Leadership
Energy drives dynamism.
ADAM, GUYIndependentDirector
DE LABAUVE D’ARIFAT, PATRICKIndependentDirector
BUNDHUN, ZIYADExecutiveDirectorandChiefFinanceandInvestmentExecutive
ESPITALIER-NOËL, ERICNon-ExecutiveDirector
Our Board of Directors
Our Board of Directors
ANNUAL REPORT 2016 - Rogers16
Key:
CGC: Corporate Governance Committee
RMAC: Risk Management and Audit Committee
BUNDHUN, ZIYAD(Born in 1964)ExecutiveDirectorandChiefFinanceandInvestmentExecutive
ADAM, GUY(Born in 1950)IndependentDirector
DE LABAUVE D’ARIFAT, PATRICK(Born in 1958)IndependentDirector
ESPITALIER-NOËL, ERIC(Born in 1959)Non-ExecutiveDirector
APPOINTMENT18October2012
QUALIFICATIONS•MemberoftheInstituteof
CharteredAccountantsinEnglandandWales.
PROFESSIONAL JOURNEY•Articleshipandqualificationin
LondonwithBrightGrahameMurray,CharteredAccountantsbetween1984and1990.
•StartedhiscareerwithDeloitte&ToucheintheMiddleEastandmovedtoErnst&YounginMauritiusin1993.
•JoinedtheMauritiusofficeoftheInternationalTrustServicesGroup,MutualTrustin1995.
•FoundedtheMauritiusofficeoftheInternationalAuditandConsultingGroup,Mazarsin2002.
•JoinedtheCorporateBankingDivisionoftheMauritiusCommercialBankin2005.
•WasappointedManagingDirectorofMCBCapitalPartnersLtd,theprivateequityarmoftheMCBGroupin2006.
•JoinedRogersandCompanyLimitedasChiefFinanceandInvestmentExecutiveinOctober2011.
SKILLS•Strategydevelopmentand
executionexperience•Financialmanagement•Corporatefinance•Privateequity
CURRENT EXTERNAL COMMITMENTS•None
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•AscenciaLimited
APPOINTMENT5October1994CGC – Member
QUALIFICATIONS•DoctorofMedicine(MD).•FellowshipoftheRoyalCollegeof
Surgeons(FRCS).
PROFESSIONAL JOURNEY•AppointedFellowofthe
AssociationofSurgeonsofGreatBritainandIreland.
•PractisingasaConsultantGeneralSurgeoninMauritiussince1988.
SKILLS•Broadly-basedNEDexperience
acrossdiversesectors•Over20yearswiththeGroup
withadetailedknowledgeofitsoperations
•Extensiveknowledgeofcorporategovernance
CURRENT EXTERNAL COMMITMENTS•MedicalAdvisertoSwanHealth
Insurance•MemberoftheBoardofDirectors
oftheMedicalandSurgicalCentreandchairsitsCGandEthicsCommittees
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•None
APPOINTMENT18October2012RMAC – Member
QUALIFICATIONS•BScdegreeinEconomicsand
Accountancy(CityUniversity,London).
PROFESSIONAL JOURNEY•Startedhiscareerwiththe
MauritiusChamberofAgriculturein1982.
•WasappointedDirectoroftheMauritiusSugarProducers’Association(MSPA)in1991.
•ChairedtheMSPAforthreeyearsandtheMauritiusSugarSyndicatefortwoyears.
•InJuly2001,hejoinedCIELAgro-IndustryasChiefExecutiveOfficer.
SKILLS•CEOexperienceacrossdiversified
sectors•Extensiveexperienceinboth
generalandfinancialmanagement•Stronginterpersonalskills
CURRENT EXTERNAL COMMITMENTS•CEOofAlteoLtd
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•AlteoLtd
APPOINTMENT2February1994CGC – Member
QUALIFICATIONS•Bachelor’sdegreeinSocial
Sciences(UniversityofNatal,SouthAfrica)
•Master’sdegreeinBusinessAdministration(UniversityofSurrey,UK)
PROFESSIONAL JOURNEY•WorkedwithDeChazalduMée
&Co.,CharteredAccountantsinMauritiusandwithIndianOceanExportCo.LtdinSouthAfrica.
