integrated annual report · independent auditor’s report 168 annexes: acronyms materiality and...

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Dear Shareholder,

The Board of Directors of Harel Mallac & Co. Ltd is pleased to present its Integrated Annual Report for the year ended 31 December 2018, the contents of which are listed on pages 4 and 5.

This report was approved by the Board of Directors on 14 May 2019.

REGISTERED OFFICE18, Edith Cavell StreetPort Louis

WEBSITEharelmallac.com

BUSINESS REGISTRATION NUMBERC07000952

SECRETARYHM Secretaries Ltd18, Edith Cavell StreetPort Louis

AUDITORSBDO & Co

BANKERSABC Banking Corporation LtdBarclays Bank PLCThe Mauritius Commercial Bank LimitedState Bank of Mauritius Ltd

REGISTRYHarel Mallac Corporate Services Ltd18, Edith Cavell StreetPort Louis

CORPORATEINFORMATION

ANTOINE L. HARELChairman

CHARLES HARELChief Executive Officer For our first Integrated

Annual Report, we wished to communicate to our shareholders on our financial, environmental, social and governance (ESG) performance for the year 2018, while taking into consideration the needs of all our stakeholders. Following up on our Sustainability Report 2017, we monitored and reported on the ESG indicators that matter the most to our five lines of business (divisions). Categorised along

Harel Mallac’s commitments for the Better of our Performance, Planet, our People and our Consumer, these indicators are detailed in Annex 2 (Materiality and Correspondence to the Sustainable Development Goals- SDGs). Our report also aligns with the SDGs, which – we believe - bring value to the society.

OUR JOURNEY TOWARDS INTEGRATED REPORTING

ABOUT THIS REPORT

FEEDBACKIn our journey to sustainability, we value the expectations and opinions of our stakeholders to improve our reporting processes and cover what matters to them. We therefore welcome remarks and suggestions on this Report to [email protected].

HAREL MALLAC & CO. LTD 003

INTEGRATED ANNUAL REPORT 2018

TABLE OF CONTENTS

002Corporate information

014Our Group at a Glance

030Directors of subsidiary

companies

003About this Report

018Group Overview

034Business Overview

Equipment & Systems

Chemicals

Technology

Travel

Financial Services

Asset Management

006Chairman’s message

022Board of Directors

042Our Group’s

Commitments

Our People

Our Planet

Our Consumers

Giving Back

054Corporate Governance

Report

008CEO’s Report

026Leadership Team

HAREL MALLAC & CO. LTD004


076Independent Auditor’s

Report

168Annexes:

Acronyms

Materiality and SDGs

Planet Aspects

People Aspects

081Statements of Financial

Position

082Statements of Profit or Loss

083Statements of Profit or Loss and Other

Comprehensive Income

084Statements of

Changes in Equity

086Statements of Cash Flows

087Notes to the Financial

Statements

074Statement of Compliance

073Secretary’s Certificate

075Value Added Statement

070Statutory Disclosures

072Statement of Directors’

Responsibilities



CHAIRMAN’S MESSAGE

Dear Shareholder,We have the pleasure of presenting you Harel Mallac’s Annual Report for the financial year ended 31 December 2018. Your Group confirmed its return to a profitability track in 2018, further to the strategic rethinking and reorganisation of the Group’s activities over the recent years.

OUR MACRO-ECONOMIC CONTEXT

Regarding the macro-economic environment, the 2018 economic growth rate for Mauritius remained at 3.8% for the third consecutive year. This growth was driven by significant public sector investments in the road infrastructure in particular. Two sectors had lower performances. The sugar cane industry contracted by 9.1% in 2018 after having shrank by 7.9% in 2017. The textile industry has also remained in a contraction mode after posting a negative growth rate of 6.8% in 2018.

On a positive note, the information, communication and technology as well as the retail trade sectors maintained their growth momentum in 2018, expanding by 5.5% and 3.6% respectively.

The tourism sector as well continued to thrive with a growth rate of 4.3% in tourist arrivals, and an increase of 5.5% in tourist earnings to Rs 68 billion in 2018. The construction sector confirmed its take-off in 2018 after registering a growth rate of 9.5% in 2018 compared to 7.5% in 2017, from nil growth in 2016.

Looking forward, the Mauritian economy is expected to achieve a GDP growth rate of around 3.9% in 2019. This forecast reflects the expected significant investments in infrastructure, as well as continued growth in performing sectors - notably, tourism, financial services and retail trade.

OUR FINANCIAL PERFORMANCE

As regards Harel Mallac, the financial performance of our divisions is dependent on the developments and challenges faced by the sectors in which we are present. Our diversified portfolio of activities, including associated companies, contributed to mitigating the specific risks inherent in each sector.

For the year under review, your Group’s revenue from continuing operations increased by 7% to reach Rs 4.3 billion. However, the drop in the profit after tax to Rs 67 million in 2018 from Rs 115 million in 2017 is partly due to an impairment of Rs 27 million of intangible assets relating to goodwill on Orinux. The decrease in profitability experienced by our Chemicals division serving the textile and sugar cane industries coupled with subsequent restructuring costs contributed to this reduction in profit after tax as well.

On the other hand, 2018 proved to be an excellent year for our Equipment and Systems division. On top of the positive contribution from its new acquisition, Corexsolar International, it had a higher volume in the sales of consumer electronics, which also contributed positively to the profitability of the division.

Our associates in the hotel industry in particular maintained their positive financial performance in 2018.

Reflecting the decrease in profitability, the earnings per share from continuing operations decreased from Rs 15.82 to Rs 6.24. The Board decided to maintain its dividend payout at Rs 1.80 for the year ending 31 December 2018.

Our share price stood at Rs 102.00 at the end of the financial year – an increase of 23% compared to the previous year and giving a dividend yield of 1.8% as of 31 December 2018.

OUR CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

In line with our commitment to create a better future for our planet, Harel Mallac continued to support social integration initiatives for the youth of its region, namely through the creation of the Port Louis Sailors Rugby Club. The Fondation Harel Mallac - whose main purpose is to support education for underprivileged children - focused on environmental education as a main partner to Reef Conservation Mauritius, among other projects. The Group also launched internal initiatives to improve its daily environmental impact, such as paper recycling and a rooftop photovoltaic panel on its Pailles building.

ACKNOWLEDGEMENTS

I would like to welcome two new Directors on the Board, namely Mr Christian de Juniac and Mr Daniel Giraud.

On behalf of the Board of Directors, I would like to express my sincere appreciation and gratitude to our customers, suppliers, partners and shareholders for their continued trust in our organisation. I would also want to thank my fellow Directors for their guidance and wise counsel, the CEO and his Leadership Team for their dedication and commitment to the Group’s purpose, as well as each of the Group’s employees for their hard work and contribution to the Group’s success.

ANTOINE L. HARELChairman

HAREL MALLAC & CO. LTD HAREL MALLAC & CO. LTD006 007

INTEGRATED ANNUAL REPORT 2018INTEGRATED ANNUAL REPORT 2018

CEO’S REPORTDear Shareholder,2018 was another step in the repositioning of your Group on a strong footing, built on a Commitment towards its People, Customers, Planet and Performance, to deliver on its Purpose to ‘Make a Difference for the Better’. As we progress on these four commitments, we are proud to present you with our first Integrated Annual Report.

PERFORMANCE REVIEW

There are promising signs of a turnaround, with strong growth in turnover up 7% to Rs 4.3 billion despite a much less buoyant general economic environment - where GDP growth for the same period was below 4% - and a recovery in Profit before Finance Costs (PBFC) of continuing operations from Rs 46 million to Rs 51 million. However, there is no room for complacency. Challenges remain widespread as evidenced by deteriorating bottom-line margins with the Group’s profit for the year declining from the Rs 115 million reported in 2017 to Rs 67 million in the year just ended (although that is largely attributable to a decline in asset disposals).

The continuing businesses of the Group registered growth in revenue year-on-year in all the major divisions,

except for the Chemicals one. Operational performance at the PBFC level flags the benefits of the conglomerate approach pursued by the Group, with improvements in the Equipment and Systems division providing a partial offset to setbacks in Chemicals as well as Technology. However, it also highlights the urgency of the challenges facing the Group:

• In the Chemicals division, PBFC was down from Rs 79 million in 2017 to Rs 29 million. Good results from other subsidiaries in the division were substantially overshadowed by a Rs 50 million hit to the MCFI Group with structural issues affecting the sugar industry locally, and country-specific problems overseas such as in Reunion Island, Burundi and Zambia, impacting turnover and margins.

