CIEL AT A GLANCE
CIEL Limited (“CIEL”) is a leading diversified investment company in Mauritius, operating five business clusters spread across Mauritius, Africa and Asia. Since its beginnings in agriculture in 1912, the pioneering group is continuously exploring new avenues of development and international expansion.
CIEL has more than 50 companies in its portfolio, under the following 5 clusters:
MOVEMENT IN PROFIT BEFORE NON-RECURRING ITEMS AND TAX (MUR’M)
COMPANY INVESTMENT PORTFOLIO
CHANGE IN COMPANY INVESTMENT PORTFOLIO VALUE, MUR’M
DIVIDEND RECEIVED BY HOLDING COMPANY
DIVIDEND PER SHARE MUR
NET ASSET VALUE AND SHARE PRICE
“2015 WAS ANOTHER YEAR OF PROGRESS FOR CIEL, WITH
THE IMPLEMENTATION OUR STRATEGIC PLAN STARTING TO
EACH OF OUR BUSINESSES HAS STRONG GROWTH POTENTIAL WITH CIEL BEING WELL POSITIONED TO ADDRESS TOMORROW’S CHALLENGES.”
P. Arnaud Dalais
In line with our defined strategy, we have strengthened our investment portfolio during the year, focussed on operations and further consolidated our main pillars for sustainable long-term value creation. Through targeted and disciplined investments we are aiming at optimising the growth of your company.
Ciel Hotels & Resorts
CIEL owns 59.8% of Sun Limited (“SUN”) which owns and operates four resorts in Mauritius (La Pirogue, Sugar Beach, Long Beach and Ambre) and one in Maldives (Kanuhura), all operating in the four to five star-segments. In June 2014, SUN has signed a management contract with Shangri-La Hotels and Resorts for the management of Le Touessrok. In June 2015, SUN acquired a 100% stake in Anahita Hotel Ltd, which owns the Four Seasons Resort Mauritius. CIEL in joint venture with Alteo also owns 50% of Anahita Residence & Villas Ltd, which is operating under the brand “Anahita The Resort”.
CIEL owns 56.31% of CIEL Textile Limited, a fully-fledged subsidiary, listed on the Development and Enterprise Market of the Stock Exchange of Mauritius since 2006. CIEL Textile is a world-class global player in textile and garments operations, spanned across Mauritius, Madagascar, India and Bangladesh. It has developed into a regional one-stop shop for textiles, with vertically integrated business units, from yarn spinning to finish garments. CIEL Textile positions itself to be the best alternative to China, with the objective to deliver “unbeatable value” to medium and upmarket retailers.
AGRO & PROPERTY
CIEL remains a key stakeholder in the agro-industry and has gradually diversified in the property sector. CIEL Agro & Property includes its 20.96% shareholding in Alteo Limited, listed on the Official Market of the Stock Exchange of Mauritius (SEM) since 2012. It is the largest sugar producer in Mauritius with a production capacity of some 160,000 tons annually. Alteo also owns a controlling interest in TPC Ltd, a sugar factory based in the Kilimanjaro region of Tanzania, which produces around 102,000 tons of sugar annually. In August 2015, Alteo strengthened its position in regional growth markets with the acquisition, through its subsidiary Sucrière des Mascareignes Limited, of 51% in Transmara Sugar Company Limited, a Kenyan sugar factory which produces around 60,000 tons of sugar per annum. Morever Alteo is the owner and developer of Anahita, an IRS development on the east coast of Mauritius. CIEL Agro & Property cluster also includes Ferney Ltd, an important agricultural land-owning company situated close to the airport on the South East coast of Mauritius, and the Ebene Skies building.
CIEL Healthcare Limited (“CHL”) is wholly owned by CIEL, with a prime objective to own, operate and manage assets in the healthcare sector in Mauritius and across Sub-Saharan Africa (“SSA”). In March 2015, CHL increased its stake from 44.93% to 58.60% in The Medical and Surgical Centre Limited, the company that owns Fortis Clinique Darné in Mauritius. Since July 2015, CIEL owns through CIEL Healthcare a majority stake in International Medical Group (“IMG”) in Uganda. CHL also holds 35% of Laboratoire International de Bio Analyses Ltée (“LIBA”) and 100% of CIEL East Africa Healthcare Limited (operating as “CIEL Healthcare Africa”).