•JoinedtheENLGroupin1986.•AppointedExecutiveDirectorof
ENLLtdin1987.
SKILLS•Wellversedincorporate
governancematters.•Strongmarketing,portfolio
developmentandcommercialskills.
•Valuableexperienceacrossseveralsectors.
CURRENT EXTERNAL COMMITMENTS •ChiefExecutiveOfficerof
ENLCommercialLtd•MemberoftheNational
CommitteeonCorporateGovernance
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•AutomaticSystemsLtd
(Chairman)•ENLCommercialLimited•ENLLimited•ENLLandLtd•LesMoulinsdelaConcordeLtée•LivestockFeedLimited
Rogers - ANNUAL REPORT 2016 17
ESPITALIER-NOËL, HECTORNon-ExecutiveDirector
ESPITALIER-NOËL, GILBERTNon-ExecutiveDirector
ESPITALIER-NOËL, PHILIPPEChiefExecutiveOfficerandExecutiveDirector
FORGET, PHILIPPEIndependentDirector
Our Board of Directors
ANNUAL REPORT 2016 - Rogers18
ESPITALIER-NOËL, HECTOR(Born in 1958)Non-ExecutiveDirector
ESPITALIER-NOËL, GILBERT(Born in 1964)Non-ExecutiveDirector
ESPITALIER-NOËL, PHILIPPE (Born in 1965)ChiefExecutiveOfficerandExecutiveDirector
FORGET, PHILIPPE (Born in 1950)IndependentDirector
APPOINTMENT22December1987
QUALIFICATIONS•MemberoftheInstituteof
CharteredAccountantsinEnglandandWales.
PROFESSIONAL JOURNEY•WorkedforCoopers&Lybrandin
London.•WorkedwithDeChazalduMéein
Mauritius.•PastChairmanoftheBoardof
RogersandCompanyLimited.•PastPresidentoftheMauritius
ChamberofAgriculture.•PastPresidentoftheMauritius
SugarProducers’Association.•PresidentoftheMauritiusSugar
Syndicate.
SKILLS•CEOexperienceacrossdiversified
sectors.•Significantexperienceinalliances,
venturesandpartnerships.•Strongfinancialskillsandstrategic
understanding.
CURRENT EXTERNAL COMMITMENTS •CEOoftheENLGroup•ChairmanofNewMauritiusHotels
Ltd•ChairmanofBelOmbreSugar
EstateLtd
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•AscenciaLimited•ENLLimited•ENLCommercialLimited•ENLLandLtd•NewMauritiusHotelsLtd•TropicalParadiseCo.Ltd•SwanLifeLtdandSwanGeneral
Ltd
APPOINTMENT15July1999
QUALIFICATIONS•BSc(UniversityofCapeTown,
SouthAfrica)•BSc(Hons)(LouisianaState
University,USA)•MBA(INSEADFontainebleau,
France)
PROFESSIONAL JOURNEY•JoinedFoodandAlliedGroupin
1990.•WasappointedGroupOperations
Directorin2000.•JoinedtheENLGroupinFebruary
2007.•WasChiefExecutiveofENL
PropertyLtd.
SKILLS•PastPresidentofvariousprivate
sectorinstitutions(includingMCCI,JEC,etc.).
•Experiencednon-executivedirectorinseveralsectors.
•DetailedknowledgeoftheGroup.•SignificantM&Aexperiencelocally
andregionally.
CURRENT EXTERNAL COMMITMENTS•CEOofNewMauritiusHotelsLtd
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•ENLCommercialLimited•ENLLandLtd•ENLLimited•NewMauritiusHotelsLtd•LivestockFeedLimited
APPOINTMENT6February2004CGC – Member
QUALIFICATIONS•BScinAgriculturalEconomics
(UniversityofNatal,SouthAfrica)•MBA(LondonBusinessSchool)
PROFESSIONAL JOURNEY•WorkedforCSCIndexinLondon
asManagementConsultantfrom1994to1997.
•JoinedRogersin1997.•WasappointedChiefExecutive
OfficeroftheRogersGroupin2007.
SKILLS•Provenexperienceofmergersand
acquisitions,businessturnaroundandtransformation.
•Extensiveexpertisewithstrategydevelopmentandexecution.
•InspiringleadershipwithseniormanagementintheGroup’sfourservedmarkets,FinTech,Hospitality,LogisticsandProperty.
