THE STOCK EXCHANGE OF MAURITIUS - Handbook (Official Market)
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2016 HANDBOOK Designed & Printed by Précigraph Limited
OFFICIAL MARKET
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A Brighter Future Born of a merger between GML and IBL, two leading groups in Mauritius, and encompassing the best qualities of both, the new IBL Group is committed to making a difference. Solid yet modern, ambitious yet caring, moving with the times yet staying close to our heritage, IBL has the commitment, knowledge and expertise to take on the exciting challenges and opportunities that lie ahead. Making it happen. Together. www.iblgroup.com
HANDBOOK OFFICIAL MARKET 2016
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
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The Stock The Stock Exchange Exchange of Mauritius of Mauritius 4th Floor, 4th Floor, One Cathedral One Cathedral SquareSquare Building Building 16, Jules 16, Koenig Jules Koenig Street,Street, Port Louis Port Louis Republic Republic of Mauritius of Mauritius Tel : (230) Tel : 212 (230)9541 212 9541 Fax : (230) Fax : 208 (230)8409 208 8409 www.stockexchangeofmauritius.com www.stockexchangeofmauritius.com
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
TABLE OF
CONTENTS 07 11 13 15 17 19 21 23 25 27 29 31 33 35 38 40 42 44 46 48 51 54
Air Mauritius Limited Alteo Limited Automatic Systems Limited Belle Mare Holding Limited BlueLife Limited Caudan Development Ltd CIEL Limited CIM Financial Services Limited Compagnie des Magasins Populaires Limitée ENL Commercial Limited ENL Land Ltd Fincorp Investment Limited Gamma-Civic Ltd Harel Mallac & Co. Ltd IBL Ltd Innodis Limited Lottotech Ltd Lux Island Resorts Ltd Mauritian Eagle Insurance Company Limited Mauritius Oil Refineries Ltd Mauritius Union Assurance Cy Ltd MCB Group Limited
56 58 60 62 64 66 68 70 72 74 77 79 82 86 88 91 93
The Mauritius Chemical and Fertilizer Industry Limited The Mauritius Development Investment Trust Co Ltd National Investment Trust Ltd New Mauritius Hotels Limited Omnicane Limited Phoenix Beverages Limited Plastic Industry (Mtius) Ltd Promotion and Development Ltd P.O.L.I.C.Y. Ltd Rogers and Company Limited SBM Holdings Ltd Sun Limited Swan General Ltd Terra Mauricia Ltd United Basalt Products Ltd United Docks Ltd VIVO Energy Mauritius
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Behind the figures we see people with projects, objectives and responsibilities.
www.confident.mu
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Managing investment portfolios for high net worth individuals HANDBOOK 2016 | OFFICIAL MARKET andEXCHANGE institutions since 1997 THE STOCK OF MAURITIUS LTD
Gunner’s Quoin
Smooth Sailing.
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
Dr Arjoon Suddhoo (Chairman)
SEM Code Classification Registered office Chairman Directors
Company Secretary
Mr Megh Pillay, C.S.K. (CEO)
AIRM Transport Paille-en-Queue Court, President J.Kennedy Street, Port Louis Dr Arjoon Suddhoo, FRAeS Dr Arjoon Suddhoo, FRAeS (Chairman) Mr Megh Pillay, C.S.K. (CEO) Mrs Kan Oye Fong Weng-Poorun Mrs Banoomatee Veerasamy Mr Sateeaved Seebaluck, G.O.S.K. Mr Patrick Roux Mr Bissoon Mungroo, G.O.S.K. Mr Ramprakash Maunthrooa Mr Philippe Espitalier -Noël Mr Raymond Marc Hein, G.O.S.K. Mr Louis Rivalland Mr Ashwani Lohani Mr Muhammad Yoosuf Salemohamed Mr Dharam Dev Manraj, G.O.S.K. Mr Daniel Edmond Mackay Mr Pankaj Srivastava (Alternate Director to Mr A Lohani) Mr Radha Krishna Chellapermal (Alternate Director to Mr D Manraj) Fooad NOORAULLY
SUMMARY INFORMATION The national airline of Mauritius
In nearly 50 years of existence, Air Mauritius has fully played its role as the national airline of Mauritius, providing air connectivity that has been crucial for the development of the island. The company has always remained economically autonomous despite the formidable challenges that the airline industry has had to face during the past decade. Air Mauritius is now an established driving force of the Mauritian economy, particularly that of its tourism sector. It is also a leading company of the island providing for around 3,000 Mauritian jobs. During financial year 2015/2016, the Company posted revenue of EUR 488.3 million, offered 2 million seats and carried 1.5 million passengers representing nearly half of the passenger traffic on Mauritius. The Company is the leading scheduled international passenger airline in the Indian Ocean region. Fleet & Operations
Air Mauritius has a predominantly Airbus fleet – four A340-300, two A340-300E and two A330-200 for long haul and medium haul operations, two A319-100 for medium haul flights, and three ATR 72-500 for regional flights. In 2017, the airline will take delivery of two A350-900 aircraft. Operations and maintenance adhere to the strictest standards of safety and are compliant with the Mauritian Department of Civil Aviation (DCA) regulations, the IATA Operational Safety Audit (IOSA) and the European Aviation Safety Agency (EASA) norms, enabling it to undertake the maintenance of aircraft registered in Europe. The leading airline in the region
Air Mauritius is also a dominant force in the region and has been voted World Travel Awards Airline of the year for the Indian Ocean region 10 times during past years. In 2014 it was awarded a 4-Star distinction by the renowned rating agency SKYTRAX.
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SUMMARY INFORMATION (cont’d) A new network model
Air Mauritius flies direct to 24 destinations in 4 continents. It also offers more than 100 destinations from hubs it operates with partner airlines, in Paris, Johannesburg, Nairobi, Singapore and Perth. During 2015/2016, Air Mauritius has continued to develop its network while keeping a strong foothold in Europe, which is still its leading market. An Air Corridor was launched in March 2016 to provide enhanced travel options between Asia and Africa. The development of the airline’s operations to mainland China in recent years has played a major role in the growth of tourist arrivals to Mauritius. With the launch of Guangzhou and one additional flight to Shanghai, introduced in July 2016, Air Mauritius now operates a total of 8 weekly flights to China, namely to Chengdu, Hong Kong, Shanghai, Beijing and Guangzhou. Company ethics
As a public company listed on the Stock Exchange of Mauritius, the company encourages open communication with all stakeholders. It carries out its operations with high integrity and has developed responsible corporate governance policies, which reflect best practice in good governance and operating standards. Activities of the company
The core-business of Air Mauritius remains the carriage of passenger and freight which generates around 97% of its total operating revenue. Other significant activities of the company include its Helicopter Services, Ground Handling, Maintenance and Engineering, Cotton Bay Resort & Spa, which is a hotel in Rodrigues and Mauritius Estate Development Corporation Ltd (MEDCOR) which owns Air Mauritius Centre. The company also holds 100% of the share capital in both Airmate Ltd and Air Mauritius Holidays Limited. They provide call centre services and a new sales channel to the Airline respectively. A responsible corporate citizen
As a responsible corporate citizen Air Mauritius spares no effort in fulfilling its responsibility in the community within which it operates. It is therefore actively involved in supporting causes in which it firmly believes and has identified several key focus areas for its social engagement including education, culture, sports and health among others. As the national airline of an insular destination, Air Mauritius understands the vulnerability of small islands to global climate change. It is committed to IATA (International Air Transport Association) initiatives targeting a constant reduction in carbon emissions, a carbon-neutral growth as from 2020 and a 50% absolute reduction in carbon emissions by 2050. Air Mauritius also supports the ‘One take-off One tree programme’ which enables the planting of over 6,000 trees annually over the Mauritian territory, including Rodrigues.
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
BALANCE SHEET (€ ‘000)
FINANCIAL REVIEW OF THE GROUP AIR MAURITIUS LIMITED 31 Mar ASSETS Non-current assets Property, plant and equipment Investment property Intangible assets Investment in associated companies Available-for-sale investment Other financial assets Deferred tax asset Long term deposits Long term receivables Current assets Assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Other reserves Retained earnings Proposed dividends Shareholders’ interests Minority interests Non-current liabilities Borrowings and financial derivatives Deferred credit Provisions Current liabilities Total equity and liabilities
2016
2015
2014
2013
2012
185,800 10,083 266 119 528 100 21,545 135
210,196 10,200 603 129 634 81 19,625 150
231,206 9,764 947 133 603 24 7,376 123
251,547 10,050 184 157 611 20 8,984 133
264,522 9,856 548 167 603 27 8,692 132
121,864 340,440
93,018 334,636
87,705 337,881
76,959 348,645
75,608 360,155
41,724 18,869 (16,775) 33,207 77,025
41,724 18,869 (35,622) 12,014 36,985
41,724 18,869 (10,996) 26,945 76,542
41,724 18,869 (9,182) 20,026 71,437
41,724 18,869 (9,872) 26,985 77,706
2,798
2,685
2,501
2,480
2,457
30,107 41,399
36,081 61,303
40,795 62,073
48,473 66,484
59,701 46,875
189,111 340,440
197,582 334,636
155,970 337,881
159,771 348,645
173,416 360,155
INCOME STATEMENT (€ ‘000) 31 Mar Turnover Gross Operating Profit / (Loss) Administrative expenses Profit on sale of investment Share of results of associates Other income Fair value adjustments Net finance costs Loss on derecognition of liabilities Profit/(loss) before tax Income tax expense Profit/(loss) after tax Minority interests Net profit/(loss) for the year attributable to equity holders of the parent
2015
2014
Earnings/(Loss) Per Share Dividend Per Share (Rs) Net Assets Value
2012
2011
490,819 46,671 (33,190) (9) 3,920 194 (959) 16,627 (129) 16,498 (174)
465,676 12,515 (32,551) (4) 3,201 (239) (6,499) (23,577) (6) (23,583) (57)
461,463 32,711 (28,562) (24) 3,103 12 1,377 8,617 (152) 8,465 (130)
452,129 20,926 (26,661) (10) 4,056 395 (1,022) (2,316) (187) (2,503) (72)
453,218 2,294 (29,066) 12 4,302 (96) (6,719) (29,273) (157) (29,430) (168)
16,324
(23,640)
8,335
(2,575)
(29,598)
Dividend STATISTICS Number of ordinary shares used in calculation
2013
1,237
102,305,000 Euro 0.16 0.78
102,305,000 Euro (0.23) 0.39
102,305,000 Euro 0.08 0.50 0.77
1,271
102,305,000 Euro (0.02) 0.72
102,305,000 Euro (0.29) 0.50 0.78
HANDBOOK 2016 | OFFICIAL MARKET
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Investing and engaging Years of experience and endeavour for excellence have propelled Alteo as a growth driven group with increasing competitiveness on international markets. Positioning itself in Mauritius as a leader in the sugarcane industry, renewable energy production and sustainable property development, Alteo aims at further developing its knowledge and know how in its core sectors and expanding the scope of its operations in African growth markets in the coming years.
www.alteogroup.com
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
Mr. P. Arnaud DALAIS (Chairman)
SEM Code
ALT.N0000
Classification
Investments
Registered office
Vivea Business Park, Saint Pierre
Board of Directors (as at 1st July 2016)
P. Arnaud DALAIS (Chairman)
Mr. Patrick DE L. D’ARIFAT (Chief Executive Officer)
Jean Claude BÉGA Jan BOULLÉ Jean-Pierre DALAIS Amédée DARGA Jérôme DE CHASTEAUNEUF Jean DE FONDAUMIERE Patrick DE L. D’ARIFAT (Chief Executive Officer) Fabien DE MARASSÉ ENOUF (Chief Finance Executive) Arnaud LAGESSE Thierry LAGESSE
Company Secretary
Kate Li Kwong Wing
Principal Activities
Cane growing, sugar milling, sugar refining, energy production, property development and hospitality in Mauritius, and in the region.
SUMMARY INFORMATION Alteo Limited is a public company incorporated on April 18, 1913. On July 20, 2012, Flacq United Estates Limited (“FUEL”) was amalgamated with and into Deep River-Beau Champ Limited (“DRBC”) with the latter remaining as the surviving Company. DRBC changed its name into Alteo Limited as evidenced by a certificate issued by the Registrar of Companies on July 24, 2012. As a result of same, Alteo Limited is in a stronger position to ensure the competitiveness of its ongoing activities and also to take advantage of the opportunities for local and international expansion. Alteo Limited is committed to the highest standard of business integrity, transparency and professionalism in all its activities to ensure that the activities within the Company and Group are managed ethically and responsibly to enhance business value for all stakeholders
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP ALTEO LIMITED Jun 30 ASSETS EMPLOYED Non-current assets Property, plant and equipment Land-projects Investment properties Intangible assets Investment Bearer biological assets Non-current receivables Deferred expenditure Retirement benefit asset Deferred tax assets Current assets Non current assets held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Revaluation and other reserves Retained earnings Owners’ interests Non-Controlling interests Non-current liabilities Current liabilities Total equity and liabilities
2015
2014 Restated
2013 Restated
17,668,912 5,853 1,721,718 23,725 157,986 593,610 58,631 954,708 5,227 208,508 21,398,878 4,681,121 408,945 26,488,944
17,702,994 5,853 1,722,668 23,725 179,193 596,871 7,578 1,006,362 127 136,032 21,381,403 4,539,383 1,014,154 26,934,940
16,420,306 5,853 1,722,677 1,171,417 552,678 1,619 872,496 3,819 82,175 20,833,040 4,466,791 171,249 25,471,080
8,991,595 5,420,367 2,582,425 16,994,387 2,475,006 19,469,393 3,540,870 3,478,681 26,488,944
8,991,595 5,548,349 2,202,562 16,742,506 2,373,020 19,115,526 4,126,360 3,693,054 26,934,940
8,991,595 4,335,361 2,467,703 15,794,659 2,327,504 18,122,163 4,317,561 3,031,356 25,471,080
INCOME STATEMENT (Rs ‘000) Jun 30
Turnover SIFB compensation Gains/(losses) arising from changes in fair value of biological assets Other operating income
2015
2014
2013
6,735,828 46,418 262,585 7,044,831 (5,584,766) 1,460,065 (28,979) 5,021 (210,140) 1,225,967 39,627 318,820 (5,923) 26,582 1,605,073 (447,504) 1,157,569 (467,589) 689,980
5,931,826 33,784 234,799 6,200,409 (4,837,083) 1,363,326 (28,979) 2,985 (262,916) 1,074,416 29,003 (204,544) 52,710 2,761 954,346 (385,546) 568,800 (505,741) 63,059
6,066,307 912 284,115 293,681 6,645,015 (4,679,926) 1,965,089 (73,453) 6,942 (323,068) 108,971 1,684,481 61,796 (20,000) 102,133 2,182 1,830,592 (414,900) 1,415,692 (578,463) 837,229
STATISTICS Number of ordinary shares used in calculation Earnings per share (Rs) Dividends per share (Rs) Net asset value per share (Rs)
318,492,120 2.17 0.80 53.36
318,492,120 0.20 0.80 52.57
318,492,120 2.63 0.75 49.59
Per Computation Number of ordinary shares used in calculation Earnings per share (Rs) Dividends per share (Rs) Net asset value per share (Rs)
318,492,120 2.17 0.80 53.36
318,492,120 0.20 0.80 52.57
318,492,120 2.63 0.75 49.59
Operating expenses Operating profit Amortisation of VRS and centralisation costs Investment and other income Finance costs Gain on fair value of investment property Profit before exceptional items Profit on sale of land Gain/Loss on disposal of investment Impairment of goodwill on acquisition of subsidiary Share of results of joint ventures Share of results of associates Profit before taxation Income tax (charge)/ credit Net profit after taxation Minority interests Profit attributable to equity holders of the company
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
SEM Code
ASL
Classification
Leisure
Registered office
c/o Box Office Ltd, 2nd Floor, Palm Square 90906 La Mivoie, Tamarin
Directors
M. A. Eric ESPITALIER-NOEL (Chairperson) Ravindra CHETTY M. L. Jean HARDY Hervé HENRY O. Farouk A. HOSSEN John A. STUART Michel J. L. NAIRAC Arvind Lall DOOKUN J. O. Guillaume HARDY Mushtaq M. O. N. OOSMAN
Alternate Director
M. L. Jean HARDY
Secretary
Box Office Ltd
Transfer Register
ECS Secretaries Ltd
Principal Activity
Running of a totalisator (Tote) and fixed odds betting system in Mauritius
Alternate director to
O. Farouk A.HOSSEN
SUMMARY INFORMATION Incorporated as a public company in 1991 and listed on the Stock Exchange of Mauritius in 1994. ASL’s principal activities are the running of a totalisator (Tote) system of betting on races in Mauritius organized by the Mauritius Turf Club and the organization of fixed-odds betting on foreign football matches, both in accordance with the provisions of the Gambling Regulatory Authority Act 2007.
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP AUTOMATIC SYSTEMS LIMITED 31 Dec ASSETS Non - current assets Current assets Total assets SHAREHOLDERS’ EQUITY Share capital Share premium Post employment benefits reserve Fair value reserve Retained earnings
GROUP
GROUP
COMPANY
2015
2014
2013
2012 restated
2011 restated
94,373 32,097 126,470
93,539 11,776 105,315
89,125 15,299 104,424
89,122 16,136 105,258
94,879 16,895 111,774
Non-Controlling interests Total equity LIABILITIES Non-current liabilities Current liabilities Total liabilities
24,745 1,168 515 1,186 32,921 60,535 945 61,480
24,745 1,168 1,155 20,084 47,152 476 47,628
24,745 1,168 (82) 13,903 39,734 39,734
24,745 1,168 7,834 33,747 33,747
24,745 1,168 15,092 41,005 41,005
2,278 62,712 64,990
1,430 56,257 57,687
2,739 61,951 64,690
3,656 67,855 71,511
6,796 63,973 70,769
Total equity and liabilities
126,470
105,315
104,424
105,258
111,774
INCOME STATEMENT (Rs ‘000) 31 Dec Income Operating profit Finance (costs)/ income Profit before taxation Taxation Profit for the year Dividends declared STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs)
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HANDBOOK 2016 | OFFICIAL MARKET
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GROUP
GROUP
COMPANY
2015
2014
2013
2012 restated
2011
313,430 30,833 (1,163) 29,670 (5,759) 23,911
344,809 17,991 (1,286) 16,705 (2,190) 14,515
342,214 49,960 (876) 49,084 (8,080) 41,004
301,058 31,713 (2,637) 29,076 (5,841) 23,235
318,443 17,195 505 17,700 (3,434) 14,266
10,605
8,838
35,350
33,583
-
3,535,000 6.76 3.00 17.39
3,535,000 4.11 2.50 13.47
3,535,000 11.60 10.00 11.24
3,535,000 6.57 9.50 9.55
3,535,000 4.04 0 11.60
SEM Code Classification Registered office Directors
BMH
Investments
5th Floor Labama House, 35 Sir William Newton Street, Port Louis Mr George DUMBELL (chairman) Mr Jan F. BOULLÉ
Mr Nicolas BOULLÉ
Mr Marc FREISMUTH Mr Clément D. REY Mr Maxime REY
Mrs Georgina ROGERS Mr Jean RIBET Secretary
Mr N. Adolphe VALLET
La Gaieté Services Limited
SUMMARY INFORMATION BMH is a diversified investment company and is one of the entities forming part of the Constance Group. The Company was incorporated in 1982 and is listed on the Stock Exchange of Mauritius since 1994. Its portfolio comprises mainly of sizeable investments in the diversified conglomerate IBL, one of the leading Mauritian group, and Hotelest Ltd, the holding company of Constance Hotels Services Ltd operating in the tourism sector. BMH also holds investments in the following economic sectors: - Commerce - Financial services - Property
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FINANCIAL REVIEW OF THE GROUP BELLE MARE HOLDING LIMITED 31 Dec
ASSETS EMPLOYED Non-current assets Property, plant and equipment Investment in associates Investment in financial assets Deposit on investment
2015
Restated 2014
BALANCE SHEET (Rs ‘000) 2013
2012
2011
Non-current asset classified as held-for-sale
160,545 820,094 1,418,919 2,399,558 17,472 69,559
160,568 755,635 1,472,661 2,388,864 84,844 -
160,590 128,107 1,493,408 1,782,105 46,069 -
160,612 69,278 1,188,321 45,895 1,464,106 49,728 -
106,724 67,105 1,297,881 1,471,710 8,181 -
Total assets
2,486,589
2,473,708
1,828,174
1,513,834
1,479,891
EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Retained earnings Shareholders’ interests Non-current liabilities: Deferred tax liabilities Current liabilities Total equity and liabilities
446,739 1,362,815 662,635 2,472,189 14,400 2,486,589
446,739 1,353,862 662,892 2,463,493 10,215 2,473,708
42,668 1,194,042 588,514 1,825,224 2,950 1,828,174
42,668 886,734 579,240 1,508,642 5,192 1,513,834
42,668 920,033 453,448 1,416,149 63,742 1,479,891
Current assets
INCOME STATEMENT (Rs ‘000) 31 Dec Turnover Operating profit Finance costs Share of result of associates Profit before non-recurring item Non-recurring item Profit before tax Taxation Profit attributable to shareholders of holding company Dividends STATISTICS Number of ordinary shares at year end: Earnings Per Share (Rs): Dividends Per Share (Rs) : Net Assets Value Per Share (Rs):
2015
Restated 2014
2013
2012
2011
46,937 34,897 (58) 13,555 48,394 48,394 (294)
32,581 23,327 (396) 17,287 40,218 72,933 113,151 (489)
43,338 39,335 5,507 44,842 44,842 (619)
41,675 155,738 (2,325) 2,913 156,326 156,326 (667)
33,269 27,080 (2,026) 3,421 28,475 28,475 (370)
48,100 48,357
112,662 34,134
44,223 34,134
155,659 29,867
28,105 25,601
60,445,990 0.80 0.80 40.90
6,044,599 2.37* 8.00 407.55
4,266,776 9.66* 8.00 427.78
4,266,776 36.48 7.00 353.58
4,266,776 6.59 6.00 331.90
Note: O n June 22, 2015, Ordinary shares of the Company were split so that each existing ordinary shares be subdivided in the ratio of 10 ordinary shares for every 1 ordinary share held. * Based on weighted average number of shares (including effect of right issue).
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
SEM Code
BLL
Classification
Property Development
Head Office
Circle Square, Forbach
Registered Office
4th Floor IBL House, Caudan Waterfront, Port Louis
Directors
Arnaud Lagesse Christine Marot Christian de Juniac (resigned on 24 April 2016) Michele Anne Espitalier Noel Jean-Claude Harel Robert John Louis Mynhardt Kevindra Teeroovengadum Christophe Barge (appointed on 31 March 2016)
Chief Executive Officer
Christine Marot
Company Secretary
IBL Management Ltd (formerly GML Management Ltée)
Principal Activities
Diversified in a large range of residential, commercial, retail and hospitality assets, property development, residential sales and letting, together with property and asset management activities.
SUMMARY INFORMATION BlueLife Limited, through its subsidiaries, has become one of the largest property development companies over the last 5 years with the construction of two commercial centres (12836 m² of lettable space), of two hotels of 100 rooms each and 256 residential units for the local and the foreign markets. 114 new residences for the local market are being completed and the first handovers to owners started in May 2016. In 2015 two new phases, under the IRS scheme, were launched which, on completion, will increase the total number of residences at Azuri to 400. The Group’s assets and properties are developed and managed by BlueLife Limited. The Riverside Shopping Centre, opened in 2010, is the first project completed by the Company and has found its place in the heart of the Riviere du Rempart village. The Circle Square Retail Park is a destination park opened in 2012 right on the Motorway at Forbach with dedicated retail zones namely HomeScene and MotorCity. Leisure facilities such as a golf driving range, kids’ fun games are also available on site. Since September 2015, the two hotels are operated under the Radisson Blu brand, following the signature of an international management agreement with The Rezidor Hotel Group, member of the Carlson Rezidor Hotel Group, as (1) Radisson Blu Azuri Resort & Spa, Mauritius and (2) Radisson Blu Poste Lafayette Resort & Spa, Mauritius. BlueLife, through its subsidiary Haute Rive Holdings Limited, is also the promoter of Azuri village. Azuri has set out to be the finest legendary seaside destination in the Indian Ocean. Evocative of an exotic version of the French Riviera, offering genuine comfort inspired by a refreshing and luminous setting; the ingredients for living by the sea have been encapsulated here. Azuri is located on the northeast coast of Mauritius. It is an elegant village resort, designed to offer homeowners and guests alike a relaxing lifestyle of excellence. The aim of Azuri is to deliver the most functional and compelling village platform for the growth of a truly sustainable community, by delivering living opportunities that will stimulate the senses and create a genuine life culture of well being in the region.