• Technology divisional PBFC (including the Activeline loss-making operations now transferred to its management) swung from the Rs 2 million loss reported in 2017 to a loss of Rs 25 million. Significant contracts were secured in 2018 in Mauritius but business remained extremely competitive with margins declining more than 150 basis points. In addition, such large contracts remain complex in their delivery and capital intensive, imposing a cash-drain on our business to finance any delay.



We are convinced that one can only manage what one can measure. With this in mind, we identified the material impacts, the most relevant indicators and the best ways to monitor and improve our environmental, social and governance (ESG) performance.



CEO’S REPORT

Cluster Revenue Profit/(loss) Before Finance Costs (PBFC)

2018 2017 2018 2017

Rs’ m Rs’ m Rs’ m Rs’ m

Equipment & Systems 1,514 1,207 87 44

Chemicals 2,189 2,266 29 79

Other consolidation (186) (138) (2) (4)

Total Manufacturing & Trading 3,517 3,335 114 119

Technology 746 710 (25) (2)

Financial Services 28 25 1 (1)

Travel 26 26 (3) 1

Other consolidation (56) (35) (1) -

Total Business Services 744 726 (28) (2)

Corporate, Investment & Property 244 228 (8) (34)

Consolidation adjustments (240) (296) (27) (37)

Group 4,265 3,993 51 46

Discontinued operations 3 647 (3) (56)

Total 4,268 4,640 48 (10)

REVIEW OF FINANCIAL POSITION

A strong balance sheet is believed to be critical to enable the Group to deliver on its objectives by providing the flexibility and security required to pursue our strategic priorities and invest in promising opportunities. On this basis, the Group monitors:

• Its net debt position (Rs 752 million in 2018 versus Rs 762 million in 2017). This improved gearing is the result of continued repayment of the long-term debts of the Group, mainly by the holding company, but which was offset by the financing required for the higher working capital needs of the operational business units.

• Its working capital management: in 2018, the net current assets employed by the Group stood at Rs 225 million (Rs 277 million in 2017). Taking into account the short-term borrowings, which increased by Rs 118 million, the deterioration, tying up more of

our resources in working capital, reflects the impact of having to finance longer-term projects (e.g. Corexsolar and Harel Mallac Technologies) and the consequence of revenue growth on the working capital cycle.

• The Group non-current assets decreased by Rs 1 million, driven primarily by associates growing by Rs 61 million reflecting the continuing good performance of the Hospitality and Energy investments. It was substantially offset by declines in our Property, Plant and Equipment (Rs 24 million), a goodwill impairment of Rs 27 million on the Harel Mallac Technologies businesses, as well as deferred tax assets (Rs 23 million).

STRATEGIC MEASURES

Harel Mallac exited from poorly performing operations in the digital advertising and training sectors, given the continuing difficulty in

establishing a sustainable competitive advantage in these fields.

Additional resources were re-directed into the renewable energy sector, with the acquisition, for Rs 21 million, of a controlling stake in Corexsolar International SAS, a Reunion-based specialist in the photovoltaic (PV) field, which develops, designs, installs and operates PV projects. This brings within the Group a clear expertise that complements our Solar Field PV farm in Mont Choisy, with a strong pipeline of contracts in Mauritius and the Indian Ocean.

Your Group continued the operational reorganisation within the Chemicals division, to extract the maximum synergies from overlapping consumers, products and competencies. The Mauritius Chemical and Fertilizer Industry Limited (MCFI) made a voluntary offer for all the outstanding shares of its fellow subsidiaries, Bychemex Limited and Chemco Limited, with a purchase of minority interests from a Group’s perspective of at most



Rs 74 million. This flows from the strategy of consolidating the core Mauritian businesses to exploit international opportunities, with benefits expected from cost savings (both low-hanging fruits from delisting as well as longer-term pooling of activities) and revenue growth (using the MCFI African established network to cross-sell the Group’s portfolio of chemical products).

Harel Mallac launched a 20-month group-wide digital transformation programme, Athena, which includes, on the one hand the adoption of a new ERP to modernise and simplify our processes and achieve operational excellence, and on the other, moving from a product-based to a platform-based offering to our customers, via a Design Thinking Approach.

As mentioned in our Sustainability Report 2017, we are convinced that one can only manage what one can measure. With this in mind, we identified the material impacts, the most relevant indicators and the best ways to monitor and improve our ESG performance.

OUTLOOK

The strategy of Harel Mallac remains focused on operational improvements, with the goal being to strengthen our ‘core’ Mauritian activities and using this established expertise to then grow the business geographically (into the region) and laterally (into related businesses).

In 2019, we will continue to rationalise our long-standing businesses in Mauritius, to provide them with the agility required in an increasingly competitive environment, to exploit market opportunities as they arise. A delicate balance is required between the decentralisation historically granted to each of our businesses and the strength that comes from operating as a single coordinated Group, while encouraging an entrepreneurship mind-set to achieve our long-term goals.

We fully intend to use the relatively accommodating forecasts for the Mauritian economy in 2019 to consolidate our existing market positions, develop new markets within our scope of competencies and thereby future-proof Harel Mallac for the better of its stakeholders.

ACKNOWLEDGEMENTS

I would like to thank all the Harel Mallac team for their hard work and dedication over the past year to transform the Group into one ready to deliver on its Commitments. I would also express my gratitude and sincere appreciation to the Board and the Chairman for their valuable support and advice to date.

CHARLES HARELChief Executive Officer

Additional resources were re-directed into the renewable energy sector, with the acquisition, for Rs 21 million, of a controlling stake in Corexsolar International SAS, a Reunion-based specialist in the photovoltaic (PV) field.



NEVER BE TOO BIG TO DO THE SMALL THINGS THAT NEED TO BE DONE.

LEADING


LEADING


OUR GROUPAT A GLANCE

3Clusters of activities

23Companies

989Employees

Rs

4.3bnConsolidated Revenue (Financial Year 2018)

Rs

67mProfit after Tax

(Financial Year 2018)

31stin the Top 100 Companies 2018



INTERNATIONAL PRESENCE:Mauritius, Madagascar, Burundi, Rwanda, Tanzania and Zambia.



PURPOSE,COMMITMENTS AND GUIDING PRINCIPLES

Make a Difference for the Better

For the better of our PEOPLE, we make it our business to unlock their potential by stimulating individual initiatives and promoting entrepreneurial spirit within the Group.

For the better of our PERFORMANCE, we make it our business to do the right thing, with commitment and passion to achieve sustainable economic growth.

For the better of our CONSUMERS, we make it our business to understand their needs and source the very best products, brands and solutions to make a difference in their operations and lives.

For the better of our PLANET, we make it our business to improve quality of life and care for the world in which we live and evolve. Together, we tackle today’s issues to build a better tomorrow.

OUR PURPOSE

OUR COMMITMENTS



OUR GUIDING PRINCIPLES

BECAUSE BETTER BEGINS WITH EACH OF US, our commitment is fuelled by fundamental guiding principles that define how we do business. They guide our actions and behaviour. They influence the way we work with each other and the way we serve our various stakeholders.

AGILITY AND DETERMINATION IN ACHIEVING

Our agility enables us to seize and create the opportunity. We believe in the power of ambition and it is only by taking determined initiatives and by moving quickly that we can serve our clients with excellence, generate sustainable value for our people and our shareholders, and contribute to our broader community.

CARE AND ENGAGEMENT IN WHAT WE DO

We believe that one has to care for what they do to do it well, fuelled by the passion and enthusiasm that is put in every action undertaken. We operate in a spirit of cooperation and respect, by embracing each individual’s talents and we commit to creating a forward-thinking environment driven by how we are engaged in improving what we leave behind.

TRUST AND RESPONSIBILITY IN OUR RELATIONSHIPS

We lead by example and take ownership of our individual responsibility. This means doing the right thing at all times and conducting our business with the highest standards of professional behaviour and ethics, by being transparent and honest in all our interactions with employees, consumers, partners and the public at large.



