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Miwa Sugar
On this page
Company details
- Legal name
- Miwa Sugar Limited
- Listing
- No ticker printed on the Stock Exchange of Mauritius, active (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 30 June
Overview
Year ended 30 June 2025 · annual report, final status not established · source
Read with these figures
- Annual report not confirmed as final. The published copy is unsigned. The FY to 30 Jun 2025 figures come from it.
Full wording and sources
Annual report for 2025: final status not established
The independent auditor's report (PDF pp86-90) closes with 'ERNST & YOUNG, Ebène, Mauritius' and 'THIERRY LEUNG HING WAH, F.C.C.A., Licensed by FRC' typeset, 'Date: September 25, 2025', and no signature (PDF p90, page image). The statements were approved for issue by the Board on September 25, 2025 and signed by two directors (Arnaud Lagesse, Jérôme De Chasteauneuf; handwritten signatures, PDF p91, page image). The report refers to statements 'set out on pages 11 to 64' while this annual report prints them on folios 91-152.
Source: Miwa Sugar Limited Annual Report 2025 (dated 2025-09-25)
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Revenue
USD 156 million
155,824 USD thousands · p92
−9.1% vs 2024
-
Operating profit / (loss)
USD 31.7 million
31,689 USD thousands · p92
−39.1% vs 2024
-
Profit / (loss) for the year
USD 11.0 million
10,962 USD thousands · p92
−49.8% vs 2024
-
Total assets
USD 277 million
277,148 USD thousands · p91
+8.5% vs 2024
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Total equity
USD 56.1 million
56,120 USD thousands · p91
+26.2% vs 2024
-
Cash from operations
USD 31.9 million
31,920 USD thousands · p95
+279.7% vs 2024
Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY to 30 Jun 2025 — annual report, final status not established; reported for the year · source
- FY to 30 Jun 2024 — annual report, final status not established; comparative in the FY to 30 Jun 2025 filing · source
Income statement
| Line (as printed) | FY to 30 Jun 2025Annual reportreported for the year | FY to 30 Jun 2024Annual reportcomparative in FY to 30 Jun 2025 filing |
|---|---|---|
| Revenue | 155,824 | 171,433 |
| Release of deferred income1 | 59 | 56 |
| Depreciation of property, plant and equipment and right of use assets and amortisation of intangibles assets2 | (13,951) | (12,800) |
| Earnings before interest, taxation and allowance for expected credit losses3 | 31,752 | 52,070 |
| Allowance for expected credit losses | (63) | (27) |
| Earnings before interest and taxation | 31,689 | 52,043 |
| Finance income | 440 | 565 |
| Finance costs | (14,633) | (12,192) |
| Profit before taxation | 17,496 | 40,416 |
| Taxation | (6,534) | (18,592) |
| Profit for the year | 10,962 | 21,824 |
| - Non-controlling interests4 | 7,511 | 13,778 |
| Other comprehensive (loss)/income for the year | 1,144 | (2,201) |
| Total comprehensive income for the year | 12,106 | 19,623 |
Notes and alternative reported figures (4)
- “Release of deferred income” is an issuer-specific line, not mapped to a shared definition: Note 18.
- “Depreciation of property, plant and equipment and right of use assets and amortisation of intangibles assets”: mapping to a shared definition is uncertain. One printed line for depreciation of PPE and right-of-use assets and amortisation of intangible assets.
- “Earnings before interest, taxation and allowance for expected credit losses” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
- “- Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: '- Non-controlling interests' under 'Attributable to:'.