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FINANCIAL REVIEW OF THE GROUP BLUELIFE LIMITED 31 Dec ASSETS Non-current assets Property, plant and equipment Investment properties Intangible assets Land and related development cost Investment in subsidiaries Investment in associate Non-current receivable Deferred tax assets
Current assets Inventories Land and related development costs Trade and other receivables Cash and cash equivalents Non current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves (attributable to owners of the parent) Stated capital Other reserves Actuarial reserves Retained earnings/(revenue deficit) Owners’ interests Non-controlling interests Total equity LIABILITIES Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liabilities Current liabilities Trade and other payables Current tax liabilities Borrowings Total liabilities Total equity and liabilities
Revenue Operating losses Net decrease in fair value of investment properties Impairment charges Finance costs Share of results of associate and joint venture Loss on disposal of associate Gain on bargain purchase Fair value arising on business combinations (Loss)/Profit before taxation Income tax Credit /(Charge ) (Loss)/Profit for the period/year Other comprehensive income for the period/year net of tax Total comprehensive income for the period/year (Loss)/Profit attributable to: Owners of the parent Non-controlling interests Total comprehensive income attributable to: Owners of the parent Non-controlling interests STATISTICS Number of ordinary shares in issue Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs)
GROUP STATEMENTS OF FINANCIAL POSITION (Rs ‘000) 2015
2014
2013
1,218,577 1,485,658 389,832 1,819,980 16,554 49,765 4,980,366
1,243,285 1,572,905 420,827 1,754,288 10,723 22,055 5,024,083
1,249,137 1,399,086 625,354 1,938,703 10,723 14,575 1,294 5,238,873
137,672 213,440 150,087 168,439 669,638 29,199 5,679,203
370,861 239,535 196,170 94,979 901,545 5,925,628
25,953 645,245 438,317 36,031 1,145,546 6,384,419
3,027,298 26,080 (779) (181,145) 2,871,455 101,485 2,972,940
3,027,298 26,080 (577) 240,049 3,292,851 142,072 3,434,923
3,027,298 730,849 3,758,147 227,788 3,985,935
1,349,357 3,438 9,968 1,362,763
1,208,618 1,584 7,606 1,217,808
1,151,014 1,142 9,057 1,161,214
461,470 882,030 1,343,500 2,706,263 5,679,203
470,063 9,504 793,330 1,272,897 2,490,705 5,925,628
613,755 32,684 590,831 1,237,270 2,398,483 6,384,419
GROUP STATEMENTS OF COMPREHENSIVE INCOME (Rs ‘000) Twelve Months to Twelve Months to Six Months to December 31, 2015 December 31, 2014 December 31, 2013 1,035,252 1,481,500 (249,286) (206,627) (2,505) (21,344) (31,467) (47,499) (184,969) (183,569) (148,484) (1,823) 7,791 23,975 (6,785) 23,798 584,671 (510,306) (563,755) 629,939 26,024 13,319 (724) (484,281) (550,436) 629,216 (201) (577) (484,482) (551,013) 629,216 (415,798) (68,484) (484,281)
(490,799) (59,637) (550,436)
629,216 629,216
(415,999) (68,484) (484,483)
(491,376) (59,637) (551,012)
629,216 629,216
425,342,317 (0.976) N/A 6.751
425,342,317 (1.154) N/A 7.742
425,342,317 4.267 N/A 8.836
Note On December 31, 2013, Bluelife Limited amalgamated with the Indian Ocean Real Estate Company Ltd (amalgamating company) and its subsidiaries . Further to the amalgamation , the continuing company is Bluelife Limited and the financial year end has been changed from 30 June to 31 December.
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THE STOCK EXCHANGE OF MAURITIUS LTD
SEM Code
CAUD.N0000
Classification
Investments
Registered office
Promotion and Development Ltd, 8th Floor, Dias Pier, Le Caudan Waterfront, Port-Louis.
Directors
Jean-Pierre MONTOCCHIO (Chairman) Arnaud DALAIS (Deputy Chairman) Bertrand de CHAZAL Gilbert GNANY René LECLEZIO Jocelyne MARTIN Seedha Lutcheemee NULLATEMBY Antoine SEEYAVE Bernard YEN (as at 31ST May 2016)
Secretary
Jocelyne MARTIN
Manager
Promotion and Development Ltd
Transfer Registrar
MCB Registry & Securities Ltd
Activity
Property development and investment and the provision of security services
SUMMARY INFORMATION The company was incorporated as a public company on 17th February 1989. Caudan Development Limited specialises in the ownership, promotion and development of Le Caudan Waterfront, a mixed commercial project on the waterfront of Port-Louis. Apart from the waterfront project, the company also rents out industrial buildings at Pailles and Riche Terre. Caudan via a subsidiary, operates in the security business, and is involved in the sale of alarm equipment and the provision of security and property protection services. Caudan is managed by its holding company, Promotion and Development Limited, an associated company of The MCB Group Ltd.
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STATEMENT OF FINANCIAL POSITION (Rs 000)
FINANCIAL REVIEW OF THE GROUP CAUDAN DEVELOPMENT LIMITED 30 Jun ASSETS Non-current assets Investment property Other non-current assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves attributable to owners of the parent Share capital Other reserves Retained earnings Total equity Non-current liabilities Borrowings Other non-current liabilities Current liabilities Borrowings Other current liabilities Total liabilities Total equity and liabilities
2015
2014
2013
2012 restated
2011 restated July 1st
3,669,165 189,938 3,859,103
3,631,517 188,084 3,819,601
3,644,391 205,958 3,850,349
3,644,391 210,348 3,854,739
3,644,391 276,632 3,921,023
128,597 3,987,700
114,776 3,934,377
142,306 3,992,655
127,382 3,982,121
144,497 4,065,520
819,520 2,850 2,099,306 2,921,676
819,520 2,862 2,098,638 2,921,020
819,520 2,862 2,072,939 2,895,321
819,520 2,862 2,061,984 2,884,366
819,520 22,812 2,048,302 2,890,634
636,500 155,977 792,477
419,317 152,522 571,839
488,825 178,707 667,532
558,333 175,163 733,496
627,841 171,448 799,289
175,971 97,576 273,547
357,731 83,787 441,518
288,642 141,160 429,802
217,939 146,320 364,259
241,843 133,754 375,597
1,066,024 3,987,700
1,013,357 3,934,377
1,097,334 3,992,655
1,097,755 3,982,121
1,174,886 4,065,520
INCOME STATEMENT (Rs 000) 30 Jun Turnover Operating profit Dividend income Net finance costs Share of (loss)/profit of joint venture and associate Adjusted profit before taxation Taxation Adjusted profit for the year Fair value adjustment on Investment property (net of deferred tax) Profit on disposal of available-for-sale financial assets Profit for the year attributable to owners of the parent Dividends (MRs 000) STATISTICS Number of ordinary shares used in calculation Earnings per share(MRe) Adjusted earnings per share(MRe) Dividends per share(MRe) Net assets value per share(MRs)
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THE STOCK EXCHANGE OF MAURITIUS LTD
2015
2014
2013
461,611
459,439
487,870
2012 restated 478,512
2011 restated 466,215
57,458 (55,136)
88,597 (58,509)
111,575 (59,540)
102,754 (67,324)
127,497 3,170 (69,147)
(10) 2,312 (1,212) 1,100
(8,418) 21,670 (6,074) 15,596
296 52,331 (8,595) 43,736
1,682 37,112 (6,128) 30,984
(1,279) 60,241 (8,912) 51,329
-
27,498
-
-
-
-
-
-
15,479
-
1,100
43,094
43,736
46,463
51,329
-
-
32,781
32,781
32,781
819,520,000 0.001 0.001 3.57
819,520,000 0.053 0.019 3.56
819,520,000 0.053 0.053 0.04 3.53
819,520,000 0.057 0.038 0.04 3.52
819,520,000 0.063 0.063 0.04 3.53
SEM Code
CIEL
Classification
Investments
Registered office
5th Floor, Ebène Skies, Rue de l’Institut, Ebène
Directors
P. Arnaud DALAIS (Chairman) Sébastien COQUARD G. Christian DALAIS Jean-Pierre DALAIS R. Thierry DALAIS Pierre DANON Jérôme DE CHASTEAUNEUF Antoine DELAPORTE Norbert DENTRESSANGLE Roger ESPITALIER-NOËL M. A. Louis GUIMBEAU Marc LADREIT DE LACHARRIERE J. Harold MAYER Catherine MCILRAITH Xavier THIÉBLIN
Alternate Directors
Vincent MÉNEZ (Alternate to Norbert DENTRESSANGLE) Jacques TOUPAS (Alternate to Marc LADREIT DE LACHARRIÈRE)
Company Secretary
CIEL Corporate Services Ltd
Registrar and Transfer Office
MCB Registry & Securities Limited
Principal Activity
The main activity of CIEL Limited is to provide long-term growth and dividend income for distribution to investors. It invests in a diversified portfolio of equity and equity related investments.
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP CIEL LIMITED Consolidated Statement of Financial Position
Non Specific Banking Assets Non-current assets Current assets Non-current assets held for sale
CIEL LTD 2015
CIEL LTD 2014
Company Statement of Financial Position CIEL LTD 2015
CIEL LTD 2014
31,017,986 11,724,867 19,693 42,762,546
22,890,164 11,945,339 462,907 35,298,410
14,513,258 292,367 14,805,625
11,339,986 149,478 414,275 11,903,739
2,609,179 6,652,314 9,261,493 52,024,039 13,654,188 8,390,208 22,044,396
2,239,790 6,541,843 8,781,633 44,080,043 12,085,283 5,821,590 17,906,873
14,805,625 13,093,955 13,093,955
11,903,739 10,981,323 10,981,323
7,342,443 11,135,442 18,477,885
5,679,545 7,971,179 13,650,724
1,000,050 711,620 1,711,670
8,000 914,416 922,416
Total Liabilities
6,167 11,495,591 11,501,758 29,979,643
1,766 12,520,680 12,522,446 26,173,170
1,711,670
922,416
Total Equity and Liabilities
52,024,039
44,080,043
14,805,625
Specific Banking Assets Non-current assets Current assets Total Assets Owners’ interest Non-controlling interests Total equity Non Specific Banking Liabilities Non-current liabilities Current liabilities Specific Banking Liabilities Non-current liabilities Current liabilities
11,903,739
INCOME STATEMENT (Rs ‘000) Consolidated Statement of Comprehensive Income
Revenue Earnings before interest, taxation, depreciation and amortisation Depreciation and amortisation Earnings before interest and taxation Finance costs Share of results of joint ventures Share of results of associates Profit before non-recurring items and taxation Non-recurring items Profit before taxation Taxation Profit/ (Loss) for the year Non-controlling interests Profit/ (Loss) attributable to owners of the Parent Other comprehensive income for the year Total comprehensive income for the year Non-controlling interests Total comprehensive income attributable to owners of the Parent
CIEL LTD 2015
16,454,941 2,580,597 (649,973) 1,930,624 (326,413) 93,697 158,738 1,856,646 488,713 2,345,359 (255,154) 2,090,205 1,017,943 1,072,262 895,314 2,985,519 1,448,297 1,537,222
CIEL LTD 2014
CIEL LTD 2015
CIEL LTD 2014
CIEL LTD 2015
9,717,962 892,957 (229,384) 663,573 (135,875) (22,402) (68,435) 436,861 (386,516) 50,345 (102,864) (52,519) 330,749 (383,268) 798,443 745,924 469,374 276,550
GROUP RATIO AND STATISTICS Weighted number of ordinary shares (000’s) Earnings per share (MUR) Ordinary shares in issue (000’s) Net asset value per ordinary share (MUR) Interest bearing debts (MUR’000) Gearing (Debt/ (Debt+Equity))
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CIEL LTD 2015
1,522,036 0.70 1,522,619 8.97 10,266,455 31.8%
Company Statement of Comprehensive Income
381,871 254,179 254,179 (53,866) 200,313 123,244 323,557 (1,040) 322,517 322,517 2,024,754 2,347,271 2,347,271
CIEL LTD 2014
194,149 71,533 71,533 (41,308) 30,225 124,376 154,601 (663) 153,938 153,938 2,035,133 2,189,071 2,189,071
COMPANY
1,011,733 (0.38) 1,521,084 7.95 7,700,310 30.1%
1,522,036 0.21 1,522,619 8.60 1,400,039 9.7%
CIEL LTD 2014
1,011,733 0.15 1,521,084 7.22 524,513 4.6%
SEM Code
CIM
Classification
Banks, Insurance and Other Finance
Registered office
33, Edith Cavell Street, Port Louis 11324
Board of Directors
Timothy TAYLOR (Chairman of the Board) Paul LEECH (Group Chief Executive) Teresa CLARKE Amédée DARGA Marcel DESCROIZILLES Jean Pierre LIM KONG Colin TAYLOR Matthew TAYLOR Philip TAYLOR David SOMEN
Company Secretary
Cim Administrators Ltd
Principal Activities
Financial Services
SUMMARY INFORMATION Cim Financial Services Ltd (Cim Group) is a financial services group listed on the Stock Exchange and headquartered in Mauritius. The Group has two major businesses. The Finance cluster provides financial and insurance solutions to a wide range of corporates, SMEs and individual customers. In its Global Business cluster, Cim provides Fund, Corporate, Trust Administration services and outsourcing solutions to corporate and institutional clients. The Group also has a portfolio of property and investment assets. The Group has over 900 employees across its Mauritius and Singapore based operations. Cim Finance Cim Finance offers financial solutions to consumers, SMEs and large corporates. Present on the credit market since 1987, Cim Finance has more than 500 employees and over 70 counters spread over Mauritius and Rodrigues. Cim Finance has been, and remains, the first non-banking financial institution in Sub Saharan Africa to issue MasterCard and Visa credit cards, and the first and only financial institution to issue China UnionPay credit cards in Africa. The company is regulated by the Bank of Mauritius (BoM) as a non-banking deposit taking institution and licensed by the Financial Services Commission (FSC) as a credit financing institution and offers a range of credit card issuing and acquiring services. Cim Finance is equally engaged in leasing and factoring activities duly licensed by the FSC. The company has been ISO 9001:2008 certified since 2009.
Cim Global Business Cim Global Business is one of the leading management companies in Mauritius with offices in both Mauritius and Singapore. The Company has over USD150 billion of Assets under Administration and offers Corporate, Fund, Trust, Foundation Formation and Administration services and Professional Services Outsourcing solutions to its clients which include institutional investors, asset managers, private equity fund managers, development financial institutions, sovereign wealth funds, banks, hedge funds and high net worth individuals. Cim Global Business has more than 20 years of experience in fund, corporate and trust set-up and administration. Its indepth experience and expertise makes Cim Global Business the partner of choice for structuring and establishing cross border investments and transactions. Property & Investments Cim Group has a diverse property portfolio in Mauritius comprising office, commercial and land assets. The Group has a significant stake in iVeri Payment Technologies, a pan-African electronic payment solutions provider based in Johannesburg. The company has been developing electronic payment technology since 1998 for a range of African based banks.
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FINANCIAL REVIEW OF THE GROUP CIM FINANCIAL SERVICES LIMITED Statement of Financial Position (Rs M) At 30 September ASSETS Non current assets Property, plant and equipment Investment properties Intangible assets Investment in associates Investment in joint venture Investment in financial assets Non current receivables Net investment in leases and other credit agreements Retirement benefit assets Deferred taxation Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Retained earnings Other reserves Equity attributable to owners of the parent Non controlling interests Non current liabilities Borrowings Deferred taxation Retirement benefit obligations Current liabilities Total equity and liabilities
Statement of Profit or Loss (Rs M) Year ended 30 September Revenue Profit from operations Finance costs Gain on revaluation of investment properties Share of results of associates Share of results of joint venture Exceptional items Profit before taxation Taxation Profit for the year Attributable to: Owners of the parents Non controlling interests Dividends STATISTICS Weighted average number of ordinary shares used in calculation Earnings per share (Rs) Earnings per share from continuing operations (excl excep items) Dividends per share (Rs) Net Asset Value per share (Rs)
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2015
2014
2013 Restated
1,491.7 533.7 646.4 92.0 95.2 385.2 121.5 2,130.6 10.1 5,255.9 10,762.3
1,423.9 556.1 661.6 26.5 91.7 753.2 81.8 1,913.0 9.6 4,107.6 9,625.0
1,115.1 477.5 670.8 23.4 69.7 445.2 90.8 1,615.9 10.2 0.7 3,833.8 8,353.1
680.5 2,018.5 318.6 3,017.6 391.0
680.5 1,693.6 280.0 2,654.1 398.2
680.5 1,307.9 160.8 2,149.2 314.4
2,490.7 7.0 107.4 4,748.6 10,762.3
2,113.5 3.2 90.0 4,366.0 9,625.0
1,982.5 80.8 3,826.2 8,353.1
2014
2013 Restated
01 Oct 2012 Restated
4,103.8 942.2 (271.5) 4.0 3.5 678.2 (110.5) 567.7
3,501.7 817.3 (261.4) 114.2 3.1 22.0 695.2 (96.7) 598.5
3,246.0 735.3 (272.5) 14.9 3.2 95.9 576.8 (86.5) 490.3
574.9 (7.2) 567.7 211.0
604.3 (5.8) 598.5 176.9
493.6 (3.3) 490.3 149.7
680,522,310 0.84 0.84 0.31 5.01
680,522,310 0.89 0.89 0.26 4.48
680,522,310 0.72 0.58 0.22 3.62
SEM Code
CMPL
Classification
Commerce
Registered office
18, Edith Cavell Street, Port Louis
Directors
Antoine L. HAREL (Chairman) Barthelemy HAREL Charles HAREL Gaëtan LECLEZIO Michel PILOT Michel RIVALLAND GOSK Mubarak SOOLTANGOS Alain VALLET
Chief Executive Officer
Jean Raymond SEMAESSE
Secretaries
HM Secretaries Ltd.
Principal Activity
Retailing of perishable, non-perishable, general and textile goods
SUMMARY INFORMATION Compagnie des Magasins Populaires Limitée (Monoprix) Compagnie des Magasins Populaires Limitée (CMPL) has pioneered the food retail industry in Mauritius, operating an outlet since 1975 under the franchise ‘Prisunic’ in Curepipe. The outlet has since rebranded to MONOPRIX and built strong commercial relationships with its local and foreign suppliers and other stakeholders, as well as with its franchiser, MONOPRIX France, which – with its associated brand names - operates a network of 632 shops in France and 92 shops in five other countries. In alignment with its strategic intent of consolidating its domestic retail position, CMPL acquired two new retail outlets in prime locations, namely Bagatelle Mall of Mauritius and Cascavelle Shopping Village in 2014. The expansion was deemed to be an integral part of the Company’s strategy to achieve sustainable growth and economies of scale whilst increasing geographic coverage and strengthening the brand name of MONOPRIX on the market. A turning point in the development of CMPL occurred in 2014, with the acquisition of two new retail outlets in strategicallylocated and modern shopping malls, namely Bagatelle Mall of Mauritius and Cascavelle Shopping Village, reflecting its ambition to increase its presence in an expanding market. These acquisitions represented promising opportunities for the CMPL Group to increase its geographic coverage, diversify its client base and operate in strategic locations to further improve its market share. This investment was a key part of the CMPL’s strategy to drive sustainable growth, achieve economies of scale, hence securing attractive future returns. CMPL withdrew from the Grandes Surfaces Réunies (GSR) group of retailers at the end of December 2014, thereby gaining more leeway to affirm MONOPRIX’s distinctive brand identity and to differentiate itself from its competitors. With the refurbishment of all its stores in the pipeline and an aggressive market positioning plan, MONOPRIX is poised to become a major retail player for the benefit of all Mauritians.
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BALANCE SHEET (MUR)
FINANCIAL REVIEW OF THE GROUP COMPAGNIE DES MAGASINS POPULAIRES LIMITÉE (MONOPRIX) 31 Dec
2015
2014
2013
2012
2011
260,729,946 909,554 1,148,481 162,694,171 425,482,152
200,493,056 1,216,692 28,140,316 159,208,705 389,058,769
123,974,071 172,352 23,358,216 56,436,660 203,941,299
99,100,667 361,424 22,404,998 54,449,268 176,316,357
100,265,510 370,294 22,288,413 47,461,962 170,386,179
21,935,000 68,484 130,980,721 (1,213,973) (125,626,205) 26,144,027
21,935,000 68,484 72,720,526 712,840 (42,074,116) 53,362,734
21,935,000 68,484 74,745,206 315,517 23,236,690 120,300,897
21,935,000 68,484 48,775,349 (1,933,562) 23,131,393 91,976,664
21,935,000 68,484 49,733,665 (3,427,127) 23,155,382 91,465,404
2,319,978 11,679,222 179,781,890 205,557,035 425,482,152
2,171,190 8,756,337 140,588,177 184,180,331 389,058,769
5,579,521 5,793,962 72,266,919 203,941,299
3,992,975 4,600,782 75,745,936 176,316,357
4,442,833 4,391,759 70,086,183 170,386,179
ASSETS Non - current assets Fixed assets Intangible Assets Investments Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Reserves Fair Value Reserves Retained earnings Shareholders’ interests Non-current liabilities Deferred tax Retirement benefit obligations Borrowings Current liabilities Total equity and liabilities
INCOME STATEMENT (MUR) 31 Dec Turnover Gross profit Other income Administrative expenses Depreciation Operating income/(loss) Finance income/(costs) Profit/(loss) before taxation Taxation Profit/(loss) after taxation Dividends
2015 822,741,004 140,629,667 7,979,440 (203,701,901) (22,312,209) (77,405,003) (10,978,868) (88,383,871) 3,352,328 (85,031,543)
2014 606,304,306 107,969,360 5,528,609 (153,916,965) (21,351,705) (61,770,701) (7,304,338) (69,075,039) 3,322,527 (65,752,512)
2013
2012
2011
269,481,727 55,542,176 2,959,348 (51,996,168) (5,803,901) 701,455 (528,126) 173,329 155,759 329,088
283,729,631 54,299,071 1,622,441 (49,534,421) (6,077,420) 309,671 (358,545) (48,874) 53,644 4,770
279,203,574 54,829,990 1,683,640 (47,497,687) (6,680,668) 2,335,275 (624,951) 1,710,324 (204,457) 1,505,867
-
1,096,750
1,096,750
987,075
1,316,100
2,193,500 15.45 11.92
2,193,500 1,096,750 0.50 18.50 2.70% 24.33
2,193,500 0.15 1,096,750 0.50 14.50 0.30 3.45% 54.84
2,193,500 0.00 987,075 0.45 14.50 0.00 3.10% 41.93
2,193,500 0.69 1,316,100 0.60 19.00 1.14 3.16% 41.70
STATISTICS Number of ordinary shares Earnings per share Dividends paid Dividends per share Share Price Dividends Cover Dividends Yield Net assets value
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ENL COMMERCIAL LIMITED SEM Code
GIDC
Classification
Commerce
Registered office
ENL House, Vivéa Business Park, Moka
Directors
Gérard GARRIOCH (Chairman) Antoine MARRIER D’UNIENVILLE Hector ESPITALIER-NOËL Eric ESPITALIER-NOËL Edouard ESPITALIER-NOËL Gilbert ESPITALIER-NOËL Roger ESPITALIER NOËL Simon-Pierre REY
Secretary
ENL Limited
Principal Activities
The Group engages in diversified lines of business including automobile dealership, trading of building materials, hotel supplies, ICT services and hardware and light manufacturing
SUMMARY INFORMATION ENL Commercial Limited was incorporated in 1969 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 1990. ENL Commercial forms part of the ENL Group whose businesses are involved in the main sectors of the Mauritian economy. The Group operates companies engaged in trade, industry and commerce. Strategic leadership, effective financial engineering as well as the clever exploitation of ENL’s considerable goodwill has led the Group down the path of steady growth over the past years. ENL Commercial’s main subsidiaries are: Axess Limited: Automobile dealerships, spare parts and accessories distribution Box Manufacturing: Carton packaging and manufacturer of files and envelopes Charabia Ltd: Sale of premium quality fabrics and soft furnishing items Grewals (Mauritius) Limited: Building materials trader L’Epongerie Limitée: Supplier of linen products Nabridas Ltd: Producer and dealer in swimming pools and fibreglass wares; rental and sale of water dispensers and purifiers 7. Pack Plastics Limited: Indoor and outdoor soft furnishing and plastics welded products 8. Plastinax Austral Limited (formerly Plastinax Austral Limitée): Eyewear manufacturer 9. Rennel Limited: Express courier service, licensees of FedEx 10. Freight Link Limited (previously Rennel Logistics Limited): Freight services 1. 2. 3. 4. 5. 6.
The Company has the following associates: 1. 2. 3. 4. 5.
Docufile (Mauritius) Ltd: Document management solutions Formation Recrutement et Conseil Informatique Limited (‘FRCI’): IT and business solutions Joinery and Metal Distribution International Limited: Manufacturing and trading of aluminium profiles and accessories Superdist Limited: IT hardware wholesaler Cogir Limitée: Building and civil engineering contractor
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FINANCIAL REVIEW OF THE GROUP ENL COMMERCIAL LIMITED 30 June ASSETS Non-current assets Property, plant and equipment Investment properties Intangible assets Investments in associates Investments in financial assets Deposit on investments Deferred tax assets Current assets Non-current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Equity holders’ interests Non-controlling interests Total equity LIABILITIES Non-current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Deferred income Current liabilities Total equity and liabilities
STATEMENT OF FINANCIAL POSITION (Rs 000)
2015
2014
2013 Restated
2012 Restated
2011
752,184 103,400 117,497 31,297 8,712 3,489 1,016,579 1,106,140 2,122,719
665,204 99,175 95,894 31,775 8,712 4,216 2,738 907,714 1,092,653 2,000,367
622,004 19,300 127,453 11,387 30,205 2,167 812,516 1,224,265 24,200 2,060,981
664,193 101,217 11,777 22,796 833 1,563 802,379 1,313,605 14,087 2,130,071
622,483 124,301 35,986 28,086 9,321 820,177 1,032,425 679,872 2,532,474
177,960 569,308 747,268 8 747,276
177,960 611,500 789,460 (1,729) 787,731
177,960 526,877 704,837 (4,103) 700,734
177,960 725,363 903,323 21,487 924,810
177,960 878,352 1,056,312 17,389 1,073,701
238,571 12,524 97,204 348,299 1,027,144 2,122,719
211,711 14,013 78,029 303,753 908,883 2,000,367
249,871 8,709 111,200 369,780 990,467 2,060,981
240,365 9,413 96,310 447 346,535 858,726 2,130,071
403,018 27,635 47,493 610 478,756 980,017 2,532,474
STATEMENT OF COMPREHENSIVE INCOME (Rs 000) 30 June Turnover Profit before finance costs Fair value adjustments Finance costs Profit on disposal of investments and others Goodwill impaired Share of results of associated companies Taxation Profit / (loss) after tax from continuing operations Post tax loss from discontinued operations Profit / (loss) for the year Dividends STATISTICS Number of ordinary shares in issue Earnings / (loss) Per Share from continuing operations(Re) Earnings / (loss) Per Share from discontinued operations(Re) Dividends Per Share (Re) Net Assets Value per share (Rs)
28
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
2015
2014
2,615,526 50,803 (1,337) (57,591) (3,969) 6,138 (5,956) (2,575) (8,531) (8,531) 26,255
2,298,325 64,258 16,930 (53,012) 22,808 3,309 54,293 (2,667) 51,626 (18,547) 33,079 35,007
2013 Restated 2,118,097 28,105 4,466 (49,802) (48,942) 5,326 (60,847) (8,751) (69,598) (97,519) (167,117) 46,676
2012
2011
2,632,232 30,682 (64,503) 81,989 (12,674) 35,494 (4,649) 30,845 30,845 46,676
2,631,792 131,036 (74,016) 47,345 (3,937) 100,428 (10,165) 90,263 90,263 26,255
29,172,500
29,172,500
29,172,500
29,172,500
29,172,500
(0.31)
1.78
(2.31)
1.50
2.91
0.90 25.62
(0.60) 1.20 27.06
(2.04) 1.60 24.16
1.60 32.16
0.90 36.21
ENL LAND LTD SEM Code
SAVA
Classification
Investment
Registered office
ENL House, Vivéa Business Park, Moka
Board of Directors
Virginie CORNEILLET
Jean Raymond HARDY
Eric ESPITALIER-NOËL
Jean Noël HUMBERT
Gérard ESPITALIER NOËL
Jean Claude LECLÉZIO
Gilbert ESPITALIER-NOËL
Jean-Pierre MONTOCCHIO
Hector ESPITALIER-NOËL
Mushtaq OOSMAN
Roger ESPITALIER-NOËL Company Secretary
ENL Limited
Manager
ENL Limited
Principal Activities
Property, hospitality, agro-industry, logistics, financial services, commerce and industry
SUMMARY INFORMATION Listed on the Stock Exchange of Mauritius since 1989 and part of the SEM10 index, ENL Land Ltd (“ENL Land”) is a subsidiary of ENL Limited, the holding company of the ENL Group whose businesses are involved in the main sectors of the Mauritian economy. ENL Land has one of the largest and most strategically located land asset bases in the island. This asset base is central to ENL Land’s strategy for sustainable growth and it has been further strengthened with the merger, effective 1st February 2016, of sister companies ENL Land and ENL Investment Limited. The new ENL Land now weighs Rs 55 billion in assets and has healthy, cash generating capacity from significant operational activities in property, hospitality, agro-industry, logistics, financial services, commerce and industry. Its main subsidiaries are: Rogers group (publicly traded), ENL Property and ENL Agri (both wholly-owned). It also holds sizeable holdings in some of the major groups in Mauritius such as the Food and Allied Group and New Mauritius Hotels, as well as smaller stakes in a number of local companies. ENL Land is committed to create sustainable value for its shareholders through efficient operations, cash flow generation and contained indebtedness.
