FINANCIAL HIGHLIGHTS

HECTOR ESPITALIER-NOËL

CEO - ENL Limited

CEO's
Review

The year was eventful. We merged ENL Land with ENL Investment and strengthened our position in the hospitality industry with the acquisition of an additional stake in New Mauritius Hotels. We believe the merger has provided us with an effective vehicle to spearhead the dynamic development of the group and to usher us in a new era of growth.

clusters’ performance

Property

CLUSTER

Property development as well as property and asset management remain key instruments to deliver our strategy to increase the financial yield of our land assets. [...]

  • Rs 2,270m
    Turnover

  • Rs 802m
    Profit after tax

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Hospitality

CLUSTER

Through VLH, our subsidiary and associate New Mauritius Hotels (NMH), we represent 20% of the total room [...]

  • Rs 2,593m
    Turnover

  • Rs 71m
    Profit after tax

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FInancial services

CLUSTER

The cluster brings together Rogers Capital, Kross Border and EIS as well as our investments in Swan General, Swan Financial Solutions and Axa Customer Services.

  • Rs 627m
    Turnover

  • Rs 127m
    Profit after tax

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Logistics

CLUSTER

Our presence in the logistics sector is spearheaded by Velogic which is active in: freight forwarding, customs clearing, domestic transport, warehousing, air cargo GSA [...]

  • Rs 3,134m
    Turnover

  • Rs 83m
    Profit after tax

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Agro-Industry

CLUSTER

We grow mainly sugar cane, food crop and ornamentals on a total of some 13,500 arpents. Chicken breeding is also a significant component of our production mix. [...]

  • Rs 945m
    Turnover

  • Rs 249m
    Profit after tax

  • 39%
    Holding in Eclosia Group

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Commerce & Industry

CLUSTER

Automotive trade and services, represented by Axess, drive the performance of the Commerce and Industry cluster of our businesses. We are also providers of a range of products and services [...]

  • Rs 3,489m
    Turnover

  • Rs 54m
    Profit after tax

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Land & Investment

CLUSTER

ENL Land is the custodian of the ENL group’s land assets. This segment of our activities consists of managing 14,600 arpents, excluding land assets held through the [...]

  • Rs 40m
    Turnover

  • 14,600 arpents
    under custody

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Lifestyle

CLUSTER

Engaged in the hotel, restaurant and leisure business, the Lifestyle cluster of our operations is growing steadily since its launch five years ago. [...]

  • Rs 265m
    Turnover

  • Rs 5m
    Profit after tax

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Leadership

Corporate Governance

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.

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Risk management

“Risk management is an important consideration of our strategy and gives us insights of key risks that may impact on delivering sustainable and long-term value for our shareholders and investors ”

Hector Espitalier-Noël

CEO - ENL Limited

Managing Risk in delivering our Strategy

  • 1

    Why risk management matters?

  • 3

    What we have in place to manage our risks?

  • 2

    Snapshot of principal risks

  • 4

    Our risk profile

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Human Capital

“To be a world-class player is to be agile, ready and available. It is to work smart and to work hard – the higher the hierarchy, the greater the responsibility and the harder the work.”

Hector Espitalier-Noël

CEO, ENL Group

Rs 41m

expenditure in training

17

training hours per employee

Social Capital

This year, we invested Rs 17m to support community development, the protection of the environment as well as arts, culture and sports. Through ENL Foundation, we remain close to the grassroots, aiming at improving the day-to-day of local communities neighbouring ENL businesses, namely Moka-St Pierre, Pailles, Alma, Gros Cailloux and L’Escalier. The Rogers Foundation, on the other hand, is currently focusing on the protection of coastal and marine ecosystems, with a special focus on Bel Ombre

