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Mapping Contents New 004 Group Overview Frontiers This section provides information about who we are and how we conduct our activities. It also contains the Chairman’s message. 020 Strategy - Integrated Thinking 142 Leadership and This section describes how we use Governance different types of capital to create This section describes our leadership value for our stakeholders and provides profile and our corporate governance information about our strategy. principles. 034 Performance and 188 Financial Statements Achievements 190 Statement of Directors’ This section provides information on our Responsibility technology and business lines. It also details what we are doing for employees 191 Report from the and society. Company’s Secretary 192 Independent Auditors’ 094 Risk Management Report | SBM HOLDINGS LTD HOLDINGS | SBM This section describes how we manage 198 Financial Statements risk across our different lines of business 2016 and geographies. 204 Notes to the Financial Statements 274 General Information REPORT ANNUAL 002 Caution regarding forward-looking statements In this report, SBM Holdings Ltd (SBMH) has made various forward- looking statements with respect to its financial position, business strategy and management objectives. Such forward-looking statements are identified by the use of words such as ‘expects’, ‘estimates, ‘anticipates’, ‘believes’, ‘intends’, ‘plans’, ‘ forecasts’, ‘projects’ or words or phrases of a similar nature. By their nature, forward-looking statements require SBMH to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions and other forward-looking statements may not prove to be accurate. Readers of this report are thus cautioned not to place undue reliance on forward-looking statements as a number of factors could cause future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed therein. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to interest rate and currency value fluctuations, local and global industry, economic and political conditions, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the company operates, as well as management actions and technological changes. The foregoing list of factors is not exhaustive and when relying on forward looking statements to make decisions with respect to SBMH, investors and other parties should carefully consider these factors, as well as the inherent uncertainty of forward-looking statements and other uncertainties and potential events. SBMH does not undertake to update any forward-looking statement that may be made, from time to time, by the organisation or on its behalf. | SBM HOLDINGS LTD HOLDINGS | SBM 2016 ANNUAL REPORT REPORT ANNUAL 003 Abbreviations REFERENCE ALSO REFERRED AS: REFERENCE ALSO REFERRED AS: African Export-Import Bank Afrexim Bank London Interbank Offered Rate LIBOR Asset and Liability Management Committee ALCO Mahatma Gandhi Institute MGI Anti Money Laundering AML Mauritius Institute of Training and Development MITD Additional Tier 1 AT1 Mauritian Rupee MUR Automatic Teller Machine ATM Non Governmental Organisation NGO Bank of Mauritius BOM Net Stable Funding Ratio NSFR Capital Adequacy Ratio CAR Occupational Health and Safety Act 2005 OSHA Chief Information Officer CIO Point of Sale POS Common Equity Tier 1 CET1 Risk Adjusted Return on Capital RAROC Cost to Income CI Reserve Bank of India RBI Common Market for Eastern and Southern Africa COMESA Risk Control Self Assessment RCSA Credit Risk Mitigation CRM Request for Proposal RFP Corporate Social Responsibility CSR Return on Average Assets ROA Data Center DC Return on Average Equity ROE Disaster Recovery Data Centre DR Southern African Development Community SADC Europay, MasterCard and Visa EMV SBM Mauritius Asset Managers Ltd SBM MAM Euro EUR SBM Holdings Ltd including its subsidiaries SBM Group or the Group Foreign Currency FCY SBM Holdings Ltd SBMH or the Holding Company Foreign Direct Investment FDI SBM (Bank) Holdings and its subsidiaries SBM Bank Group Financial Institutions Group FIG SBM Bank (Mauritius) Ltd SBM Bank (Mauritius) Ltd or the Bank Finance and Investment Sector Coordinating Unit FISCU SBM (NBFC) Holdings Ltd including its subsidiaries SBM Non-Bank Group Financial Services Commission FSC SBM Non-Financial Investment Holding Company SBM (NFC) Holdings Ltd Financial Year FY Stock Exchange of Mauritius SEM Gross Domestic Product GDP Stock Exchange of Mauritius Price Index SEMDEX Global Business Licence GBL Service Level Agreement SLA Gandhian Basic School GBS Small and Medium Enterprises SME International Integrated Reporting Council IIRC Special Purpose Vehicle SPV Internal Capital Adequacy Assessment Process