CURRENT EXTERNAL COMMITMENTS•ChairmanofAscenciaLimited
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•AirMauritiusLimited•AscenciaLimited•ENLLimited•SwanLifeLtdandSwanGeneralLtd
APPOINTMENT10September2015RMAC – Member (from 10 December 2015)
QUALIFICATIONS•BSc(1stClassHonours)in
Computational&StatisticalScience(LiverpoolUniversity,UK)
•MSc(withdistinction)inManagement&OperationalResearch(ImperialCollege,London)
PROFESSIONAL JOURNEY•StartedhiscareeratManagement
&DevelopmentCompanyLtd(“MADCO”),theholdingcompanyofthelargestagro-manufacturinggroupontheisland.
•WasthefirstGeneralManagerofMaurilaitLtd.
•WorkedattheMauritiusCommercialBankLtdfor36yearsandretiredasDeputyChiefExecutive–Bankingin2013.
•Followinghisretirement,hejoinedLaSentinelleLtdasExecutiveChairman.
•Foundingmember,DirectorandpastChairmanofLeBocageInternationalSchool,ClavisPrimarySchoolandSpecialEducationNeedsSociety.
•WasalsoaDirectorof‘RUTH’,ahomefortheelderly.
SKILLS•Practicalknowledgeofriskassessment
andmanagementsystems.•Substantialinternationalstrategic
experience.•Strongtrackrecordinbothgeneraland
financialmanagement.
CURRENT EXTERNAL COMMITMENTS•ExecutiveChairmanat
LaSentinelleLtd
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•None
Rogers - ANNUAL REPORT 2016 19
MASSON, VIVIANIndependentDirector
REY, ALAINIndependentDirector
MONTOCCHIO, JEAN-PIERREChairmanandIndependentDirector
RADHAKEESOON COLLENDAVELLOO, ARUNAExecutiveDirectorandChiefLegalExecutive
Our Board of Directors
ANNUAL REPORT 2016 - Rogers20
REY, ALAIN(Born in 1959)IndependentDirector
MASSON, VIVIAN(Born in 1956)IndependentDirector
MONTOCCHIO, JEAN-PIERRE(Born in 1963)ChairmanandIndependentDirector
APPOINTMENT 4December2012RMAC – Chairman
QUALIFICATIONS•MemberoftheInstituteof
CharteredAccountantsinEnglandandWales.
•GraduatedinEconomicsfromtheLondonSchoolofEconomicsandPoliticalScience.
PROFESSIONAL JOURNEY•WorkedatCitiBankN.A.(France).•WastheRegionalCorporate
DirectorofBarclaysBankPlc(MauritiusBranch).
•HasbeentheSeniorVicePresidentandChiefFinancialOfficerofNovelDenimHoldingsLtd,aNasdaq-listedcompany.
•HasbeentheCEOofCompagniedeMontChoisyLtée,agroupofcompaniesinvolvedinagriculturalandpropertydevelopmentactivities.
SKILLS•Detailedknowledgeofrisk
assessmentandmanagementsystems.
•Broadly-basedNEDexperienceacrosstheprivateandpublicsectors.
•Strongstrategicunderstandingandfinancialskills.
CURRENT EXTERNAL COMMITMENTS•Non-executiveChairmanof
TerraMauriciaLtd(asfrom11July2016)
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•CielTextileLtd•MCBGroupLtd•TerraMauriciaLtd
APPOINTMENT10September2015RMAC – Member (from 10 December 2015)
QUALIFICATIONS•MastersinEconomics(Universityof
Paris-Assas).•Diplômed’EtudesComptables
Supérieures(DECS,France).
PROFESSIONAL JOURNEY•Startedhiscareerwith
PriceWaterhouseinParisandthereafterworkedintheVanuatuandLyonbranches.
•JoinedPfizerMedicalTechnologyGroupasFinanceDirectorin1985.
•WorkedasGeneralManagerofAllianceSpinnersLtdinMauritiusoverthefouryearsto1991.
•WasManagingDirectorofHowmedicaFrance,acompanyofthePfizerMedicalTechnologyGroup.
