Dear Shareholder,
The Board of Directors of CIEL Limited (“CIEL or the Group”) is pleased to present its annual integrated report for the financial year ended 30 June 2022.
We invite you to join us at the Annual Meeting of CIEL to be held:
Date: 16 December 2022
Time: 10:00 am
Venue: 5th Floor, Ebène Skies, Rue de l’Institut, Ebène
We look forward to hosting you.
Sincerely,
P. ARNAUD DALAIS
CHAIRMAN
JEAN-PIERRE DALAIS
GROUP CHIEF EXECUTIVE
P. ARNAUD DALAIS
CHAIRMAN
JEAN-PIERRE DALAIS
GROUP CHIEF EXECUTIVE
We also have a legacy to protect – we have been in business since 1912 and celebrate our 110th birthday this year. That is quite a milestone. And as our predecessors looked to the future to ensure a sustainable business for us, so we look beyond to create value over the long term for future generations and the future prosperity of Mauritius and the regions in which we operate.
In line with this thinking, we have deliberately created an annual integrated report that has the least possible impact on the environment by:
Unfortunately, many of the reports we send to our shareholders get sent back to us, so we will further endeavour to upcycle these reports through various initiatives we have across the Group.
As part of this, we continue in our commitment to sustainable measures throughout the Group and are steadfast in relation to reducing CIEL’s carbon footprint. We once again invite you, our shareholder, to join us in our commitment to preserve our natural resources for future generations by encouraging you to fill in the ‘Application for E-communications’ form which is included in this printed report. We have therefore created a more digitally enabled report for a more digital world, and it truly shows the integration we apply in our processes. The online version further allows us to give you a more cohesive view of the business as well as a chance to hear from our leaders.
Please note when signing the ‘Application for E-communications’, this will allow you to receive by e-mail, future notice of shareholders’ meetings, annual integrated reports, accounts, credit advices and other shareholder documents made available to you in your capacity as shareholder of CIEL.
This report has been developed following the guidelines of the IFRS Foundation, whose aim is to drive connectivity between sustainability disclosures and financial statements. They have recently consolidated the Value Reporting Foundation (SASB standards, the Integrated Reporting Framework and the Integrated Thinking Principles) into their remit. Further to adhering to these frameworks, we have also responded to the call to action of the United Nations (UN) Sustainable Development Goals (SDGs) as can be seen in our strategy. It should be noted that this is a journey that CIEL is undertaking. As part of this journey, we aim to define and mine accurate data in order to fully implement these guidelines.
In line with the concept of double materiality, our annual integrated report extends beyond financial reporting and includes non-financial performance, opportunities, risks and outcomes attributable to or associated with our key stakeholders, which have a significant influence on our ability to create and preserve value sustainably, while minimising value erosion.
This report covers the financial year ended 30 June 2022 in terms of performance. We have included only what we believe is material, regarding risks, issues, and opportunities that have or can have a significant positive or negative impact on the operations, profitability or brand equity of the Group.
We have disclosed information that is material to the sustainability of the business and could influence financial decisions made by our stakeholders. We want you to understand how, through effective management, strategic direction, and innovation, we create value for all our stakeholders over the short, medium, and long term.
It was prepared by CIEL Head office, in close collaboration with our clusters’ management teams. We welcome your feedback on the report and invite you to share your comments or questions to:
CIEL AT A GLANCE
CIEL AT A GLANCE
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MUR 28.5bn
Group Consolidated Revenue
MUR 17.9 bn - 30 June 2021 -
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MUR5.1 bn
EBITDA
MUR 2.4 bn - 30 June 2021 -
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MUR 2.2bn
Group Profit after Tax
MUR 446M - 30 June 2021 -
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MUR1.3bn
Profit Attributable to Owners of the Parent
MUR 617M - 30 June 2021 -
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MUR12.49
Company NAV per Share
MUR 9.28 - 30 June 2021 -
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MUR 98.2bn
Total Assets
MUR 84.1 bn - 30 June 2021 -
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MUR 17.8%
EBITDA Margin
2021: 13.5% -
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MUR 0.77
Earnings per Share
2021: MUR 0.37 -
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MUR 9.7%
ROCE
2021: 5.6%
1 Earnings Before Interest, Taxation, Depreciation, Amortisation, Impairment, Reorganisation Costs, and Fair Value gain on investment property
2 30 June 2021 numbers are restated
Please see our Annual
Financial Statements for
more detailed information.
A Letter from Our Chairman
P. Arnaud Dalais
Dear Shareholder,
As we celebrate our 110th anniversary, I am delighted to say this year’s results certainly show our strength, resilience and capacity to reinvent ourselves. The financial year 2022 has seen strong growth for CIEL in terms of turnover and profit.
The last two years of pandemic-related issues coupled with the global economic challenges brought about by the Russia/Ukraine conflict have been very challenging to say the least. Despite these extreme conditions, we have managed to get back on our feet, proved our strength and are fully back in operation.
The Group faced these macroeconomic headwinds with a solid focus on delivering at every step of our operations. This would not have been possible without the relentless efforts of our teams working hard and living up to our Group’s values. Thanks to the excellent teams in place, we have been able to transform challenges into opportunities and they should all be warmly congratulated.
AN INTERVIEW
WITH OUR GROUP CHIEF EXECUTIVE
Jean-Pierre Dalais
Dear Shareholder,
This year has had a plethora of events that have been very important for the Group. But of course, the key standout must be the reopening of Mauritius to tourism, and the strong public private collaboration that made it happen.
We have also consolidated our way out of the pandemic and have a solid position in each of our clusters. We are well positioned, geographically and through the sectors in which we operate. Our presence in both Africa and India, is a key strength, our continued expansion in these parts of the world is putting us in great shape for the future.