The perceived value of a business is no longer solely tied to its physical assets. All organisations depend on several forms of capital for their value creation and market viability. Thus, our understanding of value has expanded to include multiple capitals, broadly categorised as Financial, Manufactured, Intellectual, Social, Human, and Natural. We consider that effectively managing and reporting on these capitals is an investment in our reputation and long-term sustainability.
With the sugar segment being under pressure in 2018 on the back of low sugar prices and the energy segment performing at a lower level, the objective on the financial side was to focus on the Group’s cash flow. The priority was indeed to ensure that the sugar cluster had enough financial resources to continue its operations whilst other segments of the Group achieve their business plans. One of the main financial measures taken during the year was the gearing up of the holding company of St Aubin energy power plant for Rs 268 million.
Manufactured capital relates to the material goods and infrastructure needed to turn raw materials into a product and includes items such as buildings, transport networks, tools, machines and computers.
At Omnicane, we manage our diverse operating assets to the highest standards of performance, availability, and efficiency. In 2018, the Group continued to invest in the valorisation of its co-products, deploying new technologies and processes to optimise its operational performance. We also applied process re-engineering to upgrade the capability and efficiency of our refinery while reducing energy consumption. We have provided a modern and sustainable working environment at Mon Trésor Business Gateway (MTBG) by moving our headquarters there in October 2018.
Natural Capital considers all the natural resources used to deliver our products and services, such as raw materials, water, energy and environmental management components.
At Omnicane, we promote inclusiveness with our community stakeholders based on participatory dialogue and exchange of information and ideas. La Baraque’s industrial cane cluster has a dedicated forum comprising representatives of local community stakeholders (“forces vives”) and Omnicane’s Management. Social and environmental issues related to operations are discussed in a transparent and collaborative manner at bi-annual meetings. In line with the BREEAM Communities framework adopted for the Mon Trésor Smart City project, there is ongoing consultation with neighbouring communities to keep them informed about the project and listen to their expectations. We have also implemented an external procedure to capture and attend to any grievance from our stakeholders.
Omnicane recognises human capital as a key driver of its success and sustained competitive advantage. The collective knowledge, skills, attitude and innovation of our employees enable us to achieve our vision and mission. Our Top Management has adopted a strategic and comprehensive approach to people management and promotes an enabling work environment. Our human capital strategy thus focuses on reinforcing the competence, energy and integrity that our employees bring to their roles, which in turn contributes to the success of Omnicane and maximises stakeholder value.
Digital business transformation requires business model change, and this value proposition is the foundation of a business model. In order to deliver value, we have built a strong ecosystem, creating a culture of innovation by engaging our people from different business units to work together. With the objective of acquiring the right tools to further optimise our processes, divisions and business ecosystem, Omnicane has embarked on a digital transformation journey to enhance efficiencies and synergies in our operations and service delivery.