HANDBOOK OFFICIAL MARKET 2015 - Stock Exchange of...

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HANDBOOK 2015 | OFFICIAL MARKETTHE STOCK EXCHANGE OF MAURITIUS LTD 1

HANDBOOK OFFICIAL MARKET 2015

2 HANDBOOK 2015 | OFFICIAL MARKETTHE STOCK EXCHANGE OF MAURITIUS LTD

The STock exchange of MauriTiuS iS pleaSed To preSenT The handbook (official MarkeT) 2012. The handbook haS been prepared wiTh The collaboraTion of liSTed coMpanieS and haS been coMpiled froM The laTeST annual reporTS of each liSTed coMpany. The inforMaTion conTained in The handbook iS deSigned aS a general reference and doeS noT, by iTSelf, provide anSwerS To all queSTionS, which Should be aSked abouT ShareS and Their proSpecTS.

The publicaTion of The figureS of liSTed coMpanieS conTained in ThiS handbook haS been done wiTh reaSonable care and dilligence. however, The STock exchange of MauriTiuS MakeS no repreSenTaTionS, giveS no warranTy and diSclaiMS all liabilliTy in reSpecT Thereof and Shall noT be held liable for any daMage, loSS or coST incurred reSulTing froM any error in The inforMaTion of any uSe of The Said inforMaTion. appropriaTe independenT advice Should be obTained before Making any inveSTMenT deciSion.

The Stock Exchange of Mauritius

4th Floor, One Cathedral Square Building 16, Jules Koenig Street, Port Louis Republic of Mauritius

Tel : (230) 212 9541 Fax : (230) 208 8409 www.stockexchangeofmauritius.com

2015


TABLE OFCONTENTS

07101215171921232527293133353739424447495153

Air Mauritius LimitedAlteo LimitedAtlantic Leaf Properties LimitedAutomatic Systems LimitedBlueLife LimitedBelle Mare Holding LimitedCaudan Development LtdCIEL LimitedCIM Financial Services LimitedCompagnie des Magasins Populaires LimitéeDale Capital Group LimitedENL Commercial LimitedENL Land LtdFincorp Investment LimitedGamma-Civic LtdGo Life International LtdHarel Mallac & Co.Innodis LtdIreland Blyth LimitedLottotech LtdLux Island Resorts LtdMauritian Eagle Insurance Company Limited

55575962 646668717375777982858790929599

101103105

The Mauritius Chemical and Fertilizer Industry LimitedThe Mauritius Development Investment Trust Co LtdMauritius Oil Refineries LtdMauritius Union Assurance Cy LtdMCB Group Limited National Investment Trust LtdNew Mauritius Hotels LimitedOmnicane LimitedP.O.L.I.C.Y. LtdPhoenix Beverages LimitedPlastic Industry (Mtius) LtdPromotion and Development LtdRockcastle Global Real Estate Company LimitedRogers and Company LimitedSanlam Africa Core Real Estate Investments LimitedSBM Holdings LtdSun Resorts LtdSwan General Ltd Terra Mauricia LtdUnited Basalt Products LtdUnited Docks LtdVIVO Energy Mauritius



Asiagets closer

Kuala Lumpur: 7h10min

Singapore: 9h30min

Hong Kong: 9h45min

Shanghai: 11h25min

Beijing: 12h05min

Chengdu: 10h15min

Avec 21 destinations directes... Vous y êtes!

www.airmauritius.com


SEM CodeClassificationRegistered officeChairmanDirectors

Company Secretary

AIRMTransportPaille-en-Queue Court, President J.Kennedy Street, Port LouisDr Arjoon SuddhooDr Arjoon Suddhoo (Chairman)Mr Andries Nathaniel Viljoen (CEO)Mrs Kan Oye Fong Weng-PoorunMrs Banoomatee VeerasamyMr Sateeaved Seebaluck, G.O.S.K.Mr Etienne RachouMr Bissoon Mungroo, G.O.S.K.Mr Ramprakash MaunthrooaMr Philippe Espitalier-NoëlMr Marc Hein, G.O.S.K.Mr Louis RivallandMr Rohit NandanMr Muhammad Yoosuf SalemohamedMr Dharam Dev Manraj, G.O.S.K.Mr Daniel MackayMr Pankaj Srivastava (Alternate Director to Mr R Nandan)Mr Radha Krishna Chellapermal (Alternate Director to Mr D Manraj)Mr Fooad Nooraully

SUMMARY INFORMATIONThe national airline of MauritiusIn 48 years of existence, Air Mauritius has consistently played its role as the national airline bridging Mauritius to the world and has remained an economically sustainable company despite the huge challenges that the airline industry has faced during the past decade. Connectivity being vital for the island, Air Mauritius is a driving force of the Mauritian economy, particularly that of its tourism sector.

During financial year 2014/2015, it posted a loss of EUR 23.7 million. However, Air Mauritius Ltd maintained its level of operations in spite of intensifying competitive pressure. It offered 1.9 million seats and carried 1.3 million passengers - representing half of the passenger traffic to and from Mauritius. The losses for the financial year under review was mainly due to a combination of external factors including the sharp drop of the euro, increasing competition and our operations on China that did not achieve forecasted growth targets, while operating costs increased.

Fleet & OperationsAir 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 two ATR 72-500 for regional flights. Air Mauritius will replace its existing fleet of Airbus A340-300 with six new generation Airbus A350-900 aircraft which will be delivered in a phased manner in 2017, 2019 and 2020.

Operations and maintenance adhere to the strictest standards of safety, which are compliant with the Mauritian Department of Civil Aviation (DCA), the IATA Operational Safety Audit (IOSA) and the European Aviation Safety Agency (EASA) enabling it to undertake the maintenance of aircraft registered in Europe.

The leading airline in the regionAir Mauritius was upgraded to a 4 Star Status by SKYTRAX in July 2014 and obtained the following additional recognitions:• Runner Up in the category Best Airline in Africa• Runner Up in the category Best Airline Service Staff in Africa• Air Mauritius has also been ranked among the Top 10 Most Improved Airlines in the World.Air Mauritius is also a dominant force in the region and has been voted Airline of the year for the Indian Ocean region for the 10th consecutive time this year at the World Travel Awards. A new network modelIts operating model has been reviewed following changes in the operating environment and includes concentrating the network around hubs in order to offer more choice and flexibility to passengers. The airline serves 20 online destinations and connects to many more on code share agreements with partner airlines.

Company ethicsAs 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 policies, which reflect best practice in good governance and operating standards.

Activities of the companyThe 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 citizenBalancing its economic activities with the social and environmental upliftment of the community in which it operates is an integral part of the way that Air Mauritius conducts its business. Among other environment initiatives, the Mauritius Wild Life Foundation plants over 6,000 trees all over the Mauritian territory annually under the ‘One take-off one tree program’ sponsored by Air Mauritius. The company also supports the local community in line with the National CSR guidelines, by granting discounts and facilitating air travel in the field of health, sports and education.

Mr Andries Nathaniel Viljoen (CEO)

Dr Arjoon Suddhoo (Chairman)

Asiagets closer

Kuala Lumpur: 7h10min

Singapore: 9h30min

Hong Kong: 9h45min

Shanghai: 11h25min

Beijing: 12h05min

Chengdu: 10h15min

Avec 21 destinations directes... Vous y êtes!

www.airmauritius.com


FINANCIAL REVIEW OF THE GROUP AIR MAURITIUS LIMITED BALANCE SHEET (€ ‘000)

31 Mar 2015 2014 2013 2012 2011ASSETSNon-current assetsProperty, plant and equipment 212,523 232,914 251,547 264,522 280,228 Investment property 10,200 9,764 10,050 9,856 9,599 Intangible assets 603 947 184 548 956 Investment in associated companies 129 133 157 167 155 Available-for-sale investment 634 603 611 603 628 Other financial assets - - - Deferred tax asset 81 24 20 27 22 Long term deposits 19,625 7,376 8,984 8,692 8,320 Long term receivables 150 123 133 132 124

Current assets 93,018 87,705 76,959 75,608 84,580 Assets classified as held for sale - - - - - Total assets 336,963 339,589 348,645 360,155 384,612 EQUITY AND LIABILITIESCapital and reservesShare capital 41,724 41,724 41,724 41,724 41,724 Share premium 18,869 18,869 18,869 18,869 18,869 Other reserves (35,233) (10,539) (9,182) (9,872) (11,897)Retained earnings 13,952 28,196 20,026 26,985 61,451 Proposed dividendsShareholders' interests 39,312 78,250 71,437 77,706 110,147

Minority interests 2,685 2,501 2,480 2,457 2,263 Non-current liabilitiesBorrowings and financial derivatives 36,081 40,795 48,473 59,701 75,015 Deferred creditProvisions 61,303 62,073 66,484 46,875 45,979

Current liabilities 197,582 155,970 159,771 173,416 151,208 Total equity and liabilities 336,963 339,589 348,645 360,155 384,612

INCOME STATEMENT (€ ‘000)

31 Mar 2015 2014 2013 2012 2011

Turnover 465,676 461,463 452,129 453,218 436,002 Gross Operating Profit / (Loss) 12,515 32,711 20,926 2,294 38,981 Administrative expenses (32,506) (28,562) (26,661) (29,066) (25,605)Profit on sale of investmentShare of results of associates (4) (24) (10) 12 (7)Other income 3,201 3,103 4,056 4,302 3,539 Fair value adjustments 403 12 395 (96) 39 Net finance costs (6,499) 1,377 (1,022) (6,719) (5,794)Loss on derecognition of liabilities - - - - - Profit/(loss) before tax (22,890) 8,617 (2,316) (29,273) 11,153 Income tax expense (6) (152) (187) (157) (202)Profit/(loss) after tax (22,896) 8,465 (2,503) (29,430) 10,951 Minority interests (57) (130) (72) (168) (203)Net profit/(loss) for the year attributable to equity holders of the parent (22,953) 8,335 (2,575) (29,598) 10,748

Dividend 1,237 1,271

STATISTICSNumber of ordinary shares used in calculation 102,305,000 102,305,000 102,305,000 102,305,000 102,305,000

Euro Euro Euro Euro EuroEarnings/(Loss) Per Share (0.22) 0.08 (0.02) (0.29) 0.11 Dividend Per Share (Rs) 0.50 0.50 Net Assets Value 0.41 0.79 0.72 0.78 1.1


CIRCUS


SEM Code

Classification

Registered office

Board of Directors(as at 30 June 2015)

Company Secretary

Principal Activities

ALT.N0000

Investments

Vivea Business Park, Saint Pierre

P. Arnaud DALAIS (Chairman)

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 MARASSE ENOUF (Chief Finance Executive)

Arnaud LAGESSE

Thierry LAGESSE

Navitas Corporate Services Ltd

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.

Mr. P. Arnaud DALAIS (Chairman)

Mr. Patrick DE L. D’ARIFAT (Chief Executive Officer)


FINANCIAL REVIEW OF THE GROUP ALTEO LIMITED BALANCE SHEET (Rs ‘000)

Jun 30 2014 2013 2012ASSETS EMPLOYED Non-current assetsProperty, plant and equipment 17,702,994 16,420,306 7,113,194 Land-projects 5,853 5,853 6,961 Investment properties 1,722,668 1,722,677 758,038 Intangible assets 23,725 - 20,000 Investment 179,193 1,171,417 843,354 Bearer biological assets 596,871 552,678 328,006 Non-current receivables 7,578 1,619 6,619 Deferred expenditure 1,006,362 872,496 776,435 Retirement benefit asset 127 5,016 4,299 Deferred tax assets 125,997 70,850 15,472

21,371,368 20,822,912 9,872,378 Current assets 4,543,839 4,471,247 2,619,989 Non current assets held for sale 1,014,154 171,249 - Total assets 26,929,361 25,465,408 12,492,367 EQUITY AND LIABILITIESCapital and reservesShare capital 8,991,595 8,991,595 1,869,867 Revaluation and other reserves 5,548,349 4,335,361 3,577,397 Retained earnings 2,268,016 2,552,731 1,649,186 Owners' interests 16,807,960 15,879,687 7,096,450 Loans 55,951 55,951 44,488 Non-Controlling interests 2,321,673 2,286,838 1,461,566

19,185,584 18,222,476 8,602,504 Non-current liabilities 4,059,458 4,220,311 2,370,907 Current liabilities 3,684,319 3,022,621 1,518,956 Total equity and liabilities 26,929,361 25,465,408 12,492,367

INCOME STATEMENT (Rs ‘000)

Jun 30 2014 2013 2012Turnover 5,931,826 6,066,307 3,673,435 SIFB compensation - 912 37,491 Gains/(losses) arising from changes in fair value of biological assets 33,784 284,115 362,555 Other operating income 234,799 293,681 89,501

6,200,409 6,645,015 4,162,982 Operating expenses (4,837,083) (4,679,926) (2,761,519)Operating profit 1,363,326 1,965,089 1,401,463 Amortisation of VRS and centralisation costs (28,979) (73,453) (21,471)Investment and other income 2,985 6,942 21,283 Finance costs (262,916) (323,068) (190,546)Gain on fair value of investment property - 108,971 -Profit on sale of land and investment property 29,003 61,796 - Loss on disposal of investment (204,544) - -Impairment of goodwill on acquisition of subsidiary - (20,000) (24,382)Share of results of joint ventures 52,710 102,133 (12,806)Share of results of associates 2,761 2,182 15,220 Profit before taxation 954,346 1,830,592 1,188,761 Income tax (charge)/ credit (385,546) (414,900) (488,400)Net profit after taxation 568,800 1,415,692 700,361 Minority interests (505,741) (578,463) (531,826)Profit attributable to equity holders of the company 63,059 837,229 168,535

STATISTICSNumber of ordinary shares used in calculationEarnings per share (Rs) 0.20 2.63 0.89 Dividends per share (Rs) 0.80 0.75 4.40 Net asset value per share (Rs) 52.77 49.86 38.03

Per ComputationNumber of ordinary shares used in calculation 318,492,120 318,492,120 186,611,616 Earnings per share (Rs) 0.20 2.63 0.89 Dividends per share (Rs) 0.80 0.75 4.40 Net asset value per share (Rs) 52.77 49.86 38.03


SEM Code

JSE AltX Code

Classification

Registered office

Directors as at

13th July 2015

Company Secretary

Transfer Secretaries

ALPL.N0000 – Primary listing

ALP – Secondary listing

Global Business Companies

Level 3, Alexander House, 35 Cybercity, Ebene 72201, Mauritius

Peter BACON - Chairman

Paul LEAF-WRIGHT

Nicholas WINEARLS

Cleopatra FOLKES

Warren MORTON

Kesaven MOOTHOOSAMY

Yan NG

Intercontinental Trust Limited

INTERCONTINENTAL SECRETARIAL SERVICES LTD – Mauritius

Computershare Investor Services (Proprietary) Limited– South Africa

SUMMARY INFORMATION

Atlantic Leaf Properties Limited is a Mauritian-incorporated real estate company, listed on the Official Market of the Stock Exchange of Mauritius Ltd (“SEM”) and the Alternative Exchange of the Johannesburg Stock Exchange Limited (“JSE”). The company was incorporated on 11th November 2013 in Mauritius, and holds a Category 1 Global Business Licence in accordance with the Mauritian Companies Act 2001 and the Financial Services Act 2007 of Mauritius. The company is proud to be the first pound-denominated Global Business Licence company to list on the SEM. The company has been established with the objective of investing in high quality, investment grade real estate assets and companies which deliver solid returns for investors through both income and capital growth.

Atlantic Leaf Properties Limited


ATLANTIC LEAF PROPERTIES LIMITED ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2015.

STATEMENT OF FINANCIAL POSITION

Audited as at28 February 2015

GBPASSETSNon-current assets 26,255,997 Financial assets designated at fair value through profit or loss 13,652,211 Escrow account - held for investment acquisition 10,813,467 Loan receivable 1,790,319 Current assets 10,007,685 Trade and other receivables 321,134 Cash and cash equivalents 9,686,551 Total assets 36,263,682

EQUITY AND LIABILITIESTotal equity attributable to equity holders 36,134,679 Stated capital 34,770,873 Retained earnings 1,363,806 Total liabilities 129,003Current liabilities 129,003 Trade and other payables 129,003 Total equity and liabilities 36,263,682Total number of shares in issue 33,941,306Net asset value per share (GBP) 1.06

STATEMENT OF PROFIT OR LOSS ANd OTHER COMPREHENSIvE INCOME

Audited for the year ended

28 February 2015GBP

INCOMENet gain on financial assets at fair value through profit and loss 1,691,031 Foreign exchange gain/(loss) 118,150 Dividend Income 33,509 Interest Income 21,598

1,864,288 EXPENSESOperating expenses (272,580)Property service fees (182,099)Audit fees (10,928)Director fees (25,833)

(491,440)Profit before taxation 1,372,848Taxation (9,042)Profit for the period attributable to equity holders 1,363,806Total comprehensive income for the year 1,363,806


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Orange


SEM Code

Classification

Registered office

Directors

Alternate Director

Secretary

Transfer Register

Principal Activity

ASL

Leisure

c/o Box Office Ltd, 2nd Floor, Palm Square 90906 La Mivoie, Tamarin

M. A. Eric ESPITALIER-NOEL (Chairperson)

Ravindra CHETTY

M. L. Jean HARDY

Hervé HENRY

O. Farouk A. HOSSEN

John A. STUART

Michel Joseph Laurence NAIRAC

Arvind Lall DOOKUN

J. O. Guillaume HARDY

M. L. Jean HARDY Alternate director to O. Farouk A.HOSSEN

Box Office Ltd

ECS Secretaries Ltd

Running of a totalisator (Tote) and fixed odds betting system in Mauritius

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.


FINANCIAL REVIEW OF THE GROUP AUTOMATIC SYSTEMS LIMITED BALANCE SHEET (Rs ‘000)

31 dec 2014 2013 2012 restated

2011restated

2010

ASSETSNon - current assets 93,539 89,125 89,122 94,879 27,234 Current assets 11,776 15,299 16,136 16,895 32,804 Total assets 105,315 104,424 105,258 111,774 60,038 SHAREHOLDERS’ EQUITYShare capital 24,745 24,745 24,745 24,745 24,745 Share premium 1,168 1,168 1,168 1,168 1,168 Post employment benefits reserve 1,155 (82) - - - Retained earnings 20,084 13,903 7,834 15,092 6,124

47,152 39,734 33,747 41,005 32,037 Non-Controlling interests 476 - - - - Total equity 47,628 39,734 33,747 41,005 32,037 LIABILITIESNon-current liabilities 1,430 2,739 3,656 6,796 2,855 Current liabilities 56,257 61,951 67,855 63,973 25,146 Total liabilities 57,687 64,690 71,511 70,769 28,001

Total equity and liabilities 105,315 104,424 105,258 111,774 60,038


31 dec 2014 2013 2012 2011 2010

Revenue 1,245,911 1,193,090 1,101,449 1,183,288 1,325,487Operating profit 17,991 49,960 31,713 17,195 25,455Finance (costs)/ income (1,286) (876) (2,637) 505 2,119Profit before taxation 16,705 49,084 29,076 17,700 27,574 Taxation (2,190) (8,080) (5,841) (3,434) (4,864)Profit for the year 14,515 41,004 23,235 14,266 22,710

Dividends declared 8,838 35,350 33,583 - 22,978

STATISTICSNumber of ordinary shares used in calculation 3,535,000 3,535,000 3,535,000 3,535,000 3,535,000Earnings Per Share (Rs) 4.11 11.60 6.57 4.04 6.42Dividends Per Share (Rs) 2.50 10.00 9.50 0 6.50Net Assets Value Per Share (Rs) 13.47 11.24 9.55 11.60 9.06


SEM Code

Classification

Property Development

Registered office

Directors

Alternate Director

Chief Executive Officer

Company Secretary

Principal Activity

BLL

Leisure

Circle Square, Forbach

4th Floor IBL House, Caudan Waterfront, Port Louis

Arnaud Lagesse

Christine Marot

Christian de Juniac

Michele Anne Espitalier Noel

Jean Claude Harel

Robert John

Louis Mynhardt

Kevindra Teeroovengadum

Jean-Claude Béga

Christine Marot

GML Management Ltée

Diversified in a large range of residential, commercial, retail and hospitality assets, property

development, procurement, residential sales and letting, together with property and asset

management activities.

SUMMARY INFORMATION

BlueLife Limited, through its subsidiaries, is one of the largest property development company over the last 4 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. An additional development of 114 residences for the local market is on construction.

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.

The Company has recently engaged with The Rezidor Hotel Group, member of the Carlson Rezidor Hotel Group for the management of its two hotels and as from the third quarter of 2015, the hotels will be branded as (1) Radisson Blu Azuri Resort & Spa, Mauritius and (2) Radisson Blu Poste Lafayette Resort & Spa, Mauritius. Furthermore the renting pool of circa 60 IRS residences will operate under the name Radisson Blu Azuri Residence & Suites, Mauritius.

BlueLife, through its subsidiary Haute Rive Holdings Ltd, is also the promoter of AZURI village which gained its rightful place in the Mauritian residential scene favouring a new life style and collection of experiences where Mauritians and foreigners are living together in the same environment. BlueLife is the pride winner of three trophies in the last African Property Awards 2014-2015 in the Apartment, Residential Development for Mauritius and Architecture Multiple Residence categories. Azuri was prized Best in Africa for the Prestigious Architecture Multiple Residence.

BlueLife Limited

BLLReal EstateCircle Square, Forbach4th Floor IBL House, Caudan Waterfront, Port LouisArnaud LagesseChristine MarotChristian de JuniacMichele Anne Espitalier NoelJean Claude HarelRobert JohnLouis MynhardtKevindra TeeroovengadumJean-Claude BégaChristine MarotGML Management LtéeDiversified in a large range of residential, commercial, retail and hospitality assets, property development, procurement, residential sales and letting, together with property and asset management activities.

SEM Code

Classification

Property Development

Registered office

Directors

Alternate Directors


Company Secretary

Principal Activity

SUMMARY INFORMATION

BlueLife Limited, through its subsidiaries, is one of the largest property development company over the last 4 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. An additional development of 114 residences for the local market is on construction. 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. The Company has recently engaged with The Rezidor Hotel Group, member of the Carlson Rezidor Hotel Group for the management of its two hotels and as from the third quarter of 2015, the hotels will be branded as (1) Radisson Blu Azuri Resort & Spa, Mauritius and (2) Radisson Blu Poste Lafayette Resort & Spa, Mauritius. Furthermore the renting pool of circa 60 IRS residences will operate under the name Radisson Blu Azuri Residence & Suites, Mauritius. BlueLife, through its subsidiary Haute Rive Holdings Ltd, is also the promoter of AZURI village which gained its rightful place in the Mauritian residential scene favouring a new life style and collection of experiences where Mauritians and foreigners are living together in the same environment. BlueLife is the pride winner of three trophies in the last African Property Awards 2014-2015 in the Apartment, Residential Development for Mauritius and Architecture Multiple Residence categories. Azuri was prized Best in Africa for the Prestigious Architecture Multiple Residence.


FINANCIAL REVIEW OF THE GROUP BLUELIFE LIMITED GROUP STATEMENTS OF FINANCIAL POSITION (Rs ‘000)

31 dec 2014 2013

ASSETS Non-current assetsProperty, plant and equipment 1,243,285 1,249,137 Investment properties 1,572,905 1,399,086 Intangible assets 420,827 625,354 Land and related development cost 1,754,288 1,938,703 Investment in subsidiaries - - Investment in associate 10,723 10,723 Non-current receivable - 14,575 Deferred tax assets 22,055 1,294

5,024,083 5,238,873 Current assetsInventories 370,861 25,953 Land and related development costs 239,535 645,245 Trade and other receivables 196,170 438,317 Cash and cash equivalents 94,979 36,031

901,545 1,145,546 Total assets 5,925,628 6,384,419 EQUITY AND LIABILITIESCapital and reserves (attributable to owners of the parent)Stated capital 3,027,298 3,027,298 Other reserves 26,080 - Actuarial reserves (577) - Retained earnings/(revenue deficit) 240,049 730,849 Owners' interests 3,292,851 3,758,147 Non-controlling interests 142,072 227,788 Total equity 3,434,923 3,985,935 LIABILITIESNon-current liabilitiesBorrowings 1,208,618 1,151,014 Retirement benefit obligations 1,584 1,142 Deferred tax liabilities 7,606 9,057

1,217,808 1,161,214 Current liabilitiesTrade and other payables 470,063 613,755 Current tax liabilities 9,504 32,684 Borrowings 793,330 590,831

1,272,897 1,237,270 Total liabilities 2,490,705 2,398,483 Total equity and liabilities 5,925,628 6,384,419

GROUP STATEMENTS OF COMPREHENSIvE INCOME (Rs ‘000)

Twelve Months to december 31,

2014

Six Months to december 31,

2013Revenue 1,481,500 - Operating losses (205,062) (2,505)Net decrease in fair value of investment properties (31,467) - Impairment of intangible assets and investment in associate (184,969) - Finance costs (150,049) - Share of profit of associate and joint venture 7,791 23,975 Gain on bargain purchase - 23,798 Fair value arising on business combinations - 584,671 (Loss)/Profit before taxation (563,755) 629,939 Income tax Credit /Charge 13,319 (724)(Loss)/Profit for the period/year (550,436) 629,216 Other comprehensive income for the period/year net of tax (577) - Total comprehensive income for the period/year (551,012) 629,216 (Loss)/Profit attributable to:Owners of the parent (490,799) 629,216 Non-controlling interests (59,637) -

(550,436) 629,216 Total comprehensive income attributable to:Owners of the parent (491,376) 629,216 Non-controlling interests (59,637) -

(551,012) 629,216

STATISTICSNumber of ordinary shares used in calculation 425,342,317 425,342,317 Earnings Per Share (Rs) (1.154) 4.267Dividends Per Share (Rs) N/A N/ANet Assets Value Per Share (Rs) 7.742 8.836


SEM Code

Classification

Registered office

Directors

Secretary

Principal Activity

BMH

Investments

5th Floor Labama House, 35 Sir William Newton Street, Port Louis

Mr George DUMBELL (chairperson)

Mr Jan F. BOULLÉ

Mr Nicolas BOULLÉ

Mr Marc FREISMUTH

Mr Clément D. REY

Mr Maxime REY

Mrs Georgina ROGERS

Mr Jean RIBET

Mr N. Adolphe VALLET

La Gaieté Services Limited

Company - investing activities

Subsidiary - property holding

Associates - commercial, financial and hotel activities

SUMMARY INFORMATION- Incorporated on 27th January 1982. - Stock Exchange Listing was granted on 7th March 1994


FINANCIAL REVIEW OF THE GROUP BELLE MARE HOLDING LIMITED INCOME STATEMENT (Rs ‘000)

31 dec 2014 2013 2012 2011 2010Turnover 32,581 43,338 41,675 33,269 27,889 Operating profit 23,327 39,335 155,738 27,080 24,816 Finance costs (396) - (2,325) (2,026) (1,559)Share of result of associates 17,093 5,507 2,913 3,421 4,755 Profit before exceptional item and taxation 40,024 44,842 156,326 28,475 28,012Exceptional item 69,153 - - - - Profit before tax 109,177 44,842 156,326 28,475 28,012 Taxation (489) (619) (667) (370) (324)Profit attributable to shareholders of holding company 108,688 44,223 155,659 28,105 27,688

Dividends - in cash 34,134 34,134 29,867 25,601 21,333

STATISTICSNumber of ordinary shares at year end 6,044,599 4,266,776 4,266,776 4,266,776 4,266,776Earnings Per Share (Rs): Note 1 22.89 10.36 36.48 6.59 6.49Dividends Per Share (Rs) : Note 2 8.00 8.00 7.00 6.00 5.00Net Assets Value (Rs) 405.12 427.78 353.58 331.90 309.23

Note 1: EPS for 2014 is based on the weighted average number of shares including the effect of the rights issueNote 2: Dividend per share for 2014 is based on 4,266,776 shares.