•From1998to2015,hewasPresidentofStrykerTrauma&Extremities,adivisionofStrykerCorporationdeveloping,manufacturingandmarketinggloballytechnologiesforsurgicaltreatmentofbonefracturesanddeformitycorrections.
SKILLS•Manyyearsofoperatingwithin
internationalbusinesseswithculturaldiversity.
•Knowledgeandexperienceofacquisitionanddisposalofbusinessesininternationalmarkets.
•Manyyearsofleadershipinthemedtechindustry,creatingsuccessfulR&Dinnovation,world-classmanufacturingfacilitiesandsalesexecutionexcellence.
CURRENT EXTERNAL COMMITMENTS •ExecutiveAdviseratStryker
Corporation
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES •None
APPOINTMENTDirector:25March2002Chairman:9November2012CGC – Chairman
QUALIFICATIONS•NotaryPublicinMauritius
PROFESSIONAL JOURNEY•ParticipatedintheNationalCommittee
onCorporateGovernanceasamemberoftheBoardofDirectors’Sub-Committee.
SKILLS•Wellversedincorporategovernance
matters.•Broadly-basedNEDexperienceacross
theprivateandpublicsectors.•Significantexperienceinalliances,
venturesandpartnerships.
CURRENT EXTERNAL COMMITMENTS•ChairmanofPromotionand
DevelopmentLtd•ChairmanofCaudanDevelopmentLtd•ChairmanofFincorpInvestmentLtd
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•CaudanDevelopmentLtd•ENLLandLtd•FincorpInvestmentLtd•LesMoulinsdelaConcordeLtée•NewMauritiusHotelsLtd•PromotionandDevelopmentLtd•MCBGroupLtd
RADHAKESSOON COLLENDAVELLOO, ARUNA(Born in 1970)ExecutiveDirectorandChiefLegalExecutiveAPPOINTMENT18October2012
QUALIFICATIONS•BA(Hons)inJurisprudence(Balliol
College,OxfordUniversity)•SolicitorofEnglandandWales
(NP)•Attorney-at-law(Mauritius)
PROFESSIONAL JOURNEY•Two-yeararticleshipwithSinclair,
RocheandTemperley,aSolicitors’FirminthecityofLondon
•JoinedRogersasProjectAnalystin2001
•InJuly2001,shewasappointedGroupCompanySecretary
•ShewasappointedChiefLegalExecutivein2007
SKILLS•Transactionallawyerwithover
15years’experienceintheGroupandwellversedinmergersandacquisitions.
•Extensiveexperienceofboardpractices,corporategovernance,FSCandstockmarketrequirements
•Growingpeopleandinspiringteamssuccessfully
CURRENT EXTERNAL COMMITMENTS•ViceChairmanoftheCentral
Depository&SettlementCo.Ltd•MemberoftheNational
CommitteeonCorporateGovernance
•FellowMemberoftheMauritiusInstituteofDirectors
CURRENT EXTERNAL APPOINTMENTS IN LISTED COMPANIES•MauritiusDevelopmentTrust
CompanyLtd
Rogers - ANNUAL REPORT 2016 21
1. Karine Curé Chief Marketing and Communication Executive
2. Frédéric Tyack Chief Executive Officer – Ascencia
3. Didier Lenette Head of Global Business
4. Philippe Espitalier-Noël Chief Executive Officer
5. Manish Bundhun Chief Human Resources Executive
6. Damien Mamet Chief Projects and Development Executive
7. Kabir Ruhee Chief Executive Officer - Technology
Our Executive Team
10
9
8
7
2
3
1
Our Executive Team
ANNUAL REPORT 2016 - Rogers22
11
4 5
6
13
14
12
8. Alexandre Fayd’Herbe Chief Executive Officer – Travel and Aviation
9. Richard Koenig Chief Executive Officer – Real Estate and Agribusiness
10. Ziyad Bundhun Chief Finance and Investment Executive
11. Aruna Radhakeesoon Collendavelloo Chief Legal Executive
12. Vishal Nunkoo Chief Executive Officer – Logistics
13. Riaz Chitamun Head of Internal Audit and Risk Management
14. François Eynaud Chief Executive Officer – Hotels
Rogers - ANNUAL REPORT 2016 23
Profiles of Chief Executive Officers
FAYD’HERBE DE MAUDAVE, ALEXANDREChiefExecutiveOfficer–TravelandAviation
EYNAUD, FRANÇOISChiefExecutiveOfficer–Hotels
KOENIG, RICHARDChiefExecutiveOfficer–RealEstateandAgribusiness
NUNKOO, VISHALChiefExecutiveOfficer–Logistics
Profiles of Chief Executive Officers
FAYD’HERBE DE MAUDAVE, ALEXANDREChiefExecutiveOfficer–TravelandAviation
NUNKOO, VISHALChiefExecutiveOfficer–Logistics
EYNAUD, FRANÇOISChiefExecutiveOfficer–Hotels
KOENIG, RICHARDChiefExecutiveOfficer–RealEstateandAgribusiness
Bornin1967,AlexandreholdsaBCom(Hons)andisaqualifiedCharteredAccountantfromtheSouthAfricanInstituteofCharteredAccountants.HeworkedinSouthAfricaforaperiodof7yearswithArthurAndersenpriortojoiningRogersAviationin2001asGeneralManager–Finance&Administration.HewasappointedManagingDirectorofRogersAviationinOctober2006andChiefExecutiveOfficerinOctober2010.
