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Leadership Through Innovation 21 LEADERSHIP ANNUAL REPORT 2019 THROUGH INNOVATION Glossary of Terms, Acronyms, and Abbreviations 5 ABOUT THE GROUP 6 Our Vision, Our Mission 7 Corporate Information 8 Pathway 8 PERFORMANCE REVIEW & HIGHLIGHTS 10 Chairperson’s Message 12 Group Chief Executive Officer’s Report 14 Group Financial Dashboard 17 Salient Events 18 INSIDE Leadership Through Innovation 21 Sustainability Report 22 Statement of Compliance 25 Statement of Directors’ Responsibilities 26 CORPORATE GOVERNANCE REPORT 27 Secretary’s Certificate 73 Statutory Disclosures 74 FINANCIAL STATEMENTS 75 GLOSSARY OF TERMS, ACRONYMS AND ABBREVIATIONS AIM Advance Institute of Motoring Ltd ARC Audit and Risk Committee BCSD Business Council of Sustainable Development CGNRC Corporate Governance, Nomination and Remuneration Committee CO₂ Carbon dioxide CSR Corporate Social Responsibility DEM Development & Enterprise Market of the Stock Exchange of Mauritius Ltd DPS Dividend per share EBITDA Earnings before interest, tax, depreciation, and amortisation EPS Earnings per Share FPSL FleetPro Services Ltd GCEO Group Chief Executive Officer GCA Group Chief Accountant HAWT Horizontal-axis wind turbine HC Hydrocarbons ICL Island Communications Ltd IFRS International Financial Reporting Standard kWh Kilowatt-hour MBA Master of Business Administration MIoD Mauritius Institute of Directors Ltd MyC mychauffeur Ltd NAV Net Asset Value NAVPS Net Asset Value per Share NGO Non-Governmental Organisation NOI Net Operating Income NOx Nitrogen oxides PAT Profit after Tax PET Polyethylene terephthalate PIE Public Interest Entity PM Particulate matter PV Photovoltaic RHT HL RHT Holding Ltd RHT BS RHT Bus Services Ltd RHT IL RHT Investments Ltd RHT PL RHT Properties Ltd RHT VL RHT Ventures Ltd ROE Return on Equity Rs Mauritian Rupees SEM The Stock Exchange of Mauritius Ltd SEMSI Stock Exchange of Mauritius Sustainability Index Sqm Square metres TMSL Transport and Micropayment Systems Ltd VAWT Vertical-axis wind turbine ZEB Zero-emission bus ANNUAL REPORT 2019 5 ABOUT THE GROUP OUR VISION To be a trendsetter offering an outstanding level of service that meets the highest environmental and social standards. PURPOSE RHT Holding Ltd initially started its operations in 1954 under the name Rose Hill Transport Group, operating in public transport in Mauritius. Through its years of experience in the bus services sector, RHT Holding Ltd has established itself as the leading market player. In 2006, with a view to diversifying its activities, the Company was listed on the Development & Enterprise Market of the Stock Exchange of Mauritius (“SEM”). A restructuring was implemented two years later to separate the different activities into clusters. Subsequently, in 2010, the shareholders resolved to change the name of the Group from Rose Hill Transport Ltd to RHT Holding Ltd. Although public transport remains the core activity of the Group, operating under the name of RHT Bus Services Ltd, there has been a diversification into corporate venturing, investment in property and equities of blue-chip companies trading on the SEM as well as in international funds. On 7 September 2015, RHT Holding Ltd was also listed on the SEM Sustainability Index (“SEMSI”), which seeks to promote the best companies in Mauritius working to provide a more sustainable business environment for all stakeholders. OUR MISSION We aspire to be one of Mauritius’ most The RHT Group is now entering a crucial phase. With the advent of the Metro project, the Company valuable companies through innovation, is poised to reinvent itself and transition to markets that offer better margins. world-class performance and a clear focus on each of our business segments. 6 RHT HOLDING LTD I 65 years I Leadership through Innovation ANNUAL REPORT 2019 7 CORPORATE INFORMATION REGISTERED OFFICE BOARD OF DIRECTORS COMPANY SECRETARY PRINCIPAL BANKERS 32 ex-14 Hugnin Road, Paul C.K.F. Ah Leung - Chairperson Navitas Corporate Services Ltd The Mauritius Commercial Bank Ltd Rose Hill, Mauritius Sidharth Sharma - Group Chief Executive Officer The State Bank of Mauritius Ltd Ravindra Goburdhun - Executive Director EXTERNAL AUDITOR Barclays Bank Plc COMPANY REGISTRATION NUMBER Meha Desai MauBank Ltd Stéphane Leal BDO & Co. C893 Kamil Patel 10, Frère Félix de Valois Street, Port Louis, SHARE REGISTRAR Yoosuf Kureeman Mauritius DATE OF INCORPORATION Uday Kumar Gujadhur MCB Registry and Securities Ltd 27 April 1954 Van Man Sin Kwok Wong INTERNAL AUDITOR PwC Mauritius 18, Cybercity Ebène, Réduit 72201, Mauritius Inclusion as one of the 15 constituents PATHWAY of the prestigious SEMSI (Stock Exchange of Mauritius Sustainability Index). Launch of Smartline on RHT was Route along with 1954 1972 1998 Listing of RHT 2005 probably 2011 2014 the Trip Planner 