FINANCIAL REVIEW OF THE GROUP BELLE MARE HOLDING LIMITED BALANCE SHEET (Rs ‘000)

31 dec 2014 2013 2012 2011 2010ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 160,568 160,590 160,612 106,724 106,746 Investment in associates 740,920 128,107 69,278 67,105 65,510 Investment in financial assets 1,472,661 1,493,408 1,188,321 1,297,881 1,189,735 Deposit on investment - - 45,895 - -

2,374,149 1,782,105 1,464,106 1,471,710 1,361,991Current assets 84,844 46,069 49,728 8,181 6,069 Total assets 2,458,993 1,828,174 1,513,834 1,479,891 1,368,060 EQUITY AND LIABILITIESCapital and reservesShare capital 446,739 42,668 42,668 42,668 42,668 Reserves 1,345,492 1,194,042 886,734 920,033 825,789 Retained earnings 656,547 588,514 579,240 453,448 450,944 Shareholders' interests 2,448,778 1,825,224 1,508,642 1,416,149 1,319,401 Non-current liabilities: Deferred tax liabilities - - - - 15,260 Current liabilities 10,215 2,950 5,192 63,742 33,399 Total equity and liabilities 2,458,993 1,828,174 1,513,834 1,479,891 1,368,060


SEM Code

Classification

Registered office

Directors

Secretary

Manager

Transfer Registrar

Activity

CAUD.N0000

Investments

MCB Centre,11-15, Sir William Newton Street, Port-Louis.

Jean-Pierre MONTOCCHIO (Chairman)

Arnaud DALAIS (Deputy Chairman)

Bertrand de CHAZAL

Gilbert GNANY

René LECLEZIO

Jocelyne MARTIN

Antoine SEEYAVE

Adolphe VALLET

Bernard YEN

Jocelyne MARTIN

Promotion and Development Ltd

MCB Registry & Securities Ltd

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.


FINANCIAL REVIEW OF THE GROUP CAUDAN DEVELOPMENT LIMITED STATEMENT OF FINANCIAL POSITION (Rs 000)

30 Jun 2014 2013 2012 restated

2011restated July 1st

2010

ASSETSNon-current assetsInvestment property 3,631,517 3,644,391 3,644,391 3,644,391 3,640,962 Other non-current assets 188,084 205,958 210,348 276,632 265,746

3,819,601 3,850,349 3,854,739 3,921,023 3,906,708

Current assets 114,776 142,306 127,382 144,497 101,865

Total assets 3,934,377 3,992,655 3,982,121 4,065,520 4,008,573

EQUITY AND LIABILITIESCapital and reserves attributable to owners of the parentShare capital 819,520 819,520 819,520 819,520 819,520 Share premium 2,862 2,862 2,862 2,862 2,862 Fair value reserve - - - 19,950 22,750 Retained earnings 2,098,638 2,072,939 2,061,984 2,048,302 1,960,710 Total equity 2,921,020 2,895,321 2,884,366 2,890,634 2,805,842

Non-current liabilitiesBorrowings 419,317 488,825 558,333 627,841 604,166 Other non-current liabilities 152,522 178,707 175,163 171,448 239,657

571,839 667,532 733,496 799,289 843,823 Current liabilitiesBorrowings 357,731 288,642 217,939 241,843 225,992 Other current liabilities 83,787 141,160 146,320 133,754 132,916

441,518 429,802 364,259 375,597 358,908

Total liabilities 1,013,357 1,097,334 1,097,755 1,174,886 1,202,731 Total equity and liabilities 3,934,377 3,992,655 3,982,121 4,065,520 4,008,573


30 Jun 2014 2013 2012 restated

2011 restated

2010

Turnover 459,439 487,870 478,512 466,215 425,257

Operating profit 88,597 111,575 102,754 127,497 130,420 Dividend income - - - 3,170 1,200 Net finance costs (58,509) (59,540) (67,324) (69,147) (68,278)Share of (loss)/profit of associate (8,418) 296 1,682 (1,279) (3,996)Adjusted profit before taxation 21,670 52,331 37,112 60,241 59,346 Taxation (6,074) (8,595) (6,128) (8,912) (9,733)Adjusted profit for the year 15,596 43,736 30,984 51,329 49,613 Fair value adjustment on Investment property (net of deferred tax) 27,498 - - - - Profit on disposal of available-for-sale financial assets - - 15,479 - - Profit for the year attributable to owners of the parent 43,094 43,736 46,463 51,329 49,613

Dividends - 32,781 32,781 32,781 49,171

STATISTICSNumber of ordinary shares used in calculation 819,520,000 819,520,000 819,520,000 819,520,000 819,520,000 Earnings per share(MRe) 0.05 0.05 0.06 0.06 0.06 Adjusted earnings per share(MRe) 0.02 0.05 0.04 0.06 0.06 Dividends per share(MRe) - 0.04 0.04 0.04 0.06 Net assets value per share(MRs) 3.56 3.53 3.52 3.53 3.42

* Figures prior to 2011 have not been restated in respect of prior year adjustments reflected in the accounts.


SEM CodeClassificationRegistered officeDirectors

Alternate Directors

Company Secretary Registrar and Transfer Office Principal Activity

CIELInvestments5th Floor, Ebène Skies, Rue de l’Institut, EbèneP. Arnaud DALAIS (Chairman)Sebastien COQUARDG. Christian DALAIS Jean-Pierre DALAISRaymond Thierry DALAIS Pierre DANON Jérôme DE CHASTEAUNEUFAntoine DELAPORTEMarc LADREIT DE LACHARRIERENorbert DENTRESSANGLERoger ESPITALIER NOELLouis GUIMBEAUHarold MAYERCatherine MCILRAITH (Mrs.)Xavier THIEBLINVincent MENEZ (Alternate to Mr. Norbert DENTRESSANGLE)Gilles PELISSON (Alternate to Mr. Marc LADREIT DE LACHARRIERE)Clothilde DE COMARMOND for CIEL Corporate Services LtdMCB Registry & Securities LimitedThe 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.

SUMMARY INFORMATION

CIEL Limited is a leading diversified investment company in Mauritius, operating five business clusters spread across Mauritius, Africa and Asia with 27,000 employees. Since its beginnings in agriculture in 1912, the pioneering group is continuously exploring new avenues of development and international expansion.

In February 2014, CIEL was listed on the Official Market of the Stock Exchange of Mauritius, following the merger of oneof its investment companies, CIEL Investment Ltd, into the Group’s holding company, Deep River Investment Ltd, renamed CIEL Limited. 2014 has been a transition year following the group’s reorganisation process and a successful private placement with international strategic investors for an amount of Rs 2 Bn worth of shares. CIEL has now acquired an international dimension not only at operational level but also at shareholder level, while the ultimate control of the company remain with local shareholders.

With a market capitalisation of about MUR 10.5 billion (USD 386 million) and a consolidated turnover of MUR 12.26 billion for the 9 months period ending 31 March 2015, CIEL is one of the largest listed Mauritian companies.

CIEL Limited has more than 50 companies in its portfolio, including SUN Resorts Limited and Alteo Limited listed on the stock Exchange of Mauritius, and the Medical and Surgical Company Limited and CIEL Textile Limited listed on the Development & Enterprise Market of Mauritius. The companies are grouped and organised in line with the nature of their business under the following 5 clusters:

• Agro-Industry & Property• Financial Services• Healthcare• Hotels & Resorts• Textile


FINANCIAL REVIEW OF THE GROUP CIEL LIMITED BALANCE SHEET (Rs ‘000)

Consolidated Statement of Financial Position

Company Statement of Financial Position

CIEL LTd 2014

dRI LTd2013

CIEL LTd 2014

dRI LTd2013

Non Specific Banking AssetsNon-current assets 22,890,164 6,515,686 11,339,986 3,940,804 Current assets 11,945,339 56,914 149,478 56,914 Non-current assets held for sale 462,907 - 414,275 -

35,298,410 6,572,600 11,903,739 3,997,718 Specific Banking AssetsNon-current assets 2,239,790 - - - Current assets 6,541,843 - - -

8,781,633 - - - Total Assets 44,080,043 6,572,600 11,903,739 3,997,718 Owners' interest 12,085,283 6,444,011 10,981,323 3,869,129 Non-controlling interests 5,821,590 - - - Total equity 17,906,873 6,444,011 10,981,323 3,869,129 Non Specific Banking LiabilitiesNon-current liabilities 5,679,545 - 8,000 - Current liabilities 7,971,179 128,589 914,416 128,589

13,650,724 128,589 922,416 128,589 Specific Banking LiabilitiesNon-current liabilities 1,766 - - - Current liabilities 12,520,680 - - -

12,522,446 - - - Total Liabilities 26,173,170 128,589 922,416 128,589

Total Equity and Liabilities 44,080,043 6,572,600 11,903,739 3,997,718


Consolidated Statement of Comprehensive Income

Company Statement of Comprehensive Income

CIEL LTd 2014

dRI LTd2013

CIEL LTd 2014

dRI LTd2013

Revenue 9,717,962 200 194,149 110,266 Earnings before interest, taxation, depreciation and amortisation 892,957 (1,522) 71,533 108,594 Depreciation and amortisation (229,384) - - - Earnings before interest and taxation 663,573 (1,522) 71,533 108,594 Finance costs (135,875) (4,120) (41,308) (4,120)Share of results of joint ventures (22,402) - - - Share of results of associates (68,435) 311,912 - - Profit before exceptional items and taxation 436,861 306,270 30,225 104,474 Exceptional items (386,516) - 124,376 - Profit before taxation 50,345 306,270 154,601 104,474 Taxation (102,864) (28) (663) (28)(Loss)/ Profit for the year (52,519) 306,242 153,938 104,446 Non-controlling interests 330,749 - - - (Loss)/ Profit attributable to owners of the Parent (383,268) 306,242 153,938 104,446 Other comprehensive income for the year 798,443 894,045 2,035,133 614,623 Total comprehensive income for the year 745,924 1,200,287 2,189,071 719,069 Non-controlling interests 469,374 - - - Total comprehensive income attributable to owners of the Parent 276,550 1,200,287 2,189,071 719,069

GROUP COMPANY

RATIO ANd STATISTICS CIEL LTd 2014

dRI LTd2013

CIEL LTd 2014

dRI LTd2013

Weighted number of ordinary shares (000's) 1,011,733 822,665 1,011,733 822,665 Earnings per share (MUR) (0.38) 0.37 0.15 0.13 Ordinary shares in issue (000's) 1,521,084 822,665 1,521,084 822,665 Net asset value per ordinary share (MUR) 7.95 7.83 7.22 4.70 Interest bearing debts (MUR'000) 7,700,310 45,790 524,513 45,790 Gearing (Debt/ (Debt+Equity)) 30.1% 0.7% 4.6% 1.2%


SEM Code

Classification

Registered office

Board of Directors

Company Secretary


CIM

Banks, Insurance and Other Finance

33, Edith Cavell Street, Port Louis 11324

Timothy TAYLOR (Chairman of the Board)

Paul LEECH (Group Chief Executive Officer)

Jean Pierre LIM KONG

Colin TAYLOR

Marcel DESCROIZILLES

Amédée DARGA

Olivier JAUFFRET

Philip TAYLOR

Matthew TAYLOR

David SOMEN

Cim Administrators Ltd

Financial Services

SUMMARY INFORMATION

Cim Group is a financial services group listed on the Stock Exchange and headquartered in Mauritius. The Group has two major business units. The Finance cluster provides a range of financial services; consumer finance, credit card, forex, leasing and factoring. In its Global Business cluster, Cim provides internationally based corporate and institutional clients with a full range of fund, corporate and fiduciary administration services. The Group also has a portfolio of property and investment assets. The Group has over 700 employees across its Mauritius and Singapore based operations.


FINANCIAL REVIEW OF THE GROUP CIM FINANCIAL SERVICES LIMITEDStatement of Financial Position (Rs M) At 30 September

2014 2013Restated

01 Oct 2012Restated

ASSETSNon current assetsProperty , plant and equipment 1,423.9 1,115.1 1,157.6 Investment properties 556.1 477.5 480.2 Intangible assets 661.6 670.8 679.5 Investment in associates 26.5 23.4 121.9 Investment in joint venture 91.7 69.7 69.5 Investment in financial assets 753.2 445.2 323.2 Non current receivables 81.8 90.8 125.7 Net investments in leases and other credit agreements 1,954.5 1,611.2 1,395.6 Retirement benefit assets 9.6 10.2 - Deferred taxation - 0.7 - Current assets 4,066.1 3,838.5 3,546.4 Non current assets classified as held for sale - - 19.6 Total assets 9,625.0 8,353.1 7,919.2 EQUITY AND LIABILITIESCapital and reservesShare capital 680.5 680.5 680.5 Reserves 280.0 162.7 135.1 Retained earnings 1,693.6 1,306.0 996.1 Equity attributable to owners of the parent 2,654.1 2,149.2 1,811.7 Non-controlling interests 398.2 314.4 317.7 Non-current liabilitiesBorrowings 2,113.5 1,982.5 1,653.0 Deferred tax liabilities 3.2 - 7.9 Retirement benefit obligations 90.0 80.8 55.7 Current liabilities 4,366.0 3,826.2 4,073.2 Total equity and liabilities 9,625.0 8,353.1 7,919.2

Statement of Profit or Loss (Rs M) Year ended 30 September

2014 2013Restated

01 Oct 2012Restated

Revenue 3,501.7 3,246.0 2,913.5 Profit from operations 817.3 735.3 628.9 Finance costs (261.4) (272.5) (286.8)Gain on revaluation of investment properties 114.2 - - Share of results of associates 3.1 14.9 5.7 Share of results of joint venture 22.0 3.2 - Exceptional items - 95.9 (482.0)Profit/(loss) before taxation 695.2 576.8 (134.2)Taxation (96.7) (86.5) (77.4)Profit/(loss) from continuing operations 598.5 490.3 (211.6)Profit from discontinued operations - - 462.6 Profit for the year 598.5 490.3 251.0 Non controlling interests 5.8 3.3 0.6 Profit attributable to group 604.3 493.6 251.6 Dividends 176.9 149.7 91.9

STATISTICSWeighted average number of ordinary shares used in calculation 680,522,310 680,522,310 315,000,000 Earnings per share (Rs) 0.89 0.72 0.80 Earnings per share from continuing operations (excl excep items) 0.89 0.58 0.86 Dividends per share (Rs) 0.26 0.22 0.29 Net Asset Value per share (Rs) 4.48 3.62 3.13


SEM Code

Classification

Registered office

Directors

Secretaries

Principal Activity

CMPL

Commerce

18, Edith Cavell Street, Port Louis

Antoine L. HAREL (Chairman)

Barthelemy HAREL

Charles HAREL

Gaëtan LECLEZIO

Michel PILOT

Michel RIVALLAND G.O.S.K.

Jean Raymond SEMAESSE

Mubarak SOOLTANGOS

Alain VALLET

HM Secretaries Ltd.

Retailing of perishable, non-perishable, general and textile goods

SUMMARY INFORMATION

Compagnie des Magasins Populaires Limitée (Monoprix)

Compagnie des Magasins Populaires Limitée (CMPL) has been operating in the retail sector since 1975 and has been listed on the Stock Exchange of Mauritius since the 18th of February 1991. It is the accredited representative of the renowned French retailing Group Monoprix – a network of 500 supermarkets worldwide.

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.

In March 2015, the Monoprix Bagatelle store was fully refurbished according to the ‘Monoprix’ brand identity and dedicated shopping corners were created for new textile, makeup and home & leisure product lines. Moreover, it withdrew from the Grandes Surfaces Réunies (GSR) group of retailers at the end of December 2014, thereby gaining more room for manoeuvre 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.

Monoprix has successfully positioned itself as a fun, trendy and affordable supermarket for all Mauritians.


FINANCIAL REVIEW OF THE GROUP COMPAGNIE DES MAGASINS POPULAIRES LIMITÉE (MONOPRIX)

BALANCE SHEET (MUR)

Year Ended 31 dec 2014 2013 2012 2011 2010

ASSETS EMPLOYEDNon - current assetsFixed assets 200,493,057 123,974,071 99,100,667 100,265,510 104,529,489 Intangible Assets 1,216,692 172,352 361,424 370,294 643,852 Investments in subsidiary - - - Investments in associate - - - Investments 28,140,320 23,358,216 22,404,998 22,288,413 26,963,104 Current assets 158,572,701 56,436,660 54,449,268 47,461,962 41,742,169 Total assets 388,422,770 203,941,299 176,316,357 170,386,179 173,878,614 EQUITY AND LIABILITIESCapital and reservesShare capital 21,935,000 21,935,000 21,935,000 21,935,000 21,935,000 Share premium 68,484 68,484 68,484 68,484 68,484 Reserves 72,720,526 74,745,206 48,775,349 49,733,665 44,515,123 Fair Value Reserves 712,840 315,517 (1,933,562) (3,427,127) 388,373 Retained earnings (42,074,116) 23,236,690 23,131,393 23,155,382 22,007,299 Shareholders' interests 53,362,734 120,300,897 91,976,664 91,465,404 88,914,279 Non current liabilitiesDeferred tax 2,171,191 5,579,521 3,992,975 4,442,833 10,475,958 Retirement benefit obligations 8,756,337 5,793,962 4,600,782 4,391,759 4,233,620 Borrowings 127,595,322 - - 141,573 Current liabilities 196,537,186 72,266,919 75,745,936 70,086,183 70,113,184 Total equity and liabilities 388,422,770 203,941,299 176,316,357 170,386,179 173,878,614

INCOME STATEMENT (MUR)

31 dec 2014 2013 2012 2011 2010

Turnover 606,304,306 269,481,727 283,729,631 279,203,574 256,838,323 Gross profit 102,267,299 55,542,176 54,299,071 54,829,990 52,499,375 Other income 5,683,198 2,959,348 1,622,441 1,683,640 1,710,880 Administrative expenses (148,369,494) (51,996,168) (49,534,421) (47,497,687) (43,869,005)Depreciation (21,351,705) (5,803,901) (6,077,420) (6,680,668) (6,664,564)Operating income/(loss) (61,770,702) 701,455 309,671 2,335,275 3,676,686 Finance income/(costs) (7,304,338) (528,126) (358,545) (624,951) (457,260)Gain on disposal of investment - - - Exceptional Items - - - Profit/(loss) before taxation (69,075,040) 173,329 (48,874) 1,710,324 3,219,426 Taxation 3,322,527 155,759 53,644 (204,457) (294,924)Profit/(loss) after taxation (65,752,513) 329,088 4,770 1,505,867 2,924,502

Dividends 1,096,750 1,096,750 987,075 1,316,100 1,754,800

STATISTICS

Number of ordinary shares 2,193,500 2,193,500 2,193,500 2,193,500 2,193,500 Earnings per share - 0.15 0.00 0.69 1.33 Dividends paid 1,096,750 1,096,750 987,075 1,316,100 1,754,800 Dividends per share 0.50 0.50 0.45 0.60 0.80 Share Price 18.50 14.50 14.50 19.00 23.00 Dividends Cover - 0.30 0.00 1.14 1.67 Dividends Yield 2.70% 3.45% 3.10% 3.16% 3.48%Net assets value 24.33 54.84 41.93 41.70 40.54


SEM Code

Classification

Registered office

Directors

(as at 30-7-15)

Secretary

Executive Directors and

Senior Management Team


DCPL.N0000

Foreign

Akara Building, 24 de Castro Street, Wickham’s Cay 1, Road Town, Tortola

British Virgin Islands

Norman Theodore Noland Executive Chairman

Mark Foulds Managing Director

Sanjeeven Ramasawmy Non Executive Director

Nigel Hampton McGowan Non Executive Director

Patrick O’Neill Non Executive Director

Randall Thomas Non Executive Director

Fortenberry Corporate Services Ltd

Norman Theodore Noland Executive Chairman

Mark Foulds Managing Director

Dale Capital Group Limited (DCG) is a publicly-quoted Private Equity Investment Holding Company investing with its own balance sheet and also with the funds of partners and co–investors. The Company invests in the SADC Region primarily in the following sectors,

• Hotel and Leisure, • Property, • IT, • Fish, Fine Food and Beverages, • Financial Services.

SUMMARY INFORMATION

DCG invests either in controlling interests or in influential, but non-controlling stakes, in both private businesses and publicly quoted companies. In the latter case we aim to achieve private equity style returns through rigorous active ownership.

Through its affiliates it operates in offices situated at Port-Louis in Mauritius and Cape Town in South Africa.

The aim of the group is to deliver stable and consistent longer term returns for shareholders, minimizing risk whilst capturing opportunities in its chosen fields of investment in the most effective way.


FINANCIAL REVIEW OF THE GROUP DALE CAPITAL GROUP LIMITED BALANCE SHEET (USd)

FEB 2015 2014 2013 2012 2011

ASSETSNon-current assetsProperty, plant and equipment - - 9,605,677 20,168,631 22,072,174Investment Property - - 873,600 1,062,400 1,181,372Intangible assets - - - - 736,381Investment in financial assets 925,128 1,155,600 1,123,200 4,713,877 9,229,542Deferred taxation - - - - 92,701

925,128 1,155,600 11,602,477 25,944,908 33,312,170Current assetsInventories & deposits - - 128,678 159,956 191,175Trade and other receivables 57,188 41,793 101,712 52,413 302,213Loans receivable 206,345 535,711 591,821 1,890,560 1,379,711Cash and cash equivalents 84 1,104 265,011 56,855 1,099,096

263,617 578,608 1,087,222 2,159,784 2,972,195Total Assets 1,188,745 1,734,208 12,689,699 28,104,692 36,284,365EQUITY AND LIABILITIESStated capital 1,318,315 1,318,315 21,818,315 21,818,315 21,818,315Treasury shares (126,044) (460,981) (460,981) (1,980,397) (2,494,264)Share application monies 330,918 - - - -Reserves 32,109 270,251 525,585 4,920,764 6,256,563Retained earnings (813,303) (529,772) (22,183,035) (13,366,199) (9,612,663)Equity attributable to equity holders of the parent 741,995 597,813 (300,116) 11,392,483 15,967,951Non-controlling interest - - 1,986,861 5,204,546 6,250,008

741,995 597,813 1,686,745 16,597,029 22,217,959Non-current liabilitiesBorrowings - - - 2,609,928 2,791,861Financial liabilities - - - 5,998,766 6,058,004Deferred taxation - - - - -

- - - 8,608,694 8,849,865Current liabilitiesTrade and other payables 216,697 283,579 853,250 811,222 2,074,695Borrowings 203,418 822,042 8,797,843 526,104 743,408Bank overdraft 20,000 30,000 1,348,550 1,558,208 2,393,276Taxation 6,635 774 3,311 3,435 5,162

446,750 1,136,395 11,002,954 2,898,969 5,216,541Total Equity and Liabilities 1,188,745 1,734,208 12,689,699 28,104,692 36,284,365

INCOME STATEMENT (USd)

FEB 2015 2014 2013 2012 2011

Continuing OperationsRevenue - 287,019 2,691,604 2,443,975 2,351,250Investment income 34,810 43,453 54,766 128,325 74,126

34,810 330,472 2,746,370 2,572,300 2,425,376ExpensesAdministrative expenses 33,855 227,072 193,150 623,058 491,079Operating expenses 6,972 480,186 2,967,532 3,974,116 3,233,036

40,827 707,258 3,160,682 4,597,174 3,724,115Loss from operations (6,017) (376,786) (414,312) (2,024,874) (1,298,739)Finance income/(costs) 18,074 (549,877) (890,166) (1,482,811) (861,276)Other losses on investments - (778,415) (9,203,983) (982,650) (203,623)Loan written back 45,022 - - - -Profit/(loss) before taxation 57,079 (1,705,078) (10,508,461) (4,490,335) (2,363,638)Income tax expense (5,673) (6,995) (6,644) (87,026) (1,692,639)Profit/(loss) for the year from continuing operations 51,406 (1,712,073) (10,515,105) (4,577,361) (4,056,277)Discontinued Operations :Gain on disposal of subsidiaries - 2,727,259 - - -Loss for the year from Discontinued Operations - - - (102,770) -Profit/(loss) for the year 51,406 1,015,186 (10,515,105) (4,680,131) (4,056,277)Other Comprehensive Income (238,142) (255,334) (4,395,179) (1,335,799) 2,115,457Non –Controlling interests - (138,077) (3,217,685) (1,045,462) (653,009)Total Comprehensive (Loss)/Income -Equity Holders (186,736) 897,929 (11,692,599) (4,970,468) (1,287,811)

Profit/(Loss) per share:From Continuing and Discontinued Operations 0.002 0.05 (0.31) (0.16) (0.15)From Continuing Operations 0.002 (0.07) (0.45) (0.16) (0.15)Dividends per share - - - - -Net Asset value per share 0.03 0.03 (0.01) 0.49 0.70


SEM Code

Classification

Registered office

Directors

Secretary


GIDC

Commerce

ENL House, Vivéa Business Park, Moka

Gérard GARRIOCH (Chairman)