Other directorships in listed companies:None
Bornin1969,VishalholdsanMScinEngineeringfromtheOdessaTechnologicalInstituteofFoodIndustry(ex-USSR)andaMaster’sdegreeinBusinessAdministrationfromtheUniversityofMauritius.HealsofollowedExecutiveTrainingProgrammesattheLondonBusinessSchool.HejoinedRogersin1993andhassinceworkedasProjectManager,DeputyGeneralManagerofRIDSMadagascar,GeneralManagerofEnterpriseInformationSolutionsLtdandCorporateManager–StrategicPlanning.HewasappointedChiefExecutiveOfficerofVelogicLtdinJuly2011.
Other directorships in listed companies:None
Bornin1961,Françoisholdsa“Diplômed’ÉcoledeCommerce”.HestartedhiscareerwithSagem(France)asExportDirectorandwassubsequentlyappointedsuccessivelyCountryManagerofSagemintheCaribbeanIslandsandinEngland.HereturnedtoMauritiusin1991tojoinCielTextileasMarketingDirectorandwaspromotedExecutiveDirectorofTropicKnitsin2000.HetookonthepositionofManagingDirectorofVerandaResortsinAugust2008andbecameChiefExecutiveOfficerofVerandaLeisure&HospitalityinOctober2010.
Other directorships in listed companies:None
Bornin1964,RichardholdsaBScElectronicEngineeringandanMBA.HestartedhiscareerasManagementInformationConsultantwithAndersenConsultinginSouthAfricaandmovedtoMauritiusin1993.HejoinedtheENLGroupin1994asaCorporateExecutiveandwassubsequentlyappointedChiefExecutiveOfficerofSouthWestTourismDevelopmentinJuly2009.
Other directorships in listed companies:None
Rogers - ANNUAL REPORT 2016 25
Profiles of Chief Executive Officers
RUHEE, ASHLEY COOMARChiefExecutiveOfficer-Technology
TYACK, FRÉDÉRICChiefExecutiveOfficer–Ascencia
LENETTE, DIDIERHeadofGlobalBusiness
TYACK, FRÉDÉRICChiefExecutiveOfficer–Ascencia
Bornin1969,FrédéricismemberoftheInstituteofCharteredAccountantsinEnglandandWalesandholdsaBSc(Hons)degreeinAccountingandFinancefromtheLondonSchoolofEconomics.HeworkedwiththeRogersGroupfrom1997to2004asManagingDirectoroftheLogisticsub-cluster.HejoinedPlastinaxAustralLtdin2004asGeneralManagerbeforemovingtoENLPropertyLtdin2008.Hewasappointedin2011asManagingDirectorofEnAtt,theAssetandPropertyManagementCompanyofENLGroup.HeiscurrentlyadirectorofENLPropertyLtdandtheChiefExecutiveOfficerofAscenciasinceJuly2015.
