Measuring Our Performance - Ciel Annual Report 2022

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF CIEL LIMITED

Report On The Audit Of The Consolidated And Separate Financial Statements

Our Opinion

In our opinion, the consolidated and separate financial statements give a true and fair view of the financial position of CIEL Limited (the “Company”) and its subsidiaries (together the “Group”) and of the Company standing alone as at 30 June 2022, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the Mauritian Companies Act 2001.

What we have audited

CIEL Limited’s consolidated and separate financial statements set out on pages 164 to 356 comprise:

the consolidated and separate statements of financial position as at 30 June 2022;
the consolidated and separate statements of profit or loss and other comprehensive income for the year then ended;
the consolidated and separate statements of changes in equity for the year then ended;
the consolidated and separate statements of cash flows for the year then ended; and
the notes to the financial statements, which include significant accounting policies and other explanatory information.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated and Separate Financial Statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (the “IESBA Code”). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

Consolidated And Separate
Statements Of Profit Or
Loss And Other
Comprehensive Income

Consolidated And Separate
Statements Of Financial
Position

Consolidated Statements Of
Changes In Equity

Consolidated And Separate
Statements Of Cash Flows

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NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2022

1. GENERAL INFORMATION

2. BASIS OF ACCOUNTING

3. SEGMENT INFORMATION

4. REVENUE

5. EARNINGS BEFORE INTEREST, TAX, DEPRECIATION, AMORTISATION, IMPAIRMENTS, REORGANISATION COSTS AND FAIR VALUE GAIN ON INVESTMENT PROPERTY

6. FINANCE COSTS AND FINANCE INCOME

7. EMPLOYEE BENEFIT EXPENSE

8. EARNINGS AND NET ASSET VALUE PER SHARE

9. PROPERTY, PLANT AND EQUIPMENT

10. INVESTMENT PROPERTIES

11. INTANGIBLE ASSETS

12. INVESTMENTS IN SUBSIDIARY COMPANIES

13. INVESTMENTS IN JOINT VENTURES

14. INVESTMENTS IN ASSOCIATES

15. INVESTMENTS IN OTHER FINANCIAL ASSETS

16. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

17. OTHER RECEIVABLES

18. INVENTORIES

19. TRADE AND OTHER RECEIVABLES

20. CASH AND CASH EQUIVALENTS

21. ASSETS AND LIABILITIES HELD FOR SALE

22. LOANS AND ADVANCES TO CUSTOMERS

23. LOANS TO BANKS

24. INVESTMENTS IN SECURITIES

25. STATED CAPITAL AND TREASURY SHARES

26. REDEEMABLE RESTRICTED A SHARES

27. OTHER COMPREHENSIVE INCOME

28. SHARE APPRECIATION RIGHTS SCHEME AND SHARE BASED SCHEME

29. BORROWINGS

30. DEFERRED INCOME TAXES

31. RETIREMENT BENEFIT OBLIGATIONS

32. PROVISIONS FOR OTHER LIABILITIES AND CHARGES

33. OTHER PAYABLES AND DEFERRED INCOME

34. TRADE AND OTHER PAYABLES

35. INCOME TAX

36. DIVIDENDS PER SHARE

37. DEPOSITS FROM CUSTOMERS

38. RECONCILIATION OF PROFIT/(LOSS) BEFORE INCOME TAX TO CASH GENERATED FROM OPERATING ACTIVITIES

39. NOTES TO THE STATEMENTS OF CASH FLOWS

40. CONTINGENCIES

41. COMMITMENTS

42. DERIVATIVE FINANCIAL INSTRUMENTS

43. CASH FLOW HEDGE

44. SIGNIFICANT RELATED PARTY TRANSACTIONS

45. FINANCIAL RISK MANAGEMENT

46. DISCONTINUED OPERATIONS

47. SUBSEQUENT EVENTS

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