Investor Relations

Share price

Last updated on Tuesday
28th March 2017 02:28:00

Rs 6.68

SEMDEX : 1,928.35

Unaudited Financial performance

For the Semester and Quarter ended 31 December 2016



For the period ended 31 December 2016



for the half year ended 31 December 2016


shareholders' calendar



Subscribe to our E-News

Investor Relations Financial Statements & Annual Reports

Statutory Financial Reporting

CIEL Limited, the Company, formerly known as Deep River Investment Limited (DRI) is the amalgamated company with and into which CIEL Investment Limited (CIL) has been amalgamated effective as from January 24, 2014.

DRI and CIL were two investment holding companies , each with a diverse portfolio but under a common control and as such the Board of both companies share the same strategic vision and objectives.

Being in a business environment constantly evolving , the amalgamation and pooling of the different activities of the two entities has led the Board to the creation of a financially stronger and more diversified group rebranded 'CIEL'.

The financial highlights for the Group and Company reflects the financial results prior to amalgamation.

The unaudited comparative figures of the Company and Group for the period ended 31 December 2013 presented herewith are those of ex-Deep River Investment Limited and its subsidiaries only.

For the nine months ended 31 March 2014, the results would incorporate thoseof both ex-DRI as from 01 July 2013 and CIL as from 25 January 2014, together with their respective subsidiaries.

CIEL Limited

CIEL Limited

Annual Report

Quarterly Financial Statements 2013-2014

Quarterly Financial Statements 2014-2015

Quarterly Financial Statements 2015-2016

  • For the third quarter and nine months ended 31 MARCH 2016 - FINANCIAL REVIEW

  • For the year ended 30 June 2016 - FINANCIAL REVIEW

  • For the year ended 30 JUNE 2016 - FINANCIAL RESULTS

  • For the third quarter and nine months ended 31 MARCH 2016 - FINANCIAL RESULTS

  • For the first semester 2015-2016 - FINANCIAL RESULTS

  • For the first quarter ended 30 September 2015

Quarterly Financial Statements 2016-2017

  • For the semester and quarter ended 31 December 2016 - FINANCIAL REVIEW

  • For the semester and quarter ended 31 December 2016 - FINANCIAL RESULTS

  • For the quarter ended 30 September 2016-2017 - FINANCIAL RESULTS

  • For the quarter ended 30 September 2016 - FINANCIAL REVIEW

Subsidiaries And Associates

Alteo Limited

Annual Report

Quarterly Financial Statements 2012-2013

Quarterly Financial Statements 2013-2014

CIEL Textile Limited

Annual Report

Quarterly Financial Statements 2013-2014

Quarterly Financial Statements 2014-2015

Quarterly Financial Statements 2015-2016

Sun Limited

Quarterly Financial Statements 2013-2014

Quarterly Financial Statements 2014-2015

Quarterly Financial Statements 2015-2016

The Medical and Surgical Centre Limited

Quarterly Financial Statements 2013-2014

Quarterly Financial Statements 2014-2015

Quarterly Financial Statements 2015-2016

Corporate Announcement







  • 21 May 2015 - MSCL Communiqué - Expression of interest for Apollo Bramwell


CIEL Limited

Annual Reports &
Financial Statements


Subsidiaries And Associates

Annual Reports &
Financial Statements


Investor Relations Corporate Governance

CIEL Limited (“CIEL”), one of the leading local industrial and investment groups, is a public company incorporated and domiciled in Mauritius on August 31, 1948. It bears registration number C06000717, and its registered office is situated at 5th Floor, Ebène Skies, rue de l’Institut, Ebène, Mauritius.

On February 03, 2014, CIEL migrated from the DEM to the Official Market of the SEM. It is registered as a reporting issuer with the Financial Services Commission.