Other directorship in listed companies:AscenciaLtd
RUHEE, ASHLEY COOMARChiefExecutiveOfficer-Technology
Bornin1977,AshleyCoomarholdsafirstdegreeinMathematicsandPhysicsfromtheFacultédesSciencesdeLuminy,MarseillesandanM.EnginAutomaticControl,ElectronicsandComputerEngineeringwithspecialisationinRealTimeComputingandSystemsfromtheInstitutNationaldesSciencesAppliquées,Toulouse.HealsocompletedExecutiveEducationProgrammesattheLondonBusinessSchoolandatINSEAD.Heworkedfrom2000to2004forCapgeminiTelecom,MediaandEntertainment-CentralandSouthernEuropeasaTechnologyConsultantinParis.In2005,hejoinedDCDMConsulting,acompanymanagedbyAccenture,asamanagerintheirbusinessconsultingserviceline.
HejoinedRogersin2007andheldthepositionofChiefInformationandPlanningExecutiveofCimGroupsince2008.HewasalsoappointedManagingDirectorofEnterpriseInformationSolutionsLtdin2009.HeistheChiefExecutiveOfficeroftheRogersTechnologysectorsince2012andwasconcurrentlyappointedManagingDirectorofAXACustomerServicesLtd,ajointventurecompanyofAXAAssistanceandRogers.HewasselectedbytheInstitutChoiseulforInternationalPoliticsandGeoeconomicsasoneofthe200youngAfricanEconomicLeadersoftomorrowfortwoconsecutiveyears.
Other directorships in listed companies:None
LENETTE, DIDIERHeadofGlobalBusiness
Bornin1976,DidierholdsaBachelorofCommerce(EconomicsandFinance)fromtheUniversityofWesternSydney(Australia)andaMasterinInternationalTaxationfromtheUniversityofNewSouthWales(Australia).HeisalsoaFellowoftheInstituteofCharteredAccountantsinEnglandandWalesandaMemberoftheMauritiusInstituteofDirectors.DidierisaCharteredAccountantandTaxProfessionalwithastrongbackgroundinaudit,risk,complianceandinternationaltaxation.HehasacquiredextensiveexperiencebothinMauritiusandinternationallyinseniorroleswithPwC(Mauritius,Australia)andErnst&Young(UK,Australia)amongothers,includinghisleadershippositionasSeniorTaxSpecialistwithArrowEnergy(aShellPetrochemicalsOil&GasVenture)inBrisbane,Australia.DidierjoinedRogersasHeadofInternalAuditandRiskManagementin2014andiscurrentlyHeadofGlobalBusiness.
Other directorships in listed companies:None
Rogers - ANNUAL REPORT 2016 27
Profiles of Function Executives
BUNDHUN, MANISHChiefHumanResourcesExecutive
CHITAMUN, RIAZHeadofInternalAuditandRiskManagement
MAMET, DAMIENChiefProjectsandDevelopmentExecutive
CURÉ, KARINEChiefMarketingandCommunicationExecutive
Profiles of Function Executives
CHITAMUN, RIAZ1
HeadofInternalAuditandRiskManagementBUNDHUN, MANISHChiefHumanResourcesExecutive
Bornin1978,RiazisafellowmemberoftheAssociationofCharteredCertifiedAccountants(ACCA)andamemberoftheInstituteofCertifiedForensicAccountants.HestartedhiscareerwithBDODeChazalduMéein1999beforemovingtoAfricain2004.HeworkedasFinanceandAdministrationManageroveraperiodoftenyearsbothinEastandWestAfrica.In2014,hejoinedAXACustomerServicesLimitedasChiefFinanceOfficerandwasappointedHeadofInternalAuditandRiskManagementofRogersinMay2016.
Other directorships in listed companies:None
CURÉ, KARINE2
ChiefMarketingandCommunicationExecutive
Bornin1978,KarineholdsanExecutiveMaster(MSc)inMarketing(Hons)fromtheUniversityofParis-Dauphine(France)andaBSc.ShestartedhercareerinthefieldofcommunicationinParisandhasworkedinMauritiusinthetourism,leisureandhotelsectors.KarinejoinedtheGroup’sHotelssectorinFebruary2008asMarketingandCommunicationManagerandwassubsequentlyappointedCorporateManageratRogersinOctober2015andChiefMarketingandCommunicationExecutiveinJuly2016.
