Trimetys Annual Report highlights our major achievements and milestones in 2020, gives a summary of future plans and provides an overview of our financial performance.
ANNUAL REPORT 2020
“Our Group is built on empowerment, self-reliance, knowledge of our markets and trust in each other.” Georges Talbotier
Having the right fundamentals and a clear vision are quintessential to turning adversity into opportunity.
The new normal operating environment will inevitably incorporate higher risk management strategies and a shift in priorities adapting to market needs.
About our Group 06 Who we are 07 Trimetys at a glance 08 Timeline 10 Organisational structure
12 Group structure
How we lead 16 Discussion with the Chairperson
18 Board of Directors 20 Senior management Our strategy 28 Interview with the Group CEO
30 Macroeconomic environment
34 Real estate 38 Sports & leisure 42 Hospitality 46 Agribusiness 50 Other interests How we create value 54 Value creation model
Risk management 66 Risks Matrix Corporate governance 74 Corporate governance report 82 Statement of compliance 83 Company secretary’s certificate Financial review 86 CFO’s report 90 Auditor’s report 96 Financial statements
Who we are
Who we are
About our Group Over the years, Trimetys Group has transformed from a modest family-owned business into a diversified corporate entity employing a 300-strong workforce.
Sports & Leisure
T heGrouphas driven some significant developments in various sectors, including real estate, hospitality, poultry farming and agriculture, sports facilities and education, mainly on theWest coast of Mauritius. It has also launched Cap Tamarin Smart & Happy Village under the Smart City Scheme in 2018. Immobilier.mu, La Place Cap Tamarin, Sakoa Boutik Hotel, Tekoma Boutik Hotel, Be Cosy Apart’ Hotel, PLAY mourouk, Riverland Sports Club and École Paul et Virginie are among our most recognised brands.
Who we are
Trimetys at a glance
Year of foundation 1998
Trou aux Biches 2.27 arpents 2 hotels
Rodrigues 2 hotels
Tamarin 105 arpents 4,500m² industrial space 600m² office space 1,500m² building structure for Riverland Sports Club 7,500m² commercial building Mare Longue 8 arpents 1,000m² industrial building Henrietta 94 arpents of agro-industrial land within an agricultural morcellement
revenue (2020) Rs 148m
Our main brands
• Trimetys • Tekoma Boutik Hotel • Be Cosy Apart’ Hotel • Immobilier.mu • La Place Cap Tamarin • Cap Tamarin Smart & Happy Village • Be Apart • Sakoa Boutik Hotel • PLAY Hotel • PLAY mourouk • La Maison Paysanne • Le Poulet Fermier • Riverland Sport Club
territories of operation 4
Who we are
l Setting up of Le Poulet Fermier Ltée l Launch of various real estate projects in Trou aux Biches
l Incorporation of Cécile Gaudin et Cie Ltée
Launch of Sakoa Boutik Hotel (16 rooms) l in Trou aux Biches
l Inauguration of École Paul et Virginie, a French-curriculum school in Tamarin
Sakoa Beach Hotel
l Inauguration of Riverland Sports Club on an area of 30,000m² in Tamarin
Opening of Le Barachois Commercial Centre Phase 1 l
Riverland Sports Club
Cécile Gaudin et Cie Ltée became Trimetys Ltd l Completion of Domaine du Levant l (56 turnkey houses) at Roches Noires
l Launch of La Place Cap Tamarin (Barachois Commercial Centre) Phase 2
Opening of Tekoma Boutik Hotel l (15 rooms) in Anse Ally, Rodrigues
La Place Cap Tamarin
Opening of Be Cosy Apart’ Hotel l (102 apartments) in Trou aux Biches
l Issue of Smart City Certificate to Cap Tamarin Ltée
Be Cosy Apart’ Hotel
Who we are
Completion of Les Terrasses du Barachois l with 35 exclusive flats
l Launch of Cap Tamarin Smart & Happy Village, a mixed-use smart city development spanning 44 hectares
Les Terrasses du Barachois
Cap Tamarin Smart & Happy Village
Completion of infrastructure work at l Cap Tamarin Smart & Happy Village Construction of Résidence Laelia l with 12 luxury villas in Trou aux Biches Takeover of management of Mourouk Ebony Hotel l (35 rooms) in Rodrigues Extension work at Tekoma Boutik Hotel in Rodrigues l
l Opening of Super U HyperMarket and C-Care Clinic Cap Tamarin l Launch of work on the residences of Cap Tamarin Smart & Happy Village l Reopening of Tekoma Boutik Hotel in Rodrigues
Mourouk Ebony Hotel
C-Care Clinic Cap Tamarin
Development of Cap Tamarin Park l Commencement of farming activities in Mare Longue l New poultry farm in Henrietta l Renovation and rebranding of l Mourouk Ebony Hotel into PLAY mourouk Continuation of work on Cap Tamarin Smart & Happy Village l Renovation of Be Cosy Apart’ Hotel l Delivery of the first villas at Résidence Laelia l
Mare Longue farm
Who we are
Georges Talbotier Managing Director & Group CEO
Priscille Baya Group Deputy CEO
Who we are
Ludovic Lagesse CEO Hotels
Ashvin Seeboo CEO Real Estate
Roger Le Gentil Head of Agribusiness
Hans Sooknah Group Chief Financial Officer
Meenakshi Doomjy Group Human Resources Manager
Anand Hurree Group Maintenance Manager
Evelyne Le Gentil Group Internal Control & Performance Manager
Adrian Ashton Group Head of Marketing, Communication & Digital
Quentin Szarzewski Head of Sports & Leisure
Who we are
KIAN JHUBOO 31.43%
EZRA JHUBOO 31.43%
JAYEEN JHUBOO 31.43%
THE STATE INVESTMENT CORPORATION LIMITED 5.71%
Who we are
Real Estate Cap Tamarin Ltée (CT) (100% - TMT) l Villas MG Ltée (100% - CT) l Riverloft Ltée (100 % - CT) l Forever Young Ltd (100% - CT)
l Tetris Development Ltd (100% - CT) l Angie Promotion Ltée (50% - CT) l O’Patio Ltée ( 100% - CT) l Villas Aloues Ltée (100% - CT) Immobilier Conseil Engineering Ltée (100% - TMT) Trinidad Residences Ltée (50% - TMT) Imagine Promotion Ltée ( 40% - TMT) Trinidad Villas Ltée (51% - TMT) Integral Construction Enterprise Ltd (100% - TMT)
Agribusiness Le Poulet Fermier Ltée (100% - TMT)
Tourism & Leisure Trimetys Hospitality Ltd (100% - TMT) CCMIC Ltée (67% - TMT) Sakoa Management Co. Ltd (100% - TMT) Anse Ally Ltée (100% - TMT) Les Salazes Ltée (100% - TMT) Mourouk Ebony Management Ltd (100% - Trimetys Hospitality Ltd)
Education École Paul et Virginie*
*Trimetys Ltd is among the founding members and is represented on the management committee.
