FFP_REGISTRATION_DOCUMENT_2017

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GROUP PRESENTATION Portfolio presentation

www.cielgroup.com

BUSINESS

OWNERSHIP STRUCTURE (31/12/2017)

The CIEL group is a family-owned conglomerate, listed in Mauritius and also operating in Asia and Africa. Since it began its operations in the sugar industry in 1912, the group has diversified into textiles, hospitality, healthcare and finance. It currently has 35,000 employees. The group has been listed on the Official Market of the Stock Exchange of Mauritius since January 2014. NAV per share rose in 2017 and the investment portfolio was worth MUR16,517 million at 31 December 2017.

37.6% Dalais family

54.9% Free float and other

FFP’S INVESTMENT

7.6% FFP INVEST

In 2014, FFP subscribed to the CIEL group’s reserved rights issue for €16 million, giving it a 7.6% stake in the company. The capital increase was intended to fund the group’s development in the Indian Ocean and Africa. At 31 December 2017, the FFP group (via its wholly owned FFP INVEST subsidiary) held a 7.6% equity interest. FFP INVEST is party to a shareholder agreement (1) . The value of the shareholding, for the purposes of Net Asset Value and the consolidated financial statements, is based on the share price at 31 December 2017. Sébastien Coquard is a member of CIEL’s Board of Directors.

MAIN FIGURES (in millions of MUR)

30/06/2017* 31/12/2017*

Revenue

20,258

11,448

Operating income

2,860

1,517

Margin

14.1% 13.3%

Net profit Net margin

479

284

2.4% 2.5%

0.20

-

Dividend (MUR per share)

Equity

23,664 14,901

24,253

Net debt 14,555 * Period ended 30/06. Figures at 30/06/2017 are therefore for a full year, and those at 31/12/2017 are for the first half of the 2017/2018 financial year.

BREAKDOWN OF INVESTMENTS (31/12/2017)

24.0% Agriculture and real estate

27.0% Textiles

5.0% Healthcare

15% Financial services

29.0% Hotels

(1) The main features of shareholder agreements formed by FFP and/or FFP INVEST are set out in section 3.1.

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FFP

2017 REGISTRATION DOCUMENT