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GROUP

  • AGRO-INDUSTRY
    • Agribusiness
    • Agro-industry
    Key Activities
    Key Investments
  • Commerce & Industry
    • Automotive
    • Construction
    • Manufacturing
    • Trading
    Key Activities
    Key Investments
  • Financial services
    • Financial services
    • Technology
    Key Activities
    Key Investments
  • hospitality
    • Hotels
    • Travel
    • Leisure
    Key Activities
    Key Investments
  • land & investments
    • Land Owner
    • Venture Capital
    • Business incubator
    Key Activities
  • Lifestyle
    • Business Hotels
    • Restaurants
    Key Activities
  • Logistics
    • Logistics
      Solutions
    Key Activities
  • Property
    • Development
    • Investements
    • services
    Key Activities

RECENT DEVELOPMENTS

Acquisition of a controlling stake in Bagaprop, owner of Bagatelle Mall of Mauritius. The Group holds 85% of Bagaprop which became a subsidiary. Bagatelle Home and Leisure opened this year adding 9,368 m² to ENL’s retail park.

Spurring development of the property cluster. We initiated two developments outside our group’s land bank, So’flo Boutique Mall in Floreal and Saint Antoine Private Residence on the north coast.

Amalgamation of ENL Land and ENL Investment. The new ENL Land weighs more than Rs 54bn in assets and comprises a diversified set of businesses, capable of generating significant operational profits and cash flows.

Smart City developments in Moka. The developments in the region of Moka are ongoing and the Smart City status should open up a new era of growth for ENL.

Regional expansion in the logistics sector. Velogic acquired stakes in two Kenyan companies which specialise in customs clearance and transport respectively.

Development of the financial services cluster. In line with the strategy to rapidly develop the financial services, Rogers Capital acquired management company River Court Administrators.

Strengthening of position into New Mauritius Hotels to a 29.87% holding. This additional investment confirms our faith in the Mauritian hospitality industry and our confidence in the company’s new management team to improve performance.

Hector Espitalier-Noël

Chairman, Executive Director

First appointed to the Board: March 1984
Qualifications: Member of the Institute of Chartered Accountants in England and Wales

Hector Espitalier-Noël previously worked with Coopers and Lybrand in London and with De Chazal du Mée in Mauritius. He is the Chief Executive Officer of ENL Limited and the ENL Group since 1990. He is also the Chairman of New Mauritius Hotels Ltd, the Mauritius Sugar Syndicate and Bel Ombre Sugar Estate Ltd and a past chair of Rogers and Company Limited, the Mauritius Chamber of Agriculture and the Mauritius Sugar Producers Association.
Hector Espitalier-Noël has a vast experience in the sugar cane industry, property, hospitality and financial services sectors being the Chairman and a board member of various companies evolving in those sectors.

Directorship in listed companies:

  • - Ascencia Limited
  • - ENL Commercial Limited
  • - ENL Land Ltd
  • - New Mauritius Hotels Limited
  • - Rogers and Company Limited
  • - Swan General Ltd
  • - Swan Life Ltd
  • - Tropical Paradise Co Ltd

André Espitalier-Noël

Independent Non-Executive Director

First appointed to the Board: December 2011
Qualifications: DEUG in Biology & Chemistry, Diploma in Chemical and Food Technology Engineering

André Espitalier-Noël started his career at New Maurifoods Ltd as Food Engineer before shifting to the Chemical/Paint industry at Fapcom, Mauvillac and Penlac in Seychelles. He moved to Plastic Industry (Mtius) Ltd in 1996 as Managing Director till 2014. During these 18 years, he greatly contributed to the restructuring and growth of this enterprise. He acquired a good knowledge of the manufacturing industry and developed good negotiating skill with Trade Unions. He joined the Board of Directors of the Mauritius Oil Refineries Limited in March 2007 and has been appointed as Managing Director Designate of Moroil Group in April 2014 and since 1 January 2015 he is the Managing Director of Moroil Group. He has actively participated in the re-dynamization of Moroil’s subsidiaries namely Metal Can Manufacturers Ltd and Pharmalab Plastic Supplies Ltd.