Statement of Compliance

The Board of CIEL is committed in endorsing high standards of corporate governance in its business which Directors see as fundamental to discharging their stewardship responsibilities. The Board strives to provide the right leadership, strategic oversight and control environment to produce and sustain the delivery of value to all the shareholders of the Company. The Board applies integrity, principles of good governance and accountability throughout its activities.

All the members of the Board are individually and collectively aware of their responsibilities to the Company’s stakeholders and the Board keeps its performance and core governance principles under regular review.

The Company applies the principles and provisions of the Code of Corporate Governance for Mauritius.


The Constitution of the Company is in conformity with the provisions of the Companies Act 2001 and the Listing Rules of The Stock Exchange of Mauritius Ltd. There are no special clauses of the Constitution deemed material enough for disclosure. A copy is available upon request at the Registered Office of the Company.

Board of Directors

P. Arnaud DALAIS (Executive Chairman)

Mr. P. Arnaud Dalais joined CIEL in August 1977. Under his leadership, CIEL at large has gone through an important growth both locally and internationally. He has played and continues to play an active role at the level of the Mauritian private sector and has assumed the Chairmanship of a number of organisations including the Joint Economic Council from 2000 to 2002. He has in 2010 been appointed Group Chairman of the CIEL and as such, acts as Chairman of CIEL Textile Limited and Group Chief Executive of Alteo Limited.

Sébastien Coquard

Mr. Sébastien Coquard is the Head of Investments at FFP, the listed investment company majority-owned by the Peugeot family. He is in charge of selecting new investments, including private equity funds and managing participations. He is a member of the Supervisory Board of IDI Emerging Markets SA, Director at Ipsos and LT Participations. His previous experiences include Long term investments at AGF Insurance, M&A and IPO at Oddo and corporate banking at Paribas. He holds a Master in Finance (DESS) from Grenoble University and a Master in Management from University of Paris Dauphine.

G. Christian DALAIS

Mr. G. Christian Dalais has been the Chief Executive Officer of Ireland Blyth Limited (‘IBL’) for several years and resigned as Director of IBL in December 2009. He has also been the Chairman of Sun Resorts Limited for more than 20 years until February 2011, when he resigned. He continues to sit on the Board of Sun Resorts Limited as Director and is also a Director of Alteo Limited.

J. Jean-Pierre DALAIS

With an MBA from the International University of America, Mr. Jean-Pierre Dalais acquired some working experience from Arthur Andersen (Mauritius and France) before joining CIEL. He played and continues to play an active role in the development of the Group’s operations both in Mauritius and internationally. Mr. Jean-Pierre Dalais is an Executive Director of CIEL.

R. Thierry DALAIS

Mr. R. Thierry Dalais completed degrees in accounting and commerce at the University of the Witwatersrand, Johannesburg and qualified as a chartered accountant in South Africa 1984. He has since been engaged in the financial services and private equity investment industry. He has been a founder of two private equity investment firms and acted as a key person and principal in numerous private investment programs since the late 80’s. He has had extensive experience in the formulation of private equity investment strategy and policy, deal making, transaction structuring, business development and working with management teams. Mr. Dalais has acted as director and trustee on numerous boards and trusts in both private and public sectors in Mauritius and abroad.

Pierre DANON

Mr. Pierre Danon is Chaiman of Voila in Kiev, the Ukrainian leading and broadband company and Vice-Chairperson of TDC in Copenhagen. He is also a non-Executive Director of Standard Life in Edinburg. He has also been the Chairperson of Eircom in Dublin, Chief Operating Officer of the Capgemini Group, one of the world’s foremost providers of consulting, technology and outsourcing services and Chief Executive Officer of British Telecom Retail.


Mr. Jérôme De Chasteauneuf is a Chartered Accountant of England and Wales and holds a BSc honours in Economics from the London School of Economics and Political Science (1989). He joined CIEL in 1993 as Corporate Finance Advisor and became Head of Finance in 2000. He is an Executive Director of CIEL and Managing Director of CIEL Corporate Services Ltd.


