Annual
report
2017

Our Values

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Respect defines the way we relate
to people in our Group and the community.
Tenacity encourages us to work towards
perfection through every endeavour.
Integrity guides our every action..
Passion gives us the strength and enthusiasm
to contribute always with commitment.
Innovation inspires us to advance
by taking the initiative.

Overview

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The value
We created in 2017

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our business
at a glance

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Our organisational structure

Terra’s organisational structure reflects the outcome of a restructuring exercise completed in 2016 that resulted in the establishment of four autonomous clusters: Cane, Power, Brands, and Property and Leisure. The strength of these clusters hinges on their unique business know-how that sets them apart from competitors and provides the platform for their international development.

The clusters are autonomous in their decision-making processes, budgeting and reporting, as well as in the day-to-day running of its operations. Each cluster’s leadership team is fully accountable for its cluster’s respective performance, and is empowered to develop its own businesses and to realise any international growth opportunities in line with proposals and plans that are duly approved by the Board of directors. The clusters are supported by some centralised functions aimed at developing a shared performance-based, permanent improvement culture, and at driving operational excellence and efficiency across the Group.

our business
Model

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Alain Rey
Chairman of the Board
16 May 2018
“I believe that the Group is very well placed to continue to deliver and share value into the future.”
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“I am confident that we will continue to nurture a strong performance based permanent improvement culture, and drive an ethos of operational excellence.”
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Nicolas Maigrot
Managing Director
16 May 2018

financial
Review

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operational
review

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cane

Growing sugar cane and producing sugar are the foundation of Terra’s growth and success, and date back to 1838 when the Harel brothers acquired the Belle Vue sugar estate in the north of Mauritius. Today we have around 6,000 hectares of agricultural land, and we operate one of the most modern sugar factories on the island, with a processing capacity of 336 tonnes of cane per hour. In a typical year, the mill processes some 875,000 tonnes of sugar cane and produces 93,000 tonnes of sugar. We also jointly manage two sugar estates and factories in Côte d’Ivoire.
Our vision is to be a global player in growing cane and manufacturing (specialty) sugar
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power

Terragen is a power producer that supplies electricity to the Central Electricity Board (CEB), as well as electricity and steam to Terra’s sugar mill, through our 2 x 35 MW thermal power plant. Operating in a joint venture partnership with French company Albioma, we generate electricity and steam by burning bagasse and cane trash during the crop season (from July to December), and imported coal from South Africa during the intercrop season.
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brands

Established in 1931, Terra Brands Ltd, the holding company of the Grays cluster, is one of the pioneers in the Mauritian distillation sector, a local leader in importing and distributing quality spirits and wines, and the leading producer of alcoholic drinks derived from sugarcane. Over the past decades, we have diversified our activities to include the distribution and sale of personal care, and cosmetics to the end consumer.
We build leading Brands in our markets and market the spirit of our Brands internationally
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property and leisure

Our Property and Leisure business, operating as Novaterra, is a relatively new addition to the Group that is currently focusing on establishing an innovative property-development cluster between Port-Louis and the northern part of Mauritius. The cornerstone of this development will be the Beau Plan Smart City that aims to transform the Beau Plan region into a futuristic urban environment serving the North.
Delivering broader societal value

We anticipate that the Beau Plan Smart City development will result in the creation of at least 8,400 new and direct jobs in the Smart City itself, with an additional 500 construction jobs during the construction phase, and another 5,000 indirect jobs for the suppliers of various goods and services. We will be providing training to develop skills of people in the region, including in small business management, organic farming and ICT. In addition to boosting job creation opportunities, our development will have a positive impact on the value of Terra’s existing land, as well as on the property of our neighbours, contributing to the general enhancement of the country’s overall wealth.

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investments

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group-level
functions

Although each of the Terra clusters is autonomous in its decision-making processes, budgeting and reporting – and each leadership team is fully accountable for their cluster’s respective performance – there are some areas where strategic guidance and support services are provided at a Group level. This section briefly reviews the material performance and outlook of Terra’s activities relating to its investments in employees, the environment and the community

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governance

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Our
LEADERSHIP

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board of
Directors

1. Alain rey 2. Maurice de Marassé Enouf 3. Dominique de Froberville 4. Alexis Harel 5. Didier Harel 6. Henri Harel 7. Hubert Harel 8. Nicolas Maigrot
9. Nikhil Treebhoohun 10. Alain Vallet 11. Margaret Chui Puing Wong Ping Lun

Our
leadership

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management
team

4. Alexis Harel 6.Henri Harel 8. Nicolas Maigrot F. Jean-Philippe Desvaux de Marigny G. Nicolas Eynaud J. Edwige Gufflet R. Julien Rousset
S. Joël Villeneuve Anaudin

Our
leadership

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management
team

A. Louis Denis Koenig B. Marie-Annick Auguste C. Jocelyn de Chasteauneuf D. Joël Couve de Murville E. Bernard Desvaux de Marigny
H. Jean-Michel Gérard I. Patrice Gourel de St Pern K. John Laguette L. Steeve Lareine M. Sébastien Mamet O. Iqra Mosaheb P. Christopher Park
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share analysis and
Stock Exchange Performance

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financial
Statements

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administrative

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