How we lead
How we lead
The Chairperson of the Group, Ezra Jhuboo looks back
on a turbulent financial year
and expresses his views on key issues and how the future will unfold for Trimetys.
Discussion with the Chairperson
Crises often bring out the best in us.
What factors in the macroeconomic environment influenced the Group’s activities in FY20? T heworldhas changed almost beyond recognitionsinceearly 2020. Theglobal economy has been put on hold to protect our health. Shops, hotels, airports, busi- nesses and factories have closed, and the freemovement of people andgoods - which is the bedrock of any econo- my - has been severely impeded by the spread of COVID-19. The macroeconomic environment has not exactly been rosy with most indi- cators pointing downward and nega- tive market effects, including a slump in tourist arrivals, significant volatility
in freight rates and rising construction material prices. A number of corpo- rations are experiencing sharp falls in revenue and a worsening in their debt repayment capacity, forcing them to negotiate moratoriums with lenders. Tourism worldwide and in Mauritius has beenhardest hit by the pandemic. What do you think of the country’s response? It is clear that it is actually almost impos- sible to keep the country f ree f rom COVID-19; we must be prepared to live with the virus for an extended amount of time.We alsoneed todraw inspiration from what is being done elsewhere in terms of protocols andborder reopening policies that are applied. Rapid mass
vaccination seems tobe themost effec- tive way to defeat the pandemic and safely reopen our economy. We also welcome the phased reopening of our borders to international travellers since mid-July 2021. We have to ponder deeply on how to navigate these testing times and emerge stronger. The country’s mind- set andapproachare important tobring together all stakeholders – the State, employers and employees – as part of a joint effort of national solidarity. This is a time for unity across sectors andwe need to get tourism in Mauritius on its feet again as soon as possible.
How we lead
What are the specific risks and oppor - tunities that affected Trimetys’ ability to create value? A tighter cash-flow situation has had a signif icant adverse impact on our financial position. Our business model has also been challenged by greater complexity and lack of visibility in some sectors, especially hospitality. Anuncer- tain economic outlook makes it more difficult to develop and implement our medium-term business plans. The current context alsobrings an addi- tional layer of complexity to providing strategic value to our businesses. What is important is to ensure the sustainabil- ity of ourmarkets in the short, medium and long termwhile strengthening our resilience in these sectors. TheCOVID-19pandemicnot only creates serious challenges, but also provides new opportunities. We need to be prepared to carefully watch for such opportunities andaboveall, beprepared for an unknown future.
models in a greener, smarter, more connected, fairer andmore caringworld. This crisis is perhaps an opportunity to reconsider the very foundations of our social and economic life. As history has shown, choices made during crises can shape the world for decades to come, says the Chairman and Director of the McKinsey Global Institute, James Manyika. According to him, whatwill remain critical is theneed for collective action to build economies that deliver inclusive economic growth, prosperity, and safety for all.
innovation. Despite the bleak outlook, I am confident about the future.
I would like to conclude by expressing my appreciation to our dedicated and hardworking collaborators for demon- strating solidarity and resilience in the face of current headwinds. I am also honoured to have had the opportunity to work alongside our capable Direc- tors and thank them for the support they extended tomeduringmy journey leading this dynamic group and their confidence in the future.
Ezra Jhuboo Group Chairperson EJ
What are the strategic focal points for Trimetys in the coming years?
We have hit rock bottom and we can only go up fromhere. Crises oftenbring out the best in us. We must therefore continue to strengthen our pillars and our ability tobuildup resilience tobetter deal with the situationand its aftermath while keeping an eye out for further
How resilient was the Group against this backdrop?
