ciel factsheet · transmara/ alteo grid sq.m of office space main investments (% ownership) 20.96%...

CIEL FACTSHEET

01st October 2015

Listed on the

SEM

Teamed up with Leading International Partners

Mauritius, Africa & Asia

Stronger, leaner and diversified investment company, spread across

I n d e x 1.  About CIEL

2.  Milestone – A century of rapid expansion

3.  Key Figures

4.  Business Cluster review

About CIEL

4

Pioneers | Integrity |Hard Work | Human approach |Spirit of Entrepreneurship| Solid sense of partnership| close to operaCons | Winning Spirit | Champion Culture

CIEL Limited is a leading diversified investment company in MauriCus, operaCng five business clusters spread across MauriCus, Africa and Asia with 27,000 employees. Since its beginnings in agriculture in 1912, the pioneering group is conCnuously exploring new avenues of development and internaConal expansion. In February 2014, CIEL was listed on the Official Market of the Stock Exchange of MauriCus (Ccker symbol: “CIEL.N0000”), following the merger of one of its investment companies into the Group’s holding company. CIEL has now acquired an internaConal dimension not only at operaConal level but also at shareholder level, while the ulCmate control of the company remain with local shareholders. With a market capitalisaCon of about MUR 10.2 billion (USD 290 M) as at 30th September 2015 and a consolidated turnover of MUR 16.5 billion (USD 512M) as at 30 June 2015, CIEL is one of the largest listed MauriCan companies. As at 30 June 2015, its poraolio was valued at MUR 14.5 billion (USD 418M) and the group total assets at MUR 52 billion (USD 1.5 billion) .

Hotels & Resorts

Sun Ltd Anahita Residences & Villas Ltd

Finance Bank One BNI Madagascar MITCO IPRO KIBO FUND I Procontact

Textiles Woven Cluster Knitwear Cluster Fine Knits Cluster

Agro & Property

Alteo Ltd Ferney Ltd La Vallée de Ferney Ltd Ebene Skies Ltd

Healthcare CIEL Healthcare East Africa Ltd The Medical & Surgical Centre Ltd (Fortis Clinique Darné)

International Medical Group -Uganda LIBA

Group Structure since 2014 CIEL Limited

(ex Deep River Investment)

5

CIEL Hotels & Resorts CIEL Finance CIEL Textile CIEL Agro & Property CIEL Healthcare

INDUSTRY: TexCle Woven, Knitwear, Fine Knits MAIN COMPANIES: Aquarelle Clothing Ltd, Pastel Blue Ltd, Consolidated Fabrics Ltd, Laguna Clothing Ltd, Tropic Knits Ltd, CDL Knits Ltd, Floreal Knitwear Ltd, Ferney Spinning Mills Ltd, CTL Retail Ltd

INDUSTRY: Healthcare MAIN COMPANIES: CIEL Healthcare East Africa Ltd The Medical & Surgical Centre Ltd (ForCs Clinique Darné) IMG LIBA

INDUSTRY: Sugar, Energy & Property Development MAIN COMPANIES: Alteo Ltd Alteo Milling Ltd Alteo Energy Ltd Alteo Refinery Ltd Anahita Estates Ltd Ferney Ltd Ebène Skies Ltd Sucrière des Mascareignes Ltd

INDUSTRY: Tourism & Leisure MAIN COMPANIES: Sun Limited, Anahita The Resort, Anahita Hotel Ltd (Four Seasons Hotel)

INDUSTRY: Banking, Fiduciary Services, Private Equity, Asset Management MAIN COMPANIES: Bank One BNI MITCO IPRO Kibo Capital Partners Ltd Procontact Ltd

Directors •  P. Arnaud DALAIS

Chairman •  SebasCen COQUARD •  ChrisCan DALAIS

Jean-‐Pierre DALAIS •  Raymond Thierry DALAIS •  Pierre DANON •  Jérôme DE CHASTEAUNEUF •  Antoine DELAPORTE •  Marc LADREIT DE LACHARRIERE •  Norbert DENTRESSANGLE •  Roger ESPITALIER NOEL •  Louis GUIMBEAU •  Harold MAYER •  Catherine MCILRAITH (Mrs.) •  Xavier THIEBLIN

