Chairman’s Review


Mr Jean-Claude Béga

Leading Innovation

With Mauritius being ranked first in Sub-Saharan Africa on the Global Innovation Index (GII) for the second year in a row in 2015, the island economy finds its thrust on innovation acknowledged yet again by the global community. This significant achievement at a national level is powered by the cumulative efforts of local, entrepreneurship-driven firms like Anglo African, which are serving as models of innovation and pioneers in the adoption of global best practices in the Information Technology sector.

Besides being an important player in innovation, Anglo African prides itself on empowering the local talents in the regions in which it operates. Our mission is not only to provide our valuable human assets with relevant training and development opportunities, but also to hone the leadership and management skills inherent in our best-in-class talents.

On this note, it is with great pleasure that I present the first Integrated Report of Anglo African Investments Ltd and its subsidiaries (‘The Group’). This pioneering report enables us to measure not only the tangible financial results we have achieved at a Group level, but also our impact on the human, manufactured, intellectual and social capital.

Integrated Reporting

The team has researched different reporting codes from the “Comply or Else” style of the NASDAQ to the “Comply or Explain” ethos that is more common. More importantly, they had to ensure that benefits of adopting such stringent codes were not outweighed by bureaucratic slowdowns and overhead increases to the high growth company that we are. In this respect, they have been able to select those themes that offer tangible benefits to the organisation while at the same time “complying or explaining”, through a matrix that is present on our website, One such benefit was the use of technology to interconnect the different capitals as well as delivery of the integrated report itself. We can now safely say that we do not sell to others what we have not tried and tested ourselves!

While the very essence of Integrated reporting is that it is “forward looking”, it was important for us to strike the right balance between disclosure of confidential and competitive information against the benefits to main stakeholders such as existing and future clients; financial institutions and business partners. I believe that we have been able to manage this fine balancing act and do justice to all our stakeholders in the process.

Year In Review

Reinforcing its position as a major player in the ICT space in Mauritius, the Group was honoured by Microsoft at its Worldwide Partner Conference. At the global technology company’s premier annual event in the USA for industry partners in July 2014, the Group won the title of Microsoft’s Management & Virtualization Partner 2014 in recognition of its achievements as a world-class solutions provider in the information and communications technology domain.

The founder and CEO of the Group was also featured, alongside 50 successful captains of industry, in the MCB175 book which the largest bank in Eastern Africa issued for its 175th Anniversary.

Overall, in FY2015, the Group effectively pursued its strategic objectives of consolidating its pioneering position in the ICT landscape in Mauritius, expanding its emerging technology focus and broadening its international footprint in select African economies, diversifying and strengthening its customer base in the process.

Strategic Orientation

Continuing its thrust on exploring new horizons in Africa, the Group opened a new office in Zimbabwe in the second half of the year as well as incorporated a subsidiary in Zambia towards the close of the financial year. Total foreign revenue accounted for 17% of group revenue in FY2015 and is a segment that the Group is looking forward to grow manifold as it strongly believes in the growth potential of the African market.

In order to expand its footprint sustainably, the Group has redoubled its efforts to invest in the training and development of its human resources, and to empower local communities in the regions where it is present with concerted plans to increase the local staff in its African operations. A robust risk management system is in place and its effectiveness has been reviewed in the latest internal audit conducted by Ernst & Young in August 2015. Meanwhile, good corporate governance continues to be key to the Group, as it ensures that it takes its stakeholders along even as it expands rapidly to avail growing ICT opportunities.

Having built up a strong track record over time by targeting clients in the key Mauritian sectors of telecommunications and financial services, the Group is now showing a concerted focus on replicating this success in the other geographies in which it is present. With this emphatic verticalisation thrust, the Group is targeting rising profit margins in an increasingly specialisation-driven ICT landscape.

The strategic plan over the medium to long-term, whereby the Group will derive a majority of its revenues from its international operations in Africa, as well as increasingly leverage emerging technologies to grow its footprint in Mauritius and overseas, will allow the Group to deliver increased value to its diverse stakeholders.



First of all, I would like to thank the “Digital” team for not only having produced this first “Integrated report” internally from design to development, but most importantly, having ensured that in letter and in spirit, it follows international best practices in “Corporate Governance and Reporting” and relevant benchmarking for Anglo African.