Mr. Antoine Delaporte is the founder and Managing Director of Adenia Partners Ltd, a private company managing private equity funds in the Indian Ocean and West African regions. Since 2000, he is also Director of Karina International Limited and of Karina Sarl in Madagascar and is also a member of the board of Vivo Energy Mauritius Limited. Mr. Delaporte is the Chairman of the boards of C.E.A.L. in Mauritius and of Newpack SA and Socolait SA in Madagascar.


Former student of the National Administration School, Mr. Marc Ladreit de Lacharrière started his professional career with Banque de Suez et de l’Union des Mines, which was renamed Indosuez, following the integration of Banque de l’Indochine. He left the organisation in 1976 to join L’Oréal as Chief Financial Officer where he progressively became Vice-Chairman Deputy General Manager. In March 1991, he left L’Oreal to create his own enterprise, Fimalac. The Group Marc Ladreit de Lacharrière is the owner of 40% of the Lucien Barrière hotel group and holds 50% of the Fitch Group, a global leader in financial information services ratings through Fitch Ratings.


In 1979, Mr. Norbert Dentressangle founded the Norbert Dentressangle Group, specialised in transport and logistics, for which he assumed the chairmanship until 1998. He currently presides the Supervisory Board of that Group. He is also the Chairman of Dentressangle Initiatives, the family holding enterprise that owns a majority stake in Norbert Dentressangle SA. Dentressangle Initiatives also holds investments in immovable property, industrial sectors and services. From April 2008 to April 2010, Mr. Dentressangle was Vice President of the Supervisory Board of AXA. Since April 2010, he is the Vice President and Independent Director of AXA.


Mr. M. P. Roger Espitalier Noël holds a Certificate in Textile and Knitwear Technology from the City of Leicester Polytechnic. He was nominated as General Manager of Floreal Knitwear Ltd in 1998 and retired on June 2010 after 36 years of services in that company. He is now acting as consultant for the CIEL Textile Group. He is a Director of ENL Land Limited, ENL Investment Limited and ENL Limited.


Mr. M. A. Louis Guimbeau is a Fellow of the Institute of Financial Accountants (UK), a Member of the Chartered Management Institute (UK) and Fellow of the Mauritius Institute of Directors. He has worked in the Export Processing Zone, in the diamond cutting industry and in various companies of the Rogers Group. He actively participated in the setting-up of a Freeport Developer and a third party service provider company. He retired as Finance and Administrative Manager of Saint Aubin Group in 2010.

J. Harold MAYER

Mr. J. Harold Mayer holds a Bachelor in Commerce and qualified as Chartered Accountant - South Africa. He has been very active in the management team of various companies of CIEL Textile Group since 1990 and was appointed Chief Executive Officer in 2006.


Mrs. McIlraith is a Fellow Member of the Mauritius Institute of Directors (‘MIoD’). She is an independent non-executive Director and a member of various Committees of a number of public and private companies in Mauritius. She is also the Chairperson of the MIoD and a member of the Financial Reporting Council since October 2014. She has been a member of the South African Institute of Chartered Accountants since 1992. She served her articles with Ernst & Young in Johannesburg. She then joined the investment banking industry and has held senior positions in corporate and specialised finance for Ridge Corporate Finance, BoE NatWest and BoE Merchant Bank in Johannesburg. In 2004 she joined Investec Bank where she was Head of Banking until June 2010. Mrs. McIlraith holds a Bachelor of Accountancy degree from the University of the Witwatersrand, Johannesburg, South Africa.


Mr. Xavier Thiéblin graduated from the Hautes Etudes Commerciales (Paris) in 1965 and started his career in the banking sector. He joined Groupe Quartier Francais in 1970 and was the chairman of this company for a number of years before its sale to Tereos. He has been decorated ‘Chevalier de la Légion d’Honneur et du Mérite Agricole’ and ‘Officier de l’Ordre National du Mérite’. He is also the chairman of the Syndicat de Sucre of Reunion island and a director on the Comité Européen de Sucre of Bruxelles.