7

Board of directors CIEL Executives

•  P. Arnaud DALAIS Chairman

•  Jérôme DE CHASTEAUNEUF Execu.ve Director

•  Jean-‐Pierre Dalais Execu.ve Director

•  ChrisCne Sauzier Head of Legal Affairs

A<orney-‐at-‐Law

•  ADENIA PARTNERS: A private equity fund invesCng in Africa •  AFRICAN DEVELOPMENT BANK

•  AMETHIS Finance: A private equity firm dedicated to Africa, created in partnership with Edmond de Rothschild Group

•  DEG : A German development fund insCtuCon

•  DENTRESSANGLE INITIATIVES SAS: A holding enterprise and European leader in transport and logisCcs

•  FFP INVEST: An investment company controlled by Peugeot Frères

•  GROUP MARC LADREIT DE LACHARRIERE: Owner of 40 % of the Lucien Barrière Hotel Group and holding 50 % of the Fitch Group.

•  IFC: Member of the World Bank Group and largest global development insCtuCon

•  PROPARCO: A French development finance insCtuCon

Strategic Investors and Partners

8

I n d e x

1.  About CIEL


3.  Key Figures


1912 Acquisition of Deep River sugar estate

by Adrien Dalais and children

Milestone 1912 -‐ 2015 A century of rapid expansion

1948 Acquisition of

Beau Champ Sugar Estate by Deep River and Partners (became Deep River - Beau Champ Ltd)

1926 Acquisition of L’Etoile sugar estate

by Deep River

10

1970 Acquisition of Ferney Sugar Estate

and centralisation of operations on Deep River-Beau Champ

1972 Beginning of diversification in textile industry

with the acquisition of Floreal Knitwear Ltd

Launching of Ireland Blyth Limited

Milestone 1912 -‐ 2015 A century of rapid expansion

1968 Investment in Ireland Fraser

1975 First investment in Hotel industry

through the construction of St Géran Hotel

11

Incorporation of Consolidated Investment and Enterprises Limited in which all non sugar

strategic investments are transferred

1977

1978 Beginning of vertical integration

in the textile cluster with the incorporation of Ferney Spinning Mills

1988 Acquisition of ENL interest in textiles

and beginning of diversification in shirts and fine knits

Milestone 1912 -‐ 2015

1983 Creation of SUN Resorts Limited

Acquisition of La Pirogue and Le Touessrok

12

A century of rapid expansion

Creation of IPRO first investment in the financial sector

Partnership with Coats Vyella In New Island Clothing (M&S)

1992

1990 Beginning of international expansion with

the launching of Floreal Madagascar

1912 -‐ 2015 Milestone

13


1994 Acquisition of 30% in Constance Hotels

and deal for joint-venture with Constance La Gaieté for milling operations

Incorporation of Aquarelle Clothing Ltd non M&S shirt business

Acquisition of Essar Textiles now known as Consolidated Fabrics Ltd (CFL) –

woven fabrics


1996

1997

Investment in CEL power generation at DRBC

14


Acquisition of TPC Ltd in Tanzania, in joint venture with Groupe Quartier Français

