ENL

ENL Limited

Annual Report 2015 ENL

Performance

KEY FINANCIAL INDICATORS

Dividend per share (RS)

Key Financial Indicators

Market price per share

Key Financial Indicators

Nav asset value per share

Key Financial Indicators

Earnings per share (Rs)

Key Financial Indicators

Equity holders' interests and dividends

Key Financial Indicators

Net indebtedness and gearing

Key Financial Indicators

A: TURNOVER (RS'M)

B: PAT (RS'M)

Key Financial Indicators

CEO'S REVIEW

While ensuring a robust performance in all sectors, we continued to lay the founding stones for future growth. We have thus proposed to create a much stronger ENL Land, with broader asset and activity bases and capable of generating superior operational results

Hector Espitalier-Noël
Group Turnover
Value Chain

CLUSTER'S PERFORMANCE

Agribusiness Cluster

Our Agribusiness Cluster

We are focusing on our strategy of optimising our cane business model, through cost control and increase in productivity of land, while actively contributing to shape the strategic orientation of the sector at the national level

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Land and Investment Cluster

Our Commercial Cluster

We are confident that the energy and resolve of our teams in taking on the challenges will pave the way to greater efficiency and profitability

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Agribusiness Cluster

Our investment Cluster

We are long-term equity investors, aiming for significant to controlling shareholding in market-leading companies

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Property Cluster

Our Lifestyle Cluster

ENL Lifestyle keeps targeting the growing middle market aspirations of Mauritius. Our future plans include expansion of existing brands and the creation of new brands where there is a clear market need

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Property Cluster

Our Property Cluster

Our resilience stems from the quality of our products, our reputation as trendsetting developers and our on-going efforts to bring the best value-for-money products to the market

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Leadership

BOARD OF DIRECTORS

Board of Directors

André Espitalier-Noël (54 years)

Independent Non-Executive Director

Board of Directors

Christian Espitalier-Noël (60 years)

Independent Non-Executive Director

Board of Directors

Edouard Espitalier-Noël (56 years)

Independent Non-Executive Director

Board of Directors

Eric Espitalier-Noël (56 years)

Executive Director

Board of Directors

Gilbert Espitalier-Noël (51 years)

Executive Director

Board of Directors

Hector Espitalier-Noël (57 years)

Chairman, Executive Director

Board of Directors

Philippe Espitalier-Noël (50 years)

Executive Director

Board of Directors

Robert Espitalier-Noël (71 years)

Independent Non-Executive Director

Board of Directors

Roger Espitalier-Noël (60 years)

Independent Non-Executive Director

Board of Directors

Patrice de Robillard (64 years)

Independent Non-Executive Director

Senior Management

Senior Management

Virginie Corneillet

Head of ENL Corporate Services

Senior Management

Eric Espitalier-Noël

Chief Executive Officer
ENL Commercial

Senior Management

Gilbert Espitalier-Noël

Chief Executive Officer
ENL Property
Up to 30 June 2015

Senior Management

Hector Espitalier-Noël

Group Chief Executive Officer
and Chairman ENL

Senior Management

Jean Raymond Hardy

Chief Executive Officer
ENL Agribusiness

Senior Management

Richard Stedman

Managing Director
ENL Lifestyle cluster

Senior Management

Paul Tsang

Chief Financial Officer

CORPORATEGovernance

This report describes the main corporate governance framework and compliance of the Company with the disclosures required under the Code of Corporate Governance for Mauritius. Reasons for non-compliance are provided in the Corporate Governance Report, where applicable.

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RISKManagement

THE “THREE LINES OF DEFENCE” AT ENL

At ENL, the “Three Lines of Defence” model is applied to have a cohesive approach and mechanism to ensure effectiveness of the risk governance structure as well as risk management. The model sets out the responsibilities and importance of each “Line of Defence” in the risk management process.

Three lines of defence

OUR RISK MANAGEMENT FRAMEWORK AND PROCESS

ENL has an Enterprise Risk Management (ERM) framework & process to respond and monitor effectively the spectrum of risks faced by its entities to ensure that objectives set by the Board are attained. The ERM approach provides enhanced insights to existing and emerging risks and thus, enables effective risk management.