I would like to welcome our new directors:

Mr Ali Jamaloodeen who was the Chief Operations Officer and will now be overseeing the International Operations of the Group. Ali joins us from Huawei Technologies where he was Turnkey Project Manager.

Mrs Nishika Bajaj who has around 10 years of experience across financial services and communications sector as Associate Vice President of HSBC, Business editorial team of Hindustan Times in Delhi and more recently Chief Editor of AfricaMoney.

Mr Guillaume Ortscheit with over 20 years of technical and sales experience within the mobile telecom industry in Africa. Formerly, CEO of SIM Dyamics and GM Business Development at Gemalto prior to that.

Pr Marc Kitten, Adjunct Professor of Finance at Imperial College in London with over 10 years experience in banking as SVP at Deutsche Bank and 15 years of experience in consulting with McKinsey and Candesic

My statement would be incomplete without expressing my heartfelt appreciation to the management team, employees, partners and fellow directors for their outstanding efforts in FY2015 and continued commitment to the future success of the Group.

Last but not least, I would like to take this opportunity to express my sincere gratitude to our customers who have provided their valuable patronage to the Group.


Jean-Claude Béga
11 September 2015



Delivering best of breed solutions [Gartner’s Leaders Quadrant] at cost effective value.


A Sustainable [40% maintainable earnings], Growing [20% p.a.] and Profitable business [10% PAT].


Most competitive industry reward and benefits [FP + Redefined STI + LTI] as well as personal development.


We define “Geography” by the countries in which we operate, whether these countries are Representative offices, Subsidiaries or our Head Office.


We define “Technology” by the different IT segments where we have developed strong capabilities in terms of talents and also global partnerships.


To become the most respected IT Firm in our markets.

We will achieve this by ensuring customer satisfaction in every single engagement that we undertake.


To maximise value for all stakeholders by delivering innovative solutions and keeping our promises.


  • Highest level of Integrity
  • Customer first
  • Growing our people
  • Forward looking
  • Being Proactive &



Delivering best of breed solutions [Gartner’s Leaders Quadrant] at cost effective value.


A Sustainable [40% maintainable earnings], Growing [20% p.a.] and Profitable business [10% PAT].


Most competitive industry reward and benefits [FP + Redefined STI + LTI] as well as personal development.


We define “Geography” by the countries in which we operate, whether these countries are Representative offices, Subsidiaries or our Head Office.


We define “Technology” by the different IT segments where we have developed strong capabilities in terms of talents and also global partnerships.


To become the most respected IT Firm in our markets.

We will achieve this by ensuring customer satisfaction in every single engagement that we undertake.


To maximise value for all stakeholders by delivering innovative solutions and keeping our promises.


  • Highest level of Integrity
  • Customer first
  • Growing our people
  • Forward looking
  • Being Proactive &

Our Six Capitals

The Integrated Reporting framework notes that all organizations depend on various forms of capital for their success. It goes on to define capitals as comprising financial, manufactured, intellectual, human, social and relationship, and natural, although all organizations are not required to adopt this categorization while preparing an integrated report.

The capitals are stocks of value that increased, decreased or transformed through the activities and outputs of the organization. For example, an organization’s financial capital increases when it makes a profit, and the quality of its human capital improves when employees become better trained.


The <IR> framework defines financial capital as the pool of funds that is:
• available to an organization for use in the provision of services
• obtained through financing, such as debt, equity or generated through operations or investments
The main source of capital for Anglo African is retained earnings and other sources including vendor financing and lines of credit from banks, although the latter is rarely used. The management of these funds has become even more important as investments in international business and human capital development is expected to rise dramatically in the medium term.


The <IR> framework defines human capital as people’s competencies, capabilities and experience; ability to understand, develop and implement an organization’s strategy; and, loyalties and motivations for improving processes, goods and services, including their ability to lead, manage and collaborate.

Talent is one of the key pillars of the Anglo African business model and also one of its major strategic orientations. We have talent development policies in place, along with a performance appraisal system and career management system, all designed to develop the company’s human capital effectively and to maximize its contribution to our growth.


The <IR> framework defines social capital as institutions and the relationships within and between communities, groups of stakeholders and other networks, and the ability to share information to enhance individual and collective well-being.