On top of the tremendous f inancial pressure on businesses, life in general has been completely disrupted, with serious psychological, emotional and social consequences. The economic fallout on account of COVID-19 has led to significant financial losses but our Group is fortunate to have welcomed the State Investment Corporation (SIC) Limited into our capital structure. With the injection of fresh capital up to the sum of Rs 150m in tranches and the support of our banking partners, we have been able to navigate the crisis without any lay-offs to date. Could you also give us your views on economic recovery in Mauritius in a post-COVID-19 world? When thepandemicwill be over, wewill probably realise howmuch everything has changed fromtheworldwe used to live in. There are certainlymany lessons to be learned for the future. I believe it is absolutely necessary to reinvent ourselves. This could set the foundation for more inclusive business
How we lead
Board of Directors
1. Kian Jhuboo Co-founder and Director
He holds a master’s degree in Economics and Business Management f rom Lou i s Pa s teu r Un i ve r s i t y , Strasbourg (France).
Kian is a Director and shareholder of Trimetys Ltd and has served on the Board since January 1999. He also holds direc- torships and shareholdings in Immobilier et Conseil Ltée, RiverlandSports ClubLtd, SakoaManagement Co. Ltd, CCMIC Ltée and Le Poulet Fermier Ltée and is a Board member of Cap Tamarin Ltée and all real estate companies of theGroup.
How we lead
2. Georges Talbotier Managing Director & Group CEO
In 2015, Jayeen was a proponent of The Bridge Tamarin Eco-Arts Festival, a three-day regional event celebrating sustainability which attracted 8,000 people.
5. Catherine Gris Independent Director
Georges is an Institut Européen des Affaires (IAE Paris) grad- uate who has acquired in-depth knowledge of the business arena andhigh-levelmanagement in the IndianOcean region through his many years of experience across a wide range of premium sectors. He has been the Group Chief Executive Officer and Managing Director of Trimetys Ltd since the merger in 2014 with Immobilier et Conseil Ltée, an entity he co-founded in 2003. He was appointed to the Board in January 2015 and sits on the Boards of most Group subsidiaries. Before his tenure with Trimetys, Georges was the Chief Executive Officer and a shareholder of GML Immobilier Ltée from2007 to 2009 and at the same time the Chief Executive Officer of Immobilier Conseil. He was responsible for new business development for Groupe Caillé in Reunion Island and Madagascar from 1995 to 2002. 3. Ezra Jhuboo Co-founder, Director and Chairperson Ezra has held the Chair of Trimetys Ltd since November 2019 and is a Director of Trimetys Ltd, Le Poulet Fermier Ltée, Sakoa Management Co. Ltd and CCMIC Ltée. He is also a shareholder of Trimetys Ltd. He holds a Bachelor of Science in Business Administration, Finance andMarketing fromthe AmericanBusiness School, Paris (France). Ezra is a formerMember of Parliament and its PublicAccounts Committee as well as a Board member of Building and Civil Engineering Co. Ltd, which is a leading construction player in Mauritius. 4. Jayeen Jhuboo Co-founder and Director Jayeen is one of the three foundingDirectors and sharehold- ers of Trimetys Ltd. He has been a member of the Trimetys Ltd Board since January 1999 and also serves on the Board of Le Poulet Fermier Ltée and Sakoa Management Co. Ltd. He is a graduate in International Trade fromORT Strasbourg, and International Management and Marketing from MIM Strasbourg (France).
Catherine has an accomplished international career with strong experience in advisory (Commerce Extérieur for France), management and Mauritian manufacturing. She was appointed as Independent Director on the Board of Trimetys Ltd in October 2018. She holds a degree in Political Science f rom the Institut d’Etudes Politiques, Paris (France). She also completed the CycledesHautes Etudes pour leDéveloppement Économique (CHEDE), a one-year study cycle developed by the French Ministry of Finance, led a professional development group and followed training in Hedo-Coaching. A former CEOof the Association of MauritianManufacturers, Catherine serves on the Boards of the Economic Develop- ment Board and UBP. 6. Ganeshanlall Cheeneebash Non-Independent Non-Executive Director (*absent from photo) Ganeshanlall is a qualified and competent professional with significant experience of both the public andprivate sectors. He is currently the Chief Finance Officer of the State Investment Corporation Limited and his appointment as an Independent Board member of Trimetys Ltd took effect on May 2021. He is a Fellow of the Institute of Chartered Certified Accoun - tants and an Associate of the Institute of Chartered Secre- taries and Administrators. He additionally holds a Master of Business Administration from the University of Mauritius. Ganeshanlall haswide experience and occupiedmanagerial roles in the fields of Auditing, Accounting and Consultancy, Company Secretarial and Administration and AcademicManagement. He has alsoworked inAccountancy firms in theUnitedKingdomand for aGroup inMadagascar.
How we lead
1. Roger Le Gentil Head of Agribusiness
2. Anand Hurree Group Maintenance Manager
Roger joined Le Poulet Fermier Ltée in 1998 after more than 10 years as Hatchery Manager and Production Manager in the agroindustry and the poultry sector. As the Head of the Group’s Agribusiness arm, Roger is leading the upcoming farm and hatchery project in Henrietta as well as the vege- table and fruit cultivation programme. He is a graduate of Breeder Management Training in the UK andFrance andholds certificates in chick sexing fromtheUK andModernHatcheryManagement - BarneveldAgricultural College (Netherlands). Roger has led the social entrepreneurship project funded by Trimetys at Grand La Fourche Mangues in Rodrigues since 2016. Theproject aims toempower 30underprivileged families to become self-sufficient through raising their own chickens.