HANDBOOK 2016 | OFFICIAL MARKET
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29
FINANCIAL REVIEW OF THE GROUP ENL LAND LTD 30 June
ASSETS Non - current assets Property, plant and equipment Deferred expenditure Investment properties Intangible assets Investments in associated companies Investment in jointly controlled entity Investments in financial assets Deposit on shares Bearer biological assets Non-current receivables Deferred tax assets Current assets Non current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Revaluation, fair value and other reserves Retained earnings/(Revenue deficit) Treasury shares Owners’ interests Non controlling interests Total equity LIABILITIES Non-current liabilities Borrowings Retirement benefit obligations Deferred income Debentures Deferred taxation Current liabilities Liabilities associated with assets classified as held for sale Total equity and liabilities 30 June Turnover Operating profit Other income Finance costs Sales of land, investments and others Other expenses Release of pension obligations Compensation for waiver of rights to lessee on land and building Goodwill written off Fair value gain on investment properties Fair value gain on business combination Bargain Purchase Land conversion rights Goodwill on acquisition written off net of negative goodwill Amortisation of deferred expenditure Share of results of associates and jointly controlled entities (Loss)/profit before taxation Taxation (Loss)/profit for the year from continuing operations Post tax profit from discontinued operations Proft for the year Dividends STATISTICS Number of ordinary shares in issue Basic earnings/(loss) per Share (Re) from continuing activities Basic earnings/(loss) per Share (Re) from discontinued activities Fully diluted earnings/(loss) per share (Re) Ordinary dividends Per Share (Re) Net Assets Value per share (Rs)
30
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
STATEMENT OF FINANCIAL POSITION (Rs’000)
2015
2014
2013 Restated
2012 Restated
2011
11,124,152 27,664 5,861,486 502,427 4,366,807 734,966 393,663 142,048 1,500 26,421 23,181,134 1,888,826 28,712 25,098,672
11,601,794 81,184 5,025,134 579,875 3,931,506 859,820 485,314 133,043 36 20,220 22,717,926 1,547,841 87,152 24,352,919
7,831,063 58,852 4,327,975 728,443 2,563,832 872,895 420,919 118,280 5,036 15,855 16,943,150 1,650,503 1,415,632 20,009,285
7,946,913 76,923 3,099,483 967,434 1,867,895 1,545,196 353,237 111,206 695,014 11,630 16,674,931 1,239,491 58,615 17,973,037
7,853,715 293,569 2,722,320 428,064 1,777,025 1,256,984 372,476 107,540 295,014 162 15,106,869 715,095 146,998 15,968,962
6,030,058 7,686,927 6,397,663 20,114,648 20,114,648 491,512 20,606,160
6,030,058 7,905,168 6,197,156 20,132,382 20,132,382 332,553 20,464,935
6,030,058 4,296,614 5,263,303 15,589,975 15,589,975 467,148 16,057,123
6,030,058 4,151,152 3,995,565 14,176,775 14,176,775 464,610 14,641,385
6,030,058 3,757,401 2,989,019 12,776,478 12,776,478 471,054 13,247,532
1,750,593 386,362 130,500 23,969 2,291,424 2,201,088
1,544,000 319,589 22,460 1,886,049 2,001,935
1,373,073 284,955 244,400 21,069 1,923,497 1,814,029
1,243,515 245,171 244,400 28,622 1,761,708 1,569,944
327,780 174,814 301,434 823,320 1,627,348 1,094,082
25,098,672
24,352,919
214,636 20,009,285
17,973,037
15,968,962
2015 2,315,203 5,058 (188,997) 251,651 -
STATEMENT OF COMPREHENSIVE INCOME (Rs’000) 2014 2013 2012 2011 Restated Restated 1,644,745 1,313,884 915,767 699,859 103,824 135,224 37,803 (29,658) 61,658 25,208 (142,960) (123,023) (75,100) (62,617) 140,775 34,897 210,598 18,572 (52,491) (14,051) (75,505) 42,400 -
21,682 (9,228) 206,721 31,472 2,130 -
12,692 168,195 67,595 263,698
121,232 886,233 -
62,013 281,925 37,641 -
1,840,948 -
-
(1,935)
(26,433)
(144,925)
(118,303) (58,466)
261,714 582,203 (11,463)
226,348 838,232 (10,592)
420,883 1,396,522 (15,374)
661,591 1,161,553 20,720
335,189 1,875,368 (49,014)
570,740 570,740 313,676
827,640 4,119 831,759 297,541
1,381,148 182,407 1,563,555 290,626
1,182,273 1,182,273 206,662
1,826,354 1,826,354 195,875
230,501,198
230,501,198
230,501,198
220,512,700
210,524,202
2.21
3.17
5.89
4.02
8.25
1.32 86.68
0.01 1.25 86.76
0.78 1.22 67.05
1.34 5.35 0.88 63.38
8.11 0.62 58.49
SEM Code
FINC.N0000
Classification
Investment Company
Registered office
9-15 Sir William Newton Street, Port Louis
Directors
Jean Pierre MONTOCCHIO (Chairperson) Herbert COUACAUD, C.M.G. Bashirali Abdulla CURRIMJEE, G.O.S.K. Sunil Kishore BANYMANDHUB Michel DOGER DE SPEVILLE, C.B.E.
Secretary
MCB Registry & Securities Ltd
Transfer Registrar
MCB Registry & Securities Ltd
SUMMARY INFORMATION Fincorp Investment Ltd, a subsidiary of MCB Group Limited, is engaged in investing activities and is listed on the Stock Exchange of Mauritius since 1994. The company has on its books the following main investments: a wholly-owned subsidiary, Finlease, which started its operations in 1995 and provides operating and financial leasing services; and a 46% stake in Promotion and Development Ltd, a quoted investment company having diversified interests including a majority stake in Caudan Development Ltd, a property company that owns and manages the waterfront real estate development in Port Louis. The issued share capital of the company consists of 103,355,340 shares of Re. 1 each.
HANDBOOK 2016 | OFFICIAL MARKET
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31
BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF FINCORP INVESTMENT LIMITED 30 Jun ASSETS EMPLOYED Non - current assets Intangible assets Property, plant and equipment Investments in associates Investment in securities - available-for-sale Loan receivable Finance lease receivables Deposits with financial institutions Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Shareholders’ interests Non-current liabilities Deposits Borrowings Deferred tax liabilities Current liabilities Total equity and liabilities
2015
2014
2013 Restated
2012 Restated
2011 Restated
5,783 456,164 3,580,698 484,787 299,898 2,434,966 100,000 1,529,789 8,892,085
4,951 322,662 3,631,891 421,437 315,439 2,125,946 250,000 1,246,688 8,319,014
6,255 352,164 3,472,787 352,396 309,063 1,885,208 250,000 1,111,817 7,739,690
2,156 339,986 3,366,095 346,139 298,206 1,756,041 200,000 1,054,196 7,362,819
145 315,789 3,414,220 324,089 311,200 1,541,588 200,000 978,015 7,085,046
103,355 3,634,747 3,738,102
103,355 3,609,763 3,713,118
103,355 3,365,477 3,468,832
103,355 3,224,311 3,327,666
103,355 3,259,155 3,362,510
1,415,580 969,646 19,504 2,749,253 8,892,085
2,108,725 823,042 13,132 1,660,997 8,319,014
2,427,032 460,117 14,203 1,369,506 7,739,690
1,972,054 463,509 11,625 1,587,965 7,362,819
1,861,541 461,612 11,397 1,387,986 7,085,046
STATEMENT OF PROFIT OR LOSS (Rs ‘000) 30 Jun Revenue Operating profit/(loss) Share of profits/(losses) of associates Profit before tax Income tax expense Profit attributable to equity holders of the parent Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Re) Net asset value per share (Rs)
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
2015
2014
2013
2012
2011
421,628 56,866 28,291 85,157 (18,113)
412,166 51,203 123,679 174,882 (17,373)
417,421 44,906 (2,812) 42,094 (14,518)
419,254 31,198 (205) 30,993 (11,422)
382,537 9,991 19,146 29,137 (7,761)
67,044 62,013
157,509 46,510
27,576 31,007
19,571 25,839
21,376 25,839
103,355,340 0.65 0.60 36.17
103,355,340 1.52 0.45 35.93
103,355,340 0.27 0.30 33.56
103,355,340 0.19 0.25 32.20
103,355,340 0.21 0.25 32.53
SEM Code
GCL
Classification
Investments
Registered office
Royal Road, Chapman Hill, Beau Bassin, Mauritius
Directors
Carl AH TECK (Chairman)
2 June 2016
Tommy AH TECK (Vice-Chairman) Patrice AH TECK Marie Claire CHONG AH YAN Clifford FON SING Paul HALPIN Cyril HOW KIN SANG Boon HUI CHAN Lim Sit Chen LAM PAK NG Kamben PADAYACHY (Group Managing Director)
Secretary
Gamma Corporate Services Ltd
Transfer Office
Gamma Corporate Services Ltd
Activities
Investments
SUMMARY INFORMATION The Gamma Group is a leading building materials, construction, real estate, hotels and leisure and lottery gaming group in Mauritius. Gamma-Civic Ltd (‘GCL’) is the ultimate holding company and has been listed on the Official List of the Stock Exchange of Mauritius Ltd since November 1994. GCL is an investment holding company. As such, GCL focuses on maximising returns on its portfolio for the benefit of its shareholders and on building a solid platform for sustainable growth. In order for the Gamma Group to consistently maintain a leading position in the different sectors it operates in and for its long term sustainability, it has adopted a group wide governance system which is based on the National Code of Corporate Governance for Mauritius. The Gamma Group strongly believes that compliance to the highest standards in corporate governance is indispensable in creating long term value for its stakeholders. The transition undergone in 2015 from a family managed company to an organization managed by professionals under the supervision of the Board of Directors is a clear demonstration of our commitment to governance. Furthermore, the Gamma Group has established a strong central finance and IT control environment. It also continuously invests in its human resources thriving to have the best talents on board. Trading operations are carried out by its operating subsidiaries, associates and joint venture and are organized into clusters as follows: Building Materials Gamma Materials Ltd is a leading building materials supplier. It produces and supplies aggregates, pre-cast products, ready mixed concrete, concrete blocks, and other concreterelated products. In June 2011, GCL entered into a strategic alliance with Ingénierie et Participations Financières (a member of Colas S.A.) where the latter acquired a 50% interest in
Gamma Materials Ltd and jointly they control and manage the company. Colas S.A. is a world-leader in road building. Kolos Cement Ltd (formerly known as Holcim (Mauritius) Ltd) was an associate company and became a wholly-owned subsidiary of GCL in December 2015. It is one of the two companies involved in the trading and distribution of cement in Mauritius. Construction Organised under Gamma Construction Ltd, a wholly-owned subsidiary of GCL, the contracting activity of the Gamma Group comprises asphalt production, road works, building and civil engineering contracting. Lottery The lottery cluster comprises Lottotech Ltd which runs the national lottery in Mauritius with GTECH as the exclusive technology partner to Lottotech Ltd. Real Estate, Hotels and Leisure GCL is the owning company of Morning Light Co Ltd, an associate company listed on the Development & Enterprise Market of the Stock Exchange of Mauritius Ltd. Morning Light Co Ltd is the owner of the Hilton Mauritius Resort & Spa, a 5 star hotel resort of international standard located at Wolmar, Flic en Flac. The hotel is managed by Hilton International and has been voted as Mauritius Leading Conference Hotel and as Mauritius Leading Resort by World Travel Awards at the Africa & Indian Ocean Gala Ceremony 2016. The Gamma Group also owns several property assets, including freehold and leasehold land as well as commercial office space such as the HSBC situated in the Ebène business district of Mauritius. HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
33
FINANCIAL REVIEW OF THE GROUP GAMMA-CIVIC LTD 2015
31 Dec ASSETS EMPLOYED Non-current assets Property, plant and equipment Intangible assets Investments in associates and joint venture Investment properties Other investments Amounts due from associates Deferred tax asset Non-current deposits and prepayments Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Share premium Reserves Retained earnings Shareholders’ interests Non-controlling interests Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liability Current liabilities Total equity and liabilities
STATEMENT OF FINANCIAL POSITION (Rs) 2014
2013
2012 * Restated
2011 *
1,116,395,407 922,644,615 684,645,006 1,704,745,822 5,233,130 126,766,770 1,023,619,050 5,584,049,800
732,894,430 39,067,023 1,035,887,818 1,730,880,820 4,920,500 56,885,807 111,242,106 1,366,662,398 5,078,440,902
892,811,997 38,310,924 969,767,149 1,790,887,079 4,497,000 82,575,456 89,339,883 1,173,188,030 5,041,377,518
962,350,085 25,606,417 757,083,065 1,562,362,079 4,029,000 41,258,991 93,100,557 1,584,708,109 5,030,498,303
961,588,174 33,827,046 693,180,408 1,414,585,967 14,319,415 20,264,977 91,844,534 2,806,063,905 6,035,674,426
133,250,000 86,482,579 587,284,227 1,705,497,992 2,512,514,798 140,920,518
133,250,000 86,482,579 618,418,233 1,759,835,135 2,597,985,947 136,059,605
133,250,000 86,482,579 567,787,450 1,693,661,984 2,481,182,013 (96,353,775)
133,250,000 86,482,579 330,063,893 1,416,700,661 1,966,497,133 (78,020,213)
133,250,000 86,482,579 192,659,340 1,916,999,733 2,329,391,652 (65,035,979)
1,253,000,073 37,103,230 6,966,483 1,633,544,698 5,584,049,800
574,335,405 439,354,000 1,330,705,945 5,078,440,902
817,348,626 279,084,000 1,560,116,654 5,041,377,518
948,470,321 183,722,000 2,009,829,062 5,030,498,303
908,999,537 171,185,000 47,945,889 2,643,188,327 6,035,674,426
STATEMENT OF PROFIT OR LOSS (Rs) 31 Dec Continuing operations Discontinued operations Turnover Continuing Operations Operating profit/(loss) Net gain from fair value adjustment on investment properties Net finance costs Share of profit of associates Profit before taxation Taxation Profit for the period from continuing operations Discontinued Operations (Loss)/profit for the period from discontinued operations Profit for the period (Profit)/loss for the period attributable to noncontrolling interests Profit/(loss) for the period attributable to the owners of the company Dividend STATISTICS Number of ordinary shares used in calculation of Earnings per Share *** Number of ordinary shares used in calculation Dividends per Share *** Number of ordinary shares used in calculation Net Assets Value *** Earnings/(Loss) Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
2015 2,127,358,775 2,127,358,775
4,888,840,558 3,866,382 4,892,706,940
6,748,406,791 147,967,771 6,896,374,562
2012 * Restated 4,507,269,366 4,507,269,366
147,095,772
106,755,380
508,705,165
(103,371,633)
595,396,507
6,415,000 (69,251,267) 138,991,195 223,250,700 (49,215,479) 174,035,221
25,375,000 (83,505,015) 159,263,693 207,889,058 (79,361,758) 128,527,300
196,695,275 (185,400,179) 252,422,018 772,422,279 (86,380,468) 686,041,811
192,440,667 (118,907,765) 125,198,808 95,360,077 (21,682,829) 73,677,248
17,448,465 (137,408,018) 17,084,813 492,521,767 83,132,500 575,654,267
174,035,221
(105,580,691) 22,946,609
(156,208,941) 529,832,870
73,677,248
163,705,618 739,359,885
(31,813,040)
(68,925,444)
(14,029,955)
24,788,930
70,834,539
142,222,181 233,187,500
(45,978,835) 229,190,000
515,802,915 186,550,000
98,466,178 619,612,500
810,194,424 53,300,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000
133,250,000 1.07 1.75 18.86
133,250,000 (0.35) 1.72 19.50
133,250,000 3.87 1.40 18.62
133,250,000 0.74 4.65 14.76
133,250,000 6.08 0.40 17.48
* Year end was 30 June ** Period of 18 months *** Adjusted for the 10-for-1 share split in January 2013
34
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
2014
2013 **
2011 * 4,509,368,800 1,082,491,762 5,591,860,562
SEM Code
HML
Classification
Commerce
Registered office
18, Edith Cavell Street Port-Louis
Directors
Antoine L. Harel (Chairman) Charles Harel (Chief Executive Officer) R. J. Paul Clarenc Anne Christine Lévigne-Fletcher CSK Jérôme de Chasteauneuf Michel Rivalland GOSK Anwar Moollan Dean Ah-Chuen
Secretary
HM Secretaries Ltd
SUMMARY INFORMATION Harel Mallac Group With its origins dating back to 1830, the Harel Mallac Group is one of the oldest trading companies in Mauritius and has pioneered three major sectors of the economy, namely retail, technology and fertilisers manufacturing and distribution. Today, it remains deeply committed to continue supporting the development of its home country, in key sectors of the economy detailed below.
SERVICES – This Business Services cluster comprises of financial services (Harel Mallac Global Services, Harel Mallac Corporate Services and The Professional Learning Centre), BPO, advertising and digital communication (Activeline) and Travel and Aviation (Harel Mallac Travel and Leisure being the passenger General Sales Agent (GSA) for Condor and Air India and the cargo GSA for ThomsonFly, Condor and MeridianaFly).
With activities expanding on the African continent, namely in Burundi, Madagascar, Rwanda, Tanzania and Zambia, the Harel Mallac Group employs above 1,500 people and represents 215 high-quality local and international brands.
TECHNOLOGIES – Present in Mauritius, Burundi, Madagascar and Rwanda, Harel Mallac Technologies offers state-of-the-art IT integration solutions to businesses, from Cloud services to Advanced Infrastructure Services and Business Application Systems.
As an engaged corporate citizen, the Group strives to make a sustainable difference for its stakeholders by providing value-added products and services to businesses and individuals, while monitoring its impact on the natural environment and surrounding communities. Strategic Business Units of the Group The Group operates in six sectors: CHEMICALS - The Chemical Arm has a broad spectrum of activities in Mauritius, Zambia and Tanzania, ranging from the manufacturing of fertilisers, industrial and manufacturing chemicals as well as the distribution of fast moving consumer goods and commodities to waterproofing and lab services among others. ENGINEERING – Harel Mallac Engineering is the partner and representative of major international brands of agroindustrial, industrial engineering as well as refrigeration, electrical equipment and air conditioning systems.
TRADING – The three trading companies specialise respectively in the commerce of office equipment (Harel Mallac Bureautique), medical equipment and supplies (Harel Mallac Healthcare) and consumer electronics (Linxia). Pursuing a diversification strategy, the Group holds shares in leading Associate Companies, such as Total (Mauritius) Limited, Maritim (Mauritius) Limited, Attitude Resorts Management Co. Ltd, Zilwa Resort Ltd and Rehm Grinaker Construction Co. Ltd. which stand amongst are among the leaders in their respective fields. Throughout the years, Harel Mallac Group has been able to enhance as well as leverage its capabilities and effectiveness in all its operations, by allowing its strong values of passion, relationship, integrity, development and excellence to weave themselves deeper into the fabric of its corporate culture.
RETAIL – Compagnie des Magasins Populaires Limitée (CMPL) is the proud franchisee of the French retail outlets chain MONOPRIX. It pioneered the modern retail industry in Mauritius in 1975 with Prisunic, and acquired two new outlets in 2014 in Bagatelle and Cascavelle. HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
35
FINANCIAL REVIEW OF THE GROUP HAREL MALLAC & CO. LTD 31 Dec
BALANCE SHEET (Rs ‘000)
2015
2014 Restated
2013 Restated
2012
2011
Non-current assets Property, plant and equipment Investment properties Intangible assets Investments in associates Investments in financial assets Investments in joint ventures Non-current receivables Deferred tax assets Retirement benefit assets Non-current assets classified as held for sale Current assets Total assets
877,792 360,912 108,772 913,754 27,182 19,334 46,324 33,130 2,111,570 4,498,770
851,675 334,431 106,994 859,660 97,675 43,218 24,958 402 2,199,776 4,518,789
787,715 347,676 123,225 942,929 103,439 26,918 18,412 942 1,986,025 4,337,281
809,665 322,251 118,000 543,330 139,064 21,575 16,303 132 32,439 2,121,258 4,124,017
759,863 316,701 165,276 327,788 115,256 1,138 1,241 4,593 35,388 1,892,752 3,619,996
EQUITY AND LIABILITIES Capital and reserves Stated capital Revaluation and other reserves Fair value reserves Retained earnings Shareholders’ interests Non-controlling interests Total equity
112,594 321,879 (5,834) 1,267,979 1,696,618 270,574 1,967,192
112,594 349,842 (5,457) 1,292,050 1,749,029 304,619 2,053,648
112,594 338,026 (1,328) 1,217,017 1,666,309 348,701 2,015,010
112,594 328,257 22,698 1,316,977 1,780,526 333,568 2,114,094
112,594 349,244 35,712 1,455,301 1,952,851 338,362 2,291,213
586,886 70,739 142,319 43,799 843,743 1,687,835 4,498,770
637,641 67,418 133,914 43,799 882,772 1,582,369 4,518,789
674,769 66,508 110,389 43,799 895,465 1,426,806 4,337,281
375,270 65,812 76,281 29,809 547,172 1,462,751 4,124,017
76,975 56,551 50,606 14,575 198,707 1,130,076 3,619,996
ASSETS EMPLOYED
Non current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Provision for other liabilities and charges Current liabilities Total equity and liabilities
INCOME STATEMENT (Rs ‘000) 31 Dec
2013 Restated 3,974,284
2012
2011
4,742,324
2014 Restated 4,310,396
4,043,432
3,521,008
(6,372) (75,108) (81,480) 65,640 (15,840)
(20,223) (84,680) (104,903) 78,737 (26,166)
50,808 (81,328) (30,520) 13,688 (16,832)
37,649 (45,360) (7,711) 19,444 11,733
132,237 (29,369) 102,868 66,884 169,752
Profit on disposal of investments Net impairment of assets Impairment of goodwill/ investments/ receivables Exceptional items
10,691 (38,938) (28,247)
150,948 (22,890) (16,421) 111,637
6,640 (40,034) (12,397) 43,907 (1,884)
5,046 (7,797) (30,332) (33,083)
81,356 (22,471) 58,885
(Loss)/profit before taxation Income tax expense (Loss)/profit for the year from continuing operations Discontinued operations Post tax loss from discontinued operations (Loss)/profit for the year Non-controlling interests (Loss)/profit attributable to owners of the parent
(44,087) (13,067) (57,154)
85,471 (2,319) 83,152
(18,716) (16,418) (35,134)
(21,350) (13,037) (34,387)
228,637 (29,740) 198,897
(1,649) (58,803) (54,241) (4,562) (58,803) 20,267
(11,560) 71,592 (30,819) 102,411 71,592 28,148
(7,570) (42,704) 7,750 (50,454) (42,704) 33,778
(61,882) (96,269) 11,359 (107,628) (96,269) 33,778
198,897 48,356 150,541 198,897 45,038
11,259,388
11,259,388
11,259,388
11,259,388
11,259,388
(0.26)
10.12
(3.81)
(3.41)
13.37
(0.15) 1.80 150.68
(1.03) 2.50 155.34
(0.67) 3.00 147.99
(6.15) 3.00 158.14
4.00 173.44
Turnover Continuing operations (Loss)/profit before finance costs Finance costs Share of results of associates and joint ventures
Dividends STATISTICS Number of ordinary shares used in calculation (Loss)/earnings per share from continuing operations(Rs/cents) (Loss)/earnings per share from discontinued operations(Rs/cents) Dividends Per Share (Rs) Net Assets Value (Rs)
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2015
A Brighter Future Born of a merger between GML and IBL, two leading groups in Mauritius, and encompassing the best qualities of both, the new IBL Group is committed to making a difference. Solid yet modern, ambitious yet caring, moving with the times yet staying close to our heritage, IBL has the commitment, knowledge and expertise to take on the exciting challenges and opportunities that lie ahead. Making it happen. Together. www.iblgroup.com HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
37
Arnaud LAGESSE Group CEO
SEM Code
IBLL
Classification
Commerce
Registered office
IBL House, Caudan Waterfront, Port Louis
Directors
Jan BOULLÉ - Chairman
Jan BOULLÉ Chairman
Yann DUCHESNE – Group CEO - Operations Pierre GUENANT Jason HAREL Jean Claude HAREL Arnaud LAGESSE – Group CEO Hugues LAGESSE Jean Pierre LAGESSE Thierry LAGESSE Gilles MICHEL Maxime REY Jean RIBET Anne ROGERS Stephane LAGESSE (Alternate to Thierry Lagesse) Company Secretary
IBL Management Ltd
Principal Activity
A major conglomerate engaged in a number of commercial and investment activities.
