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Review pending. 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 has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Union Sugar Estates

No ticker printed · Stock Exchange of Mauritius · Consolidated statements

On this page
Company details
Legal name
The Union Sugar Estates Company 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
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Other Matter: the consolidated and separate financial statements for the year ended 31 December 2024 were audited by a predecessor auditor who expressed an unmodified opinion dated 25 April 2025 (PDF p23).
Full wording and sources

  • Auditor's emphasis of matter

    Other Matter: the consolidated and separate financial statements for the year ended 31 December 2024 were audited by a predecessor auditor who expressed an unmodified opinion dated 25 April 2025 (PDF p23). The report states 'We did not identify any key audit matters during the year.'

    Source: The Union Sugar Estates Company Limited and its subsidiaries — Annual Report 2025 (dated 2026-03-25)

  • Revenue

    MUR 166 million

    166,430 MUR thousands · p26

    −3.3% vs 2024

  • Operating profit / (loss)

    MUR 31.0 million

    31,026 MUR thousands · p26

    +1297.6% vs 2024

  • Profit / (loss) for the year

    −MUR 45.3 million

    (45,305) MUR thousands · p26

    Moved from profit to loss (FY2024: 18,409 MUR thousands)

  • Total assets

    MUR 3.75 billion

    3,754,070 MUR thousands · p26

    −4.4% vs 2024

  • Total equity

    MUR 2.56 billion

    2,562,390 MUR thousands · p26

    −3.1% vs 2024

  • Cash from operations

    −MUR 12.1 million

    (12,139) MUR thousands · p28

    −243.3% vs 2024

Large amounts are rounded for reading (MUR 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 MUR 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

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, MUR thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Sugar proceeds1 128,836 127,333
Other operating income 37,594 44,775
Revenue 166,430 172,108
Income from land development, net2 36,159 36,197
Loss arising from changes in fair value of consumable biological assets3 (3,650) (10,300)
Total income (unlabelled)4 198,939 198,005
Employee bene!t expense (44,606) (45,581)
Supplies and services5 (102,209) (130,922)
Depreciation and amortisation6 (13,754) (11,525)
SIFB premium7 (7,344) (7,757)
Total expenses (unlabelled) (167,913) (195,785)
Operating pro!t 31,026 2,220
Other income8 1,256 31,603
Share of result of associates (747) 588
Pro!t on disposal of land9 1,441 –10
Profit before finance costs (unlabelled)11 32,976 34,411
Finance costs (74,529) (13,883)
(Loss)/pro!t before taxation (41,553) 20,528
Taxation (3,752) (2,119)
(Loss)/pro"t for the year (45,305) 18,409
Changes in fair value of equity instruments at fair value through other comprehensive income12 (229) (33)
Remeasurement of post employment bene!t obligations13 22,606 5,716
Income tax relating to components of other comprehensive income14 (4,295) (1,086)
Other comprehensive income for the year, net of tax 18,082 4,597
Total comprehensive income for the year (27,223) 23,006
Non-controlling interests15 499 418
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_c7rqntcqst6g.profit_before_finance_costs.
Notes and alternative reported figures (14)
  1. “Sugar proceeds” is an issuer-specific line, not mapped to a shared definition: Note 29; printed under the 'Revenue' heading.
  2. “Income from land development, net” is an issuer-specific line, not mapped to a shared definition: Note 30.
  3. “Loss arising from changes in fair value of consumable biological assets” is an issuer-specific line, not mapped to a shared definition: Note 16.
  4. “Total income (unlabelled)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of revenue, income from land development and the fair value change of consumable biological assets (p26).
  5. “Supplies and services” is an issuer-specific line, not mapped to a shared definition: Note 33.
  6. “Depreciation and amortisation” is an issuer-specific line, not mapped to a shared definition: Note 34.
  7. “SIFB premium” is an issuer-specific line, not mapped to a shared definition: Sugar Insurance Fund Board premium.
  8. “Other income” is an issuer-specific line, not mapped to a shared definition: Note 35; printed below operating profit.
  9. “Pro!t on disposal of land” is an issuer-specific line, not mapped to a shared definition: Note 37.
  10. “Profit before finance costs (unlabelled)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of operating profit, other income, share of associates and profit on disposal of land, before finance costs (p26).
  11. “Changes in fair value of equity instruments at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Note 12(i); OCI item not reclassified.
  12. “Remeasurement of post employment bene!t obligations” is an issuer-specific line, not mapped to a shared definition: Note 26; OCI item.
  13. “Income tax relating to components of other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Note 13(b); OCI item.
  14. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Printed 'Non-controlling interests' under 'Results attributable to:' (p27).

