Page 156 - CJ 2019 INTEGRATED REPORT

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DIRECTORS REPORT
The Group’s consolidated revenue increased by 3 1% year year on on on year year to to reach Rs 5BN with both Telecom Media & IT and Hospitality clusters contributing to achieve this growth The The operating profit o of of of the the the the the Group Group rose by over 12% compared to last year largely as as a a a a a a a a a a a a a result o of of of fair value gain on investment properties within the the the the the the Hospitality cluster companies companies The The other companies companies o of of of the the the the the the Group Group except for for the the the the the the Hotel performed comparably well despite the the the the headwinds that we we had anticipated since some time CJ recorded a a a a a a a a a a a consolidated NPBT of of of Rs 636M for the the the the year under review marginally above that of of of 2018 The Group’s finance costs costs were negatively impacted in fin in in in in in in 2019 2019 by the the the the the borrowing borrowing costs costs at at at at at at at the the the the the level level of of of of of the the the the the Hotel in fin in in in in in in its first 4
months of of of operation Also higher higher borrowings at at at at at the the the the level level of of of Emtel to to cater for higher higher investment plan fin in in in in in in in 2019 2019 has also added to this cost line The Group NPAT stood at Rs Rs 438M in in 2019 compared to to Rs Rs 420M in in 2018 The Group’s Other comprehensive income was impacted by by couple of of large figures mainly driven by by the the performance of of its fits quoted investments investments in in in in in in in in in in India and also adjustments to changes in in in in in in in in in in retirement benefits measurements in in in in in in in in in in line with IAS 19 19 The fair value gain on the the the the investments investments attained Rs 202M for for 2019 made up of of an an an an increase in in in in in in in in share price and and a a a a a a a a a a a a a a a a a a a a a favorable exchange difference On the the the the the the other hand the the the the the the mortality experience has negatively impacted the the the the the liability for retirement benefits to the the the the the tune of Rs 100M in in in 2019 The Group’s total comprehensive Income ended the the the year at at Rs Rs Rs Rs 591M compared compared to to to to Rs Rs Rs Rs 182M in in in in 2018 2018 with the the the amount attributable to to to to the the owners reaching Rs Rs Rs Rs 337 M M M M in in in in 2019 compared compared to to to to a a a a a a a a a loss of Rs Rs Rs Rs 106M in in in in 2018 The Company’s performance in in in 2019 was impacted by lesser dividend from its its fits main subsidiaries and also a a a a a a a a a a a a a a a negative adjustment to to to its its fits its liability for for retirement benefits specifically due the mortality experience in in in in in relation to to to some of its fits its members The NPAT stood at at Rs Rs 127M in in 2019 down from nearly Rs Rs 400M in in 2018 The Company paid out a a a a dividend of Rs Rs 135M compared to Rs Rs 110M in 2018 DIRECTORS The following directors held office during the year ended 31 December 2019:
Bashirali A Currimjee
Anil C C Currimjee
Ashraf M Currimjee
Azim F Currimjee
Mazahir F E Adamjee
Geerja Shankar Ramdaursingh – Resigned as director on 18 November 2019 Riaz A Currimjee
Christophe de Backer Shahrukh D Marfatia M Iqbal Oozeer
Aisha C Timol Karim A Barday
STATEMENT STATEMENT OF OF DIRECTORS’ RESPONSIBILITIES IN IN RESPECT OF OF THE FINANCIAL STATEMENTS
Company Company law requires the the the the directors to to prepare financial financial financial financial statements for for each financial financial financial financial year which present fairly the the the the the financial financial financial financial financial position financial financial financial financial financial performance and and cash flows of of the the the the the Group and and of of the the the the the Company Company In preparing those financial financial financial statements the the directors are required to:
• select suitable accounting policies and then apply them consistently • make judgements and and estimates that are reasonable and and prudent • state state whether International Financial Reporting Standards have been followed subject to any material departures disclosed and and and explained in in in in fin the the financial statements and and and • prepare the the the financial statements on on on the the the going concern basis unless it is is inappropriate to presume that the the the Company will continue fin in in in business The directors have have confirmed that they have have complied with the the the above requirements in in fin preparing the the the financial statements The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at at at any any any time the the the the the the the financial financial position of of the the the the the the the Company Company and and to to to enable them to to to ensure that the the the the the the the financial financial statements comply with the the the the the the the the the Mauritian Companies Act 2001 They are also responsible for for for safeguarding the the the the the the the the the assets of of of the the the the the the the the the Company Company and and and and hence for for for taking reasonable steps for for for the the the the the prevention and and detection of of fraud and and other irregularities CURRIMJEE JEEWANJEE AND COMPANY LIMITED