For Anglo African, its relationships with all of the various stakeholders are of key importance. However, the relationships it builds with its clients, people and business partners hold a special significance within its business model. Through its activities, Anglo African builds relationships with stakeholders and also collaborates with NGOs and foundations involved in child welfare activities.


The <IR> framework defines intellectual capital as organizational, knowledge-based intangibles, including: intellectual property, as well as tacit knowledge, systems, procedures and protocols.

Anglo African’s Research and Innovation model aims to integrate internal and external knowledge in our own technology and solutions. As part of our Systems and Process framework, Anglo African has initiated an IP Harvesting initiative. When working with products and services from third-party technology firms, our knowledge is applied to create new ways of working to ensure the best possible performance and efficiency.


The <IR> framework defines manufactured capital as physical objects (as distinct from natural physical objects) that are available to an organization for use in provision of services, including buildings, equipment and infrastructure (such as roads, ports, bridges, and waste and water treatment plants).

Anglo African is intensive in its use of Information Technology equipment. A part of Anglo African’s activity consists of the development of manufactured capital of a technological nature, such as its solutions in various verticals (FSI, telecom, ports and others). With the exception of buildings and vehicles which are leased, Anglo African has not considered manufactured capital.


The <IR> framework defines natural capital as all renewable and non- renewable environmental resources and processes that provide services to support the past, current or future prosperity of an organization. It includes air, water, land, minerals and forests, as well as biodiversity and eco-system health.

Anglo African has not considered natural capital as its activities are not intensive in their use of natural resources. The main environmental impact that Anglo African generates is through the indirect C02 emissions from its IT equipment and those resulting from the travelling undertaken by its professionals.

Our sources of income


How we do Business

Our business model comprises of hardware, software, applications, connectivity and devices within the Information Technology field, which require investment in our assets to ensure customer satisfaction, drive revenue and maximise profit to re-invest in our business.



Having the right people with the right skills is essential for the delivery of our strategy. Empowering our people is a priority of our organisation and it is now paramount as we diversify our geographic and technology markets.

Research & Innovation

While traditional technologies represent the bulk of our revenue, emerging technologies are priorities for the future. This also requires that the team has a thorough understanding of the customer’s challenges.

Business Partners

Our Business partners are key in ensuring that end-to-end solutions are provided to customers. It has been our priority to build and maintain mutually beneficial relationships based on ethical business principles.

Best Practices

As the company grows in size, investment in systems and processes becomes another priority in order to ensure that the increasing number of projects being delivered from Southern to Northern Africa exceeds our Service Level Agreements.

Purchases from Business Partners (in Rs Mn)

2013: 121 Rs Mn
2014: 182 Rs Mn
2015: 238 Rs Mn


We have around 200 enterprise clients in over 6 countries from Southern and Northern Africa in various verticals such as Telecom, Financial Services Industry, Public Sector and Others. Our teams continue to gather domain expertise in each vertical to better serve our clients.

Number of Customers (FY 2015)

Telecom 13.
Public Sector 22.
Financial 26.
Others 139.


We generate revenue by providing Hardware, Software, Application and Devices solutions straddling both traditional and emerging technologies. While our revenue from Africa and Emerging technologies are still in its infancy, they remain the 2 areas receiving the most human and financial capital investments.

Revenue from Region

Africa 18%
Mauritius 82%

Revenue from Technology

Emerging 8%
Traditional 92%

Net Profit

In order to sustain and grow our business, we need to ensure that our Net Profit Efficiency attains a minimum of 10% YoY Growth. Our ongoing investments in our assets help in that area in terms of growing revenue, growing gross and net margins through better procurement, overheads monitoring and implementation of best practices [Pg 24].

Net Profit (in Rs Mn)

2013: 7.0 Rs Mn
2014: 7.3 Rs Mn
2015: 17.8 Rs Mn

Re Investing

Currently, the company has a no-dividend policy, all the profits are maintained in the company as retained earnings. This policy is critical in ensuring that our geographic expansion in Africa, investments in Emerging Technologies and Human Capital Development plans does not constitute a drain on our existing operations.