Balance sheet

Balance sheet, MUR thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 2,867,695 3,057,914
Right-of-use assets 4,902 5,069
Investment properties 237,400 237,400
Deferred expenses1 7,950 –2
Investments in subsidiary companies3 –2 –2
Investments in associates 9,392 10,139
Land conversion rights4 181,677 181,677
Financial assets at fair value through comprehensive income 1,202 1,431
Total non-current assets 3,310,218 3,493,630
Inventories 3,561 3,066
Land development inventories5 59,562 123,534
Consumable biological assets6 33,700 37,350
Trade receivables 42,125 56,881
Other !nancial assets at amortised cost7 7 2
Other current assets 7,332 16,656
Current tax assets 213 229
Cash and cash equivalents 100,454 194,779
Assets classi!ed as held for sale8 196,898 455
Total current assets 443,852 432,952
Total assets 3,754,070 3,926,582
Stated capital 480,121 501,890
Treasury shares9 –10 (21,769)
Revaluation and other reserves11 1,615,847 1,610,755
Retained earnings 376,393 464,604
Equity attributable to owners of the Company 2,472,361 2,555,480
Non-controlling interests 90,029 89,530
Total equity 2,562,390 2,645,010
Borrowings 950,000 950,000
Lease liabilities 3,454 3,536
Deferred tax liabilities 9,835 2,592
Retirement bene!t obligations 17,002 40,541
Total non-current liabilities 980,291 996,669
Trade and other payables 56,408 90,327
Contract liabilities 29,939 69,573
Borrowings 67,109 67,109
Lease liabilities 1,732 1,693
Dividends payable 56,201 56,201
Total current liabilities 211,389 284,903
Total liabilities 1,191,680 1,281,572
Total equity and liabilities 3,754,070 3,926,582
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (9)
  1. “Deferred expenses” is an issuer-specific line, not mapped to a shared definition: Note 6A; deferred masterplanning costs (non-current).
  2. “Investments in subsidiary companies” is an issuer-specific line, not mapped to a shared definition: Note 10; nil in the Group columns.
  3. “Land conversion rights” is an issuer-specific line, not mapped to a shared definition: Note 9.
  4. “Land development inventories” is an issuer-specific line, not mapped to a shared definition: Note 15.
  5. “Consumable biological assets” is an issuer-specific line, not mapped to a shared definition: Note 16 (sugar cane).
  6. “Other !nancial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Note 18 (current).
  7. “Assets classi!ed as held for sale” is an issuer-specific line, not mapped to a shared definition: Note 21; printed below an unlabelled subtotal and within total current assets.
  8. “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Treasury shares deducted in equity (cancelled in 2025, note 23).
  9. “Revaluation and other reserves” is an issuer-specific line, not mapped to a shared definition: Note 24.