Vincent MÉNEZ (Alternate Director)

Vincent Ménez is a graduate from Ecole Supérieure de Commerce de Nantes (AUDENCIA) and holds an MBA with specialisation in Finance from University of Laval, Quebec, Canada. He started his career at Crédit National Paris where he was in charge of treasury operations and then moved on to Crédit National Lyon as Relationship Manager for important clients. In 1995, he joined Groupe Norbert Dentressangle as Director of Treasury Operations and was appointed Managing Director of Dentressangle Initiatives in 1999. He also served as a Member of the Supervisory Board of Groupe Norbert Dentressangle.

Jacques TOUPAS (Alternate Director)

Jacques Toupas graduated from ESSEC Business School and holds a post-graduate accounting and finance degree (DESCF). After some experiences in Investment Banking both in Paris and London, he started his career at Arthur Andersen in Paris as a financial auditor. He then moved to PwC as a senior auditor and later as a manager in the Transaction Services department. He also worked in Private Equity as a manager at European Capital. He joined Fimalac Group in 2009 as responsible of financial portfolio monitoring and investment, working directly with the Chairman and the CFO. He also serves as Board members of various Fimalac Group’s subsidiaries.

Our values


Group structure

as at 18 December 2015

PDF (370KB)


Investor Relations Committees

  • Committees

    The Board of CIEL has established four committees namely the Audit & Risk Committee, the Corporate Governance, Nomination & Remuneration Committee, the Strategic & Advisory Committee and the Environmental and Social Committee which are responsible for assisting the Board with its responsibilities.

    Each committee acts according to clearly defined terms of reference approved by the Board and reports to the Board on matters discussed at committee meetings.

    Board Committees are entitled to take independent and external professional advice, as and when necessary. Senior Management as well as internal and external auditors regularly attend Committee meetings to report on specific issues.


    Strategic & Advisory Committee

    R. Thierry Dalais (Chairman)
    M. F. Antoine Delaporte
    P. Arnaud Dalais
    J. Jean-Pierre Dalais
    L. J. Jérôme De Chasteauneuf
    Tom Rostand

    Audit & Risk Committee

    Catherine McIlraith (Chairman)
    Pierre Danon
    M. A. Louis Guimbeau

    Corporate Governance, Nomination & Remuneration Committee

    F. Antoine Delaporte (Chairman)
    R. Thierry Dalais
    Xavier Thiéblin

    Corporate Sustainability Committee

    M. P. Roger Espitalier Noël (Chairman)
    P.Arnaud Dalais
    Gregory De Clerk
    Harold Mayer
    Jean-Marc Rivet
    Amélie Audibert
    Odile Conchou
    Noëlle Gourrege
    Kamini Vencadasmy

    Share :

Investor Relations Corporate information


CIEL Limited

5th Floor, Ebène Skies
Rue de l’Institut, Ebène
Tel: (230) 404 2200
Fax: (230) 404 2201
BRN: C06000717



If you are a shareholder and have queries regarding your account, wish to change your name and address, or have questions about lost certificates, share transfers or dividends, please contact our Registrar and Transfer Office:


MCB Registry & Securities Ltd

2nd Floor, MCB Centre
Sir William Newton Street
Port Louis
Tel: (230) 202 5397
Fax: (230) 208 1167



CIEL Corporate Services Ltd



Azur Financial Services Ltd
5th Floor, Ebène Skies
Rue de l’Institut, Ebène
Tel: (230) 404 2200
Fax: (230) 404 2201



The Mauritius Commercial Bank Ltd



BDO & Co

Investor Relations Shareholders' calendar

Event Financial year - 30 June

The yearly calendar of events of the Company is scheduled as follows:-

Event Month
Financial year end June
Last Annual Meeting of shareholders December
Declaration/payment of dividend:
- Interim
- Final
Publication of first quarter results November
Publication of half yearly results February
Publication of third quarter results May
Publication of full year results September