GROUP OVERVIEWAT 31 DECEMBER 2018MANUFACTURING AND TRADING BUSINESS SERVICES

EQUIPMENT AND SYSTEMS %EO Solutions Ltd 100.00 *

Harel Mallac Trading Ltd 100.00 Corexsolar International SAS 51.00 *

Corexsolar International (Mauritius) Ltd

51.00 *

Techniques Solaires SA 51.00 *

Djema 2 SAS 51.00 *

Djema 3 SAS 51.00 *

Dori Energie SAS 40.00 *

Linxia Ltd 100.00 *

Novengi Ltd 100.00 *

Harel Mallac Distribution SARL** 100.00 Harel Mallac Healthcare Ltd** 100.00 *

TECHNOLOGY %Harel Mallac Technologies Ltd 100.00 Harel Mallac Technologies Burundi SA 100.00 *

Harel Mallac Technologies Madagascar 100.00 *

Harel Mallac Technologies Rwanda Ltd 100.00 *

FINANCIAL AND CORPORATE SERVICES

%

Harel Mallac Corporate Services Ltd 100.00 Harel Mallac Global Ltd 85.00 Harel Mallac Advisory Ltd 85.00

TRAVEL %Harel Mallac Aviation Ltd 100.00 *

Itineris Ltd 100.00

DIGITAL AGENCY %Activeline Ltd 100.00

CHEMICALS, FERTILISERS AND HYGIENE %

Archemics Ltd 100.00 Bychemex Limited 44.91 Chemco Limited 59.28 *

Coolkote Ltd 70.41 *

MCFI Export Ltd 70.41 *

MCFI International (Tanzania) Limited 70.41

*

Logima Reunion SAS 70.41 *

MCFI (Freeport) Ltd 70.41 *

MCFI International & Co Ltd 70.41 *

MCFI International (Zambia) Pty Ltd 70.41 *

Reunifert SAS 70.41 *

Suchem Ltd 100.00 The Mauritius Chemical and Fertilizer Industry Limited 70.41



ASSET MANAGEMENT

ASSOCIATES & JOINT VENTURES

PROPERTY %Société Sicarex 100.00Société Gare du Nord 100.00

Held by holding company %Attitude Hospitality Management Ltd 20.00 Emineo Holding Limited 25.00 Maritim (Mauritius) Ltd 22.86 Solar Field Ltd 51.00 Societe Oneo 25.00 SPV Petite Riviere Ltd 26.00 Total Mauritius Limited 20.00 Touristic United Enterprise Ltd 22.50 Water Sport Village Limited 24.50 Zilwa Resort Ltd 24.00

Held by group %Biofert Co. Ltd 23.47 Compostage Du Sud Ltée 35.00 Rehm Grinaker Construction Co Ltd 15.14 Rehm Grinaker Properties Co Ltd 15.14

* includes indirect holdings ** discontinued operations



EQUIPMENT & SYSTEMS

TECHNOLOGY

PROPERTY

MA

NU

FAC

TUR

ING

A

ND

TR

AD

ING

BU

SIN

ES

S

SE

RV

ICE

SA

SS

ET

M

AN

AG

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EN

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Société Sicarex

Harel Mallac & Co. Ltd

Société Gare du Nord

OUR GROUP STRUCTURE



ASSOCIATES

CHEMICALS

FINANCIAL SERVICES TRAVEL

Attitude Hospitality Management Ltd

Emineo Holding Limited

Maritim (Mauritius) Limited

Société Oneo

Total Mauritius Limited

Touristic United Enterprise Ltd

Water Sport Village Limited

Zilwa Resort Ltd

Biofert Co. Ltd

Rehm Grinaker Construction Co Ltd

Rehm Grinaker Properties Co Ltd

Un partenaire de confiance



BOARD OF DIRECTORSFrom left to right:Antoine L. HarelCharles Harel Dean Ah-Chuen

From left to right:Christian de JuniacDaniel Giraud G.O.S.KAnne Christine Lévigne-Fletcher C.S.KAnwar Moollan S.C.



From left to right:Pascal Boris C.B.E.Paul ClarencJérôme de Chasteauneuf



BOARD OF DIRECTORS

ANTOINE L. HAREL (61)Chairman - Non-Executive Director

Antoine L. Harel is a Fellow Member of the Institute of Chartered Accountants in England and Wales. He holds a BA (Hons) degree in Accounting and Computing. He joined Harel Mallac & Co. Ltd in 1987 and launched the Company’s Information Technology Division. On joining the Board in 1990, he was appointed Executive Director with responsibility for the Information and Communication Technology division and the Distribution and Retail division. In 1997, he was appointed Group CEO and has been the Chairman of the Board since April 2005. He was President of the Mauritius Chamber of Commerce & Industry from 1992 to 1993.

Other Directorships (listed Companies): - The Mauritius Chemical and Fertilizer Industry Limited (Chairman), Bychemex Limited (Chairman), Chemco Limited (Chairman) and Les Gaz lndustriels Ltd (Chairman).

CHARLES HAREL (51)Chief Executive Officer - Executive Director

Charles Harel holds a National Diploma in Management and Finance from the Cape Technikon, South Africa, as well as an MBA from the University of Birmingham, UK. He joined the Harel Mallac Group in 1993 as the General Manager of the Tourism and Retail Cluster. He has, over the years, held various positions across the Group before being nominated as the CEO Designate of the Harel Mallac Group in 2013 and CEO as from 1 January 2014. He was appointed to the Board of Directors in June 2006.

Other Directorships (listed Companies): - The Mauritius Chemical and Fertilizer Industry Limited, Bychemex Limited and Chemco Limited.

DEAN AH-CHUEN (54)Independent Director

Mr. Dean Ah-Chuen holds a BA degree in Computer Science, Economics and Mathematics from the University of Sydney (Australia) and holds an MBA in International Business from the University of Western Sydney.

Dean Ah-Chuen worked for Westpac Banking Corporation (Australia) in the IT Division and for Toyota before returning to Mauritius in 1994 where he joined ABC Motors Company Limited as Business Development Manager. Today, he is the Managing Director of ABC Motors Company Limited, now listed on DEM with overall responsibility for the Automobile Division of the ABC Group. He is currently a Board member of Lovebridge Ltd (a joint private/public project to assist poor income families). He is also a member of the Board of Directors of the Trust Fund for Excellence in Sports and a member of the Board of Directors of Club Maurice, both being organisations set up by the Government of Mauritius. Previously, he was a director of the Mauritius Post & Co-operative Bank Ltd. He was appointed to the Board of Directors in June 2012.

Other Directorships (listed Company): - ABC Motors Co. Ltd.

CHRISTIAN DE JUNIAC (65)Non-Executive Director

Christian de Juniac is a graduate of Cambridge University and holds an MBA from Harvard University. He trained as a barrister-at-law and was with Boston Consulting Group for 28 years, based mostly in the United States, UK, Holland and Switzerland. During his career at Boston Consulting Group, Christian de Juniac specialised in financial services and mass distribution. He was appointed to the Board of Harel Mallac & Co. Ltd on 16 May 2018.

Other Directorships (listed Companies): - None.



DANIEL GIRAUD G.O.S.K (66)Independent Director

Daniel Giraud G.O.S.K. holds a Master in Management Sciences (Paris Dauphine). He spent 23 years in the textile Industry as CEO of the Floreal Group (CIEL Textiles), the largest textile manufacturer, before joining Medine Limited as Chief Executive Officer in 2002. He sat on the Board of Medine Limited and EUDCOS and their subsidiaries from 2003 until his retirement from Medine Limited in 2017. He was appointed to the Board of Harel Mallac & Co. Ltd on 27 June 2018.


ANWAR MOOLLAN S.C. (51)Non-Executive Director

After reading for a degree in Mechanical Engineering in France, Anwar Moollan S.C. studied Law at Downing College, Cambridge and at Université de Paris Pantheon-Sorbonne. He joined the Chambers of Sir Hamid Moollan, Q.C. in 1995, and practices as a barrister. Anwar Moollan S.C. joined the Board of Directors of Harel Mallac & Co. Ltd as an Independent Director in June 2003.

Other Directorships (listed Companies): - Compagnie lmmobilière Limitée.