SUMMARY INFORMATION IBL Ltd results from an amalgamation of Ireland Blyth Limited with and into GML Investissement Ltée, which became effective on 1st July 2016. The first day of listing and trading on the Stock Exchange was 14th July 2016. IBL Ltd is engaged in a wide range of activities from financial services, fish storage and processing to mechanical and electrical engineering, logistics, aviation, shipping operations, distribution of consumer goods and a chain of supermarkets. It holds substantial investments in several industries, such as the real estate industry, tourism, financial services, communication and biotechnologies. The activities of the Group are spread over 18 countries and are classified into 9 sectors, namely Agro, Building & Engineering, Commerce, Financial Services, Hospitality, Industrial, Innovation, Logistics and Properties. The Group has over 13,000 employees.
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FINANCIAL REVIEW OF THE GROUP GML INVESTISSEMENT LTEE (The following Financial Statements relate to GML Investissement Ltee prior to its amalgamation with Ireland Blyth Limited) 30 Jun
ASSETS EMPLOYED Non - current assets Property, plant and equipment Investment property Intangible assets Deferred tax assets Bearer biological assets Retirement benefit assets Finance lease receivables Investments Current assets Assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Revaluation and other reserves Retained profit Non-controlling interests Non-current liabilities Borrowings Retirement benefit obligations Government grants Deferred tax liabilities Other payables Current liabilities Total equity and liabilities
STATEMENTS OF FINANCIAL POSITION (Rs ‘000) 2015 22,250,041 483,926 2,374,760 124,760 12,446 7,378 654,800 10,398,016 36,306,127 13,013,630 21,300 49,341,057 897,883 2,433,692 10,183,768 13,515,343 12,998,883 26,514,226 6,352,460 1,342,142 10,703 799,815 10,000 8,515,120 14,311,711 49,341,057
STATEMENTS OF PROFIT OR LOSS (Rs 000) 30 Jun
Continuing operations Revenue Cost of sales Gross profit Other income Administrative expenses Operating profit Finance income Finance costs Exceptional items Share of profits of associated companies Share of profits of jointly controlled entities Profit before tax Tax expense Profit for the year from continuing operations Discontinued operations Loss for the year from discontinued operations Profit for the year Attributable to: Owners of the Company Non-controlling interests
2015 28,788,142 (20,213,412) 8,574,730 463,457 (6,982,120) 2,056,067 40,997 (732,093) 379,448 406,751 12,259 2,163,429 (241,286) 1,922,143 (88,135) 1,834,008 912,254 921,754 1,834,008
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
39
SEM Code
HWF
Classification
Commerce
Registered office
Innodis Building, Caudan, Port Louis
Principal activities
Poultry farming, manufacturing, marketing and distribution of food and grocery products
Directors
Mr. Victor Seeyave (Chairman) Sir René Seeyave Mr. Jean How Hong (Chief Executive Officer) Mr. Maurice de Marassé Enouf Mr. Gil de Sornay Mr. Wing Soon L.K.C Leung Wan Kin Mr. Imrith Ramtohul Mr. Rahim Bholah Mr. Sonny Wong Lun Sang
Secretary
Box Office Ltd
SUMMARY INFORMATION Innodis is a multi-billion Mauritian company with world-class brands. It is one of the industry leaders in the field of importation, production and distribution of food products in Mauritius. Since its incorporation in 1973, its activities have grown from agrobusiness - namely the production of chicken - to the distribution of a wide range of both locally produced and imported dry goods, frozen foods and chilled products. The Group is currently the leader in Mauritius in poultry production, with a fully vertically integrated operation. It also exports its locally manufactured products to some neighbouring countries. In 1995, Innodis was quoted on the Official Market of the Stock Exchange of Mauritius, with some 2,800 shareholders as at date. From 2009 to 2016, the share price of the company has increased fivefold in value. The Group also manages four cash & carry outlets under Supercash™. In 2010, it started an innovative Point Frais™ franchise consisting of specialist shops selling chilled chicken and other fresh and frozen products of the Group. Innodis has its own recycling facility for the treatment of its waste waters at its poultry production plant, which has been IS0 14001 EMS certified in December 2014. It also recycles the used engine oil of its large distribution fleet, as well as used paper and carton materials at its MFD premises. Innodis has set up a CSR foundation for the funding of selected social projects. The Group has also been committed to distributing healthier and more wholesome foods, such as its probiotic-enriched Dairyvale yoghurt, or the cholesterol-lowering Flora Pro-Activ spread, to name just a few. Core Business Activities: The Group has four core activities: (1) Agro industry, (2) Manufacturing, (3) Imports and Distributive Trade and (4) Retailing. It holds significant market share in sectors like poultry, animal feed, frozen meat, fish and seafood, rice, fruit juice, milk, cheese, yoghurt and ice cream. Its overseas partners include Unilever, Nestlé, Fromageries Bel, Ceres, Doux, Kimberly-Clark, Uhrenholt and Barilla. Its local brands like Prodigal, Carmen, Rimilda, Twin Cows, Olé and Dairyvale have become over the years household favourites. It is also the exclusive distributor of Bois Chéri tea. Just recently, Innodis also started distribution of non-food products including the brands like Cler, C Bon, Savon Bleu and Ultradent. Looking ahead, the Group is poised for regional expansion, namely into Africa. It already operates several broiler farms and a processing plant in Maputo, Mozambique, together with local partner Irvine’s Group. In the coming years, it is also well positioned to grow its export market in the region, primarily through distribution partners that already have a stronghold in fast-growing African economies.
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BALANCE SHEET (Rs 000)
FINANCIAL REVIEW OF THE GROUP INNODIS LIMITED 30 Jun ASSETS Non - current assets Property, plant and equipment Investment property Biological assets Intangible assets Investments in associates Available-for-sale investments Receivables Deferred taxation Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Reserves Foreign exchange translation reserve Retained earnings Shareholders’ interests Minority interests Non-current liabilities Deferred tax Retirement benefits obligations Borrowings Current liabilities Total equity and liabilities
2015
2014
2013
2012
2011
1,669,374 31,982 5,840 6,620 209 13,515
1,656,840 2,149 42,891 6,600 6,866 1,209 13,995
1,683,372 2,620 42,744 8,227 4,891 1,209 17,376
1,369,462 3,091 42,844 18,198 4,612 1,209 18,218
1,454,092 3,561 38,912 28,554 4,633 1,209 18,743
1,987,827 3,715,367
2,042,067 3,772,617
1,961,653 3,722,092
1,654,761 3,112,395
1,275,457 2,825,161
367,303 5,308 387,802 (11,137) 951,976 1,701,252 198,875
367,303 5,308 394,956 (729) 884,333 1,651,171 186,916
367,303 5,308 534,353 (5,265) 927,788 1,829,487 175,033
367,303 5,308 317,115 (35,412) 754,188 1,408,502 265,967
367,303 5,308 327,126 (24,168) 637,030 1,312,599 282,148
57,147 139,739 315,323 1,303,031 3,715,367
60,243 147,533 121,729 1,605,025 3,772,617
83,023 35,905 45,913 1,552,731 3,722,092
76,777 35,264 92,199 1,233,686 3,112,395
87,689 33,052 131,824 977,849 2,825,161
INCOME STATEMENT (Rs 000) 30 Jun Turnover Operating profit Finance costs Share of profit of associates Profit before taxation Taxation Profit/(Loss) attributable to shareholders Minority interest Net Profit Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs)
2015 4,293,739 226,520 (70,694) 72 155,898 (24,343) 131,555 (14,936) 116,619 99,080 36,730,266 3.18 1.85 46.32
2014 4,193,470 211,428 (48,054) 2,294 165,668 (27,160) 138,508 (22,794) 115,714 94,766 36,730,266 3.15 1.85 44.95
2013
2012
4,155,701 275,452 (27,511) 560 248,501 (48,638) 199,863 (37,256) 162,607 96,024 36,730,266 4.43 1.80 49.81
3,869,294 297,059 (36,821) 297 260,535 (48,257) 212,278 (35,692) 176,586 83,743 36,730,266 4.81 1.75 38.35
2011 3,352,013 274,112 (47,280) 7,629 234,461 (35,269) 199,192 (11,025) 188,167 62,658 36,730,266 5.12 1.60 35.74
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
41
SEM Code
LOTO
Classification
Lottery
Registered office
Royal Road, Chapman Hill, Beau Bassin, Republic of Mauritius
Directors as at:
Chian Yew Ah Teck (Chairman)
30 June 2016
Kumari Kavita Achameesing Chian Luck Ah Teck Chian Tat Ah Teck Narghis Bundhun Alex Burstein Michelle Carinci Cyril How Kin Sang Kamben Padayachy Friedrich Stickler Banoomatee Veerasamy
Secretary
Gamma Corporate Services Ltd
Transfer Office
Gamma Corporate Services Ltd
Activities
Lottery
SUMMARY INFORMATION Lottotech Ltd (Lottotech) operates the Mauritius National Lottery on behalf of the Government of Mauritius. Following a Request for Proposal issued by the State Investment Corporation Ltd in March 2008, the proposal of the company, including its structured game plan, was accepted and the company was selected in July 2008 as the preferred bidder for the implementation and operation of the Mauritius National Lottery. In April 2009, the Gambling Regulatory Authority (GRA) issued an exclusive license to Lottotech Ltd to operate the Mauritius National Lottery. The lottery activities are conducted with IGT, which is the exclusive technology partner to Lottotech Ltd. IGT is a leading lottery operator and provider of technology solutions and systems to regulated gaming markets worldwide. The primary objective of Lottotech is to benefit society by funding Good Causes through the sale of “Loterie Nationale” products. Lottotech is responsible for providing Mauritians with safe, regulated and entertaining gaming experiences. Its products are offered through a network of more than 700 retailers throughout Mauritius and Rodrigues. Since the launch, the Mauritius National Lottery has truly become part of everyday life in Mauritius. According to research, Loto maintained its position as the flagship brand and the most popular lottery in Mauritius with almost 100% brand awareness and over 70% of adult participation. On average players spend Rs 73 weekly. Our players should be very proud of the fact that while they were having fun winning, they were also raising money for good causes of national importance. In 2015, over Rs 380 million was transferred to the Consolidated Fund to be distributed to initiatives that contribute towards making Mauritius a better place to live. The National Solidarity Fund received Rs 60 million in 2015 to be used to assist those less fortunate and in need.
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As the operator of the National Lottery, Lottotech has delivered over Rs 3,6 billion since the launch of the lottery to good causes. Lottotech continues to value and contribute towards the growth of our retail partners, many of whom are small to medium sized family owned enterprises. The retail network of over 700 outlets earned over Rs 92 million in commissions in 2015. To support our retail partners and provide better service to our players, the roll out of new merchandising displays, play stations, digital signage continued throughout 2015. Lottotech remains committed to being a socially responsible good corporate citizen; how we make our money is as important as how much. Lottotech is a member of the World Lottery Association (WLA) since 2010 and has achieved the WLA Responsible Gaming level two certification, thus underlining our approach of offering safe, regulated fun through its lottery games. On 3 March 2014, the company was converted into a public company, and on 11 June 2014 it was listed on the Official Market of the Stock Exchange of Mauritius Ltd. The successful listing process created over 8,000 new Central Depository & Settlement Co Ltd (CDS) accounts on the Stock Exchange of Mauritius Ltd, with a total of 12,385 applications and a subscription ratio of 2.99 times. The new shareholders comprised of individual and institutional investors which included foreign investors. Lottotech maintains its commitment to operate the National Lottery in the most effective manner possible to continue to generate funds for government to invest in social programs, while providing its retailers with material earnings and of course giving players a little entertainment for a modest sum. It has redefined and redesigned the organisational and cost structure of the company to reflect the new operational realities announced in the 2015 Budget of the Government. The company remains committed to its responsible gaming strategy and will demonstrate its plan and financial commitment to Responsible Gaming initiatives in Mauritius.
STATEMENT OF FINANCIAL POSITION (Rs ‘000)
FINANCIAL REVIEW OF THE COMPANY LOTTOTECH LTD 31 Dec ASSETS EMPLOYED Non - current assets Property, plant and equipment Other investments Deferred tax asset Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Retained earnings/(accumulated losses) Shareholders’ interests Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liability Current liabilities Total equity and liabilities
2015
2014
2013
2012 *
2011 *
145,977,517 149,835,629 295,813,146
202,379,471 249,394,914 451,774,385
229,760,861 325,431,190 555,192,051
252,061,225 1,000 6,547,264 360,628,826 619,238,315
286,185,695 1,000 16,232,209 279,310,880 581,729,784
100,000,000 42,205,376 142,205,376
100,000,000 54,826,723 154,826,723
100,000,000 284,912 100,284,912
100,000,000 (92,210,153) 7,789,847
100,000,000 (111,587,060) (11,587,060)
1,606,000 4,757,756 147,244,014 295,813,146
2,520,000 8,593,507 285,834,155 451,774,385
882,315 4,141,000 4,677,159 445,206,665 555,192,051
6,355,167 2,438,000 602,655,301 619,238,315
9,061,098 1,336,000 582,919,746 581,729,784
INCOME STATEMENT (Rs ‘000) 31 Dec Turnover Operating profit/(loss) Net finance income/(costs) Profit before taxation Taxation Profit/(Loss) for the period Dividend
2015 1,675,592,800 49,702,397 1,384,616 51,087,013 (10,607,310) 40,479,703 54,400,000
2014 2,725,700,210 189,579,388 7,195,875 196,775,263 (29,813,502) 166,961,761 112,200,000
2013 **
2012 *
3,876,363,745 395,451,054 10,904,260 406,355,314 (62,895,249) 343,460,065 250,000,000
STATISTICS Number of ordinary shares used in calculation of Earnings per Share *** 340,000,000 340,000,000 340,000,000 Number of ordinary shares used in calculation of Dividends per Share *** 340,000,000 340,000,000 340,000,000 Number of ordinary shares used in calculation of Net Assets Value *** 340,000,000 340,000,000 340,000,000 (Loss)/Earnings Per Share (Rs) 0.12 0.49 1.01 Dividends Per Share (Rs) 0.16 0.33 0.74 Net Assets Value Per Share (Rs) 0.42 0.46 0.29 * Year end was 30 June ** Period of 18 months *** Adjusted for the 3,400-for-1 share split in March 2014
2011 *
2,596,359,420 22,911,308 6,150,544 29,061,852 (9,684,945) 19,376,907 -
3,161,490,780 (3,973,640) (3,372,671) (7,346,311) (1,284,012) (8,630,323) -
340,000,000
340,000,000
340,000,000
340,000,000
340,000,000 0.06 0.02
340,000,000 (0.03) (0.03)
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
43
SEM Code
LIR
Classification
Hotel & Leisure
Registered office
58, Pierre Simonet Street, Floreal
Chairman
Arnaud LAGESSE
Chief Executive Officer
Paul JONES
Directors
Arnaud LAGESSE Paul JONES Jean-Claude BÉGA Jean de FONDAUMIÈRE Laurent de la HOGUE Désiré ELLIAH Thierry LAGESSE Stéphane LAGESSE Maxime REY Amaury LAGESSE (Alternate to Stéphane LAGESSE) Dev POOLOVADOO (Alternate to Désiré ELLIAH)
Company Secretary
LUX Hospitality Ltd Per Désiré ELLIAH
Executive Team
Paul JONES - Chief Executive Officer Désiré ELLIAH - Chief Financial Officer Julian HAGGER - Chief Sales and Marketing Officer Dominik RUHL - Chief Operating Officer Marie-Laure AH-YOU - Chief Strategy Officer Nicolas AUTREY - Chief Human Resources Manager Guillaume VALET - Group Head of Legal, Secretarial and Corporate Affairs
SUMMARY INFORMATION Lux Island Resorts Ltd was founded in 1987. The company was admitted to the Official List of the Stock Exchange of Mauritius in November 2005 and is mainly Mauritian-owned. Lux Island Resorts Ltd owns and manages 11 hotels The resorts and hotels in the LUX* portfolio include LUX* Belle Mare, Mauritius; LUX* Le Morne, Mauritius; LUX* Grand Gaube, Mauritius; LUX* South Ari Atoll, Maldives; LUX* Saint Gilles, Reunion Island , LUX* Tea Horse Road Lijiang, Yunnan Province, China, and LUX* Tea Horse Road Benzilan, Yunnan Province, China. Other new properties in the pipeline and opening soon LUX* Al Zorah, United Arab Emirates; LUX* North Male Atoll, Maldives; LUX* Sud Sauvage, Reunion Island, LUX* Bodrum, Turkey, LUX* Dianshan Lake, China and LUX* Phu Quoc, Vietnam. Other properties managed by LUX* Resorts & Hotels are Tamassa, Bel Ombre, Mauritius; Merville Beach, Grand Baie, Mauritius and Hôtel Le Récif, Réunion Island, as well Ile des Deux Cocos, Mauritius, a private paradise island.
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FINANCIAL REVIEW OF THE GROUP LUX ISLAND RESORTS LTD 30 June ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associated companies Other financial assets Deferred tax assets Retirement benefit assets Current assets Assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Issued capital Share premium Treasury shares Other reserves Retained earnings Equity attributable to the owners of the parent Non-controlling interests Interest bearing loans and borrowings Deferred tax liabilities Retirement benefit obligations Government grants Current liabilities Liabilities associated with assets held for sale Total equity and liabilities
30 June 2015
30 June 2014
STATEMENT OF FINANCIAL POSITION (Rs’000) 30 June 2013
30 June 2012
30 June 2011
9,119,335 1,475,084 5 44,732 10,639,156 973,853 11,613,009
7,925,902 1,073,758 232,449 5 21,282 42 9,253,438 1,088,758 10,342,196
7,382,497 1,164,840 217,634 36 36,097 10,216 8,811,320 818,079 228,406 9,857,805
7,545,673 1,177,975 239,337 94 46,214 11,671 9,020,964 839,677 226,241 10,086,882
7,720,305 1,139,583 194,058 57,232 19,734 12,277 9,143,189 1,060,317 132,715 10,336,221
1,367,865 1,308,453 (18,081) 1,919,566 1,185,583 5,763,386
1,140,346 391,819 (18,081) 1,831,456 967,722 4,313,262
1,140,346 391,819 (18,081) 1,337,603 754,435 3,606,122
1,140,346 391,819 (18,081) 1,330,011 651,288 3,495,383
1,140,346 391,819 (18,081) 1,339,963 550,936 3,404,983
1,767
123,472
101,638
102,013
87,724
3,313,722 429,570 49,192 10,703
3,775,476 416,403 37,951 13,215
4,397,471 294,099 45,107 15,068
4,762,879 307,268 36,852 17,079
4,722,196 323,536 32,497 20,764
2,044,669 11,613,009
1,662,417 10,342,196
1,366,943 31,357 9,857,805
1,365,408 10,086,882
1,744,621 10,336,321
STATEMENT OF PROFIT OR LOSS (Rs ‘000) 30 June Revenue Operating profit Net finance costs Share of results of associates Profit before tax Taxation Profit after taxation Result from discontinued operations Non-controlling interest Profit attributable to the group Dividends declared STATISTICS ordinary shares in issue Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
30 June 2015
30 June 2014
30 June 2013
30 June 2012
30 June 2011
4,655,096 679,576 (234,940) 5,326 449,962 (63,629) 386,333 (11,233) (7,064) 368,036 136,787
3,970,747 584,849 (250,044) 263 335,068 (53,243) 281,825 3,124 (13,687) 271,262 56,874
3,771,263 460,945 (303,443) (12,095) 145,407 (38,635) 106,772 3,487 (6,935) 103,324 -
3,714,030 355,290 (331,489) (11,391) 12,410 20,731 33,141 (6,245) 26,896 -
3,153,615 433,635 (322,794) (66,372) 44,469 (32,963) 11,506 (4,947) 6,559 -
136,786,535 3.03 1.00 42.13
114,034,651 2.36 0.50 37.82
114,034,651 0.91 31.62
114,034,651 0.24 30.65
114,034,651 0.07 29.86
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
45
SEM Code
MEI
Classification
Insurance
Registered office
5th floor IBL House, Caudan Waterfront, Port Louis
Directors
Derek WONG WAN PO, BSC, FCCA, Managing Director Yann DUCHESNE Pieter BEZUIDENHOUT, BSC, CA (SA), CISA Dipak CHUMMUN, FCA Gilbert ITHIER, LLB (Hons), Senior Counsel, Barrister-At-Law Subhas LALLAH, Senior Counsel, Barrister-At-Law Alain MALLIATE, FCII, ACIS Robert IP MIN WAN, FCA John Edward O’NEILL, Bcom (Hons), CA (SA) (Alternate Director)
Company Secretary
IBL Corporate Services Ltd
Transfer Secretary
MCB Registry and Securities
Principal Activity
Insurance and leasing businesses
SUMMARY INFORMATION Mauritian Eagle Insurance Company Limited (MEI) was incorporated in December 1973 and started its operations in January 1974. MEI started as a joint venture between IBL (holding 80% of the issued share capital) and South African Eagle Insurance Co Ltd, presently a member of the Zurich Financial Services Group, holding the rest. MEI was listed on the Stock Exchange of Mauritius in 1993 and the shareholding profile changed to 60% of the equity for IBL, 15% held by Zurich Insurance Company South Africa Limited and the remaining 25% by the public respectively. Mauritian Eagle Leasing Company Limited (MELCO) made a rights issue in November 2015 to which MEI did not subscribe. Consequently, MEI’s investment in the leasing business has been reduced from a controlling interest of 51% down to 13.57%. MEI has a 20% stake in H Savy Insurance Co. Ltd in the Seychelles. Moreover, in line with its strategy to concentrate on short term insurance, MEI disposed the remaining 30% shareholding in Metropolitan Life (Mauritius) Ltd in September 2015. MEI operates in both the domestic and commercial markets, transacting all classes of short term insurance. MEI is the first insurance company in Mauritius to be awarded both the ISO 9001:2000 and the QM 9004 Certifications. These certificates were awarded, by SGS Systems & Certifications Services in September 2003 and December 2004 respectively. In September 2009, MEI successfully upgraded its QMS to the ISO 9001:2008 Standard. MEI has been the first organisation in the Indian Ocean region to be awarded certification for the ISO 27001:2005 ISMS Standard in 2007.
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STATEMENTS OF FINANCIAL POSITION (Rs 000)
FINANCIAL REVIEW OF THE GROUP MAURITIAN EAGLE INSURANCE COMPANY LIMITED ASSETS Non-current assets Propety, plant and equipment Intangible assets Investment in associates Statutory and other deposits Financial assets Mortgage and other loans Finance lease receivables Current assets Non current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Reserves Equity attributable to owners of the company Non-controlling interests Total equity Other reserves Insurance funds General insurance fund Life insurance fund Non-current liabilities Loans Deposits from clients Deferred tax liability Current liabilities Total equity and liabilities
Year ended 30 June 2015
Year ended 30 June 2014
Year ended 30 June 2013
Year ended 30 June 2012
Year ended 30 June 2011
511,579 15,483 47,107 2,000 554,595 686,301 1,817,065 2,837,797 21,239 4,676,101
695,403 4,743 59,864 6,000 504,627 934,929 2,205,566 2,001,774 4,207,340
658,780 2,964 54,837 8,000 235,965 1,059,413 2,019,959 1,643,390 3,663,349
589,559 11,028 25,961 2,500 492,350 105,165 934,970 2,161,533 1,507,837 3,669,370
445,909 11,362 19,758 6,500 397,825 105,681 790,521 1,777,556 1,263,430 3,040,986
80,000 633,444 713,444 108,948 822,392 2,388
80,000 637,699 717,699 99,183 816,882 2,388
80,000 568,203 648,203 99,421 747,624 2,388
80,000 456,270 536,270 99,305 635,575 2,346
80,000 395,870 475,870 99,273 575,143 2,334
263,234 -
269,509 -
240,253 -
217,784 593,591
167,088 537,161
88,168 884,583 5,126 2,610,210 4,676,101
73,945 1,040,028 5,408 1,999,180 4,207,340
29,397 833,739 12,046 1,797,902 3,663,349
35,737 683,331 11,980 1,489,026 3,669,370
45,076 543,999 11,581 1,158,604 3,040,986
STATEMENT OF PROFIT AND LOSS (Rs ‘000)
CONTINUING OPERATIONS Gross insurance premiums Gross lease rental income Net revenue Investment income Commission income Other income Claims and expenses Profit from operations Release (to)/from the general insurance fund Finance costs Share of results of associates Profit before disposal of subsidiary Gain recognised on disposal of interest in former subsidiary Profit before taxation Taxation Profit after taxation Transfer to statutory reserve fund Profit for the year from continuing operations Profit for the year from discontinuing operations Profit for the year Profit attributable to: Owners of the company Non-controlling interests STATISTICS Earnings per share from: Continuing and discontinued operations (Rs) Continuing operations (Rs) Dividends per share(Rs) Net assets value(Rs) Number of shares used in calculation
12 months ended 30 June 2015
12 months ended 30 June 2014
12 months ended 30 June 2013
12 months ended 30 June 2012
12 months ended 30 June 2011
1,117,091 227,249 1,344,340 719,489 38,745 83,915 34,556 876,705 (807,026) 69,679 6,275 (132,997) (57,043) 9,167 (47,876) -
1,066,326 279,209 1,345,535 760,536 39,240 73,047 10,255 883,078 (643,802) 239,276 (29,256) (138,611) 71,409 8,497 79,906 -
865,506 572,284 1,437,790 669,440 41,022 68,627 12,311 791,400 (546,023) 245,377 (22,469) (131,434) 91,474 5,521 96,995 34,769
739,262 496,213 1,235,475 627,936 36,459 57,584 10,601 732,580 (459,279) 273,301 (50,696) (130,346) 92,259 5,940 98,199 -
656,072 391,140 1,047,212 535,647 27,118 58,210 15,175 636,150 (417,016) 219,134 (57,944) (132,914) 28,276 6,367 34,643 -
(47,876) (8,823) (56,699) (56,699) (478) (57,177)
79,906 (4,363) 75,543 75,543 417 75,960
131,764 (14,356) 117,408 (42) 117,366 117,366
98,199 (14,960) 83,239 (12) 83,227 83,227
34,643 (8,840) 25,803 25,803 11,231 37,034
6,558 (63,735) (57,177)
76,198 (238) 75,960
117,250 116 117,366
83,195 32 83,227
58,756 (21,722) 37,034
0.82 0.88 1.10 89.18 7,999,998
9.52 9.47 2.40 89.71 7,999,998
14.66 14.66 3.50 81.03 7,999,998
10.40 10.40 2.40 67.03 7,999,998
7.34 5.94 2.10 59.48 7,999,998
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
47
SEM Code
MOR
Classification
Industry
Registered office
Quay Road, Port Louis
Directorship
Messrs: G . Allain DOGER DE SPEVILLE – Chairman Marie Daniel Paul André ESPITALIER NOEL – Managing Director Raoul Joseph Paul CLARENC Akhtar Nawaz Yacoob DAWOOD J. H. Maurice DE MARASSE ENOUF Hansraj RUHEE Ashraf CURRIMJEE Jérôme Paul Edouard CLARENC Yakub Mohammed Kasam MORIA Rehaz SAYED HASSEN
Alternate Directors
Messrs: I. Muddine SAYED HASSEN to Sayed Rehaz Ahmad SAYED HASSEN Mohamed Cassam MOREEA to Yakub Mohammed Kasam MORIA (passed away on 18th May 2016)
Principal Activity
Importing and refining of crude vegetable oil, filling the refined oil in appropriate containers for sale on the local and export markets.