From Reunion Island

Merger of Aquarelle Group into Floreal Group and creation of CIEL Textile

2000

2001 New structure and brand vision for CIEL with three

clusters: •  CIEL Textile

•  CIEL Agro-Industry •  CIEL Investment


15


2004 Launch of Fondation CIEL Nouveau Regard

1912 -‐ 2015

2005 CIEL properties set up Anahita IRS Project

on East Coast of the Island

Partnership agreement with Kingdom Hotels Investments

Signature agreement with Four Seasons

2006 International Expansion of CIEL Textile

through Aquarelle in India and Bangladesh

Investment of USD 35M in TPC to increase capacity

16

Milestone A century of rapid expansion

2007 Raise in CIEL Investment’s share capital

to Rs 1.2bn with international investors

2008 Opening of Anahita IRS

Acquisition of Bank One in joint venture with I&M Bank of Kenya

Launch of initial capital of €30M regional equity fund by Kibo Fund LLC

1912 -‐ 2015

2009 CIEL Investment Ltd increases its

shareholdings to 29% in Sun Resorts Ltd and invest in Fortis Clinique Darné

17


1912 -‐ 2015

2012 Amalgamation of Flacq United Estates Limited (FUEL)

with and into Deep River-Beau Champ Limited renamed Alteo Limited, listed on the Official Market of the Stock Exchange of Mauritius

2013

CIEL takes control of CIEL Textile Ltd through a shareholding of 56.31% in the company

18


2014

Amalgamation of CIEL Investment Ltd with and into Deep River Investment Ltd, 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

1912 -‐ 2015

19


2014 Listing of CIEL Limited on the Official

Market of the Stock Exchange of Mauritius

Successful Private Placement at CIEL level to raise € 50 m with FFP, ND

Initiative, Fimalac, Proparco and private investor

1912 -‐ 2015

CIEL takes full control of Sun Resorts Ltd through a shareholding of 59.7 % in the

company

Sale of participation in Constance Hotels Services Ltd

20


2015 Amethis Finance takes 24.9 %

shareholding in CIEL Finance Limited

CIEL Healthcare Limited increase its stake to 58.60% in Medical and

Surgical Centre Limited (MSCL), the company which owns Fortis Clinique Darné

2014 Acquisition of controlling stake in bank

BNI Madagascar SA through investment in Indian Ocean Financial

Holding Ltd

The KIBO Fund II first closing at US$50 million

2014-‐2015 at a glance

2015

CIEL Healthcare Africa takes majority stake of 90.1 % in International Medical Group -Uganda

Alteo through Sucrière des Mascareignes Limited

Acquires 51% stake of Transmara Sugar Company Limited

in Kenya

Recent milestone

SUN Resorts Ltd acquires 100% of Anahita Hotel Limited , owner of the Four Seasons Resort Mauritius

22

I n d e x

1.  About CIEL


3.  Key Figures


Investment Por3olio

24

Finance Rs 2,667m

18%

Agro & Property Rs 3,683m

25%

30 June 2015 Rs 14,457m

TexWle Rs 2,301m

16%

Healthcare Rs 946m 7%

Hotels & Resorts Rs 4,860m

34 %

Hotels & Resorts

Rs 3,264m 28%

Finance Rs 2,239m

19%

Agro & Property Rs 3,917m

33% TexWle

Rs 1,954m 17%

Healthcare Rs 313m

3%

30 June 2014 Rs 11,688m

Highlights

28-‐Sep-‐15 25

Group

2015 MUR

2014 MUR

Revenue 16,455 9,718

EBITDA 2,581 893

Profit Before Tax & before non-‐recurring items 1,857 437

Profit aper tax 2,090 (53)

Profit aqributable to owners of the parent 1,072 (383)

Total assets 52,024 44,080

Net interest bearing debt 10,266 7,700

Gearing – Debt/(Debt + Equity) 31.8% 30.1%

Company Net Asset Value per share -‐ Rs 8.60 7.22

Key Figures-‐ 12 Months ended 30 June 2015

2015 Balance Sheet

26

MUR 52.0bn

Group Total Asset

-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐

Up MUR 7.9bn

Group Net Borrowings

-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐

MUR 10.3bn

Up MUR 2.6bn

Group Gearing RaCo * -‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐-‐

31.8%

Company net borrowings

MUR1.4bn Up MUR 0.8bn

Company Poraolio Value MUR 14.5bn Up 2.8bn

MUR 1.4bn

Company Net borrowings

Up Rs 0.8bn

Company Gearing RaCo *

9.7 % 2014 – 4.6%

*Debt/(Debt + Equity)

