Turnover: Rs 28.5 billion

CIEL is an international Mauritian Group, listed on the Stock Exchange of Mauritius and on the SEM Sustainability Index.

The Group invests and operates in 6 strategic sectors, namely:

• Textile
• Finance
• Healthcare
• Hospitality
• Property
• Agriculture

Founded in 1912, CIEL is today present in more than 10 countries across Africa and Asia and employs 38,000 talented individuals.

With a market capitalisation of about MUR 11.3 billion (USD 256 million) and a consolidated turnover of MUR 28.5 billion (USD 662 million) for the 12 months period ending 30 June 2022, CIEL is one of the largest listed Mauritian companies. As at 30th June 2022, its portfolio was valued at MUR 23.9 billion (USD 541 million).

CIEL also partners with innovators and leaders in their respective fields:

• Amethis Finance
• Axian
• Dentressangle
• PeugeotInvest
• Four Seasons
• Fimalac
• IBL
• I&M Bank Limited
• International Finance Corporation (IFC)
• Investment Fund for Health in Africa (IFHA)
• Proparco
• Shangri-La
• Tereos

Businesses

CIEL Agro

CIEL is a key stakeholder in the agro- industry and owns 20.96% of Alteo Limited, a company listed on the Official Market of the Stock Exchange of Mauritius (SEM). With an annual turnover of MUR 12.1 billion in 2022 (approx. USD 281 million), Alteo is a leading regional player in the sugar, energy and property sectors.

As the largest sugar producer in Mauritius and with a strong and growing presence in Africa, Alteo operates three sugar factories in Mauritius, Tanzania and Kenya with a total production of 301,927 tons of sugar and three power plants (two in Mauritius, one in Tanzania) that exported 258.9 GWh to the national grids in 2022.

CIEL Finance

Specialised in Banking & Financial Services, CIEL Finance Limited is a subsidiary of CIEL and is actively involved in 4 sub-sectors of the financial industry: Banking, Fiduciary, Asset Management and Stockbroking. With approx. 1,600 employees, CIEL Finance operates in Mauritius, Madagascar, Seychelles and Botswana.

CIEL partnered with Amethis Finance, an investment vehicle dedicated to Africa, which currently owns a 24.9% stake in CIEL Finance. This partnership aims at creating synergies between the two groups and optimising their development in the banking & financial services sphere in sub-Saharan Africa and the Indian Ocean.

IBL LTD : FINANCIAL HIGHLIGHTS - YEAR ENDED JUNE

C-CARE (INTERNATIONAL) LTD

C-Care (International) Ltd is a registered private limited company which owns, operates and manage assets in the healthcare sector in Mauritius and across Uganda.

C-Care currently holds majority stakes in C-Care (Mauritius) Ltd (67.41%), which owns and operates 2 main private healthcare facilities, namely C-Care Darné and C-Care Wellkin. C-Care also proposes laboratory services through C-Lab and has 2 satellites clinics across the island, C-Care Grand Baie and C-Care Tamarin. It also owns and manages the International Medical Group IMG (93.02%), largest provider of private healthcare services in Uganda.

CIEL Hotels & Resorts

CIEL Hotels & Resorts regroups all the tourism and hospitality activities of the Group. CIEL owns 50.10% of Sun Limited - a company listed on the Official Market of the Stock Exchange of Mauritius (SEM) and SEM Sustainability Index - which owns and operates four resorts in Mauritius (La Pirogue, Sugar Beach, Long Beach and Ambre), all operating in the four-to-five-star segments under the brand Sun Resorts. Sun Resorts also manages the iconic Ile aux Cerfs, off the East coast of Mauritius, which is comprised of the world-famous Bernhard Langer designed golf course. Besides, Sun Resorts owns 100% of the 5* luxury Four Seasons Resort Mauritius at Anahita which is managed by Four Seasons. Sun Ltd also owns 74% of the iconic Shangri-La's Le Touessrok Resort and Spa, managed by Shangri-La Hotels and Resorts since November 2015. Finally, CIEL, in joint venture with Alteo, also owns 50% of Anahita Residence & Villas Ltd, which is operating under the brand 'Anahita Golf and Spa Resort'.

CIEL Properties

CIEL Properties Limited looks after the Group's land and real estate assets in Mauritius. The property business includes Ferney Limited, an important landowner and manages a nature reserve and hunting grounds of (3,100 hectares) situated on the Southeast coast of Mauritius. Evolis, its latest property assets vehicle, is currently transforming old textile buildings and other properties of the Group into repurposed areas for commercial activities. With a strong focus on accelerating sustainable development in Mauritius, the Group offers differentiated biodiversity and agri-hub opportunities in the local market through La Vallée de Ferney. CIEL Properties also owns and manages Ebene Skies Limited, a six-level office building where CIEL is headquartered.

CIEL Textile

CIEL Textile is a world-class global player in textile and garments operations, present in Mauritius, Madagascar, India and Bangladesh with more than 23,000 employees. It has developed into a regional one-stop shop for textiles, with vertically integrated business units, from yarn spinning to finish garments. CIEL Textiles exports around 43 M garments annually to Europe, India, South Africa and USA.

CIEL Textile's vision is to be the Best Global Fashion Partner with the objective to deliver unbeatable value to medium and upmarket retailers.