SUMMARY INFORMATION Mauritius Oil Refineries (Moroil) started its commercial operations in 1968 with a subscribed share capital of Rs 2.5M. In line with the national import substitution policy, Moroil set out to ensure the Mauritian population a continuous supply of locally refined edible oils of international quality, at competitive prices. For more than four decades now Moroil has unfailingly sustained these objectives, with a continuous improvement of its production and distribution activities. MSB, HACCP and SA 8000 certified, Moroil today produces oils meeting the most demanding international standards with a quality assurance and consistency in supply which owe the Moroil brands the trust of a wide range of distributors, professional users and consumers. Moroil is looking forward to go a step further in the Global Food Safety initiatives. Moroil’s acknowledged competencies have also been conducive in the setting up of partnerships with renowned European producers, namely Lesieur in France, Sovena in Spain and Attianese in Italy for the representation and marketing of their products on the Mauritian markets. Listed on the SEM since 1990, Moroil is also a constituent of the SEM Sustainability Index (SEMSI) for the years 2015 to 2017 in response to all green initiatives and sustainable practices adopted by the company.
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP MAURITIUS OIL REFINERIES LTD 30 June
2015
2014
2013
2012
2011 Restated
245,398
258,731
56,500 2,433 31,802 9,784
60,500 3,486 34,327 9,785
248,230 59,900 3,223 31,014 9,785
267,331 59,900 1,970 32,125 4,904
271,695 59,900 917 28,376 4,904
319,341 665,258
341,697 708,526
473,539 825,691
392,707 758,937
424,959 790,751
166,401 (36,284) 257,901 388,018
166,401 (4,534) 252,980 414,847
166,401 (18,759) 251,005 398,647
166,401 (1,412) 251,130 416,119
166,401 4,724 221,088 392,213
Minority interest
25,215
28,470
27,997
22,691
22,220
Non-current liabilities Borrowings Deferred tax liabilities Employee benefit obligations
21,934 97,838
1,986 25,175 90,426
3,714 19,975 102,078
5,066 24,400 74,408
6,787 24,586 69,624
132,253 665,258
147,622 708,526
273,280 825,691
216,253 758,937
275,321 790,751
ASSETS EMPLOYED Non-current assets Property, plant and equipment Leasehold land payments Investment property Intangible assets Investments in associated company Investments in securities Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Revaluation and other reserves Retained earnings Shareholders’ interests
Current liabilities Total equity and liabilities
INCOME STATEMENT (Rs ‘000) 30 June
2015
2014
2013
2012
Turnover
1,224,526
1,279,588
1,472,636
1,603,169
2011 Restated 1,506,267
Operating profit Finance costs Share of results of associated company Increase/(Decrease) in fair value of investment property Profit on disposal of financial assets Profit before taxation Taxation Profit for the year Minority interest Profit attributable to owners of the parent
52,949 4,154 3,660
44,207 (454) 5,565
55,697 (3,699) 2,190
89,464 (7,161) 7,567
77,986 (7,655) 5,120
(4,000) 56,763 (7,285) 49,478 1,878 47,600
600 49,918 (7,695) 42,223 312 41,911
54,188 (6,148) 48,040 1,573 46,467
89,870 (13,275) 76,595 (39) 76,634
75,451 (11,427) 64,024 (3,181) 67,205
Dividends
43,264
39,936
46,592
46,592
43,264
33,280,256 1.43 1.30 11.66
33,280,256 1.26 1.20 12.47
33,280,256 1.44 1.40 11.98
33,280,256 2.30 1.40 12.50
33,280,256 1.92 1.30 11.78
STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
HANDBOOK 2016 | OFFICIAL MARKET
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49
Qu’il s’agisse de demandes de devis, de souscrire à une assurance ou de déposer une réclamation, Mauritius Union vous simplifie la vie et vous propose une solution adaptée à vos contraintes quotidiennes : l’assurance en ligne à travers son site www.mauritiusunion.com A travers ce service rapide, sécurisé et pratique, Mauritius Union vient à vous et vous accompagne au quotidien.
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
Mr. Dominique GALEA (Chairperson)
SEM Code
MUA
Classification
Insurance and Other Financial Services
Registered office
4, Léoville L’Homme Street, Port Louis
Directors
Mr. Dominique GALEA (Chairperson)
Mr Bertrand CASTERES (CEO)
Mr. Vincent AH CHUEN Mr Alfred BOUCKAERT Mr Bertrand CASTERES Mrs. Melanie FAUGIER Mr. Bruno de FROBERVILLE Mr Angelo LETIMIER Mr. Lakshmana (Kris) LUTCHMENARRAIDOO Mr. Ashraf MUSBALLY Mr. Mushtaq OOSMAN Mr. Arjoon SUDDHOO Chief Executive Officer
Mr Bertrand CASTERES
Secretary
ECS Secretaries Ltd
Registrar & Transfer Office
Abax Corporate Administrators Ltd
Website
www.mauritiusunion.com
SUMMARY INFORMATION The Mauritius Union Group operates within the financial services industry specialising in short-term insurance (through Mauritius Union General Insurance) and longterm insurance (through La Prudence Life Insurance). The Group consists of the following main subsidiaries: La Prudence (Mauricienne) Assurances Ltée, Feber Associates Ltd, National Mutual Fund Ltd (NMF), Associated Brokers Ltd (ABL) and through Phoenix TransAfrica Holdings Ltd, Phoenix of East Africa Assurance Co. Ltd, Phoenix of Tanzania Assurance Co. Ltd, Phoenix of Uganda Assurance Co. Ltd and Phoenix of Rwanda Assurance Co. Ltd. La Prudence (Mauricienne) Assurances is a subsidiary dedicated to Life insurance. Feber Associates specialises in the implementation and management of pension funds for enterprises. NMF is a fund management company which focuses on two collective investments schemes. ABL provides stock broking services and is also a member of the Stock Exchange of Mauritius Ltd. Since 2014, the Mauritius Union Group is also present in short-term insurance in Africa through its acquisition of the Phoenix TransAfrica Holdings. With headquarters in Nairobi (Kenya) the subsidiary has offices in Uganda, Tanzania and Rwanda.
Key Facts
• Financial services group with 68 years of business experience. • Listed on the Stock Exchange of Mauritius Ltd (code MUA) since 1993. • Approximately 450 staff members in Mauritius. • Head Office and 8 branches in Mauritius, with additional offices in the Seychelles, Kenya, Uganda, Tanzania and Rwanda. Industry Leader
• No. 2 General Insurer and Top 5 Life Insurer • No. 1 Motor Insurer in Mauritius (2014) • No. 1 Net Earned Premiums (2014) Mission and Key Differentiator
Mauritius Union Group is dedicated to protecting the assets, improving the life and securing the future of its broad customer base by being a trustworthy, sustainable and forward-looking organisation. We respect, value and care for our people. We promote continuous development, build teams, act with integrity and endorse ethical behaviour throughout our operations.
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP THE MAURITIUS UNION ASSURANCE CY LTD December-31 ASSETS EMPLOYED Non - current assets Property, plant and equipment Investment properties Intangible assets Motor Insurance Pool Financial assets Non-current receivables Deferred tax assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Revaluation and other reserves Non-distributable share of Life surplus Retained profit Shareholders’ interests Minority Interest Total equity General insurance fund Life assurance fund Investment contract liabilities Outstanding claims Non-current liabilities Borrowings Deferred tax liabilities Employee benefit obligations Current liabilities Total equity and liabilities
2015
2014 *
2013 *
2012
2011
341,164 523,155 691,711 14,325 7,737,897 750,573 59,270 10,118,095 2,631,931 12,750,026
347,358 514,752 746,913 14,397 6,022,172 763,719 72,380 8,481,691 3,573,442 12,055,133
307,079 184,578 561,480 5,396,940 796,799 72,988 7,319,864 2,381,959 9,701,823
294,817 196,578 546,022 4,336,649 912,279 104,165 6,390,510 2,250,004 8,640,514
299,496 190,053 567,750 4,712,208 856,485 119,059 6,745,051 1,376,909 8,121,960
450,900 273,068 30,173 6,803 1,460,631 2,221,575 633,084 2,854,659 1,125,872 5,716,232 577,745 1,407,508
400,800 87,831 14,144 1,327,237 1,830,012 600,033 2,430,045 1,126,264 6,151,442 1,322,868
200,400 42,836 18,075 1,461,202 1,722,513 5,536 1,728,049 734,287 5,841,981 920,359
200,400 (83,067) 9,615 1,321,226 1,448,174 4,766 1,452,940 712,929 5,111,815 886,255
200,400 (46,217) 19,450 1,193,277 1,366,910 5,784 1,372,694 666,808 4,890,975 767,468
300,000 116,674 5,749 645,587 12,750,026
322,936 95,454 4,871 601,253 12,055,133
143,978 24,616 4,283 304,270 9,701,823
163,282 27,264 12,799 273,230 8,640,514
180,993 18,735 7,658 216,629 8,121,960
STATEMENTS OF COMPREHENSIVE INCOME (Rs ‘000) December-31 Revenue Operating profit Finance costs Share of profit from a joint venture Profit before taxation Taxation Profit after taxation Minority Interest Profit attributable to equity holders of company Dividends STATISTICS Number of ordinary shares used in calculation Basic and diluted Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs) * adjusted for Bonus Issue and Right issue
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HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
2015
2014
2013
2012
2011
3,456,736 468,533 (24,778) (136) 443,619 (95,618) 348,001 (99,099) 248,902 108,968
2,720,803 231,029 (18,572) 1,697 214,154 (45,555) 168,599 (20,047) 148,552 100,200
2,328,684 316,593 (15,478) 301,115 (40,995) 260,120 (630) 259,490 100,200
2,209,525 288,709 (16,994) 271,715 (38,532) 233,183 26 233,209 100,200
2,167,743 312,123 (10,543) 301,580 153,965 455,545 (657) 454,888 100,200
42,354,540 5.88 2.50 49.27
40,400,640 3.68 5.00 45.66
40,080,000 6.47 5.00 42.98
20,040,000 11.64 5.00 72.26
20,040,000 22.70 5.00 68.21
AMERICAN EXPRESS You either have it or you don’t.
Privileges
Deals
Rewards
www.americanexpress.mu
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53
Mr. Didier HAREL (Chairperson)
SEM Code
MCBG.N0000 (Ordinary Shares), MCBG.D2023 (Notes)
Classification
Banks, insurance and other finance
Registered office
Sir William Newton Street, Port Louis
Directors
Didier HAREL (Chairperson)
Mr. Pierre Guy NOEL (Chief Executive)
Sunil BANYMANDHUB Jean-Jacques DUPONT DE RIVALZ DE ST ANTOINE Gilbert GNANY Navin HOOLOOMANN, C.S.K. Jean-Louis MATTEI Jean Pierre MONTOCCHIO Pierre Guy NOEL Karuna BHOOJEDHUR-OBEEGADOO Alain REY Margaret WONG PING LUN Activity
Banking, financial and related services
Secretary
MCB Registry & Securities Ltd.
Transfer Registrar
MCB Registry & Securities Ltd.
SUMMARY INFORMATION MCB Group is an integrated banking and financial services provider offering a wide range of tailored and innovative solutions through dedicated local and foreign subsidiaries and associates. In March 2013, the Group embarked on a restructuring exercise with a view to separating its banking operations from its non-banking operations. The reorganisation led to the incorporation of a new ultimate holding company, MCB Group Limited (listed on the Stock Exchange of Mauritius on 3 April 2014), under which the subsidiaries and associates were regrouped in three distinct clusters namely Banking, Non-Banking Financial and Other Investments. Established since 1838, MCB Ltd, which is the Group’s former holding company, is the mainstay of the organisation. It has cemented its position as the leading banking sector player in Mauritius, in the process playing a key role in promoting the country’s socio-economic development. The Group is increasingly a prominent financial services player in the region, with its expansion beyond domestic shores having been initiated since the early 1990s. Its presence abroad spans 9 countries, namely Madagascar, Seychelles and Maldives through dedicated subsidiaries; Reunion Island, Mayotte and France through its associate Banque Française Commerciale Océan Indien; and Mozambique via its associate Société Générale Moçambique. It also operates representative offices in Paris, Johannesburg and Nairobi under the aegis of MCB Ltd. Leveraging a wide network of correspondent banks, the latter is also actively involved in cross-border deals and transactions mainly in sub-Saharan Africa. The Group has also diversified its activities into the nonbanking field, offering a comprehensive range of investor-related services namely stockbroking, corporate finance advisory, investment management, register & transfer agent and private equity financing as well as leasing and factoring services. A cornerstone of the Group’s diversification strategy is the ‘Bank of Banks’ initiative which aims to position itself as a regional hub for handling trade finance and payments for banking counterparts as well as providing card operations outsourcing and consulting services notably linked to project and change management, through dedicated subsidiaries. The Group’s rich history, commitment to its clients, innovative culture and dedicated employees underpin its solid franchise and long track record of sustained profitability. In addition, MCB Group is a ‘sustainable’ organisation that adopts wide-ranging initiatives for promoting social welfare, natural resource protection and energy saving. The shares of the Group (MCB Ltd was the quoted company prior to the restructuring exercise) are listed on the Official Market of the Stock Exchange of Mauritius since its inception in 1989. It has a large and diversified shareholder base with more than 18,000 local and foreign investors. Its market capitalisation, which is the largest on the local bourse, stands currently at above Rs 50 billion, representing a share of some 25%. In addition, MCB Group Ltd forms part of the constituents of the Stock Exchange of Mauritius Sustainability Index (SEMSI), launched in September 2015, and which provides a measure of listed companies against a set of internationally aligned and locally relevant environmental, social and governance criteria.
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CONSOLIDATED BALANCE SHEET (Rs’m)
FINANCIAL REVIEW OF MCB GROUP LIMITED Group 30 Jun
ASSETS Cash and cash equivalents Securities and other investments Loans and advances to customers Other assets Tangible fixed assets Total assets LIABILITIES AND SHAREHOLDERS EQUITY Deposits Other borrowed funds Subordinated loans Other liabilities and provisions Minority interests in subsidiaries Shareholders' Equity Ordinary share capital Reserves Retained earnings Total equity and liabilities Contingent Liabilities Acceptances, Guarantees, Letters of credit, Endorsements and Other Obligations on account of customers and foreign exchange contracts Commitments Tax Assessment Other TOTAL
Proforma Group
2015
2014
2013
2012
2011
24,528.6 57,623.9 172,253.6 19,573.2 6,033.5 280,012.8
18,802.0 42,343.2 156,426.6 17,269.3 6,045.3 240,886.4
15,394.1 28,824.0 151,824.5 14,172.2 6,312.8 216,527.6
10,847.0 22,803.9 138,647.4 12,668.6 6,316.1 191,283.0
9,011.6 24,351.6 122,639.8 10,768.5 5,918.1 172,689.6
219,681.4 7,770.0 5,555.7 9,323.5 1,748.9
186,087.5 8,879.2 5,409.1 7,806.3 1,736.6
166,113.2 13,392.7 6,894.3 1,621.8
150,877.2 7,434.4 6,103.8 1,552.7
136,209.8 5,153.7 1,278.9 4,746.7 1,571.5
2,397.2 6,034.5 27,501.6 35,933.3 280,012.8
2,383.3 4,349.5 24,234.9 30,967.7 240,886.4
2,615.8 4,404.2 21,485.6 28,505.6 216,527.6
2,593.4 3,977.6 18,743.9 25,314.9 191,283.0
2,581.7 4,248.6 16,898.7 23,729.0 172,689.6
45,697.1 4,633.0 797.2 1,293.9 52,421.2
64,082.9 4,660.7 272.1 1,534.5 70,550.2
48,028.4 5,237.8 121.6 1,702.4 55,090.2
39,134.1 4,741.8 68.0 1,416.0 45,359.9
33,143.1 3,922.3 315.4 1,001.0 38,381.8
INCOME STATEMENT (Rs’m) Group 30 Jun
Interest income Interest expense Net Interest income Other income Operating Income Non interest expense Allowance for credit impairment Impairment of intangible assets Impairment of available-for-sale investments Profit before tax Income taxes Profit after tax Minority interest Profit attributable to shareholders Dividend STATISTICS Number of ordinary shares used in calculation (000) Earnings / (loss) Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs)
2015
12,844.3 (4,690.1) 8,154.2 5,434.8 13,589.0 (5,525.6) (1,163.1) 6,900.3 (1,129.1) 5,771.2 (49.2) 5,722.0 1,904
238,046 24.04 8.00 151.00
Proforma Group 2014
11,953.7 (4,697.4) 7,256.3 5,558.8 12,815.1 (5,353.3) (1,989.0) (50.1) 5,422.7 (969.6) 4,453.1 (88.1) 4,365.0 1,511
237,977 18.34 6.35 130.13
2013
11,616.3 (4,569.2) 7,047.1 4,233.6 11,280.7 (4,962.0) (1,081.0) 5,237.7 (858.8) 4,378.9 (34.2) 4,344.7 1,450
237,718 18.28 6.10 119.91
2012
11,077.2 (4,692.4) 6,384.8 3,785.8 10,170.6 (4,603.6) (518.8) (1.2) 5,047.0 (889.9) 4,157.1 (32.4) 4,124.7 1,390
237,606 17.36 5.85 106.54
2011
9,924.7 (4,038.4) 5,886.3 3,844.9 9,731.2 (4,021.7) (315.1) (24.4) 5,370.0 (853.4) 4,516.6 (25.5) 4,491.1 1,366
237,460 18.91 5.75 99.93
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MCFI SEM Code
MCFI
Classification
Industry
Registered office
Chaussée Tromelin, Fort George, PO Box 344, Port Louis, Mauritius
Directors
Antoine L. HAREL (Chairman) Suie Sen Hock Meen AH KINE Shemboosingh CHEEKHOOREE Allain DOGER DE SPEVILLE Charles HAREL Guy HAREL Harold NG KWING KING Vincent LABAT Michel RIVALLAND GOSK
Managing Director
Shemboosingh CHEEKHOOREE
Secretary
HM Secretaries Ltd
Principal Activity
Manufacturing and supply of fertilizers, industrial and specialty chemicals and detergents
SUMMARY INFORMATION The Mauritius Chemical and Fertilizer Industry Limited (MCFI) is a pioneering manufacturing company, operating a fertilizer plant in the Port Area since 1974. It specialises in the formulation, supply and application of fertilizers for the sugar cane industry and other agricultural crops. MCFI is a public company and also one of the main subsidiaries of the Harel Mallac Group, a leading conglomerate in Mauritius. It has been listed on the official market of the Stock Exchange of Mauritius since 6th October 1989. In addition to the production and supply of fertilizers, MCFI services the regional market through its three fully-owned subsidiary companies, namely, MCFI (Freeport) Ltd., MCFI International & Co. Ltd and MCFI International (Zambia) Limited, which are involved in the trading of commodities in Africa. In line with its strategic intent towards a greener and more sustainable agro-industry, MCFI, in collaboration with the Mauritius Cooperative Agricultural Federation and the Indian Farmers Fertilizer Cooperative (IFFCO), set up a bio-fertilizer plant in February 2015. This has further consolidated its position as a key operator in the fertilizer business. MCFI Ltd. is also the holding company of Coolkote Enterprises Ltd., a contracting company involved in the supply and application of waterproofing compounds and specialised decorative coatings since 1st September 2008. MCFI also manages two fellow subsidiaries, namely Chemco Limited, which manufactures detergents, trades in chemicals and other general goods as well as offers water treatment and laboratory services, and Bychemex Limited, which specialises in textile auxiliaries. MCFI is an important shareholder in Rehm Grinaker Construction Co. Ltd., a leading company operating in the construction and civil sector in Mauritius and in Rehm Grinaker Properties, with an equity participation of 21.5% in each entity.
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THE STOCK EXCHANGE OF MAURITIUS LTD
FINANCIAL REVIEW OF THE GROUP THE MAURITIUS CHEMICAL AND FERTILIZER INDUSTRY LTD 31 Dec
ASSETS Non - current assets Property, plant and equipment Investment properties Investments in associates Investments in securities Intangible assets Non Current Receivables Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Revaluation and other reserves Retained earnings Shareholders’ interests Non controlling interest Non-current liabilities Deferred tax Retirement benefits Borrowings Current liabilities Total equity and liabilities
2015
2014
STATEMENTS OF FINANCIAL POSITION (Rs ‘000) 2013
2012
2011
106,347 11,492 16,606 10,745 2,027 334,919 577,706 1,059,842
136,172 15,485 12,309 115 359,026 570,592 1,093,699
132,460 12,877 16,120 115 304,026 528,645 994,243
145,069 7,698 17,319 115
144,596 37,777 24,341 115
758,924 929,125
687,557 894,386
220,064 1,219 495,230 716,513 -
220,064 31,862 508,148 760,074 -
220,064 40,145 498,514 758,723 -
220,064 43,530 508,618 772,212 -
220,064 46,911 512,243 779,218 -
13,300 12,680 376 316,973 1,059,842
14,927 13,458 1,438 303,802 1,093,699
14,005 8,158 2,370 210,987 994,243
1,906 14,159 6,698 134,150 929,125
345 14,274 6,255 94,294 894,386
STATEMENT OF COMPREHENSIVE INCOME (Rs ‘000) 31 Dec Turnover Operating (loss)/profit Other income Net Finance income/(costs) Exceptional items Share of profit/(loss) of associates Profit before taxation Taxation Profit after taxation from continuing operations Post tax profit from discontinued operations Minority interests Profit attributable to shareholders Dividends
2015 766,935 (39,067) 50,378 1,244 (1,879) 10,676 (8,189) 2,487 2,487 15,405
2014 754,961 (23,580) 47,541 1,129 3,946 29,036 404 29,440 29,440 19,806
2013 812,258 (5,096) 34,725 (596) (7,727) 21,306 (9,242) 12,064 12,064 22,006
2012 800,951 (9,003) 40,042 2,008 (18,335) 14,712 (7,247) 7,465 10,754 18,219 22,006
2011 690,404 17,966 36,100 5,758 (7,314) 52,510 (16,640) 35,870 12,470 48,340 22,006
STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs)
22,006,418 0.11 0.70 32.56
22,006,418 1.34 0.90 34.54
22,006,418 0.55 1.00 34.48
22,006,418 0.83 1.00 35.09
22,006,418 2.20 1.00 35.41
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THE STOCK EXCHANGE OF MAURITIUS LTD
57
SEM Code
MDIT
Classification
Investment
Registered office
7th Floor, Newton Tower, Sir William Newton Street, Port-Louis Tel: (230) 213 2298 Fax: (230) 213 2636 Email:
[email protected] Website: www.mdit.mu
Directors
Georges LEUNG SHING (Chairperson) Catherine AHNEE-GOUEREC Aruna COLLENDAVELLOO Lloyd COOMBES Christian FOO KUNE Roger LEUNG SHIN CHEUNG François MONTOCCHIO Tahen Kumar SERVANSINGH Catherine MCILRAITH
Manager
Vicky DUCASSE
Accountant
Stephane CHOO PAK CHOON
Company Secretary
JLP COMPANY SECRETARIAL SERVICES LTD Represented by Mr Fabrice PARSOORAMEN
Principal Activity
Investment in securities of companies established to promote the economic, industrial and tourism development of the country.
SUMMARY INFORMATION The Mauritius Development Investment Trust Company Limited (MDIT), incorporated in 1967 is the first approved Investment Trust in Mauritius and a Collective Investment Scheme (CIS), authorised as a Closed-end Fund by the Financial Services Commission under the Securities Act 2005.
MDIT has been playing a major role over the last forty eight years in the development of the financial sector and capital markets in Mauritius. Through its active involvement on the SEM, MDIT exerts a significant influence in the advancement of an industry which is one of the main contributors to the country’s economic growth.
MDIT is also one of the first companies to be listed on the Official List of the Stock Exchange of Mauritius (SEM) on 29 June 1989, at the same time as The Mauritius Commercial Bank Ltd (MCB), Omnicane Ltd, formerly Mon Trésor and Mon Désert Ltd (MTMD), which was MDIT’s main shareholder until 31 March 2010, and The United Basalt Products Ltd (UBP).
At 30 June 2015, MDIT’s main local portfolio value was in the sectors of Investments (56%), Banks, Insurance and Other Finance (12%), Hotels (10%), Industry (4%), and Commerce (2%).
As at 30 June 2016, MDIT had 4,917 shareholders, with a substantial shareholder being Golden Foundation Ltd. The board of MDIT is made up of non-executive and independent directors who have a vast experience in their respective fields of expertise and participate actively in the board and committee meetings. MDIT is managed by Golden Fund Management Services Ltd, formerly Omnicane Fund Management Services Ltd, a wholly-owned subsidiary of Golden Foundation Ltd. MDIT’s objective is to secure for investors the benefits of a good dividend yield as well as long-term capital growth. At 30 June 2015, its portfolio of investments was well spread in 104 local companies covering all sectors of the Mauritian economy, with Official Market (OM), Development and Enterprise Market (DEM) and Unquoted shares accounting for 87% of the total portfolio value, and the balance of 13% being in diversified overseas securities.
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MDIT’s main income streams are derived from dividends and profits on sales of investments. As the investments of MDIT are in shares of companies that retain, on average, some 95% of their earnings, its policy is to distribute around 95% of its profit after tax on a cost basis. This policy together with the good performance of its well diversified portfolio, have over the years, enabled distributions of relatively higher dividend yields for investors. At 30 September 2015, MDIT shares ranked 8th amongst all the listed securities, in terms of the SEM Total Return Index (SEMTRI) with an annualised return of 18.71% since its listing.
BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP THE MAURITIUS DEVELOPMENT INVESTMENT TRUST COMPANY LIMITED 30 Jun
2015
2014
2013
2012
2011
Non-current assets Investments Current assets Total assets
1,605,944 164,393 1,770,337
1,617,421 189,666 1,807,087
1,669,306 188,100 1,857,406
1,452,952 230,357 1,683,309
1,651,090 217,477 1,868,567
EQUITY AND LIABILITIES Capital and reserves Stated capital Retained surplus Total equity Current liabilities Total equity and liabilities
423,388 1,248,540 1,671,928 98,409 1,770,337
423,388 1,269,993 1,693,381 113,706 1,807,087
423,388 1,307,770 1,731,158 126,248 1,857,406
423,388 1,081,493 1,504,881 178,428 1,683,309
423,388 1,285,828 1,709,216 159,351 1,868,567
ASSETS EMPLOYED
INCOME STATEMENT (Rs ‘000) 30 Jun
2015
Income from investments Interest receivable Gain/(loss) on exchange Other income Profit/(loss) on sale of local investments (loss)/Profit on sale of overseas investments
2013
2012
2011
48,364 13,787 (405) 40,748 11 102,505 19,082 (21,762) 99,825 (2,118) 97,707 135,484
124,505 16,663 654 3,330 (5) 145,147 239,000 (25,274) 358,873 (1,346) 357,527 131,250
36,857 17,359 577 459 (3) 55,249 (101,073) (26,055) (71,879) (1,206) (73,085) 131,250
39,221 12,800 (2,931) 37,218 (2,321) 83,987 271,646 (24,193) 331,440 (2,669) 328,771 159,476
423,387,518 0.26 0.47 0.32 3.94 5.97
423,387,518 0.23 0.46 0.32 4.00 5.33
423,387,518 0.84 0.59 0.31 4.09 5.74
423,387,518 (0.17) 0.32 0.31 3.72 6.14
423,387,518 0.78 0.43 0.41 4.25 6.95
Surplus/(deficit) on revaluation of investments Expenses Profit/(loss) before taxation Taxation Profit/(loss) for the year Dividends declared during the year STATISTICS Number of ordinary shares used in calculation* Earnings/(loss) per share (Rs) Earnings per share (cost basis)** (Rs) Dividend per share (Rs) Net Asset Value*** (Rs) Dividend yield (%)
2014
40,208 12,496 1,460 7,073 4,439 (446) 65,230 71,203 (22,094) 114,339 (2,308) 112,031 135,484
* Figures are after the 1:5 bonus issue in March 2011 ** Excludes revalution surplus/(deficit) *** Includes final dividend declared
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
59
SEM Code
NIT
Classification
Fund Management
Registered office
8th Floor, Newton Tower, Sir William Newton Street, Port Louis
Chairman
Raj Ringadoo
Directors
Mazahir Adamjee Chaya Dawonauth Veenay Rambarassah Nikhil Treebhoohun
Chief Executive Officer
Gaetan Wong To Wing
Principal Activity
Fund Management
SUMMARY INFORMATION The Company was incorporated as a closed-end fund whose principal activity was to invest in shares and securities in both the local and international markets. In January 2008, the Company got the approval from the relevant authorities to go ahead with its plan to split its assets into three distinct and separate parts, namely: (i) Sub-Fund 1: NIT Local Equity Fund, to hold all domestically quoted stocks; (ii) Sub-Fund 2: NIT Global Opportunities Fund, to hold all overseas investments; (iii) NIT Ltd, to hold the local unquoted shares and manage the above two funds. The Company was granted a CIS Manager Licence on 21st June 2010 and, the NIT Unit Trust was authorized to operate as a Collective Investment Scheme under Section 97 of the Securities Act 2005 on15 January 2013. Consequently, all investment activities carried out by the Company are now subject to certain restrictions. NIT Fund Family : NIT Local Equity Fund NIT Global Opportunities Fund NIT North America Fund NIT Global Value Fund NIT Global Bond Fund NIT Europe Fund NIT Global Healthcare Fund NIT Emerging Markets Fund
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP NATIONAL INVESTMENT TRUST LIMITED 30 Jun
2015
2014
2013
2012
2011
ASSETS EMPLOYED Non-current assets Plant and equipment Deferred tax asset Intangible assets Investments Portfolio of domestic securities Portfolio of overseas securities Fixed income securities Other Receivables Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Capital redemption reserve Share premium Surplus on realisation of investments reserve Investment revaluation reserve Retained profit Shareholders’ interests Non-current liabilities Deferred tax liability Bank Loan Retirement benefit obligations Current liabilities Total equity and liabilities
34,902,978 -
38,523,180 -
41,761,267 -
45,098,042 -
48,915,478 -
450,000,000 23,789,368
450,000,000 13,859,928
882,639,231 -
774,645,072 -
852,750,000 -
105,750,000 351,353,343 965,795,689
211,500,000 272,923,533 986,806,641
62,324,058 986,724,556
62,995,930 882,739,044
69,516,676 971,182,154
137,025,000 19,693,346 438,354,155 365,857,908 960,930,409
137,025,000 19,693,346 433,800,000 378,560,256 969,078,602
137,025,000 319,722,000 19,693,346 -377,393,998 791,439,231 76,598,624 967,084,203
137,025,000 319,722,000 19,693,346 -377,393,998 683,445,072 77,091,630 859,583,050
137,025,000 319,722,000 19,693,346 -377,393,998 761,550,000 83,645,308 944,241,656
997,508 3,867,772 965,795,689
997,508 7,500,000 9,230,531 986,806,641
1,087,299 11,250,000 7,303,054 986,724,556
941,408 15,000,000 7,214,586 882,739,044
1,126,519 18,750,000 7,063,979 971,182,154
INCOME STATEMENT (Rs ‘000) 30 Jun Domestic dividend receivable Domestic interest receivable Overseas investment income Management fees receivable Exit fees receivable Initial Service charge Surplus on portfolio of investments Other Income Expenses Profit before tax Taxation Net income after tax Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Re) Net Assets Value (Rs)
2015
2014
2013
2012
2011
14,582,764 3,797,552 11,944,577 925,518 4,554,155 6,389,984 42,194,550 29,642,343 12,552,207 -146,650 12,405,557 20,553,750
13,377,352 14,552,933 11,494,213 283,537 -9,639,231 30,068,804 17,809,779 12,259,025 -2,043,126 10,215,899 8,221,500
9,772,243 2,630,345 9,987,425 395,961 107,994,159 130,780,133 16,217,246 114,562,887 -210,484 114,352,403 6,851,250
4,834,320 2,814,209 9,313,189 442,873 1,461 -78,104,928 -60,698,876 16853114 -77,551,990 -255,366 -77,807,356 6,851,250
4,260,000 3,166,979 10,066,004 1,445,547 11,968 76,667,900 254,017 95,872,415 17,411,160 78,461,255 -472,893 77,988,362 6,851,250
13,702,500.00 0.90 1.50 70.13
13,702,500 0.75 0.60 70.72
13,702,500 0.46 0.50 70.58
13,702,500 0.02 0.50 62.73
13,702,500 0.10 0.50 68.91
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
61
SEM Code
NMH
Classification
Hotel & Leisure
Registered office
Beachcomber House, Botanical Garden Street, Curepipe
Directors
Hector ESPITALIER NOEL (Chairman) Gilbert ESPITALIER NOEL (Appointed as CEO on 01 July 2015) Herbert COUACAUD Denys Marcel MASSON (Resigned on 7 May 2016) Francois VENIN (Appointed on 20 July 2015) Sunil BANYMANDHUB Jean Pierre MONTOCCHIO Louis RIVALLAND Colin TAYLOR Jacques SILVANT
Secretarial Services
Beachcomber Limited
Principal Activity
Hospitality Industry
SUMMARY INFORMATION NMH is a public limited company incorporated on 24th December 1964. NMH owns and operates eight resort hotels in Mauritius, one in Morocco and one in Seychelles under the Beachcomber brand, with a total of 2,199 available room keys as at 30 September 2015. It is also engaged in tour operating activities through its local and foreign subsidiaries. Moreover, NMH operates a flight and inland catering unit in Mauritius under the Plaisance Catering brand. Finally, it is involved in property development in Morocco, notably the ‘Domaine Palm Marrakech’. Stock Exchange Listing was granted on 12th June 1996.
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP NEW MAURITIUS HOTELS LIMITED 30 Sep ASSETS EMPLOYED Non - current assets Property, plant and equipment Intangible assets Investment in associates Available-for-sale financial assets Other non-current assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Reserves Retained earnings Shareholders’ interests Minority interests Non-current liabilities Convertible preference shares Long term borrowings Deferred tax liabilities Employee benefit liability Current liabilities Total equity and liabilities
2015
2014
2013
2012
2011
25,508,538 1,696,073 535,395 4,512 575,877 8,476,106 36,796,501
24,826,796 1,697,550 526,863 25,340 917,161 7,751,854 35,745,564
22,681,483 1,707,528 524,683 26,021 560,735 7,566,844 33,067,294
20,839,342 1,706,910 509,585 19,141 434,221 6,181,915 29,691,114
20,196,683 1,710,384 520,746 39,721 374,421 6,413,051 29,255,006
5,000,000 6,741,204 1,905,733 13,646,937 59,067
1,724,361 6,857,400 4,610,033 13,191,794 74,257
1,724,361 4,452,955 6,499,379 12,676,695 68,915
1,724,361 4,967,995 5,709,950 12,402,306 58,662
1,724,361 5,013,846 5,447,655 12,185,862 46,799
1,755,115 10,401,739 1,508,201 1,126,060 8,299,382 36,796,501
9,430,966 1,419,966 718,752 10,909,829 35,745,564
10,112,954 1,432,529 740,656 8,035,545 33,067,294
8,263,293 1,410,725 405,474 7,150,654 29,691,114
9,315,370 1,487,276 6,219,699 29,255,006
INCOME STATEMENT (Rs ‘000) 30 Sep
2015
2014
2013
2012
2011
Revenue Operating profit Finance costs Amortisation of intangible assets Share of result of associates Other income Pre-operational expenses (Marrakech Project) Impairment of goodwill Profit before tax Taxation Profit after tax Non- controlling interests Profit attributable to shareholders Dividends
9,356,658 1,074,051 (940,718) (5,881) 13,956 132,446 (5,883) 267,971 (60,394) 207,577 (38,599) 168,978 -
8,793,343 981,884 (688,640) (4,594) 1,423 260,476 (61,697) 488,852 12,782 501,634 (43,140) 458,494 161,424
7,818,863 1,001,086 (609,491) (3,952) 41,039 112,348 (103,195) 437,835 (25,820) 412,015 (34,288) 377,727 161,424
8,110,396 1,267,493 (586,541) (3,831) (12,349) 30,630 (92,470) 602,932 7,987 610,919 (29,285) 581,634 -
7,622,377 1,172,684 (486,150) (3,912) 24,398 143,033 (46,871) 803,182 (50,718) 752,464 (25,912) 726,552 322,847
STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
484,270,608 0.35 28.30
Restated 484,270,608 0.95 0.33 27.39
161,423,536 2.34 1.00 78.96
161,423,536 3.60 77.19
161,423,536 4.50 2.00 75.78
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
63
SEM Code
MTMD
Classification
Sugar and Energy
Registered office
7th Floor, Anglo-Mauritius House, A. de Plevitz Street, Port Louis
Board of Directors
Directors as at 31 December 2015 Kishore Sunil Banymandhub
Non-Executive Chairperson
Jacques M. d’Unienville
Chief Executive Officer
Preetam Boodhun
Non-Executive Director
Marc Hein, G.O.S.K Non-Executive Director Imalambaal Vythilingum Kichenin Georges Leung Shing
Non-Executive Director
Pierre M. d’Unienville
Non-Executive Director
Didier Maigrot
Non-Executive Director
Thierry Merven
Non-Executive Director
Nelson Mirthil
Chief Finance Officer
Swaminathan Ragen Non-Executive Director Manorama Devrani Mathur-Dabidin Omduthsing Sookaye
Non-Executive Director
Secretaries
Omnicane Management & Consultancy Limited
Principal Activity
Our primary activity consists in the cultivation of sugarcane and the production of refined sugar, bioethanol, thermal energy, and electricity. We pride ourselves on our unique systemic ability to carry out those productions in integration, with resulting optimal efficiency and minimal waste. Logistics and haulage are an integral part of our primary operations, while judicious property planning and development is central to the strength and growth of our business.
SUMMARY INFORMATION Omnicane Limited, incorporated in 1926, is a public company on the Official List of the Stock Exchange of Mauritius. The company is a leader of the modern sugarcane industry, following adherence to all the measures and actions proposed in the Multi Annual Adaptation Strategy 2006-2015 for ensuring the sustainability and viability of the sugarcane industry. Its issued share capital is held 70.25% by Omnicane Holdings Ltd (OMHL), 10.08% by the National Pensions Fund and 19.67% by some 2,217 individuals and companies. The vision of Omnicane Limited is to be an inspiration for sustainable development in its operations whilst its mission is to strive to make the utmost sustainable use of the natural resources at its disposal, for the benefit of all. With sugarcane cultivation and transformation at the core of its activities, and its sugar and energy operations centered on the flexi-factory complex situated at La Baraque, ‘Integrating Energies’ translates Omnicane’s resolve to plan and execute its entire production as an integrated whole, for optimum flexibility, maximum efficiency and minimal waste by using one operation’s waste as another’s raw material. Omnicane’s strategy is to export its cane-cluster model to Africa and to seize new opportunities in the renewable energy sector in the region. Currently, its main project in the East African region is the completion of the sugar and energy project in Kwale, Kenya. This is one of the largest green-field sugar projects being undertaken in Africa. In addition, property development is becoming a major development pillar for the Group in line with the vision of the Government of Mauritius to promote smart cities around the island. The Mon Trésor smart city has been officially launched in June 2015 and the company will ensure that this development complies with the principles of sustainability, more specifically in line with the requirements of the BREEAM Communities framework. Omnicane Limited and its subsidiaries are managed by Omnicane Management & Consultancy Limited.
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FINANCIAL REVIEW OF OMNICANE GROUP As at 31 December ASSETS EMPLOYED Non-current assets Property, plant and equipment Intangible assets Investment in associated companies Investment in financial assets Deposit on investments Bearer biological assets Deferred expenditure Deferred tax assets Current assets Non-current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Revaluation and other reserves Retained earnings Owners’ interests Non-controlling interests Total equity Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liabilities Current liabilities Total equity and liabilities
For the year ended 31 December Revenue Operating profit Amortisation of VRS costs Investment income Finance costs Share of results of associates Profit/(Loss) before exceptional items Exceptional items Profit before taxation Taxation Profit after taxation Non-controlling interests Profit attributable to owners of the parent Proposed dividend STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Re) Dividend Per Share (Re) Net Asset Value (Rs)
STATEMENT OF FINANCIAL POSITION (Rs ‘000) 2015
2014
2013
13,042,348 1,491,311 2,043,807 293,628 283,082 165,578 74,547 17,394,301 5,186,517 469,172 23,049,990
13,278,278 1,523,252 1,464,695 308,404 36,040 173,497 14,023 48,203 16,846,392 4,365,511 469,172 21,681,075
13,495,571 1,541,641 1,245,843 266,437 173,614 38,025 7,015 16,768,146 3,940,533 484,916 21,193,595
502,593 292,450 6,228,318 1,813,558 8,836,919 965,743 9,802,662
502,593 292,450 6,449,007 1,707,386 8,951,436 1,024,026 9,975,462
502,593 292,450 6,418,298 1,644,823 8,858,164 969,365 9,827,529
5,753,021 350,143 228,258 6,331,422 6,915,906 23,049,990
5,711,537 253,811 187,934 6,153,282 5,552,331 21,681,075
5,815,315 237,794 155,882 6,208,991 5,157,075 21,193,595
2015
2014
2013
4,098,894 565,714 (13,023) 93,710 (649,939) 173,275 169,737 164,666 334,403 (46,569) 287,834 (56,893) 230,941 167,531
3,878,200 438,937 (14,084) 104,279 (656,021) (63,187) (190,076) 459,434 269,358 (4,847) 264,511 (50,136) 214,375 167,531
3,930,119 768,382 (19,998) 125,535 (643,638) 25,830 256,111 311,753 567,864 (52,966) 514,898 (96,579) 418,319 184,284
67,012,404 3.45 2.50 131.87
67,012,404 3.20 2.50 133.58
67,012,404 6.24 2.75 132.19
HANDBOOK 2016 | OFFICIAL MARKET
THE STOCK EXCHANGE OF MAURITIUS LTD
65
SEM Code
PBL
Classification
Industry
Brewer
Pont Fer, Phoenix
Registered office
4th Floor IBL House, Caudan Waterfront, Port Louis
Directors*
Jean Claude BÉGA (Chairman) Jan BOULLÉ François DALAIS Guillaume HUGNIN Didier KOENIG Arnaud LAGESSE J. Cyril LAGESSE Thierry LAGESSE Patrick RIVALLAND Reshan RAMBOCUS Bernard THEYS
Alternate Directors*
Jean-Pierre DALAIS Marguerite HUGNIN Arnaud LAGESSE
Chief Executive Officer*
Bernard THEYS
Company Secretary
GML Management Ltée
Principal Activity
Brewing of beer, bottling and distribution of beer, soft drinks, table water, wines and spirits and alternative beverages
SUMMARY INFORMATION PhoenixBev is an independent brewer and soft drinks bottler company, incorporated in 1960 and operating in both Mauritius and the wider Indian Ocean region. The Company is the leading brewer in Mauritius, primarily due to the dominance of its flagship Phoenix Beer. The Phoenix Beer is also exported to the Indian Ocean Islands, Kenya, England, France, China, Australia and USA. Other beers and cider products are produced as well under the Phoenix brand, together with the Blue Marlin and Stella Pils beers. In addition Guinness Stout, Malta Guinness and Smirnoff Ice are manufactured under license. PhoenixBev is also the authorized bottler for The Coca-Cola Company in Mauritius, marketing and producing Coca-Cola, Fanta, Sprite and Schweppes sparkling drinks, together with Crystal and Dasani mineral waters. The sparkling drinks Eski and Orangina have been added to the portfolio in 2014 and 2015 respectively. PhoenixBev do also bottles GR8 Cape and Baron d’Arignac wines and markets a full range of imported wines and spirits. Subsidiaries of Phoenix Beverages include: Phoenix Beverages Overseas Ltd, a Freeport Company engaged in the export of Phoenix Beverages products. The (Mauritius) Glass Gallery Ltd, a company involved in the recycling of glass for the manufacture and sale of various glass products. Phoenix Reunion, a Company engaged in the marketing, sales and distribution of beer, wines and other products in Reunion Island. In line with its strategy of regional expansion, PhoenixBev has acquired 100% of the shares of Edena SA and its subsidiaries on April 1, 2016. Incorporated in Reunion Island in 1972, Edena SA is the leader in the bottled spring water market in Reunion Island.
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FINANCIAL REVIEW OF THE GROUP PHOENIX BEVERAGES LIMITED 30 Jun ASSETS Non-current assets Property, plant and equipment Intangible assets Investments in associates Investments in financial assets Long-term receivables Deferred tax assets Current assets Non-current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Share premium Revaluation and other reserves Retained earnings Shareholders’ interest Minority interest Non-current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Current liabilities Total equity and liabilities
GROUP STATEMENTS OF FINANCIAL POSITION (Rs ‘000)
2015
2014
2013 Restated
2012 Restated
2011 Restated
2,763,833 203,252 7,524 3,392 2,978,001
2,662,237 10,231 9,361 10,009 1,802 2,693,640
2,686,512 7,814 7,292 16,669 135,428 1,091 2,854,806
2,057,311 9,947 7,750 16,503 1,055 2,092,566
2,023,962 9,069 48,424 22,943 851 2,105,249
1,108,960 4,086,961
1,293,510 3,987,150
962,048 3,816,854
1,156,886 3,249,452
922,056 3,027,305
164,470 202,492 933,179 1,903,386 3,203,527 (1,427) 3,202,100
164,470 202,492 929,444 1,717,355 3,013,761 (137) 3,013,624
164,470 202,492 941,027 1,280,130 2,588,119 841 2,588,960
164,470 202,492 321,841 1,376,997 2,065,800 886 2,066,686
164,470 202,492 304,778 1,363,763 2,035,503 1,202 2,036,705
2,759 174,922 197,827 375,508 509,353 4,086,961
7,499 161,812 207,172 376,483 597,043 3,987,150
22,219 155,279 198,727 376,225 851,669 3,816,854
48,292 174,526 116,253 339,071 843,695 3,249,452
69,719 42,515 193,521 305,755 696,584 3,039,044
GROUP STATEMENTS OF COMPREHENSIVE INCOME (Rs ‘000) 30 Jun
2015
2014
Finance costs Share of results of associates Gain on disposal of interest in associates Profit before taxation Taxation Profit for the year from continuing operations Loss from discontinued operations Profit for the year Minority interest Net Profit attributable to shareholders Dividends
5,060,973 389,605 389,605 (4,732) 219 385,092 (65,311) 319,781 319,781 1,288 321,069 148,023
STATISTICS Number of ordinary shares in issue Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs)
16,447,000 19.52 9.00 194.78
Revenue Operating profit Exceptional items Profit on disposal of securities
4,820,158 356,314 356,314 (21,206) 38 376,895 712,041 (57,964) 654,077 (75,965) 578,112 983 579,095 138,155
2013 Restated 4,501,361 288,707 288,707 (26,793) 64 261,978 (32,576) 229,402 (130,196) 99,206 75 99,281 131,576
2012 Restated 4,227,929 335,661 335,661 (25,765) (49,455) 260,441 (59,264) 201,177 201,177 393 201,570 123,353
2011 Restated 3,747,464 286,034 286,034 (28,868) (39,234) 217,932 (53,892) 164,040 164,040 555 164,595 110,195
16,447,000 39.83 8.40 183.24
16,447,000 13.95 8.00 157.36
16,447,000 12.26 7.50 129.60
16,447,000 10.01 6.70 123.83
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67
SEM Code
PIM.N0000
Classification
Industry
Registered office and Share Registry Office
Level 3, Alexander House, 35 Cybercity, Ebene 72201, Mauritius
Place of Head Office and Factory address
P.O. Box 1173, Quay Road, Port Louis, Mauritius
Directors
Paul CLARENC (Chairman) Jinny C. CHAN CHANG Eric CORSON Andre ESPITALIER-NOEL Philippe HARDY Sulliman Adam (Chota) MOOLLAN
Secretary
Intercontinental Secretarial Services Ltd
Principal Activity
Manufacturer of plastic products for all industrial and commercial business by blow moulding and injection process. Mainly packaging for the chemical, detergent, paint, pharmaceutical, beverages and food sector
SUMMARY INFORMATION Incorporated in 1970 Listed on the Stock Exchange on 30th June 1993 Certified ISO 9001: 2000 on 09th October 2002 Certified ISO 9001:2008 since 16th September 2009
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FINANCIAL REVIEW OF PLASTIC INDUSTRY (MAURITIUS) LTD 30 Jun
ASSETS Non-current assets Plant and equipment Intangible assets Investment in associates Investment in securities Non-current receivables Deferred tax assets Current assets Total assets SHAREHOLDERS’ EQUITY Share capital Share premium Retained earnings Other Reserves Shareholders’ interest LIABILITIES Non-current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Current liabilities Total equity and liabilities
2015
BALANCE SHEET (Rs)
2014 Restated
2013 Restated
2012 Restated
2011 Restated
81,484,737 413,033 5,514,243 8,148 95,853,912 183,274,073
63,829,017 380,054 5,830,524 1,625,000 209,175 96,279,226 168,152,996
49,472,428 646,482 5,823,898 2,250,000 393,388 93,533,992 152,120,188
33,306,125 905,477 4,844,607 2,500,000 111,584,143 153,140,352
36,766,147 1,030,963 4,890,968 2,750,000 105,652,854 151,090,932
20,000,000 103,998,365 -19,589,805 104,408,560
20,000,000 97,638,878 (14,748,248) 102,890,630
20,000,000 88,442,857 (15,764,436) 92,678,421
20,000,000 88,516,104 (12,032,926) 96,483,178
20,000,000 77,012,255 (8,199,219) 88,813,036
5,850,747 26,649,000 46,365,766 183,274,073
20,575,000 44,687,366 168,152,996
21,923,454 37,518,313 152,120,188
686,113 14,797,000 41,174,061 153,140,352
737,450 13,788,000 47,752,446 151,090,932
INCOME STATEMENT (Rs) 30 Jun Turnover Operating profit Finance income / (cost) Profit after finance income Share of profit of associated company Profit before taxation Taxation Profit after tax Other comprehensive income Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
2015 234,229,301 17,843,365 (982,834) 16,860,531 28,776 16,889,307 (2,487,575) 14,401,732 (4,841,557) 9,560,175 8,500,000
2014 Restated 227,527,419 20,614,043 (333,796) 20,280,247 35,088 20,315,335 (3,119,314) 17,196,021 1,016,188 18,212,209 8,000,000
2,000,000 7.20 4.25 52.20
2,000,000 8.60 4.00 51.45
2013 190,261,547 12,424,724 (56,540) 12,368,184 (1,012,249) 11,355,935 (1,875,132) 9,480,803 (3,731,510) 5,749,293 6,500,000
2012 Restated 201,578,487 23,727,964 (194,097) 23,533,867 (39,354) 23,494,513 (3,990,664) 19,503,849 (3,833,707) 15,670,142 8,000,000
2011 Restated 182,586,014 18,602,570 (188,767) 18,413,803 269,720 18,683,523 (2,814,603) 15,868,920 (4,232,150) 11,636,770 7,500,000
2,000,000 4.74 3.25 46.34
2,000,000 9.75 4.00 48.24
2,000,000 7.93 3.75 44.41
Note: The figures for years 2010 to 2014 have been restated in respect of early adoption of IAS 19 Employee Benefits. For reason of impracticability figures for year 2009 have not been restated.