PASCAL BORIS C.B.E. (68)Non-Executive Director

Pascal Boris C.B.E. graduated from Ecole des Hautes Etudes Commerciales (HEC), Paris, from the New York University Stem Institute and from the London Business School. He is a former international bank CEO. After a rich 40-year career in International banking, namely with The Chase Manhattan Bank, Paribas and BNP Paribas, he became a business angel for young entrepreneurs. Pascal Boris C.B.E. is the joint founding President of Le Cercle d’Outre-Manche and the honorary President of the French Chamber of Great Britain. He was first appointed to the Board of Directors of Harel Mallac & Co. Ltd on 4 October 2017.


JÉRÔME DE CHASTEAUNEUF (52)Independent Director

Jérôme de Chasteauneuf qualified as Chartered Accountant of England and Wales in 1992 and holds a BSc (Hons) in Economics from the London School of Economics and Political Science. He joined the ClEL Group in 1993, taking on responsibilities over the years. He was nominated Group Finance Director of CIEL as from January 2017. Jérôme de Chasteauneuf was appointed to the Board of Directors of Harel Mallac & Co. Ltd in May 2010. He is also the Chairman of the Audit Committee.

Other Directorships (listed Companies): - CIEL Limited, Alteo Limited, CIEL Textile Limited, The Medical & Surgical Centre Limited and Sun Resort Limited.

ANNE CHRISTINE LÉVIGNE-FLETCHER C.S.K. (64)Chevalier de I’Ordre National du Mérite

Independent Director

Anne Christine Lévigne-Fletcher C.S.K. holds a Diplôme de l’lnstitut d’Etudes Politiques de Paris/Sciences Po, a Licence en Droit from Assas University and a Licence en Littérature Anglaise from Université de Nanterre. She was, from 1976 to 1981, the Managing Director/Designer of Mistra, an international company based in Paris operating in the design industry. She has been the Managing Director of Caléage Ltd- Hemisphère Sud since 1981. Anne Christine Lévigne-Fletcher C.S.K. was appointed to the Board of Directors of Harel Mallac & Co. Ltd in May 2011.


PAUL CLARENC (74)

Non-Executive Director

Paul Clarenc holds a Diploma in Production Management (Delft, Holland) and a Bachelor of Science (Hons) degree from Cape Town University, South Africa. He was the Managing Director of Mauritius Oil Refineries Limited from 1986 to 2014. He is a Founder Member of the Association of Mauritian Manufacturers. He has also been, from 1995 to 2000, a member of the Council of the Mauritius Chamber of Commerce and Industry and its President in 1998. Paul Clarenc was appointed to the Board of Directors of Harel Mallac & Co. Ltd in May 2004.

Other Directorships (listed Companies): - Plastic Industry (Mauritius) Ltd. and Mauritius Oil Refineries Ltd.



CHARLES HAREL

Chief Executive Officer

Charles Harel holds an MBA from the University of Birmingham, UK, as well as a National Diploma in Management and Finance from Cape Technikon, South Africa. He joined the Harel Mallac Group in 1993. He has held various senior management positions within the Group and was appointed Chief Executive Officer of the Harel Mallac Group in January 2014.

LEADERSHIPTEAM

OSMAN BADATManaging Director – Harel Mallac Global & Harel Mallac Corporate Services

Osman is a Fellow Member of the Institute of Chartered Accountants in England and Wales (ICAEW) and counts over 20 years of experience in auditing, M&A, corporate recovery and global business. He was previously the CEO and founder of Baines Trusts and Corporate Services, and he joined Harel Mallac when the Group acquired this company in April 2018. He is a former chairperson of the Mauritius Society of Chartered Accountants and of the Mauritius Institute of Professional Accountants. Osman serves as an independent director of a number of Global Business companies, funds and fund managers domiciled in Mauritius.

SHEMBOOSINGH (BEAS) CHEEKHOOREEManaging Director – MCFI, Chemco, Bychemex

Holder of a Bachelor’s degree in Chemical Engineering from the North East London Polytechnic, UK, Beas Cheekhooree worked at Tate and Lyle Process Technology in the UK, in 1983. Before joining Harel Mallac Export Ltd as Managing Director in 2012, he was the General Manager of FM Denim Co. Ltd. Since October 2014, he is the Managing Director of Harel Mallac Export Ltd, Harel Mallac (Tanzania) Limited and MCFI Group of Companies.



ANTHONY COOMBES

Managing Director - Archemics

Holder of a Bachelor’s degree in Mechanical Engineering (Imperial College, University of London) and a French Masters Degree ‘3ème cycle de Gestion’ - with specialisation in International Business Strategy – Marketing - from the Institut Supérieur de Gestion (Paris), Anthony Coombes has 18 years of experience in the FMCG industry at a senior management level. He was Executive Director at Scott & Co., in charge of the Hospitality, Corporate and Export channels and the Nespresso business, before joining Harel Mallac as Managing Director of Archemics in June 2017.

SOPHIE DESVAUX DE MARIGNY

Group Head of Communications and CSR

Sophie Desvaux de Marigny holds a Maîtrise in Geopolitics and a Magistère in International Relations and Diplomacy (both from Sorbonne University, Paris) as well as an Executive MBA from Dauphine University. After working for the United Nations in New York, she came back to Mauritius in 2003 and joined the European Commission Delegation as Assistant to the Economic Adviser for three years. She then spent ten years in the Medine Group as Head of Corporate Communications and Sustainability. Sophie joined Harel Mallac in March 2016.

VANESSA HIPPERTGroup Head of Corporate Services

Vanessa Hippert holds a Master’s degree in Banking and Finance and a Licence in Economics from the Université de Paris Panthéon-Sorbonne. Prior to joining Harel Mallac as Head of Business Risks and Operational Efficiency in October 2014, she has held various management position within Société Générale Investment Banking in New York and Paris between 2004 and 2014.

NICOLAS LANGLOISGeneral Manager – Suchem

Nicolas Langlois started his career in 1987 as sales representative for agricultural equipment at Roger Fayd’herbe. He joined the Suchem team in 1989 to develop the sales of Agro-chemicals. In 1991, he started developing other lines for the textiles, paint and plastic industries and became sales manager of Suchem in 2004. Harel Mallac acquired Suchem in 2011, and Nicolas became General Manager in January 2017.



ANDRÉ NAIRACGeneral Manager – Itineris & Harel Mallac Aviation

André Nairac started his career in the aviation industry in 1989 when he joined the sales and marketing department of South African Airways (SAA) in Mauritius. He subsequently held the position of SAA’s Country Manager in Côte d’Ivoire. He took employment with Harel Mallac as General Manager of the Travel and Leisure business in 2005.

LEADERSHIP TEAM

JEANIQUE PAUL-GOPAL Group Head of Human Resources

Jeanique Paul-Gopal holds a Diploma in Human Resources Management from the Mauritius Employers’ Federation, and an MSc in Psychology of Work from the University of Leicester (England). She is also accredited in Psychometric Assessments at Work, namely for personality profiling and ability assessment. She is a member of the British Psychological Society and of the European Federation of Psychologists. She spent six years as Human resources officer at Panagora Marketing (Eclosia group), and two years as Group HR Manager at VFS management Services, before becoming HR Operations Manager of ENL Corporate Services (ENL group) from 2009 to 2017. Jeanique joined Harel Mallac in October 2017.

PATRICE MARIEChief Operating Officer - Chemicals, Fertilisers & Hygiene With 26 years of experience working for a multinational FMCG company, British American Tobacco (BAT), Patrice has held various Trade Marketing & Distribution, Marketing, General Management and other senior management roles. He has had responsibility over single markets and cluster markets at senior management level across 17 countries in the Indian Ocean islands as well as in Southern, Central and Eastern Africa. His last positions were as General Manager of BAT Angola and General Manager of BAT in the Democratic Republic of the Congo. Holder of an MBA in Marketing from the University of Leicester, UK, he joined Harel Mallac in June 2018 as COO of the Chemicals, Fertilisers and Hygiene cluster.

CHRISTINE NGUYEN THAC LAMChief Operating Officer – Equipment & Systems Division

Christine Nguyen Thac Lam graduated from HEC (Paris), and holds a C.E.M.S. Master from the Community of European Management Schools. She worked for more than 20 years with multinational corporations such as ExxonMobil, Procter & Gamble, and Rio Tinto Alcan, leading business and finance controlling. From June 2014 to January 2017, she served as General Manager Finance of the Food & Beverages cluster of the Currimjee Group in Mauritius. Christine joined Harel Mallac in February 2017.



