,546)
205,797
(97,031)
Others
Mauritius
Total
Eliminations
2014
Rs000
2013
Rs000
2014
Rs000
2013
Rs000
430,361
104,587
428,132
49,636
5,931,826
1,360,418
6,066,307
1,900,892
2,763
2,182
2,763
2,182
52,708
102,133
52,708
102,133
1,172
2,985
6,942
(28,979)
(73,453)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(172,633)
(20,000)
61,796
(2,586)
2014
Rs000
(315,380)
(41,081)
2013
Rs000
(276,354)
(59,253)
108,971
-
(2,085)
-
(16,806)
-
(28,416)
-
(68,579)
-
(71,091)
-
(8,057)
-
(37,672)
-
46,191
-
15,095
-
(262,916)
46,636
(323,068)
1,085,071
(376,214)
1,196,853
(410,695)
171,563
(25,992)
179,948
(28,079)
(104,125)
-
(168,122)
-
153,173
(11,323)
113,693
(3,811)
5,110
-
(44,158)
-
954,346
(385,546)
1,813,031
(414,900)
562,502
-
(89,427)
708,857
-
(390,883)
786,158
-
(434,329)
145,571
-
(58,325)
151,869
-
(58,164)
(104,125)
-
-
(168,122)
17,561
-
141,850
-
5,238
109,882
-
3,457
5,110
-
-
(44,158)
-
-
568,800
-
(505,741)
1,398,131
17,561
(578,463)
473,075
317,974
351,829
87,246
93,705
(104,125)
(150,561)
147,088
113,339
5,110
(44,158)
63,059
837,229
157
page
158
page
46. SEGMENT INFORMATION (continued

Sugarcane Growing and Sugar Milling

Mauritius
Tanzania
2014
2013
2014
2013
Rs000
Rs000
Rs000
Rs000
Segment assets
Eliminations
Associates
Joint ventures
29,735,243
-
-
-
27,209,686
-
-
-
3,296,189
-
-
-
3,706,027
-
-
-
Power Generation
Mauritius
2014
2013
Rs000
Rs000
1,452,362
-
-
-
1,478,991
-
-
-
Property Development
Mauritius
2014
2013
Rs000
Rs000
2,071,609
-
-
-
1,259,689
-
-
-
Total
Others
Mauritius
2014
Rs000
2013
Rs000
7,330,964
-
60,854
616,706
8,718,779
-
46,392
985,420
Segment liabilities
Capital expenditure
Depreciation
Geographical information
The Groups three business segments are managed locally and operate in the following main geographical areas:
Mauritius
Tanzania
44,296,205
(18,044,404)
60,854
616,706
41,963,334
(17,529,738)
46,392
985,420
26,929,361
25,465,408
4,211,740
1,229,536
962,750
493,033
752,109
1,164,378
975,658
366,100
340,675
7,743,777
7,242,932
420,916
203,961
260,999
189,800
271,413
121,791
244,653
139,111
31,633
88,822
113,766
91,191
4,501
1,171
-
-
10,449
44,534
66,024
29,602
738,912
460,279
685,442
449,704
Sales
Total assets
2014
2013
Rs000
Rs000
Capital expenditure
2014
2013
Rs000
Rs000
2014
Rs000
2013
Rs000
3,751,710
2,180,116
3,916,522
2,149,785
23,223,334
3,706,027
22,169,219
3,296,189
467,499
271,413
440,789
244,653
5,931,826
6,066,307
26,929,361
25,465,408
738,912
685,442
Sales revenue is based on the country in which the customer is located. Total assets and capital expenditure are
shown by the geographical area in which assets are located.
Sale of sugar, molasses and bagasse

Sale of electricity
Tourism
Golf revenue
Sales of goods
2014
Rs000
2013
Rs000
4,312,180
1,016,457
222,824
99,819
280,546
4,268,253
1,192,987
205,797
92,976
306,294
5,931,826
6,066,307
47. POST BALANCE SHEET EVENT

