25th Jun 2009 16:09
Vedanta Resources plc
25 June 2009
Annual Report and Accounts
Vedanta Resources plc (the 'Company') announces that it has published its Annual Report and Accounts for the year ended 31 March 2009.
Documents lodged with the Financial Services Authority in accordance with LR 9.6.1
Annual Report and Accounts for the year ended 31 March 2009 ('2009 Annual Report')
Chairman's Letter and Notice of Annual General Meeting
Proxy Card
E communication deemed consent letter
Copies of the above documents have today been sent to the UK Listing Authority and will shortly be available for inspection at the Document Viewing Facility which is situated at:
Financial Services Authority
25 The North Colonnade Canary WharfLondon
E14 5HS
Tel: 020 7066 1000
The 2009 Annual Report has been posted to shareholders today and is also available on the Company's website are www.vedantaresources.com.
Information to be disclosed in accordance with DTR 6.3.5
The following information has been reproduced from the 2009 Annual Report and is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on issuers as to how to make public annual financial reports. It should be read in conjunction with the Company's Preliminary Results announcement issued on 7 May 2009. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2009 Annual Report. All page references and cross-references in the following extracts are to the 2009 Annual Report.
a. The following information has been reproduced from page 54 of the 2009 Annual Report:
Directors' Responsibility Statement
Each Director further confirms that, to the best of their knowledge:
|
1. |
The financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and |
|
2. |
The Business and Financial reviews, which are incorporated into the Directors' Report, include a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face. |
b. The following information has been reproduced from pages 104 and 105 of the 2009 Annual Report.
36. Related Party Transactions
The information below sets out transactions and balances between the Group and various related parties in the normal course of business for the year ended 31 March 2009.
Sterlite Technologies Limited ('STL')
|
31 March 2009 US$ million |
31 March 2008US$ million |
|
|
Sales to STL |
140.7 |
81.2 |
|
Reimbursement of expenses |
0.2 |
0.1 |
|
Purchases |
0.1 |
0.3 |
|
Net amounts receivable at year end |
8.1 |
20.7 |
Sterlite Technologies Limited is related by virtue of having the same controlling party as the Group, namely Volcan (see note 39). Pursuant to the terms of the Shared Services Agreement dated 5 December 2003 entered into by the Company, Sterlite and STL, the Company and Sterlite provide various commercial services in relation to STL's businesses on an arm's length basis and at normal commercial terms. For the year ended 31 March 2009, the commercial services provided to STL were performed by certain senior employees of the Group on terms set out in the Shared Services Agreement. The services provided to STL in this year amounted to US$25,047 (2008: US$29,646).
Twin Star Infrastructure Limited
Sterlite Energy had issued cumulative convertible preference shares to Twin Star Infrastructure Limited prior to Sterlite Energy's acquisition by the Group and an amount of US$5.5 million was outstanding as at 31 March 2009 (2008: US$7.0 million). During the year ended 31 March 2009, Sterlite Energy paid dividends on the cumulative convertible preference shares of US$3,689 (2008: US$4,019) to Twin Star Infrastructure Limited.
Sterlite Foundation
During the year US$0.9 million was paid to the Sterlite Foundation (2008: US$0.8 million).
Sterlite Foundation is a registered not-for-profit entity engaged in computer education and other related social and charitable activities. The major activity of the Sterlite Foundation is providing computer education for disadvantaged students. The Sterlite Foundation is a related party as it is controlled by members of the Agarwal family.
Sesa Goa Community Foundation Limited
Following the acquisition of Sesa Goa, the Sesa Goa Community Foundation Limited, a charitable institution, became a related party of the Group on the basis that key management personnel of the Group have significant influence on Sesa Goa Community Foundation Limited. During the year ended 31 March 2009, US$1.1 million (2008: US$0.2 million) was paid to the Sesa Goa Community Foundation Limited.
The Anil Agarwal Foundation
During the year, US$0.5 million (2008: US$0.2 million) was received from the Anil Agarwal Foundation towards reimbursement of administrative expenses. The Anil Agarwal Foundation is a registered not-for-profit entity engaged in social and charitable activities. The Anil Agarwal Foundation is controlled by members of the Agarwal family.
IFL
|
Year ended 31 March 2009 US$ million |
Year ended 31 March 2008 US$ million |
|
|
Sales to IFL |
11.9 |
35.2 |
|
Guarantees |
- |
45.5 |
|
Trade receivables and advances |
- |
9.2 |
|
Loans receivable at year end |
- |
11.0 |
IFL was an associate of the Group. In November 2008, the Group completed the disposal of its interest in IFL, and it ceased to be a related party from that date. Further details are provided in note 16. During the year ended 31 March 2009, the Group advanced US$NIL million to IFL as short-term advances (2008: US$1.2 million). The Group has recognised a provision of US$NIL million in the financial statements representing its obligations to IFL (2008: US$27.3 million), including the loans receivable outlined as above.
VOLCAN
|
31 March 2009 US$ million |
31 March 2008 US$ million |
|
|
Reimbursement of bank charges |
(0.3) |
(0.3) |
In relation to the shares of Sterlite held by Twin Star, MALCO issued guarantees to the Income Tax Department of India, at the request of Volcan. The amount payable for the year ended 31 March 2009 was US$0.3 Million (2008: US$0.3 million).
In addition, a limited number of employees are seconded from Sterlite to IFL and STL and similarly from IFL and STL to Sterlite. The company which benefits from the seconded employees bear their employment costs.
Henry Davis York
|
31 March 2009 S$ million |
31 March 2008US$ million |
|
|
Consultancy services |
0.7 |
0.2 |
|
Amounts payable at year end |
(0.04) |
(0.04) |
Henry Davis York provides consultancy services to a subsidiary of the group. The executive management of Henry Davis York hold a similar office at the said subsidiary
Remuneration of Key Management Personnel
The remuneration of the directors and the key management personnel of the Group are set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
|
Year ended 31 March 2009 |
Year ended 31 March US$ million |
|
|
Short-term employee benefits |
8.4 |
12.9 |
|
Post employment benefits |
0.5 |
0.5 |
|
Share based payments |
1.0 |
2.4 |
|
9.9 |
15.8 |
Deepak Kumar
Company Secretary
Related Shares:
Vedanta Resources