Information  X 
Enter a valid email address

Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Tuesday 29 June, 2010

Vedanta Resources

Annual Financial Report

RNS Number : 4016O
Vedanta Resources PLC
29 June 2010
 

Vedanta Resources plc

29 June 2010

 

 

Annual Report and Accounts and 2010 Annual General Meeting

 

Vedanta Resources plc (the 'Company') announces that it has published its Annual Report and Accounts for the year ended 31 March 2010 together with the Notice of Annual General Meeting to be held on 28 July 2010.

 

Documents lodged with the Financial Services Authority in accordance with LR 9.6.1R

 

·     Annual Report and Accounts for the year ended 31 March 2010 ('2010 Annual Report')

·     Chairman's Letter and Notice of Annual General Meeting

·     Proxy Card

 

Copies of the above documents have 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 Wharf

London

E14 5HS

Telephone: +44 (0) 20 7066 1000

 

The 2010 Annual Report and Notice of Annual General Meeting have been posted to shareholders.

As required by DTR 6.3.5(3), the Company confirms that copies of the 2010 Annual Report and circular including the Notice of Annual General Meeting are available on the Company's website at www.vedantaresources.com.

 

Articles of Association

 

As required by DTR 6.1.2, the Company confirms that one of the resolutions to be proposed at the Annual General Meeting is the adoption of amendments to its Articles of Association.  A description of material changes is contained in Notice of Annual General Meeting circular.  As required by Listing Rule 13.8.10R, the Company also confirms that copies of the blacklined Articles of Association showing proposed changes will shortly be available from the Document Viewing Facility.   They are also available from the Company's registered office, 2nd Floor, Vintners Place, 68 Upper Thames Street, London, EC4V 3BJ and, on the date of the Annual General Meeting, will be on display at the Annual General Meeting venue, The Institute of Civil Engineers, One Great George Street, London SW1P 3AA, from at least 15 minutes before the commencement of the meeting until its conclusion.

 

Information to be disclosed in accordance with DTR 6.3.5

 

The following information has been reproduced from the 2010 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 6 May 2010.  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 2010 Annual Report.  All page references and cross-references in the following extracts are to the 2010 Annual Report.

 

 

The following information has been reproduced from the 2010 Annual Report:

 

Directors' responsibility statement

We confirm to the best of our 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 management report, which is incorporated into the directors' report, includes 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 that they face.

 

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 2010.

 

Sterlite Technologies Limited ('STL')

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Sales to STL                                                                                                                                                                             165.0          140.7

Reimbursement of expenses                                                                                                                                                       0.1              0.2

Purchases                                                                                                                                                                                        -              0.1

Net Interest Received                                                                                                                                                                   0.1                 -

Net amounts receivable at year end                                                                                                                                            4.4              8.1

 

STL is related by virtue of having the same controlling party as the Group, namely Volcan (see note 37). 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 2010, 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$27,154 (2009: US$25,047).

 

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$nil million was outstanding as at 31 March 2010 (2009: US$5.5 million). During the year ended 31 March 2010, Sterlite Energy paid dividends on the cumulative convertible preference shares of US$nil (2009: US$3,689) to Twin Star Infrastructure Limited.  Twin Star Infrastructure Limited is a related party by virtue of having the same controlling party as the Group, namely Volcan.

 

Sterlite Foundation

During the year US$1.1 million was paid to the Sterlite Foundation (2009: US$0.9 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 who control volcan.  Volcan is also the majority shareholder of Vedanta Resources Plc.

 

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 2010, US$0.7 million (2009: US$1.1 million) was paid to the Sesa Goa Community Foundation Limited.

 

The Anil Agarwal Foundation

During the year, US$0.6 million (2009: US$0.5 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.

 

VOLCAN

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Reimbursement of bank charges                                                                                                                                                     -           (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 2010 was US$0.0 Million (2009: US$0.3 million).

 

In addition, a limited number of employees are seconded from Sterlite to STL and similarly from STL to Sterlite. The company which benefits from the seconded employees bear their employment costs.

 

Henry Davis York

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Consultancy services                                                                                                                                                                  0.4              0.7

_____________________________________________________________________________________

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

 

Sterlite Iron and Steel Limited

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Reimbursement of expenses                                                                                                                                                       0.1                 -

_____________________________________________________________________________________

 

Sterlite Iron and Steel Limited is a related party by virtue of having the same controlling party as the Group, namely Volan.

 

Sterlite Shipping Venture Limited

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Reimbursement of expenses                                                                                                                                                     0.01                 -

 

Sterlite Shipping Venture Limited is controlled by members of the Agarwal family.

 

 

Vedanta Medical Research Association

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Loan balance receivable                                                                                                                                                              3.5                 -

Other amount receivable at year end                                                                                                                                           4.5                 -

 

Vedanta Medial Research Association is a related party of the Group on the basis that key management personnel of the Group exercise significant influence.

 

Vedanta University

                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Reimbursement of expenses                                                                                                                                                     (0.1)                 -

 

Vedanta University is a related party of the Group on the basis that key management personnel of the Group exercise significant influence.

 

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         Year ended
                                                                                                                                                                                                                                                                                               31 March            31 March
                                                                                                                                                                                                                                                                                                        2010                    2009
                                                                                                                                                                                                                                                                                           US$ million         US$ million

Short-term employee benefits                                                                                                                                                      8.7              8.4

Post employment benefits                                                                                                                                                            0.5              0.5

Share based payments                                                                                                                                                                9.4              1.0

                                                                                                                                                                                                   18.6              9.9

 

 

 

Deepak Kumar

Company Secretary


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACSFLMRTMBATMPM