Ciel

CIEL at a glance

A Mauritian-based company with a truly international footprint

A Mauritius-based diversified investment company, listed on the Stock Exchange of Mauritius, operating five business clusters spread across Mauritius, Africa & Asia.

CIEL at a Glance

Hotels & Resorts

Hotels & Resorts

Finance

Finance

Healthcare

Healthcare

Agro & Property

Agro & Property

Textile

Textile




CIEL at a Glance
CIEL at a Glance
CIEL at a Glance


A solid track record

CIEL at a Glance

From:

First investment in textile in 1970s in Mauritius

To:

Owning & operating 20 factories in 4 different countries & employing approx. 20,000 people

CIEL at a Glance

From:

First Mauritian company to invest in Madagascar in 1989

To:

6 textile factories, 1 bank (BNI Madgascar) & an indirect stake in Orange Madagascar

CIEL at a Glance

From:

Among the first Mauritian groups to develop a luxury real estate program for foreigners

To:

Approx. usd 400 million worth of property assets sold to date

CIEL at a Glance

From:

100% of sales driven by European market before 2000

To:

Business focus spanning across Europe, Africa, Asia & USA

CIEL at a Glance

From:

100% of our sugar production in Mauritius before 2000

To:

Sugar production across Mauritius, Tanzania & Kenya

CIEL at a Glance

From:

Small asset management company in 2008

To:

Two banks and private equity activity invested in Mauritius, Madagascar, etc.

CIEL at a Glance

From:

Minority stake in private clinic in Mauritius

To:

Controlling stakes in hospitals in Mauritius & Uganda, investment in Nigeria

CHAIRMAN'S STATEMENT

P. Arnaud Dalais

P. Arnaud Dalais
Chairman

Today we have the strength of a large investment group upon which we will build upon to reinforce synergies at all levels. We will stick to the guiding principles of our way of doing business which is based on trust in our people, strategic partnerships for mutual growth, strong governance and ethics and a deeply rooted entrepreneurship spirit that drives our quest for excellence.

FINANCIAL PERFORMANCE

Company's FINANCIAL HIGHLIGHTS

Financial Highlights



Investment Portfolio

Financial Hightlights
Financial Hightlights

NAV & Share PRice

(BASE: 31 March 2014)

CUmulative total shareholder
Return - Annualised

CIEL OUTPERFORMS AFRICAN EQUITIES

(BASE: 3 FEBRUARY 2014)

Regular increase in
DIVIDEND per share (MUR)

DIVIDEND RECEIVED BY
HOLDING COMPANY (MUR’m)

Net INDEBTEDNESS and
gearing - COmpany (MUR’M)


Group FINANCIAL HIGHLIGHTS

Financial Highlights



Revenue per clusters (MUR’M)

Financial Hightlights



Profit before NON-Recurring items and tax per clusters (MUR’M)

Financial Hightlights



Net INDEBTEDNESS and gearing - GROUP (MUR’M)

Financial Hightlights



Our Investment Approach

Why we invest in these sectors

CIEL invests in five strategic sectors where the Group already enjoys a solid market position and/or because these markets are experiencing high growth rates in the region.

Textile

18% of our portfolio


Solid track record

Over 40 years of proven experience

Established global presence

Operations strategically located in Mauritius, South Asia and Madagascar offering competitive labour and a network of trade agreements (e.g. Africa Growth and Opportunity Act (AGOA)) with key markets

Vertically integrated business units

From yarn spinning to finish garments to optimise costs and ensure quality control

Geographically diversified client portfolio

Clients in both hemispheres, thus reducing seasonality effect and ensuring steady revenues streams

Agro & Property

25% of our portfolio


Proven expertise

Over 100 years’ experience in sugar industry

Strategic partner for internationalisation

Partnership with Tereos, the third largest sugar group in the world, to drive international growth in African countries (e.g. Kenya and Tanzania) suffering from deficit in sugar production

Energy capacity to address energy deficit

Three renewable energy, biomass plants to export to the national grid in Mauritius and in Tanzania

Valuable land ownership

Owner of a sizeable piece of land bank in the South-East region of Mauritius (3,000 hectares directly through our subsidiary Ferney Ltd and through Alteo Ltd) with interesting property development opportunities as the Mauritian government seeks to develop smart cities

Hotels & Resorts

34% of our portfolio


Strong growth in home market

Mauritius is witnessing high growth rate in tourist arrivals boosted by strong growth from new markets such as Asia with the recent opening of air access

Stunning assets

7 hotels and 2 golf courses located in prime beachfront locations in Mauritius and one iconic island hotel in the Maldives

Synergies and optimisation across portfolio

Increased synergies and revenue optimisation across all properties to support improvement of future financial performance

In-house tour operators

Revenue generation optimised through a combination of in-house tour operators and external partners

Strong regional growth perspective

Presence in the fastest growing tourism industry in the world: Africa, the Indian Ocean and Asia

Finance

16% of our portfolio


Low banking penetration rates in the region

BNI Madagascar is set to benefit from low banking penetration rates of less than 5% in Madagascar. It enjoys a market share of 22% in that same market

Bank One, is well positioned to tap on the International Banking opportunities in Africa. It also has an expanding corporate and retail presence in Mauritius

Synergies between portfolio companies

Synergies between our portfolio of companies generate additional revenues and allow all entities to share best practices, client portfolio and talent

Strategic partnership

Our partnership with Amethis Finance, a leading private equity firm investing in Africa, and multiple opportunities on the African continent with a fast expanding financial services sector offer significant growth potential

Healthcare

7% of our portfolio


Strong growth of healthcare market in Africa

Africa is expected to post the fastest health care spending growth globally as over half a million additional hospital beds and USD 25 to 30 billion are needed over the next decade to meet Africa’s healthcare demand

Significant opportunities for private healthcare providers

50% of Sub-Saharan Africa’s total health expenditure is geared towards private healthcare providers such as CIEL Healthcare’s network of hospitals

Strategic partners and network

CIEL Healthcare’s network of partners (Fortis Healthcare, International Finance Corporation, Proparco, IFHA-II, Swiss-Re, Kibo II) and established operations in Mauritius, Uganda and Nigeria make it an increasingly effective player in the healthcare sector in the region

Our Recent Investment Journey

2014

Corporate restructuring for exponential growth


  • Reorganisation into a new legal entity – CIEL Limited
  • New structure around 5 clusters
  • Private placement of 50M Euros
  • Diversified and stronger shareholder base
  • Rebranding
  • Listing on the main market of the Stock Exchange of Mauritius

2014-2016

InternationaliSation and strategic investments to strengthen portfolio


Agro & Property

  • Alteo Limited through Sucrière des Mascareignes Limited acquires a 51% stake in Transmara, Kenya

Hotels & Resorts

  • CIEL takes full control (59.79%) of Sun Limited
  • Sun Limited seals strategic partnerships with Four Seasons and Shangri-La
  • Sun Limited acquires 100% of the Four Seasons Resort at Anahita and opens up the shareholding of the Shangri-La’s Le Touessrok Resort and Spa to the level of 26% stake to Shangri-La
  • Sun Limited invests in hotel renovation for the Kanuhura (Maldives), Four Seasons, The Shangri-La’s Le Touessrok Resort & Spa and La Pirogue

Textile

  • CIEL Textile invests in new production units in India (Tropic Knits), Bangladesh (Floreal Knitwear) and Madagascar (Floreal Knitwear and Aquarelle)

Finance

  • CIEL Finance acquires controlling stake in bank BNI Madagascar SA through investment in Indian Ocean Financial Holdings Ltd
  • Entry of Amethis Finance in CIEL Finance’s capital for 24.9%

Healthcare

  • CIEL Healthcare increases its stake in
  • The Medical and Surgical Centre Limited (The company which owns Fortis Clinique Darné in Mauritius) to 58.60%
  • CIEL Healthcare takes majority stake of 90.10% in International Medical Group - Uganda
  • CIEL Healthcare takes a stake of 22.81% in Hygeia Nigeria Limited – Nigeria together with a management contract of the operations

2016-2017

Consolidation and focus on operational excellence


  • Focus on operations and improvement of EBITDA
  • Realisation of synergies

Portfolio Review

This year has been a year of further consolidation as we continued to roll-out our clearly defined strategy. This process started more than two years ago, during which time CIEL has identified and positioned itself in high growth potential sectors and reshaped its investment portfolio into five distinct clusters:


Ciel Textile

CIEL owns 56.31% of CIEL Textile Limited, a company listed on the Development and Enterprise Market of the Stock Exchange of Mauritius. CIEL Textile is a world-class global player in textile and garments operations, spanned across Mauritius, Madagascar, India and Bangladesh.


Quote from the CEO

“Aquarelle group was the star performer this past year, with sales increasing by 3% to MUR 5.8bn and a healthy increase of 15% in profit after tax (PAT) to MUR 485.5M. Aquarelle group today accounts for 55% of the group turnover and 69% of its PAT.

Our strategic plan for all divisions all go in the same direction where we aim to be recognised as the “best” in terms of customer satisfaction and financial performance.

Our regional strategy (Mauritius & Madagascar) focuses on an upmarket move and cost competitiveness improvements.

Our globalisation strategy focuses on growth; first in the Indian sub-continent (India & Bangladesh) followed by sub-China region”.

J. Harold Mayer, CEO of CIEL Textile


Management Team


J. Harold Mayer

CEO of CIEL Textile

Eric Dorchies

CEO Woven Cluster

Jean-Baptiste Doger de Spéville

CEO Knitwear and Knits Clusters

Guillaume Dalais

Joint CEO Tropic Knits Group

Bertrand Thevenau

Joint CEO Tropic Knits Group

Key Facts and Figures

CIEL Healthcare

Ciel Agro & Property

CIEL Agro and Property is Ciel’s cluster that regroups all the agricultural and property investments and activities of the Group.

CIEL has gradually diversified in the property sector while remaining a key stakeholder in the agro-industry sector. CIEL Agro & Property includes its 20.96% shareholding in Alteo Limited, a listed company on the Official Market of the Stock Exchange of Mauritius (“SEM”) since 2012.

Also part of the CIEL Agro & Property cluster is Ferney Limited, an important agricultural land-owner (3,000 hectares) situated close to the airport on the South East coast of Mauritius and Ebene Skies Limited, a six level building where CIEL is headquartered.


More about Alteo

Alteo is the largest sugar producer in Mauritius and a key player in the region. Its three sugar factories in Mauritius, Tanzania and Kenya process 330,000 tons of sugar annually. In addition, Alteo owns and operates three power plants (two in Mauritius, one in Tanzania) using a mix of bagasse and coal and producing approximately 456 GWh, partly exported to the grid.

Furthermore, Alteo is also the owner and developer of Anahita, a luxury real estate sanctuary located on the East coast of Mauritius, a part of the island where it also owns 15,400 hectares of land (of which 11,250 are used for sugarcane cultivation).


Management Team


Patrick de L. d’Arifatr

CEO of Alteo Limited

Jean-Marc Rivet

General Manager of CIEL Properties

Key Facts and Figures

CIEL Healthcare

Ciel Finance

CIEL owns 75.1% of CIEL Finance Limited, in partnership with Amethis Finance, an investment vehicle dedicated to Africa, with a total investment capacity of USD 530M.


Quote from the CEO

“In a difficult international context, the cluster has been able to deliver improved results, thanks to a good mix of business lines and the teams’ capacity to address challenges in a timely manner.

CIEL Finance has also reinforced its capacity in digital banking, risks management and its ability to manage complex projects or implement innovations.

Investments in management capacity and in technology will be maintained as we enter 2016-2017, and should allow the cluster to further develop its revenues and profit over the next years, while benefitting from increased synergies.”