Directorship in listed companies:

  • - Mauritius Oil Refineries Ltd
  • - Plastic Industry (Mauritius) Ltd

Christian
Espitalier-Noël

Independent Non-Executive Director

First appointed to the Board: December 2011 - up for re-election at the next annual meeting
Qualifications: achelor degree in Accountability, Articles for the Accountants & Auditors Board of SA

Christian Espitalier-Noël worked as Financial Manager in commercial, contracting and air transportation industries in South Africa. He returned to Mauritius to join Robert Le Maire Group as Finance and Administrative Manager in August 2005, and was made Group Chief Finance Officer in September 2009. He resigned in April 2013 to join Evaco Ltd, a property developer, where he had worked for one year as Group Finance Director. Since then he has joined the firm of Chartered Accountants, Deloitte, as Director of Finance and Administration.

Edouard Espitalier-Noël

Independent Non-Executive Director

First appointed to the Board: April 1987
Qualifications: BSc (Hons) Electrical & Electronic Engineering

Edouard Espitalier-Noël started in the retail business of electronic equipment in 1987 as Sales Manager of JM Goupille, a leader in its field. He then took over the General Management of Galaxy in 1995 and in 1996 was promoted as Managing Director of both JM Goupille and Galaxy. In 2008 Edouard Espitalier-Noël was promoted as Chief Retail Executive of the Cim Group. He has now retired after some 30 years of service. Edouard Espitalier-Noël has a good experience in the trade and retail market of Mauritius.

Directorship in listed companies:

  • - ENL Commercial Limited

Eric Espitalier-Noël

Executive Director

First appointed to the Board: September 1987
Qualifications: Bachelor of Social Science, MBA

Eric Espitalier-Noël previously worked with De Chazal Du Mée & Co, Chartered Accountants in Mauritius. He joined the ENL Group in 1986 and is currently the Chief Executive Officer of ENL Commercial Limited.
Eric Espitalier-Noël has an extensive experience in the commercial and hospitality sectors being a board member of various companies evolving in those sectors.

Directorship in listed companies:

  • - Automatic Systems Limited
  • - ENL Commercial Limited
  • - ENL Land Ltd
  • - Les Moulins de la Concorde Ltée
  • - Livestock Feed Limited
  • - Rogers and Company Limited
  • - Tropical Paradise Co Ltd (Alternate Director)

Gilbert Espitalier-Noël

Non- Executive Director

First appointed to the Board: September 1999
Qualifications: BSc University of Cape Town, BSc (Hons) Louisiana State University and MBA INSEAD

Gilbert Espitalier-Noël joined the Food and Allied Group in 1990 and was appointed Group Operations Director in 2000. He left the Food and Allied Group in February 2007 to join the ENL Group as executive director until June 2015. He is since July 2015 the Chief Executive Officer of New Mauritius Hotels Ltd. Gilbert Espitalier-Noël was President of the Mauritius Chamber of Commerce and Industry in 2001, of the Joint Economic Council in 2002 and 2003 and the Mauritius Sugar Producers Association in 2008 and 2014. Gilbert Espitalier-Noël possesses an extensive experience in the agro industrial, property and hospitality sectors.

Directorship in listed companies:

  • - ENL Commercial Limited
  • - ENL Land Ltd
  • - Livestock Feed Limited
  • - New Mauritius Hotels Limited
  • - Rogers and Company Limited

Roger Espitalier-Noël

Independent Non-Executive Director

First appointed to the Board: June 2005
Qualifications: Certificate in Textile and Knitwear Technology

Roger Espitalier-Noël has headed the operational division of Floreal Knitwear until his nomination as General Manager in 1998. He retired in 2010 after 36 years of service. Roger Espitalier-Noël was involved in the restructuring and relaunch of the Malagasy Production Units after the political unrest of 2001 and as from 2008 acted as consultant for Ciel Textile Ltd where his activities were focused on the environmental, logistic, utilities as well as the retail aspects of the Knits division. He is presently working for Ciel Ltd as Corporate Sustainable Advisor and also chairs its Environment & Social Committee.