Value creaLon

27

Company NAV/Share

19% Growth over the year

Group EPS 2015

MUR 0.70

P/E Ratio (30 June 2015)

10x

Dividend Yield - 2015

2.2

Annualised TSR Since 2010

19. 55%

8.60

7.20

6.00

6.50

7.00

7.50

8.00

8.50

9.00

Mar-‐14 Jun-‐14 Sep-‐14 Dec-‐14 Mar-‐15 Jun-‐15

Rs

NAV & Share Price

NAV per share Share price

0.16

-‐ 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18

2010 2011 2012 2013 2014 2015

Rs

Dividend per share

Strategic Progress

Building the pillars for long term growth and strengthening of our por^olio

28

ConsolidaWon of our Healthcare cluster -‐ Stake increased from 29.8% to 58.6%

Regional Expansion -‐ 90.1% stake in InternaConal Medical Group, the leading private healthcare service provider in Uganda ConsolidaWon of our Hotels & Resorts cluster – Disposal of Constance Hotels Stake in SUN increased to 59.8%

Building new Partnership -‐ Amethis takes a 24.9% parCcipaCon in CIEL Finance OpWmisaWon of financial resources -‐ Issue of Rs 1.05bn notes programme at an average interest rate of 5.68%

I n d e x

1.  About CIEL


3.  Key Figures


31Million

20 productions units

Over

18,400 employees

Listed on the

3 clusters

WOVEN

Exports

GARMENTS annually to

Europe,India, South Africa and USA

Madagascar India Bangladesh Mauritius

FINE KNITS KNITWEAR

1 8 7 4 DEM

56.31% CIEL TexCle

VerCcally Integrated Floreal Knitwear Ltd Tropic Knits Group Aquarelle Group

CIEL owns 56 % of CIEL TexCle, a fully-‐fledged subsidiary, listed on the Development and Enterprise Market of the Stock Exchange of MauriCus since 2006. CIEL TexCle is a world-‐class global player in texCle and garments operaCons, spanned across MauriCus, Madagascar, India and Bangladesh. It has developed into a regional one-‐stop shop for texCles, with verCcally integrated business units, from yarn spinning to finish garments. CIEL TexCle produces around 25 million meters of woven and kniqed fabrics, spins 1,500 tons of woollen yarn and exports approximately 33 million garments annually to Europe, India, South Africa and USA.

tons of sugar produced across TPC/

Transmara/ Alteo

sq.m of office space

Main Investments (% ownership)

20.96%

Over

4,500 employees

71.06%

International Partner

7,800

320,000

100% 100%

CIEL Properties

GWh of energy exported to the

Grid

331

200 hectares nature reserve

hectares of cane fields in Mauritius

and Tanzania

19,250

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 MauriCus (SEM) since 2012. It is the largest sugar producer in MauriCus with a producCon 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. Alteo is moreover the owner and developer of Anahita, an IRS development on the east coast of MauriCus. Also part of the CIEL Agro & Property cluster is Ferney Ltd, an important agricultural land-‐owning company situated close to the airport on the South East coast of MauriCus.

Mauritius & Maldives

Main Investments (% ownership)

59.8%

More than

4,100 employees

50%

International Partners

Tour Operators

2

8

CIEL owns 59.78% of Sun Ltd (SUN) which owns and operates four resorts in MauriCus (La Pirogue, Sugar Beach, Long Beach and Ambre) and one in Maldives (Kanuhura), all operaCng in the four to five star-‐segments. In June 2014, SUN, also owner of Le Touessrok, has signed a management contract with Shangri-‐La Hotels and Resorts for the management of the property. On 1 November 2015. the hotel will reopen and operate under the name Shangri-‐La’s Le Touessrok Resort & Spa, MauriCus aper an extensive six-‐month renovaCon. In JUNE 2015, SUN acquired a 100% stake in Anahita Hotel Ltd, which owns the Four Seasons Resort MauriCus. CIEL in joint venture with Alteo also owns 50% of Anahita Residence & Villas Ltd, which is operaCng under the brand ‘Anahita The Resort’.

