The Emerging Africa Infrastructure Fund Limited FINANCIAL ... The Emerging Africa Infrastructure Fund

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  • The Emerging Africa Infrastructure Fund Limited

    FINANCIAL STATEMENTS

    For the year ended 31 December 2013

  • The Emerging Africa Infrastructure Fund Limited

    Contents

    Corporate data

    Directors' report

    Secretary's report

    Auditors' report

    Statement of profit or loss and other comprehensive income

    Statement of financial position

    Statement of changes in equity

    Statement of cash flows

    Notes to and forming part of these financial statements

    Page

    2

    3

    4-5

    6

    7

    8

    9

    10-35

  • The Emerging Africa Infrastructure Fund Limited

    Corporate data

    Directors:

    Resident K C Li Kwong Wing

    Jean Louis Jerome De Chasteauneuf

    Jean- Claude Bega

    Non-Resident

    Beate Baethke

    Robert Sack

    Anthony Lea

    Saud lbne Siddique

    Roselyne Renel

    Mark Basten

    Mohammed Mahmoud lsa- Dutse

    Mary Ncube

    Jorrit Lars Dingemans

    Position and committee

    Board Director

    Board Director and member of Audit Committee

    Board Director

    Board Director and voting member of New Business Committee

    Board Director and member of Audit Committee, Credit Committee and New Business Committee

    Chairman of Board until30 Jun 2013

    Board Director and member of Audit Committee

    Board Director

    Board Director

    Interim Chairman of the Board 1 Jul 2013 to 31 Dec 2013. Member of the Credit Committee and New Business Committee

    Board Director and Chair of Audit Committee

    Board Director

    Thomas Walter Duve Board Director

    David Leslie Crawford White Chairman of Board

    Alternate Directors: Amal Autar (for K C Li Kwong Wing) Bishwarnath Bachun (for K C Li Kwong Wing and Jean Louis Jerome De Chasteauneuf) Wendy Kong Shing Cheong (for Jean Louis Jerome De Chasteauneuf) Jan Martin Witte (for Thomas Walter Duve)

    Fund Manager : Frontier Markets Fund Managers Limited (Formerly known as Standard Infrastructure Fund Managers Limited) 1oth Floor Tower A, 1 Cybercity Ebene Mauritius

    Secretary Standard Bank Trust Company (Mauritius) Limited 1oth Floor Tower A, 1 Cybercity Ebene Mauritius

    Office: 1oth Floor Tower A, 1 Cybercity Ebene Mauritius

    Auditors: KPMG KPMG Centre 31 Cybercity Ebene Mauritius

    Page 1

    Appointed

    12/05/2003

    08/12/2003

    03/04/2014

    05/02/2007

    21/09/2007

    16/02/2009

    01/02/2010

    04/05/2011

    18/10/2013

    09/01/2013

    06/02/2013

    15/05/2013

    18/11/2013

    01/01/2014

    Position held until

    03/04/2014

    14/11/2013

    14/11/2013

    30/06/2013

    30/08/2013

    17/11/2013

    14/11/2013

  • The Emerging Africa Infrastructure Fund Limited

    Directors' report

    The directors are pleased to present their report together with the audited financial statements of The Emerging Africa Infrastructure Fund Limited (the "Company") for the year ended 31 December 2013.

    Principal activity

    The principal activity of the Company is that of providing long-term financing to private sector infrastructure projects in sub-Saharan Africa.

    Results and dividend

    The results for the year are shown on page 6.

    The directors do not recommend the payment of a dividend for the year under review.

    Statement of directors' responsibilities in respect of financial statements

    Company law requires the directors to prepare financial statements for each financial year which present fairly the financial position, financial performance and cash flows of the Company. In preparing those financial statements, the directors are required to:

    • select suitable accounting policies and then apply them consistently; • make judgments and estimates that are reasonable and prudent; • state whether International Financial Reporting Standards have been followed, subject to any material

    departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

    Company will continue in business.

    The directors have confirmed that they have complied with the above requirements in preparing the financial statements.

    The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Mauritius Companies Act 2001 and International Financial Reporting Standards. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    Auditors

    The auditors, KPMG, have indicated their willingness to continue in office.

    Page 2

  • The Emerging Africa Infrastructure Fund Limited

    Secretary's report

    Under Section 166(d) of the Companies Act 2001

    We certify that, to the best of our knowledge and belief, the Company has fi led with the Registrar of Companies all such returns as are required of the Company under the Companies Act 2001 during the financial period ended 31 December 2013.

    Standard Bank rust 10th Floor, Towe 1 Cybercity Ebene Mauritius

    Date:

    Page 3

  • KPMG KPMG Centre 31, Cybercity Ebene Mauritius

    Telephone Teletax BRN No: W ebsite

    + 230 406 9999 + 230 406 9998 F07000189 www.kpmg.mu

    INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EMERGING AFRICA INFRASTRUCTURE FUND LIMITED

    Report on the Financial Statements

    We have audited the financia l statements of The Emerging Africa Infrastructure Fund Limited (the "Company"), which comprise the statement of financ ial position at 3 1 December 2013 and the statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and the notes to the financial statements wh ich include a summary of significant accounting policies and other explanat01y notes, as set out on pages 6 to 35.

    This rep01t is made solely to the Company's members, as a body, in accordance with Section 205 of the Mauritius Companies Act. Our aud it work has been undertaken so that we might state to the Company's members those matters that we are required to state to them in an auditors' rep01t and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

    Directors ' Responsibility for the Financial Statements

    The directors are responsible for the preparation and fai r presentation of these financial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act, and for such internal contro l as the di rectors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

    Auditors ' Responsibility

    Our responsibility is to express an opmwn on these financial statements based on our audit. We conducted our aud it in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain aud it evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors ' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. ln making those risk assessments, the auditors consider internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the c ircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a bas is fo r our audit op inion.

    Page 4 KPMG. a pannersh1p reg•stered •n Maunt1us IS the Maunttus member i1rm oi KPMG lntemat1onal, a Sw1ss cooperative.

  • INDEPENDENT AUDITORS' REPORT TO THE MEMBER OF THE EMERGING AFRICA INFRASTRUCTURE FUND LIMITED (CONTINUED)

    Report on the Financial Statements (continued)

    Opinion

    In our opinion, the financial statements give a true and fair v iew of the financi al position of The Emerging Africa Infrastructure Fund Limited at 31 December 20 l3 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act.

    Report on Other Legal and Regula