We deliver competitive returns to shareholders by investing in carefully selected and efficiently managed operations
Yielding assets 2018: Rs 13.4 bn (2017: Rs 11.9bn)
Gearing 2018: Rs 34.5% (2017: 32.2%)
Cash flow from operations 2018: Rs 1.4bn (2017: Rs 1.6bn)
Dividend paid 2018: Rs 150m (2017: Rs 148m)
We invest into building our capacity to deliver enhanced customer experience
Capital expenditure incurred 2018: Rs 1.1bn (2017: Rs 0.9bn)
Investment in intangibles 2018: Rs 53m (2017: Rs 72m)
We grow our human capital by closely monitoring their level of engagement and by investing in training
Employee engagement 2018: 60%
Investment in training 2018: Rs 45m (2017: Rs 44m)
We act as a responsible citizen
Contribution to ENL Foundation and Rogers Foundation 2018: Rs 21m (2017: Rs 20m)
Our stewardship towards the natural environment
4,700m2 Property developed using sustainability benchmarks and guidelines
1,185 tonnes Foodcrop produced using sustainable agricultural practices
730kwh Renewable energy production capacity
4,050m2 Building area managed in an energy efficient manner

ceo's review

“The upcoming financial year holds the promise of new growth opportunities as ENL prepares to merge its main holding companies into a single, robust entity.”


Hector Espitalier-Noël CEO, ENL Group

value creation model


Our ambition is to transform the group’s asset base by engaging in carefully selected and efficiently managed investments and operations in order to capture growth and generate cash, sustainably

engagement with stakeholders


We create sustainable value by making every effort to engage with our stakeholders and to serve their needs and aspirations with commitment and innovation

Shareholders & providers of capital

Our response


  • Provide sustainable return on investment – More details in Performance highlights (page 4) , Value creation model (page 6) and CEO’s review (page 18)
  • Adopted The National Code of Corporate Governance (2016)
  • Maintain relationship with shareholders through regular communication – More details in Corporate governance report on pages 86 to 89
  • Improved online presence with a dedicated investor section on ENL’s website and with regular reports on performance in social media and on Enlighten.mu; we also promote performance related information to shareholders through e-newsletters and investor alerts.
Customers

OUR RESPONSE


  • Customer is at the centre of our Vision 2020 strategy through the Client Centricity enabler
  • Customer insights and upcoming market trends gathered through formal research
  • ENL Marketing Excellence initiative launched to strengthen our marketing capabilities
  • Communication campaign launched on how ENL brands enhance customers’ lives
  • Customer experience monitored through satisfaction surveys and mystery shopper campaigns in several businesses, internally as well as with our competitors
  • Measure customer experience and benchmark with industry leaders
Employees

OUR RESPONSE


  • ENL’s mission, values and strategic objectives as well as employee engagement promoted through the #myENL initiative
  • Employee engagement monitored through surveys once every 2 years
  • Remuneration benchmarked with the rest of Mauritius through participation in dedicated survey
  • Strengthening ENL’s employer brand presence on social media
Local communities

OUR RESPONSE


  • Strategy to promote integrated neighbourhoods, to nurture future generations and to enable vulnerable communities to live with dignity
  • Sponsorship of arts, culture and sports
  • Win-win relationships built and nurtured with local communities based on solidarity and social partnership
  • Pursuit of the ‘Energy drives sustainability’ strategy
Business partners & suppliers

OUR RESPONSE


  • Conducting our business in a professional, transparent, ethical and responsible manner
  • Commercial partners are provided with a copy of ENL’s Code of Ethics
  • Networking with the private sector through numerous forums
Government authorities

OUR RESPONSE


  • Adhering to laws and regulations
  • Proactively developing and sustaining the national economy through entrepreneurship
  • Cooperating and networking with the public sector
  • Member of various industry organisations
  • Enhancing capacity to create jobs and wealth through partnerships
Business review

Land & investment

We are the owners of 23,000 arpents of land that we manage for optimal returns


  • turnover Rs 84 m (2017: Rs 83 m) *Restated
  • profit after tax Rs 301 m (2017*: Rs 177 m loss after tax)
Business review