Shareholders’ Fund (in Rs Mn)

2013: 33.7 Rs Mn
2014: 41.7 Rs Mn
2015: 59.7 Rs Mn

❰ Discover where we operate by hovering on the highlighted countries

1% Rwanda

Population 12.66 Mn
GDP per Capita 1,700 USD
GDP Growth 7%
Industries Targeted Banks and Telecom


Rwanda has emerged as the most improved economy globally for ease of doing business in the World Bank’s Doing Business 2014 Report. The government continues to invest heavily in infrastructure as evidenced by almost a tenth of Rwanda’s annual budget being committed to transport and other infrastructure, with the intent of dramatically reducing the cost of transport to businesses and individuals. Having established a sales office in Rwanda in November 2013, Anglo African quickly expanded to cover the financial services and public sector. The main areas of focus in the short and medium term will be telecommunications and infrastructure.

The Value We Create

The value added statement reports the value-added by the activities of the Group and its employees and also shows how the value created has been distributed.

Value-added is calculated as the market price of the output of the Group less cost of bought-in goods and services. This value-added is distributed to various parties, such as the employees, providers of capital, Government or retained in the Group to maintain and develop operations.

Value Added Statement

Rs’000 Rs’000 Rs’000
Revenue and other Income 339,696 260,118 188,035
Add VAT paid 15,490 10,823 14,810
Less purchases from business partners (238,546) (181,755) (120,741)
Less other bought-in goods and services (25,722) (17,862) (21,520)
TOTAL VALUE CREATED 90,918 71,324 60,584

Distributed To:


2013: Rs'Mn 31480.
2014: Rs'Mn 42531.
2015: Rs'Mn 47518.


2013: Rs'Mn 17028.
2014: Rs'Mn 13669.
2015: Rs'Mn 19915.


2013: Rs'Mn 11375.
2014: Rs'Mn 14163.
2015: Rs'Mn 22854.

Providers of capital

2013: Rs'Mn 654.
2014: Rs'Mn 786.
2015: Rs'Mn 320.


2013: Rs'Mn 48.
2014: Rs'Mn 175.
2015: Rs'Mn 311.

Our 2015-2018 Strategic Plan

The company prepared its 2015 – 2018 Strategic Plan, with the assistance of the EDHEC Business School in Nice. The ten-week exercise was conducted after meeting with clients, business partners and also deep analysis of the African geographies and emerging technologies. The strategic plan was presented and approved by the board of directors in June 2015.


As any slowdown in the company’s growth momentum poses imminent risk of adverse impact on our medium term future, it is critical for us to carefully identify and constantly evaluate areas that will yield growth in revenue, gross margin and net profit. Our thinking process here encompasses all possible avenues from Growth in Revenue from existing markets, new markets or emerging technologies to better gross and net margins from improved procurement; monitoring of overheads and implementation of best practices.


We believe that there are three main areas that will help us develop long lasting relationships with our existing and future customers. First, we need to ensure that we remain a cost effective supplier. Secondly it is important to maintain a high level of satisfaction within our client base as word of mouth is the single most important marketing tool in our industry. Finally we need to consolidate our position as an end-to-end solutions provider, specially as information systems increases in complexity from back-office to front office.


As we focus increasingly on our African strategy, diversity in talent acquisition and development is now firmly embedded in our DNA. While we have been an equal opportunity employer from inception, our focus on diversity is growing as we enter new countries and discover a wealth of new cultures. Our strategy is to achieve competitive remuneration and talent development across geographies. In addition, we will also embrace the different cultures that are, in their own unique ways, transforming Anglo African into a truly learning organisation.


Our business partners have been crucial in our entrance in key verticals such as Telcos, FSI and others. They will continue to remain important to our growth in the medium to long term. In that respect, for Anglo African, the three main areas of focus will be increasing business contracted to our partners through our regional expansion; ensure that payments are done on time and upskilling our engineers through relevant training and certification in our business partners’ latest suite of products and services.


As we make efforts to increase customer satisfaction levels and consolidate relationships with our partners, best practices are important to comply with Quality of Service parameters specified in our Service Level Agreements with these key stakeholders. We remain watchful in ensuring that these best practices bring improvement in terms of cost effectiveness and customer satisfaction. Finally, given our Africa Expansion strategy, we are centrally harvesting the different best practices implemented from each country to apply to all our operations.