FRANCK RIVAS-MANZOPresident – Corexsolar International

Franck holds a Master’s in Management et Gestion Stratégique from IFG (Institut Français de Gestion), Paris. He started his career as Head of Sales in the Orange Group (France Télécom), then held key positions at Macé Group (distribution of household electrical appliances and air conditioning), and for Orange Group in the Indian Ocean area. He entered the photovoltaic business in 2007 (Conergy France, Tenesol, Pairan) and co-founded Corexsolar International in 2012. He joined Harel Mallac when the Group acquired Corexsolar International in April 2018.

ANSHI SAMINADENGroup Head of Legal Affairs

Anshi Saminaden is a Barrister-at-law, who was called to the Bar of England and Wales in 2005 and to the Mauritian Bar in 2006. She read law both at the University of Surrey, England and the Université René Descartes, Paris V, France and graduated with an LLB Honours Law & French in 2004. She completed her Bar Vocational Course at the Manchester Metropolitan University in 2005 and is a member of Lincoln’s Inn of Court. Following her pupillage in Mauritius, in the Chambers of Mr Patrice Doger de Spéville, Senior Counsel and the Office of Mr Thierry Koenig, Senior Attorney, she was a Consultant at the law firm De Comarmond & Koenig, before joining the Medine Group as In-House Legal Adviser and Legal Coordinator (2007-2017). Anshi joined Harel Mallac in October 2017.

CHRISTIAN YONG KIANG YOUNG

General Manager – Projects and Investment

Christian Yong Kiang Young is a member of the Institute of Chartered Accountants in England and Wales (ICAEW) and holds a Bachelor of Science degree from the London School of Economics, UK. He was Director – international Accounting & Reporting at MoneyGram from September 2009 to September 2015 and Audit Manager at KPMG from September 2002 to July 2009. In October 2015, he joined Harel Mallac as Group Financial Controller and accepted the challenge of managing the Group’s projects and investments portfolio in August 2016.

SHATEEAUM SEWPAULGeneral Manager – Harel Mallac Technologies

Shateeaum Sewpaul holds an MBA and a Postgraduate diploma in Business Administration from the Heriot-Watt University, Scotland. He also holds distinctive certificates in Computer Science and Administrative Management from the City and Guilds of London Institute (UK) and from the Institute of Administrative Management (UK) respectively. He started his career in ICT in 1996 with Harel Mallac, where he has held different senior sales and management positions until 2001. He was also General Manager of a leading South African IT brand (Distributor) from 2001 to 2004, before joining Harel Mallac again in 2004. He was appointed General Manager of Harel Mallac Technologies in April 2016.



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AH KINE S S Hock Meen ● ● ● ● ● ● ● ● ●

AH SUE M Alain ● ● ○ ○ ● ●

BADAT Osman Mahmad ● ●

BOULLÉ François Louis ● ●

CHEEKHOOREE Shemboosingh ● ● ● ● ● ● ● ●

COOMBES Anthony ●

CRAMBADE Olivier Philippe ●

CYAGA Eric ●

DOGER DE SPEVILLE Allain ●

ESPOSITO ERDOZAIN Phillipe Michel ●

FON SING Sandra ●

FRANCIS Alfred L ●

GASAATURA Kamau Philip ○

GOPALLA Gajanand ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○

HAREL Antoine L ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

HAREL Charles ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● n ● ● ● ● ● ● ● £ ● n ● ● ● ● ● ●

HAREL Guy ● ● ● ●

HAREL MALLAC & CO. LTD ● ●

HEBERDEN Edward Vaughan ○ ○ ○

HIPPERT Vanessa ● ●

JODHUN Hurrydeosingh n n n

LABAT Vincent ● ● ●

LECLEZIO Gaëtan ●

MORIER Pierrick Jean Paterne ●

MUSHI Sirili Ileti ●

NG KWING KING Harold ●

NGUYEN THAC Christine ● ● ● ● ● ● ● ●

OUEDRAOGO Mahamadou Lamine ●

RIVALLAND Jean Paul Patrick ● ●

RIVAS MANZO Franck ● o o o o ● o

SALLUSTRO Jean Luc ●

SEWPAUL Shateeaum ● ●

TYACK Fréderic ● ● ○ ○ ○

UDHIN Muhamud Junaid ○

VENKATASAMY Ravi ●

VERIEN Philippe ● ● ●

YONG KIANG YOUNG Christian Pierre ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

○ Resigned during the year ended 31 December 2018

● Director during the year 31 December 2018

n Gérant Statutaire

£ Alternate Director

o Président

DIRECTORS OFSUBSIDIARY COMPANIES



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AH KINE S S Hock Meen ● ● ● ● ● ● ● ● ●

AH SUE M Alain ● ● ○ ○ ● ●

BADAT Osman Mahmad ● ●

BOULLÉ François Louis ● ●

CHEEKHOOREE Shemboosingh ● ● ● ● ● ● ● ●

COOMBES Anthony ●

CRAMBADE Olivier Philippe ●

CYAGA Eric ●

DOGER DE SPEVILLE Allain ●

ESPOSITO ERDOZAIN Phillipe Michel ●

FON SING Sandra ●

FRANCIS Alfred L ●

GASAATURA Kamau Philip ○

GOPALLA Gajanand ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○

HAREL Antoine L ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●

HAREL Charles ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● n ● ● ● ● ● ● ● £ ● n ● ● ● ● ● ●

HAREL Guy ● ● ● ●

HAREL MALLAC & CO. LTD ● ●

HEBERDEN Edward Vaughan ○ ○ ○

HIPPERT Vanessa ● ●

JODHUN Hurrydeosingh n n n

LABAT Vincent ● ● ●

LECLEZIO Gaëtan ●

MORIER Pierrick Jean Paterne ●

MUSHI Sirili Ileti ●

NG KWING KING Harold ●

NGUYEN THAC Christine ● ● ● ● ● ● ● ●

OUEDRAOGO Mahamadou Lamine ●

RIVALLAND Jean Paul Patrick ● ●

RIVAS MANZO Franck ● o o o o ● o

SALLUSTRO Jean Luc ●

SEWPAUL Shateeaum ● ●

TYACK Fréderic ● ● ○ ○ ○

UDHIN Muhamud Junaid ○

VENKATASAMY Ravi ●

VERIEN Philippe ● ● ●

YONG KIANG YOUNG Christian Pierre ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ●



PEOPLE


THE STRENGTH OF THE WOLF IS THE PACK.

PEOPLE



BUSINESS OVERVIEWMANUFACTURING & TRADING CLUSTER

EQUIPMENT & SYSTEMS(Corexsolar, EO, Linxia and Novengi)

This division operates in two sectors:

Technology Equipment, with EO and Linxia mainly engaged in the distribution of information technology and consumer electronic products, the provision of smart workplace solutions including digital printing, cash processing, integrated mailing systems and related after-sales support.

Industrial Equipment: Novengi operates in the supply, installation and maintenance of industrial equipment in heating, ventilation, air conditioning, refrigeration and material handling amongst others. Corexsolar, which strengthened the Group’s offerings in green energy from April 2018, is a regional expert in solar energy for design, installation and operation of power stations of different capacities ranging from residential to large-scale solar farms.

2018 performance indicators are positive: revenue for the division was up by Rs 0.3bn to Rs 1.5bn while profit before finance costs (PBFC) increased by Rs 43m (to Rs 87m). Even excluding the impact of the Corexsolar acquisition - which strengthened the Group’s offerings in Green energy from April 2018 and contributed gross revenues of Rs 105m and PBFC of Rs 12m, on a like-for-like basis, the team has taken full advantage of the accommodating economic context, where

• The wholesale/retail trade reported growth of around 4% (less than 3% in 2017)

• Investments were at their highest rate over the last four years (growth in gross fixed capital formation ended close to 7% in 2018).

Achievements for the year include:

• Myros TV brand represented by Linxia establishing itself amongst the top selling in the market (+103% in sales revenue compared to 2017).

• Novengi delivering on its major contract associated with the port infrastructure development (14 Terberg tractors and 14 Dutch Lanka trailers) for Rs 80m.

• Acquisition of control in Corexsolar, which subsequently started work on two major projects in Mauritius, a 2MW solar farm at Henrietta and the supply/installation of 1,000 household solar kits for the CEB.