Anand was promoted to Group Maintenance Manager of Trimetys in 2015 after serving for 11 years as Head of Maintenance of Riverland Sports Club and Société S. Jhuboo & Fils. His remit also covered La Place Cap Tamarin (Phases 1 & 2), the renovation of Sakoa Boutik Hotel and landscaping work at Tekoma Boutik Hotel in Rodrigues. He holds a Diploma in Electrical Engineering from the Engi- neering Training Centre and completed various courses in electrical installation, plumbing, electronics and heavy-duty equipment, among others. In his current capacity, Anand is in charge of maintenance, gardening & landscaping, security and cleaning services at LaPlaceCapTamarin, directly overseeinga teamof 30people. He also looks after themaintenance, gardening& landscaping of the Hotels cluster as well as Riverland Sports Club, Tamarin. Moreover, he supervises and reviews the gardening and landscaping operations of Tekoma Boutik Hotel, Rodrigues and PLAY mourouk.
How we lead
3. Evelyne Le Gentil Group Internal Control & Performance Manager Evelyne joined Trimetys Ltd in 2015 as Executive Assistant to the Group CEO and was appointed Group Internal Control & PerformanceManager inOctober 2018. She has over 12 years of combined experience in diverse functions. She holds a BA Mass Communication degree from Curtin University of Technology, Australia and a Certificate in Risk Management fromthe International BusinessManagement Institute, Germany.
4. Ashvin Seeboo CEO – Real Estate Cluster
Ashvin joined Trimetys in January 2017 as Deputy Chief ExecutiveOfficer for theReal EstateCluster andwas promoted toChief ExecutiveOfficer. Throughout his 17-year international career, he has been involved in sales and marketing, hotel operations and project management before specialising in real estate development. He studied Hotel Management at Les Roches International School of Hotel Management, Switzerland and the École Supérieure Internationalede Savignac (France). He alsoholds aCertificate inProject Planning&Management fromIPS-PMI, Singapore andanAdvancedProfessional Diploma in Training and Development from the American TESOL Institute, USA. Ashvin’s achievements includemanaginganddeveloping the Real Estate cluster, successfully launching the Cap Tamarin Smart &Happy Village, leadinghotel renovationprojects and creating Résidence Laelia under the Property Development Scheme at Trou aux Biches.
Evelyne has been pivotal in her work done on the Policies and Procedures and risk assessment of the Trimetys Group.
How we lead
5. Adrian Ashton Group Head of Marketing, Communication & Digital
Adrian has moved to Trimetys from Cim Financial Services, where he was responsible for creating and developing the Group’s Marketing, Communication, Brand and Digital Department. Hehas additionally held various seniormanage- ment positions inmarketing, communication, brand, digital and sales within companies and agencies in South Africa, Mauritius and Kenya, including Cim Global Business, ApolloBramwellHospital, BramerAssetManagement, Amway Global, Habari Media agency and British American Tobacco. 6. Meenakshi Doomjy Group Human Resources Manager Meenakshi is a human resources practitioner with a profes- sional background spanning 9 years in the hospitality and corporate sectors. She started employment with the Group in June 2016 in the Hotels cluster before being promoted to Group Human Resources Manager.
Adrian has taken over the role of Group Head of Marketing, Communication & Digital in May 2021, bringing with him 20 years of experience and exposure in specialist market- ing functions covering Digital Media, Brand Management, Operations, Business Development, Customer Relationship Management and Sales. He holds an MBA in Innovation & Leadership, a Diploma in MarketingManagement andaProfessional Diploma inDigital Marketingwith theDigitalMarketing Institute (DMI). He is also a Member of the Chartered Institute of Marketing in the UK.
Sheholdsqualifications inSanitaryScience, HumanResources Management andBusinessManagement fromtheUniversity
How we lead
ofMauritius, ABEUKand the International BusinessManage- ment Institute, Germany respectively. She also received a mini-MBA from the latter institution. Meenakshi was responsible for the complete set-up of the Learning & Development Section within the Hotels cluster and was significantly involved in its restructuring as well as taking over the management of Mourouk Ebony Hotel. She has had an active participation in creating experiences in line with the Trimetys Missions, Vision and Values and during the pandemic, has reviewed the functioning of the human resources component through job versatility on certain operational positions to ensure that the workforce
Heholds aBSc (Hons) inActuarial Science fromCassBusiness School, London and is amember of the Institute of Chartered Accountants in England and Wales (ICAEW). Hans acted as project manager for listing exercises on the South African stock market. He has broad financial experi - ence in different areas ranging from financial reporting to tax and auditing. His skills include accounting system imple- mentation, fund-raising and cost management. In addition to this, he lectured part-time to ICAEW and MBA students.
continues to be productive. 7. Hans Sooknah Group Chief Financial Officer
Hans joined theGroup as GroupChief FinanceOfficer inApril 2019 to lead the Finance and Accounts Department. He has 15 years of experience working for global and local banking, advisory and telecommunications conglomerates.
How we lead
08. Ludovic Lagesse CEO – Hotels Cluster
He holds a BSc in Hotel Management from Vatel Hotel & Tourism Business School, Nîmes (France) and a Bachelor of Tourism Management from the University of Perpignan. Among other achievements, Ludovic has worked on the design of Be Cosy Apart’ Hotel and Tekoma Boutik Hotel, Rodrigues and is lending his experience to other Group projects in the IndianOcean region. While at Le Royal Group, he set up an outside catering arm to handle large events of up to 1,500 guests for corporates, banks and the State.
Ludovic has spent the entire span of his career in the hospi- tality industry, both locally and abroad. He started his career at Le Royal, a 5-star business hotel group in Luxembourg, and contributed to the launch of four of its properties in the Middle East, all members of The LeadingHotels of theWorld. He joined the Trimetys Group in 2008 and has successively held the roles of Chief Operating Officer of Sakoa Management Co. Ltd, DeputyCEOandwas promoted toChief Executive Officer of the Hotels cluster in July 2017.