Ciel Hotels & Resorts
CIEL owns 75.1% of CIEL Finance Limited (“CFL”), in partnership with Amethis Finance, an investment vehicle dedicated to Africa, with a total investment capacity of USD 530 million. The specialised Banking & Financial Services cluster of the group is today actively involved in 4 sub-sectors of the financial industry: banking (Bank One - Mauritius and BNI Madagascar), fiduciary services, companies and funds administration (MITCO), asset management (IPRO), and private equity (Kibo Capital Partners, the Kibo Funds I & II). CFL’s mission is to strengthen its presence in Sub-Saharan Africa and the Indian Ocean, where there is a huge growth potential with the rapid economic development in those regions, while generating additional value through synergies between its units and all partners associated to the company at various levels.
Ciel Agro & Property
LA VALLÉE DE FERNEY
CIEL CORPORATE SERVICES
IPRO GROWTH FUND
THE KIBO FUND
Ciel Hotels & Resorts
ANAHITA THE RESORT
ANAHITA FOUR SEASONS
LE TOUESSROK SHANGRI - LA
FERNEY SPINNING MILLS
CIEL HEALTHCARE AFRICA
THE MEDICAL & SURGICAL CENTRE (FORTIS CLINIQUE DARNÉ)
INTERNATIONAL MEDICAL GROUP (IMG)
LABORATOIRE INTERNATIONAL DE BIO ANALYSE (LIBA)
Milestones 2014 - 2015
AMETHIS FINANCE TAKES 24.9% SHAREHOLDING IN CIEL FINANCE LIMITED
CIEL Healthcare Limited INCREASES its stake to 58.60% in THE Medical and Surgical Centre Limited, the company which owns Fortis Clinique Darné
CIEL Healthcare Africa takes majority stake of 90.10% in International Medical Group - Uganda
SUN Limited ACQUIRES 100% OF ANAHIT AHOTEL Limited,OWNER OF THE FOUR SEASONS RESORT MAURITIUS
OPTIMISATION OF CIEL’S FINANCIAL RESOURCES ISSUE OF MUR 1.05BN NOTES PROGRAMME AT AN AVERAGE INTEREST RATE OF 5 .68%
ALTEO THROUGH SUCRIÈRE DES MASCAREIGNES LIMITED ACQUIRES 51% STAKE OF TRANSMARA SUGAR COMPANY LIMITED
AMALGAMATION OF CIEL INVESTMENT LIMITED WITH AND INTO DEEP RIVER INVESTMENT LIMITED TO FORM A NEW ENTITY RENAMED CIEL LIMITED
CIEL RESTRUCTURES WITH FIVE CLUSTERS NAMELY:
- CIEL AGRO & PROPERTY
- CIEL FINANCE
- CIEL HEALTHCARE
- CIEL HOTELS & RESORTS
- CIEL TEXTILE
LISTING OF CIEL LIMITED ON THE OFFICIAL MARKET OF THE STOCK EXCHANGE OF MAURITIUS LTD
SUCCESSFUL PRIVATE PLACEMENT AT CIEL LEVEL TO RAISE €50M WITH FFP, ND INITIATIVE , FIMALAC, PROPARCO AND PRIVATE INVESTOR
CIEL TAKES FULL CONTROL OF SUN LIMITED (FORMERLY KNOWN AS SUN RESORTS LIMITED) THROUGH A SHAREHOLDING OF 59.79% IN THE COMPANY
SALE OF PARTICIPATION IN CONSTANCE HOTELS SERVICES LTD
ACQUISITION OF CONTROLLING STAKE IN BANK BNI MADAGASCAR SATHROUGH INVESTMENT IN INDIAN OCEAN FINANCIAL HOLDINGS LTD
THE KIBO FUND II FIRST CLOSING AT US$50M
CORPORATE SUSTAINABILITY REPORT
CIEL nurtures a humane, ethical and transparent way of doing business through the integration of sustainable (ethical, social and environmental) considerations into its business decision-making process. It is committed to implementing, maintaining and fostering the best sustainability-related practices across its value chain, through the CIEL Sustainability Strategy and Management System.