Antoine MARRIER D’UNIENVILLE

Hector ESPITALIER-NOËL

Eric ESPITALIER-NOËL

Edouard ESPITALIER-NOËL

Gilbert ESPITALIER-NOËL

Louis RIVALLAND

ENL LIMITED

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 on 08 May 1969 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 22 June 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 tools 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• Pack Plastics Limited: Indoor and outdoor soft furnishing and plastics welded products • Plastinax Austral Limited: Eyewear manufacturer• Rennel Limited: Express courier service, licensees of FedEx• Rennel Logistics Limited: Freight services

The Company has the following associates:• Docufile (Mauritius) Ltd: Document management solutions• Formation Recrutement et Conseil Informatique Limited (‘FRCI’): IT and business solutions• Superdist Limited: IT hardware wholesaler• Cogir Limitée: Building and civil engineering contractor

ENL COMMERCIAL LIMITEd


FINANCIAL REVIEW OF THE GROUP ENL COMMERCIAL LIMITED STATEMENT OF FINANCIAL POSITION (Rs 000)

30 June 2014 2013Restated

2012Restated 2011 2010

ASSETS Non-current assetsProperty, plant and equipment 665,204 622,004 664,193 622,483 402,795Investment properties 99,175 19,300 - Intangible assets 95,894 127,453 101,217 124,301 27,212Investments in associates 31,775 11,387 11,777 35,986 22,288Investments in financial assets 8,712 30,205 22,796 28,086 835,286Deposit on investments 4,216 0 833 9,321 52,891Deferred tax assets 2,738 2,167 1,563 - -

907,714 812,516 802,379 820,177 1,340,472Current assets 1,092,653 1,224,265 1,313,605 1,032,425 595,782Non-current assets classified as held for sale 0 24,200 14,087 679,872Total assets 2,000,367 2,060,981 2,130,071 2,532,474 1,936,254 EQUITY AND LIABILITIESCapital and reservesShare capital 177,960 177,960 177,960 177,960 177,960 Reserves 611,500 526,877 725,363 878,352 926,488 Equity holders’ interests 789,460 704,837 903,323 1,056,312 1,104,448 Non-controlling interests -1,729 -4,103 21,487 17,389 80Total equity 787,731 700,734 924,810 1,073,701 1,104,528 LIABILITIESNon-current liabilitiesBorrowings 211,711 249,871 240,365 403,018 134,929Deferred tax liabilities 14,013 8,709 9,413 27,635 3,307Retirement benefit obligations 78,029 111,200 96,310 47,493 19,173Deferred income 0 0 447 610

303,753 369,780 346,535 478,756 157,409Current liabilities 908,883 990,467 858,726 980,017 674,317Total equity and liabilities 2,000,367 2,060,981 2,130,071 2,532,474 1,936,254

STATEMENT OF COMPREHENSIvE INCOME (Rs 000)

30 Jun 2014 2013 2012 2011 2010Sales 2,298,325 2,118,097 2,632,232 2,631,792 1,345,657 Profit before finance costs 64,258 28,105 30,682 131,036 67,016 Fair value adjustments 16,930 4,466 0 1,490Finance costs (53,012) (49,802) (64,503) (74,016) (29,045)Profit on disposal of investments and others 22,808 (48,942) 81,989 47,345 (780)Share of results of associated companies 3,309 5,326 (12,674) (3,937) (4,760)

54,293 (60,847) 35,494 100,428 33,921Taxation (2,667) (8,751) (4,649) (10,165) (7,422)Profit / (loss) after tax from continuing operations 51,626 (69,598) 30,845 90,263 26,499Post tax loss from discontinued operations (18,547) (97,519)Profit / (loss) for the year 33,079 (167,117) 30,845 90,263 26,499Dividends 35,007 46,676 46,676 26,255 23,338

STATISTICSNumber of ordinary shares in issue 29,172,500 29,172,500 29,172,500 29,172,500 29,172,500 Earnings / (loss) Per Share from continuing operations(Re) 1.78 (2.31) 1.50 2.91 0.91Earnings / (loss) Per Share from discontinued operations(Re) (0.60) (2.04)Dividends Per Share (Re) 1.20 1.60 1.60 0.90 0.80Net Assets Value per share (Rs) 27.06 24.16 32.16 36.21 37.86


SEM Code

Classification

Registered office

Board of Directors

Company Secretary

Manager


SAVA

Investment

ENL House, Vivéa Business Park, Moka

Louis RIVALLAND (Chairman)

Gilbert ESPITALIER-NOËL

Eric ESPITALIER-NOËL

Hector ESPITALIER-NOËL

Roger ESPITALIER-NOËL

Jean Raymond HARDY

Jean Claude LECLÉZIO

Jean-Pierre MONTOCCHIO

Jean Noël HUMBERT

ENL Limited

ENL Limited

Sugar cane cultivation, agribusiness and property development and management

SUMMARY INFORMATION

ENL Land Ltd (previously known as The Savannah Sugar Estates Company Limited) was incorporated on 21 May 1913 and has been quoted on the Official List of The Stock Exchange of Mauritius Limited since 27 December 1989. ENL Land Ltd (‘ENL Land’ or ‘the Company’) 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 which is one of the largest sugar cane growers on the island, was amalgamated with Mon Désert-Alma Limited, its sister company, on 31 December 2009, in order to optimise resources including land, employees, equipment as well as to enhance shareholders’ value. ENL Land now manages some 6,500 hectares of land situated mainly in the Moka and Savannah regions. Most of the land of the Company is dedicated to sugar cane cultivation and property development. 2012 marks the first year of the new ENL Land following the restructuring of the Company with the creation of two new clusters, ENL Agri and ENL Property in which were transferred companies with like businesses.

ENL Agribusiness believes in a sustainable and profitable agricultural activity: the cultivation of sugar cane on approximately 5,000 hectares of land belonging to ENL Land stands out as the major activity of this cluster. ENL Agribusiness has successfully ventured into landscaping and animal farming. Food crops and plant nursery complete the portfolio of revenue centres. ENL Agribusiness is also responsible for the safeguarding and maintenance of ENL Land’s land assets.

ENL Property is dedicated to developing environmentally sustainable, strategically located and economically viable property projects. 500 hectares of ENL Land’s estates have been carved out for the construction of malls, high end residential estates, integrated resorts and office facilities.

ENL Property’s activities span from planning, conception and design, finance, construction, to property management as well as marketing and sales expertise. It delivers to its clients exceptional and imaginative projects that complement the natural environment of Mauritius: beautiful homes and living communities, as well as, world-class business and commercial developments across the island; all first-rate investment opportunities, which are fast reshaping Mauritius.

ENL Property has the advantage to source many areas of property development expertise in-house, with a team of more than 100 dedicated professionals. Apart from this team, ENL Property also works with renowned architects, consultants and building specialists, bringing together the best resources and skills to implement each project.

In addition, ENL Land holds 28.4% in ENL Investment Limited, the investment arm of the ENL Group. ENL Investment is the holding company of Rogers and Company Ltd and also holds sizeable shareholdings in some of the major groups in Mauritius, namely the Food and Allied Group, New Mauritius Hotels, as well as smaller stakes in a number of local companies. ENL Investment is expected to continue to contribute significantly to ENL Land’s profitability and net assets in the years to come.

ENL LANd LTd


FINANCIAL REVIEW OF THE GROUP ENL LAND LTD STATEMENT OF FINANCIAL POSITION (Rs’000)30 June 2014 2013

Restated2012

Restated2011 2010

ASSETSNon - current assetsProperty, plant and equipment 11,601,794.00 7,831,063.00 7,946,913 7,853,715 7,142,459Deferred expenditure 81,184.00 58,852.00 76,923 293,569 426,463Investment properties 5,025,134.00 4,327,975.00 3,099,483 2,722,320 44,498Intangible assets 579,875.00 728,443.00 967,434 428,064 715,292Investments in associated companies 3,931,506.00 2,563,832.00 1,867,895 1,777,025 1,795,837Investment in jointly controlled entity 859,820.00 872,895.00 1,545,196 1,256,984 274,414Investments in financial assets 485,314.00 420,919.00 353,237 372,476 362,460Deposit on shares - Bearer biological assets 133,043.00 118,280.00 111,206 107,540 131,724Non-current receivables 36.00 5,036.00 695,014 295,014 338,434Deferred tax assets 20,220.00 15,855.00 11,630 162

22,717,926.00 16,943,150.00 16,674,931 15,106,869 11,231,581Current assets 1,547,841.00 1,650,503.00 1,239,491 715,095 659,044Non current assets classified as held for sale 87,152.00 1,415,632.00 58,615 146,998 16,279Total assets 24,352,919.00 20,009,285.00 17,973,037 15,968,962 11,906,904EQUITY AND LIABILITIESCapital and reservesShare capital 6,030,058 6,030,058 6,030,058 98,783 43,920Revaluation, fair value and other reserves 4,296,614 4,151,152 3,757,401 8,162,580 3,748,954Retained earnings/(Revenue deficit) 5,394,741 4,097,398 2,989,019 528,346 (207,677)

15,721,413 14,278,608 12,776,478 8,789,709 3,585,197Treasury shares (2,295)Owners' interests 20,132,382.00 15,589,975.00 14,176,775 12,776,478 8,787,414Non controlling interests 332,553.00 467,148.00 464,610 471,054 347,898Total equity 20,464,935.00 16,057,123.00 14,641,385 13,247,532 9,135,312LIABILITIESNon-current liabilitiesBorrowings 1,544,000.00 1,373,073.00 1,243,515 327,780 733,983Retirement benefit obligations 319,589.00 284,955.00 245,171 174,814 168,517Deferred income - 244,400.00 244,400 301,434 273,663Deferred taxation 22,460.00 21,069.00 28,622 823,320

1,886,049.00 1,923,497.00 1,761,708 1,627,348 1,176,163Current liabilities 2,001,935.00 1,814,029.00 1,569,944 1,094,082 1,595,429Liabilities associated with assets classified as held-for-sale - 214,636.00 - Total equity and liabilities 24,352,919.00 20,009,285.00 17,973,037.00 15,968,962 11,906,904

STATEMENT OF COMPREHENSIvE INCOME (Rs’000)30 Jun 2014 2013

Restated2012 2011 2010

Turnover 1,712,436 1,313,884 915,767 699,859 463,901Operating profit 109,791 135,224 37,803 (29,658) (162,605)Other income 0 0 61,658 25,208 15,606Finance costs (144,055) (123,023) (75,100) (62,617) (87,707)Sales of land, investments and others 140,775 34,897 210,598 18,572 154,721Other expenses 0 (52,491) (14,051) (75,505)Release of pension obligations 0 0 42,400Compensation for waiver of rights to lessee on land and building

12,692 121,232 62,013

Fair value gain on investment properties 168,195 886,233 281,925 1,840,948Fair value gain on business combination 67,595 0 37,641Land conversion righrs 263,698Goodwill on acquisition written off net of negative goodwill

0 0 (118,303)

Amortisation of deferred expenditure (1,935) (26,433) (144,925) (58,466) (40,596)Share of results of associates and jointly controlled entities

226,348 420,883 661,591 335,189 76,459

(Loss)/profit before taxation 843,104 1,396,522 1,161,553 1,875,368 (44,122)Taxation (11,345) (15,374) 20,720 (49,014) (5,389)(Loss)/profit for the year from continuing operations

831,759 1,381,148 1,182,273 1,826,354 (49,511)

Post tax profit from discontinued operations 0 182,407Proft for the year 831,759 1,563,555 1,182,273 1,826,354 (49,511)Dividends 297,541 290,626 206,662 195,875 72,120

STATISTICSNumber of ordinary shares in issue 230,501,198 230,501,198 220,512,700 210,524,202 151,451,349Basic earnings/(loss) per Share (Re) from continuing activities 3.18 5.89 4.02 8.25 (0.19)

Basic earnings/(loss) per Share (Re) from discontinued activities

- 0.78 1.34

Fully diluted earnings/(loss) per share (Re) 5.35 8.11Ordinary dividends Per Share (Re) 1.25 1.22 0.88 0.62 0.48Net Assets Value per share (Rs) 86.76 67.05 63.38 58.49 60.32


SEM Code

Classification

Registered office

Directors

Secretary

Transfer Registrar

FINCORP

Investment Company

9-15 Sir William Newton Street, Port Louis

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.



SUMMARY INFORMATION

Fincorp Investment Ltd, a subsidiary of MCB Group Ltd, 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.


FINANCIAL REVIEW OF THE GROUP FINCORP INVESTMENT LIMITED STATEMENT OF FINANCIAL POSITION (Rs 000)

30 Jun 2014 2013(Restated)

2012(Restated)

2011(Restated) 2010

ASSETS EMPLOYEDNon-current assetsIntangible assets 4,951 6,255 2,156 145 3,888 Property, plant and equipment 322,662 352,164 339,986 315,789 291,980 Investments in associates 3,631,891 3,472,787 3,366,095 3,414,220 3,419,949 Investment in securities - available-for-sale 421,437 352,396 346,139 324,089 222,510 Loan receivable 315,439 309,063 298,206 311,200 300,447 Finance lease receivables 2,125,946 1,885,208 1,756,041 1,541,588 1,334,919 Deposits with financial institutions 250,000 250,000 200,000 200,000 150,000

Current assets 1,246,688 1,111,817 1,054,196 978,015 926,218 Total assets 8,319,014 7,739,690 7,362,819 7,085,046 6,649,911 EQUITY AND LIABILITIESCapital and reservesShare capital 103,355 103,355 103,355 103,355 103,355 Reserves 3,609,763 3,365,477 3,224,311 3,259,155 3,240,326 Shareholders' interests 3,713,118 3,468,832 3,327,666 3,362,510 3,343,681 Non-current liabilitiesDeposits 2,108,725 2,427,032 1,972,054 1,861,541 1,093,709 Borrowings 823,042 460,117 463,509 461,612 386,185 Deferred tax liabilities 13,132 14,203 11,625 11,397 9,234 Current liabilities 1,660,997 1,369,506 1,587,965 1,387,986 1,817,102 Total equity and liabilities 8,319,014 7,739,690 7,362,819 7,085,046 6,649,911

STATEMENT OF PROFIT OR LOSS (Rs 000)

30 Jun 2014 2013 2012 2011 2010

Revenue 412,166 417,421 419,254 382,537 382,855 Operating profit/(loss) 49,474 44,906 31,198 9,991 (19,638)Share of profits/(losses) of associates 123,679 (2,812) (205) 19,146 (13,967)Profit before tax 173,153 42,094 30,993 29,137 (33,605)Income tax expense (15,644) (14,518) (11,422) (7,761) (3,199)Profit attributable to equity holders of the parent 157,509 27,576 19,571 21,376 (36,804)Dividends 46,510 31,007 25,839 25,839 15,504

STATISTICSNumber of ordinary shares used in calculation 103,355,340 103,355,340 103,355,340 103,355,340 103,355,340Earnings Per Share (Rs) 1.52 0.27 0.19 0.21 (0.36)Dividends Per Share (Re) 0.45 0.30 0.25 0.25 0.15 Net asset value per share (Rs) 35.93 33.56 32.20 32.53 32.35


SEM CodeClassificationRegistered officeDirectorsas at 13 July 2015

SecretaryTransfer OfficeActivities

GAMMA-CIVICInvestmentsLevel 3, Alexander House, 35 Cybercity, Ebene Carl AH TECK (Chairman)Tommy AH TECK (Vice-Chairman)Patrice AH TECK Marie Claire CHONG AH YANClifford FON SING Paul HALPINCyril HOW KIN SANG Boon HUI CHANJean-Claude LAM HUNGLim Sit Chen LAM PAK NGGamma Corporate Services LtdGamma Corporate Services LtdInvestments

SUMMARY INFORMATION

Gamma-Civic Ltd (‘GCL’) is an investment holding company with interests in building materials, construction, real estate, hotels and leisure and lottery gaming in Mauritius. GCL has been listed on the Official List of the Stock Exchange of Mauritius Ltd since November 1994.

As an investment holding company, GCL focuses on maximising return on investment for its shareholders and on building a solid platform for profitable and 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 guided by the National Code of Corporate Governance for Mauritius. Compliance to the highest standards in corporate governance is indispensable in creating long term value for its shareholders. Furthermore, the Gamma Group has established a strong finance and IT control environment. It continues to build the talent pool by recruiting a new generation of professionals who can add value to the future development of the Gamma Group.

Trading operations are carried out by its operating subsidiaries, associates and joint venture and are organized into clusters as follows:

Building MaterialsGamma Materials Ltd, a joint venture company of GCL, is a leading building materials supplier. It produces and supplies aggregates, pre-cast products, ready mixed concrete, concrete blocks, and other concrete-related 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.

Holcim (Mauritius) Ltd, an associate company, is one of the two companies involved in the trading and distribution of cement in Mauritius. Holcim (Mauritius) Ltd benefits from the expertise of Holcim Group, a leader in the cement industry worldwide.

ConstructionOrganised 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.

Real Estate, Hotels and LeisureGCL 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 hotel resort of international standard located at Wolmar, Flic en Flac. The hotel is managed by Hilton International, a leading brand.

The Gamma Group also owns several property assets, including freehold and leasehold land as well as commercial office space such as the HSBC Centre and Raffles Tower, both situated in the Ebène business district of Mauritius.

LotteryThe lottery cluster comprises Lottotech Ltd which runs the national lottery in Mauritius. The lottery activities are conducted with GTECH which is the exclusive technology partner to Lottotech Ltd. GTECH is a leading lottery operator and provider of technology solutions and systems to regulated gaming markets worldwide.


FINANCIAL REVIEW OF THE GROUP GAMMA-CIVIC LTD STATEMENT OF FINANCIAL POSITION (Rs)

31 dec 2014 2013 2012 * Restated

2011 * 2010 *

ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 732,894,430 892,811,997 962,350,085 961,588,174 1,133,265,525 Intangible assets 39,067,023 38,310,924 25,606,417 33,827,046 78,952,631 Investments in associates and joint venture 1,035,887,818 969,767,149 757,083,065 693,180,408 460,033,801 Investment properties 1,730,880,820 1,790,887,079 1,562,362,079 1,414,585,967 1,393,889,190 Other investments 4,920,500 4,497,000 4,029,000 14,319,415 14,105,915 Amounts due from associates - - - 20,264,977 34,147,525 Deferred tax asset 56,885,807 82,575,456 41,258,991 - - Non-current deposits and prepayments 111,242,106 89,339,883 93,100,557 91,844,534 41,287,969

Current assets 1,366,662,398 1,173,188,030 1,584,708,109 2,806,063,905 1,429,972,117 Total assets 5,078,440,902 5,041,377,518 5,030,498,303 6,035,674,426 4,585,654,673 EQUITY AND LIABILITIESCapital and reservesStated capital 133,250,000 133,250,000 133,250,000 133,250,000 133,250,000 Share premium 86,482,579 86,482,579 86,482,579 86,482,579 86,482,579 Reserves 618,418,233 567,787,450 330,063,893 192,659,340 227,117,709 Retained earnings 1,759,835,135 1,693,661,984 1,416,700,661 1,916,999,733 784,319,307 Shareholders' interests 2,597,985,947 2,481,182,013 1,966,497,133 2,329,391,652 1,231,169,595 Non-controlling interests 136,059,605 (96,353,775) (78,020,213) (65,035,979) (4,457,490)Non current liabilitiesBorrowings 574,335,405 817,348,626 948,470,321 908,999,537 1,030,902,527 Retirement benefit obligations 439,354,000 279,084,000 183,722,000 171,185,000 54,346,000 Deferred tax liability - - - 47,945,889 31,722,497

Current liabilities 1,330,705,945 1,560,116,654 2,009,829,062 2,643,188,327 2,241,971,544 Total equity and liabilities 5,078,440,902 5,041,377,518 5,030,498,303 6,035,674,426 4,585,654,673

STATEMENT OF PROFIT OR LOSS (Rs)

31 dec 2014 2013 ** 2012 * Restated

2011 * 2010 *

Continuing operations 4,888,840,558 6,748,406,791 4,507,269,366 4,509,368,800 3,115,123,698 Discontinued operations 3,866,382 147,967,771 - 1,082,491,762 813,522,038 Turnover 4,892,706,940 6,896,374,562 4,507,269,366 5,591,860,562 3,928,645,736 Continuing operationsOperating profit/(loss) 106,755,380 508,705,165 (103,371,633) 595,396,507 (253,559,770)Net gain from fair value adjustment on investment properties 25,375,000 196,695,275 192,440,667 17,448,465 366,719,411 Net finance costs (83,505,015) (185,400,179) (118,907,765) (137,408,018) (151,659,487)Share of profit of associates 159,263,693 252,422,018 125,198,808 17,084,813 57,185,590 Profit before taxation 207,889,058 772,422,279 95,360,077 492,521,767 18,685,744 Taxation (79,361,758) (86,380,468) (21,682,829) 83,132,500 8,881,594 Profit for the period from continuing operations 128,527,300 686,041,811 73,677,248 575,654,267 27,567,338 Discontinued Operations(Loss)/profit for the period from discontinued operations (105,580,691) (156,208,941) - 163,705,618 98,641,260 Profit for the period 22,946,609 529,832,870 73,677,248 739,359,885 126,208,598 (Profit)/loss for the period attributable to non-controlling interests (68,925,444) (14,029,955) 24,788,930 70,834,539 35,051,900 (Loss)/profit for the period attributable to the owners of the company (45,978,835) 515,802,915 98,466,178 810,194,424 161,260,498 Dividend 229,190,000 186,550,000 619,612,500 53,300,000 56,631,250

STATISTICSNumber of ordinary shares used in calculation of Earnings per Share *** 133,250,000 133,250,000 133,250,000 133,250,000 133,250,000Number of ordinary shares used in calculation Dividends per Share *** 133,250,000 133,250,000 133,250,000 133,250,000 133,250,000Number of ordinary shares used in calculation Net Assets Value *** 133,250,000 133,250,000 133,250,000 133,250,000 133,250,000(Loss)/earnings Per Share (Rs) (0.35) 3.87 0.74 6.08 1.21 Dividends Per Share (Rs) 1.72 1.40 4.65 0.40 0.43 Net Assets Value (Rs) 19.50 18.62 14.76 17.48 9.24

* Year end was 30 June** Period of 18 months*** Adjusted for the 10-for-1 share split in January 2013


SEM CodeClassificationRegistered office

Directors

Manager & Secretary

Activities

GOLI.N0000InvestmentsGo Life International Ltd c/o AceTer Global Ltd4th Floor Ken Lee Building Cnr Edith Cavell & Brown Sequard Streets Port LouisMarthinus Johannes WOLMARANSMohamed Yusuf SOOKLALLGerhard Christiaan Jacobus NAUDELaurent Paulin Jean-Daniel. MARIEMunesh Sharma RAMNAUTHAceTer Global Ltd4th Floor Ken Lee Building Cnr Edith Cavell & Brown Sequard Streets Port Louis MauritiusInvestment Holding

GO LIFE INTERNATIONAL LTd

SUMMARY INFORMATION

The company was incorporated as a protected cell company on 1st October 2010, and its principal activity is investment holding.

Go Life International Ltd was established to effect the acquisition of 45% of the equity shareholding of Go Life (SA) which is involved in the “nutaceutical market.”

In order to achieve optimal growth, increased exposure, long term sustainability and to break into new markets, Go Life (SA) requires capital for these growth and expansion initiatives. Hence Go Life International Ltd has been set up to acquire 45% of the equity of the shareholding of Go Life Health Products.

Go Life International Ltd is managed by AceTer Global Ltd who is a subsidiary of Terra.


FINANCIAL REVIEW OF THE GROUP GO LIFE INTERNATIONAL LTD STATEMENTS OF FINANCIAL POSITION (USd)

31 dec 2014 2013 2012 2011 ASSETSNon-current assetsInvestments in associate 1,389,834 5,118,890 9,649,000 9,982,853

1,389,834 5,118,890 9,649,000 9,982,853Current assets 100,168 100,356 111,303 53,354 Total assets 1,490,002 5,219,246 9,760,303 10,036,207EQUITY AND LIABILITIESCapital and reserves attributable to owners of the parentShare capital 9,665,100 9,665,100 9,665,000 9,665,000 Share premiumFair value reserve -524,751 -313,264 -3,000 Revenue Deficit -7,876,806 -4,304,787 459,000 336,000 Total equity 1,263,543 5,047,049 10,121,000 10,001,000

Current liabilities 226,459 172,197 146,000 35,000 Total liabilities 226,459 172,197 146,000 35,000 Total equity and liabilities 1,490,002 5,219,246 9,760,303 10,036,207

INCOME STATEMENTS (USd)

31 dec 2014 2013 2012 2011 Turnover

Operating profit -2,854,450 -4,406,728 -53,000 -95,000 Share of profit/(loss) of associate -717,569 149,746 177,000 431,000 Currency Translation difference -211,487 -309,856 - - Profit before taxation -3,572,019 -4,256,982 124,000 336,000 Taxation - - - Profit for the year attributable to owners of the parent -3,783,506 -4,566,838 124,000 336,000

STATISTICSNumber of ordinary shares used in calculation 96,651,000 96,651,000 96,651,000 96,651,000 Earnings per share(MRe) -0.039 -0.047 0.001 0.003 Adjusted earnings per share (excluding net gain on investment property)(MRe) -0.039 -0.047 0.001 0.003 Dividends per share(MRe) - - - - Net assets value (MRs) 13.07 52.22 104.72 103.48


Spanning two centuries of visionary leadership, the Harel Mallac Group is a leading and well-diversified conglomerate, employing more than 1,600 employees in Mauritius and the region. Since the 1830’s, the Harel Mallac Group has been relentlessly contributing to the development of the country while creating value for its shareholders.

TechnologyEngineering

Services

Retail

A Leading Player in Selected Industries and Key Markets

www.harelmallac.com

Activeline | Archemics | Bychemex | Chemco | Climapro | Compagnie des Magasins Populaires Limitée | Coolkote Enterprises Harel Mallac Aviation | Harel Mallac Bureautique | Harel Mallac Distribution | Harel Mallac Engineering | Harel Mallac Export | Harel Mallac Global Services Ltd

Harel Mallac Healthcare | Harel Mallac Tanzania | Harel Mallac Technologies | Harel Mallac Travel & Leisure | Infosystems Business Technologies Linxia | The Mauritius Chemical and Fertilizer Industry Limited (MCFI) | MCFI International | MCFI International (Zambia)

Mauritius Computing Services (MCS) | Orinux | Suchem | The Professional Learning Centre

Property

Chemical



Secretary

H. MALLACCommerce18, Edith Cavell Street, Port Louis Antoine L. HAREL (Chairman)Charles HAREL (Chief Executive Officer)R. J. Paul CLARENCAnne Christine LÉVIGNE-FLETCHER C.S.K.Jérôme DE CHASTEAUNEUFMichel RIVALLAND G.O.S.K.Frédéric TYACKAnwar MOOLLANDean AH-CHUENHM Secretaries Ltd.

