CFSL - Annual report 2018

EXPLANATORY NOTES 30 SEPTEMBER 2018 30. DIVIDENDS COMPANY Sep-18 Sep-17 MUR m MUR m Amounts recognised as distributions to equity holders in the year: Dividends of MUR 0.60 per share (2017: Nil) 408.3 - Dividends of MUR 0.07 per share (2017: MUR 0.13 per share) 47.6 88.5 455.9 88.5 On 7 December 2018 the Board of Directors of CIM Financial Services Ltd (the ‘Company’) has declared a final dividend of MUR 0.15 per share payable for the year ended 30 September 2018, in respect of all the ordinary shares of the Company. As the dividend was declared subsequent to the reporting date, it has not been recognised in the Statement of Financial Position at 30 September 2018. 31. EQUITY Stated Capital COMPANY 2018 & 2017 No of shares Ordinary shares Million MUR m No par value shares 680.5 680.5 The company has issued 680,522,310 shares of no par value issued at the reporting date. All shares are fully paid and carry equal voting rights. The ordinary shares are classified as equity. Capital Reserves The capital reserve relates to the transfer of excess Statutory and Regulatory loss reserve requirements over recoveries credited to Profit or Loss by a subsidiary. When a lease or other credit agreements are uncollectible, they are written off against the related provision for impairment; subsequent recoveries are credited to profit or loss. Statutory and regulatory loss reserve requirements that exceed these amounts are dealt with in the capital reserve as an appropriation of retained earnings. Actuarial Losses Actuarial losses arise on remeasurement of net defined benefit liability. Remeasurement of the net defined benefit liability, which comprises 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 periods. Retained Earnings Retained earnings arise from the accumulation of profits from the profit or loss less any dividends payable for the period. It also accounts for any adjustments arising on Group consolidation or transfer to Capital reserves by a subsidiary. Other Reserves Reserves not dealt in above are accounted as other reserves. 126 CIM FINANCIAL SERVICES LTD ANNUAL REPORT 2018