2013
Rs000
4,490,730

Analysis of sales

2014
Rs000
On the 22nd September 2014, Alteo Limited has entered into a share purchase agreement with Sun Resorts
Limited in connection with the disposal of the Companys investment in Anahita Hotel Limited for a cash
consideration of Rs 926.4M payable upon completion. The transaction is subject to several conditions precedent
being fulfilled or waived, including the approval of the shareholders of Sun Resorts Limited. The investment in
Anahita Hotel Limited has been reclassified from Investments in Joint Ventures to Non Current Asset held for
Sale.
159
page
160
page
NOTES
NOTES
161
PROXY
FORM
page
162
NOTES
I/We,
of
being a member/members of Alteo Limited (the Company), do hereby appoint:
of
or failing him/her,
of
or failing him/her the Chairman of the Meeting, as my/our proxy to represent me/us and vote for me/us and on my/our behalf at
the Annual Meeting (the Meeting) of the Company to be held at Hennessy Park Hotel, Ebony Conference Room, 65 Ebne
Cybercity, 72201 Ebne on Thursday, December 18, 2014 at 10.00 hours and at any adjournment thereof.
I/We direct my/our proxy to vote in the following manner (please vote with a tick):
ORDINARY RESOLUTIONS
To consider the Annual Report 2014 of the Company.
To receive the report of BDO & Co, the auditors of the Company.
To consider and adopt the Groups and Companys audited financial
3.
statements for the year ended June 30, 2014.
To elect, on the recommendation of the Corporate Governance, Nomination,
Remuneration & Ethics Committee, as Director of the Company to hold office
4.
until the next Annual Meeting, Mr. Jrme de Chasteauneuf who has been
nominated by the Board of Directors on March 26, 2014 and who offers
himself for election.
Remuneration & Ethics Committee, as Director of the Company to hold
office until the next Annual Meeting, Mr. Jean-Pierre Dalais who has been
5.
nominated by the Board of Directors on June 30, 2014 and who offers himself
for election.
To re-elect, on the recommendation of the Corporate Governance,
Nomination, Remuneration & Ethics Committee, as Directors of the Company
6-13.
to hold office until the next Annual Meeting, the following persons who offer
themselves for re-election (as separate resolutions):
8. Mr. Jan Boull
10. Mr. Amde Darga
To re-appoint BDO & Co as auditors of the Company for the ensuing year and
14.
to authorise the Board of Directors to fix their remuneration.
To ratify the remuneration paid to the auditors for the financial year ended
15.
June 30, 2014.
For
Against
Abstain
1.
2.
Signed this
day of
2014.
Signature(s)
Notes:
1. Any member of the Company entitled to attend and vote at this Meeting may appoint a proxy of his/her own choice to attend and vote on his/her behalf. A proxy need
not be a member of the Company.
2. If the instrument appointing the proxy is returned without an indication as to how the proxy shall vote on any particular resolution, the proxy will exercise his/her
discretion as to whether, and if so, how he/she votes.
3. The instrument appointing a proxy or any general power of attorney, duly signed, shall be deposited at the Share Registry and Transfer Office of the Company,
MCB Registry & Securities Ltd, 9th Floor, MCB Centre, Sir William Newton Street, 11328 Port-Louis by Wednesday, December 17, 2014 at 10.00 hours and in
default, the instrument of proxy shall not be treated as valid.
page
163
page
POSTAL
VOTE
I/We,
of
being a member/members of Alteo Limited (the Company), do hereby cast my/our vote, by virtue of Clause 18.10 of the
Constitution of the Company for the Annual Meeting (the Meeting) of the Company to be held at Hennessy Park Hotel, Ebony
Conference Room, 65 Ebne Cybercity, 72201 Ebne on Thursday, December 18, 2014 at 10.00 hours and at any adjournment
thereof.
I/We direct my/our proxy to vote in the following manner (please vote with a tick):
ORDINARY RESOLUTIONS
To consider the Annual Report 2014 of the Company.
To receive the report of BDO & Co, the auditors of the Company.
To consider and adopt the Groups and Companys audited financial
3.
statements for the year ended June 30, 2014.
Remuneration & Ethics Committee, as Director of the Company to hold office
4.
until the next Annual Meeting, Mr. Jrme de Chasteauneuf who has been
nominated by the Board of Directors on March 26, 2014 and who offers
himself for election.
Remuneration & Ethics Committee, as Director of the Company to hold
office until the next Annual Meeting, Mr. Jean-Pierre Dalais who has been
5.
nominated by the Board of Directors on June 30, 2014 and who offers himself
for election.
To re-elect, on the recommendation of the Corporate Governance,
Nomination, Remuneration & Ethics Committee, as Directors of the Company
6-13.
to hold office until the next Annual Meeting, the following persons who offer
themselves for re-election (as separate resolutions):
8. Mr. Jan Boull
10. Mr. Amde Darga
To re-appoint BDO & Co as auditors of the Company for the ensuing year and
14.
to authorise the Board of Directors to fix their remuneration.
To ratify the remuneration paid to the auditors for the financial year ended
15.
June 30, 2014.
For
Against
Abstain
1.
2.
Signed this
day of
This report was made using recycled paper,