SUMMARY INFORMATION

Harel Mallac Group

With origins dating back to the 1830s, the Group is one of the longest-standing and most respected Mauritian conglomerates with operations in Mauritius and the region. It has been incorporated in 1956 and listed on the Stock Exchange of Mauritius since 1991.

Operating within a business excellence framework whilst placing ethical practices at the heart of its business, the Harel Mallac Group has forged a strong reputation as a trustworthy and well-established organisation over the last two centuries. Today, the Group employs over 1,500 people across its numerous business units clustered in 5 strategic Business Arms. The Group, which represents over 250 leading local and global brands, operates in key sectors of the economy and has expanded its footprint to Madagascar, Zambia, Tanzania, Burundi and Rwanda.

Strategic Business Units of the Group

The Group is made up of 28 Strategic Business Units which fall under the umbrella of five Business Arms, namely Technology Arm, Chemical Arm, Engineering Arm, Services Arm and Retail Arm.

TECHNOLOGY ARM - As the official and preferred trading partner of world leading brands such as Dell, Citrix, Xerox, Microsoft, IBM and Xperia Sony among others, the 8 companies within the Technology Arm are all major players in the IT solutions and consumer electronics markets and operate in Mauritius, Burundi, Madagascar and Rwanda.

CHEMICAL ARM - Harel Mallac’s 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. Archemics Ltd, a main subsidiary of the Arm, is the proud local representative of global brands owned by Henkel Ltd such as Schwarzkopf, Le Chat and Pattex among others, for Mauritius and Madagascar.

ENGINEERING ARM - The Engineering Arm is the partner and representative of major international brands of agro-industrial, industrial engineering as well as refrigeration and electrical equipment, among which feature the following renowned brands: INA & FAG, USAG, Doosan, Ozguven and Victa. Offering state-of-the-art air conditioning systems and support services, the Arm also represents the global brands, Haier and Gree.

SERVICES ARM - The Services Arm of Harel Mallac comprises of Business Process Outsourcing (BPO), offshore management services, travel and aviation, advertising and website development services among others. It is the passenger General Sales Agent (GSA) for Condor and Air India and the cargo GSA for ThomsonFly, Condor and MeridianaFly.

RETAIL ARM - Created in 2014 through the acquisition of two new retail outlets, the Retail Arm comprises of three stores operating under the French retail brand, Monoprix. The stores are owned by Compagnie des Magasins Populaires Limitée, a key subsidiary of the Harel Mallac Group.

Pursuing a diversification strategy, the Group has shareholding in leading Associate Companies. Its main Associates – Total (Mauritius) Limited, Maritim (Mauritius) Limited, Attitude Resorts Management Co. Ltd, Zilwa Resort Ltd and Rehm-Grinaker Construction Co. Ltd – are among leaders in their respective fields.

Throughout the years, the Harel Mallac Group has been able to enhance as well as leverage its capabilities and effectiveness in all its operations, by allowing its deep-seated values of passion, relationship, integrity, development and excellence to weave themselves deeper into the fabric of its corporate culture.

Mr. Antoine L. Harel(Chairman)

Mr. Charles Harel (Chief Executive Officer)


FINANCIAL REVIEW OF THE GROUP HAREL MALLAC & CO. LTD BALANCE SHEET (Rs 000)

31 dec 2014 2013 2012 Restated

2011 Restated

2010

ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 851,675 787,715 809,665 759,863 679,677Investment poperties 334,431 347,676 322,251 316,701 301,738Intangible assets 106,994 123,225 118,000 165,276 184,266Investments in associated companies 859,660 942,929 543,330 327,788 302,769other securities 97,675 103,439 139,064 115,256 115,168Non-current receivables 43,218 26,918 21,575 1,138 1,144Deferred tax assets 22,113 15,859 16,303 1,241 1,408Retirement benefit assets 402 942 132 4,593 4,480Non-current assets classified as held for sale - - 32,439 35,388 35,388Current assets 2,199,776 1,986,025 2,121,258 1,892,752 1,583,219Total assets 4,515,944 4,334,728 4,124,017 3,619,996 3,209,257EQUITY AND LIABILITIESCapital and reservesShare capital 112,594 112,594 112,594 112,594 112,594Revaluation and other reserves 349,842 338,026 328,257 349,244 330,844Fair value reserves (5,457) (1,328) 22,698 35,712 32,247Retained profit 1,309,942 1,233,070 1,316,977 1,455,301 1,349,418Shareholders' interests 1,766,921 1,682,362 1,780,526 1,952,851 1,825,103Minority interests 304,619 348,701 333,568 338,362 315,690

Non current liabilitiesBorrowings 637,641 674,769 375,270 76,975 97,324Deferred tax liabilities 67,418 66,508 65,812 56,551 92,281Retirement benefit obligations 113,177 91,783 76,281 50,606 41,465Provision for other liabilities and charges 43,799 43,799 29,809 14,575 17,740Current liabilities 1,582,369 1,426,806 1,462,751 1,130,076 819,654Total equity and liabilities 4,515,944 4,334,728 4,124,017 3,619,996 3,209,257

INCOME STATEMENT (Rs 000)

31 dec 2014 2013 2012 2011 2010 Turnover 4,310,354 4,047,378 4,043,432 3,521,008 3,149,331(Loss)/profit from operations (18,067) 50,808 37,649 132,237 194,086Profit on disposal of associates 150,948 - - 81,356 - Reorganisation costs - - - - - Profit on disposal of investments - 6,640 5,046 - - Profit on disposal of plant and machinery - - - - - Net Impairment on goodwill/ investments/ receivables (16,421) (12,397) (30,332) (22,471) - Provision for bad debts - - - - - Net finance (costs) / income (84,827) (81,328) (45,360) (29,369) (35,575)Exceptional items - 43,907 - - - Net impairment of assets (27,752) (40,034) (7,797) - - Share of profit of associates 65,820 13,688 19,444 66,884 70,362Profit before taxation 69,701 (18,716) (21,350) 228,637 228,873Income tax (2,611) (16,418) (13,037) (29,740) (26,854)(Loss)/profit for the year from continuing operations 67,090 (35,134) (34,387) 198,897 202,019Post tax loss from discontinued operations 6,341 (7,570) (61,882) - - Minority interest (30,819) 7,750 11,359 48,356 42,591(Loss)/profit for the year 104,250 (50,454) (107,628) 150,541 159,428Dividends 28,148 33,778 33,778 45,038 45,038

STATISTICS

Number of ordinary shares used in calculation 11,259,388 11,259,388 11,259,388 11,259,388 11,259,388(Loss) earnings per share from continuing operations(Rs/cents) 8.70 (3.81) (3.41) 13.37 14.16 (Loss) earnings per share from discontinued operations(Rs/cents) 0.56 (0.67) (6.15) - - Dividends Per Share (Re) 2.50 3.00 3.00 4.00 4.00 Net Assets Value (Rs) 156.93 149.42 158.14 173.44 162.10


SEM CodeClassificationRegistered officePrincipal activitiesDirectors

Secretary

HWFCommerceInnodis Building, Caudan, Port LouisPoultry farming, manufacturing, marketing and distribution of food and grocery productsMr. Victor Seeyave (Chairman)Sir René Seeyave Mr. Jean How Hong (Chief Executive Officer)Mr. Maurice de Marassé EnoufMr. Gil de SornayMr. Wing Soon L.K.C Leung Wan KinMr. Imrith RamtohulMr.Rahim BholahMr. Sonny Wong Lun SangBox 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 agro-business - 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 2,600 shareholders as at date. From 2009 to 2013, 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. 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 also set up a CSR foundation, which reviews and funds 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 ACTIVITIESThe 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.

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.


FINANCIAL REVIEW OF THE GROUP INNODIS LIMITED BALANCE SHEET (Rs 000)

30 Jun 2014 2013 2012 2011 2010ASSETSNon - current assetsProperty, plant and equipment 1,745,952 1,683,372 1,369,462 1,454,092 1,250,512 Investment property 2,149 2,620 3,091 3,561 4,031 Biological assets 42,891 42,744 42,844 38,912 32,091 Intangible assets 6,600 8,227 18,198 28,554 36,122 Investments in associates 6,866 4,891 4,612 4,633 81,795 Available-for-sale investments 1,209 1,209 1,209 1,209 1,209 Receivables 13,995 17,376 18,218 18,743 19,268 Deferred taxation - Current assets 2,042,067 1,961,653 1,654,761 1,275,457 918,175 Total assets 3,861,729 3,722,092 3,112,395 2,825,161 2,343,203 EQUITY AND LIABILITIESCapital and reservesShare capital 367,303 367,303 367,303 367,303 367,303 Share premium 5,308 5,308 5,308 5,308 5,308 Reserves 522,042 534,353 317,115 327,126 332,778 Foreign exchange translation reserve (729) (5,265) (35,412) (24,168) (38,534)Retained earnings 854,404 927,788 754,188 637,030 566,550 Shareholders' interests 1,748,328 1,829,487 1,408,502 1,312,599 1,233,405 Minority interests 169,694 175,033 265,967 282,148 65,709 Non-current liabilitiesDeferred tax 69,396 83,023 76,777 87,689 63,296 Retirement benefits obligations 147,509 35,905 35,264 33,052 27,472 Borrowings 121,707 45,913 92,199 131,824 252,560 Current liabilities 1,605,095 1,552,731 1,233,686 977,849 700,761 Total equity and liabilities 3,861,729 3,722,092 3,112,395 2,825,161 2,343,203


30 Jun 2014 2013 2012 2011 2010Turnover 4,193,470 4,155,701 3,869,294 3,352,013 2,815,626 Operating profit 209,744 275,452 297,059 274,112 180,783 Finance costs (48,054) (27,511) (36,821) (47,280) (34,261)Share of profit of associates 2,294 560 297 7,629 15,392 Profit before taxation 163,984 248,501 260,535 234,461 161,914 Taxation (28,422) (48,638) (48,257) (35,269) (33,030)Profit/(Loss) attributable to shareholders 135,562 199,863 212,278 199,192 128,884 Minority interest (21,620) (37,256) (35,692) (11,025) 4,266 Net Profit 113,942 162,607 176,586 188,167 133,150 Dividends 94,766 96,024 83,743 62,658 51,422

STATISTICSNumber of ordinary shares used in calculation 36,730,266 36,730,266 36,730,266 36,730,266 36,730,266Earnings Per Share (Re) 3.10 4.43 4.81 5.12 3.63Dividends Per Share (Re) 1.85 1.80 1.75 1.60 1.40Net Assets Value (Rs) 47.60 49.81 38.35 35.74 33.58


International Presence: China, Comoros, Dubai, France, Gabon, India,Madagascar, Reunion Island, Seychelles and Uganda

OURVALUES

Pa

ssion Ethics

Teamwork

Creat

ivit

y Cu

stomer

Focus

1972The merger of two leading companies,Blyth Brothers & Ireland Fraser

LARGESTM A U R I T I A N

GROUP

Turnover

5500+

USD 545 Million


Arnaud LAGESSEChairman

SEM Code

Classification

Registered office

Directors

Company Secretary

Principal Activity

IBL

Commerce

IBL House, Caudan, Port Louis

Arnaud LAGESSE (Chairman)

Christian DE JUNIAC

J. M. Bertrand HARDY

Jason HAREL

Roger KOENIG

Thierry LAGESSE

J. Cyril LAGESSE

Dipak CHUMMUN

Jean RIBET

Louis RIVALLAND

IBL Corporate Services Ltd

A major conglomerate engaged in a number of commercial activities.

SUMMARY INFORMATION

Created in 1972 with a merger of Ireland Fraser & Co. Ltd and of Blyth Brothers Co. Ltd.

Stock Exchange listing was granted on 17th August 1994.

Ireland Blyth Limited is engaged in a wide range of activities from financial services, fish storage and processing to mechanical and electrical engineering, logistics, aviation, shipping operations, the distribution of consumer goods and durables and a chain of supermarkets. These activities are organized into six main sectors, namely Commerce, Engineering, Logistics, Aviation & Shipping, Financial Services, Retail and Seafood & Marine.

The group has over 5,000 employees.


FINANCIAL REVIEW OF THE GROUP IRELAND BLYTH LIMITED STATEMENTS OF FINANCIAL POSITION (Rs 000)

30-Jun 2014 30-Jun 2013 (Restated)

30-Jun 2012 (Restated)

30-Jun 2011 30-Jun 2010

ASSETS EMPLOYEDNon - current assetsProperty, plant and equipment 8,075,785 7,546,712 7,298,306 5,578,740 5,228,598 Investment property 199,762 77,654 98,557 97,588 - Intangible assets 655,225 645,033 563,592 553,792 556,290 Investments in associates 784,405 731,652 556,198 919,409 852,752 Investments in securities 507,908 296,913 551,610 452,943 270,251 Finance lease receivables 909,137 1,001,369 896,040 758,785 741,930

11,132,222 10,299,333 9,964,303 8,361,257 7,649,821 Current assets 9,111,279 9,144,206 7,456,558 6,479,109 6,030,519 Total assets 20,243,501 19,443,539 17,420,861 14,840,366 13,680,340 EQUITY AND LIABILITIESCapital and reservesShare capital 714,383 714,383 714,383 714,383 714,383 Share premium 192,097 192,097 192,097 192,097 192,097 Revaluation reserves 1,645,955 1,225,838 1,215,736 911,367 980,088 Translation and other reserves 629,520 575,985 487,342 465,215 420,589 Retained profit 1,842,431 1,454,982 1,322,475 1,276,751 1,077,275

5,024,386 4,163,285 3,932,033 3,559,813 3,384,432 Non-controlling interests 1,875,039 1,690,050 1,526,027 590,711 506,756

6,899,425 5,853,335 5,458,060 4,150,524 3,891,188 Non-current liabilitiesObligations under finance lease 25,987 38,793 19,240 20,097 58,401 Long-term loans 2,244,984 2,332,662 2,382,128 1,530,218 1,578,361 Deferred taxation 135,101 56,082 54,349 165,356 55,357 Retirement benefit obligations 607,696 671,474 365,512 156,272 133,971

3,013,768 3,099,011 2,821,229 1,871,943 1,826,090 Current liabilities 10,330,308 10,491,193 8,553,969 8,302,313 7,377,759 Insurance FundLife assurance fund - - 587,603 515,586 585,303 Total equity and liabilities 20,243,501 19,443,539 17,420,861 14,840,366 13,680,340

STATEMENTS OF COMPREHENSIvE INCOME (Rs 000)

30-Jun 2014 30-Jun 2013 (Restated)

30-Jun 2012 30-Jun 2011 30-Jun 2010 six months

Revenue 19,723,237 19,731,775 17,328,484 15,795,366 6,679,478 Profit from operations 1,025,246 1,244,570 1,018,703 977,453 422,619 Fair value gain on revaluation of investment properties 88,858 - - - - Net finance costs (431,503) (469,278) (449,664) (426,711) (208,280)Share of profit of associates 100,158 92,623 98,049 111,469 59,703 Profit before taxation 782,759 867,915 667,088 662,211 274,042 Income tax (98,773) (112,149) (95,023) (86,353) (33,342)Profit after taxation 683,986 755,766 572,065 575,858 240,700 Non-controlling interest (155,463) (178,447) (116,712) (71,982) (29,375)Net profit for the year 528,523 577,319 455,353 503,876 211,325

STATISTICSNumber of ordinary shares used in calculation 71,438,333 71,438,333 71,438,333 71,438,333 71,438,333 Earnings Per Share (Rs) 7.40 8.08 6.37 7.05 2.96 Dividends Per Share (Rs) 2.50 2.50 2.10 2.10 0.60 Net Assets Per Share (Rs) 70.33 58.28 55.04 49.83 47.37


SEM CodeClassificationRegistered officeDirectors as at 30 June 2015:

SecretaryTransfer office Activities

LOTOLotteryRoyal Road, Chapman Hill, Beau Bassin, Republic of Mauritius

Chian Yew Ah Teck (Chairman)Cyril How Kin SangChian Tat Ah TeckChian Luck Ah TeckAlex BursteinKune Foo Jean Claude Lam HungRobert Ip Min WanIan ShepherdMichelle CarinciNarghis BundhunBanoomatee VeerasamyKumari Kavita Achameesing

Gamma Corporate Services LtdGamma Corporate Services LtdLottery

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 licence to Lottotech to operate the Mauritius National Lottery. The lottery activities are conducted with GTECH which is the exclusive technology partner to Lottotech. GTECH 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 900 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 Rs73 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 2014, over Rs620 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 Rs55 million in 2014 to be used to assist those less fortunate and in need.

As the operator of the National Lottery, Lottotech has delivered over Rs 3 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 900 outlets earned over Rs150 million in commissions in 2014, which translates to income of over Rs160,000 per retailer, per week. To support our retail partners and provide better service to our players, the roll out of new merchandising displays, play stations and digital signage continued throughout 2014.

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.

The year 2014 was marked by important changes in our shareholders’ base. Lottotech was successfully listed on the Official List of the Stock Exchange of Mauritius Ltd (“SEM”) in June 2014. The successful listing process created over 8,000 new Central Depository & Settlement Co Ltd (“CDS”) accounts on the SEM, with a total of 12,396 new investors and a subscription ratio of 2.99 times. Our new shareholders are comprised of individual and institutional investors, including foreign investors, who believe in our vision and strategy that ultimately makes a difference in the lives of Mauritians.

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 this year will seek Level 3 of the WLA Responsible Gaming certification program, which will require Lottotech to demonstrate its plan and financial commitment to Responsible Gaming initiatives in Mauritius.

Lottotech Ltd


FINANCIAL REVIEW OF LOTTOTECH LTDBALANCE SHEET (Rs)

31 dec 2014 2013 2012* 2011* 2010*

ASSETS EMPLOYEDNon - current assetsProperty, plant and equipment 202,379,471 229,760,861 252,061,225 286,185,695 298,302,450 Other investments - - 1,000 1,000 - Deferred tax asset - - 6,547,264 16,232,209 17,516,221

Current assets 249,394,914 325,431,190 360,628,826 279,310,880 139,887,406 Total assets 451,774,385 555,192,051 619,238,315 581,729,784 455,706,077

EQUITY AND LIABILITIESCapital and reservesStated capital 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 Retained earnings/(accumulated losses) 54,826,723 284,912 (92,210,153) (111,587,060) (102,956,737)Shareholders' interests 154,826,723 100,284,912 7,789,847 (11,587,060) (2,956,737)

Non-current liabilitiesBorrowings - 882,315 6,355,167 9,061,098 119,386,464 Retirement benefit obligations 2,520,000 4,141,000 2,438,000 1,336,000 - Deferred tax liability 8,593,507 4,677,159 - - -

Current liabilities 285,834,155 445,206,665 602,655,301 582,919,746 339,276,350 Total equity and liabilities 451,774,385 555,192,051 619,238,315 581,729,784 455,706,077

INCOME STATEMENT (Rs)

31 dec 2014 2013** 2012* 2011* 2010*

Turnover 2,725,700,210 3,876,363,745 2,596,359,420 3,161,490,780 1,884,960,040

Operating profit/(loss) 189,579,388 395,451,054 22,911,308 (3,973,640) (103,765,805)Net finance income/(costs) 7,195,875 10,904,260 6,150,544 (3,372,671) (10,139,377)Profit/(Loss) before taxation 196,775,263 406,355,314 29,061,852 (7,346,311) (113,905,182)Taxation (29,813,502) (62,895,249) (9,684,945) (1,284,012) 17,516,221 Profit/(Loss) for the period 166,961,761 343,460,065 19,376,907 (8,630,323) (96,388,961)

Dividend 112,200,000 250,000,000 - - -

STATISTICS

Number of ordinary shares used in calculation of Earnings per Share *** 340,000,000 340,000,000 340,000,000 340,000,000 340,000,000

Number of ordinary shares used in calculation of Dividends per Share *** 340,000,000 340,000,000 340,000,000 340,000,000 340,000,000

Number of ordinary shares used in calculation of Net Assets Value *** 340,000,000 340,000,000 340,000,000 340,000,000 340,000,000

(Loss)/Earnings Per Share (Rs) 0.49 1.01 0.06 (0.03) (0.28)Dividends Per Share (Rs) 0.33 0.74 - - - Net Assets Value (Rs) 0.46 0.29 0.02 (0.03) (0.01)

* Year end was 30 June** Period of 18 months*** Adjusted for the 3,400-for-1 share split in March 2014


SEM CodeClassificationRegistered officeChairmanChief Executive OfficerDirectors

Company Secretary

Executive Team

LIRHotel & Leisure58, Pierre Simonet Street, FloréalArnaud LAGESSEPaul JONESArnaud LAGESSEPaul JONESJean-Claude BÉGAJean de FONDAUMIÈRE Laurent de la HOGUE Désiré ELLIAH Alexis HAREL Julian HAGGER J. Cyril LAGESSEStéphane LAGESSEMaxime REYChristof ZUBERJean Raymond HAREL (Alternate to Alexis HAREL )Amaury LAGESSE (Alternate to Stéphane LAGESSE)Hugues LAGESSE (Alternate to J. Cyril LAGESSE)Dev POOLOVADOO (Alternate to Désiré ELLIAH)LUX Hospitality Ltd Per Désiré ELLIAHPaul JONES - Chief Executive Officer Désiré ELLIAH - Chief Financial Officer Julian HAGGER - Chief Sales and Marketing Officer Marie-Laure AH-YOU - Chief Strategy Officer Nicolas AUTREY - Chief Human Resources Officer 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 a subsidiary of GML Investissement Ltée (GMLIL).

LUX Island Resorts Ltd owns and manages 9 hotels in the Indian Ocean, namely: LUX*Belle Mare and its twelve luxury villas, LUX*Grand Gaube, LUX*Le Morne, Tamassa, Merville Beach in Mauritius, where it also runs the private, one—villa Ile des Deux Cocos in Blue Bay; LUX* Maldives, in the Maldives; 2 hotels in Reunion Island; LUX* Ile de la Reunion 5-star and Hôtel le Récif, 3 –star and LUX* Tea Horse Road Lijiang, China.

New hotels opening soon are: LUX* Tea Horse Road Benzilan, China (2015); LUX* Al Zorah, UAE (2016); LUX* Sud Sauvage, Ile de la Reunion (2016);LUX* Dianshan Lake, China (2017).


FINANCIAL REVIEW OF THE GROUP LUX ISLAND RESORTS LTD STATEMENT OF FINANCIAL POSITION (Rs’000)30 June 2014 30 June 2013 30 June 2012 30 June 2011 30 June 2010

ASSETSNon-current assetsProperty, plant and equipment 7,925,902 7,382,497 7,545,673 7,720,305 5,747,713 Intangible assets 1,073,758 1,164,840 1,177,975 1,139,583 401,871 Investment in associated companies 232,449 217,634 239,337 194,058 464,443 Other financial assets 5 36 94 57,232 77,515 Deferred tax assets 21,282 36,097 46,214 19,734 27,933 Retirement benefit assets 42 10,216 11,671 12,277 6,592

9,253,438 8,811,320 9,020,964 9,143,189 6,726,067 Current assets 1,088,758 818,079 839,677 1,060,317 1,420,004 Assets classified as held for sale - 228,406 226,241 132,715 379,203 Total assets 10,342,196 9,857,805 10,086,882 10,336,221 8,525,274 EQUITY AND LIABILITIESCapital and reservesIssued capital 1,140,346 1,140,346 1,140,346 1,140,346 862,568 Share premium 391,819 391,819 391,819 391,819 194,386 Treasury shares (18,081) (18,081) (18,081) (18,081) (18,081)Other reserves 1,831,456 1,337,603 1,330,011 1,339,963 1,469,091 Retained earnings 967,722 754,435 651,288 550,936 487,573 Equity attributable to the owners of the parent 4,313,262 3,606,122 3,495,383 3,404,983 2,995,537

Non-controlling interests 123,472 101,638 102,013 87,724 -

Non-current liabilitiesInterest bearing loans and borrowings 3,775,476 4,397,471 4,762,879 4,722,196 3,277,805 Deferred tax liabilities 416,403 294,099 307,268 323,536 323,892 Retirement benefit obligations 37,951 45,107 36,852 32,497 27,612 Government grants 13,215 15,068 17,079 20,764 11,427

Current liabilities 1,662,417 1,366,943 1,365,408 1,744,621 1,889,001 Liabilities associated with assets held for sale - 31,357 - - - Total equity and liabilities 10,342,196 9,857,805 10,086,882 10,336,321 8,525,274

INCOME STATEMENT (Rs ‘000) 30 June 2014 30 June 2013 30 June 2012 30 June 2011 30 June 2010

Revenue 4,212,199 3,771,263 3,714,030 3,153,615 1,166,071 Operating profit 588,910 460,945 355,290 433,635 (10,039)Net finance costs (259,382) (303,443) (331,489) (322,794) (155,085)Share of results of associates 263 (12,095) (11,391) (66,372) (61,990)Profit/(loss) before tax 329,791 145,407 12,410 44,469 (227,114)Taxation (67,478) (38,635) 20,731 (32,963) (29,780)Profit/(loss) after taxation 262,313 106,772 33,141 11,506 (256,894)Result from discontinued operations 22,636 3,487 - - - Non-controlling interest (13,687) (6,935) (6,245) (4,947) - Profit/(loss) attributable to the group 271,262 103,324 26,896 6,559 (256,894)Dividends declared 56,874 - - - -

STATISTICSordinary shares in issue 114,034,651 114,034,651 114,034,651 114,034,651 86,256,873 Earnings Per Share (Rs) 2.38 0.91 0.24 0.07 (2.99)Dividends Per Share (Rs) 0.50 - - - - Net Assets Value (Rs) 37.82 31.62 30.65 29.86 34.73


SEM Code

Classification

Registered office

Directors

Company Secretary

Transfer Secretary

Principal Activity

MEI

Insurance

5th floor IBL House, Caudan Waterfront, Port Louis

Derek WONG WAN PO, BSc, FCCA, Managing Director

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

Gaetan LAN HUN KUEN, FCA

Alain MALLIATE, FCII, ACIS

Robert IP MIN WAN, FCA

John Edward O’NEILL, Bcom (Hons), CA (SA) (Alternate Director)

IBL Corporate Services Ltd

MCB Registry and Securities

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 Ireland Blyth Ltd (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 Ireland Blyth Ltd, 15% held by Zurich Insurance Company South Africa Limited and the remaining 25% by the public respectively.