Balance sheet
| Line (as printed) | FY to 30 Jun 2025Annual reportreported for the year | FY to 30 Jun 2024Annual reportcomparative in FY to 30 Jun 2025 filing |
|---|---|---|
| Property, plant and equipment | 134,922 | 112,083 |
| Intangible assets | 19,723 | 19,158 |
| Right-of-use assets | 161 | 204 |
| Investment in subsidiaries1 | –2 | –2 |
| Financial assets at amortised cost3 | 3,342 | 1,866 |
| Non-current assets (unlabelled subtotal) | 158,148 | 133,311 |
| Inventories | 30,011 | 35,382 |
| Consumable biological assets4 | 57,991 | 66,676 |
| Trade and other receivables | 10,076 | 14,136 |
| Financial assets at amortised cost5 | 2,570 | 2,784 |
| Current tax assets | 2,832 | 856 |
| Cash and cash equivalents | 15,520 | 2,338 |
| Current assets (unlabelled subtotal) | 119,000 | 122,172 |
| Total assets | 277,148 | 255,483 |
| Share capital | 123,809 | 123,809 |
| Fair value and other reserves6 | (137,845) | (137,885) |
| Translation reserves7 | (7,990) | (8,204) |
| Actuarial reserves8 | 83 | (251) |
| Retained earnings | 41,180 | 37,729 |
| Equity attributable to equity holders | 19,237 | 15,198 |
| Non-controlling interests | 36,883 | 29,263 |
| Total equity | 56,120 | 44,461 |
| Loans and borrowings | 90,879 | 65,126 |
| Deferred income9 | 117 | 175 |
| Employee benefit liabilities | 3,140 | 3,858 |
| Deferred tax liabilities | 36,976 | 37,560 |
| Non-current liabilities (unlabelled subtotal) | 131,112 | 106,719 |
| Trade and other payables | 22,538 | 33,891 |
| Contract liabilities | 963 | 774 |
| Deferred income10 | 59 | 59 |
| Loans and borrowings | 61,808 | 61,231 |
| Derivative financial instruments | 1,405 | 3,025 |
| Current tax liabilities | 834 | 2,053 |
| Dividend payable | 2,309 | 3,270 |
| Current liabilities (unlabelled subtotal) | 89,916 | 104,303 |
| Total liabilities | 221,028 | 211,022 |
| Total equity and liabilities | 277,148 | 255,483 |
| Bank overdrafts (note 16)11 | (37,074) | (38,176) |
- Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
Notes and alternative reported figures (10)
- “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 7; nil ('-') in the Group columns.
- “Financial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Note 9, non-current.
- “Consumable biological assets” is an issuer-specific line, not mapped to a shared definition: Note 12: growing sugarcane at fair value.
- “Financial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Note 9, current.
- “Fair value and other reserves” is an issuer-specific line, not mapped to a shared definition: Equity reserve (negative for the Group: scheme-of-arrangement reserve).
- “Translation reserves” is an issuer-specific line, not mapped to a shared definition: Foreign currency translation reserve.
- “Actuarial reserves” is an issuer-specific line, not mapped to a shared definition: Remeasurement of post-employment benefit obligations.
- “Deferred income” is an issuer-specific line, not mapped to a shared definition: Note 18, non-current.
- “Deferred income” is an issuer-specific line, not mapped to a shared definition: Note 18, current.
- “Bank overdrafts (note 16)” is an issuer-specific line, not mapped to a shared definition: Note 28(b) (p146): bank overdrafts (included in loans and borrowings, note 16) deducted in cash and cash equivalents of the cash-flow statement.
Cash flow
| Line (as printed) | FY to 30 Jun 2025Annual reportreported for the year | FY to 30 Jun 2024Annual reportcomparative in FY to 30 Jun 2025 filing |
|---|---|---|
| Cash generated from / (used in) operations | 55,355 | 35,063 |
| Interest received | 440 | 565 |
| Interest paid1 | (13,211) | (11,834) |
| Taxation paid | (10,664) | (15,387) |
| Net cash generated from / (used in) operating activities | 31,920 | 8,407 |
| Purchase of property, plant and equipment | (33,251) | (23,547) |
| Purchase of intangible assets | (352) | (169) |
| Proceeds from sale of property, plant and equipment | 125 | 1,138 |
| Purchase of bearer plants2 | (2,690) | (2,216) |
| Acquisition of non-controlling interest3 | (6,337) | (18,358) |
| Dividends received4 | –5 | –5 |
| Net cash (used in)/ generated from investing activities | (42,505) | (43,152) |
| Proceeds from borrowings | 74,439 | 39,845 |
| Repayment of borrowings | (48,029) | (33,422) |
| Lease liabilities principal payments | (23) | (27) |
| Capital injection by non-controlling interest6 | 3,500 | –7 |
| Dividends paid to non-controlling interests8 | (1,944) | (12,775) |
| Dividends paid to company's shareholders | (3,061) | (3,153) |
| Net cash used in financing activities | 24,882 | (9,532) |
| (Decrease) / increase in cash and cash equivalents | 14,297 | (44,277) |
| At July 01, | (35,838) | 5,041 |
| Exchange difference | (13) | 3,398 |
| At June 30, | (21,554) | (35,838) |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (6)
- “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities; whether it includes lease interest is not stated on the face.