Management is confident in the 2019 forthcoming performance: our focus remains on continuous operational improvements in efficiency, customer experience and acceleration of the digital transformation. We count on further growth, fuelled by the major projects underway in Mauritius and the region, including the launch of a 5MW solar farm at Petite Rivière, the development of smart solutions and the extension of our current product portfolio (in particular Myros).

Revenue (Rs’ m)

PBFC (Rs’ m)

565

2018

2017

2018

2017

0 500 1000 1500 2000

-20 0 20 40 60 80 100

949

879328

29 63

(1) 47

Industrial Equipment (Corexsolar International & Novengi)

Technology Equipment (EO Solutions & Linxia)



CHEMICALS(Archemics, Suchem, MCFI Group, Chemco and Bychemex)

This division covers the manufacture and distribution of a wide range of of chemicals and water management. These include products for the agricultural sector (e.g. fertilisers from MCFI and agrochemicals from Suchem), for industrial needs (e.g. detergents and textile-related products at Chemco and Bychemex) and consumer products (e.g. FMCG household detergents and cosmetics by Archemics), as well as services in water management (Archemics and Chemco) and waterproofing contracting (Coolkote).

This division is particularly exposed to strong market cross-currents, with:

• The sugar cane sector and textile manufacturing sectors contracting for the second year running in 2018 (by more than 11% and 6% respectively).

• Some relief available with consumption expenditure growing at 3.4% in 2018 (supported by a marginal decline in inflation compared to 2017) and the construction sector achieving a progression of close to 10% in the current year.

• This is reflected in the mixed-bag performance of the division, with revenues down by Rs 0.1bn to Rs 2.2bn, while PBFC declined by Rs 50m to Rs 29m.

Notable exceptions to flag would be:

• Archemics, which managed to grow revenues 7% from 2017, benefiting from its exposure to cosmetics and detergent products, but still only managed to stand-still on operational PBFC at Rs 24m.

• Chemco, which also increased revenue by Rs 14m to Rs 295m but managed to achieve this at reasonable margins, driving PBFC higher by Rs 5m to Rs 13m (driven by a better performance of the water management unit).

Management priorities thus remain on:

• Efficiency gains to offset the difficult market conditions, including through ongoing operational and financial initiatives such as leaner working capital and procurement renegotiations as well as more structural changes like the

current MCFI take-over offer on Bychemex and Chemco to extract more synergies from existing activities.

• Market development with a focus on chosen markets (including rolling out the existing portfolio in regional markets) and new product launches in its related fields of expertise (e.g. speciality fertilisers for cash crops, bio-products, additional product lines in detergents, cosmetics and textile inputs, higher value-added services like water management).

The outlook for agricultural and industrial chemicals remains challenging, given the ongoing contraction of these businesses locally. The division’s strategy is to consolidate the operations to minimise costs and to renew the product-service range in Mauritius, which will then provide the expertise and financial depth necessary to expand in the region.

Revenue (Rs’ m)

PBFC (Rs’ m)

755

2018

2017

2018

2017

0 500 1000 1500 2000 2500

1,434

743 1,524

(12)

46

-20 -10 0 10 20 30 40 50 60 70 80

Chemical & Hygiene (Archemics & Suchem)

Chemical & Fertilisers (MCFI Group, Bychemex & Chemco)

33

41



TECHNOLOGY (Harel Mallac Technologies and Activeline)

Harel Mallac Technologies and its overseas subsidiaries in Madagascar, Burundi and Rwanda are organised around two core activities:

Advanced Infrastructure Services, which provides cost-effective infrastructure solutions to business needs;

Business Automation Services, which offers the expertise to streamline business processes and operations for efficiency; and it should be noted that in 2018, the decision was taken to integrate the Business Process Outsourcing (BPO) activities of Activeline into the Technology division, while the Group exited from its remaining digital communication and advertising activity (CZAM).

The ICT sector continued to grow locally at about 6%, improving marginally from 2017. Harel Mallac Technologies again outgrew the local market, recording an 8% increase in revenue, being the principal driver of the Rs 0.7bn divisional revenue in 2018. However, divisional PBFC collapsed from a loss of Rs 2m to a loss of Rs 25m (on a like-for-like basis of integrating Activeline within this division). This decline mainly reflects:

• The costs of restructuring Activeline, including the exit from CZAM to refocus on the BPO services only, amounted to Rs 12m. The remaining services are being consolidated into Harel Mallac Technologies.

• The difficulties of turning around the Rwanda business, which lost a further Rs 7m in 2018.

• The complicated reorganisation of the business to deliver on significant complex contracts, including one long-delayed contract running through 2018 against which management holds about Rs 7m of specific provisions against potential further contract issues at year-end.

Demand for ICT products and services benefited from government initiatives (public sector gross fixed capital formation grew by 18% in 2018) with Harel Mallac Technologies being the chosen local partner for the Economic Development Board (EDB) platform development. The company has a strong presence on the local IT market, coming out as a “Top of the Mind” brand in a 2018 Kantar TNS survey and confirming its proactive role on the market in terms of Technology and Innovation. The positive contribution of Harel Mallac Technologies’s Burundi and Madagascar operations, delivering another year of profitability, should also be flagged and comforts our strategic decision to restructure these businesses.

The immediate priority for 2019 is the completion of deliverables started in 2018 to free up resources tied to such overrunning contracts while the strategic objective for 2019 remains market development (in existing countries and new selected territories in Africa) as well as upskilling to improve our ability to deliver value in all our different markets.

Technology (Rs’ m)

746

Revenue

710

(25)

PBFC

(2)

2018

2017

0 100 200 300 400 500 600 700 800

2018

2017

-25 -20 -15 -10 -5 0

BUSINESS OVERVIEWBUSINESS SERVICES CLUSTER



TRAVEL (Itineris and Harel Mallac Aviation)

Itineris operates in the travel and tourism fields, with a focus on outbound travel as well as the cargo General Sales Agent activity (the company represents Leisure Cargo, a German-based cargo management company). Harel Mallac Aviation acts as a passenger General Sales Agent for Condor, Germany’s number one leisure carrier, and India’s flag carrier, Air India.

The travel industry continued to show growth, with tourist arrivals up 4% while departures of Mauritian residents also increased by 5%, benefiting from continuing improvements in disposable income and hence the ability to enjoy travel-leisure activities. These favourable conditions led to increased airline capacity during the peak season, boosting traffic figures but affecting the cargo export sector, where the increased capacity has brought fierce competition and downward price pressures, not offset by increases in demand.

Travel (Rs’ m)

(3)

26

Revenue

26

PBFC

1

2018

2017

0 5 10 15 20 25 30

2018

2017

-5 -4 -3 -2 -1 0 1 2 3 4 5

Revenue remained stable at Rs 26m, while PBFC fell to a loss of Rs 3m compared to a profit of Rs 1m in 2017, driven by a Rs 2m litigation provision and the advertising costs of launching Pinkmango, an online market place for local activities aimed at the inbound travel market.

Prospects for 2019 will depend primarily on the digital strategy, with Pinkmango driving the diversification and hence the resilience of the division. Focusing on customer service and satisfaction will help strengthen market share in our legacy activities to enable us to finance this development.



FINANCIAL SERVICES(Harel Mallac Global, Harel Mallac Corporate Services and Harel Mallac Advisory)

Harel Mallac Global is a management company providing administrative services to international businesses, trusts and individuals while Harel Mallac Advisory adds local corporate advisory services to the portfolio of the division. Harel Mallac Corporate Services provides predominantly share registry services on both an in-house and outsourced systems basis.

Financial and insurance activities in Mauritius recorded marginally weaker growth of 5% in 2018, while the Global Business sector itself as a whole grew by a timid 2%.

Major factors affecting the market included:

• The elimination of the GBC2 regime;

• Tax regulations amended to comply with the OECD Base Erosion and Profit Shifting (BEPS), introduction of the Common Reporting Standards (CRS) with respect to exchange of taxpayers’ information amongst tax authorities, as well as a new tax treaty with India; and

• Regulatory tightening following high profile scandals in the Mauritius jurisdictions, resulting in slower processing and turnaround times and delaying client acquisition and servicing.