MEI holds 51% of the shareholding of Mauritian Eagle Leasing Company Limited (MELCO), 30% shareholding in Metropolitan Life (Mauritius) Ltd and has a 20% stake in H Savy Insurance Co. Ltd in the Seychelles.

MEI operates in both the domestic and commercial markets, transacting all classes of short term insurance.

Mauritian Eagle through its subsidiary, MELCO, launched its leasing operations in 2002 with the main objective of providing finance and operating leases to clients and holds a deposit-taking license from the Bank of Mauritius.

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.


FINANCIAL REVIEW OF THE GROUP MAURITIAN EAGLE INSURANCE COMPANY LIMITED

STATEMENTS OF FINANCIAL POSITION (Rs 000)

30 Jun 2014 30 Jun 2013 30 Jun 2012 30 Jun 2011 30 Jun 2010ASSETSNon-current assetsPropety, plant and equipment 695,403 658,780 589,559 445,909 324,191 Intangible assets 4,743 2,964 11,028 11,362 13,637 Investment in associates 59,864 54,837 25,961 19,758 18,309 Statutory and other deposits 6,000 8,000 2,500 6,500 16,000 Financial assets 504,627 235,965 492,350 397,825 223,232 Mortgage and other loans - - 105,165 105,681 104,064 Finance lease receivables 934,929 1,059,413 934,970 790,521 781,128

2,205,566 2,019,959 2,161,533 1,777,556 1,480,561 Current assets 1,858,097 1,643,390 1,507,837 1,263,430 1,616,648 Total assets 4,063,663 3,663,349 3,669,370 3,040,986 3,097,209 EQUITY AND LIABILITIESCapital and reservesStated capital 80,000 80,000 80,000 80,000 80,000 Reserves 637,699 568,203 456,270 395,870 342,853 Equity attributable to owners of the company 717,699 648,203 536,270 475,870 422,853 Non-controlling interests 99,183 99,421 99,305 99,273 101,395 Total equity 816,882 747,624 635,575 575,143 524,248 Other reserves 2,388 2,388 2,346 2,334 2,334 Insurance fundsGeneral insurance fund 269,509 240,253 217,784 167,088 109,144 Life insurance fund - - 593,591 537,161 594,435 Non-current liabilitiesLoans 73,945 29,397 35,737 45,076 12,927 Deposits from clients 1,040,028 833,739 683,331 543,999 722,585 Deferred tax liability 5,408 12,046 11,980 11,581 13,044 Current liabilities 1,855,503 1,797,902 1,489,026 1,158,604 1,118,492 Total equity and liabilities 4,063,663 3,663,349 3,669,370 3,040,986 3,097,209

STATEMENT OF PROFIT ANd LOSS (Rs ‘000)

30 June 30 Jun 2014 30 Jun 2013 30 Jun 2012 30 Jun 2011 30 Jun 2010 (6 months)

CONTINUING OPERATIONSGross insurance premiums 1,066,326 865,506 739,262 656,072 283,942 Gross lease rental income 279,209 572,284 496,213 391,140 188,838

1,345,535 1,437,790 1,235,475 1,047,212 472,780 Net revenue 760,536 669,440 627,936 535,647 232,424 Investment income 39,240 41,022 36,459 27,118 10,879 Commission income 73,047 68,627 57,584 58,210 23,364 Other income 10,255 12,311 10,601 15,175 12,500

883,078 791,400 732,580 636,150 279,167 Claims and expenses (643,802) (546,023) (459,279) (417,016) (187,387)Profit from operations 239,276 245,377 273,301 219,134 91,780 Release (to)/from the general insurance fund (29,256) (22,469) (50,696) (57,944) 3,735 Finance costs (138,611) (131,434) (130,346) (132,914) (70,666)

71,409 91,474 92,259 28,276 24,849 Share of results of associates 8,914 5,521 5,940 6,367 3,346 Profit before disposal of subsidiary 80,323 96,995 98,199 34,643 28,195 Gain recognised on disposal of interest in former subsidiary

- 34,769 - - -

Profit before taxation 80,323 131,764 98,199 34,643 28,195 Taxation (4,363) (14,356) (14,960) (8,840) (6,576)Profit after taxation 75,960 117,408 83,239 25,803 21,619 Transfer to statutory reserve fund - (42) (12) - - Profit for the year from continuing operations 75,960 117,366 83,227 25,803 21,619 Profit for the year from discontinuing operations - - - 11,231 500 Profit for the year 75,960 117,366 83,227 37,034 22,119 Profit attributable to: Owners of the company 76,198 117,250 83,195 58,756 26,637 Non-controlling interests (238) 116 32 (21,722) (4,518)

75,960 117,366 83,227 37,034 22,119

STATISTICSEarnings per share from:Continuing and discontinued operations (Rs) 9.52 14.66 10.40 7.34 3.33 Continuing operations (Rs) 9.52 14.66 10.40 5.94 3.27 Dividends per share(Rs) 2.40 3.50 2.40 2.10 1.00 Net assets value(Rs) 89.71 81.03 67.03 59.48 52.86 Number of shares used in calculation 7,999,998 7,999,998 7,999,998 7,999,998 7,999,998


MCFISEM Code

Classification

Registered office

Directors

Managing Director

Secretary

Principal Activity

MCFI

Industry

Chaussée Tromelin, Fort George, PO Box 344, Port Louis, Mauritius

Antoine L. HAREL (Chairman)

Beas CHEEKHOOREE

Allain DOGER DE SPEVILLE

Charles HAREL

Guy HAREL

Harold NG KWING KING

Vincent LABAT

Michel RIVALLAND G.O.S.K.

Beas CHEEKHOOREE

HM Secretaries Ltd.

Manufacture and sale of fertilizers, pesticides, and industrial

and specialty chemicals and detergents

SUMMARY INFORMATION

The Mauritius Chemical and Fertilizer Industry Limited (MCFI) is a pioneering manufacturing company, operating an NPK complex fertilizer plant and a blending plant for fertilizers in the Port Area since 1974. It specialises in the formulation, supply and application of fertilizers to the sugar cane industry and the agricultural community at large. As a public listed company, it is 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 the 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 exercises a significant influence 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.


FINANCIAL REVIEW OF THE MAURITIUS CHEMICAL AND FERTILIZER INDUSTRY LTD (GROUP)

STATEMENTS OF FINANCIAL POSITION (Rs 000)

31 dec 2014 2013 2012 2011 2010ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 136,172 132,460 145,069 144,596 90,125 Investments in associates 15,485 12,877 7,698 37,777 32,565 Investments in securities 12,309 16,120 17,319 24,341 20,873 Intangible assets 115 115 115 115 115 Non Current Receivables 359,026 304,026 Current assets 570,592 528,645 758,924 687,557 719,319 Total assets 1,093,699 994,243 929,125 894,386 862,997 EQUITY AND LIABILITIESCapital and reservesShare capital 220,064 220,064 220,064 220,064 220,064 Revaluation and other reserves 31,862 40,145 43,530 46,911 48,559 Retained earnings 508,148 498,514 508,618 512,243 485,909 Shareholders' interests 760,074 758,723 772,212 779,218 754,532 Non controlling interest - - -

Non-current liabilitiesDeferred tax 14,927 14,005 1,906 345 10,523 Retirement benefits 13,458 8,158 14,159 14,274 6,303 Borrowings 1,438 2,370 6,698 6,255 676 Current liabilities 303,802 210,987 134,150 94,294 90,963 Total equity and liabilities 1,093,699 994,243 929,125 894,386 862,997


31 dec 2014 2013 2012 2011 2010

CONTINUING OPERATIONSTurnover 754,961 812,258 800,951 690,404 610,464 Operating (loss)/profit (23,580) (5,096) (9,003) 17,966 30,517 Other income 47,541 34,725 40,042 36,100 41,012 Net Finance income/(costs) 1,129 (596) 2,008 5,758 1,979 Exceptional items - - - - - Share of profit/(loss) of associates 3,946 (7,727) (18,335) (7,314) 22,276 Profit before taxation 29,036 21,306 14,712 52,510 95,784 Taxation 404 (9,242) (7,247) (16,640) (11,824)Profit after taxation from continuing operations 29,440 12,064 7,465 35,870 83,960 Post tax profit from discontinued operations - - 10,754 12,470 - Minority interests - - - Profit attributable to shareholders 29,440 12,064 18,219 48,340 83,960 Dividends 19,806 22,006 22,006 22,006 22,006

STATISTICSNumber of ordinary shares used in calculationEarnings Per Share (Re) 22,006,418 22,006,418 22,006,418 22,006,418 22,006,418 Dividends Per Share (Re) 1.34 0.55 0.83 2.20 3.82 Net Assets Value (Rs) 0.90 1.00 1.00 1.00 1.00

34.54 34.48 35.09 35.41 34.29


SEM Code

Classification

Registered office

Directors

Manager

Accountant

Secretary

Principal Activity

MDIT

Investment

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

Georges LEUNG SHING (Chairperson)

Catherine AHNEE-GOUEREC

Aruna COLLENDAVELLOO

Lloyd COOMBES

Christian FOO KUNE

Roger LEUNG SHIN CHEUNG

François MONTOCCHIO

Geereesha RAMSARRAN-KANDHAI (Resigned on 15 June 2015)

Tahen Kumar SERVANSINGH

Vicky DUCASSE

Stephane CHOO PAK CHOON

JLP COMPANY SECRETARIAL SERVICES LTD

Investment in companies established to promote the economic, industrial andtourism development of the country.

SUMMARY INFORMATION

The Mauritius Development Investment Trust Company Limited (MDIT), incorporated in 1967 as the first approved Investment Trust in Mauritius,is also an Approved Investment Institution under the Stock Exchange Act 1988 and a Closed-end Fund authorised by the Financial Services Commission under the Securities Act 2005.

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 2014, MDIT had 4,951 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 2014, its portfolio of investments was well spread in 107 local companies covering all sectors of the Mauritian economy, with Official Market (OM), Development and Enterprise Market (DEM) and Unquoted shares accounting for 89% of the total portfolio value, and the balance of11% being in diversified overseas securities.

MDIT has been playing a major role over the last forty seven 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.

At 30 June 2014, MDIT’s main local portfolio value was in the sectors of Investments (54%), Finance (13%), Hotels (10%), Industry (5%), and Commerce (3%).

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 45% 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 June 2014, MDIT shares ranked 7th amongst all the listed securities, in terms of the SEM Total Return Index (SEMTRI) with an annualised return of 20.09% since its listing.


FINANCIAL REVIEW OF THE GROUP THE MAURITIUS DEVELOPMENT INVESTMENT TRUST COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (Rs ‘000)

As at 30 June 2014 2013 2012 2011 2010ASSETSNon-current assetsInvestments 1,617,421 1,669,306 1,452,952 1,651,090 1,469,942 Current assets 189,666 188,100 230,357 217,477 157,701 Total assets 1,807,087 1,857,406 1,683,309 1,868,567 1,627,643 EQUITY AND LIABILITIESCapital and reservesStated capital 423,388 423,388 423,388 423,388 352,823 Fair value reserve 681,563 734,805 625,994 833,604 795,892 Surplus on realisation of investments 460,362 394,520 352,163 319,942 252,044 Retained surplus 128,068 178,445 103,336 132,282 139,162 Total equity 1,693,381 1,731,158 1,504,881 1,709,216 1,539,921 Current liabilities 113,706 126,248 178,428 159,351 87,722 Total equity and liabilities 1,807,087 1,857,406 1,683,309 1,868,567 1,627,643

STATEMENT OF COMPREHENSIvE INCOME (Rs ‘000)

YEAR ENdEd 30 JUNE 2014 2013 2012 2011 2010Income from investments 48,364 124,505 36,857 39,221 43,972Interest receivable 13,787 16,663 17,359 12,800 12,632Gain/(loss) on exchange (405) 654 577 (2,931) (629)Profit/(loss) on sale of local investments 40,748 3,330 459 37,218 34,167(loss)/Profit on sale of overseas investments 11 (5) (3) (2,321) 265

102,505 145,147 55,249 83,987 90,407Surplus/(deficit) on revaluation of investments 19,082 239,000 (101,073) 271,646 227,789Expenses (21,762) (25,274) (26,055) (24,193) (20,277)Profit/(loss) before taxation 99,825 358,873 (71,879) 331,440 297,919Taxation (2,118) (1,346) (1,206) (2,669) (1,141)Profit/(loss) for the year 97,707 357,527 (73,085) 328,771 296,778Dividends declared during the year 135,484 131,250 131,250 159,476 134,073

STATISTICSNumber of ordinary shares used in calculation* 423,387,518 423,387,518 423,387,518 423,387,518 423,387,518 Earnings/(loss) per share (Rs) 0.24 0.84 (0.17) 0.78 0.70Earnings per share (cost basis)** (Rs) 0.46 0.59 0.32 0.43 0.35Dividend per share (Rs) 0.32 0.31 0.31 0.41 0.32Net Asset Value*** (Rs) 4.00 4.09 3.72 4.25 3.81Dividend yield (%) 5.33 5.74 6.14 6.95 8.17

* Figures are after the 1:5 bonus issue in March 2011** Excludes revalution surplus/(deficit)*** Includes final dividend declared


SEM Code

Classification

Registered office

Directorship

Alternate Directors

Principal Activity

MOR

Industry

Quay Road, Port Louis

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 (Appointed on 29.09.2014)

Yakub Mohammed Kasam MORIA (Appointed on 29.09.2014)

Rehaz SAYED HASSEN (Appointed on 13.02.2015)

Mohamed Cassam MOREEA (Resigned on 29.09.2014)

I. Muddine SAYED HASSEN (Resigned on 15.01.2015)

Messrs: I. Muddine SAYED HASSEN to Sayed Rehaz Ahmad SAYED HASSEN

Mohamed Cassam MOREEA to Yakub Mohammed Kasam MORIA

Importing and refining of crude vegetable oil, filling the refined oil in appropriatecontainers 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’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.

Stock Exchange Listing was granted on 9th January 1990.


FINANCIAL REVIEW OF THE GROUP MAURITIUS OIL REFINERIES LTD BALANCE SHEET (Rs ‘000)

30 June 2014 2013 2012 2011 Restated

2010 Restated

ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 258,731 248,230 267,331 271,695 268,132Leasehold land payments - - - 218Investment property 60,500 59,900 59,900 59,900 59,900Intangible assets 3,486 3,223 1,970 917 1,910Investments in associated company 34,327 31,014 32,125 28,376 27,041Investments in securities 9,785 9,785 4,904 4,904 4,904Current assets 341,697 473,539 392,707 424,959 380,937Total assets 708,526 825,691 758,937 790,751 743,042EQUITY AND LIABILITIESCapital and reservesShare capital 166,401 166,401 166,401 166,401 166,401Revaluation and other reserves (4,534) (18,759) (1,412) 4,724 17,937Retained earnings 252,980 251,005 251,130 221,088 193,956Shareholders' interests 414,847 398,647 416,119 392,213 378,294

Minority interest 28,470 27,997 22,691 22,220 26,471

Non-current assetsBorrowings 1,986 3,714 5,066 6,787 5,286Deferred tax liabilities 25,175 19,975 24,400 24,586 26,881Employee benefit obligations 90,426 102,078 74,408 69,624 58,156

Current liabilities 147,622 273,280 216,253 275,321 247,954Total equity and liabilities 708,526 825,691 758,937 790,751 743,042


30 June 2014 2013 2012 2011 Restated

2010 Restated

Turnover 1,279,588 1,472,636 1,603,169 1,506,267 1,295,000

Operating profit 44,207 55,697 89,464 77,986 94,944Finance costs (454) (3,699) (7,161) (7,655) (5,507)Share of results of associated company 5,565 2,190 7,567 5,120 5,177Increase in fair value of investment property 600 - - - 7,650Profit on disposal of financial assets - - - - -Profit before taxation 49,918 54,188 89,870 75,451 102,264Taxation (7,695) (6,148) (13,275) (11,427) (15,421)Profit for the year 42,223 48,040 76,595 64,024 86,843Minority interest 312 1,573 (39) (3,181) 930Profit attributable to owners of the parent 41,911 46,467 76,634 67,205 85,913Dividends declared during the year 39,936 46,592 46,592 43,264 41,600

STATISTICSNumber of ordinary shares used in calculation 33,280,256 33,280,256 33,280,256 33,280,256 33,280,256Earnings Per Share (Rs) 1.26 1.44 2.30 1.92 2.61Dividends Per Share (Rs) 1.20 1.40 1.40 1.30 1.25Net Assets Value (Rs) 12.47 11.98 12.50 11.78 11.37



Mr Bertrand Casteres (CEO)

Mr. Dominique GALEA(Chairman)

SEM Code

Classification

Registered office

Directors


Secretary

Registrar & Transfer Office

Website

MUA

Insurance and Other Financial Services

4, Léoville L’Homme Street, Port Louis

Mr Dominique GALEA (Chairperson)

Mr Vincent AH CHUEN

Mr Alfred BOUCKAERT

Mr Bertrand CASTERES

Mr Bertrand de CHAZAL

Mrs Melanie FAUGIER

Mr Bruno de FROBERVILLE

Mr Angelo LETIMIER

Mr Lakshmana (Kris) LUTCHMENARRAIDOO

Mr Arjoon SUDDHOO

Mr Bertrand Casteres

ECS Secretaries Ltd

Abax Corporate Administrators Ltd

www.mauritiusunion.com

SUMMARY INFORMATION

The Mauritius Union Group operates within the financial services industry specialising in Insurance, through The Mauritius Union Assurance Cy. Ltd for General Insurance and La Prudence (Mauricienne) Assurances Ltée for Life Insurance.

The Group also holds three local subsidiaries: Feber Associates Ltd which specialises in group pension schemes, National Mutual Fund Ltd, a fund management company which specialises in “Unit Trust” and Associated Brokers Ltd, a member of the Stock Exchange of Mauritius Ltd which provides stock broking services.

Since 2014, the Mauritius Union Group is also present in Africa through the acquisition of the Phoenix TransAfrica Holdings Ltd, a company based in Kenya which has four subsidiaries operating as short term insurance companies in Kenya, Tanzania, Uganda and Rwanda.

Key Facts• Financial services organisation with more than 65 years’ business experience• Listed on the Stock Exchange of Mauritius Ltd (code MUA)• 450 staff members

• 9 branches (including one in Seychelles)

Industry Leader• No. 2 General Insurer and Top 5 Life Insurer

• Offers comprehensive financial solutions

Mission and Key Differentiator

We are dedicated to protecting the assets, creating wealth, improving the life and securing the future of our 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.


FINANCIAL REVIEW OF THE GROUP THE MAURITIUS UNION ASSURANCE CY LTD

BALANCE SHEET (Rs ‘000)

december-31 2014 2013 * 2012 2011 2010ASSETS EMPLOYEDNon - current assetsProperty, plant and equipment 347,358 307,079 294,817 299,496 218,584 Investment properties 514,752 184,578 196,578 190,053 257,000 Intangible assets 746,913 561,480 546,022 567,750 588,879 Motor Insurance Pool 14,397 - - - - Financial assets 6,022,172 5,396,940 4,336,649 4,712,208 4,420,344 Non-current receivables 763,719 796,799 912,279 856,485 671,458 Deferred tax assets 72,380 72,988 104,165 119,059 31,668 Retirement benefit assets - - - - 1,798

8,481,691 7,319,864 6,390,510 6,745,051 6,189,731 Current assets 3,573,442 2,381,959 2,250,004 1,376,909 1,752,591 Non-current asset held for sale - 5,878 Total assets 12,055,133 9,701,823 8,640,514 8,121,960 7,948,200 EQUITY AND LIABILITIESCapital and reservesShare capital 400,800 200,400 200,400 200,400 200,400Revaluation and other reserves 87,831 42,836 (83,067) (46,217) 42,018Non-distributable share of Life surplus 14,144 18,075 9,615 19,450 46,129Retained profit 1,327,237 1,461,202 1,321,226 1,193,277 812,478Shareholders' interests 1,830,012 1,722,513 1,448,174 1,366,910 1,101,025Minority Interest 600,033 5,536 4,766 5,784 6,095Total equity 2,430,045 1,728,049 1,452,940 1,372,694 1,107,120General insurance fund 1,126,264 734,287 712,929 666,808 565,275Life assurance fund 6,151,442 5,841,981 5,111,815 4,890,975 4,855,650Outstanding claims 1,322,868 920,359 886,255 767,468 1,038,509Non-current liabilitiesBorrowings 322,936 143,978 163,282 180,993 - Deferred tax liabilities 95,454 24,616 27,264 18,735 85,067Employee benefit obligations 4,871 4,283 12,799 7,658 1,237Current liabilities 601,253 304,270 273,230 216,629 295,342Total equity and liabilities 12,055,133 9,701,823 8,640,514 8,121,960 7,948,200

STATEMENTS OF COMPREHENSIvE INCOME (Rs ‘000)

december-31 2014 2013 * 2012 2011 2010Revenue 2,720,803 2,328,684 2,209,525 2,167,743 1,870,016 Operating profit 231,029 316,593 288,709 312,123 390,273 Finance costs (18,572) (15,478) (16,994) (10,543) - Share of profit from a joint venture 1,697 - - - - Profit before taxation 214,154 301,115 271,715 301,580 390,273 Taxation (45,555) (40,995) (38,532) 153,965 (19,230)Profit after taxation 168,599 260,120 233,183 455,545 371,043 Minority Interest (20,047) (630) 26 (657) (1,208)Profit attributable to equity holders of company 148,552 259,490 233,209 454,888 369,835 Dividends 100,200 100,200 100,200 100,200 88,176


* adjusted for Bonus Issue


SEM CodeSEM CodeClassificationRegistered officeDirectors

ActivitySecretaryTransfer RegistrarWebsite

MCBG.N0000 (Ordinary Shares)MCBG.D2023 (Notes)Banks, insurance and other financeSir William Newton Street, Port LouisJ. Gérard HARDY (Chairperson)Sunil BANYMANDHUBJean-Jacques DUPONT DE RIVALZ DE ST ANTOINEGilbert GNANYNavin HOOLOOMANN, C.S.K. Jean-Louis MATTEIJean Pierre MONTOCCHIOPierre Guy NOEL Margaret WONG PING LUNBanking, financial and related servicesMCB Registry & Securities LtdMCB Registry & Securities Ltdwww.mcbgroup.com

SUMMARY INFORMATION

MCB Group is an integrated banking and financial services provider, offering a comprehensive range of tailored and innovative solutions to its retail, corporate and institutional clients. Throughout its 176-year history, the Group 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. Furthermore, the Group has diversified its activities into the non-banking 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. Additionally, the Group acts as an increasingly prominent financial services player in the region, with its expansion beyond domestic shores having been initiated since the early 1990s. Its presence abroad now spans 9 countries, namely Madagascar, Seychelles, Mozambique and Maldives through dedicated subsidiaries, as well as Reunion Island, Mayotte and France through its associate, BFCOI and the operation of representative offices in Paris, Johannesburg and Nairobi. The Group is actively involved in sub-Saharan Africa through participation in major cross-border deals and transactions. A cornerstone of its regional diversification strategy is the ‘Bank of Banks’ initiative which aims to position the Bank 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. Overall, 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. Furthermore, MCB Group is a ‘sustainable’ organisation that adopts wide-ranging initiatives for promoting social welfare, natural resource protection and energy saving.

To better support the deployment of its strategic orientations and while adhering to regulatory requirements, the Group recently engaged into a restructuring exercise to separate its banking and non-banking operations. Thus, MCB Group Limited henceforth acts as the ultimate holding company of the Group’s subsidiaries and associates. MCB Investment Holding Ltd, a wholly-owned subsidiary of MCB Group Limited, has been incorporated to act as the intermediate holding company of the Group’s banking subsidiaries and associate. In June 2014, investments in the non-banking subsidiaries and associates have been unbundled from MCB Ltd into MCB Group Ltd. Subject to relevant regulatory approvals, the overseas banking operations will be transferred from MCB Ltd to MCB Investment Holding Ltd in a phased manner. In the end, the Group structure will be shaped with the subsidiaries and associates of MCB Group Ltd operating under three clusters, namely ‘Banking’, ‘Non-banking financial’ and ‘Other investments’.

The Group is 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, stood at Rs 51.7 billion as at June 2015, thus representing a share of some 23%. MCB Group is ranked 625th globally and 18th in Africa (1st in East Africa) in terms of Tier 1 Capital according to The Banker Top 1000 World Banks published in July 2015.

