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Value Creation

The virtuous circle

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Performance

By Capitals

The 6 Capitals

The concept of the six Capitals transcends the basic needs of reporting; it challenges the way we think about creating value. Throughout the reporting year, the impact of these Capitals is highlighted using the following icons:

Human Capital
Social and Relationship Capital
Intellectual Capital
Natural Capital
Manufactured Capital
Financial Capital

RISKS

Human Capital

  • Shortage of skills may result in an inability to recruit required employees
  • Increase costs of retaining key employees
  • Succession planning

Social and Relationship Capital

  • Over supply of retail space in the market
  • Perception of unsafe shopping environment due to COVID-19

Intellectual Capital

  • Digital disruption
  • Technology and business processes become outdated and inefficient
  • Digitalisation
  • Shortage of skills may result in an inability to recruit required employees and skills

Natural Capital

  • Failing to meet primary environmental targets (energy, water, recycling and carbon consumption)
  • Disrupted water and electricity supply at malls level

Manufactured Capital

  • Pandemic or financial market crises
  • Low GDP growth impacts business growth
  • Slowing consumer spend affects retailers’ trading densities, rent-to-sales ratios and our rental income
  • Tenant default
  • Increased cost of occupancy from rates, taxes and utilities • Online shopping

FINANCIAL CAPITAL

  • Downgraded credit rating impacting borrowing costs
  • Funding structure and gearing
  • Interest rate profile
  • Impact of COVID-19 on cash collections and arrears
  • Refinancing risk amidst COVID-19

RESPONSES

Human Capital

  • Collaborative culture staff training and development

Social and Relationship Capital

  • Understand our shoppers in order to provide meaningful experiences
  • Safe Shopping certificate
  • Increase in followers and social media impacts

Intellectual Capital

  • Our business success is underpinned by the intellectual capital maintained in our human resources and systems
  • Strong leadership team
  • In-house asset management team and inhouse legal expertise to manage risk
  • Ongoing investment in systems and processes in partnership with Infraspeak

Natural Capital

  • Sorting at Source introduced
  • Leed certification
  • PV farms installed and fully operated
  • Continuous recycling
  • Green products

Manufactured Capital

  • Maintain the relevance of Ascencia's properties in line with innovative trends and customer needs
  • Consolidating our malls' position
  • Improve dominance
  • Maintain yields on properties to sustain values

Financial Capital

  • Maintain strong credit rating
  • Established relationships with investors, banks and other institutional funders in Mauritius
  • Disciplined management of debt and equity
  • Working capital management on target
  • Deliver return to shareholders

One Team

The Management Team

  • LECORDIER, Tassawur

    Development Manager

  • TYACK, Frédéric

     Chief Executive Officer

  • HAREL, Simon

     Asset Manager

  • MAUREL, Luke

     Senior Asset Manager

  • ELLAPEN, Krishna

     Project Manager

  • TALLAVIGNES, Valérie

     Portfolio Leasing Manager

  • SOOGUND, Haidar

     Asset Manager

  • BECHARD, Gregory

     Centre Manager

  • ROGERS, Oliver

     Centre Manager

  • KOENIG, Anabelle M.

     Property Manager

  • FOURNIER, Fabrice

     Centre Manager

  • SABAPATHEE, Parama

     Centre Manager

  • BOULLÉ, Robert

     Centre Manager

  • RAMBURUTH, Vidushi

    Centre Manager

  • SEEGOBIN, Antish

     Operational Excellence Manager

  • CURUMTHAULLEE, Kawshar

     Head of Finance

  • TIMOL, Hannah

     Senior Accountant

  • PAULO DA SILVA ISNARD, Marcio

     Change Management Lead

  • RAHMAN, Yaaser Abdool

     Head of Learning and Development

  • SEEBALUCK, Kevin

     Head of Finance

  • PANDOO, Parineeta

     Finance Manager

  • PITCHEN, Daryl

     Investment Manager

  • MELLIER, Stephania

     Communication Manager

  • VACHER, Bélinda

     Fund Manager

    Download Annual Report 2021
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