Message from the Chairman of the IIRC

Long-Term Value Creation

Following the implementation of our strategic plan, we took major steps in transforming the Group’s focus on short-term profitability to a long-term value creation one, while also considering our impact and contribution to the United Nations Sustainable Development Goals. I am pleased to present the 2018 Integrated Report of Anglo African Investments Ltd, which is our first financial year reporting, under the new Strategic Plan.

Integrated Reporting [Innovation]

Last year, we introduced the ranking of our capitals in terms of their importance in each of the subsidiaries. We also identified the top 5 SDGs for each of our subsidiaries and disclosed our material themes in the Risk Management section.

This year, we have gone further by: 1. Adding weight in addition to ranking in our Capitals Mix as defined in “Our Companies” Chapter; 2. Refined our UN SDGs selection and mapped it out with our longterm value creation across capitals in “Our Strategies” Chapter; and 3. Introduced long-term risk evolution in our “Risk Management” Chapter.

As we move towards long-term value creation in new lines of business such as Engineering Consulting, Enterprise Command & Control Centres, FinTech, and new geographies in Africa and Asia, it is important that stakeholders in these new industries and jurisdictions trust the Anglo African brand and the highest level of Governance takes us towards this objective.

In this respect, we have introduced a major innovation in our Integrated Report in “Applying and Explaining”, ourselves against the 16 Principles of the King Code IV™. Our Integrated Reporting exercise is a voluntary one and although we are not subject to any National Code of Corporate Governance, we decided to adopt and report on what we believe to be the most globally recognised and comprehensive Code in Africa and Asia.

Year in Review [Performance]

For the first time in our history, we have achieved a Profit after Tax of MUR 22.6Mn, resulting from profitable operations of all our subsidiaries, in addition to also achieving a PAT Margin of 7% which is very promising. Our other critical financial and non-financial indicators remain in the positive.

Accolades [Recognition]

After having won the PwC Corporate Reporting Award in the Non-listed Public Interest Entities and Parastatals category twice in a row [2016 and 2017], we were not eligible to participate in 2018, but as Integrated Thinking, Sustainable Development and Value Creation are at the heart of our strategy, we are being recognised beyond our borders.

Indeed, we were a finalist in the Finance for the Future 2018 Awards sponsored by the Institute of Chartered Accountants in England and Wales (ICAEW) and Deloitte (UK) in two categories: Embedding an Integrated Approach and Innovative Project, alongside prestigious companies such as, HSBC (UK), AECOM, Heathrow Airports and other global corporations.

Moreover, in addition to an invitation by the London Stock Exchange for an interview on NanoBNK in March 2018, we have also been nominated to be listed in the London Stock Exchange Group’s publication on “Companies to Inspire Africa 2018”, which is an unparalleled research project, in partnership with Asoko Insight, CDC Group and PwC, to reveal Africa’s most inspiring small & medium-sized enterprises. Finally, ACCA Global undertook a case study early in 2018 on our company’s successful implementation of Integrated Thinking.

“ Integrated Thinking, Sustainable Development and Value Creation are at the heart of our Strategy, we are being recognised beyond our borders...."

Strategic Orientation [Organisational Transformation]

We have completed the first year of our Transformation Plan, initiated in 2016 but started and launched in July 2017. The early harvests announced in our last Integrated Report did come through as our subsidiaries were profitable, signed new blue chip customers and won accolades.

However, as a responsible Board we are exercising caution by monitoring very carefully the different key performance indicators to ensure that we can continue, for our second year, to reassure all stakeholders that the operations are stabilised.


I would like to join other members of the Board to express our gratitude to Sunil Banymandhub who retired from the Board in July 2018 after 4 years as Director, during which time we benefited from his extensive risk management and financial expertise as the Chairman of the Audit and Risk Management Committee, and also his wisdom and valuable contribution to the Board.

We would like to welcome Jason Harel who has joined us as Independent Director and is, since July 2018, the Chairman of the Audit and Risk Management Committee. Following the resignation of Sanjeev Manrakhan as CEO in February 2018 for medical reasons, the Board activated the succession plan and appointed Ali Jamaloodeen as Group CEO in April 2018. Ali has been with the company since Day one and has held various positions within the company until recently as Executive Director responsible for Group Operations and Transformation.

I would also like to express my appreciation to my fellow directors on the Anglo African Board for their continued support and wisdom, and the management team for their outstanding efforts and leadership during this transitional year.

As always, I take this opportunity to express my sincere gratitude to our customers who have provided their valuable patronage to the Group.

Jean-Claude Béga