Main Investments

50%

More than

1,100 employees


Fiduciary Banking Wealth Management

Private Equity

50% 53% 60.10% 55.50% (Through 60%

subsidiary company)

CIEL Finance Limited is a subsidiary of CIEL and the specialised Banking & Financial Services cluster of the group, today acCvely involved in 4 sub-‐sectors of the financial industry: Banking (Bank One / BNI Madagascar), Fiduciary Services and Companies / Funds administraCon (MITCO), Asset Management (IPRO), and Private Equity (Kibo Capital Partners, the Kibo Funds I & II). With more than 1100 employees, CIEL Finance operates in MauriCus, Madagascar, Seychelles, Kenya, South Africa and Botswana. In August 2015, Amethis Finance, an investment vehicle dedicated to Africa, with a total investment capacity of USD 530 million, has taken a 24.9% parCcipaCon in CIEL Finance Limited. This partnership aims at creaCng synergies between the two groups and opCmising their development in the banking & financial services sphere in Sub-‐Saharan Africa and the Indian Ocean.

CIEL Healthcare Limited is a MauriCan registered private limited company, wholly owned by CIEL, with a prime objecCve to own, operate and manage assets in the healthcare sector in MauriCus and across Sub-‐Saharan Africa (‘SSA’). In March 2015, CIEL Healthcare Limited (‘CHL’) increases its stake from 44.93% to 58.60% in The Medical and Surgical Centre Limited the company that owns ForCs Clinique Darné in MauriCus. In July 2015, CIEL Healthcare Limited (CHL) has acquired a majority stake in InternaConal Medical Group (IMG) in Uganda. InternaConal Medical Group is the leading private provider of health care services in Uganda. The group employs about 600 staff . CHL also holds, 35% of Laboratoire InternaConal de Bio Analyses Ltée (‘LIBA’) and 100% of CIEL East Africa Healthcare Limited (operaCng as ‘CIEL Healthcare Africa’).

Main Investments

58.60%

More than

1,100 employees


35% 90.1% The Medical and Surgical

Centre Ltd

•  Actogether.mu

•  ‘La caze Lespwar’ by Caritas - Solitude

•  Society for the Welfare of the Deaf

•  ANFEN Schools

Corporate Social Responsibility

55 Rs million Invested over the last 10 years

CSR Activities for 2015

5.5 Rs million Invested in 15 years

Relief of poverty, educaCon & training, health, handicap, drugs & alcohol

10 Rs million Invested Since 2007

CIEL ensures that its businesses operate with adequate

Environmental, Social and Good Governance parameters

Restoring and promoting a unique biodiversity, in partnership with: •  Government of Mauritius •  The Mauritius Wildlife

Foundation •  The GEF Small Grant Fund

of UNDP

Ferney Trail is one of the most popular trail event in MauriCus and is part of the local Trail League. Launched in 2008, the trail aqracts some 2000 parCcipants from MauriCus, Reunion Island and South Africa. The event takes place at the heart of The Vallée de Ferney, a private domain with fabulous mountain ranges sheltering indigenous fauna & flora, located in the south-‐east region of the island. Besides the exquisite and picturesque sceneries of nature, runners will also be able to enjoy the stunning views of the blue lagoon from the mountain ranges. Ferney Trail, which features four races, the 35km, the 17 km, the 10 km and the 4 km Sun Kids, guarantees an unforgeqable experience to all the parCcipants!

www.ferneytrail.com

250 volunteers

2,500 participants

4 races

International Event

Media

Amélie Audibert HR & CommunicaCon Manager

Tel: + (230) 54231673 E-‐mail:[email protected]

Investor RelaWons SébasCen Daruty Group Financial & Corporate Manager Tel: + (230) 404 2200 E-‐mail: [email protected]

ciel factsheet · transmara/ alteo grid sq.m of office space main investments (% ownership) 20.96%...

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