09. Priscille Baya Group Deputy CEO
Priscillehas held thepositionof GroupDeputyChief Executive Officer since 2014 after spending 8 years as Head of Finance of Immobilier et Conseil Ltée, the real estate armof Trimetys.
How we lead
She holds a Bachelor of Business Science and Finance from theUniversity of Cape Town, SouthAfrica and is anAssociateof the Institute of CharteredSecretaries andAdministrators, UK. Priscille has an established track record of working in the leisure and tourism industry, especially the finance, HR, legal and administration departments. She has also acquired extensive experience throughout her professional journey in specific areas such as project management, negotiation, customer service, management and office administration. 10. Quentin Szarzewski Head of Sports & Leisure (*absent from photo) Quentin’s 11-year career encompasses a variety of positions in France and Mauritius, ranging frompersonal coaching to teachingphysical education and sports. He joined theGroup in 2017 as the lead of the Riverland Sports Club. Before that, he worked at École Paul et Virginie for five years.
He holds an undergraduate qualification in Sciences et Techniques des Activités Physiques et Sportives (STAPS) from Université d’Artois in Lievin, France and a master’s degree in the same field from the Faculty of Sport Sciences at the University of Nice Sophia-Antipolis. Quentin is an avid track and field athlete specialising in the 400mevent where hewon two goldmedals at the 2009 and 2010 French Championships.
The Group CEO, Georges Talbotier reflects on the resilient results delivered by Trimetys for this financial year marked by the unique situation caused by COVID-19 and gives us a glimpse into the future of the Group.
Interview with the Group CEO
Our Group is built on empowerment, self-reliance, knowledge of our markets and trust in each other.
From your perspective as the CEO, how would you characterise the Group’s performance during the year under review? The Group has managed to do its best, given the seriousness of the situation in which the world has found itself. Nine months of the year went by within a verycomplicatedfinancial environment, withmost economies at a halt andwith no visibility. In such circumstances and taking into account all the factors, I would say that theGrouphas performed well. In brief, we have secured our hotel segment, continued with our projects, preserved our workforce, pursued our real-estate commercial activities and started agricultural activity. To what extent do the 2020 results reflect thedemandingglobal and local market conditions driven largely by the COVID-19 pandemic? Here I now need to give an update on our principal sectors of activity. Our hotel segment benef itted f rom our geographical diversification. For several months, Rodrigues was effectively the only place to which Mauritians could travel. However, our hotel segment was greatly impacted by the absence of foreign tourists.Wewere able to keep afloat and maintain a degree of visibil - ity thanks to our low operational costs and the prospect of an equity partner. As far as real estate is concerned, again theMauritian clientele judged that our projects were safe and relevant invest- ment opportunities.We sold significant volumes in 2020, of which 85% were to Mauritians. This performance will be reflected in our 2021 financials. In light of the uncertain business environment, what are your plans to prepare for the “next normal”, espe- cially in the Group’s main revenue centres, Real Estate and Tourism & Leisure? What concrete measures have been taken to continue creat- ing value? If your question is asking how we’re preparing ourselves for this new situa- tion, I would say it is already too late for that. I would speak rather of howwe’ve managed to contain the storm, howwe were already prepared and what were our inherent strengths. It’s all the fruit
of several years’ endeavours, decisions that have turned out to be right and of what I call our “expertence” – the blend of our expertise and experience. Those, in the first place, reside in our Group’s teams and talents. Our Group is built on empowerment, self-reliance, reflec - tion, involvement, initiatives, processes, agility, knowledge of our markets and trust in each other. During this shock, without that sense of trust, the impact would have been much stronger. We came together as smoothly as possi- ble, adapting to the situation as we trusted each other and our capacity to overcome this cataclysm. Finally, we also extended these solid internal relationships to our partners. Here too, that became possible thanks tomutual trust and support.
but not inour case. Our structure allows us to avoid this. For example, we have obtained loans through the ‘Agence FrançaisedeDéveloppement’ whichare only available if your projects comprise a strong element of sustainability. It is one of our very strong values, anchored withinour Group for a long time, andwe continue to be a forerunner in this field.
Is there a final message you would like to share?
The greatest challenge that I foresee for the Group is to continue inspiring trust among the Group’s teams, part- ners, shareholders and clients. In fact, it’s not simply a challenge, it’s a leitmo- tiv, it’smaintaining our values through thick and thin, and to play our role in society and in the economy. Maintain our entrepreneurial spirit, to have a useful purpose, to transmit this message of optimism– even if everyday life is very hard. More thanever, commit- ting to our actions and to our caring attitude is essential– the challenge is HUMAN and Trimetys Group must rise to the task. GT
How is Trimetys advancing its Horizon 2022 strategy?