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69
Promotion and Development Ltd SEM Code
PAD.N0000
Classification
Investments
Registered office and Share Registry Office
8th Floor, Dias Pier Building, Le Caudan Waterfront, Port Louis
Directors
Jean-Pierre MONTOCCHIO (Chairman) René LECLEZIO ( Managing Director) Bertrand de CHAZAL Arnaud DALAIS Gilbert GNANY Jocelyne MARTIN Bernard YEN
Secretary
Jocelyne MARTIN
Managing Director
René LECLEZIO
Transfer Registrar
MCB Registry & Securities Ltd
Principal Activity
Investment in property and shares
SUMMARY INFORMATION Promotion and Development Ltd (PAD) was incorporated on 23rd August 1984; trading of PAD’s shares on the Official List of the Stock Exchange commenced on 17th January 1996. PAD is an associated company of Fincorp Investment Ltd, a subsidiary company of MCB Group Ltd. Through its majority stake in Caudan Development Limited and as the manager of that company, PAD is closely involved with the prestigious Caudan Waterfront project. PAD has a substantial portfolio of shares and properties. Major investments other than Caudan Development Limited include Medine, EUDCOS, MFD Group Ltd and MCB Group Ltd. PAD has a deliberately heavy property bias. Caudan Development Limited owns prime waterfront property in Port Louis, Medine has an investment portfolio comprising all types of property and MFD Group Ltd owns prime leasehold property in the port.
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FINANCIAL REVIEW OF THE GROUP PROMOTION AND DEVELOPMENT LIMITED 30 Jun
ASSETS Non - current assets Investment property Investments in associates and jointly controlled entities Investments in available-for-sale financial assets Other non-current assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Other reserves Retained earnings Less : treasury shares Equity attributable to owners of the parent Non-controlling interests Total equity Liabilities Non-current liabilities Borrowings Other non-current liabilities Current liabilities Borrowings Other current liabilities Total liabilities Total equity and liabilities
STATEMENTS OF FINANCIAL POSITION (Rs ‘000) 2015
2014
2013
2012 Restated
2011 Restated July 1
3,816,635
3,788,017
3,783,641
3,783,641
3,783,641
3,784,095
3,797,401
3,955,956
3,906,026
3,489,998
2,145,865 286,869 10,033,464 240,651 10,274,115
1,833,109 289,143 9,707,670 306,585 10,014,255
1,856,977 292,169 9,888,743 228,988 10,117,731
1,631,137 300,653 9,621,457 206,308 9,827,765
1,902,393 296,778 9,472,810 222,700 9,695,510
194,667 3,938,631 3,162,875 7,296,173 (106) 7,296,067 1,083,943 8,380,010
194,563 4,037,067 3,191,129 7,422,759 (89) 7,422,670 1,083,699 8,506,369
194,474 3,902,304 3,002,892 7,099,670 (18) 7,099,652 1,074,165 8,173,817
194,462 3,665,096 3,002,334 6,861,892 (131) 6,861,761 1,080,485 7,942,246
194,331 3,745,671 3,012,763 6,952,765 6,952,765 1,092,661 8,045,426
893,167 185,122 1,078,289
769,317 181,614 950,931
838,825 203,271 1,042,096
908,333 202,597 1,110,930
627,841 196,711 824,552
582,141 233,675 815,816 1,894,105 10,274,115
399,323 157,632 556,955 1,507,886 10,014,255
729,706 172,112 901,818 1,943,914 10,117,731
605,681 168,908 774,589 1,885,519 9,827,765
678,710 146,822 825,532 1,650,084 9,695,510
INCOME STATEMENT (Rs ‘000) 30 Jun Turnover Operating profit Net finance costs Share of results of associates and joint venture Gains on bargain purchases Adjusted profit before taxation Taxation Adjusted profit for the year Non-controlling interests Adjusted profit/(loss) attributable to owners of the parent Profit/(loss) on disposal of shares Fair value adjustment on investment property (net of deferred tax and non-controlling interests) Exceptional item Profit/(loss) attributable to owners of the parent Dividends (MRs 000) STATISTICS Net assets value (NAV) per share (MRs) Earnings/(loss) per share (MRs) Adjusted earnings/(loss) per share (MRs) Dividends per share (MRs) Number of ordinary shares used in the calculation of NAV Weighted average number of shares in issue
2015
2014
2013
2012 Restated
2011 Restated
518,925 70,254 (79,793) 59,219 49,680 (1,593) 48,087 (408)
516,862 102,726 (107,622) 76,255 4,567 75,926 (7,780) 68,146 (5,786)
530,404 117,144 (116,247) 9,978 13,955 24,830 (7,775) 17,055 (16,226)
527,119 112,177 (113,723) 11,704 9,759 19,917 (5,872) 14,045 (17,406)
522,173 133,636 (110,541) (4,048) 40,059 59,106 (8,565) 50,541 (19,402)
47,679 16,179
62,360 161,304
829 594
(3,361) (241)
31,139 3,080
(2,976) 60,882 97,280
36,028 259,692 77,788
(7,738) (6,315) 58,324
(3,448) (7,050) 58,299
34,219 58,299
187.50 1.56 1.23 2.50
190.84 6.68 1.60 2.00
182.55 (0.16) 0.02 1.50
176.55 (0.18) (0.09) 1.50
178.89 0.88 0.80 1.50
38,912,192 38,906,928
38,894,739 38,892,627
38,891,075 38,874,465
38,866,160 38,866,160
38,866,160 38,866,160
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THE STOCK EXCHANGE OF MAURITIUS LTD
71
SEM Code
POL
Classification
Investments
Registered office
c/o Abax Corporate Administrators Ltd 6th Floor, Tower A, 1 CyberCity, Ebene
Directors
Mr. Vincent AH CHUEN (Chairperson) Mr. Pierre Arthur DE CHASTEIGNER DU MEE (Vice-Chairperson) Pr. Donald AH CHUEN G.O.S.K., Mr Sydney AH YOONG Mr. Jean Maurice Richard ARLOVE Mrs. Danielle LAGESSE Mr. Pierre-Yves POUGNET Me. Georges André ROBERT G.O.S.K, O.B.E.,S.A Mr Stéphane HENRY Mr. Marc Emmanuel VIVES Mrs. Marie Claude Priscille KOENIG - (Alternate to Mr. ARLOVE)
Fund Manager
IPRO Fund Management Ltd
Administrator
Abax Corporate Administrators Ltd
Secretary
Abax Corporate Administrators Ltd
Registrar & Transfer Office Abax Corporate Administrators Ltd Principal Activity
Investing activities in local and foreign markets.
SUMMARY INFORMATION P.O.L.I.C.Y. Limited was incorporated on 15 June 1979 and a Stock Exchange listing was granted on 25 November 1992. Following the bonus issue of 56,746,668 ordinary shares, during the year 2012, the issued share capital increased from Rs. 170,240,004 to Rs. 226,986,672. As at 31 December 2015, Net Asset Value per share, after the adjusted dividend declared during the year, stood at Rs. 5.34, compared to Rs. 5.50 at 31 December 2014. The portfolio mix of the Company’s portfolio as at 31 December 2015 was as follows: Listed SEM Foreign Investments Listed DEM Unquoted Liquidity
86.2% 6.2% 7.0% 2.5% -1.9%
100.0%
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BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP P.O.L.I.C.Y. LIMITED THE COMPANY AS AT 31 DECEMBER ASSETS EMPLOYED Non-current assets Investment in associated companies Investment in financial assets Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Share premium Other reserves Retained earnings Shareholders’ interest Current liabilities Total equity and liabilities
THE GROUP
2015
2014
2013
2012
2011
10,201 1,226,521 1,236,722 20,523 1,257,245
9,425 1,152,151 1,161,576 89,830 1,251,406
7,649 1,263,451 1,271,100 38,255 1,309,355
1,121,923 1,121,923 38,004 1,159,927
1,185,974 1,185,974 113,752 1,299,726
226,987 5,217 556,586 422,694 1,211,484 45,761 1,257,245
226,987 5,217 553,122 462,985 1,248,311 3,095 1,251,406
226,987 5,217 642,207 431,335 1,305,746 3,609 1,309,355
226,987 5,217 496,899 403,034 1,132,137 27,790 1,159,927
170,240 61,964 625,000 378,800 1,236,004 63,722 1,299,726
INCOME STATEMENT (Rs ‘000) THE COMPANY YEAR ENDED 31 DECEMBER
THE GROUP
2015
2014
2013
2012
2011
Revenue
59,372
132,733
134,158
116,394
106,389
Profit before finance income/(costs) Finance income/(costs) Profit before taxation Taxation Profit after taxation Minority interest Profit attributable to equity holders of the company Dividends
44,550 1,587 46,137 (105) 46,032 -
122,365 327 122,692 (247) 122,445 -
119,553 (146) 119,407 (311) 119,096 -
100,406 (560) 99,846 (139) 99,707 -
94,906 (679) 94,227 (126) 94,101 -
STATISTICS Number of shares used in calculation Earnings Per Share (Re.) Dividends Per Share (Re.) Net Asset Value (Rs)
46,032
122,445
119,096
99,707
94,101
79,445
90,795
90,795
75,473
85,120
226,986,672 0.20 0.35 5.34
226,986,672 0.54 0.40 5.50
226,986,672 0.52 0.40 5.75
226,986,672 0.44 0.33 4.99
170,240,004 0.55 0.50 7.26
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73
SEM Code Classification Registered office Board of Directors as at 19 July 2015
ROG Investments No.5, President John Kennedy Street, Port Louis Jean Pierre Montocchio - Chairman of the Board and the Corporate Governance Committee Alfred Joseph Gérard Robert Alain Rey - Chairman Risk Management and Audit Committee Philippe Espitalier-Noël - Group Chief Executive Officer Dr Guy Adam Ziyad Bundhun Aruna Radhakeesoon Collendavelloo Patrick de L’Abauve d’Arifat Eric Espitalier-Noël Hector Espitalier-Noël Gilbert Espitalier-Noël Forget Philippe Alain
Company Secretary Senior Executives
Masson Jean Pierre Vivian Aruna Radhakeesoon Collendavelloo - Chief Legal Executive Kareen Sook Fee Ng Chit Wing - Company Secretary Francois Eynaud - Chief Executive Officer - Hotels (Veranda Leisure & Hospitality) Alexandre Fayd’herbe de Maudave - Chief Executive Officer - Travel and Aviation (BlueSky) Richard Koenig - Chief Executive Officer - Real Estate and Agribusiness (Bel Ombre) Vishal Nunkoo - Chief Executive Officer - Logistics (Velogic) Ashley Coomar Ruhee - Chief Executive Officer - Technology (EIS) Manish Bundhun - Chief Human Resources Executive Ziyad Bundhun - Chief Finance and Investment Executive Aruna Radhakeesoon Collendavelloo - Chief Legal Executive Riaz Chitamun - Head of Internal Audit and Risk Management
Principal Activities
Karine Curé - Chief Marketing and Communication Executive FinTech, Hospitality, Logistics and Property
SUMMARY INFORMATION Rogers & Co. Ltd is a listed international services and investment company with specialist expertise within four markets: FinTech, Hospitality, Logistics and Property. Our operations within each served market are organised into sectors with 52 offices across 12 different territories. Since our establishment in 1899, we have shown entrepreneurial zeal which is at the heart of the economic development of Mauritius. Our Company played a notable role in the creation in 1962 of the leading hotel group on the island, Beachcomber Hotels, and the national carrier, Air Mauritius, in 1967. Rogers has also spearheaded the Global Business sector with the setting up of IMM in 1992 and the business process outsourcing industry with Enterprise Information Solutions in 1999. In 2004, the Domaine de Bel Ombre inaugurated two Heritage luxury hotels and a championship golf course in unique surroundings. The Domaine has since developed further with nature tourism activities
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and Villas Valriche, a luxury residential estate counting among the largest IRS schemes on the island. Our commercial property arm, Ascencia was listed in 2008. The following year, the logistics businesses were grouped under a single organisation and brand, Velogic. Our equity base was restructured in 2012 in a material transaction that saw ENL Land acquire a majority stake within the Company while spinning off Cim Group. Our Company upholds the importance of responsible, sustainable and transparent practices in promoting growth of the business and its role in the region. We firmly believe that our long-term success rests on our corporate values of Leadership, Agility and Dynamism, which are driven by a skilled and diverse workforce of over 4,500 people.
STATEMENTS OF FINANCIAL POSITION (Rs M)
FINANCIAL REVIEW OF THE GROUP ROGERS AND COMPANY LIMITED
ASSETS Non current assets Property , plant and equipment Investment properties Intangible assets Investment in jointly controlled entities Investment in associated companies Investment in financial assets Bearer biological assets Non-current receivables Deferred expenditure Current assets Non-current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Retained earnings Equity attributable to owners of the parent Non-controlling interests Non current liabilities Borrowings Deferred tax liabilities Retirement benefit obligations Current liabilities Total equity and liabilities
30 June
30 June
30 Sep
2015
2014
2013 restated
7,550.2 4,051.1 744.4 1,818.4 4,352.1 242.6 18.6 137.5 97.0 3,622.7 22,634.6
7,450.4 3,891.6 475.7 1,397.5 4,088.1 345.9 17.1 146.3 105.7 3,121.1 90.7 21,130.1
7,155.3 2,574.7 482.3 112.9 3,867.7 264.1 18.3 169.5 104.8 2,559.2 17,308.8
1,260.2 2,863.6 5,203.1 9,326.9 5,723.0
252.0 2,816.1 5,947.9 9,016.0 5,345.5
252.0 2,556.4 5,552.2 8,360.6 3,276.5
3,482.9 240.2 166.7 3,694.9 22,634.6
2,915.7 215.4 153.1 3,484.4 21,130.1
2,227.0 221.1 133.2 3,090.4 17,308.8
Revenue Profit from operations before finance costs Finance costs Fair value gain on investment properties Share of results of jointly controlled entities Share of results of associated companies Profit before exceptional items Exceptional items Profit before taxation Taxation Profit for the year / period Non-controlling interests Profit attributable to group
STATEMENT OF PROFIT OR LOSS (Rs M) 9 months Year ended Year ended ended 2015 2014 30 June 2013 restated 7,151.0 6,187.0 4,911.1 577.8 404.6 264.0 (287.4) (271.3) (166.4) 170.2 170.5 265.1 383.3 203.8 2.4 238.0 228.8 166.4 1,081.9 736.4 531.5 76.4 70.9 1,426.9 1,158.3 807.3 1,958.4 (108.8) (36.9) 17.2 1,049.5 770.4 1,975.6 (505.4) (302.9) (225.0) 544.1 467.5 1,750.6
STATISTICS Number of ordinary shares used in calculation Earnings per share (Rs) Earnings per share (excl exceptional items) (Rs) Dividends per share (Rs) Net Asset Value per share (Rs)
252,045,300 2.16 1.86 0.84 37.00
252,045,300 1.85 1.77 0.80 35.77
252,045,300 6.95 1.50 0.60 33.20
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Mr Kee Chong LI KWONG WING G.O.S.K (Chairman)
SEM Code
SBMH
Classification
Bank Investment Holdings Company
Registered office
SBM Tower, 1, Queen Elizabeth II Avenue, Port Louis
Directors
Mr Kee Chong LI KWONG WING G.O.S.K (Chairman), Mr Medha GUNPUTH Mr Maxime HARDY Mr Azim CURRIMJEE Mr Vidianand LUTCHMEEPARSAD Mr Ramprakash MAUNTHROOA Mr Roodesh MUTTYLALL Mr Ouma Shankar OCHIT
Acting Head of NonBanking Financial Cluster
Mr Deeagarajen M SOONDRAM
Company Secretary
Mrs D RAMJUG CHUMUN (Poonam)
Transfer Office
SBM Fund Services Ltd
Main Activity
Financial Services
Contact Person
Mr Dipesh JHOWRY Mrs D RAMJUG CHUMUN (Poonam)
SUMMARY INFORMATION SBM Holdings Ltd (SBMH) is a leading Financial Services Group in Mauritius with a growing international presence. Pursuant to a restructuring exercise which was approved by the Bank of Mauritius, effective on 02 October 2014, the activities of the Group have now been segregated into 3 segments namely banking, non- banking financial and non-financial. The Banking operating companies provide all services of a universal bank within a diversified business model. The lines of business include: Corporate Banking, Retail Banking, SME, Treasury Services Private Banking, Wealth Management and International Banking. The non-banking financial cluster provides Investment Banking, Stockbroking, Asset/ Fund management, Bancassurance and e-Business services. Safety, soundness and sustainability of our investments along with innovation, accessibility and reliability are the key attributes that have contributed to the Group’s reputation and trustworthiness. Owned by 18,135 domestic and international shareholders, SBM Group has more than 1,267 employees and its banking arm services over 478,000 customers through its network of 39 service units and 4 counters in Mauritius, India and Madagascar and a representative office in Myanmar. Mindful of the quality of our human resources and the level of service delivery, we continuously invest in people, infrastructure and technology. SBMH is listed on the Official Market of the Stock Exchange of Mauritius Ltd since 03 October 2014.
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FINANCIAL REVIEW OF THE GROUP SBM HOLDINGS LTD ASSETS Non-current assets Cash and cash equivalents Mandatory balances with Central Banks Loans to and placements with banks Trading assets Loans and advances to non-bank customers Investment securities Equity investments Investment in associate Property and equipment Intangible assets Deferred tax assets Other assets Total assets LIABILITIES Deposits from banks Deposits from non-bank customers Other borrowed funds Trading liabilities Current tax liabilities Deferred tax liabilities Other liabilities Subordinated debts Total liabilities SHAREHOLDERS’ EQUITY Stated capital Retained earnings (Accumulated losses) Other reserves Less treasury shares Total equity attributable to equity holders of the parent Total equity and liabilities
31 Dec 2015
31 Dec 2014
31 Dec 2013
STATEMENT OF FINANCIAL POSITION (Rs 000) 30 June 30 June 2012 2010
9,174,135 6,919,908 1,208,945 144,142 68,784,195 37,375,824 6,066,176 2,827,601 2,370,629 276,756 1,013,780 136,162,091
8,194,125 6,548,749 702,133 205,223 67,434,536 30,369,883 6,721,917 2,753,303 1,252,333 171,431 1,248,629 125,602,262
7,044,347 5,494,981 932,428 249,571 69,630,171 18,176,133 4,189,429 845,175 2,623,065 1,023,272 145,100 1,507,051 111,860,723
6,993,395 4,966,156 1,511,936 269,532 62,273,472 14,720,727 3,962,310 747,754 2,672,885 86,865 82,672 535,824 98,823,528
6,744,422 4,180,104 943,359 149,113 56,741,302 23,570,849 1,398,467 54,148 103,895 557,590 94,443,249
751,719 104,281,103 2,132,497 120,781 391,954 2,433,536 3,862,138 113,973,728
593,899 91,784,990 5,113,005 146,634 87,953 2,203,910 3,598,209 103,528,599
217,281 83,016,635 6,110,051 238,555 247,198 51,192 2,632,425 4,200 92,517,537
115,946 76,158,615 2,924,795 170,025 287,931 162,588 1,276,264 81,096,164
218,252 70,888,333 7,124,674 141,077 176,292 72,978 1,138,361 79,759,967
32,500,204 (430,006) (5,006,804) 27,063,394 (4,875,031) 22,188,363 136,162,091
32,500,204 (1,109,410) (4,442,100) 26,948,694 (4,875,031) 22,073,663 125,602,262
303,740 16,125,433 5,247,299 21,676,472 (2,333,286) 19,343,186 111,860,723
303,740 14,084,914 5,671,996 20,060,650 (2,333,286) 17,727,364 98,823,528
303,740 12,767,719 3,945,109 17,016,568 (2,333,286) 14,683,282 94,443,249
STATEMENT OF PROFIT OR LOSS FOR THE EIGHTEEN MONTHS/YEAR ENDED (Rs ‘000)
Interest income Interest expense Net interest income Fee and commission income Fee and commission expense Net fee and commission income Dividend income Net trading income Other operating income Non interest income Operating income Personnel expenses Depreciation and amortisation Other expenses Non interest expense Profit before net impairment loss on financial assets Net impairment loss on financial assets Operating profit Share of profit of assoiate Profit before income tax Tax expense Profit for the year / period attributable to equity holders of the parent Earnings per share (Cents)
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Year ended 31 Dec 2015 6,424,315 (2,171,580) 4,252,735 1,058,126 (29,340) 1,028,786 157,273 527,636 288,863 2,002,558 6,255,293 (1,237,004) (161,535) (871,912) (2,270,451) 3,984,842 (1,936,840) 2,048,002 2,048,002 (440,448)
Year ended 31 Dec 2014 6,451,246 (2,400,808) 4,050,438 944,617 (29,345) 915,272 179,339 403,700 712,116 2,210,427 6,260,865 (1,117,287) (166,022) (1,869,155) (3,152,464) 3,108,401 (630,353) 2,478,048 62,993 2,541,041 (672,641)
18 months ended 31 Dec 2013 9,333,865 (3,417,785) 5,916,080 1,495,479 (45,283) 1,450,196 823,026 571,266 460,200 3,304,688 9,220,768 (1,719,604) (283,039) (1,358,389) (3,361,032) 5,859,736 (742,224) 5,117,512 141,671 5,259,183 (908,808)
12 months ended 30 June 2012 5,897,800 (2,699,107) 3,198,693 1,145,141 (32,525) 1,112,616 230,714 487,879 34,094 1,865,303 5,063,996 (992,133) (176,527) (497,085) (1,665,745) 3,398,251 (356,676) 3,041,575 81,515 3,123,090 (597,456)
12 months ended 30 June 2011 4,901,190 (2,402,661) 2,498,529 882,452 (39,402) 843,050 219,821 490,286 115,526 1,668,683 4,167,212 (909,364) (141,478) (404,545) (1,455,387) 2,711,825 (374,987) 2,336,838 87,027 2,423,865 (459,542)
1,607,554 6.23
1,868,400 7.24
4,350,375 16.85
2,525,634 9.78
1,964,323 7.6
SEM Code
SUN
Classification
Hotel & Leisure Investment
Registered office
5th Floor, Ebène Skies, Rue de l’Institut, Ebène
Directors (as at date)
P Arnaud DALAIS (Chairman) David James ANDERSON (Chief Executive Officer) G Christian DALAIS Jean-Pierre DALAIS Jérôme DE CHASTEAUNEUF M A Louis GUIMBEAU M G Didier HAREL Thierry HUGNIN Harold MAYER Naderasen Pillay VEERASAMY Joseph Tommy WONG YUN SHING
Company Secretary
CIEL Corporate Services Ltd represented by Clothilde DE COMARMOND
Registrar and Transfer Office
MCB Registry & Securities Limited
Principal Activity
SUN is an established hotel group in the Indian Ocean, owning and/or managing six resorts in the Republic of Mauritius and one resort in the Republic of Maldives, all in the four to five- star segments.
SUMMARY INFORMATION Sun Limited (“SL”/the “Company”) was incorporated on 10 February 1983 and is one of the leading hotel groups that currently owns and/ or manages six resorts in the Republic of Mauritius: Shangri-La Le Touessrok Resort & Spa, Four Seasons Resort Mauritius at Anahita, Long Beach Golf & Spa Resort, Sugar Beach Golf & Spa Resort, La Pirogue Resort & Spa, Ambre Resort & Spa and one resort in the Republic of Maldives: Kanuhura Island Resort & Spa. Since 1992, the Company has been listed on the Mauritian Stock Exchange and has a shareholder base of over 12,000. SL has sales and marketing offices based in London, Paris, Frankfurt and representations in Milan, Madrid, Beijing, Shanghai and South Korea. In addition, the Company also owns two Tour operators based in France (Solea Vacances) and in South Africa (World Leisure Holidays). The Company is managed by a group of people whose lives are dedicated to hospitality. David Anderson, Chief Executive Officer, has over 20 years’ experience in the hospitality industry and is assisted by a team of experienced people. On 24 September 2015, the shareholders approved the adoption of a new company name from Sun Resorts Limited to Sun Limited to reflect the organisational transformation of the corporate structure, as defined in the Company’s 2014-2019 strategic plan. This name change effectively completed the repositioning of the new business model which would allow the Company to reflect the breadth and depth of its strong expertise in the hospitality industry by focusing on 4 clusters of growth, namely Hotel Management, Centralised Services, Asset Management and Real Estate. For the past 2 years, the Company has been on a transformation journey with the execution of 6 large projects and 4 major transactions, namely the partnership with the Shangri-La Group, the acquisition of Four Seasons Resorts Mauritius at Anahita, the acquisition of a 30% stake in Ambre Resort & Spa and the right issue of Rs 1.2 billion. During the transition year 2015-2016, the Company has undertaken a major renovation program for its five star resorts. Thus, after 7 months of renovation, Le Touessrok re-opened on 1 November 2015 as Shangri-La’s Le Touessrok Resort & Spa and Four Seasons Resort at Anahita re-opened in August 2015 after almost 3 months of refurbishment. The Company is currently completing the uplifting of Kanuhura Island Resort & Spa which is scheduled to open at the end of 2016.
