UNAUDITED CONDENSED FINANCIAL STATEMENTS

for the quarter ended 30 September 2014

IPRO GROWTH FUND LTD
Performance Report
Unaudited Audited
STATEMENT OF FINANCIAL POSITION 30 September 2014 30 June 2014
Rs.’000 Rs.’000
For the quarter ended 30 September 2014 ASSETS
Non-Current Assets
Investments in available-for-sale financial assets 634,388 599,138
Performance Review Fund Performance Current Assets
As at 30 September 2014, the Net Asset Value (“NAV”) per share of IPRO Growth Cash and cash equivalents 26,115 25,902
Fund Ltd (“IGF”) stood at Rs. 29.45 compared to Rs. 28.06 as at 30 June 2014, 16.1% 15.5% Other receivables 1,570 1,310
representing a gain of 5.0% for the quarter. The SEMTRI increased by 4.3% over the 12.3% 27,685 27,212
6.7% TOTAL ASSETS 662,073 626,350
same period. 5.0% LIABILITIES
IGF’s local portfolio gained 4.6% over the quarter, on the back of positive performance FY 11/12 Other payables 5,778 1,858
from both our local equity and fixed income holdings. Top contributors on the equity FY 09/10 FY 10/11 FY 12/13 FY 13/14 Q1 Current tax liability 124 54
FY 14/15 Liabilities (Excluding Net Assets Attributable to Holders of
side included LUX* Island Resorts, Alteo and Phoenix Beverages.
Redeemable Ordinary Shares) 5,902 1,912
The international portfolio gained 5.5% in MUR terms on the back of gains in our main -9.0% NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE ORDINARY 656,171 624,438
SHARES
holding, African Market Leaders Fund. MSCI Frontier Markets Africa gained 4.9% in TOTAL LIABILITIES 662,073 626,350
MUR terms in the same period. Dividend Yield of the Fund: 2.4% Net Asset Value per share 29.45 28.06
Portfolio Composition % No. of shares used in calculation (‘000) 22,2 72 22,253
Outlook Listed Mauritian Equities 57.6
Although earnings were disappointing for the market as a whole over the quarter, Three months ended 30 September
Listed African Equities 25.7
local equity market gained some impetus, mainly driven by local purchases. Market STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Unaudited 2014 Unaudited 2013
Local Fixed Income 8.7
timing will play an important role in driving outperformance in the quarter ahead. In Rs.’000 Rs.’000
African Fixed Income 3.3 Revenue
line with our active portfolio management strategy, we will remain overweight in International Property 1.3 Investment income 3,639 4,829
local companies with robust operational performance and will discriminate favourably Unquoted Mauritian Equities 0.1 Net gain on disposal of investments - 2,269
with regards to those with business opportunities outside Mauritian borders. Liquidity 3.3 Finance income 1,300 1,280
Total 100.0 4,939 8,378
We continue to believe in the Africa growth story and African equities will remain
Net loss on disposal of investments (516) -
a core strategic holding. Our new investment into the Africa Absolute Return Fund,
Sector Allocation % Administrative expenses (3,245) (2,467)
which invests into African fixed income securities, is expected to provide a stable Profit before taxation 1,178 5,912
Equity
source of return as far as our foreign investments are concerned. Gain/(loss) on foreign exchange 2 (143)
Banks & Insurance and Other Finance 33.9
Taxation (70) (70)
Investments 18.0
Performance (%) as at 30 September 2014 Profit after taxation 1,110 5,698
Sugar 3.5 Increase in fair value of investments 29,951 625
Annualised Consumer Goods 1.9 Total comprehensive income 31,061 6,323
1 month 3 months 6 months 1 year 3 years 5 years 7 years 10 years Commerce 2.6
IGF 2.8 5.0 7.2 10.8 9.0 6.7 4.1 10.4
Leisure & Hotels 6.5 Three months ended 30 September
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS
29.45 Industry 5.7 OF REDEEMABLE ORDINARY SHARES
Unaudited 2014 Unaudited 2013
NAV Evolution Rs.’000 Rs.’000
Telecommunications 4.5
30
Mining and Basic Resources 1.6
At 01 July 624,438 620,089
Movement in share capital 672 (12,303)
25 Energy, Oil and Gas 0.9 Profit for the period 1,110 5,698
Transport 0.2 Increase in fair value of investments 29,951 625
20 Unquoted 0.1 At 30 September 656,171 614,109
International Property 1.3
15 Fixed Income 12.0 Three months ended 30 September
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-06
Mar-06
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-09
Mar-09
Jun-09
Sep-10
Dec-10
Mar-10
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-13
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14

Liquidity 7.3
STATEMENT OF CASH FLOWS Unaudited 2014 Unaudited 2013
Total 100.0
Rs.’000 Rs.’000
Net cash from operating activities 1,595 1,619
Cumulative Performance Index 269.76 Top 10 Holdings ** % Net cash used in investing activities (2,056) (17)
300 African Market Leaders Fund 25.7 Net cash from/(used in) financing activities 672 (12,303)
Decrease in cash and cash equivalents 211 (10,701)
SBM Holding 8.4
Movement in cash and cash equivalents
MCB Group 7.9 At 01 July 25,902 69,763
Alteo 4.8 Increase/(decrease) in cash and cash equivalents 211 (10,701)
200
Govt. of Mauritius 7.40% Jan 2028 4.6 Effect of exchange rate 2 (143)
Ciel 3.8 Cash and cash equivalents at 30 September 26,115 58,919
Lux* Island Resorts 3.5
By Order of the Board
Africa Absolute Return Fund 3.3 CIEL Corporate Services Ltd
100
Mutual Aid Fixed Deposit RR+3.1% Feb 2023 3.2
Sep-04
Dec-04
Mar-05
Jun-05
Sep-05
Dec-06
Mar-06
Jun-07
Sep-07
Dec-07
Mar-08
Jun-08
Sep-08
Dec-09
Mar-09
Jun-09
Sep-10
Dec-10
Mar-10
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-13
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14

Secretaries
Terra 3.1
12 November 2014
** of the total portfolio

Disclaimer: This performance report is provided by IPRO Fund Management Ltd. for information purposes only. Neither the information nor any opinion expressed constitutes an offer or an
invitation to make an offer, to buy or sell any security. This report does not have regard to the specific investment objectives and financial situation of any specific person who may receive
this report. Investors should seek financial advice regarding the appropriateness of investing in any security referred to in this report and should understand that future expectations may
not be realised. Investors should note that the price or value of securities may rise or fall. Past performance is not a guide to future performance.
www.igfdirect.mu
NOTE :
• The Net Asset Value per share has been calculated based on the number of ordinary shares as at 30 September 2014, i.e. 22,271,801 shares (30 June
2014: 22,252,690 shares).
• The above unaudited condensed financial statements are issued pursuant to Listing Rule 12.20 and published as per the Securities Act 2005.
• The financial statements have been prepared using the same accounting policies as those adopted in the financial statements of the Company for the year
ended 30 June 2014, and comply with IAS 34, “Interim Financial Reporting”.
• The statement of direct and indirect interests of Insiders pursuant to Rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007
is available free ocharge, at the registered office of the Company.
• The Board of Directors of IPRO Growth Fund Ltd accepts full responsibility for the accuracy of the information contained in these financial statements.
• Copies of the unaudited condensed financial statements are available to the public, free of charge, at the registered office of the Company, 5th Floor, Ebène
Skies, Rue de l’Institut,Ebène.
• The Business Registration Number of IPRO Growth Fund is C06010411