Mr. J. Gérard HARDY (Chairperson)

Mr. Pierre Guy NOEL (Chief Executive)


FINANCIAL REVIEW OF MCB GROUP LIMITED CONSOLIdATEd BALANCE SHEET (Rs M)

Group Proforma Group30 Jun 2014 2013 2012 2011 2010ASSETSCash and cash equivalents 18,802.0 15,394.1 10,847.0 9,011.6 15,352.0Securities and other investments 42,343.2 28,824.0 22,803.9 24,351.6 25,532.2Loans and advances to customers 156,426.6 151,824.5 138,647.4 122,639.8 109,442.3Other assets 17,269.3 14,172.2 12,668.6 10,768.5 7,716.2Tangible fixed assets 6,045.3 6,312.8 6,316.1 5,918.1 4,696.5Total assets 240,886.4 216,527.6 191,283.0 172,689.6 162,739.2LIABILITIES AND SHAREHOLDERS EQUITYDeposits 186,087.5 166,113.2 150,877.2 136,209.8 132,483.6Other borrowed funds 8,879.2 13,392.7 7,434.4 5,153.7 1,521.9Subordinated loans 5,409.1 - - 1,278.9 1,454.9Other liabilities and provisions 7,806.3 6,894.3 6,103.8 4,746.7 5,402.4Minority interests in subsidiaries 1,736.6 1,621.8 1,552.7 1,571.5 1,557.0

Shareholders' EquityOrdinary share capital 2,383.3 2,615.8 2,593.4 2,581.7 2,555.0Reserves 4,349.5 4,404.2 3,977.6 4,248.6 3,990.1Retained earnings 24,234.9 21,485.6 18,743.9 16,898.7 13,774.3

30,967.7 28,505.6 25,314.9 23,729.0 20,319.4Total equity and liabilities 240,886.4 216,527.6 191,283.0 172,689.6 162,739.2

Contingent LiabilitiesAcceptances, Guarantees, Letters of credit, Endorsements and Other Obligations on account of customers and foreignexchange contracts 64,082.9 48,028.4 39,134.1 33,143.1 26,796.3 Commitments 4,660.7 5,237.8 4,741.8 3,922.3 6,450.3 Tax Assessment 272.1 121.6 68.0 315.4 319.9 Other 1,534.5 1,702.4 1,416.0 1,001.0 777.1 TOTAL 70,550.2 55,090.2 45,359.9 38,381.8 34,343.6

INCOME STATEMENT (Rs M)Proforma Group

30 Jun 2014 2013 2012 2011 2010

Interest income 11,953.7 11,616.3 11,077.2 9,924.7 9,326.6 Interest expense (4,697.4) (4,569.2) (4,692.4) (4,038.4) (4,181.7)Net Interest income 7,256.3 7,047.1 6,384.8 5,886.3 5,144.9 Other income 5,558.8 4,233.6 3,785.8 3,844.9 3,143.5 Operating Income 12,815.1 11,280.7 10,170.6 9,731.2 8,288.4 Non interest expense (5,353.3) (4,962.0) (4,603.6) (4,021.7) (3,714.1)Allowance for credit impairment (1,989.0) (1,081.0) (518.8) (315.1) (272.2)Impairment of intangible assets - - (1.2) (24.4) (0.2)Impairment of available-for-sale investments (50.1) - - - (190.1)Profit before tax 5,422.7 5,237.7 5,047.0 5,370.0 4,111.8 Income taxes (969.6) (858.8) (889.9) (853.4) (691.9)Profit after tax 4,453.1 4,378.9 4,157.1 4,516.6 3,419.9 Minority interest (88.1) (34.2) (32.4) (25.5) (6.9)Profit attributable to shareholders 4,365 4,345 4,125 4,491 3,413

Dividends 1,511 1,450 1,390 1,366 1,246

STATISTICSNo. of ordinary shares used in calculation (000) 237,977 237,718 237,606 237,460 237,305 Earnings / (loss) Per Share (Rs) 18.34 18.28 17.36 18.91 14.38 Dividends Per Share (Rs) 6.35 6.10 5.85 5.75 5.25 Net Assets Value Per Share (Rs) 130.13 119.91 106.54 99.93 85.63


SEM Code

Classification

Registered office

Chairman

Directors


Principal Activity

NIT

Fund Management

8th Floor, Newton Tower,

Sir William Newton Street, Port Louis

Raj Ringadoo

Mazahir Adamjee

Chaya Dawonauth

Veenay Rambarassah

Nikhil Treebhoohun

Gaetan Wong To Wing

Fund Management

SUMMARY INFORMATION

The National Investment Trust Ltd (NIT) is a public limited liability company incorporated on 18 March 1993 as a government initiative to promote “l’actionnariat populaire”. The Company’s shares were admitted to the Official list of the Stock Exchange of Mauritius on 29 July 1993 and, did enjoy the status of an “Approved Investment Institution” under section 50A of the then Stock Exchange Act 1988.

In January 2008, NIT got the approval from the Financial Services Commission of Mauritius to establish the NIT Unit Trust and to manage the Trust’s two sub-funds namely, the NIT Local Equity Fund and the NIT Global Opportunities Fund.

The Company was granted a CIS Manager Licence on 21st June 2010.


FINANCIAL REVIEW OF THE GROUP NATIONAL INVESTMENT TRUST LIMITED BALANCE SHEET (Rs)

30 Jun 2014 2013 2012 2011 2010

ASSETS EMPLOYEDNon-current assetsPlant and equipment 38,523,180 41,761,267 45,098,042 48,915,478 48,244,125 Deferred tax asset - - Intangible assets - 82,913 InvestmentsPortfolio of domestic securities 450,000,000 882,639,231 774,645,072 852,750,000 776,082,100 Portfolio of overseas securities 13,859,928 Fixed income securitiesOther Receivables 211,500,000 Current assets 272,923,533 62,324,058 62,995,930 69,516,676 83,728,457 Total assets 986,806,641 986,724,556 882,739,044 971,182,154 908,137,595 EQUITY AND LIABILITIESCapital and reservesShare capital 137,025,000 137,025,000 137,025,000 137,025,000 137,025,000 Capital redemption reserve - 319,722,000 319,722,000 319,722,000 319,722,000 Share premium 19,693,346 19,693,346 19,693,346 19,693,346 19,693,346 Surplus on realisation of investments reserve - -377,393,998 -377,393,998 -377,393,998 -377,393,998 Investment revaluation reserve 433,800,000 791,439,231 683,445,072 761,550,000 684,882,100 Retained profit 378,560,256 76,598,624 77,091,630 83,645,308 92,601,721 Shareholders' interests 969,078,602 967,084,203 859,583,050 944,241,656 876,530,169 Non-current liabilitiesDeferred tax liability 997,508 1,087,299 941,408 1,126,519 662,737 Bank Loan 7,500,000 11,250,000 15,000,000 18,750,000 22,500,000 Retirement benefit obligations - 850,000 Current liabilities 9,230,531 7,303,054 7,214,586 7,063,979 7,594,689 Total equity and liabilities 986,806,641 986,724,556 882,739,044 971,182,154 908,137,595


30 Jun 2014 2013 2012 2011 2010Domestic dividend receivable 13,377,352 9,772,243 4,834,320 4,260,000 4,200,000 Domestic interest receivable 14,552,933 2,630,345 2,814,209 3,166,979 4,522,940 Overseas investment income - - - - - Management fees receivable 11,494,213 9,987,425 9,313,189 10,066,004 11,643,888 Exit fees receivable 283,537 395,961 442,873 1,445,547 2,939,209 Initial Service charge - - 1,461 11,968 8,192 Surplus on portfolio of investments -9,639,231 107,994,159 -78,104,928 76,667,900 293,352,100 Other Income 254,017 -

30,068,804 130,780,133 -60,698,876 95,872,415 316,666,329 Expenses 17,809,779 16,217,246 16,853,114 17,411,160 17,756,105 Profit before tax 12,259,025 114,562,887 -77,551,990 78,461,255 298,910,224 Taxation -2,043,126 -210,484 -255,366 -472,893 -659,220 Net income after tax 10,215,899 114,352,403 -77,807,356 77,988,362 298,251,004 Dividends 8,221,500 6,851,250 6,851,250 6,851,250 10,276,875

STATISTICSNumber of ordinary shares used in calculation 13,702,500 13,702,500 13,702,500 13,702,500 13,702,500 Earnings Per Share (Rs) 0.75 0.46 0.02 0.10 0.36 Dividends Per Share (Re) 0.60 0.50 0.50 0.50 0.75 Net Assets Value (Rs) 70.72 70.58 62.73 68.91 63.97



Secretarial ServicesPrincipal Activity

NMHHotel & LeisureBeachcomber House, Botanical Garden Street, CurepipeHector ESPITALIER NOEL (Chairman)Gilbert ESPITALIER NOEL (Appointed as CEO on 01 July 2015)Herbert COUACAUDRobert DOGER DE SPEVILLE (Resigned on 20 July 2015)Denys Marcel MASSONFrancois VENIN (Appointed on 20 July 2015)Sunil BANYMANDHUB Jean Pierre MONTOCCHIO Louis RIVALLAND Colin TAYLOR Jacques SILVANT Beachcomber LimitedHospitality 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 2,063 available room keys as at 30 September 2014. 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.


FINANCIAL REVIEW OF THE GROUP NEW MAURITIUS HOTELS LTD BALANCE SHEET (Rs 000)30 Sep 2014 2013

Restated2012

Restated2011 2010

ASSETS EMPLOYEDNon - current assetsProperty, plant and equipment 24,826,796 22,681,483 20,839,342 20,196,683 17,227,577 Intangible assets 1,697,550 1,707,528 1,706,910 1,710,384 1,684,706 Investment in associates 526,863 524,683 509,585 520,746 484,017 Available-for-sale financial assets 25,340 26,021 19,141 39,721 43,982 Other non-current assets 917,161 560,735 434,221 374,421 2,054,935 Current assets 7,751,854 7,566,844 6,181,915 6,413,051 3,484,545 Total assets 35,745,564 33,067,294 29,691,114 29,255,006 24,979,762 EQUITY AND LIABILITIESCapital and reservesStated capital 1,724,361 1,724,361 1,724,361 1,724,361 1,724,361 Reserves 6,857,400 4,452,955 4,967,995 5,013,846 4,323,272 Retained earnings 4,610,033 6,499,379 5,709,950 5,447,655 5,007,279 Shareholders’ interests 13,191,794 12,676,695 12,402,306 12,185,862 11,054,912 Minority interests 74,257 68,915 58,662 46,799 45,214 Non-current liabilitiesLong term borrowings 9,430,966 10,112,954 8,263,293 9,315,370 6,422,717 Deferred tax liabilities 1,419,966 1,432,529 1,410,725 1,487,276 1,434,558 Employee benefit liability 718,752 740,656 405,474 - - Current liabilities 10,909,829 8,035,545 7,150,654 6,219,699 6,022,361 Total equity and liabilities 35,745,564 33,067,294 29,691,114 29,255,006 24,979,762

INCOME STATEMENT (Rs 000) 30 Sep 2014 2013

Restated2012 2011 2010

Revenue 8,793,343 7,818,863 8,110,396 7,622,377 6,833,209 Operating profit 981,884 1,001,086 1,267,493 1,172,684 1,147,370 Finance costs (688,640) (609,491) (586,541) (486,150) (394,856)Amortisation of intangible assets (4,594) (3,952) (3,831) (3,912) (3,541)Share of result of associates 1,423 41,039 (12,349) 24,398 (27,671)Other income 260,476 112,348 30,630 143,033 89,187Pre-operational expenses (Marrakech Project) (61,697) (103,195) (92,470) (46,871) - Profit before tax 488,852 437,835 602,932 803,182 810,489 Taxation 12,782 (25,820) 7,987 (50,718) (108,264)Profit after tax 501,634 412,015 610,919 752,464 702,225 Non- controlling interests (43,140) (34,288) (29,285) (25,912) (42,447)Profit attributable to shareholders 458,494 377,727 581,634 726,552 659,778 Dividends 161,424 161,424 - 322,847 403,559

STATISTICSNumber of ordinary shares used in calculation 161,423,536 161,423,536 161,423,536 161,423,536 161,423,536 Earnings Per Share (Rs) 2.84 2.34 3.60 4.50 4.09 Dividends Per Share (Rs) 1.00 1.00 - 2.00 2.50 Net Assets Value (Rs) 82.18 78.96 77.19 75.78 68.76


www.omnicane.com

A new-generation enterprise, Omnicane Limited is a leading public company which 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 all our operations in integration, with resulting optimal efficiency and minimal waste, while making the utmost sustainable use of the natural resources at our disposal, for the benefit of all.

Judicious property planning and development is also central to the strength and growth of our business. Recently, Omnicane initiated the Mon Trésor smart-city project to establish a vibrant sustainable community blending cosmopolitan urban living and natural setting.


SEM Code

Classification

Registered office

Board of Directors

Secretaries

Principal Activity

Omnicane

Sugar and Energy

7th Floor, Anglo-Mauritius House, A. de Plevitz Street, Port Louis

Directors as at 30 June 2015Kishore Sunil Banymandhub Non-Executive ChairpersonJacques M. d’Unienville Chief Executive OfficerNelson Mirthil Chief Finance OfficerGeorges Leung Shing Non-Executive DirectorMarc Hein, G.O.S.K Non-Executive Director Imalambaal Vythilingum Kichenin Bertrand Thevenau Non-Executive DirectorPierre M. d’Unienville Non-Executive DirectorDidier Maigrot Non-Executive DirectorThierry Merven Non-Executive DirectorSwaminathan Ragen Non-Executive Director Manorama Devrani Mathur-DabidinOmduthsing Sookaye Non-Executive Director

Omnicane Management & Consultancy Limited

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 2,149 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 Tresor 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.

Kishore Sunil Banymandhub Non-Executive Chairperson

Jacques M. d’UnienvilleChief Executive Officer


FINANCIAL REVIEW OF OMNICANE GROUP STATEMENT OF FINANCIAL POSITION (Rs ‘000)

As at 31 december 2014 2013 2012ASSETS EMPLOYEDNon-current assetsProperty, plant and equipment 13,278,278 13,495,571 11,929,666 Intangible assets 1,523,252 1,541,641 1,557,257 Investment in associated companies 1,464,695 1,245,843 563,500 Investment in financial assets 308,404 266,437 144,702 Bearer biological assets 173,497 173,614 173,684 Deferred expenditure 14,023 38,025 58,023 Deferred tax assets 48,203 7,015 6,944

16,810,352 16,768,146 14,433,776 Current assets 4,401,551 3,940,533 3,585,007 Non-current assets classified as held for sale 469,172 484,916 39,045 Total assets 21,681,075 21,193,595 18,057,828 EQUITY AND LIABILITIESCapital and reservesShare capital 502,593 502,593 502,593 Share premium 292,450 292,450 292,450 Revaluation and other reserves 6,449,007 6,418,298 5,320,093 Retained earnings 1,707,386 1,644,823 1,402,151 Owners’ interests 8,951,436 8,858,164 7,517,287 Non-controlling interests 1,024,026 969,365 793,598 Total equity 9,975,462 9,827,529 8,310,885 Non-current liabilitiesBorrowings 5,711,537 5,815,315 5,053,945 Retirement benefit obligations 253,811 237,794 198,318 Deferred tax liabilities 187,934 155,882 135,943

6,153,282 6,208,991 5,388,206 Current liabilities 5,552,331 5,157,075 4,358,737 Total equity and liabilities 21,681,075 21,193,595 18,057,828

STATEMENT OF COMPREHENSIvE INCOME (Rs 000)

For the year ended 31 december 2014 2013 2012

Revenue 3,878,200 3,930,119 3,870,952 Operating profit 438,937 768,382 725,349 Amortisation of VRS costs (14,084) (19,998) (19,998)Investment income 104,279 125,535 54,762 Finance costs (656,021) (643,638) (583,482)Share of results of associates (63,187) 25,830 8,404 (Loss)/profit before exceptional items (190,076) 256,111 185,035 Exceptional items 459,434 311,753 355,562 Profit before taxation 269,358 567,864 540,597 Taxation (4,847) (52,966) (63,666)Profit after taxation 264,511 514,898 476,931 Non-controlling interests (50,136) (96,579) (84,113)Profit attributable to owners of the parent 214,375 418,319 392,818 Proposed dividend 167,531 184,284 184,284

STATISTICSNumber of ordinary shares used in calculation 67,012,404 67,012,404 67,012,404Earnings Per Share (Re) 3.20 6.24 5.86 Dividend Per Share (Re) 2.50 2.75 2.75Net Assets Value (Rs) 133.58 132.19 112.18


SEM Code

Classification

Registered office

Directors

Fund Manager

Administrator

Secretary

Registrar & Transfer Office

Principal Activity

P.O.L.I.C.Y. LIMITED

Investments

c/o Abax Corporate Administrators Ltd6th Floor, Tower A, 1 CyberCity, Ebene

Mr. Jean Volcy Olivier LAGESSE (Chairperson) until 30 March 2015

Mr. Bernard Marie Joseph MAYER (Vice-Chairperson) until 30 March 2015

Mr. Vincent AH CHUEN (Chairperson) as from 30 March 2015

Mr. Pierre Arthur DE CHASTEIGNER DU MEE (Vice-Chairperson) as from 30 March 2015

Mr Donald AH CHUEN G.O.S.K., as from 30 March 2015

Mr Sydney AH YOONG, as from 30 March 2015

Mr. Jean Maurice Richard ARLOVE

Mrs Danielle LAGESSE S.A., as from 30 March 2015

Mr. Pierre-Yves POUGNET

Me. Georges André ROBERT G.O.S.K, O.B.E., S.A.

Mr Stéphane HENRY, as from 12 January 2015

Mr Marc Emmanuel VIVES, as from 12 January 2015

Mrs. Marie Claude Priscille KOENIG - (Alternate to Mr. ARLOVE)

IPRO Fund Management Ltd




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 2014, Net Asset Value per share, after the adjusted dividend declared during the year, stood at Rs. 5.50, compared to Rs. 5.75 at 31 December 2013.

The portfolio mix of the Company’s consolidated portfolio as at 31 December 2014 was as follows:

Listed SEM Foreign Investments Listed DEM Unquoted Liquidity

81.3% 4.4% 6.1%2.9% 5.3%

10 0.0%


FINANCIAL REVIEW OF THE GROUP P.O.L.I.C.Y. LIMITED BALANCE SHEET (Rs ‘000)

AS AT 31 dECEMBER 2014 2013 2012 2011 2010ASSETS EMPLOYEDNon-current assetsInvestment in associated companies 9,425 7,649 - - -Investment in financial assets 1,152,151 1,263,451 1,121,923 1,185,974 1,298,971Non - current receivables - - - - -

1,161,576 1,271,100 1,121,923 1,185,974 1,298,971Current assets 89,830 38,255 38,004 113,752 65,910Non-current asset classified as held for sale - - - - -Total assets 1,251,406 1,309,355 1,159,927 1,299,726 1,364,881EQUITY AND LIABILITIESCapital and reservesShare capital 226,987 226,987 226,987 170,240 170,240Share premium 5,217 5,217 5,217 61,964 61,964Other reserves 553,122 642,207 496,899 625,000 758,538Retained earnings 462,985 431,335 403,034 378,800 369,819Shareholders' interests 1,248,311 1,305,746 1,132,137 1,236,004 1,360,561Minority interests - - - - -Long term liabilities - - - - -Current liabilities 3,095 3,609 27,790 63,722 4,320Total equity and liabilities 1,251,406 1,309,355 1,159,927 1,299,726 1,364,881


YEAR ENdEd 31 dECEMBER 2014 2013 2012 2011 2010

Revenue 132,733 134,158 116,394 106,389 122,907

Profit before finance income 122,365 119,553 100,406 94,906 111,211Finance income/(costs) 327 (146) (560) (679) (101)Share of results of associated companies - - - - -Profit before taxation 122,692 119,407 99,846 94,227 111,110Taxation (247) (311) (139) (126) (92)Profit after taxation 122,445 119,096 99,707 94,101 111,018Minority interest - - - - -Profit attributable to equity holders of the company 122,445 119,096 99,707 94,101 111,018

Dividends 90,795 90,795 75,473 85,120 85,120

STATISTICSNumber of shares used in calculation 226,986,672 226,986,672 226,986,672 170,240,004 170,240,004Earnings Per Share (Re.) 0.54 0.52 0.44 0.55 0.65Dividends Per Share (Re.) 0.40 0.40 0.33 0.50 0.50Net Assets Value (Rs) 5.50 5.75 4.99 7.26 7.99


SEM CodeClassificationBrewerRegistered officeDirectors*

Alternate Directors*

Chief Executive Officer*Company SecretaryPrincipal Activity

PBLIndustryPont Fer, Phoenix4th Floor IBL House, Caudan Waterfront, Port LouisJean Claude BÉGA (Chairman)Jan BOULLÉFrançois DALAISGuillaume HUGNIN Didier KOENIGArnaud LAGESSEJ. Cyril LAGESSEThierry LAGESSEPatrick RIVALLANDSeewoocoomar SEWRAZBernard THEYSGeorge WIEHEJean Pierre DALAIS Marguerite HUGNINArnaud LAGESSEBernard THEYSGML Management LtéeBrewing of beer, bottling and distribution of beer, soft drinks, table water, wines and spirits and alternative beverages

SUMMARY INFORMATION

Phoenix Beverages is an independent brewer and soft drinks company, incorporated in 1960 and operating in both Mauritius and the wider Indian Ocean region.

Phoenix Beverages is the leading brewer in Mauritius, mainly due to the dominance of its flagship Phoenix Beer on the home market – and this product is also exported to Indian Ocean Islands, Kenya, England, France, China, Australia and Malaysia. The company markets a number of beer and cider products under the Phoenix brand and also produces Blue Marlin and Stella Pils beers. In addition Phoenix Beverages produces under license Guinness Stout and Malta Guinness.

The Company is also the authorized Coca-Cola bottler for 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 recently been added to the portfolio.

Furthermore, Phoenix Beverages markets a full range of wines and spirits.

Phoenix Beverages has won numerous international awards over the years, the latest being another 3 gold medals and International High Quality Trophy for Phoenix beer at Monde Selection 2014.

Other subsidiaries of Phoenix Beverages Limited 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.

PCM Offshore Ltd., an investment company holding a 100% interest in Phoenix Reunion, a Company engaged in the marketing, sales and distribution of beer, wines and other products in Reunion Island.

* List of Directors, Alternate Directors and Chief Executive Officer as at 30 June 2014


FINANCIAL REVIEW OF THE GROUP PHOENIX BEVERAGES LIMITED GROUP STATEMENTS OF FINANCIAL POSITION (Rs ‘000)

30 Jun 2014 2013 2012 2011 2010ASSETSNon-current assetsProperty, plant and equipment 2,662,237 2,686,512 2,057,311 2,023,962 2,209,152 Intangible assets 10,231 7,814 9,947 9,069 11,312 Investments in associates 9,361 7,292 7,750 48,424 85,566 Investments in financial assets 10,009 16,669 16,503 22,943 17,623 Long-term receivables - 135,428 - - -Deferred tax assets 1,802 1,091 1,055 851 444

2,693,640 2,854,806 2,092,566 2,105,249 2,324,097

Current assets 1,293,510 962,048 1,156,886 922,056 724,937 Non-current assets classified as held for sale - - - - - Total assets 3,987,150 3,816,854 3,249,452 3,027,305 3,049,034 EQUITY AND LIABILITIESCapital and reservesStated capital 164,470 164,470 164,470 164,470 164,470 Share premium 202,492 202,492 202,492 202,492 202,492 Revaluation and other reserves 929,444 941,027 321,841 304,778 636,363 Retained earnings 1,717,355 1,280,130 1,376,997 1,363,763 1,135,062 Shareholders' interest 3,013,761 2,588,119 2,065,800 2,035,503 2,138,387 Minority interest (137) 841 886 1,202 1,757

3,013,624 2,588,960 2,066,686 2,036,705 2,140,144 Non-current liabilitiesBorrowings 7,499 22,219 48,292 69,719 53,666 Deferred tax liabilities 161,812 155,279 174,526 42,515 36,150 Retirement benefit obligations 207,172 198,727 116,253 193,521 164,190

376,483 376,225 339,071 305,755 254,006 Current liabilities 597,043 851,669 843,695 696,584 654,884 Total equity and liabilities 3,987,150 3,816,854 3,249,452 3,039,044 3,049,034

GROUP STATEMENTS OF COMPREHENSIvE INCOME (Rs ‘000)

30 Jun June 30, 2014

June 30, 2013

June 30, 2012

June 30, 2011

June 30, 2010

Revenue 4,820,158 4,501,361 4,227,929 3,747,464 3,401,038 Operating profit 356,314 288,707 335,661 286,034 282,630 Exceptional items 0 - - - - Profit on disposal of securities 0 - - - -

356,314 288,707 335,661 286,034 282,630 Finance costs (21,206) (26,793) (25,765) (28,868) (22,296)Share of results of associates 38 64 (49,455) (39,234) (42,970)Gain on disposal of interest in associates 376,895 - - - - Profit before taxation 712,041 261,978 260,441 217,932 217,364 Taxation (57,964) (32,576) (59,264) (53,892) (52,019)Profit for the year from continuing operations 654,077 229,402 201,177 164,040 165,345 Loss from discontinued operations (75,965) (130,196) - - -Profit for the year 578,112 99,206 201,177 164,040 165,345Minority interest 983 75 393 555 967 Net Profit attributable to shareholders 579,095 99,281 201,570 164,595 166,312Dividends 138,155 131,576 123,353 110,195 110,195

STATISTICSNumber of ordinary shares in issue 16,447,000 16,447,000 16,447,000 16,447,000 16,447,000 Earnings Per Share (Rs) 39.83 13.95 12.26 10.01 10.11 Dividends Per Share (Rs) 8.40 8.00 7.50 6.70 6.70 Net Assets Value Per Share (Rs) 183.24 157.36 129.60 123.83 130.02


SEM Code

Classification

Registered office andShare Registry Office

Place of Head Office andFactory address

Directors

Secretary

Principal Activity

PIM.N0000

Industry

Level 3, Alexander House, 35 Cybercity, Ebene 72201, Mauritius

P.O. Box 1173, Quay Road, Port Louis, Mauritius

Paul CLARENC (Chairman)

Jinny C. CHAN CHANG

Eric CORSON

Andre ESPITALIER-NOEL

Philippe HARDY

Sulliman Adam (Chota) MOOLLAN

Intercontinental Secretarial Services Ltd

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


FINANCIAL REVIEW OF PLASTIC INDUSTRY (MAURITIUS) LTD BALANCE SHEET (Rs)30 Jun 2014 2013 2012

Restated2011

Restated2010

RestatedASSETSNon-current assetsPlant and equipment 63,829,017 49,472,428 33,306,125 36,766,147 33,209,584 Intangible assets 380,054 646,482 905,477 1,030,963 -Investment in associates 5,830,524 5,823,898 4,844,607 4,890,968 4,694,349 Investment in securities - - - - - Non-current receivables 1,625,000 2,250,000 2,500,000 2,750,000 3,000,000 Deferred tax assets - - - - - Current assets 96,279,226 93,533,992 111,584,143 105,652,854 99,708,435 Total assets 167,943,821 151,726,800 153,140,352 151,090,932 140,612,368 SHAREHOLDERS’ EQUITYShare capital 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000 Share premium - - - 0 -Retained earnings 101,152,778 91,496,907 88,516,104 77,012,255 68,643,335 Other Reserves (14,748,248) (15,764,436) (12,032,926) (8,199,219) (3,967,069)Shareholders' interest 106,404,530 95,732,471 96,483,178 88,813,036 84,676,266 LIABILITIESNon-current liabilitiesBorrowings - - - - - Deferred tax liabilities 410,925 145,562 686,113 737,450 996,361 Retirement benefit obligations 16,441,000 18,330,454 14,797,000 13,788,000 8,821,000 Current liabilities 44,687,366 37,518,313 41,174,061 47,752,446 46,118,741 Total equity and liabilities 167,943,821 151,726,800 153,140,352 151,090,932 140,612,368


30 Jun 2014 2013 2012Restated

2011Restated

2010Restated

Turnover 227,527,419 190,261,547 201,578,487 182,586,014 173,814,940 Operating profit 21,155,043 12,424,724 23,727,964 18,602,570 19,611,423 Finance income / (cost) (333,796) (56,540) (194,097) (188,767) (165,167)Profit after finance income 20,821,247 12,368,184 23,533,867 18,413,803 19,446,256 Share of profit of associated company 35,088 (1,012,249) (39,354) 269,720 (298,594)Profit before taxation 20,856,335 11,355,935 23,494,513 18,683,523 19,147,662 Taxation (3,200,464) (1,875,132) (3,990,664) (2,814,603) (2,922,234)Profit after tax 17,655,871 9,480,803 19,503,849 15,868,920 16,225,428 Other comprehensive income - (3,731,510) (3,833,707) (4,232,150) -

17,655,871 5,749,293 15,670,142 11,636,770 16,225,428 Dividends 8,000,000 6,500,000 8,000,000 7,500,000 7,500,000

STATISTICSNumber of ordinary shares used in calculation 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Earnings Per Share (Rs) 8.83 4.74 9.75 7.93 8.11 Dividends Per Share (Rs) 4.00 3.25 4.00 3.75 3.75 Net Assets Value (Rs) 53.20 47.87 48.24 44.41 42.34

Note: The figures for years 2010 to 2012 have been restated in respect of early adoption of IAS 19 Employee Benefits.


