I N T E G R A T E D R E P O R T 2 0 2 3
Create Positive. This simple yet powerful
phrase embodies the essence of who we
are and where we’re headed as a Group.
Our new purpose is a reflection of
Medine’s renewed dynamism and of our
dedication to making a difference in the
sectors we work, and in the lives of the
people and communities we serve.
Though Medine has changed over the
years, our commitment to sustainable
practices and responsible business has
remained steadfast. We continue to
create a positive environmental, social,
and economic impact in everything we
do. Our financial performance, the best in
Medine’s recent history, speaks for itself.
We’re working hard to create an even
more transparent, fairer organisation. And
where we invest in our teams and bring
them together.
The results are there - in our earnings
and profit, in our strengthened employee
value proposition, in the huge number of
initiatives that we’ve launched in the past
few years.
‘Create Positive’ isn’t just a tagline. It’s
a vision for our future and a reminder of
what success looks like at Medine. It’s
the guiding principle that will shape our
strategies, projects, and interactions. It’s
a reminder that every decision and action
we take, and every conversation and
exchange that we have with our teams,
customers, and other stakeholders, should
contribute positively to our Group, our
region, our country and our world.
Together, we can create a brighter, more
sustainable, and more inclusive future for
all of our stakeholders.
Create
Positive.
Registered Office
Cascavelle Business Park
Rivière Noire Road
Cascavelle 90522
Mauritius
Tel: +230 401 6101
Fax: +230 452 9600
Email: hello@medine.com
Registrar and Transfer Agent
MCB Registry and Securities Limited
Bankers
The Mauritius Commercial Bank Ltd
ABSA Bank (Mauritius) Limited
SBM Bank (Mauritius) Ltd
AfrAsia Bank Limited
ABC Banking Corporation Ltd
MauBank Ltd
SBI (Mauritius) Ltd
Bank of Baroda
The Development Bank of Mauritius Ltd
External Auditor
Ernst & Young
Noteholders’ Representative
MUA Life Ltd
Dear Stakeholders,
The Board of Directors of Medine Limited is
pleased to present its integrated report for
the year ended 30 June 2023. This report
was approved by the Board of Directors on
26 September 2023.
René Leclézio
Chairman
Dhiren Ponnusamy
Chief Executive Officer
CORPORATE
INFORMATION
About this report
Reporting period
This integrated report presents material
information about Medine Limited
(‘Medine’)’s financial and non-financial
performance, including our business
model, operating context, strategy,
risk management, governance and
stakeholder engagement. It includes
information about Medine and its
subsidiaries for the fiscal year from
1 July 2022 to 30 June 2023. It also
includes any significant events up to
the Board’s approval of this report’s
contents on 26 September 2023.
Integrated reporting
scope and boundary
Financial reporting boundary
Value creation
Forward-looking statements
This report contains certain
assumptions and projections relating
to Medine’s strategy, operational
results, the future demand for our
products and services, and the macro-
economic context that we operate in.
These forecasts are based on currently
available information and the opinions
of the Group’s leadership. Actual results
may differ from those described in
these statements due to unexpected
risks, uncertainties and other factors,
many of which are beyond our control.
Readers are therefore advised to
use caution when interpreting these
forward-looking statements.
About this report
Reporting frameworks
We have prepared this report in
accordance with the following
standards and frameworks:
The International Integrated
Reporting Council (IIRC)’s
Integrated Reporting Framework
International Financial Reporting
Standards
The Companies Act 2001
The Financial Reporting Act 2004
Combined assurance
Medine uses a combined assurance
model, with assurance provided by
the Group’s management as well
as internal and external assurance
providers. Our external auditor, Ernst
& Young, has provided assurance on
FY 2023 financial statements. Their
external auditor’s report can be found
on pages 117 to 121.
Medine’s management and directors
have also reviewed the information
relating to Medine’s non-financial
performance, strategy, and risk
presented in this report to ensure a
fair and balanced representation of the
Group’s material concerns.
