Medine Integrated Report 2023

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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

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