Directorship in listed companies:

  • - Ciel Limited
  • - Ciel Textile Limited
  • - ENL Commercial Limited
  • - ENL Land Ltd

Patrice de Robillard

Independent Non-Executive Director

First appointed to the Board: November 2006
Qualifications: MBA with specialisation in Strategic Marketing and International Branding

Patrice de Robillard joined the Food and Allied Group in the 1980’s as Marketing and Sales Manager of the newly formed Panagora Marketing Co Ltd and was subsequently appointed Managing Director of the company. He has held a senior management role in the Group for several years greatly contributing to the development and success of Panagora which is now the number one food marketing and distribution company on the island. He also acted as Director on the board of several companies of the Food and Allied Group. He has retired from Panagora in April 2014 and is now Regional Development Director of the same Group, responsible for developing its food products in the region. Patrice de Robillard has extensive experience in the field of Corporate and Strategic Marketing.

Gerard Espitalier Noël

Independent Non-Executive Director
– up for appointment at the next annual meeting

Appointed as Director (amalgamated Company): February 2016
Qualifications: Diplôme de Perfectionnement en Administration des Entreprises (IAE)

Gérard Espitalier-Noël, C.S.K., C.O.N.M. has had a long career as the Head of Air Mauritius in Europe. In April 2007, he was appointed by the then French Minister of Tourism as technical adviser to the “Conseil National du Tourisme (CNT)” in France. He also held the position of Hotels & Leisure Director of Indigo Hotels & Resorts Ltd in Mauritius between January 2008 and December 2009.

Directorship in listed companies:

  • - ENL Land Ltd

Thierry Koenig

Independent Non-Executive Director
– up for appointment at the next annual meeting

Qualifications: Qualified as Attorney-at-Law from University of Reunion

Thierry Koenig is a director at ENSafrica (Mauritius). He is the Country Head of the Mauritius Office and is the Business Unit leader for the Commercial Dispute Resolution (CDR) Business Unit, firm wide. Thierry Koenig specialises in corporate mergers and acquisitions, capital markets, project financing and commercial litigation and arbitration and is also involved in insolvency matters and Intellectual Property. He is the standing legal adviser to numerous large Mauritian conglomerates.
Thierry Koenig has led numerous M&A transactions and cross border transactions in Mauritius as well as in the Indian Ocean region. He has also been involved in international litigation and arbitrations, acted in several high profile cases of national importance and worked over a dozen of appeals before the Judicial Committee of the Privy Council.
He is currently the President of the LCIA-MIAC Users’ Council and the Chairman of the Takeover Rules Committee. He sits on the Supreme Court Rules Committee and the Council for Vocational Legal Education. Thierry Koenig was made Senior Attorney on June 2010 and is listed by Chambers and Partners as a band 1 lawyer. Thierry Koenig is recognised as a leading lawyer by IFLR1000– Banking and Finance and Mergers and Acquisitions (Mauritius).

Philippe Espitalier-Noël

Executive Director

First appointed to the Board: September 1999
Resigned as Director: October 2016
Qualifications: BSc in Agricultural Economics (University of Natal, South Africa), MBA from London Business School

Robert Espitalier Noël

Independent Non-Executive Director

First appointed to the Board: November 2006
Resigned as Director: June 2016
Qualifications: Diplôme de Formation Supérieure en Hôtellerie et Tourisme

Hector Espitalier-Noël

Group Chief Executive Officer
and Chairman - ENL

Hector Espitalier-Noël previously worked with Coopers and Lybrand in London and with De Chazal du Mée in Mauritius. He is the Chief Executive Officer of ENL Limited and the ENL Group since 1990. He is also the Chairman of New Mauritius Hotels Ltd, the Mauritius Sugar Syndicate and Bel Ombre Sugar Estate Ltd and a past chair of Rogers and Company Limited, the Mauritius Chamber of Agriculture and the Mauritius Sugar Producers Association. Hector Espitalier-Noël has a vast experience in the sugar cane industry, property, hospitality and financial services sectors being the Chairman and a board member of various companies evolving in those sectors. Hector Espitalier-Noël is a member of the Institute of Chartered Accountants in England and Wales.