Materiality
Medine considers information to
be material when its omission or
misstatement could influence our
stakeholders’ decision-making, and
when it substantively affects our
strategy, revenue and profitability,
and ability to create value over
time. These decisions have been
guided by the IFRS’ own definition of
materiality. However, we have excluded
information that could jeopardise
Medine’s competitive advantage.
Management
Internal
assurance
providers
External
assurance
providers
Digital reporting
In line with the Practice Direction
(No. 2 of 2022) issued by the Registrar
of Companies on 21 December 2022,
and in line with our wider sustainability
efforts, Medine is distributing its
integrated report digitally for the first
time. If you would like to receive a
printed copy of this report, please
contact our company secretary via
the email address in the feedback and
comments section below.
Feedback and comments
Your feedback helps us improve our reporting. We would
welcome your comments and questions and invite you to
send them to investor.relations@medine.com.
Strategy
[page 41]
Business Model
[page 38]
Risk
Governance
[page 85]
Operating
Context
[page 70]
Short
term
< 12 months
Medium
term
1-3 years
Long
term
> 3 years
Operational
Performance
[page 72]
Financial Performance
[page 122]
Corporate
Governance
[page 94]
Subsidiaries
Connect
with us
3
About this report
ICONOGRAPHY
THESE ICONS HELP
LINK TOGETHER
RELATED THEMES
AND SECTIONS
THROUGHOUT THIS
REPORT.
CAPITALS
STRAGETIC PRIORITIES
Human
Intellectual
Social and
Relationship
Natural
Financial
Manufactured
Digital
Transformation
Sustainability
BUSINESS UNITS
STAKEHOLDERS
MAIN RISKS
Pandemics and
Infectious Diseases
Business Risks
Natural Resource
Risks
Macroeconomic
Risks
Legal and
Regulatory Risks
Liquidity and
Gearing Risks
Internal Business
Process Risk
Staff Engagement and
Performance Risks
Concentration
Risks
Health and
Safety Risks
Agriculture
Financial
Institutions
Investors
Strategic
Partners
Communities
Suppliers and
Contractors
Our
Customers
Regulators and
Government
Bodies
Education
Property
Leisure
Culture
Transformation
Our People
About this report
CON-
TENTS
01. About our Group
Our Purpose, Vision
and Values 08
Medine at a Glance 10
Shareholding Structure 12
Organisational Structure 13
02. Leadership and Governance
Chairman’s Message 16
Board of Directors 20
Senior Management 28
03. Strategy
Interview with the CEO 34
Business Model 38
Strategy 41
Go West! 42
Sustainability 44
Our People: At the heart
of Creating Positive 49
Digital Transformation 52
How we Engage with
our Stakeholders 54
04. Performance
CFO’s Report 62
Operating Context 70
Performance
Agriculture 72
Education 74
Leisure 76
Property 78
05. Risk
Audit & Risk Committee
Chairman’s Report 82
Risk Governance 85
06. Corporate Governance
Corporate Governance Report 94
07. Financial Statements
Independent Auditor’s Report 117
Statements of Financial Position 122
Statements of Profit or Loss
and Other Comprehensive Income 123
Statements of Changes in Equity 124
Statements of Cash Flows 126
Notes to the Financial Statements 127
5
About this report
About our Group
01
About
our Group
CREATE POSITIVE RESULTS
We’re committed to nurturing
a culture of innovation,
intrapreneurship, and high
performance, aligned with our drive
for results. We aim to foster trust-
based relationships, create a safe
and positive workplace, embrace
new ideas, and achieve sustainable,
strong performance.
7
About our Group
OUR VISION
By working
responsibly and
building trust, we
drive sustainable
businesses and
initiatives to create a
positive impact.
OUR PURPOSE
Create
Positive
Our fundamental
purpose is to create
positive experiences and
outcomes for everyone
we interact with.
About our Group