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FINANCIAL REVIEW OF THE GROUP SUN LIMITED ASSETS Non-current assets Current assets Total assets Trade and other payables Taxation Employee benefit liability Interest-free liabilities Employment of capital Equity attributable to owners of the Company Treasury shares Non-controlling interests Total equity Interest-bearing debt Total capital employed
CONSOLIDATED STATEMENT OF FINANCIAL POSITION RS’000 31 Mar 2016 30-Jun-15 30-Dec-13 Unaudited*** Audited** Audited* 18,837,656
18,081,968
1,994,634
1,153,339
11,810,066 1,276,347
20,832,290
19,235,307
13,086,413
1,737,373 823,622
1,909,453 867,631
1,253,850 541,961
199,587
190,056
113,593
2,760,582 18,071,708
2,967,140 16,268,167
1,909,404 11,177,009
9,299,306
9,484,787
6,800,215
(1,432,030)
(1,432,030)
(1,422,238)
815,245
861,667
1,773
8,682,521 9,389,187
8,914,424 7,353,743
5,379,750 5,797,259
18,071,708
16,268,167
11,177,009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (RS ‘000) 2015-16 2014-15 2013 Unaudited*** Audited** Audited* 9 months 18 months 12 months Total Revenue Operating profit Finance costs
3,900,562
6,304,080
4,080,014
466,428 (340,001)
462,201 (462,998)
303,513 (353,167) 5,708
Finance income
7,397
11,227
Share of profit/(loss) of associate
(3,544)
35,753
-
(406,638)
(265,249)
-
Restructuring, closure, branding and other non-recurring costs Fair value gain on business combination Profit/(loss) before tax Income tax credit Profit/(loss) after tax Non-controlling interests Profit/(loss) attributable to owners of the Company Balance at start of period
-
506,833
-
(276,358)
287,767
(43,946)
40,544
27,623
12,097
(235,814)
315,390
(31,849)
46,421
10,792
-
(189,393)
326,182
(31,849) 3,018,527
3,226,114
2,939,562
Dividends on ordinary shares
-
-
-
Other movements in retained profits
-
(39,630)
(47,116)
3,036,721
3,226,114
2,939,562
146,731 (1.48) 61.96
146,731 3.08 63.42
113,397 (0.32) 57.33
Balance at end of period STATISTICS Ordinary shares in issue (000’s) Earnings/(Loss) per share (Rs) Net worth per ordinary share (Rs) * Audited for the 12 months to 31 December 2013 ** Audited for the 18 months to 30 June 2015 *** Unaudited for the 9 months to 31 March 2016
80
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J. M. Louis RIVALLAND Group Chief Executive
SEM Code Classification Registered office Non-executive
M. E. Nicolas MAIGROT Chairperson
SWAN
Insurance
Swan Centre, 10 Intendance Street, Port-Louis M.E. Nicolas MAIGROT - Chairperson E. J. Sébastien MAMET
M. M. Hector ESPITALIER-NOËL
M. H. Philippe ESPITALIER-NOËL M. D. Henri HAREL
J. M. René LECLÉZIO Independent Non-Executive
M. D. Pierre DINAN, G.O.S.K.,
Peroomal Gopallen MOOROOGEN Victor C. SEEYAVE
Executive
J. M. Louis RIVALLAND - Group Chief Executive A. Michel THOMAS - Chief Operations Officer
Secretary
Swan Corporate Affairs Ltd represented by Shailen J. Soobah
Principal Activity
General Insurance
SUMMARY INFORMATION Established in 1855, SWAN is the leading financial solutions provider in Mauritius. We provide the full range of non-banking financial solutions - general insurance, life assurance, pension & actuarial services, pension administration, investment advisory, wealth management and stockbroking for corporate clients and individual customers. We have five branches across the island, Port Louis, Grand Baie, Flacq, Ebene and Black River. We live by our core values: passion, people and performance and put people at the centre of our business. SWAN is driven by a single unifying idea: that only when you know you are protected and your future has been provided for, can you progress towards your personal vision of prosperity. We call it the pyramid of prosperity, comprising four pillars: •
Protect: protecting your possessions and property
•
Provide: providing what you need for the future
•
Progress: supporting your financial needs at every stage
•
Prosper: achieving financial freedom
As a corporate citizen with deep roots in Mauritius, at SWAN we acknowledge the role we must play in achieving a more sustainable world. Our corporate social responsibility (CSR) programme is one way to help us achieve that goal. Our CSR initiatives focus on: Education and training, Environment, Health, Leisure and sports as well as Socio-economic development. We partner with carefully selected nongovernmental organisations (NGOs) working towards building a better future, particularly for the most vulnerable people in our society. Our international presence began to grow in 2006, when we acquired a strong minority stake in a leading Seychelles insurer. Our international footprint has expanded since then. We later launched captive reinsurance operations for large corporate and institutional customers across Africa. We have been managing insurance activities in Madagascar and the Comores since 2013.
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STATEMENT OF FINANCIAL POSITION (Rs 000) 2012 2011 Restated Restated
FINANCIAL REVIEW OF THE SWAN GROUP As at 31 December ASSETS Non-current assets Property and equipment Intangible assets Investment in associated company Investment in joint venture Investment in financial assets Loans and receivables Net deferred tax assets Current assets Life business assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Reserves Retained earnings Owners’ interest Non-controlling interests Technical provisions Life assurance fund Gross outstanding claims and IBNR Gross unearned premiums Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liabilities Current liabilities Total equity and liabilities
2015
2014
2013
97,596 30,071 88,805 1,371 1,552,221 174,093 18,708 2,937,762 32,095,961 36,996,588
98,840 31,125 67,148 1,139 1,489,564 199,356 15,091 2,576,836 30,906,657 35,385,756
105,014 43,315 67,112 821 949,828 169,643 16,965 2,586,269 28,425,609 32,364,576
105,051 72,009 60,381 548 797,849 124,678 13,576 2,417,989 24,264,878 27,856,959
86,703 6,109 44,409 415 545,452 105,572 7,510 1,455,737 20,556,819 22,808,726
41,379 882,932 1,412,831 2,337,142 350,294
41,379 587,273 1,323,750 1,952,402 238,942
41,379 427,756 1,181,031 1,650,166 193,582
41,379 416,502 1,046,676 1,504,557 202,983
35,857 142,596 944,449 1,122,902 64,924
32,095,961 676,310 955,130
30,906,657 853,471 821,592
28,425,609 843,458 794,478
24,264,878 715,665 771,871
20,556,819 323,279 523,488
261 102,108 6,751 472,631 36,996,588
29,484 103,967 1,328 477,913 35,385,756
12,733 112,406 332,144 32,364,576
15,072 87,360 294,573 27,856,959
60,779 156,535 22,808,726
INCOME STATEMENT (Rs ‘000) For the year ended 31 December
2015
2014
2013
2012
2011
Gross premiums
5,676,978
5,154,085
4,618,248
3,967,855
3,344,050
Net earned premiums
4,227,657
3,839,056
3,314,677
2,954,153
2,463,299
494,031 277,037 (475,329)
485,916 234,134 (429,147)
451,207 217,542 (399,862)
400,481 149,664 (356,894)
317,980 109,789 (190,918)
14,475 310,214 (25,841) 284,373 257,424 (26,949) 99,309
5,862 296,765 (34,617) 262,148 242,028 (20,120) 99,309
14,174 283,061 (29,176) 253,885 224,561 (29,324) 90,206
9,662 202,913 (16,657) 186,256 171,981 (14,275) 70,344
1,235 238,086 (25,247) 212,839 195,848 (16,991) 60,956
8,275,769 31.11 12.00 282.40
8,275,769 29.25 12.00 235.91
8,275,769 27.13 10.90 199.40
7,726,575 22.26 8.50 181.80
7,171,346 27.31 8.50 156.58
Underwriting surplus Investment and other income Management expenses Share of profit of associated company and joint venture Profit before taxation Taxation Profit for the year Profit attributable to owners of the parent Non-controlling interests Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs/cts) Dividends Per Share (Rs/cts) Net Assets Value Per Share (Rs/cts)
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83
84
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THE STOCK EXCHANGE OF MAURITIUS LTD
Cane | Power | Brands | Property | Investment | Leisure
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THE STOCK EXCHANGE OF MAURITIUS LTD
85
Nicolas MAIGROT Managing Director
SEM Code
TERA
Classification
Investment
Registered office
Beau Plan Business Park, Pamplemousses
Directors
Alain REY (Chairperson)
Alain REY
Chairperson
Nicolas MAIGROT (Managing Director) Maurice de MARASSÉ ENOUF Nikhil TREEBHOOHUN Dominique de FROBERVILLE Alexis HAREL Henri HAREL Hubert HAREL Didier HAREL Alain VALLET Margaret WONG Secretary
Terra Services Ltd
Principal Activity
Investment in a diversified conglomerate
SUMMARY INFORMATION The origin of Terra dates back to 1838. It is a conglomerate, established in Mauritius and operating locally and regionally. Formerly known as Harel Frères, it started out as a small sugar factory. Incorporated in September 2011, the company took over the assets and liabilities of Terragri Ltd (previously known as Harel Frères Limited HFL) and its subsidiaries through a scheme of arrangement, whereby each share of HFL was exchanged for one share of the company. Today Terra is one of the major players in the cane sector in Mauritius. Terragri Ltd manages some 6,000 hectares of sugar cane land in the northern part of the island (out of a total of 7,000 hectares of land owned). Its sister company, Terra Milling Ltd is best known worldwide for its production of specialty sugars. The group diversified its activities throughout the years, from an essentially sugar-oriented company to one with interests in energy production, alcohol production and commercial distribution, property development, construction, leisure and financial services. Terra has expanded into Africa; it is present in Côte d’Ivoire through its investment in two sugar factories and in Kenya, Ouganda, Rwanda, South Sudan and Burundi through its investment in Terravest Limited. It is also in Madagascar, having acquired a minority stake in Orange Madagascar, and through Grays, one of its subsidiaries engaged in alcohol distillation and commercial distribution. Corporate Social Responsibility (CSR) is an inherent part of the group’s culture since its inception. All funds allocated to CSR activities are managed by Terra Foundation. Stock Exchange listing was granted on 03 January 2012.
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FINANCIAL REVIEW OF THE GROUP TERRA 31 Dec ASSETS EMPLOYED Non - current assets Property, plant and equipment Biological assets Investments properties Investments Intangible assets Non-current receivables Land development expenditure Deferred tax assets Deferred VRS costs Current assets Non-current assets classified as held for sale Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital Revaluation and other reserves Retained earnings Shareholders’ interests Minority interests Non-current liabilities Borrowings Retirement benefit obligations Deferred tax liabilities Deferred income Current liabilities Liabilities directly associated with non-current assets held for sale Total equity and liabilities
BALANCE SHEET (Rs ‘000) 2015
2014
2013 Restated
2012 Restated
2011
14,388,000 305,100 214,600 3,353,500 387,300 127,600 77,900 118,000 -
14,397,000 303,600 221,100 2,785,300 382,100 6,500 68,700 36,300 23,100
14,422,800 276,800 227,500 2,349,400 386,700 11,900 95,900 12,200 46,300
14,430,600 274,500 233,900 1,598,800 386,300 19,000 93,600 2,700 59,700
9,881,100 271,900 240,300 1,578,400 186,700 11,500 87,600 2,600 77,000
2,401,100 115,900 21,489,000
2,095,400 146,300 20,465,400
2,267,600 85,000 20,182,100
2,195,100 22,900 19,317,100
2,149,500 7,200 14,493,800
11,976,000 3,873,000 1,006,100 16,855,100 975,100
11,976,000 3,926,400 599,500 16,501,900 957,500
11,976,000 3,918,500 460,200 16,354,700 945,900
11,976,000 4,139,700 322,000 16,437,700 961,700
3,523,500 5,677,900 2,774,600 11,976,000 914,000
424,000 584,800 272,900 -
411,200 490,100 214,400 2,100
64,100 512,600 202,400 4,100
70,800 256,800 244,900 6,100
53,900 232,600 247,500 8,100
2,375,200
1,881,800
2,091,900
1,338,800
1,061,500
1,900 21,489,000
6,400 20,465,400
6,400 20,182,100
300 19,317,100
200 14,493,800
INCOME STATEMENT (Rs ‘000) 31 Dec Turnover
2015
2014
4,282,700
3,905,400
2013 Restated 4,078,000
2012 Restated 4,185,500
2011 4,222,700
Operating profit / (loss) before exceptional items Exceptional items Operating profit / (loss) after exceptional items Other income Net finance (costs) / income Reversal of impairment of associate Share of profit of associates Profit before taxation Taxation Profit after taxation Minority interest Profit attributable to the group Dividends
213,900
(50,400)
212,400
488,000
668,800
213,900 189,600 (72,500) 166,100 287,000 784,100 (57,700) 726,400 (129,300) 597,100 193,400
(50,400) 120,600 (66,800) 166,300 296,500 466,200 (34,000) 432,200 (114,900) 317,300 182,000
204,700 100,700 (25,000) 232,300 512,700 (46,600) 466,100 (107,300) 358,800 182,000
488,000 153,600 (46,300) 141,500 736,800 (82,900) 653,900 (153,000) 500,900 182,000
668,800 121,700 (73,700) 160,000 876,800 (116,200) 760,600 (177,900) 582,700 182,000
STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value Per Share (Rs)
227,545,624 2.62 0.85 74.1
227,545,624 1.39 0.80 72.5
227,545,624 1.58 0.80 71.9
227,545,624 2.20 0.80 71.9
227,545,624 2.56 0.80 52.6
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THE STOCK EXCHANGE OF MAURITIUS LTD
87
SEM Code
UBP
Classification
Industry
Registered office
Trianon, Quatre Bornes
Directors
Marc Freismuth (Chairman)
(as at 16 June 2016)
François Boullé Joël Harel Laurent de la Hogue Arnaud Lagesse Stéphane Lagesse Thierry Lagesse Jean-Claude Maingard Jean Mamet Christophe Quevauvilliers Stéphane Ulcoq
Chief Executive Officer (CEO) Stéphane Ulcoq Company Secretary
Bhooneshi Nemchand
Principal Activity
The principal activity of the Company is the manufacture and sale of building materials..
SUMMARY INFORMATION The Company was incorporated in July 1953. The activities of the Group’s subsidiary and associate companies are all related to the building industry. Stock Exchange listing was granted on June 29, 1989.
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FINANCIAL REVIEW OF THE GROUP UNITED BASALT PRODUCTS LIMITED 30 Jun
ASSETS Non - current assets Property, plant and equipment Investment properties Bearer biological assets Intangible assets Investment in associates Available-for-sale investments Deferred tax assets Current assets Total assets EQUITY AND LIABILITIES Equity Issued capital Reserves Equity attributable to shareholders of the parent Non-controlling interests Non-current liabilities Interest-bearing loans and borrowings Deferred tax liability Employee benefit liability Current liabilities Total equity and liabilities
STATEMENTS OF FINANCIAL POSITION (Rs ‘000) 2015
2014 Restated
2,890,185 14,572 12,446 20,903 168,928 54,398 921 1,262,907 4,425,260
2,757,798 16,481 12,428 20,716 191,121 58,628 2,883 1,410,104 4,470,159
265,100 2,457,928 2,723,028 57,132 2,780,160
265,100 2,501,372 2,766,472 55,582 2,822,054
573,556 38,681 298,066 734,797 4,425,260
599,131 46,001 249,001 753,972 4,470,159
INCOME STATEMENT (Rs ‘000) 30 Jun Revenue Operating profit Finance income Finance costs Share of results of associates Profit before tax Income tax expense Profit for the year Profit for the year attributable to: Equity holders of the parent Non-controlling interests Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
2015 2,355,240 161,250 7,562 (62,105) (3,163) 103,544 (20,432) 83,112
2014 Restated 2,362,562 188,862 4,465 (85,316) 12,664 120,675 (26,483) 94,192
67,850 15,262 83,112 72,903
68,687 25,505 94,192 72,903
26,510,042 2.56 2.75 102.72
26,510,042 2.59 2.75 104.36
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A Development by
Luxury Living to New Heights
Exclusive Apartments & Penthouses Stylish Office & Business Suites 7,500 Square Metres of Commercial & Retail Space A Dedicated Medical Centre A Sports & Leisure Complex on the 6 th Floor The Tallest Mixed Use Development of Mauritius
Quay Heights is a project approved by the BOI, the national investment promotion agency of the government of Mauritius under the Investment Promotion (Property Development Scheme) Regulations 2015. Non-citizens are eligible to aquire residential units under the Property Development Scheme. Furthermore, non-citizens are eligible for a Residence Permit in Mauritius upon purchase of a residential unit exceeding US $500,000
United Docks, Kwan Tee Street, Caudan, Port Louis, Republic of Mauritius
90
Phone : +230 212 3261 / +230 5257 1193 Email:
[email protected] www.quayheights.com
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THE STOCK EXCHANGE OF MAURITIUS LTD
Marie Henri Dominique GALEA Chairperson
SEM Code
UDL
Classification
Real Estate & Investment
Registered office
Kwan Tee Street, Caudan, Port Louis
List of directors as at 01 Jan 2016
Marie Henri Dominique GALEA (Chairperson)
Nitin PANDEA Managing Director
Ismael Ibrahim BAHEMIA Joseph Alexis HAREL Muhammad Nadeem LALLMAHOMED Lucia Marie Chantal Michele LIONNET Nicolas Marie Edouard MAIGROT Bernard Kuo Hsing WONG PING LUN Nitin PANDEA (Managing Director)
SUMMARY INFORMATION Founded in 1991, United Docks Ltd is listed on the official market of the Stock Exchange of Mauritius. The core activities of United Docks Ltd comprise real estate development, strategic investments, property management, warehousing and logistics solutions. United Docks Ltd owns some 100,000 square metres of prime freehold land with sea frontage in Port Louis, namely in Caudan and Trou Fanfaron, including 30,000 square metres of warehousing and office space. The company has made strategic investments and holds substantial shares in listed and unlisted companies across sectors which include manufacturing, agri-business, IT, retail, financial services, capital markets, real estate and education. United Docks Ltd has recently embarked on a long-term expansion plan and is developing a portfolio of mixed-use projects in the capital city of Port Louis. GROUP STRUCTURE The Company has the following subsidiaries: Name
Portion Held
Activity
United Properties Ltd.
100%
Property development
UDL Investments Ltd
100%
Investment holding
United Docks (Overseas Investments) Ltd.
100%
Investment holding
Stock Exchange listing was granted on 08 November 1991. * List of directors as at 01 January 2016.
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BALANCE SHEET (Rs)
FINANCIAL REVIEW OF THE GROUP UNITED DOCKS LTD June
2015
ASSETS Non - current assets Property, plant and equipment Investment properties Investment in subsidiaries Available-for-sale investments Deferred Development expenditure Retirement benefit assets Deferred tax assets Current assets Asset classified as held for sale Total assets EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital Share premium Other reserves Retained earnings Minority interest LIABILITIES Non-current liabilities Interest-bearing loans and borrowings Deferred tax liabilities Retirement benefit obligations Current liabilities Total equity and liabilities
2014
2013 Restated
2012 Restated
2011
2,701,480 1,849,573,280 308,357,630 3,076,822
2,897,429 1,783,697,000 269,765,697 5,664,574
1,943,902 1,783,697,000 251,494,475 1,898,521 -
1,607,156 1,783,697,000 184,756,051 9,330,880 -
262,193 1,783,697,000 191,291,601 -
17,222,491 2,180,931,703
19,479,407 2,081,504,107
20,304,703 2,059,338,601
15,958,999 111,087,319 2,106,437,405
13,455,874 132,135,443 2,120,842,111
105,600,000 24,631,914 126,088,248 1,724,052,234 1,980,372,396 (95,700)
105,600,000 24,631,914 85,359,415 1,670,327,162 1,885,918,491 (85,240)
105,600,000 24,631,914 63,660,193 1,671,932,850 1,865,824,957 (65,865)
105,600,000 24,631,914 108,009,088 1,687,995,749 1,926,236,751 12,624
105,600,000 24,631,914 136,663,443 1,683,119,370 1,950,014,727 2,072
20,062,429 -
95,234,382 -
18,788,616 -
27,504,708 -
36,099,769 4,885,548
180,592,578 2,180,931,703
100,436,474 2,081,504,107
174,790,893 2,059,338,601
152,683,322 2,106,437,405
129,839,995 2,120,842,111
INCOME STATEMENT (Rs) June
2015
2014
Revenue
23,923,421
26,237,452
Increase in fair value of investment properties Other income Operating expenses Operating (loss)/profit Net gain in fair value of investment properties Finance costs Share of profit of associates (Loss)/Profit on disposal of associates Profit before exceptional items Exceptional items Profit before tax Taxation (Loss)/Profit for the year Minority interest Profit attributable to equity holders of the company
11,696,787 (31,994,364) 3,625,844 65,876,280 (15,139,318) 54,362,806 54,362,806 (95,759) 54,267,047 (10,460)
552,688 (17,240,899) 9,549,241 (14,783,603) (5,234,362) (5,234,362) (222,082) (5,456,444) (16,040)
54,277,507
(5,440,404)
2013 Restated 23,747,073 -
208,696 (16,895,142) 7,060,627 (14,765,401) (7,704,774) (7,704,774) (140,666) (7,845,440) (78,489)
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THE STOCK EXCHANGE OF MAURITIUS LTD
-
(7,766,951)
527,665 (17,577,273) 5,193,330 (15,230,859) (10,037,529) (10,037,529) (117,925) (10,155,454) 552
10,560,000 5.14 187.54
10,560,000 (0.52) 178.59
10,560,000 (0.74) 176.69
2011 20,985,391 -
(10,156,006) -
Dividends STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Re) Dividends Per Share (Re) Net Assets Value (Rs)
2012 Restated 22,242,938
1,716,160 (20,166,577) 2,534,974 (12,454,599) (9,919,625) (9,919,625) (71,485) (9,991,110) (405) (9,991,515)
-
10,560,000 (0.96) 182.41
-
-
10,560,000 (0.95) 184.67
SEM Code
SHEL
Classification
Commerce
Registered office
Vivo Energy Mauritius Limited, Cemetery Road, Roche Bois.
Directors
Mr. Christian Chammas (Chairman) Mr. Bernard Le Goff (Non-Executive Director) Mr. Pawan K. Juwaheer (Managing Director) Mr. Patrick Crighton (Executive Director and Finance Manager) Mr. Roger Leung (Independent and Non-Executive Director) Mr. Timothy Taylor (Independent and Non-Executive Director)
Company Secretary
Executive Services Ltd
Principal Activity
Marketing and distribution of petroleum products
SUMMARY INFORMATION Vivo Energy, a Shell licensee in 16 African markets, is the leading oil company in Mauritius and plays a pivotal role in supplying the country’s energy needs. The company was established on 1st December 2011 to distribute and market Shell-branded fuels and lubricants with Vitol, Helios investment Partners and Shell, each bringing their different strengths. Vitol and Helios Investment Partners own 40% of Vivo Energy each, with Shell holding the remaining 20%. Shell remains the overarching customer-facing brand and the name on Vivo Energy’s fuels and lubricants. Vivo Energy operates in Retail, Commercial Fuels, Marine and Aviation (in partnership with Vitol Aviation), Liquefied Petroleum Gas and Lubricants in Mauritius. The company’s mission is to safely market and distribute energy and petrochemical products while offering innovative value-added services. It employs 126 people and operates 46 retail stations under the Shell brand, has a network of 900 LPG resellers and has access to 34,500 metric tonnes of fuel and 2,675 metric tonnes of LPG storage capacity. The company offers differentiated products with improved formulation: Shell FuelSave Unleaded, Shell FuelSave Diesel, Fuel Oil Plus and Shell lubricants. It markets Marine Gasoil and Fuel Oil (380 cSt and 180 cSt) and lubricants on the marine segment in which the company is actively present through its dedicated bunkering depot in the port area as well as its dedicated barge, Gulf Star I. Other products marketed include Jet A1 for aviation and LPG (branded Shell Gas and Shell GasLite) for domestic and industrial use. The company operates its own Customer Service Centre to handle customers’ queries, orders and valued feedback. The Shell Card offers fleet management solution for business-to-business commercial clients. The Shell brand has a long history in Mauritius, being present in the country since 1905. In 1991, the company, then known as Shell Mauritius Limited, was floated on the Mauritian Stock Exchange and currently 22.85% of the company’s shares are held by Mauritian minority shareholders. The vision of Vivo Energy is to become Africa’s most respected energy business. This demands that the company sets and maintains the very highest standards in all Health, Safety, Security and Environment (HSSE). The company operates in accordance with Shell’s global HSSE standards, as well as meeting all applicable local legislation. HSSE Performance data is published on an annual basis on the Vivo Energy website. In 2015, the company had zero significant incidents out of 783,000 exposure hours and 1.6 million kilometres driven with an impressively low record in minor incidents. The company operates under a common set of business principles, supported by policies and business controls. A Code of Conduct guides Vivo Energy employees in adhering business principles. Vivo Energy Mauritius Limited is committed to being a responsible corporate citizen and is fully engaged in Corporate Social Responsibility projects pertaining to road safety, education and the environment. Further details on Vivo Energy are available on: www.vivoenergy.com
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93
BALANCE SHEET (Rs ‘000)
FINANCIAL REVIEW OF THE GROUP 31 Dec ASSETS Non-current assets Property, plant and equipment Intangible assets Prepaid operating leases Investment in joint ventures Loans receivable Other long-term assets Retirement benefit asset Current assets Total assets EQUITY AND LIABILITIES Capital and reserves Share capital Retained earnings Proposed dividends Shareholders’ interests Non-current liabilities Deferred income tax liabilities Retirement benefit obligations Current liabilities Total equity and liabilities
2015
2014
2013 Restated
2012
2011 Restated
1,056,118 2,124 10,362 46,402
908,682 604 35,807
821,957 672 18,128
779,452 740 18,534
668,806 808 25,711
6,524 1,376,859 2,498,389
11,425 1,745,414 2,701,932
10,230 2,352,291 3,203,278
41 45,678 1,850,888 2,695,333
2,088 44,764 1,945,345 2,687,522
293,223 431,917 725,140
293,223 215,315 508,538
293,223 184,736 477,959
293,223 123,628 416,851
293,223 179,131 472,354
68,701 53,426 1,651,122 2,498,389
60,616 81,723 2,051,055 2,701,932
49,466 108,363 2,567,490 3,203,278
75,776 2,202,706 2,695,333
55,018 2,160,150 2,687,522
INCOME STATEMENT (Rs ‘000) 31 Dec Turnover Profit from operations Net finance income / (cost) Share of profit of joint venture Profit before tax Taxation Profit for the year Dividends declared over profit for the year STATISTICS Number of ordinary shares used in calculation Earnings Per Share (Rs) Dividends Per Share (Rs) Net Assets Value (Rs)
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2015
2014
2013
2012
2011
10,139,537
12,784,100
13,148,448
12,595,242
12,313,299
335,434 (6,230) 10,594 339,798 (57,171) 282,627 85,035
181,682 (8,863) 10,679 183,498 (29,167) 154,331 146,611
254,714 (10,038) 9,594 254,270 (31,595) 222,675 29,322
244,842 (4,226) 10,323 250,939 (65,830) 185,109 237,510
412,973 (24,218) 10,327 399,082 (74,222) 324,860 325,477
29,322,252 9.64 2.90 24.73
29,322,252 5.26 5.00 17.34
29,322,252 7.59 1.00 16.30
29,322,252 6.31 8.10 14.22
29,322,252 11.08 11.10 16.11
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A Brighter Future Born of a merger between GML and IBL, two leading groups in Mauritius, and encompassing the best qualities of both, the new IBL Group is committed to making a difference. Solid yet modern, ambitious yet caring, moving with the times yet staying close to our heritage, IBL has the commitment, knowledge and expertise to take on the exciting challenges and opportunities that lie ahead. Making it happen. Together. www.iblgroup.com
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