Cash flow

Cash flow, MUR thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash generated from/(used in) operations 61,453 (8,514)
Interest received 565 30,664
Interest paid (74,173) (13,642)
Tax refunded1 180 145
Tax paid (164) (182)
Net cash (used in )/generated from operating activities (12,139) 8,471
Purchase of property, plant and equipment (18,422) (14,694)
Expenditure incurred on deferred costs ( Masterplanning)2 (7,950) –3
Proceeds from disposal of assets classi!ed as assets held for sale4 1,900 –3
Refund of advances from holding and subsidiaries5 –3 444,800
Advances to holding and subsidiaries6 –3 (62,539)
Proceeds from disposal of property, plant and equipment 675 920
Dividends received7 16 19
Net cash (used in)/from investing activities (23,781) 368,506
Dividends paid (56,201) (29,994)
Payments on borrowings –8 (243,620)
Principal paid on lease liabilities (1,848) (1,305)
Interest paid on lease liabilities (356) (241)
Net cash used in "nancing activities (58,405) (275,160)
(Decrease)/ increase in cash and cash equivalents (94,325) 101,817
At January 1, 194,779 92,894
Cash and cash equivalents acquired on amalgamation9 –10 68
At December 31, 100,454 194,779
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_at_end.
Notes and alternative reported figures (7)
  1. “Tax refunded” is an issuer-specific line, not mapped to a shared definition: Note 20(a); operating cash flow.
  2. “Expenditure incurred on deferred costs ( Masterplanning)” is an issuer-specific line, not mapped to a shared definition: Investing cash flow.
  3. “Proceeds from disposal of assets classi!ed as assets held for sale” is an issuer-specific line, not mapped to a shared definition: Investing cash flow.
  4. “Refund of advances from holding and subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing cash flow.
  5. “Advances to holding and subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing cash flow.
  6. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Printed within investing activities.
  7. “Cash and cash equivalents acquired on amalgamation” is an issuer-specific line, not mapped to a shared definition: Printed in the movement in cash and cash equivalents after the net change (2024 only).

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 (2.45) 0.95
Profit / (loss) attributable to shareholders (MUR thousands)2 (45,804) 17,991
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “(Loss)/Earnings per share (in Mauritian Rupees)”.
  2. Profit / (loss) attributable to shareholders: printed as “Owners of the Company”.

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.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (56,201) MUR thousands Annual report, p28
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (29,994) MUR thousands Annual report, p28

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.

  • The Union Sugar Estates Company Limited and its subsidiaries — Annual Report 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: RSM (Mauritius) LLP; engagement partner Parvishsing Bisnauthsing, FCCA, unmodified opinion · signed

    Final status: Independent auditors' report on the consolidated and separate financial statements (pages 24 to 61), unmodified, signed by hand by RSM (Mauritius) LLP and Parvishsing Bisnauthsing FCCA, licensed by FRC, Ebene, dated 25 March 2026 (PDF pp23-24). Statements approved and authorised for issue by the Board on 25 March 2026, hand-signed by the Chairperson of the Audit and Risk Committee and the Chairperson of the Board (PDF p26).

    Document date
    25 Mar 2026
    Auditor's report
    25 Mar 2026
    Board approval
    25 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · MUR thousands (printed “Rs'000”)
    • Expenses (employee benefit expense, supplies and services, depreciation and amortisation, SIFB premium) are printed as positive amounts with an unlabelled positive total deducted from total income; they are stored negated (sign_note). Revenue is the unlabelled total under the 'Revenue' heading (sugar proceeds and other operating income); total income and the subtotal before finance costs are also unlabelled (p26).
    • Interest on lease liabilities is presented within financing activities; interest paid on other borrowings within operating activities; dividends received within investing activities (p28).
    • The 2024 columns of the statement of other comprehensive income (PDF p27) are headed 'Restated'; the 2024 columns of the statements of financial position, profit or loss (p26) and cash flows (p28) are not, the profit for 2024 (18,409) is the same on both pages, and no restatement note was found in the document.
    Technical details
    File
    64 pages, with a text layer
    SHA-256
    557a2fbdc9d7cea5783bb2e38ab39d86b84253497f6b840e168a8dce24ea7065
    Entity as printed
    The Union Sugar Estates Company Limited and its subsidiaries
    Issuer copy
    retrieved 2026-10-08T19:13:44Z

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.

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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.

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