The risk management framework underpins the Group’s strategy and enables the identification, assessment, prioritisation, mitigation and monitoring of prominent risks associated with business operations. This approach is part and parcel of the Group’s strategic objectives.

The framework, as shown in the diagram, encapsulates the key elements of the risk management process.

Risk Management Process

Sustainability

Close to 60% of our social investment went to finance community outreach programmes, executed by ENL Foundation in line with the ENL Group CSR Strategy. More than 3,200 persons benefitted directly from these programmes during the year.

Mario Radegonde, Head of CSR

Sustainability
Sustainability
Sustainability
Sustainability
100 Engagements

In order to make tomorrow a better place to live in, in order for us to be efficient and effective in a constantly changing environment, we need a new vision to inspire the way we conduct business.

Through a 100 promises made today, ENL commits itself to pool its resources, to learn, to innovate, optimise, grow… We commit ourselves to live fully the founding values of our group and thus, together, we shall write the next pages of our history.

ENLAt a Glance

Our Group

as at 30 June 2015



Our History

1821

Martial Henri René Noël buys 100 acres of agricultural land from his siblings and lays the foundation stone of the ENL group. Six years later, he purchases an additional 220 acres and builds a sugar factory which he calls Mon Désert, given the relative isolation of the place. In 1882, the Noël family invests in a second sugar estate in the South of the island. The property, called Savannah, extends over 2000 acres and produces some 2 300 tonnes of sugar.

1821

1944

Espitalier Noël Ltd is incorporated as a holding company entrusted with the mission to rationalise administration of the two sugar estates and to develop business in emerging sectors. In 1966, the group participates in one of the most successful business enterprises of modern Mauritius: the foundation of Food and Allied Group, in which ENL Investment holds a 49% stake.

1969

The newly independent Mauritius calls established entrepreneurs to contribute to the development of the country. Espitalier Noel Ltd responds by creating The General Investment & Development Company Ltd (now known as ENL Commercial) to spearhead the group’s initiatives in the non-sugar sector.

1989

Espitalier Noel Ltd, the Savannah and Mon Désert Alma sugar companies and GIDC are among the first companies to be listed on the newly founded Stock Exchange of Mauritius. In 1995, Espitalier Noel Investment Trust Limited (now known as ENL Investment) is incorporated to manage a portfolio of shares held in blue chip companies.

1989

1999

Espitalier Noël Ltd is entrusted with the management of Bel Ombre Sugar Company Ltd. The company closes its sugar mill and gives a tourism and leisure orientation to its activities with the creation of Domaine de Bel Ombre.

1999

2007

Espitalier Noel Ltd, which has by now grown into a business group with one of the strongest asset bases in the island, rethinks its land use strategy and opts for property development to increase financial yields of its assets: ENL Property, a new business cluster, is created to drive this new line of business.

2009

Savannah Sugar Estates and Mon Désert Alma merge following the disposal of their interests in sugar milling operations and energy production. Now named ENL Land Ltd, the merged entity owns a land bank of some 16 000 acres situated in the southern and central parts of Mauritius and dedicated mostly to sugar cane cultivation and property development.

Following a rebranding exercise, ENL unveils a rationalised group structure composed of clusters with a clear focus on their core-business: ENL Commercial, ENL Investment, ENL Property and ENL Agribusiness. ENL Foundation is also created.

2009

2011

Bagatelle Mall of Mauritius starts operations. The mall is a success overnight. A new business segment named ENL Lifestyle is launched with the opening of Ocean Basket restaurants and Voilà Bagatelle hotel.

In 2012, ENL Investment becomes the new holding company of Rogers and Co Ltd following a major restructuring of the latter. Rogers has interests in agriculture and property development, travel and tourism as well as in logistic services and finance.

2014

The program “100 Engagements” is launched. ENL Property sells to Ascencia its stakes in the commercial centres of Bagatelle, Kendra and Les Allées d ‘Helvétia in consideration for 32.7% of Ascencia, a well-established property fund listed on the SEM. Enatt merges with Foresite to create the largest asset and management company in Mauritius.

Rogers Capital is launched to spearhead the group’s initiatives in the financial services sector.

Bagatelle

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