SEM Code

Classification

Registered office andShare Registry Office

Directors

Secretary

Managing Director

Transfer Registrar

Principal Activity

PAD.N0000

Investments

MCB Centre 9-15 Sir William Newton Street, Port Louis

Jean-Pierre MONTOCCHIO (Chairman)

René LECLEZIO ( Managing Director)

Bertrand de CHAZAL

Arnaud DALAIS

Gilbert GNANY

Jocelyne MARTIN

Adolphe VALLET

Bernard YEN

Jocelyne MARTIN

René LECLEZIO


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, MCB Group Ltd and New Mauritius Hotels. 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, MFD Group Ltd owns prime leasehold property in the port and New Mauritius Hotels owns prime beachfront property.

Promotion and development Ltd


FINANCIAL REVIEW OF THE GROUP PROMOTION AND DEVELOPMENT LIMITED

STATEMENTS OF FINANCIAL POSITION (Rs ‘000)

30 Jun 2014 2013 2012Restated

2011Restated

July 1

2010

ASSETSNon - current assetsInvestment property 3,788,017 3,783,641 3,783,641 3,783,641 3,790,612Investments in associates 3,797,401 3,955,956 3,906,026 3,489,998 3,647,781Investments in available-for-sale financial assets 1,833,109 1,856,977 1,631,137 1,902,393 1,665,202Other non-current assets 289,143 292,169 300,653 296,778 288,541

9,707,670 9,888,743 9,621,457 9,472,810 9,392,136Current assets 306,585 228,988 206,308 222,700 158,903Total assets 10,014,255 10,117,731 9,827,765 9,695,510 9,551,039EQUITY AND LIABILITIESCapital and reserves Share capital 194,563 194,474 194,462 194,331 194,331Other reserves 4,037,067 3,902,304 3,665,096 3,745,671 3,895,262Retained earnings 3,191,129 3,002,892 3,002,334 3,012,763 2,897,965

7,422,759 7,099,670 6,861,892 6,952,765 6,987,558Less : treasury shares (89) (18) (131) - - Equity attributable to owners of the parent 7,422,670 7,099,652 6,861,761 6,952,765 6,987,558Non-controlling interests 1,083,699 1,074,165 1,080,485 1,092,661 1,095,122Total equity 8,506,369 8,173,817 7,942,246 8,045,426 8,082,680LiabilitiesNon-current liabilitiesBorrowings 769,317 838,825 908,333 627,841 604,166Other non-current liabilities 181,614 203,271 202,597 196,711 259,807

950,931 1,042,096 1,110,930 824,552 863,973Current liabilitiesBorrowings 399,323 729,706 605,681 678,710 450,113Other current liabilities 157,632 172,112 168,908 146,822 154,273

556,955 901,818 774,589 825,532 604,386Total liabilities 1,507,886 1,943,914 1,885,519 1,650,084 1,468,359Total equity and liabilities 10,014,255 10,117,731 9,827,765 9,695,510 9,551,039


30 Jun 2014 2013 2012Restated

2011Restated

2010*

Turnover 516,862 530,404 527,119 522,173 491,175Operating profit 102,726 117,144 112,177 133,636 148,270Net finance costs (107,622) (116,247) (113,723) (110,541) (83,639)Share of results of associates 76,255 9,978 11,704 (4,048) (14,300)Gains on bargain purchases 4,567 13,955 9,759 40,059 11,663Adjusted profit before taxation 75,926 24,830 19,917 59,106 61,994Taxation (7,780) (7,775) (5,872) (8,565) (9,892)Adjusted profit for the year 68,146 17,055 14,045 50,541 52,102Non-controlling interests (5,786) (16,226) (17,406) (19,402) (19,561)Adjusted profit attributable to owners of the parent 62,360 829 (3,361) 31,139 32,541Profit/(loss) on disposal of shares 161,304 594 (241) 3,080 1,281Profit on disposal of properties - - - - 1,395Fair value adjustment on investment property (net of deferred tax and non-controlling interests) 36,028 - - - - Exceptional item - (7,738) (3,448) - (71,184)Profit/(loss) attributable to owners of the parent 259,692 (6,315) (7,050) 34,219 (35,967)Dividends (MRs 000) 77,788 58,324 58,299 58,299 77,732

STATISTICSNet assets value (NAV) per share (MRs) 190.84 182.55 176.55 178.89 179.79Earnings/(loss) per share (MRs) 6.68 (0.16) (0.18) 0.88 (0.93)Adjusted earnings/(loss) per share (MRs) 1.60 0.02 (0.09) 0.80 0.84Dividends per share (MRs) 2.00 1.50 1.50 1.50 2.00Number of ordinary shares in calculation of NAV 38,894,739 38,891,075 38,866,160 38,866,160 38,866,160Weighted average number of shares in issue 38,892,627 38,874,465 38,866,160 38,866,160 38,866,160

* Figures prior to 2011 have not been restated in respect of prior year adjustments reflected in the accounts.



SEM CodeJSE Code ClassificationRegistered officeDirectors

Company SecretaryTransfer Secretaries

ROCK.N0000 – Primary listingROC – Primary listingGlobal Business CompaniesLevel 3, Alexander House, 35 Cybercity, Ebene 72201, MauritiusMark OLIVIER - ChairmanAndre VAN DER VEERPaul PRETORIUS Nick MATULOVICH Spiros NOUSSISRory KIRKYan NGAndries de LANGEIntercontinental Trust LimitedIntercontinental Trust Limited - MauritiusLink Market Services South Africa (Pty) Ltd – South Africa

SUMMARY INFORMATION

Rockcastle Global Real Estate Company Limited was established in Mauritius as a Category One Global Business Licence Company. Rockcastle Global Real Estate Company Limited is a hybrid real estate company with a portfolio comprising retail property developments and global listed securities.


ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 ROCKCASTLE GLOBAL REAL ESTATE COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (USd ‘000)

Audited as at 30 June 2014

Audited as at 30 June 2013

ASSETSNon-current assets 1,587,451 693,644 Listed security investments 1,565,259 689,257 Rockcastle management incentive loans 17,000 4,387 Investment in associate company 5,192 -Current assets 19,125 3,322 Investment income receivable 6,934 3,127 Cash and cash equivalents 486 195 Trade and other receivables 3 -Loans to development partners 11,702 -Total assets 1,606,576 696,966 EQUITY AND LIABILITIESTotal equity attributable to equity holders 983,184 401,361 Stated capital 871,154 409,771 Retained income/(loss) 131,714 (8,410)Non-distributable reserves (19,684) -Total liabilities 623,392 295,605 Non-current liabilities 340,057 66,970 Interest-bearing borrowings 340,057 66,970 Current liabilities 283,335 228,635 Trade and other payables 6,832 52 Interest-bearing borrowings 275,896 228,385 Income tax payable 607 198 Total equity and liabilities 1,606,576 696,966 Total number of shares in issue 705,500,000 350,000,000Net asset value per share (USD) 1.39 1.15

STATEMENT OF COMPREHENSIvE INCOME (USd ‘000)

Audited for the year

ended 30 June 2014

Audited for the year

ended 30 June 2013

Dividends received from listed security investments 54,088 17,736 Income from associate 35 -Fair value gain/(loss) on listed security investments 105,081 (11,056)Foreign exchange gain/(loss) 6,915 (8,103)Operating expenses (1,327) (553)Listing expenses (525)Profit/(loss) before net finance income 164,792 (2,501)Net finance (costs)/income (22,174) 673 Finance income 753 2,638

Interest on Rockcastle management incentive loans 441 22 Interest on development partner loan 312 -Unrealised fair value gain on bond shorts - 2,616

Finance costs (22,927) (1,965)Interest on borrowings (9,667) (1,965)Unrealised fair value loss on interest rate derivatives (4,667) -Unrealised fair value loss on bond shorts (8,593) -

Profit/(loss) before income tax expense 142,618 (1,828)Income tax expense (607) (198)Profit/(loss) for the year/period attributable to equity holders 142,011 (2,026)Total comprehensive income/(loss) for the year/period 142,011 (2,026)



SEM Code ClassificationRegistered officeBoard of Directorsas at 14 July 2015

Company SecretaryPrincipal Activities

ROGERSInvestmentsNo.5, President John Kennedy Street, Port LouisJean Pierre Montocchio - Chairman of the Board and the Corporate Governance CommitteeAlfred Joseph Gérard Robert Alain Rey - Chairman Risk Management and Audit CommitteePhilippe Espitalier-Noël - Group Chief Executive OfficerDr Guy Adam Ziyad Bundhun Aruna Radhakeesoon Collendavelloo Patrick de L’Abauve d’Arifat Eric Espitalier-Noël Hector Espitalier-NoëlGilbert Espitalier-NoëlNaderasen Pillay Veerasamy Aruna Radhakeesoon Collendavelloo - Chief Legal ExecutiveFinancial Services, Hotels, Logistics, Property, Real Estate and Agribusiness, Travel and Aviation and Technology.

SUMMARY INFORMATION

Since its establishment in 1899, Rogers & Company Ltd has been an innovative contributor to the economic development of Mauritius for over a century. The company has a major involvement in the tourism industry and also participated actively in 1962 in the creation of Beachcomber, the leading hotel group on the island. Rogers was also involved in setting up the national carrier, Air Mauritius, in 1967.

As a listed company on the Stock Exchange of Mauritius, Rogers has more than 4,000 employees and serves clients in a variety of business domains such as Aviation, Financial services, Hospitality, Logistics, Property, Real Estate & Agribusiness and technology. Over the past 115 years, the Company has extended its local and international influence through 52 offices in 12 different territories.

Rogers Capital, the Group’s financial services sector, has taken another leap forward with the recent acquisitions of two offshore Management Companies: “Kross Border” and “Consilex” to complement the existing Asset Management, Private Equity and Corporate Advisory services provided by Rogers Asset Management and thus offer a unique platform to invest in Africa and Asia.

Over the years, Rogers has built up its asset base, a quality network of contacts and partners, recognised expertise with substantial market share in each of the sectors in which it operates. The foundation of Rogers success lies in the diversity, competence and focused energy of its people. All this, in a shared spirit of Leadership, Agility and Dynamism, which remains the driving force of the Rogers workforce.

Through the development of its Aviation and Logistics sectors, Rogers has a strong presence in the region, particularly, in Comoros, Kenya, Mozambique, Mayotte, South Africa, Madagascar and Reunion Island.

Its logistics operations “Velogic “are also present in France, Bangladesh and India. Its hospitality sector is represented in France, UK, Dubai, Germany and South Africa.

Philippe Espitalier-Noël (Group Chief Executive Officer)

Jean Pierre Montocchio (Chairman)


FINANCIAL REVIEW OF THE GROUP ROGERS AND COMPANY LIMITED STATEMENTS OF FINANCIAL POSITION (Rs M)

30 June 30 June 30 Sep

2014 2013restated

2012restated

ASSETSNon current assetsProperty , plant and equipment 7,450.4 7,155.3 6,025.0 Investment properties 3,891.6 2,574.7 1,690.1 Intangible assets 475.7 482.3 351.6 Investment in jointly controlled entities 1,397.5 112.9 110.0 Investment in associated companies 4,088.1 3,867.7 1,115.5 Investment in financial assets 345.9 264.1 1,811.3 Bearer biological assets 17.1 18.3 20.5 Non-current receivables 146.3 169.5 135.2 Deferred expenditure 105.7 104.8 39.3 Current assets 3,121.1 2,559.2 3,667.5 Non-current assets classified as held for sale 90.7 - - Total assets 21,130.1 17,308.8 14,966.0 EQUITY AND LIABILITIESCapital and reservesShare capital 252.0 252.0 252.0 Reserves 2,816.1 2,556.4 2,495.6 Retained earnings 5,947.9 5,552.2 3,925.8 Equity attributable to owners of the parent 9,016.0 8,360.6 6,673.4 Non-controlling interests 5,345.5 3,276.5 2,297.7 Non current liabilitiesBorrowings 2,915.7 2,227.0 2,321.3 Deferred tax liabilities 215.4 221.1 194.1 Retirement benefit obligations 153.1 133.2 97.9 Current liabilities 3,484.4 3,090.4 3,381.6 Total equity and liabilities 21,130.1 17,308.8 14,966.0

STATEMENT OF PROFIT OR LOSS (Rs M)

Year ended 2014

9 months to30 June 2013

restated

Year Ended2012

restatedRevenue 6,187.0 4,911.1 6,290.3 Profit from operations before finance costs 404.6 264.0 151.3 Finance costs (271.3) (166.4) (183.9)Fair value gain on investment properties 170.5 265.1 61.7 Share of results of jointly controlled entities 203.8 2.4 (2.6)Share of results of associated companies 228.8 166.4 (1.7)Profit before exceptional items 736.4 531.5 24.8 Exceptional items 70.9 1,426.9 513.1 Profit before taxation 807.3 1,958.4 537.9 Taxation (36.9) 17.2 (23.1)Profit for the year / period 770.4 1,975.6 514.8 Non-controlling interests (302.9) (225.0) 12.9 Profit attributable to group 467.5 1,750.6 527.7

STATISTICSNumber of ordinary shares used in calculation 25,204,530 25,204,530 25,204,530 Earnings per share (Rs) 18.55 69.46 20.93 Earnings per share (excl exceptional items) (Rs) 17.67 14.99 1.27 Dividends per share (Rs) 8.00 6.00 6.50 Net Asset Value per share (Rs) 358 332 265

Note: On 28 September 2012, the Board of Rogers and Company Limited declared a dividend in specie following which the shareholders of Rogers received 27 shares of Cim Financial Services Ltd for every 1 share of Rogers held. This unbundling transaction resulted in the deconsolidation of the CIM group of companies. Consequently, the above information is for the continuing operations of the Rogers group only.


Sanlam Africa Core Real Estate Investments Limited SEM Code ClassificationRegistered officeDirectors

Company Secretary

SARE-N-0101 – Primary listingGlobal and specialised fundsLevel 3, Alexander House, 35 Cybercity, Ebene 72201, MauritiusAnil Carrim CURRIMJEE - ChairmanYan Chong NG CHENG HINPeter John COOKJohannes Hendrik Petrus VAN DER MERWEThomas James Arthur REILLYJimnah Mwangi MBARUIntercontinental Trust Limited

SUMMARY INFORMATION

Sanlam Africa Core Real Estate Investments Limited has been established in Mauritius as a Category One Global Business Licence Company with the primary objective of holding investments in commercial real estate in selected countries in Sub-Saharan Africa. These investments are normally held indirectly through holding(s) in a company/companies holding the underlying real estate assets.


SANLAM AFRICA CORE REAL ESTATE INVESTMENTS LIMITED ABRIDGED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

USd USd

Audited as at 31 december 2014


ASSETSCash and cash equivalents 10,519,262 2,039,755 Loan receivable 46,206,413 17,187,935 Interest receivable 113,051 159,310 Other receivables and prepayments 79,132 27,805 Financial assets at fair value through profit or loss 57,834,041 49,293,749 Total assets 114,751,899 68,708,554 LIABILITIESBorrowings - 2,500,000 Advisory fees payable 641,915 386,961 Interest payable - 9,941 Other payables and accruals 80,241 986,302 Total liabilities 722,156 3,883,204 Net assets attributable to shareholders 114,029,743 64,825,350 Net assets attributable to:Class A 100,809,466 52,298,506 Class B 13,220,177 12,526,744 Class C 100 100 Net assets attributable to shareholders 114,029,743 64,825,350

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

USd USd



INCOMENet gain on financial assets at fair value through profit or loss 8,540,292 8,421,046 Interest income 1,361,642 332,071 Dividend income 1,645,000 1,355,000 Deferred income released to investors - 2,348,481 Other income 350,002 750

11,896,936 12,457,348 EXPENSESLoan interest 840,710 836,216 Professional fees 102,967 1,211,408 Advisory fees 2,314,998 1,014,719 Audit fees 20,930 19,530 Bank charges 10,362 3,232 Accounting fees 56,250 42,300 Disbursements 1,003 14,673 Licence fees 15,945 13,098 Directors fees 131,000 120,955 Other expenses 29,158 80 Impairment of receivable 33,328 -

3,556,651 3,276,211 Operating Profit 8,340,285 9,181,137 FINANCE COSTSDistribution to shareholders 3,697,057 - Profit Before Tax 4,643,228 9,181,137 Income tax expense - - Profit for the year 4,643,228 9,181,137 Other Comprehensive Income - - Increase in net assets attributable to shareholders from operations 4,643,228 9,181,137

STATISTICS 2014 Class A Class B Class CNumber of ordinary shares used in calculation 16,636,409 2,000,000 100 Change in net assets attributable per share 0.2374 0.3467 -Dividends Per Share (USD) - total 0.2299 0.2299 - - final 0.0779 0.0779 - - interim 0.1520 0.1520 -Net asset value per share (USD) 6.0596 6.6101 1.0000

STATISTICS 2013 Class A Class B Class CNumber of ordinary shares used in calculation 9,100,001 2,000,000 100 Change in net assets attributable per share 0.7471 1.2634 -Dividends Per Share (USD) - total 0.1337 0.1337 - - final 0.1337 0.1337 - - interim - - - Net asset value per share (USD) 5.7471 6.2634 1.0000



Mr Jairaj Sonoo (CE Banking - Indian Ocean Islands)

Mr Kee Chong LI KWONG WING (Chairman of the Board)

SEM Code ClassificationRegistered officeDirectors

Chief Executive, Banking (Indian Ocean Islands)Head of Non-Banking Financial ClusterCompany Secretary

Transfer Office Main Activity

SBMHBank Investment Holdings CompanySBM Tower, 1, Queen Elizabeth II Avenue, Port Louis.Mr Kee Chong LI KWONG WING G.O.S.K (Chairman),Mr Medha GUNPUTH Mr Maxime HARDY Dr Jameel KHADAROO Mr Vidianand LUTCHMEEPARSAD Mr Ramprakash MAUNTHROOA Mr Roodesh MUTYLLALMr Ouma Shankar OCHIT

Jairaj SONOO, C. S. K.

Deeagarajen SOONDRAM

Dovinassy G.PILLAY Dayawantee RAMJUG CHUMUNSBM Fund Services Limited Banking and Financial Services

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 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 clusters. The Banking operating companies encompasses all services of a universal bank within a diversified business model. The lines of business include: Corporate Banking, Retail Banking, SMEs, Treasury Services Private Banking, Wealth Management and International Banking. The non-banking financial cluster provides the 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 nearly 17,000 domestic and international shareholders, SBM Group has more than 1,150 employees and its banking arm service over 440,000 customers through its network of 50 service units and counters in Mauritius, India and Madagascar and a representative office in Myanmar. We are always mindful that the quality of our human resources and service delivery makes that difference and hence, 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.


FINANCIAL REVIEW OF THE GROUP SBM HOLDINGS LTDGROUP STATEMENTS OF FINANCIAL POSITION AS AT

31 dec 2014

31 dec 2013

30 June 2012

30 June 2011

30 June 2010

ASSETS MUR '000 MUR '000 MUR '000 MUR '000 MUR '000Cash and cash equivalents 7,720,105 6,900,534 6,993,395 6,744,422 5,501,822 Mandatory balances with Central Banks 6,548,749 5,494,981 4,966,156 4,180,104 2,892,794 Loans to and placements with banks 702,133 932,428 1,511,936 943,359 - Trading assets 205,223 249,571 269,532 146,113 148,224 Loans and advances to non-bank customers 68,054,252 70,093,266 62,824,618 56,741,302 43,731,741 Investment securities 30,369,883 18,176,133 14,720,727 23,570,849 24,160,809 Equity investments 6,721,917 4,189,429 3,962,310 - - Investment in associate - 845,175 747,754 - - Investment in subsidiaries - - - - - Property and equipment 2,753,303 2,623,065 2,672,885 2,786,920 2,853,003 Intangible assets 1,067,774 638,914 86,865 54,148 77,373 Deferred tax assets 162,190 145,100 - - - Other assets 2,954,753 2,238,899 535,824 560,589 473,553 Total assets 127,260,282 112,527,495 99,292,002 95,727,806 79,839,319 LIABILITIES Deposits from banks 593,899 217,281 115,946 218,252 195,628 Deposits from non-bank customers 91,784,990 83,016,635 76,158,615 70,888,333 61,502,326 Other borrowed funds 5,113,005 6,110,051 2,924,795 7,124,674 2,083,289 Trading liabilities 146,634 238,555 170,025 141,077 84,964 Current tax liabilities 87,953 247,198 287,931 176,292 245,335 Deferred tax liabilities 77,329 114,459 162,588 177,349 178,705 Other liabilities 1,510,880 2,255,222 1,126,946 1,031,326 893,076 Subordinated debts 3,598,209 4,200 - - - Total liabilities 102,912,899 92,203,601 80,946,846 79,757,303 65,183,323 SHAREHOLDERS’ EQUITYShare capital 32,500,204 303,740 303,740 303,740 303,740Retained earnings 439,068 16,554,996 14,310,409 12,839,632 11,514,037 Other reserves (3,716,858) 5,798,444 6,064,293 5,160,417 5,171,505

29,222,414 22,657,180 20,678,442 18,303,789 16,989,282 Less treasury shares (4,875,031) (2,333,286) (2,333,286) (2,333,286) (2,333,286)Total equity attributable to equity holders of the parent 24,347,383 20,323,894 18,345,156 15,970,503 14,655,996 Total equity and liabilities 127,260,282 112,527,495 99,292,002 95,727,806 79,839,319

STATEMENT OF PROFIT OR LOSS FOR : 12 months ended 31 dec 2014

18 months ended

31 dec 2013

12 months ended

30 June 2012

12 months ended

30 June 2011

12 months ended

30 June 2010MUR '000 MUR '000 MUR '000 MUR '000 MUR '000

Interest income 6,451,246 9,333,865 5,897,800 4,901,190 4,867,484 Interest expense (2,400,808) (3,417,785) (2,699,107) (2,402,661) (2,374,327)Net interest income 4,050,438 5,916,080 3,198,693 2,498,529 2,493,157 Fee and commission income 930,238 1,579,549 1,187,424 919,750 660,473 Fee and commission expense (29,345) (45,283) (32,525) (39,402) (12,472)Net fee and commission income 900,893 1,534,266 1,154,899 880,348 648,001 Dividend income 179,339 823,026 230,714 219,821 205,582 Net trading income 403,700 571,266 487,879 490,286 490,621 Other operating income 712,116 460,200 34,094 115,526 66 Non interest income 2,196,048 3,388,758 1,907,586 1,705,981 1,344,270 Operating income 6,246,486 9,304,838 5,106,279 4,204,510 3,837,427 Personnel expenses (1,117,287) (1,719,604) (992,133) (909,364) (784,133)Depreciation and amortisation (166,022) (283,039) (176,527) (183,711) (166,345)Other expenses (695,082) (1,010,898) (497,085) (404,545) (422,898)Non interest expense (1,978,391) (3,013,541) (1,665,745) (1,497,620) (1,373,376)Profit before net impairment loss on financial assets

4,268,095 6,291,297 3,440,534 2,706,890 2,464,051

Net impairment loss on financial assets (473,732) (830,273) (253,560) (319,255) (318,425)Operating profit 3,794,363 5,461,024 3,186,974 2,387,635 2,145,626 Share of profit of associate 62,993 141,671 81,515 87,027 66,622 Profit before income tax 3,857,356 5,602,695 3,268,489 2,474,662 2,212,248 Tax expense (695,944) (896,336) (612,923) (461,567) (353,408)Profit for the year / period attributable to equity holders of the parent

3,161,412 4,706,359 2,655,566 2,013,095 1,858,840

Earnings per share (Cents) 12.25 18.23 10.29 7.80 7.20


SEM Code ClassificationRegistered officeDirectors (as at date)

Company SecretaryRegistrar and Transfer Office

Principal Activity

SUNHotel & Leisure Investment5th Floor, Ebène Skies, Rue de l’Institut, EbèneP Arnaud DALAIS (Chairman)Philippe Carl Joseph CASSISG Christian DALAISJean-Pierre DALAISJérôme DE CHASTEAUNEUFM A Louis GUIMBEAUThierry HUGNINHarold MAYERGilles Christian Gérard PÉLISSONNaderasen Pillay VEERASAMYJoseph Tommy WONG YUN SHINGClothilde DE COMARMOND for CIEL Corporate Services LtdMCB Registry & Securities Limited

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 Resorts Limited (“SRL”/the “Company”) was incorporated on 10 February 1983 and is one of the leading hotel and leisure groups in the Indian Ocean with 6 owned and managed properties in Mauritius: 5* Luxury Shangri-La’s Le Touessrok Resort & Spa, Mauritius, 5* Luxury Four Seasons Resort Mauritius at Anahita, 5* Long Beach, 5* Sugar Beach, 4* La Pirogue and 4* Ambre and 1 wholly owned resort in the Republic of Maldives- 5* Kanuhura, with a total of over 4,000 employees.

