Information  X 
Enter a valid email address

Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Tuesday 28 June, 2011

Vedanta Resources

Annual Report and Accounts and 2011 AGM

RNS Number : 3053J
Vedanta Resources PLC
28 June 2011
 



Vedanta Resources plc

28 June 2011

 

 

Annual Report and Accounts and 2011 Annual General Meeting

 

Vedanta Resources plc (the 'Company') announces that it has published its Annual Report and Accounts for the year ended 31 March 2011 together with the Notice of Annual General Meeting to be held on 27 July 2011.

 

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

 

·     Annual Report and Accounts for the year ended 31 March 2011 ('2011 Annual Report')

·     Chairman's Letter and Notice of Annual General Meeting

·     Proxy Form

 

Copies of the above documents have been sent to the Financial Services Authority National Storage Mechanism and will shortly be available for viewing at: www.hemscott.com/nsm.do.

 

The 2011 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 2011 Annual Report and circular including the Notice of Annual General Meeting are available on the Company's website www.vedantaresourcesplc.com.

 

Information to be disclosed in accordance with DTR 6.3.5

 

The following information has been reproduced from the 2011 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 5 May 2011.  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 2011 Annual Report.  All page references and cross-references in the following extracts are to the 2011 Annual Report.

 

The following information has been reproduced from the 2011 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 Business Review, 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 2011.

 

Sterlite Technologies Limited ('STL')

$ million

31 March 2011

31 March 2010

Sales to STL

137.8

165.0

Reimbursement of expenses

-

0.1

Purchases

5.3

-

Net Interest Received

0.2

0.1

Net amounts receivable at year end

13.3

4.4

Sterlite Technologies Limited is related by virtue of having the same controlling party as the Group, namely Volcan. 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 2011, 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 $nil (2010: $27,154).

Vedanta Foundation (formerly Sterlite Foundation)

During the year $ 1.7 million was paid to the Vedanta Foundation (2010: $1.1 million).

Vedanta Foundation is a registered not-for-profit entity engaged in computer education and other related social and charitable activities. The major activity of the Vedanta Foundation is providing computer education for disadvantaged students. The Vedanta 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 the Sesa Goa Community Foundation Limited. During the year ended 31 March 2011, $0.7 million (2010:  $0.7 million) was paid to the Sesa Goa Community Foundation Limited.

The Anil Agarwal Foundation

During the year, $0.4 million (2010: $0.6 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.

Henry Davis York

$ million

31 March 2011

31 March 2010

Consultancy services

1.2

0.4

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

$ million

31 March 2011

31 March 2010

Reimbursement of expenses

0.1

0.1

Receivable at year  end

0.3

-

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

Sterlite Shipping Venture Limited

$ million

31 March 2011

31 March 2010

Reimbursement of expenses

-

0.01

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

Vedanta Medical Research Foundation

$ million

31 March 2011

31 March 2010

Donation

9.5

-

Loan balance receivable

-

3.5

Other amount receivable at year end

-

4.5

Vedanta Medical Research Foundation (formerly Vedanta Medical Research Association) is a related party of the Group on the basis that key management personnel of the Group exercise significant influence.

Vedanta University

$ million

31 March 2011

31 March 2010

Reimbursement of expenses

-

(0.1)

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

Volcan Investments Limited

$ million

31 March 2011

31 March 2010

Reimbursement of expenses

0.2

-

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.

 

$ million

Year ended

31 March 2011

Year ended

31 March 2010

Short-term employee benefits

8.8

8.7

 

Post employment benefits

0.6

0.5

 

Share based payments

5.0

9.4


14.4

18.6

 

 

 

 

Deepak Kumar

Company Secretary


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