Executives

Turnover: Rs 13.5 billion

ENL Limited is the holding company of the ENL Group which is a broad-based enterprise, developing and managing a portfolio of more than 120 international and homegrown brands in agro-industry, real estate, hospitality, logistics, finance and technology as well as in commerce and industry.

It is listed on the SEM-10 and SEMSI indices of the Stock Exchange of Mauritius, with an asset base of Rs 78 billion and shareholders' funds of Rs 27 billion.

The group’s strategic objective is to grow through purpose-driven teams, investments and operations that leverage the group’s asset base to positively and sustainably impact its financial performance and society. ENL nurtures and reinforces an impact-driven corporate culture that enables its teams to create a positive human, ecological and economic impact over time.

More than 7,000 women and men are under the direct employment of ENL companies. They pursue the group’s mission of sustainable value creation by upholding its core values of connectedness, commitment and innovation.

ENL is a sizeable shareholder in a number of other Mauritian blue-chip companies. It owns 59.7% of the publicly traded Rogers group, 38% of New Mauritius Hotels and 29% of Swan group as well as 39% of Eclosia group, the family-owned leader of the Mauritian food industry.

Turnover: Rs 35.86 billion

Principal activity

The first Mauritian 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, effective as from the 1st of July 2016.

The listing and trading on the Mauritian Stock Exchange started on the 14th of July 2016.

IBL Ltd is a born and raised Mauritian group. It operates in a wide range of activities, from financial services to distribution of consumer goods and aviation. With a strong regional presence and world-class expertise, the activities of the group spread over 18 countries. IBL Group counts over 24,404 team members working in 9 different clusters: Agro & Energy, Building & Engineering, Commercial & Distribution, Financial Services, Hospitality & Services, Life & Technologies, Logistics, Seafood and Property.

IBL LTD : FINANCIAL HIGHLIGHTS - YEAR ENDED JUNE

Turnover: Rs 8.98 billion

Established in 1855, SWAN is the leading financial solutions provider in Mauritius.

It provides 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. It has five branches across the island: Port Louis, Grand Baie, Flacq, Ebene and Black River.

Swan lives by its core values: passion, people and performance and put people at the center of its 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. It calls 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, SWAN acknowledges the role it must play in achieving a more sustainable world. Its corporate social responsibility (CSR) programme is one way to help achieve that goal. Its CSR initiatives focus on: Education and training, Environment, Health, Leisure and sports as well as socio-economic development. It partners with carefully selected non-governmental organisations (NGOs) working towards building a better future, particularly for the most vulnerable people in our society.

Its international presence began to grow in 2006, when it acquired a strong minority stake in a leading Seychelles insurer. Its international footprint has expanded since then. It later launched captive reinsurance operations for large corporate and institutional customers across Africa. It is now present in Comoros, Zambia and Rwanda.

Turnover: Rs 8.11 billion

During the year, the Group saw a gradual pickup in its activities across all business segments and geographies, with a noted increase in the second semester of FY22 post-pandemic. All its resorts were ready for business on re-opening of borders save for Dinarobin Beachcomber and Shandrani Beachcomber which resumed operations later in the year due to ongoing works. Its tour operating companies in UK, France, South Africa and Italy witnessed a surge in demand as travel gained momentum. Its in-flight catering business also witnessed a revival with an increase in number of flights serving the local destination. The Group registered a turnover of Rs 8.1bn in FY22 (FY21: Rs1.1bn), an EBITDA of Rs2.0bn (FY21: negative EBITDA of Rs2.0bn) and a profit for the year of Rs45.4m (FY21: loss of Rs3.1 bn).

Mauritius

Operations in Mauritius recorded a revenue of Rs 6.1bn in FY22 (FY21: Rs 670.6m), boosted by favourable exchange rates. The higher average occupancy rate in its five-star resorts than in its four-star resorts has positively impacted the average revenue per room sold. As expected, on the cost side, there has been a significant increase year on year with the resumption of normal operations, severance of Government wage assistance at the end of December 2021 and general inflation. EBITDA from Operations in Mauritius was Rs1.0bn (FY21: negative EBITDA of Rs 1.8bn). Given that its resorts were fully operational for only part of the year, the losses incurred durig the first semester could not be fully compensated and hence the Operations in Mauritius sustained a loss for the year.

Project Updates

Paradis Beachcomber has upgraded a number of its beachfront rooms. Work started in May 22 during the quiet period and has been conducted in a phased manner without major disruption to in-house guests. Fifty-four rooms have been fully refurbished and re- openedpostyearend.Thesaleandleaseback of the twenty-seven villas at Trou aux Biches Beachcomber under IHS was launched in August 2022 and has attracted significant interest to date.

Outlook

Forward bookings for FY23 are very encouraging. The results for the first quarter are significantly better than budget and those of the comparative period before the pandemic. The forthcoming increase in flight capacity also augurs well for the second quarter results. The evolution of costs is however being closely monitored and the unfavourable movement in interest rates and exchange rates could have an adverse impact on the bottom line. Management is confident that should the increased flight capacity be sustained, and barring any unexpected event, all operations across the Group, both locally and overseas, will contribute positively to the Group’s PAT for the financial year ending June 2023, paving the way for a sustainable and financially robust recovery.