Marc-Emmanuel Vives, CEO of CIEL Finance


Management Team


Marc-Emmanuel Vives

CEO of CIEL Finance

Ravneet Chowdhury

CEO of Bank One

Alexandre Mey

CEO of BNI Madagascar

Thierry Hugnin

Managing Partner of Kibo Capital Partners

Robert Hovenier

CEO of MITCO

Stephane Henry

CEO of IPRO

Key Facts and Figures

CIEL Healthcare

Ciel Hotels & Resorts

CIEL Hotels Resorts is CIEL’s cluster that regroups all the tourism and hospitality activities of the Group. CIEL owns 59.8% of Sun Limited (a company listed on the Official Market of the Stock Exchange of Mauritius) and 50% of Anahita Residence & Villas Ltd.


Quote from the CEO

“Sun Limited is now well advanced in the implementation of its 2014-2019 plan. All of the Group’s resorts will be in full swing for the first time in two years as from December 2016.

Sun Limited continues its focus on reaching excellence in operations across all of its clusters and is confident that it is will progressively return to sustainable profit growth.”

David Anderson, CEO of Sun Limited


Management Team


David Anderson

Chief Executive Officer of Sun Limited

Tommy Wong

Chief Financial Officer of Sun Limited

Bernard Forster

Group Director Asset Management of Sun Limited

Dominique Di Daniel

General Manager Anahita Golf & Spa Resort

Key Facts and Figures

CIEL Healthcare

Ciel Healthcare

CIEL Healthcare Limited (“CHL”) is a Mauritian registered private limited company, with its prime objective to own, operate and manage assets in the healthcare sector in Mauritius and across Sub-Saharan Africa.


Quote from the Managing Director

“The past financial year has seen CIEL Healthcare (“CHL”) reinforcing its strategic presence in the Indian Ocean region, East Africa and West Africa, with the recent acquisition in Nigeria. This growth story was made possible through partnering with world-class organisations bringing both capital and expertise. Going forward the focus is on consolidating our investments by strengthening operational excellence across CHL’s portfolio.”

Alex Alexander, Managing Director CIEL Healthcare Africa


Management Team


Alex Alexander

Managing Director of CIEL Healthcare Africa

Unnati Negi

Chief Operating Officer of Fortis Clinique Darné

Noelle Gourrège

Managing Director Laboratoire International de Bio Analyse (LIBA)

Key Facts and Figures

CIEL Healthcare

Group Structure

AS AT 30 JUNE 2016

Ciel Limited

Ciel Textile

WOVEN

AQUARELLE CLOTHING

CONSOLIDATED FABRICS

LAGUNA CLOTHING

PASTEL BLUE

FINE KNITS

TROPIC KNITS

CDL KNITS

KNITWEAR

FLOREAL KNITWEAR

FERNEY SPINNING MILLS

Ciel Agro & Property

ALTEO

CIEL PROPERTIES

EBÈNE SKIES

FERNEY

LA VALLÉE DE FERNEY

Ciel Hotels & Resorts

ANAHITA THE RESORT

SUN

AMBRE

FOUR SEASONS resort at anahita

KANUHURA

LA PIROGUE

LONG BEACH

SHANGRI-LA’s Le Touessrok

SUGAR BEACH

Ciel Finance

BANK ONE

BNI MADAGASCAR

CIEL CORPORATE SERVICES

CIEL FINANCE

IPRO

IPRO GROWTH FUND

MITCO

THE KIBO FUND

Ciel Healthcare

CIEL HEALTHCARE

CIEL HEALTHCARE AFRICA

THE MEDICAL & SURGICAL CENTRE (FORTIS CLINIQUE DARNÉ)

INTERNATIONAL MEDICAL GROUP (IMG)

LABORATOIRE INTERNATIONAL DE BIO ANALYSE (LIBA)

HYGEIA NIGERIA

Risk Management

CIEL operates in a risk environment of globally growing uncertainty which requires a strong risk management culture. To identify, assess, and mitigate potential risks, CIEL works towards an effective risk framework based on five distinct lines of defense: Board, Group Leadership, Business Clusters, Corporate Risk Management and Internal Audit. Through the development and implementation of risk policies, guidelines and review mechanisms, CIEL adequately ensures the strategic management of its risk profile.