Since 1992, the Company has been listed on the Mauritian Stock Exchange and has a shareholders’ base of over 14,000. SRL has Sales and Marketing offices based in London, Paris, Frankfurt, and representations in Milan, Madrid, Moscow, Mumbai, Beijing and Shanghai. The Company is also integrated with two wholly owned tour operators based in France (Solea Vacances) and in South Africa (World Leisure Holidays). In addition to managing its own portfolio of resorts under its “Sun Resorts” brand, the Company recently partnered with leading international hotel operators, Four Seasons and Shangri-La for maximising the potential of its resorts in the luxury segment. Thus, in August 2014, the management of its Le Touessrok was entrusted with the Shangri-La group and Four Seasons Resort Mauritius at Anahita became a fully owned subsidiary in May 2015.

SRL is committed to meeting and exceeding the expectations of its guests through its unremitting dedication to perfection in every aspect of service. The Company is fully committed to continuing its tradition of being a pioneer in the hospitality industry across the Indian Ocean and of striving for unsurpassed excellence with the ultimate goal of creating value for all its stakeholders.

The Company is managed by an experienced team headed by Philippe Cassis as the Chief Executive Officer.

The period from 1 January 2014 to 30 June 2015 is a transformation period where the Company unveiled and started executing its new business model and vision that would gear SRL towards its next phase of development and future success. This business model has two key clusters: operational management and asset management. Under the operation cluster, the Company continues to manage its existing portfolio of owned and leased resorts under the “Sun Resorts” brand while the asset management cluster will look after its portfolio of hotels where it partners with strong international brands.

During this transformation period, the Company finalized with Shangri-La Group, a minority participation of 26% in the company which holds the assets of Le Touessrok Hotel. The hotel is currently under major renovation works as from April 2015 and is targeted to open after renovation in October 2015 as Shangri-La’s Le Touessrok Resort & Spa, Mauritius. Furthermore Sun Resorts ultimately holds 100% shareholding in Four Seasons Resort Mauritius at Anahita with acquisition in December 2014 and May 2015.

These two major transactions formed part of the SRL’s 2014 – 2019 strategy to increase value through effective asset management and partnerships with leading international hotel operators.

Furthermore, with the reinforcement of the new brand identity and the execution of the business process reorganisation, the Company is consolidating its position and initiating the continuous growth of its owned and managed portfolio under the “Sun Resorts” brand.

The successful completion of the Rs 1.2 billion rights issue in February 2015 proved the confidence that the shareholders and the public at large have in SRL, which now enjoys a stronger financial position to implement its medium term strategy. Together with the new organization and enhanced centralized services, the Company should be in a position to register sustainable growth as per its business plan.


FINANCIAL REVIEW OF THE GROUP SUN RESORTS LTD CONSOLIdATEd STATEMENT OF FINANCIAL POSITION RS’000

31 dec 2014* Unaudited

2013 Audited

2012 Audited

ASSETSEquity attributable to owners of the Company 6,940,657 6,800,215 6,892,974 Treasury shares (1,422,238) (1,422,238) (1,422,238)Non-controlling interests 882,590 1,773 1,773 Total equity 6,401,009 5,379,750 5,472,509 Interest-bearing debt 5,624,196 5,716,536 5,843,312 Total capital employed 12,025,205 11,096,286 11,315,821 Non-current assets 12,620,138 11,810,066 12,116,426Current assets 1,297,430 1,195,624 1,194,926Total assets 13,917,568 13,005,690 13,311,352 Trade and other payables 1,235,628 1,253,850 1,360,952 Taxation 519,558 541,961 578,547 Employee benefit liability 137,177 113,593 56,032 Interest free liabilities 1,892,363 1,909,404 1,995,531 Employment of capital 12,025,205 11,096,286 11,315,821

CONSOLIdATEd STATEMENT OF COMPREHENSIvE INCOME (RS ‘000) 2014*

Unaudited2013

Audited2012

Audited

Total Revenue 4,289,415 4,080,014 3,649,660 Operating profit 309,258 303,513 370,582 Finance costs (319,689) (353,167) (357,157)Finance income 7,929 5,708 4,184 Share of profit of an associate 30,524 - -Preopening, closure and marketing costs (94,273) - (10,536)Profit before tax (66,251) (43,946) 7,073 Income tax credit/ (expense) 14,609 12,097 8,987

Profit / (Loss) for the year (51,642) (31,849) 16,060 Non-controlling interests (15,667) - 8 Profit / (Loss) attributable to owners of the Company (67,309) (31,849) 16,068

Balance at 1 January 2,939,562 3,018,527 3,028,700 Movements during the year - (47,116) 39,420 Dividends on ordinary shares - - (65,661)Balance at 31 December 2,872,253 2,939,562 3,018,527

STATISTICSOrdinary shares in issue (000's) 113,397 113,397 113,397 Earnings per share (Rs) (0.72) (0.34) 0.17 Dividend declared per ordinary share (Rs) - - - Net worth per ordinary share (Rs) 58.83 57.33 58.32

* Unaudited for the 12 months to 31 December 2014Change of financial year-end from December to June such that the next financial year-end is 30 June 2015



SEM CodeClassificationRegistered officeNon-executive

IndependentNon-Executive

Executive

Secretary

Principal Activity

SWANInsuranceSwan Centre, 10 Intendance Street, Port-LouisM. E. Cyril MAYER - Chairperson M. M. Hector ESPITALIER-NOËLM. H. Philippe ESPITALIER-NOËLM. D. Henri HARELJ. M. René LECLÉZIOM. E Nicolas MAIGROT

M. D. Pierre DINAN, G.O.S.K.Peroomal Gopallen MOOROOGENVictor C. SEEYAVE

J. M. Louis RIVALLAND - Group Chief ExecutiveA. Michel THOMAS - Chief Operations Officer

Swan Corporate Affairs Ltd represented by Shailen J. Soobah

General Insurance

SUMMARY INFORMATION

Swan General Ltd (Previously Swan Insurance Company Limited)

Following the rebranding exercise in April 2015, the Company has been renamed and is now Swan General Ltd (previously Swan Insurance Company Limited). The Swan Group, previously known by the brands of Swan Insurance, Anglo-Mauritius, PCA, and Oxygen, is now one, unified by a common purpose, and united with a single brand, SWAN. Companies within the Group have been renamed accordingly.

Since its first operation in 1855, the Group has been transformed from an organisation that sells financial products, to a provider of comprehensive financial solutions that help our clients to meet their needs at every stage of life. We have been shaping our business to meet the needs of today’s lifestyles and the expectations of tomorrow.

Our financial solutions include short term insurance (motor, marine, engineering, property, medical/health, liability, financial lines), life insurance (including permanent health), pension, loan, professional reinsurance, stockbroking, asset and investment management, distribution of financial products and collective investment scheme. As a leader in the financial services sector, today we serve and advise clients from every part of society: individuals, small and medium businesses, multi-national corporate and institutional investors. To be closer and to better advise our clients. We operate five outlets across the country. We believe that with our talented and dedicated team, unrivalled quality service, our operational excellence coupled with bespoke high value added innovative solutions, we will remain the provider of choice of customers.

Our insurance entities are listed on the Stock Exchange of Mauritius and both entities have ratings from Global Credit Rating of AA- (very high claims paying ability/very high credit quality). Internationally, we are present either directly or in partnerships. As our brand becomes better known, opportunities become more available.

We are also very active on the social front. Swan Foundation, which manages the Group’s corporate social responsibility, supports a number of organisation in fields such as education, training, health, sports and other social-economic development initiatives. In 2014, we contributed Rs7.2 M to 43 non-governmental organisations.

M. E. Cyril MAYERChairperson

J. M. Louis RIVALLANDGroup Chief Executive


FINANCIAL REVIEW OF THE GROUP STATEMENT OF FINANCIAL POSITION (Rs 000)

As at 31 december 2014 2013 2012 2011 2010ASSETSNon-current assetsProperty and equipment 98,840 105,014 105,051 86,703 84,001 Intangible assets 31,125 43,315 72,009 6,109 10,372 Investment in associated company 67,148 67,112 60,381 44,409 58,317 Investment in joint venture 1,139 821 548 415 316 Investment in financial assets 1,489,564 949,828 797,849 545,452 601,149 Loans and receivables 199,356 169,643 124,678 105,572 86,222 Net deferred tax assets 15,091 16,965 13,576 7,510 4,005 Current assets 2,576,836 2,586,269 2,417,989 1,455,737 1,132,636 Life business assets 30,906,657 28,425,609 24,264,878 20,556,819 20,888,758 Total assets 35,385,756 32,364,576 27,856,959 22,808,726 22,865,776 EQUITY AND LIABILITIESCapital and reservesShare capital 41,379 41,379 41,379 35,857 35,857 Reserves 587,273 427,756 416,502 142,596 167,837 Retained earnings 1,323,750 1,181,031 1,046,676 944,449 809,557 Owners' interest 1,952,402 1,650,166 1,504,557 1,122,902 1,013,251 Non-controlling interests 238,942 193,582 202,983 64,924 50,853 Technical provisionsLife assurance fund 30,906,657 28,425,609 24,264,878 20,556,819 20,888,758 Gross outstanding claims and IBNR 853,471 843,458 715,665 323,279 287,818 Gross unearned premiums 821,592 794,478 771,871 523,488 499,019 Non-current liabilitiesBorrownigs 29,484 12,733 15,072 - - Retirement benefit obligations 103,967 112,406 87,360 60,779 37,726 Deferred tax liabilities 1,328 - - - - Current liabilities 477,913 332,144 294,573 156,535 88,351 Total equity and liabilities 35,385,756 32,364,576 27,856,959 22,808,726 22,865,776


For the year ended 31 december 2014 2013 2012 2011 2010

Gross premiums 4,691,429 4,618,248 3,967,855 3,344,050 2,920,258

Net earned premiums 3,376,400 3,314,677 2,954,153 2,463,299 2,078,735

Underwriting surplus 485,916 451,207 400,481 317,980 293,369 Investment and other income 234,134 217,542 149,664 109,789 106,024 Management expenses (429,147) (399,862) (356,894) (190,918) (176,704)Share of profit of associated company and joint venture 5,862 14,174 9,662 1,235 6,502 Profit before taxation 296,765 283,061 202,913 238,086 229,191 Taxation (34,617) (29,176) (16,657) (25,247) (25,468)Profit for the year 262,148 253,885 186,256 212,839 203,723 Non-controlling interests (20,120) (29,324) (14,275) (16,991) (19,677)Profit attributable to owners of the parent 242,028 224,561 171,981 195,848 184,046 Dividends 99,309 90,206 70,344 60,956 55,219

STATISTICSNumber of ordinary shares used in calculation 8,275,769 8,275,769 7,726,575 7,171,346 7,171,346 Earnings Per Share (Rs) 29.25 27.13 22.26 27.31 25.66 Dividends Per Share (Rs) 12.00 10.90 8.50 8.50 7.70 Net Assets Value Per Share (Rs) 235.91 199.40 181.80 156.58 141.29



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SEM Code ClassificationRegistered officeDirectors as at June 30, 2015

SecretaryPrincipal Activity

TERRAInvestment18, Edith Cavell Street, Port LouisDaniel L. NAIRAC (Chairperson)Cyril MAYER (Managing Director) Maurice de MARASSÉ ENOUFNikhil TREEBHOOHUNDominique de FROBERVILLEAlexis HAREL Henri HAREL Hubert HARELFrançois MONTOCCHIOAlain VALLETMargaret WONGTerra Services Ltd Investment in a diversified conglomerate.

SUMMARY INFORMATION

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.

One of the main sugar groups in the island, Terra cultivates, through its subsidiary Terragri Ltd, sugar cane in the northern part of the island and another of its subsidiary, Terra Milling Ltd, runs the sugar factory of Belle Vue - Mauricia. In 1995, the canes of the factory area of the Mount have been directed to Belle Vue with the closing down of the Mount sugar factory and in 1999, following the closing down of the Beau Plan sugar factory the canes of the latter’s factory area were also directed to Belle Vue. On January 01, 2010, The Mount Sugar Estates Company Limited and on 31st December 2010 The Saint André Sugar Estate were amalgamated with HFL. The group is the largest producer of specialty sugars and owns at Belle Vue one of the island’s most technologically sophisticated factories. In 1997, the group has acquired a major participation in two sugar complex in Ivory Coast. The group has also set up, in association with a French partner named Albioma (formerly known as SIDEC), SIT and SIC, Terragen Ltd (formerly named Compagnie Thermique de Belle Vue Limitée), which operates a bagasse-coal power plant at Belle Vue. Another subsidiary, namely Sagiterra Ltd has been set up to provide services to the group in respect of property development.

Alcohol is produced at Beau Plan by its subsidiary Grays Distilling Ltd. This alcohol is bottled and distributed, along with the branded imported wines spirits, by another subsidiary, namely Grays Inc. Ltd.

Terra also has interests in a stonecrusher known as Terrarock Ltd, a building and civil engineering company named Rhem Grinaker Construction Co. Ltd, the insurance industry through Intendance Holding Ltd, the controlling shareholder of the Swan Group, in Sugarworld Ltd which owns the museum “L’Aventure du Sucre” in Beau Plan, in United Investments Ltd, in Harel Mallac & Co Ltd, in Alcohol and Molasses Export Ltd, in AceTer Global Ltd, a global business management company, in BanyanTree Bank Ltd, in Terravest Ltd, a manufacturer of water and sanitation appliances and, through Commada Ltd, in Orange Madagascar.

Stock Exchange listing was granted on 03 January 2012.

Daniel L. NAIRACChairperson

Cyril MAYERManaging Director


FINANCIAL REVIEW OF THE GROUP TERRA BALANCE SHEET (Rs ‘000)

31 dec 2014 2013Restated

2012Restated

2011 2010

ASSETS EMPLOYEDNon - current assetsProperty, plant and equipment 14,397,000 14,422,800 14,430,600 9,881,100 10,011,400 Biological assets 303,600 276,800 274,500 271,900 267,300 Investments properties 221,100 227,500 233,900 240,300 246,800 Investments 2,785,300 2,349,400 1,598,800 1,578,400 1,555,000 Intangible assets 382,100 386,700 386,300 186,700 189,800 Non-current receivables 6,500 11,900 19,000 11,500 7,200 Land development expenditure 68,700 95,900 93,600 87,600 79,800 Deferred tax assets 36,300 12,200 2,700 2,600 1,300 Deferred VRS costs 23,100 46,300 59,700 77,000 75,900

Current assets 2,095,400 2,267,600 2,195,100 2,149,500 1,960,600 Non-current assets classified as held for sale 146,300 85,000 22,900 7,200 12,400 Total assets 20,465,400 20,182,100 19,317,100 14,493,800 14,407,500 EQUITY AND LIABILITIESCapital and reservesStated capital 11,976,000 11,976,000 11,976,000 3,523,500 3,523,500 Revaluation and other reserves 3,926,400 3,918,500 4,139,700 5,677,900 5,563,600 Retained earnings 599,500 460,200 322,000 2,774,600 2,367,900 Shareholders' interests 16,501,900 16,354,700 16,437,700 11,976,000 11,455,000 Minority interests 957,500 945,900 961,700 914,000 840,700

Non-current liabilitiesBorrowings 411,200 64,100 70,800 53,900 206,300 Retirement benefit obligations 490,100 512,600 256,800 232,600 231,100 Deferred tax liabilities 214,400 202,400 244,900 247,500 447,700 Deferred income 2,100 4,100 6,100 8,100 10,100

Current liabilities 1,881,800 2,091,900 1,338,800 1,061,500 1,216,400 Liabilities directly associated with non-current assets classified as held for sale 6,400 6,400 300 200 200 Total equity and liabilities 20,465,400 20,182,100 19,317,100 14,493,800 14,407,500


31 dec 2014 2013Restated

2012Restated

2011 2010

Turnover 3,905,400 4,078,000 4,185,500 4,222,700 3,643,300

Operating profit / (loss) before exceptional items (50,400) 204,700 488,000 668,800 395,700 Exceptional items - - - - - Operating profit / (loss) after exceptional items (50,400) 204,700 488,000 668,800 395,700 Other income 120,600 100,700 153,600 121,700 152,400 Net finance (costs) / income (66,800) (25,000) (46,300) (73,700) (158,900)Reversal of impairment of associate 166,300 - - - - Share of profit of associates 296,500 232,300 141,500 160,000 86,700 Profit before taxation 466,200 512,700 736,800 876,800 475,900 Taxation (34,000) (46,600) (82,900) (116,200) (75,700)Profit after taxation 432,200 466,100 653,900 760,600 400,200 Minority interest (114,900) (107,300) (153,000) (177,900) (149,800)Profit attributable to the group 317,300 358,800 500,900 582,700 250,400 Dividends 182,000 182,000 182,000 182,000 154,100

STATISTICSNumber of ordinary shares used in calculation 227,545,624 227,545,624 227,545,624 227,545,624 220,100,000 Earnings Per Share (Rs) 1.39 1.58 2.20 2.56 1.14 Dividends Per Share (Rs) 0.80 0.80 0.80 0.80 0.70 Net Assets Value Per Share (Rs) 72.5 71.9 71.9 52.6 50.4



(as at 7 July 2015)

Chief Executive Officer (CEO)

Company Secretary

Principal Activity

UBPIndustryTrianon, Quatre BornesMarc Freismuth (Chairman)François BoulléJean-Michel Giraud Joël Harel Laurent de la Hogue Arnaud LagesseStéphane LagesseThierry LagesseJean-Claude Maingard Jean MametStéphane Ulcoq

Stéphane Ulcoq

Christophe Quevauvilliers

The main activity of the company and its subsidiaries 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.


FINANCIAL REVIEW OF THE GROUP UNITED BASALT PRODUCTS LTD.

STATEMENTS OF FINANCIAL POSITION (Rs ‘000)

30 Jun 2014 2013Restated

ASSETSNon - current assetsProperty, plant and equipment 2,757,798 2,917,457 Investment properties 16,481 18,390 Bearer biological assets 12,428 11,327 Intangible assets 20,716 20,414 Investment in associates 191,121 198,750 Available-for-sale investments 58,628 49,596 Deferred tax assets 38,316 35,834 Current assets 1,410,104 1,306,751 Total assets 4,505,592 4,558,519 EQUITY AND LIABILITIESEquity Issued capital 265,100 265,100 Reserves 2,501,372 2,580,190 Equity attributable to shareholders of the parent 2,766,472 2,845,290 Non-controlling interests 55,582 45,774

2,822,054 2,891,064 Non-current liabilitiesInterest-bearing loans and borrowings 599,131 113,908 Deferred tax liability 81,434 77,695 Employee benefit liability 249,001 230,299 Current liabilities 753,972 1,245,553 Total equity and liabilities 4,505,592 4,558,519


30 Jun 2014 2013Restated

Revenue 2,362,562 2,443,424 Operating profit 188,862 257,254 Finance income 4,465 4,833 Finance cost (85,316) (75,527)Share of results of associates 12,664 36,092 Profit before tax 120,675 222,652 Income tax expense (26,483) (43,685)Profit for the year 94,192 178,967 Profit for the year attributable to:Equity holders of the parent 68,687 161,555 Non-controlling interests 25,505 17,412 94,192 178,967 Dividends 72,903 79,530

STATISTICSNumber of ordinary shares used in calculation 26,510,042 26,510,042 Earnings Per Share (Rs) 2.59 6.09 Dividends Per Share (Rs) 2.75 3.00 Net Assets Value (Rs) 104.36 107.33


SEM Code ClassificationRegistered officeList of directors as at 30 June 2015

UDLInvestmentsKwan Tee Street, Caudan, Port Louis.Marie Henri Dominique GALEA (Chairperson)Ismael Ibrahim BAHEMIAJoseph Alexis HARELLucia Marie Chantal Michele LIONNETMichel Eric Cyril MAYERBernard Kuo Hsing WONG PING LUNNitin PANDEA (Managing Director)

SUMMARY INFORMATION

Founded in 1991, United Docks Ltd is a publicly-listed company quoted on the official market of the Stock Exchange of Mauritius, with Net Asset Value of around MUR 2 billion.

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.

United Docks Ltd also owns 30,000 square metres of warehousing and office space in Port Louis.

United Docks Ltd has made strategic investments and holds substantial shareholding in listed and unlisted companies across sectors which include manufacturing, agri-business, IT, retail, logistics, 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 Docks (Overseas Investments) Ltd. 100% Investment holdingUnited Properties Ltd. 100% Property developmentUDL Investments Ltd 100% Investment holding

Stock Exchange listing was granted on 08 November 1991.

* List of directors as at 30 June 2015.


FINANCIAL REVIEW OF THE GROUP UNITED DOCKS LTD BALANCE SHEET (Rs)

June 2014 2013Restated

2012Restated

2011 2010

ASSETS Non - current assets Property, plant and equipment 2,897,429 1,943,902 1,607,156 262,193 632,704 Investment properties 1,783,697,000 1,783,697,000 1,783,697,000 1,783,697,000 1,783,697,000 Investment in subsidiaries - - - - Available-for-sale investments 269,765,697 251,494,475 184,756,051 191,291,601 188,532,823 Deferred Development expenditure - - - - Retirement benefit assets 5,664,574 1,898,521 9,330,880 - - Deferred tax assets - - - -

Current assets 19,479,407 20,304,703 15,958,999 13,455,874 20,138,950 Asset classified as held for sale - 111,087,319 132,135,443 84,660,230 Total assets 2,081,504,107 2,059,338,601 2,106,437,405 2,120,842,111 2,077,661,707 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 105,600,000 105,600,000 105,600,000 105,600,000 105,600,000 Share premium 24,631,914 24,631,914 24,631,914 24,631,914 24,631,914 Other reserves 85,359,415 63,660,193 108,009,088 136,663,443 85,822,637 Retained earnings 1,670,327,162 1,671,932,850 1,687,995,749 1,683,119,370 1,693,110,885

1,885,918,491 1,865,824,957 1,926,236,751 1,950,014,727 1,909,165,436 Minority interest (85,240) (65,865) 12,624 2,072 1,667 LIABILITIES Non-current liabilities Interest-bearing loans and borrowings 95,234,382 18,788,616 27,504,708 36,099,769 43,929,667 Deferred tax liabilities - - - - Retirement benefit obligations 4,885,548 3,822,041

Current liabilities 100,436,474 174,790,893 152,683,322 129,839,995 120,742,896 Total equity and liabilities 2,081,504,107 2,059,338,601 2,106,437,405 2,120,842,111 2,077,661,707


June 2014 2013Restated

2012 2011 2010

Revenue 26,237,452 23,747,073 22,242,938 20,985,391 19,848,394

Increase in fair value of investment properties - - - - Other income 552,688 208,696 527,665 1,716,160 25,917,506 Operating expenses (17,240,899) (16,895,142) (17,577,273) (20,166,577) (23,264,232) Operating (loss)/profit 9,549,241 7,060,627 5,193,330 2,534,974 22,501,668 Finance costs (14,783,603) (14,765,401) (15,230,859) (12,454,599) (12,345,627) Share of profit of associates - - - - (Loss)/Profit on disposal of associates - - - - Profit before exceptional items (5,234,362) (7,704,774) (10,037,529) (9,919,625) 10,156,041 Exceptional items - - - - Profit before tax (5,234,362) (7,704,774) (10,037,529) (9,919,625) 10,156,041 Taxation (222,082) (140,666) (117,925) (71,485) (69,569) (Loss)/Profit for the year (5,456,444) (7,845,440) (10,155,454) (9,991,110) 10,086,472 Minority interest (16,040) (78,489) 552 (405) (348) Profit attributable to equity holders of the company (5,440,404) (7,766,951) (10,156,006) (9,991,515) 10,086,124

Dividends - - -

STATISTICS Number of ordinary shares used in calculation 10,560,000 10,560,000 10,560,000 10,560,000 10,560,000 Earnings Per Share (Re) (0.52) (0.74) (0.96) (0.95) 0.96 Dividends Per Share (Re) - - - - Net Assets Value (Rs) 178.59 176.69 180.99 184.67 180.79



Company SecretaryPrincipal Activity

VIVO Energy MauritiusCommerceVivo Energy Mauritius Limited, Cemetery Road, Roche Bois.Mr. Christian Chammas (Chairman) 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) Executive Services LtdMarketing 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 124 people and operates 44 retail stations under the Shell brand, has a network of 900 LPG resellers and has access to 48,253 cubic metres 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. 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 2014, the company had zero significant incidents out of 475,000 exposure hours and 1.9 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


FINANCIAL REVIEW OF THE GROUP BALANCE SHEET (Rs ‘000)

31 dec 2014 2013 Restated

2012 2011 Restated

2010 Restated

ASSETSNon-current assetsProperty, plant and equipment 908,682 821,957 779,452 668,806 619,117Intangible assets - - - 487Prepaid operating leases 604 672 740 808 878Investment in associates 35,807 18,128 18,534 25,711 39,384Loans receivable -Other long term assets 11,425 10,230 41 2,088 4,119Retirement benefit asset - 45,678 44,764 Current assets 1,745,414 2,352,291 1,850,888 1,945,345 2,056,967Total assets 2,701,932 3,203,278 2,695,333 2,687,522 2,720,952EQUITY AND LIABILITIESCapital and reservesShare capital 293,223 293,223 293,223 293,223 293,223Retained earnings 215,315 184,736 123,628 179,131 179,748Proposed dividendsShareholders' interests 508,538 477,959 416,851 472,354 472,971Non-current liabilitiesDeferred tax liabilities 60,616 49,466 75,776 55,018 48,028Retirement benefit obligations 81,723 108,363 - - 19,708Current liabilities 2,051,055 2,567,490 2,202,706 2,160,150 2,180,245Total equity and liabilities 2,701,932 3,203,278 2,695,333 2,687,522 2,720,952


31 dec 2014 2013 Restated

2012 2011 Restated

2010 Restated

Turnover 12,784,100 13,148,448 12,595,242 12,313,299 9,453,712

Profit from operations 181,682 254,714 244,842 412,973 371,695Net finance income / (cost) (8,863) (10,038) (4,226) (24,218) 10,331Share of result of associates 10,679 9,594 10,323 10,327 8,043Profit before tax 183,498 254,270 250,939 399,082 390,069Taxation (29,167) (31,595) (65,830) (74,222) -65,146Profit for the year 154,331 222,675 185,109 324,860 324,923Dividends declared over profit for the year 29,322 29,322 237,510 325,477 293,222


SOLUTIONS

Aon Hewitt

Risk. Reinsurance. Human Resources.

Riding the waves to find the best

andPEOPLE

RISK

Aon Hewitt Ltd, the Mauritian office of Aon Worldwide, is an independent actuarial, employee benefits, insurance broking, investment and HR consulting firm. We are present in over 120 countries and our local and foreign clients have scheme assets exceeding Rs 120 billion.

For further information about how we can assist you, please contact us on (230) 210 3831 or at [email protected]

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