BUSINESS OVERVIEWBUSINESS SERVICES CLUSTER

Financial Services (Rs’ m)

28

Revenue

25

1

PBFC

(1)

2018

2017

0 5 10 15 20 25 30

2018

2017

-1 0 1 2 3 4 5

The division contributed Rs 28m in revenues (a 13% growth from 2017) and turned profitable at an operational PBFC level (around Rs 1m), driven mainly by Harel Mallac Corporate Services benefiting from a buoyant securities market, with a number of corporate transactions requiring its services.

The strategic priority of both companies in 2019 remains new client acquisition, whilst continuing to expand the range of services to achieve an enhanced value chain for clients.



ASSET MANAGEMENT The Harel Mallac Asset Management cluster comprises investments in:

Associates – Attitude Hospitality Management, Biofert, Emineo Holding, Maritim (Mauritius), Rehm Grinaker Construction, Rehm Grinaker Properties, Societe Oneo, Total Mauritius, Touristic United Enterprise, Water Sport Village and Zilwa Resort.

Harel Mallac aims at participating and holding investments in promising ventures and it ambitions to add value through its experience and network in the business community. In 2018, the Group exited from the printing sector at around the book value of its holdings, given the limited strategic fit and the presence of a willing buyer. On a pro-forma basis, 2018 performance was up more than Rs 1m to Rs 129m and displayed the risk-mitigation benefits of the diversified portfolio held by Harel Mallac:

• Our hospitality investments delivered at an operational level in 2018, with a positive contribution from all our investees and a related increase in the value of our investments. However, against strong 2017 comparatives boosted by exceptional gains on deferred contingent consideration, they contributed Rs 8m less to the Group’s profits.

• The engineering and construction associates showed positive signs of a turnaround, with Emineo returning to profitability and Rehm Grinaker using the upturn in the construction sector to improve marginally its profits compared to 2017, leading to an overall increase of Rs 9m from last year to the Group’s share of profits from these associates.

• Total Mauritius continued its steady progress within our investment portfolio, contributing Rs 36m to the share of profits consolidated by Harel Mallac, up Rs 1m from 2017.

Joint Venture – Solar Field

Harel Mallac jointly controls Solar Field, a photovoltaic farm providing green electricity to the national grid. It was affected by poor weather conditions in 2018, contributing a loss of Rs 1m to the Group’s bottom line, despite performance ratios of the photovoltaic farm being in line with industry standards. As part of its Corexsolar transaction, the Group acquired and will invest further in developing another solar farm in the joint venture SPV Petite Riviere Ltd in 2019.

Property

Harel Mallac holding companies manage a portfolio of investment properties, located mainly in and around the Port Louis area. The property market remains challenging with a continued oversupply compounded by the planned development of smart cities, while demand for rental space is constrained by the moderate growth of the Mauritian economy.

The portfolio recorded a marginal gain in fair value in 2018 with net rental income being broadly unchanged. Management remains on the lookout for opportunities to maximise value from this significant Group asset.

VALUE OF INVESTMENTS AND SHARE OF PROFIT BY ENTITY

Investment properties

Other

Energy

Tourism & Hospitality

Engineering & Construction

Share of Profit (Rs’ m)

0 40 80 120 160

2017

2018

Value of Investments (Rs’ m)

5

53

89

799

34

288

(0)

2

20

359

48 740 288 5 360

(4) 97 39 (0) 19

0 400 800 1200 1600

2017

2018


WHEN YOU’RE ON TOP OF YOUR GAME, CHANGE YOUR GAME.

STRA-TEGY


STRA-TEGY


OUR PEOPLE

OUR GROUP’SCOMMITMENTS

KEY HUMAN CAPITAL METRICS:

Gender distribution

7222018

2017

0 400 800 1200

267

758 277

Male Female

Leavers by age group

21 64 462018

2017

0 40 80 120 160 200

14 18

25 88 46 1112

18-24 25-34 35-44

45-54 55+

163

182

Age distribution

47 310 3142018

2017

0 400 800 1200

204 114

48 328 339 215 105

18-24 25-34 35-44

45-54 55+

1,035 employees

989 employees

At 31 December 2018, the Harel Mallac team comprised of 989 employees.

We strongly believe that our people are at the heart of our business success, and that an empowering work environment is key to make them feel valued, engaged and recognised for their efforts.

New hires by age group

24 19 552018

2017

0 40 80 120 160 200

12 3

39 69 34 10 4

18-24 25-34 35-44

45-54 55+

113

156



8,639hours of training

12online training modules launched

DEVELOPMENT AND CULTURE

In line with our conviction that no strategic repositioning can be successful unless it is understood and endorsed by an organisation’s employees, we have repeated our internal Let’s ACT campaign on the Group’s guiding principles (Agility, Care and Trust), from September to November 2018.

Following the results of our Employee Engagement Survey in October 2017, all divisions organised focus groups and set up employee engagement committees which, in turn, have run quick-wins and medium-term actions to fulfil identified needs. Launched in 2017, the Harel Mallac Employee Privilege Card gives access to numerous privileges and discounts in our BUs, as well as in other stores around Mauritius. In terms of welfare, our annual Group event was a Harel Mallac Football Cup held in July.

In 2018, our staff followed 8,639 hours of training. The Group also launched Let’s LEARN, an online training platform for all staff, with 12 tailor-made compulsory modules.

All our employees received a performance and career development review during 2018: they were evaluated through the Group’s

Performance Assessment tool, which includes performance according to three guiding principles (Agility, Care and Trust). We also started the preparation of a cohesive Talent Management Framework, to be deployed in Q2 of 2019, and whose main strategic objectives are to position Harel Mallac as an employer of choice and identify, attract and retain high performing talents.

OCCUPATIONAL HEALTH AND SAFETY

We hold our people’s safety, security and health as utmost priorities in our daily business conduct, and we engage with all stakeholders by way of an open dialogue, to ensure a safe and healthy workplace in all our locations.

Harel Mallac fully complies with the OSH Act 2005, notably on the following criteria:

• All companies with at least 50 employees have a joint management-worker health and safety committee.

• Companies with 100+ employees have four employee representatives and four employer representatives.

• Companies with less than 100 employees have two employee representatives and two employer representatives.

In 2018, we introduced an online H&S training module on our e-learning platform, which was completed by 87% of the employees at 31 December 2018. We also share quarterly H&S bulletins by email. Other notable H&S activities in the Group were:

• Introduction of a health surveillance for Suchem employees.

• Risk assessment conducted for all Business Units of the Group: out of the 17 high risks identified, 14 were closed at 31 December 2018.

• Chemco, Bychemex and Archemics are OHSAS 18001 certified.

• The annual safety week in June, with awareness sessions on feminine cancers, nutrition and non-communicable diseases.

It is worth noting that with respect to safety performance, neither fatality nor major work-related incident was recorded in 2018.

Rs10,254,219

invested in training and development



FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING

Harel Mallac and all its subsidiaries comply with the Employment Relations Act 2008 and Employment Rights Acts 2008 and recognise the Basic Workers’ Rights to Freedom of Association. Archemics, MCFI, Bychemex and Chemco fall under the bargaining unit. There is no legally defined notice period regarding operational changes in Mauritius, and although it is not specified in the collective bargaining agreement, our companies ensure that unions are informed of any operational changes within one month.

HUMAN RIGHTS GRIEVANCE MECHANISMS

Harel Mallac recognises the value and importance of open discussions in clearing up misunderstandings and preserving harmonious relations. The Management shall always investigate into any grievance of employees. The Group and all subsidiaries have a Grievance Handling Procedure to help employees and line managers/ supervisors address a diverse range of work concerns in a fair and timely manner. No Human Rights-related grievance was recorded nor resolved in 2018.

NON-DISCRIMINATION

Harel Mallac is committed to providing equal opportunities in employment, in the provision of services to clients and in the use of external services. In line with the Equal Opportunities Act 2008, Harel Mallac stipulates in its Code of Ethics that it does not tolerate direct or indirect discrimination against anyone, based for example on gender, race, religion, age or disability. During the year 2018, no discrimination-related incident was reported to the company.

MEAN GENDER PAY GAP

Number of women

Basic Salary

Basic Salary

-13%

Operatives Staff Management Group

Number of men

Mean female average pay

Mean male average pay

The mean gap is the percentage difference

between the two figures

Rs

Rs

÷

÷

=

=+ + + + + +

FEMALE 27%MALE 73%

+ + + + + +

-7% -1% -13%

OUR GROUP’S COMMITMENTS

OUR PEOPLE (CONT’D)



MATERIALS INPUT

This aspect describes our companies’ contributions to the conservation of natural resources and their effort to reduce their intensity in raw materials. They are pertinent for our Chemicals business units, which are committed to optimising the input of both the renewable and non-renewable materials in their production.

