Page 91 - CJ 2019 INTEGRATED REPORT

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on on these properties We completed
the the transformation of o Phoenix Central into an an an office destination destination while Quay 11 our retail and food destination destination in in in in the the heart of Port Louis opened its doors in in in July 2019 During the the year we appointed a a a a group of consultants to guide us on on restructuring the ownership of our our properties within the cluster so as to achieve our our objectives of greater scale and value in in our Real Estate Cluster Having onboarded a a a a a a a a new CEO for the the cluster we now have the the the leadership in in place to drive our objectives in in the the Real Estate cluster Our entry into the Hospitality sector marks a a a a a a major milestone for CJ on on on several fronts Our uphill battle in court and subsequent victory is a a a a a testament to to the strength of of our our values and sincerity of of our our intentions Despite these initial challenges we successfully opened Anantara IKO Mauritius Resort
& Villas in September 2019 The operation of Anantara IKO Mauritius Resort
& Villas will support our development plans for the the land
we own adjoining the the resort and and and will enable us to monetise our land
assets • Rebalance the financial structure of CJ Group CJ’s approach to risk management has always been prudent cautious and responsible But as as a a a a a a a a Group that continues to grow quickly we have incrementally concentrated our debt at at the Holding level In line with this strategic objective we have made strides
in in in implementing our debt restructuring plan which entails reducing and and rebalancing our debt at the Holding level and and distributing our our exposures more evenly across our our subsidiaries all of which have leveraging capacities In early
2020 CJ completed
the transfer
of of its shares in in MC Vision to Emtel generating a a a a a a a a a significant amount of of cash flow as as as a a a a a a a a a a result This has been instrumental in in in in helping us achieve our our goal of strengthening our our businesses for sustainable growth while also reducing our debt at at the corporate level • Pursue growth through a long-term commitment to environmental stewardship
The need to address the growing challenges of climate change resource scarcity and inequality
is is is urgent Sustainability far from being a a a a a a a a ‘box-ticking exercise ’ is is is a a a a a a a a business business imperative As a a a a a family- owned business business the concept of sustainability and stewardship
for future generations comes naturally to us us To this end we have embedded sustainability into our our business model in in in in a a a a a a a way where it permeates our our our day-to- day day operations and and behaviours Our Group-wide Environment and and Sustainability (E&S) agenda which we developed in in 2013 provides strategic direction to our clusters and subsidiaries all of which are committed to integrating these CJ Corporate Head Offices in Port Louis policies and practices into their operations During the the year our businesses made great progress on the the path towards sustainability Our key areas of activity like rigorous waste management policies paperless offices and and the increased use o of solar panels and and renewable energy are aligned with the UN’s Sustainable Development Goals More information can be found on on pages 126-143 CJ has always stood by our communities in good and and bad times and and this year was no different We carried out our CSR activities through the Currimjee Foundation and Group Companies disbursing close to Rs 10 6M across five areas of intervention (page 131) Our staff are are highly involved members of our our communities and play a a a a a a a pivotal role in in in in driving our our CSR agenda turning it into a a a a a a a true set of lived values Highlights of our performance in 2019 The implementation of our long- term strategy has borne fruit with CJ recording positive growth for 2019 Group turnover grew
by 3% to reach Rs 5 016 million Though this growth is is slower than
in in previous years it it reflects the growing competitive pressures we are facing the divestments from Cheribinny and and and Multicontact and and and the disruption of Emtel and and and MC Vision’s traditional revenue streams
INTEGRATED REPORT 2019