CIEL’S RISK PROFILE

CIEL evaluates risks at the macro, strategic and operational levels, and from a three-dimensional perspective that includes customers, industries and geographies.





Macro Level

Risks likely to affect CIEL’s growth opportunities

Strategic Level

Risks that may affect the validity of CIEL’s strategy in the pursuit of growth opportunities

Operating Level

Risks that might affect key operations of CIEL in its strategy execution



Risk ASSESSMENT

CIEL has identified its top ten risks based on likelihood, velocity and potential impact of each risk.



RISK ASSESSMENT HEAT MAP



2016-17 ENTERPRISE RISK MANAGEMENT INITIATIVES

CIEL has launched an Enterprise Risk Management (“ERM”) initiative which aims at successfully implementing ERM within the Group. Key focus areas include:



Risk Management

1. Setting - up of a Group risk management function

Risk Management

2. Developing and approving the Group’s risk management policy

Risk Management

3. Developing and approving the Group’s ERM Framework including Information Technologies (“IT”), Governance, Risk & Compliance (“GRC”) Framework

Risk Management

4. Finalising the Group’s Code of Ethics

Risk Management

5. Developing a compliance management program for the Group

Governance

Our Directors

P. Arnaud Dalais

CIEL Group Chairman since 2010
Chairman of CIEL following the recent reorganisation of the Group in 2014

Sébastien Coquard

Appointed Non-Executive Director on 15 May 2014

G. Christian Dalais

Appointed Non-Executive Director on 12 February 1966

Jean-Pierre Dalais

Appointed Director on 28 February 1995 and Executive Director on 14 February 2014

R. Thierry Dalais

Appointed Non-Executive Director on 26 August 2013

Pierre Danon

Appointed Non-Executive Independent Director on 24 January 2014

L. J. Jérôme De Chasteauneuf

Appointed Director on 13 April 2012 and Executive Director on 14 February 2014

Antoine Delaporte

Appointed Non-Executive Director on 26 August 2013

Norbert Dentressangle

Appointed Non-Executive Director on 15 May 2014

Roger Espitalier-Noël

Appointed Non-Executive Director on 24 January 2014

M. A. Louis Guimbeau

Appointed Non-Executive Director on 8 July 1991

J. Harold Mayer

Appointed Non-Executive Director on 24 January 2014

Marc Ladreit De Lacharrière

Appointed Non-Executive Director on 15 September 2014

Catherine McIlraith

Appointed Non-Executive Independent Director on 23 January 2015

Xavier Thiéblin

Appointed Non-Executive Independent Director on 18 December 2013



Our Alternate Directors

Vincent Ménez

Appointed Alternate Director of Norbert Dentressangle on 23 January 2015

Jacques Toupas

Appointed Alternate Director of Marc Ladreit de Lacharrière on 5 February 2016


Our Senior Management Team

P. Arnaud Dalais

Executive Chairman

Jean-Pierre Dalais

Executive Director of CIEL

L. J. Jérôme De Chasteauneuf

Executive Director of CIEL

David Anderson

Chief Executive Officer of Sun Limited

J. Harold Mayer

Chief Executive Officer of CIEL Textile Group

Marc Emmanuel Vives

Chief Executive Officer of CIEL Finance Group

Alex Alexander

Managing Director of CIEL Healthcare Africa

CORPORATE SUSTAINABILITY REPORT

Sustainability is the pulse of our society and of our Group. It needs to beat in every community, in every company, in every family and in every individual. It should run through our blood to inform every decision we take.

P. Arnaud Dalais
Chairman of CIEL Limited







Focus areas

We have identified five pillars, which represents the guiding principles of our Sustainability Journey.


  • Focus areas

    Business Ethics

  • Focus areas

    Labour Practices

  • Focus areas

    Environmental Responsibility

  • Focus areas

    Stakeholders Engagement

  • Focus areas

    Sustainable Design, Planning & Procurement

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