Indeed, in2019wedid introduce a three- year strategic plan effectively running to 2022. With regards to real estate, we have maintained our strategy but our projects will take longer. Cap Tamarin Smart & Happy Village, therefore, is a year behind schedule. We can cope with that fairlywell andwe have contin- ued to design new projects by inviting strategic partners to join in this major project, Cap Tamarin Smart & Happy Village. Concerning the hotel segment, we had new projects for 2020 and 2021 in Reunion Island and Madagascar, which have been rescheduled for 2022 with the consent of our partners. Some of our hotel extension and renovation programmes, however, will be main- tained. 2021 is a year for resuming and consolidating our existing activities. The diversification of the existing agri - cultural sector into an agribusiness is underway and we are increasing our assets. For the Group, it is a sector that has stronggrowthpotential. Thingswill have evolved significantly by the end of 2022. With sustainability becoming amore critical issue, what is the Group’s approach in this field? Incomplicated times, whensomemight speakof survival, it is classical to sacrifice anything seen as superfluous. It then becomes easy to sacrifice the medium and long termfor the immediate future,
Georges Talbotier Group CEO
Macroeconomic environment Unarguably, 2020 has been marked by COVID-19 and its adverse domino effect on the global economy.
T he global pandemic has led to cataclysmic consequences formany organisationswhich have had no recourse but to pull the plug. Although our island nation has taken tough action against the spreadof the virus, Mauritius has not been spared by its devastating impact on the economy. A year after the first lockdown, people havebeen adaptive in transitioning into this era of newnormality. The rollout of a vaccinationprogramme since February 2021 brings hope for better days ahead, with the idea that herd immunitywould
lift prospects for economic recovery sooner rather than later.
ongoing development of Cap Tamarin Smart & Happy Village. Expansion and renovation projects in our Hospitality and Agribusiness clusters are also on track. Moreover, we have forged rela- tionships with new business partners while reinforcing existing ones in a year that was full of adversities. During this challengingperiod, Trimetys Group has shown that having the right fundamentals and a clear vision are quintessential to turning adversity into opportunity.
Amidst all the global and regional chaos, 2020 has been a year where Trimetys has shown grit and resilience by sailing against the tides. First and foremost, while the unemployment rate in Mauritius had soared to 11% by September 2020 (up from 6.9% at the same time in 2019), there was no furlough or lay-off within theGroup.We have actually recruited new collabora- tors and maintained business conti- nuity throughout. Progress has been made on existing projects such as the
current crisiswillmost certainlydriveout competitors with weak building blocks.
of dwellers. We firmly believe that this inclusive approach was the catalyst in attracting locals, whichhas always been the core objective. It is noteworthy to highlight that a surge in sales has been observed following the second lock- down in 2021, confirming the market’s appetite for real estate investment. There has been good advancement in defining the landscape of Cap Tamarin Smart &Happy Village in 2020, with the completion of road infrastructure, the opening of C-Care Clinic and probably the most evident visual change to the picture is the Super U - Coeur CapTama- rin commercial centre, which officially opened inDecember 2020. These land- markdevelopments are only paving the way for what is yet to come.
Trimetys has beendirectly impactedby thedepreciationof the rupee, whichhas significantly impacted our mezzanine financing facility with Vantage Capital, foreignexchange riskbeingan inherent component of thearrangement. The rise in cost of raw materials and commod- ities has also led to an unfavourable impact on the Group. Whereasdisposal incomeofmosthouse- holdsmayhave takenahit, interest rates in Mauritius remain at an all-time low and hence create an appetite within the local market for property, general- ly perceived as a safe-haven asset. The core of the Cap Tamarin Smart &Happy Village concept is built on inclusion and this is reflected through a diverse prod - uct offering catering for a wide range
Real estate development depend on many external variables and may be prone to frailty in times of uncertainty. However, the sector has shown signs of resilience by containing the ripple effects of this economic shockwave relativelywell. The budgetarymeasures taken by the Government over the last couple of years to encourage foreign- ers to invest in Mauritius have helped. These include the granting of a resi- dence permit on acquisition of a prop- erty with a minimum buying price of USD375,000 in a Smart City Scheme or other approved schemes, down from USD 500,000. While FDI inflows suffered a sharp 40% drop in2020, figures are still higher than two years earlier. This being said, the
tominimise redundancies and closures. Moreover, a mandatory Moreover, the mandatory 14-dayquarantineperiodwas imposed on any inbound visitors to the islandanda “premiumvisa”programme hasbeenlaunchedtoattract longer-term visitors to “COVID- safe” Mauritius. The announcement of the reopening of our borders to international travellershasalso offered a glimmer of hope to the sector TrimetysHospitalityhasnot beenspared fromthewrath of the global pandemic. The cluster proved its flexibility at the peak of the crisis. The Group generated revenue from the use of Be Cosy Apart’ Hotel as a quarantine centre in the first few months of the spread of the virus inMauritius. Recently, theGovernment has requisitioned 900 hotel rooms for quarantining locals. Given our previous experience in offering such services, we believe this represents an opportunity for the Group.
In spite of the economic downturn, TekomaBoutikHotel underwentmajor renovations in 2020, increasing its room capacity from 15 to 32. Rodrigues became an increasingly popular desti- nation among Mauritians after lifting of the f irst national lockdown f rom mid-May onwards. Mourouk Ebony Hotel and Tekoma Boutik Hotel have been fully operational in the second half of 2020, in contrast to other hotel operators in Mauritius, which strug- gled to open or attract customers. The Group’s diversification strategy proved to be rewarding in the current context. Reflecting Trimetys’ sense of constant dynamism, 2020 was a year where the Hospitality cluster fostered innovation. The new PLAY mourouk brand came into existence with an entirely new identity for Mourouk Ebony Hotel. The property is scheduled to close down in 2021 for a complete revamp and reopening in 2022.