Agro-industry

We grow, transform and trade in farm produce


  • turnover Rs 814 m (2017: Rs 924 m)
  • profit after tax Rs 88 m (2017: Rs 152 m)
Business review

Real estate

We build, sell, rent and manage homes, offices, shopping malls


  • turnover Rs 2.6 bn (2017: Rs 2.2 bn) *Restated
  • profit after tax Rs 1.2 bn (2017*: Rs 1.2 bn)
Business review

Commerce &
industry

We bring to the Mauritian resident a bouquet of international and home-grown brands


  • turnover Rs 3 bn (2017: Rs 3 bn) *Restated
  • profit after tax Rs 62m (2017*: Rs 10 m)
Business review

Hospitality

We run hotels and sell premium holiday experiences to the world


  • turnover Rs 3.5 bn (2017: Rs 3 bn) *Restated
  • profit after tax Rs 161 m (2017*: Rs 28 m loss after tax)
Business review

Logistics

We connect Mauritius to other countries by air, sea and land


  • turnover Rs 3.5 bn (2017*: Rs 3.6 bn) *Restated
  • profit after tax Rs 95 m (2017*: Rs 88 m)
Business review

Fintech

We deliver sophisticated services in the Fintech industry


  • turnover Rs 760 m (2017: Rs 665 m)
  • profit after tax Rs 24 m (2017: Rs 84 m)

Corporate Governance

Hector Espitalier-Noël

Chairman, Executive Director

André Espitalier-Noël

Independent Non-Executive Director

Christian Espitalier-Noël

Independent Non-Executive Director

Edouard Espitalier-Noël

Independent Non-Executive Director

Eric Espitalier-Noël

Executive Director

Gérard Espitalier Noël
C.S.K., C.O.N.M.

Non-Executive Director

Gilbert Espitalier-Noël

Non- Executive Director

Roger Espitalier Noël

Non-Executive Director

Thierry Koenig

Non-Executive Director

Patrice de Robillard

Non-Executive Director

About ENL

ENL is a broad-based enterprise, controlled by the Espitalier-Noël family and listed on the Stock Exchange of Mauritius.


The group develops and manages a diverse portfolio of more than 120 international and home-grown brands in agro-industry, real estate, hospitality, logistics, fintech, commerce and industry.


ENL creates value for the end consumer through flagship companies like Ascencia, Axess, ENL Agri, ENL Property, Rogers Capital, Velogic and VLH as well as through New Mauritius Hotels and Eclosia, which are associated groups of companies.


Learn more on ENL Limited, we invite you to visit our website: www.enl.mu

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



Professional Journey:

  • CEO of ENL Limited, ENL Land Ltd and the ENL Group

  • Worked for Coopers and Lybrand in London

  • Worked for De Chazal du Mée in Mauritius

  • Chairman of New Mauritius Hotels Limited and Bel Ombre Sugar Estate Ltd

  • Past Chairman of the Board of Rogers and Company Limited, the Mauritius Chamber of Agriculture, the Mauritius Sugar Producers Association and the Mauritius Sugar Syndicate


Skills:

  • CEO experience across diversified sectors

  • Significant experience in alliances, ventures and partnerships

  • Strong financial skills and strategic understanding

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



Professional Journey:

  • Managing Director of Moroil Group

  • Council Member of the MCCI

  • Worked for Maurifoods Ltd, Fapcom, Mauvillac, Plastic Industry (Mtius) Ltd and Penlac in Seychelles


Skills:

  • Significant experience in restructuring

  • Good knowledge of the manufacturing industry

  • Good leadership skills

  • Good negotiation skills with Trade Unions

Christian Espitalier-Noël

Independent Non-Executive Director


First appointed to the Board: December 2011

Qualifications: Bachelor degree in Accountability, Articles for the Accountants & Auditors Board of SA



Professional Journey:

  • Director of Finance and Administration at Deloitte

  • Worked as Financial Manager in commercial, contracting and air transportation industries in South Africa