2016 Introduction of 2018 on the among the few ISO 9001:2008 mobile app for the Filao card. Recruitment of Development companies in certification. bus tracking. Procurement of Introduction of the first lady & Enterprise the world to Introduction of Incorporation of buses using automatic conductor, Market of the introduce FREE semi-low floor ICL Zambia, a EURO IV transmission driver and Stock Exchange Wi-Fi on its buses subsidiary of RHT standard Official Launch of gear Difficult time traffic officer Introduction of of Mauritius First trial of the buses Launch of Presentation of Ventures Ltd Launch of engines Launch of the Rose Hill during the GPS technology electronic fare Etoile Card the Mauritius Fleet Pro. country’s first Transport Ltd workers’ strikes. in RHT buses payment Business Reintroduction two-wheeler RHT was the only system Excellence of the driving school, bus carrier that Award. double-decker the Advanced maintained Introduction of buses Institute of service despite a the Chef on the Motoring trade union ban Bus Concept. Launch of 1965 1990 2001 2010 2013 mychauffeur.mu. 2015 2017 8 RHT HOLDING LTD I 65 years I Leadership through Innovation ANNUAL REPORT 2019 9 PERFORMANCE REVIEW & HIGHLIGHTS 10 RHT HOLDING LTD I 65 years I Leadership through Innovation ANNUAL REPORT 2019 11 CHAIRPERSON’S MESSAGE “Without the ambition to raise oneself to life’s challenges, growth and innovation Dear Shareholder, would never happen.” On behalf of the Board of Directors, it is my have yet to witness these long-awaited actions Mark Goulston pleasure to present the Annual Report of and their resultant impacts. RHT Holding Ltd (the “Company”) for the year On the other hand, this undesirable situation ended 30 June 2019. has not deterred our resolve to pursue with “Without the ambition to raise oneself to our motto, “Leadership Through Innovation.” life’s challenges, growth and innovation This year, in the midst of adverse conditions, would never happen.” (Adapted from Mark RHT BS has actually introduced two new Goulston) 100% electric buses, thus becoming the very first public transportation company to invest in the Company and its minority shareholders. possible essentially by way of dividends The RHT Group has been painstakingly rising to such vehicles. This platform’s primary objective was to act received through RHT Investments Ltd, various challenges over the last years and has as a vehicle to keep shareholders (especially which remains the main revenue driver for kept an unflinching resilience in the face of the STRATEGIC FOCUS the smaller ones) abreast of the means and the Group. hardships crossing its way. The Group’s strategy remains the development ways in which challenges facing the Group are ACKNOWLEDGEMENTS Indeed, our public transportation cluster, of mobility solutions for goods and people, being addressed. They have unfortunately not RHT Bus Services Ltd (“RHT BS”) has dragged except that we are now extending our boundaries demonstrated the anticipated interest in this It is in trying times that we can truly evaluate down the financial results of the Group with an to encompass continental Africa. Indeed, the initiative, which will be put on hold until further the real strength of a Team! And we are increasing negative contribution of more than RHT Group is very much active in Zambia while notice. sailing through rough seas! I, therefore, wish Rs 1 million monthly due to: exploring new territories such as Kenya and to express our gratitude to our Management DIVIDEND • a drastic fall in ridership caused by delays Uganda. Team and staff for their dedication and Despite the difficult situation, the Board, engagement and wish to reiterate the trust and longer travel time; At the subsidiaries’ level, we have witnessed following the recommendation from the and confidence of the Board of Directors in • a reduced number of trips per bus; very promising results with the good financial executive management, considered it necessary the Group’s Executives and Managers. • enormous increases in fuel costs; and performance of FleetPro Services Ltd (“FPSL”), to remunerate shareholders even at a reduced • huge augmentations in overall inefficiency Island Communications Ltd (“ICL”), and Transport rate. Indeed, the total dividend declared in the rates. and Micropayment Systems Ltd (“TMSL”). I am financial year ended 30 June 2019 is Rs 0.90 per convinced that these clusters will be delivering All of the above was caused by massive traffic share, which is Rs 0.15 lower compared to last much higher returns in the years to come. congestion in most of the regions served by year. An interim dividend of Rs 6,081,075.00 RHT BS. SHAREHOLDER ENGAGEMENT (Rs 0.50 per share) was declared in November We have nevertheless constantly been re- INITIATIVES 2018
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