Philippe Espitalier-Noël

Chief Executive Officer – Rogers and Company

Philippe Espitalier-Noël has worked extensively on change management within multinational companies in Europe as management consultant with CSC Index before returning to Mauritius to join the Rogers Group in 1997. He has since applied his proven experience of mergers and acquisitions, business turnaround and transformation to drive change and business renewal within the Group. In 2007, Philippe Espitalier-Noël was appointed Chief Executive Officer of Rogers. He has provided strategic thought leadership to the transformation of the Group from its involvement as a commercial conglomerate into an international investment holding focusing on four key service sectors: FinTech, Hospitality, Logistics and Property. Rogers’ international presence now extends to some fifty offices across three continents, including territories such as France, Singapore, India as well as Kenya and Mozambique in East Africa. Philippe Espitalier-Noël is the holder of a BSc in Agricultural Economics from the University of Natal, South Africa and an MBA from the London Business School.

Eric Espitalier-Noël

Chief Executive Officer - ENL Commercial

Eric Espitalier-Noël previously worked with De Chazal Du Mée & Co, Chartered Accountants in Mauritius. He joined the ENL Group in 1986 and is currently the Chief Executive Officer of ENL Commercial Limited. Eric Espitalier-Noël has an extensive experience in the commercial and hospitality sectors being a board member of various companies evolving in those sectors. Eric Espitalier-Noël holds a Bachelor of Social Science and an MBA.

Jean Raymond Hardy

Chief Executive Officer - ENL Agribusiness

Jean Raymond Hardy is presently the Chief Executive Officer of ENL Agri-business. Prior to joining The Savannah S.E. in 2001, he worked at Lonhro Group Britannia S.E, Deep River Beau Champ and Société de Gérance Mon Loisir. Jean Raymond Hardy has 35 years’ experience in the sugarcane industry and has been actively involved in the centralisation process of sugar factories in the centre and the south of Mauritius during the last 15 years. Jean Raymond Hardy is a former President of the Mauritius Chamber of Agriculture and is presently the Chairman of the Sugar Industry Pension Fund Board. Jean Raymond Hardy is holder of an MBA from Surrey University.

Johan Pilot

Chief Executive Officer - ENL Property

Johan Pilot joined ENL in August 2007 and is presently the Chief Executive Officer of ENL Property Limited. Johan Pilot has more than 10 years of experience in the property developments of ENL group. He has previously worked at PWC-Mauritius. Johan Pilot is a Chartered Accountant from the “Institute of Chartered Accountants in England & Wales”.

Virginie Corneillet

Head of ENL Corporate Services

Virginie Corneillet joined ENL in 2010 as Head of Legal and Corporate Affairs and is now Head of Corporate Services. In addition to managing the team providing corporate services to ENL subsidiaries, she is involved in mergers and acquisitions, corporate transactions and corporate governance matters. She also oversees corporate communication. Virginie Corneillet previously worked at Groupe Mon Loisir (now IBL) where she was mainly responsible for the legal aspects of mergers and acquisitions within the group. She started her career at Soulier & Associés, a French law firm based in Paris and Lyons, France. Virginie Corneillet holds a “Maîtrise en Droit des Affaires” from the University of Paris V (France).

Richard Stedman

Managing Director - ENL Lifestyle cluster

Richard Stedman is the Managing Director of ENL Lifestyle. He holds a Diploma in Hotel Management from Ecole Hoteliere de Lausanne. He joined the ENL Group in 2008, previously having worked with Hyatt International as well as Food & Allied in Executive Hotel Management positions.

Paul Tsang

Chief Financial Officer

Paul Tsang is the Chief Financial Officer of ENL. He joined ENL Limited in December 1994 after a nine year stint with De Chazal du Mée. He has extensive experience in preparation of consolidated financial statements, feasibility studies and structured debts financing.