ICAAP Public Interest Entity The PIE International Monetary Fund IMF Technical Vocational Education Training TVET Indian Rupee INR United Nations Economic Commission for Africa UNECA Information Technology IT United Nations Educational, Scientific and Cultural Organization UNESCO | SBM HOLDINGS LTD HOLDINGS | SBM Key Performance Indicator KPI United Nations Industrial Development Organisation UNIDO Key Risk Indicator KRI United States Dollar USD 2016 Local Currency LCY Value-at-Risk VaR Liquidity Coverage Ratio LCR Wholly Owned Subsidiary WOS ANNUAL REPORT REPORT ANNUAL 004 Group Overview • About this Report • Key Figures • About SBM Group • Business Model • Our Offering • Chairman’s Statement | SBM HOLDINGS LTD HOLDINGS | SBM 2016 ANNUAL REPORT REPORT ANNUAL Mauritius 005 Disciplined and focused execution of our strategic plan translated into a SUPERIOR performance in 2016, which has boosted value for our various stakeholders. We aim to CONTINUE to direct our efforts at initiatives that will create value beyond expectations for our STAKEHOLDERS and simultaneously diversify our income base to make the Group more RESILIENT. The seeds for future growth have been sown… | SBM HOLDINGS LTD HOLDINGS | SBM 2016 ANNUAL REPORT REPORT ANNUAL 006 About this Report In line with integrated reporting principles, this report presents Integrated Reporting and content developments relating to SBM Holdings Ltd (SBMH) and its subsidiaries (collectively referred to as “SBM Group”) which occurred during 2016. This report considers several principles of integrated reporting as put In addition to the strategy, operating environment, governance and forward by the International Integrated Reporting Council (IIRC): performance, this report also contains forward looking statements about SBM Group. Section in which integrated PRINCIPLES OF INTEGRATED reporting principle is The aim of this report is to communicate effectively with all of our REPORTING BY IIRC stakeholders, with the objective of facilitating their assessment of the covered in this report sustainability and future of SBM Group. • Group Overview This report is presented in Mauritian Rupee (MUR), which is SBM Group’s Organisational overview • Performance and Achievements presentation currency. Percentages have been calculated using rounded off and operating context • Strategy - Integrated Thinking figures. Scope • Risk Management Report Governance • Leadership and Governance This report covers the local and foreign activities of SBM Group’s subsidiaries. • Group Overview The reporting period spans from 1 January 2016 to 31 December 2016. Business model • Strategy - Integrated Thinking Material events, post balance sheet date, which have already been approved by the Board of Directors of SBMH, have been included. This report complies with all applicable standards, laws and regulations • Risk Management Report • Strategy - Integrated Thinking including International Financial Reporting Standards (IFRS), Code of Risks and opportunities • Performance and Achievements Corporate Governance for Mauritius and Bank of Mauritius Guidelines. What is new? Strategy and resource • Performance and Achievements allocation • Strategy - Integrated Thinking This report includes several enhancements namely: > Greater embracement of integrated reporting principles; | SBM HOLDINGS LTD HOLDINGS | SBM • Group Overview > Wider coverage of our major lines of business; Performance • Performance and Achievements 2016 • Financial Statements > Enhanced connectivity in the report. • Group Overview Outlook • Performance and Achievements • Strategy - Integrated Thinking ANNUAL REPORT REPORT ANNUAL 007 We use different icons throughout this report which are explained below: Our Stakeholders Types of Capital Investors Financial capital Customers Social and relationship capital Employees Manufactured capital Regulators Natural capital Community Human capital Intellectual capital | SBM HOLDINGS LTD HOLDINGS | SBM 2016 ANNUAL REPORT REPORT ANNUAL 008 Key Figures 525,737 clients Number of Employees 2016 1,388 2015 1,250 500 600 700 800 900 1000 1100 1200 1300 1400 Employee Breakdown by Gender in 2016 44% Male | SBM HOLDINGS LTD HOLDINGS | SBM 2016 56% Female ANNUAL REPORT REPORT ANNUAL 009 About SBM Group | SBM HOLDINGS LTD HOLDINGS | SBM 2016 Current Presence Future Presence ANNUAL REPORT REPORT ANNUAL 010 Return on Equity 2016 10.04% 2015 7.26% 2.78 percentage 0 2 4 6 8 10 12 points Tier 1 Capital Adequacy Ratio 2016 19.90% 2015 1.85 21.75% percentage points 15 16 17 18 19 20 21 22 CSR Contribution 2016 MUR 79.7 Mn 2015 MUR 50.1 Mn 0 20 40 60 80 59.08% | SBM HOLDINGS LTD HOLDINGS
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