- “Purchase of bearer plants” is an issuer-specific line, not mapped to a shared definition: Note 5: investing.
- “Acquisition of non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 7(c): investing.
- “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing; nil in the Group columns.
- “Capital injection by non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Note 7: financing.
- “Dividends paid to non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Financing.
Reported measures outside the statements
| Measure (as printed) | FY to 30 Jun 2025 | FY to 30 Jun 2024 |
|---|---|---|
| Earnings before interest, taxation, depreciation and amortisation | 45,644 p92 | 64,814 p92 |
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 30 Jun 2025 | Dividends paid (cash flow statement) | Dividends paid to company's shareholders |
(3,061) | USD thousands | Annual report, p95 |
| 30 Jun 2024 | Dividends paid (cash flow statement) | Dividends paid to company's shareholders |
(3,153) | USD thousands | Annual report, p95 |
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Miwa Sugar Limited Annual Report 2025
Year ended 30 June 2025 · Annual report · final status not established
Audit: Ernst & Young (Ebène, Mauritius); Thierry Leung Hing Wah, F.C.C.A., unmodified opinion
Auditor's sign-off: ERNST & YOUNG; THIERRY LEUNG HING WAH, F.C.C.A. (names printed)
Final status: The independent auditor's report (PDF pp86-90) closes with 'ERNST & YOUNG, Ebène, Mauritius' and 'THIERRY LEUNG HING WAH, F.C.C.A., Licensed by FRC' typeset, 'Date: September 25, 2025', and no signature (PDF p90, page image). The statements were approved for issue by the Board on September 25, 2025 and signed by two directors (Arnaud Lagesse, Jérôme De Chasteauneuf; handwritten signatures, PDF p91, page image). The report refers to statements 'set out on pages 11 to 64' while this annual report prints them on folios 91-152.
- Document date
- 25 Sep 2025
- Auditor's report
- 25 Sep 2025
- Board approval
- 25 Sep 2025
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY to 30 Jun 2025, FY to 30 Jun 2024
- Basis
- consolidated statements · USD thousands (printed “USD'000”)
- Balance-sheet section subtotals are unlabelled (p91). Cash and cash equivalents in the cash-flow statement are net of bank overdrafts ((21,554) at 30 June 2025 = cash in hand and at bank 12,317 + short term deposit 3,203 + bank overdrafts (37,074), note 28(b), p146); overdrafts sit in current loans and borrowings.
- The Group reports in USD'000; the SEM listing is 'MIWA (USD)' on the Development and Enterprise Market. Company incorporated on March 30, 2022 as Alteo East Africa Limited, renamed Miwa Sugar Limited on July 4, 2022 (note 1, p96).
- The auditor's opinion refers to the consolidated and separate financial statements 'set out on pages 11 to 64' (p86); in this annual report they are printed on folios 91-152, so the report was reproduced from a separate financial-statements booklet.
Technical details
- File
- 172 pages, with a text layer
- SHA-256
0d146dc32f85a191390b84eedc36cee81342b42503666f7a8d5b2f89ba36cae6- Entity as printed
- Miwa Sugar Limited (the "Company") and its subsidiaries (the "Group")
- Issuer copy
- retrieved 2026-10-08T19:12:18Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
Download
Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.