Announcement • Jun 10
Constance La Gaiete Company Limited, Annual General Meeting, Jun 30, 2025 Constance La Gaiete Company Limited, Annual General Meeting, Jun 30, 2025, at 10:15 Arabian Standard Time. Location: boardroom of la maison 1794, constance, centre de flacq, Mauritius Announcement • May 13
Constance La Gaiete Company Limited announces Annual dividend, payable on June 27, 2025 Constance La Gaiete Company Limited announced Annual dividend of MUR 5.0000 per share payable on June 27, 2025, ex-date on May 27, 2025 and record date on May 29, 2025. Reported Earnings • Aug 15
Second quarter 2024 earnings released: MU₨0.66 loss per share (vs MU₨1.34 profit in 2Q 2023) Second quarter 2024 results: MU₨0.66 loss per share (down from MU₨1.34 profit in 2Q 2023). Revenue: MU₨104.9m (up 21% from 2Q 2023). Net loss: MU₨3.18m (down 149% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jun 22
Constance La Gaiete Company Limited, Annual General Meeting, Jun 28, 2024 Constance La Gaiete Company Limited, Annual General Meeting, Jun 28, 2024, at 10:00 Arabian Standard Time. Location: in the boardroom of la maison 1794, constance, centre de flacq, Mauritius Upcoming Dividend • Apr 10
Upcoming dividend of MU₨7.00 per share Eligible shareholders must have bought the stock before 17 April 2024. Payment date: 14 May 2024. Trailing yield: 5.2%. Lower than top quartile of Mauritian dividend payers (6.1%). Higher than average of industry peers (4.3%). Reported Earnings • Apr 01
Full year 2023 earnings released: EPS: MU₨110 (vs MU₨1.29 in FY 2022) Full year 2023 results: EPS: MU₨110 (up from MU₨1.29 in FY 2022). Revenue: MU₨731.3m (up 108% from FY 2022). Net income: MU₨530.3m (up MU₨524.1m from FY 2022). Profit margin: 73% (up from 1.8% in FY 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 04
Upcoming dividend of MU₨5.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 15 October 2023. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Mauritian dividend payers (5.7%). Lower than average of industry peers (4.4%). New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.4% net profit margin). Market cap is less than US$100m (MU₨673.2m market cap, or US$14.9m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: MU₨1.34 (vs MU₨5.64 loss in 2Q 2022) Second quarter 2023 results: EPS: MU₨1.34 (up from MU₨5.64 loss in 2Q 2022). Revenue: MU₨87.0m (up 48% from 2Q 2022). Net income: MU₨6.44m (up MU₨33.5m from 2Q 2022). Profit margin: 7.4% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 21% per year. New Risk • Jun 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 168% Dividend yield: 3.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (168% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (MU₨673.2m market cap, or US$14.8m). Announcement • Jun 13
Constance La Gaiete Company Limited, Annual General Meeting, Jun 29, 2023 Constance La Gaiete Company Limited, Annual General Meeting, Jun 29, 2023, at 06:00 Coordinated Universal Time. Location: Boardroom of La Maison 1794, Constance, Centre de Flacq Centre De Flacq Mauritius Agenda: To consider the Annual Report for the year ended 31 December 2022; to receive the report of Ernst & Young, the External Auditors of the Company; to adopt the Audited Financial Statements of the Company and the Group for the year ended 31 December 2022; to authorise the Board of Directors to fix the remuneration of the External Auditors, Ernst & Young, who have expressed their willingness to continue to act as External Auditors of the Company and will be automatically reappointed; to approve Directors' fees; to appoint Mr Kevin P. Chan Too as Executive Director of the Company; to authorise Mr George J. Dumbell to continue to hold office as a Director of the Company in accordance with section 138 (6) of the Companies Act 2001; and to authorise Mr Maxime Rey to continue to hold office as a Director of the Company. Reported Earnings • May 14
First quarter 2023 earnings released: MU₨8.27 loss per share (vs MU₨5.46 loss in 1Q 2022) First quarter 2023 results: MU₨8.27 loss per share (further deteriorated from MU₨5.46 loss in 1Q 2022). Revenue: MU₨45.7m (up 67% from 1Q 2022). Net loss: MU₨39.7m (loss widened 52% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Constance La Gaiete Company Limited Announces CEO Changes Constance La Gaiete Company Limited announced the shareholders that Mr. Jean Ribet, Constance Group Chief Executive Officer (`CEO') has decided to retire from his post on 31 December 2022. The Boards of Directors of these Companies put on record their highest appreciation of Mr. Ribet's immense contribution to the development of the Constance Group during the past 30 years and to thank him for his most valuable collaboration. Mr. Clément Rey, currently Group Head of Investments and Development, has been appointed Constance Group CEO with effect from 1 January 2023. Mr. Rey has considerable experience in the affairs of the Group having held senior executive positions since 2004. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Christian Marot was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨140, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 8x in the Food industry in Mauritius. Total returns to shareholders of 41% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of MU₨5.00 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 23 June 2022. The company last paid an ordinary dividend in November 2015. The average dividend yield among industry peers is 2.4%. Reported Earnings • May 20
First quarter 2022 earnings released: MU₨7.80 loss per share (vs MU₨5.88 profit in 1Q 2021) First quarter 2022 results: MU₨7.80 loss per share (down from MU₨5.88 profit in 1Q 2021). Revenue: MU₨27.4m (down 45% from 1Q 2021). Net loss: MU₨37.5m (down 233% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 19
Constance La Gaiete Company Limited Declares Dividend for the Financial Year Ended December 31, 2021, Payable on or About June 23, 2022 Constance La Gaiete Company Limited has declared a dividend of MUR 5.00 per ordinary share payable to the shareholders registered at close of business on June 3, 2022 in respect of financial year ended December 31, 2021. The dividend will be paid on or about June 23, 2022. The shares of the Company will be traded cum-dividend up to the market day of May 31, 2022 and ex-dividend as from June 1, 2022. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨118, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 10x in the Food industry in Mauritius. Total returns to shareholders of 8.8% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Christian Marot was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨98.00, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 10x in the Food industry in Mauritius. Total loss to shareholders of 13% over the past three years. Announcement • Apr 02
Constance La Gaiete Company Limited to Report Fiscal Year 2021 Results on May 15, 2022 Constance La Gaiete Company Limited announced that they will report fiscal year 2021 results on May 15, 2022 Reported Earnings • Nov 12
Full year 2020 earnings released: EPS MU₨6.90 (vs MU₨34.51 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: MU₨261.2m (up 35% from FY 2019). Net income: MU₨33.1m (up MU₨198.8m from FY 2019). Profit margin: 13% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. 