MCFI has engaged in the production of biofertilisers since 2015, and increased the use of mineral fertilisers by 11% from 2017. Through Biofert, a joint-venture with the Mauritius Cooperative Agricultural Federation (MCAF), MCFI produces biofertilisers from local strains - namely from Azotobacter sp, Pseudomonas sp and Frateuria Aurentia, which are complements of NPK fertilisers. In 2018, some 1,230 litres of biofertilisers were sold on the local market. MCFI also represents Tradecorp International, whose product portfolio includes a range of eco-certified fertilisers.

Archemics used 249 tonnes of ingredients derived from renewable materials (surfactants and speciality chemicals) for its homecare detergents (MIR, Le Chat and Xtra), industrial detergents (P3) and Personal care products (the PURE range). Archemics sources these ingredients from BASF, which, as a connecting link between raw material producers and manufacturers, stands today as one of the key global suppliers influencing the Roundtable on Sustainable Palm Oil, RSPO. The company also included measures to decrease adverse environmental footprint in the construction of its “cosmetics” production plant, due to open in Q2 2019.

OUR PLANET

Bychemex

MCFI

Chemco

Packaging (Units)

59,830

20,860

2018

-14%

Packaging (Units)

550,748

2018

-20%

3,61

9

Chemicals*(Tonnes)

2018

-25%

12,6

25

Chemicals*(Tonnes)

2018

2018

-25%

MineralFertilisers (Tonnes)

11%

Archemics

Packaging(Units)

2,663,221

2,97

3

2018

1%Chemicals*

(Tonnes)2018

7%

249 -1%

Renewable Non-renewable

* Both liquid and solid chemicals.



ENERGY CONSUMPTION

Our operations used 5,812 GJ of electricity in 2018 (compared to 6,102 GJ in 2017), and produced 242 tonnes of CO² (compared to 264 tonnes in 2017).

Of this electricity consumption, 5.1% came from a renewable source (solar panels at Archemics), a noteworthy increase from the 2.9% in 2017. The Pailles “site” completed the installation of a rooftop photovoltaic plan on its building in March 2019, which we expect to contribute to 30% of its energy consumption in the coming years.

0 800 1,600 2,400 3,200 4,000

Diesel SolarCoal Heavy Fuel OilCEB

Chemical

Equipment & Systems

Travel, Financial Services & Head Office

Technology

3,082

1,152

40

701

16

136 223 285

GJ

46

292

165

178

Chemicals

CO2 Emissions(in tonnes)

Technology


Equipment & Systems

OUR PLANET (CONT’D)

OUR GROUP’S COMMITMENTS

WATER CONSUMPTION

Our operations used 81,750 m³ of water in 2018, compared to 39,385 m³ in 2017. This surge was due to a pipe leakage in the Fort George compound (MCFI), which severely affected the water conservation efforts throughout the Group. It was discovered late and is being investigated by the Central Water Authority (CWA).

Archemics is an active signatory of the CEO Water Mandate.

63,319 m3

Chemicals

Equipment & Systems


9,554 m3

5,178 m3

3,699 m3

CWA Borehole

-17%

71%

-12%

10,000 20,000 30,000 40,000 50,000 60,000 70,000



AIR EMISSIONS (TRANSPORT)

Three divisions have retained the transport-related air emissions aspect as material for their activities: Chemicals, Equipment & Systems and Technology.

2018 2017

Divisions Fuel TypeTotal fuel used

(L)CO2 Emissions

(tonnes)Total fuel used

(L)CO2 Emissions

(tonnes)

Chemicals Diesel 310,057 818 493,105 1,301

Petrol 73,957 170 73,835 170

Equipment & Systems Diesel 211,079 557 198,861 525

Petrol 127,010 293 184,340 425

Technology Diesel 127,179 336 64,826 171

Petrol 57,961 134 101,411 234

The data above also include employee fuel card consumption. 2018 saw a decrease in fuel consumption due to decrease in company vehicle and number of employee having a fuel card allowance. For 2019, the Head Office and both Financial Services and Travel divisions will start measuring and monitoring this aspect.

Archemics continues its PNEE Logistics Audit in order to control and reduce its carbon emissions.

AIR EMISSIONS (INDUSTRY)

Our business units in the Chemicals division are in line with the Environment Protection Act 1991’s Ambient Air Quality Standards, and use the related measurement methods relevant to each pollutant.

MCFI has an adequate dust collecting system in place. The Mauritius Cane Industry Authority (MCIA) conducts Stack Particulate Matter and Continuous Gaseous Emission tests for MCFI’s NPK Fertiliser and Granulation Plant every three years, and the latest monitoring was done in February 2019, on two boilers at MCFI. A test on Respirable Suspended Particles was also carried out inside the Fertiliser Processing Plant, from 6 to 8 and from 14 to 15 February 2019.

The tests were carried out as recommended and approved by the Code of Federal Regulations 40 of the United States Environment Protection Act 1996, and results are as follows:

Component Concentration @15 % O2 EPA 1998 Standards

Oxygen ( O2), % 15.0 None

Carbon Dioxide (CO2), % 1.6 None

Carbon Monoxide (CO), mg/m³ 29 1000

Sulphur Dioxide (SO2), mg/m³ 22 2000*

Nitrogen Oxides (NOx), mg/m³ 31 1000

3 The Chemicals division results for 2017 do not include Suchem’s fuel consumption, as it had not started measuring that year. It also does not cover Corexsolar International, which effectively started operating in Mauritius late in 2018. Detailed results as in Annex 3 (E4)



EFFLUENTS AND WASTE

Waste generated by our BUs is categorised into hazardous and non-hazardous kinds, in accordance with the Environment Protection Act (EPA) Hazardous Waste Regulations 2001.

In 2018, more business units started weighing and monitoring their waste. Among efforts to reduce paper consumption, EO & Linxia implemented the Managed Print Services centralised printing with passwords to exert better control over paper printing and conducted awareness campaign on electricity usage at work. The Head Office and Archemics segregated their waste continued their collaboration with the NGOs PaperLink and Mission Verte respectively, for the collection and recycling of paper and cardboard wastes. The town authorities collected all domestic solid waste for disposal at the landfill (quantities were not measured).

In line with the Group IT Policy, all our business units conduct clean-ups and reclamation tasks before disposing of their electronic assets. This disposal is conducted yearly with an approved waste collector.

Category Waste type Measure Quantity 2018 Quantity 2017 Disposal Method

Non Hazardous

Archemics

Recycled plastics (LDPE) tonnes 1.1 7.6 Recycling Recycled plastics ( HDPE) tonnes 2.7 0.9 RecyclingSolid wastes tonnes 249.6 249.6 Landfill

Paper and carton tonnes 1.12 2.0 Recycling

Drums –plastics 200L tonnes 23.7 13.1 Sold for reuseDrum – metal- 200 L tonnes 36.7 6.7 Sold for reuseDrum- plastic- 20 L tonnes 1.6 0.2 Sold for reusePallets tonnes 4.8 2.8 Recycling /reuse

CoolkoteMembranes and pieces of

screed (concrete)tonnes Not measured Not measured n/a

MCFI Domestic solid waste tonnes 197.9 533.0 Landfill

Suchem

Domestic solid waste tonnes 18.4 Not measured Landfill

Pallets tonnes 7.3 0.8 RecyclingDrum tonnes 0.2 0.3 Reuse

EO & Linxia Domestic solid waste tonnes Not measured Not measured n/a

NovengiPaper tonnes Not measured Not measured n/aDomestic solid waste tonnes Not measured Not measured n/a

Harel Mallac Aviation & Itineris

Domestic solid waste tonnes Not measured Not measured n/a

HMG & HMCS Domestic solid waste tonnes Not measured Not measured n/a

HMCODomestic solid waste tonnes Not measured Not measured n/aPaper & Carton tonnes 1.5 1.2 Recycling

Hazardous

Archemics Effluents (waste water) m3 2,904 3,024 treated onsite and carted awayCoolkote Used tyres units 6 16 LandfillSuchem Used oil Litres 400 200 RecyclingEO & Linxia Used batteries units 7 9 G

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