thus reducing the environment impact.
2014.
Signature(s)
Note:
The duly signed postal vote should reach the Share Registry and Transfer Office of the Company, MCB Registry & Securities Ltd, 9th Floor, MCB Centre, Sir William Newton Street,
11328 Port-Louis forty-eight (48) hours before the start of the Meeting and in default, the postal vote shall not be treated as valid.
ALTEO LIMITED ANNUAL REPORT 2014
EDITED BY BEYOND COMMUNICATIONS LTD

DESIGNED BY I AM AN ISLAND LTD
Alteo Limited
Registered Office: Viva Business Park | 81406 Saint Pierre | Mauritius
Tel: (230) 402 90 50 | Fax: (230) 432 07 29
www.alteogroup.com

Alteo Annual Report 2014

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Alteo Annual Report 2014

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Striving for a

THURSDAY, DECEMBER 18, 2014

Notice of Annual Meeting

Independent Auditors Report to the Members 84 - 85

We look forward to seeing you.

Alteo Limited - ANNUAL REPORT 2014

NOTICE OF ANNUAL MEETING

By Order of the Board

Nathalie Gallet, ACIS

The year under review has thus

Alteo Limited - ANNUAL REPORT 2014

Alteo Limited - ANNUAL REPORT 2014

ALTEO - BEAU CHAMP

ALTEO - UNION FLACQ

Bank One Limited

Alteo Limited - ANNUAL REPORT 2014

Alteo Limited - ANNUAL REPORT 2014

AS AT SEPTEMBER 22, 2014

Commercial and Industrial

Ferney Aquaculture Limited

GML Investissement Lte

Alteo Refinery Ltd

Alteo Properties Ltd

Trois Ilots Limited

Anahita World Class

Sucrire des Mascareignes

CIEL et Nature Limite

Anahita Centre for Excellence

Deep River Beau Champ

Anahita Estates Limited

Anahita Golf Ltd

Alteo Energy Ltd

Alteo Planters Services Ltd

Compagnie de la Vigie Limite

Schoenfeld Co. Ltd

Island Fresh Ltd

West East Limited

Trianon Estates Limited

Sena Development Ltd

Volailles et Tradition Ltee

Alcohol & Molasses Export Limited

Alteo Limited - ANNUAL REPORT 2014

6) The signing of Head of Terms in July 2014 in respect of

ALTEO continued to be very active on the social and

An interim dividend of Re 0.35 per share (2013: Re 0.30)

Alteo Limited - ANNUAL REPORT 2014

Alteo Limited - ANNUAL REPORT 2014

During the year, the Group continued to strive towards

The year under review has thus witnessed the

Jean Luc Harel, for his part, retired as Chief Operating

At the Executive level, Jrme De Chasteauneuf who

Alteo Limited - ANNUAL REPORT 2014

Such a drop in production was mainly caused by the

Oct 2012 - April 2013

Oct 2013 - April 2014

Alteo Limited - ANNUAL REPORT 2014

Alteo Limited - ANNUAL REPORT 2014

Cane Production (tonnes)

An extraction rate (commercial sugar recovered % cane)

new Centre Pivots covering 125 ha

On the harvest front, 55.9% of cane production, that is

During the year, the ALTEO agricultural management

For the 2013 crop year, the company harvested 758,230

As a result of the fall in the sugar price and of increases