PRESERVING OUR PAST,
BUILDING OUR FUTURE.
Investors Brief 2022
WHO WE ARE
Lavastone Ltd is a public company incorporated in Mauritius on 05 March 2012. Its registered office is located at 1st floor, EDITH, 6 Edith Cavell Street, Port Louis, Mauritius. Lavastone Ltd is listed on the Development and Enterprise Market (the “DEM”) of the Stock Exchange of Mauritius.
Lavastone Ltd trades under the brand name of Lavastone Properties. The company acquires, develops, leases and manages a portfolio of commercial and industrial properties in Mauritius and Rodrigues island.
We seek to unleash our capacity to quickly and best understand opportunities and threats so we can adapt accordingly, choosing the most appropriate course of action and energetically implementing it.
We understand we are not perfect and aim to learn from others through each encounter, in order to keep improving.
We foster a family spirit built on integrity to encourage sustainable communities.
We constantly push beyond our limits, challenging the status quo with innovative solutions.
To be the preferred partner for
commercial real estate solutions,
while delivering optimum returns
to our shareholders.
Partnering with our
stakeholders to deliver superior
value in design, quality,
sustainability and services.
All our financial and non-financial indicators are on the rise, which gives me confidence in the soundness of our investment philosophy and strategy.
Balancing our growth objectives with prudent gearing levels and ensuring we can comfortably service our debt in an environment of rising interest rates will be key.
OUR ESG STRATEGY
Understanding our carbon footprint
Lavastone has been committed to playing its part in protecting the environment and preserving our natural resources through waste reduction and the increasing use of energy-efficient equipment, amongst other measures. Over the past few years, given the nature of our activities and their contribution to carbon emissions, we have sharpened our focus on reducing our carbon footprint. In 2021, we appointed Dynamia Ltd, specialists in impact assessments and regenerative strategies, amongst many other services, to gain insights into our carbon footprint and establish a baseline against which we can measure our progress. Only by understanding and taking stock of our current carbon footprint can we develop a realistic, relevant and targeted strategy.
Dynamia’s investigation covered three scopes, which include all direct and indirect gas emissions resulting from our activities:
Scope 1 covers direct emissions from owned or controlled sources.
Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company.
Scope 3 includes all other indirect emissions that occur in a company’s value chain.
The findings of the report produced by Dynamia, illustrated in the table below, revealed Lavastone’s major sources of CO2 emissions: employee commute (journey to and from work) and energy consumption. Similarly, the report on our assets (besides our offices) occupied by our tenants indicated energy consumption as the highest contributor towards CO2 emissions.
The investigation of our Scope 3 emissions was carried out with limitations this year due to the complexity of the endeavour. Since Scope 3 involves other actors who operate along our value chain, we require substantial data from our suppliers, customers and partners, which aren’t readily available or easy to obtain. The drive to reduce Scope 3 emissions will require companies to extend their sustainability production systems to include procurement, product development, supplier development, sales and logistics. For our part, at Lavastone, measuring and improving Scope 3 emissions in our upstream supply chain will call for an overhaul of our current approach to supplier selection and management, as well as the development of new skills and competencies. We aim to further explore our Scope 3 emissions in FY2023.
One of the opportunities identified was the carbon sequestration process, achieved via the afforestation of land holdings belonging to SWSG. Afforestation represents a greenhouse gas (GHG) strategy involving the planting of trees in the region to sequester, or capture, carbon dioxide being released into the atmosphere and storing it.
CASE STUDY: LES CASCADES BUILDING
Lavastone Properties is the proud owner of Les Cascades building, an eight-floor office building strategically located opposite the new Supreme Court of Mauritius, at the corner of Edith Cavell and Desroches streets in Port Louis. Boasting a Gross Lease Area (GLA) of 55,344 ft2, Les Cascades offers its tenants a convenient location in the heart of the capital, granting them easy access to facilities like restaurants, banks and bus stops. The building was designed as a modern and versatile space, featuring a reception and lobby, two elevators, 24/7 security, and ample covered and uncovered parking spaces.
At Lavastone Properties, it is our belief that an office is more than a physical location: it reflects an organisation’s values, significantly influences productivity and engagement levels, and has the potential to catalyse innovation and transformation. We work closely with our tenants to deliver spaces that not only enhance the employee experience, but that also evolve along with their current and future goals.
MANAGEMENT AND OPERATIONAL TEAM
François AudibertOperations Manager
François holds a Master’s degree in Engineering Management from Curtin University, Australia, and a Civil Engineering Degree from Université Paul Sabatier in France. He has recently completed an Executive MBA from the Analysis Institute of Management in partnership with Université Paris-Dauphine.
Alex Lan Pak KeeFinancial Controller
Alex is a member of the Institute of Chartered Accountants of England & Wales (ICAEW).
Amaury TennantField & Property Manager
Amaury joined Lavastone Properties as Field & Property Manager in 2017. In his current role, he is responsible for the land development and maintenance of the Group’s land assets in the South and West of Mauritius.
Kursen ValaydonDevelopment Manager
Kursen joined Lavastone Properties as Development Manager in December 2021. He manages new developments, such as the masterplan for the Group’s land bank in the South West, pursues development and acquisition opportunities, and is also involved in the Group’s carbon footprint reduction strategy.
Leena BrojmohunProperty Manager
She then spent four years as a Client Account Manager at LaSalle Investment Management, a leading real estate investment management firm investing in UK direct property on behalf of pension funds and other institutional investors.
Leena joined Lavastone as an Accountant and Asset Executive in December 2017, before filling the position of Lead in 2019 and being promoted to her current role of Property Manager in 2021.
David ManargadooFacility and Project Manager
He obtained his PFE in Value Engineering from Université des Mascareignes (Limoges) in 2014 and brings several years of experience in Civil Engineering. He began his career at PAD& Co Construction, where he chaperones several large-scale projects. He then joined Cogir Ltd for the So’Flo project and the extension of Charles Telfair Institute, after which he joined Enatt/Ascencia Ltd as the Operations Manager for the Phoenix Mall and Bagatelle Mall projects.