For themost part of 2020, tourismsector has facedunparalleledchallengeswhich are still unresolved and could very well pose a threat to the very existence of the sector. The pandemic’s adverse impact on tourism – which remains a key pillar of theMauritian economywith an 18.8% contribution to GDP a year before the adversities of COVID-19 – has a spillover effect on sectors like transport, agri- culture, fishery and entertainment. It has been reported that the closure of borders has resulted in a sharp decline of up to 80% inworldwide international travel in 2020. In Mauritius, there were only 401 tourist arrivals in the period from April to August 2020, compared to 520,500 the previous year. Government intervention was inevita- ble in this sector andmuch support has been provided to industry stakeholders
of expertise and brand loyalty vis-à-vis new market entrants.
Sports & Leisure
Rather than deepening the wound in themidst of national economic turmoil, the Agribusiness cluster brought in its fair share of innovation to Trimetys Group in 2020 through: • the launch of La Maison Paysanne as the umbrella brand for all the activities of the cluster;
COVID-19 seems to have accelerated the surge in the agribusiness sector in Mauritius. Agri hubs promoting organ- ic cultivation are sprouting around the island. This shift in spending habits is greatly due to increased awareness of eco-friendly consumption/produc- tionmethods. Additionally, with global benchmarks suchas theUNSustainable Development Goals, shareholders are increasingly pushing for companies to adopt environmentally f riendly approaches towards value creation. Sustainable development has always been one of the pillars of Trimetys’ core values. Thewell-establishedAgribusiness clus- ter of theGroup is set toundergo a busi- nessmodel re-engineering. A relocation of its existing free-range poultry farm is planned for 2021/2022. Negotiations withbanks, business partners andbuild- ing contractors are well on track. The new facility will boost production to 22,000 chickens per month. Le Poulet Fermier Ltée, as the pioneer of large- scale free-range chicken production, is protectedbyaneconomicmoat in terms
The Sports & Leisure cluster of Trimetys was not sparedby the impact of COVID- 19. Riverland Sports Club remains the “health hub” bringing life to the heart of Tamarin. Despite being closed for over two months due to the 2020 lock- down, the club managed to retain its membershipbase as a result of prompt and effective strategic decisions. The increasing consensus among thepopu- lationaround the importance of healthy living has also contributed to quickly finding a secure footing again. Initiatives for the year included a spon- sorship deal agreed with RM Club and Necker Gestion Privée for the club’s annual landmark tennis open brand- ed this year as the Necker Tennis Open and the launch of a tennis association registered with the Mauritius Tennis Federation. We are confident that 2021 promises to be a year full of exciting developments and opportunities amidst a constantly changing environment.
the development of new produc- tion lines including free-rangeduck and pork raising in Mare Longue, honeyproductionaswell as organic fruit and vegetable cultivation in Mare Longue and Tamarin; and pilot projects for duck and honey production have been launched in the 4th quarter of 2020. Both have been successful and have gener- ated consequential sales, also evidenced Cap Tamarin's market every Saturday.
Trimetys abides by its commitment to sustainable and inclusivedevelopment. Wefirmlybelieve that aligningour vision with that of our consumers by placing them at the centre of environmentally aware consumptionwill help us contri bute to a greener Mauritius.
The Real Estate cluster includes a variety of activities such as the devel- opment of resi- dential properties under the Smart City and Proper- ty Development Schemes. We also handle the renova- tion and upgrad- ing of the Group’s assets as well as commercial, construction and asset manage- ment.
Performance Review T he year 2020 has been a challenging year. Despite our turnover increasing by Rs 30m, due to COVID-19 we were still short of our target. However, sales increased by 100%. We managed to successfully complete the renovation and extension of Tekoma Boutik Hotel in Rodrigues and the construction of road infrastructure for Cap Tamarin Smart & Happy Village. We also proceededwith the opening of C-CareClinicCapTamarinandcoordinat- edtheopeningof anewshoppingcentre, Coeur Cap Tamarin with our partner.
The COVID-19 outbreak has mostly impacted our construction activities owing to a shortage of materials and an increase in import prices resulting f rom reduced sea f reight traffic and devaluation of theMauritian rupee. Our mitigation strategies included selling in stronger currencies like the euro and US dollar as well as renegotiating fees with different contractors. Despite the fallout of the pandemic on our day-to-day operations, real estate is still perceivedas a relatively safe alterna- tive investment vehicle. This is reflected in the over Rs 250m sales we secured post-lockdown.
Outlook Our short-termgoal is to continuebuild- ing the reputation of Trimetys Group as a leading property developer in Mauri- tius. We are planning to launch new developments in Cap Tamarin Smart & Happy Village while keeping a close eye on rising construction costs. The start of renovation and extension work at PLAYmourouk inRodrigueswill be another income-generatingproject; here again, construction costs as well as restriction of movement may pose a challenge. The setting up of a new9-hectare poul- try farm in Henrietta is expected to be completed in the medium term. In the longer term, we are working on securing the financing necessary for the later stages of Cap Tamarin Smart & HappyVillage ina landscapeof econom- ic uncertainty. We also hope to attract sufficient funding to complete all the smart city’s amenities. Our Horizon 2022 The rollout of our strategic plan to 2022 has been impeded as a result of two successive lockdowns since early 2020 and market uncertainty. We however remainconfident that,with thebreaking ground of Villas A’loes in 2021, the L’Ofis and O’Patio developments will break ground in 2022.
To call 2020 ‘unique’ feels like an understate- ment. It has been like one very long season of a TV show that keeps throwing random plots and crazy situations at viewers. There have been a few unpleasant situations but many beautiful moments. We have demonstrated our ability to bounce back and be resilient.
sales were secured post-lockdown. Rs 250m+
road infrastructure was completed in 2020.