  • Past Group Chief Finance Officer of Robert Le Maire Group and Group Finance Director of Evaco Ltd


Skills:

  • Development and implementation of integrated financial system

  • Project management skills

Edouard Espitalier-Noël

Independent Non-Executive Director


First appointed to the Board: April 1987

Qualifications: BSc (Hons) Electrical & Electronic Engineering



Professional Journey:

  • Retired after 30 years of service

  • Past Chief Retail Executive of Cim Group

  • Worked for JM Goupille and Galaxy


Skills:

  • Good experience in the trade and retail market of Mauritius

Eric Espitalier-Noël

Executive Director


First appointed to the Board: : September 1987 - up for re-election at next annual meeting

Qualifications: Bachelor of Social Science, MBA



Professional Journey:

  • CEO of ENL Commercial Limited

  • Executive Director of ENL Limited

  • Worked for De Chazal Du Mée & Co, Chartered Accountants


Skills:

  • Extensive experience in the commercial and hospitality sectors

Gérard Espitalier Noël
C.S.K., C.O.N.M.

Non-Executive Director


First appointed to the Board: : September 2016 - up for re-appointment at next annual meeting

Qualifications: Diplôme de Perfectionnement en Administration des Entreprises (IAE, AIX-MARSEILLE)



Professional Journey:

  • Long career as the Head of Air Mauritius in Europe

  • Appointed in April 2007 as technical adviser to the “Conseil National du Tourisme (CNT)” in France

  • Worked as Hotels & Leisure Director of Indigo Hotels & Resorts Ltd in Mauritius


Skills:

  • Distinctive competences: communicating, decision-making, problemsolving, teamworking, exercising leadership, delegating, coordinating, meeting deadlines, managing time, planning, organizing and controlling work, dealing with crises;

  • Primary personality factors: Outgoing, Assertive, Enthusiastic, Conscientious , Venturesome, Though-minded, Trusting, Practical, Confident, Experimenting

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



Professional Journey:

  • CEO of New Mauritius Hotels Limited

  • Past Executive Director of ENL Group and CEO of ENL Property Limited

  • Past Operations Director of Eclosia Group

  • Past President of the Mauritius Chamber of Commerce and Industry, the Joint Economic Council and the Mauritius Sugar Producers Association


Skills:

  • Extensive experience in the agro industrial, property and hospitality sectors

Thierry Koenig

Non-Executive Director


First appointed to the Board:October 2016

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



Professional Journey:

  • Senior Attorney since June 2010 and listed by Chambers and Partners as a band 1 lawyer in Corporate Law and Litigation

  • Recognised as a leading lawyer by IFLR1000 – Banking and Finance and Mergers and Acquisitions (Mauritius)

  • Director at ENSafrica (Mauritius), Country Head of the Mauritius Office

  • Standing legal adviser to numerous large Mauritian conglomerates

  • Led numerous M&A transactions and cross-border transactions in Mauritius and in the Indian Ocean region

  • Former President of the LCIA-MIAC Users’ Council and Chaired the Takeover Rules Committee

  • Sits on the Supreme Court Rules Committee and the Council for Vocational Legal Education


Skills:

  • Significant experience in corporate mergers and acquisitions, capital markets, project financing

  • Significant experience in commercial litigation and arbitration and insolvency matters

Roger Espitalier Noël

Non-Executive Director


First appointed to the Board:June 2005

Qualifications: Certificate in Textile and Knitwear Technology



Professional Journey:

  • Retired from Floreal Knitwear after more than 36 years

  • Presently Chairperson of CIEL Corporate Sustainability Committee


Skills:

  • Extensive experience in the textile industry and in sustainability management

Patrice de Robillard

Non-Executive Director


First appointed to the Board:November 2006

Qualifications: MBA with specialisation in Strategic Marketing and International Branding



Professional Journey:

  • Retired from Panagora Marketing Co Ltd in April 2014

  • Former Managing Director of Panagora Marketing Co Ltd

  • Past Director of several Companies of the Food and Allied Group (now Eclosia Group)


Skills:

  • Extensive experience in the field of Corporate and Strategic Marketing