Ashvin Seeboo CEO Real Estate Cluster AS
The Coeur Cap Tamarin shopping centre (including a Super U hypermarket) and C-Care Clinic Cap Tamarin opened in September and December 2020 respectively. Openings
Sports & leisure
Sports & leisure
Riverland Sports Club is a multi-sport centre established in 2004 in Tamarin with a wide range of indoor and outdoor activities such as tennis, soccer, swimming, dance and karate. We offer some 30 different physical activities for all ages over three hectares of state-of-the- art facilities.
Performance Review W ith a current member- ship of nearly 1,800 adults and children and some 50 employees, Riverland Sports Club was prompted to adapt to the national lockdown in 2020 through offering online member services.
Outlook Our challenge remains to offer the best possible sports club experience while staying at the forefront of innovation. The key is to add variety to our class- es and services to adapt to our targets while maintaining affordable prices. Our teams must constantly challenge themselves inorder todevelop the right strategies. Motivation, enthusiasmand keeping in touch with our members’ needs are the drivers that will move us all forward.
We thus managed to stay the course and learned towork differently to avoid significantmembershipattrition, which consequently enabled us to maintain our staff levels. Results for the financial year ended31 December 2020 remained below our expectation with Rs 13.6m revenuebutwe are constantly stepping up efforts to address the situation. Within the sports sector, Cap Tamarin & Happy Village has also joined as a Gold Partner of the Horizon Paris 2024 project to support Mauritian athletes for their preparation up to the 2024 Olympic Games.
The year 2020 turned out to be quite unpredictable, as we faced an unprecedented situa- tion. We had to adapt very quick- ly and learn to work differently. There were things that we were able to do in the field of physi - cal activity and things that were unfortunately beyond our limits. What was critical to us and our teams was to stay focused and resume all our activities. We have reexamined our vision, which is a rewarding experience in spite of the crisis and the challenges it poses.
Quentin Szarzewski Head of Sports & Leisure QS
Our Horizon 2022 While 2020has been a year full of twists and turns, we have learned to adapt our vision to the current context. Thedesign of the newRiverland Sports Club in the heart of Cap Tamarin & Happy Village will soon be launched. Our strategy is to develop a more modern and room- ier structure with additional activities. The clubwill increase collaborationwith surrounding schools and broaden its membership base.
turnover dropped by 25% due to the impact of COVID-19 Rs 13.6m members were enrolled at Riverland Sports Club as at 31 December 2020. 1,800
Trimetys Hospi- tality is a leading name in the 3- and 4-star hotel segment. We currently manage Rodrigues, with a total of 200 rooms. We are also one of the most dynamic 4 properties in Mauritius and market players and are working towards building a full-fledged regional hospital- ity platform with around 400 rooms by 2023.
Performance Review O ur FY20 performance was heavily impacted by the closure of most of our hotels for nearly 5 months. Tekoma BoutikHotel remainednon-operational for 9 months and Be Cosy Apart’ Hotel was used for quarantine purposes and closed to guests for the entire year. In terms of financial performance, we reported revenues of Rs 83.8m for the year and losses amounting toRs 135.4m, whichwerehoweverbetter thanbudget.
We essentially worked on re-engi- neering our debt arrangements and finding solutions for the period to 2022. Thehospitality industry came toa stand- still with the COVID-19 pandemic. The Government has come forwardwith the Wage Assistance Scheme and other support mechanisms, and has also been using hotels as quarantine facili- ties since the outbreak. Thesemeasures however only provided a partial remedy as we continue to face certain financial and human issues. After the lockdown period, we worked hard on adapting our offer to the local market and differentiating ourselves from competitors. We rose to the chal- lenge andmanaged to secure a decent market share. Despite the COVID-19 pandemic, Trimetys Hospitality is among the few players in Mauritius to havemaintainedsatisfactoryoccupancy rates while taking advantage of that period for renovation work. Rodrigues was a crowd-puller with restrictions on international travelling and border closure. The destination significantlygrew inpopularitywithvisi - tors fromMauritius, includinganumber of first-timers.
Outlook Trimetys Hospitality has three ongoing projects in Mauritius, Madagascar and Reunion. We are also moving forward withmajor renovationandextension for two of our hotels, Tekoma Boutik Hotel and PLAY mourouk, in Rodrigues. Our investment requirements amount to Rs 650m, of which two-thirds will be dedicated to new projects and the remainder for refinancing. We are also looking tobring ina strategic investor to help accelerate the development of the company and turn it into a truly region- al platform while taking advantage of post-COVID-19 opportunities. Furthermore, our efforts to re-engineer our debt burden contributed to finding sustainable solutions for the coming years. This helped us remain on track and made us stronger for the coming years. Our Horizon 2022 Although our strategy has been hamperedby the coronavirus pandem- ic, we remain confident that the hotel industry will rebound in 2022, with the unlocking of savings made in our main markets. Our priority is to main- tain our ambitious growth plans for the years ahead.
Travelling in the new normal will definitely be a different experience and in the future, location won’t be the only factor affecting travel decision-making. Human interaction will be central with guests looking for greater interaction with local communities.
revenue is expected by 2024. Rs 685m
will be spent on the renova- tion and extension of Teko- ma Boutik Hotel and PLAY mourouk. Rs 118m recorded rate was maintained by Trimetys Hospitality in spite of the COVID-19 pandemic. 25% Occupancy
Ludovic Lagesse CEO - Hotels Cluster
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