Other directorships in listed companies:None
Bornin1979,ManishholdsaMaster’sdegreeinBusinessAdministrationandaBSc(Hons)Management.HestartedhiscareerinthefieldofHumanResourcesandhashadavariedexposureinthetelecommunications,ICTandaviationindustries.HejoinedtheGroup’sLogisticssectorinJanuary2006asDivisionManager–HumanResourcesandwassubsequentlyappointedChiefHumanResourcesExecutiveofRogersinSeptember2008.HeholdsaCertifiedMastersinNLP(NeurolinguisticProgramming)andinNeuro-SemanticsandisacertifiedAgilityCoachandTrainer.ManishisalsoaCo-activeCoachfromtheCoachTrainingInstitute(CTI).HeactsasanExecutiveCoachanddeliversexecutiveleadershipandteamcoachingworkshops.HealsopractisesasadjunctprofessorinHumanResourcesManagementandOrganisationDevelopmentatpostgraduatelevel.
Other directorships in listed companies:None
MAMET, DAMIENChiefProjectsandDevelopmentExecutive
Bornin1977,DamienisamemberoftheInstituteofCharteredAccountantsinEnglandandWales(ICAEW).HestartedhiscareerwithErnst&YounginLondonin1999andmovedtoBDODeChazalduMéeinMauritiusin2003.HetookonthepositionofManagerofCorporateFinancewithPricewaterhouseCoopersin2006.HejoinedRogersin2009asManagingDirectorofForesiteFundManagementandwasappointedChiefProjects&DevelopmentExecutiveofRogersinOctober2014.
Other directorships in listed companies:AscenciaLtd
1.RichardLeBoutetheldthepositionofHeadofAuditandRiskManagementupto
31March2016.RiazChitamuntookoverthefunctionofHeadofInternalAuditandRisk
Managementasfrom1May2016.
2.KaushallRamlackhanheldthepositionofChiefCommunicationExecutive
upto31December2015.KarineCurétookoverthefunctionofChiefMarketingand
CommunicationExecutiveasfrom1July2016.
Rogers - ANNUAL REPORT 2016 29
Strategic Focus
Energy drives agility.
Board of Directors’ Report
DearShareholders,
ItgivesusgreatpleasuretopresentyouwithourAnnualReportforthefinancialyearended30June2016.Thisyearwascharacterisedbyacontinuationofoureffortstoconsolidatethefoundationforperformanceandprofitablegrowth.
Intheyearunderreview,theglobaleconomycontinuedtoexperiencemoderategrowth.Whileaggregatedemandimprovedinadvancedeconomies,developingandemergingeconomiescontinuedtoexperiencetheimpactofreducedrevenuefromlowercommodityprices.ThereferendumvoteinJune2016infavourofthewithdrawaloftheUnitedKingdomfromtheEuropeanUnionhascausedadeteriorationinmarketsentiment,whichwasreflectedbytheplummetingby11%ofGBPagainstUSDoverthelastweekofthesamemonth.
Thedomesticmarket,foritspart,recordedeconomicgrowthof3.5%in2015,mainlydrivenbyfinancialservicesandtourism.Thehospitalitysectornamelyhasbenefitedfroman11%increaseintouristarrivalsovertheyear.However,theconstructionsectorcontinuedtoslowdownandthelocalcurrencydepreciatedby2%againstEURandUSDoverthefinancialyearwhileappreciatingby13%againstGBPduetotheimpactoftheBrexitvote.Earlierthiscalendaryear,theGlobalBusinesssectorhasalsodealtablowwiththerenegotiationoftheIndia-Mauritiustaxtreaty.
Overtheyear,a14%improvementinGrouprevenuestemmedfromallsectors,exceptRealEstateandAgribusiness.Theincreaseinrevenuewasprimarilydrivenbythefirsttimeinclusionoffull-yearresultsfromrecentlyacquiredGlobalBusinesscompaniesandtheconsolidationofanowcontrollingstakeinBagapropLimited.
ProfitafterTax(PAT)excludingexceptionalitemsamountedtoRs787millionagainstRs973millionin2015.ThisreductionismainlyduetoanexceptionalgainfromthesaleoflandandsignificantfairvaluegainsbookedinFY2015.However,PATfortheyearexcludingthecontributionfromtheRealEstateandAgribusinesssectorshowsarespectable7%increase.
EarningspershareexcludingexceptionalitemswentdowntoRs1.35againstRs1.86in2015.TheGroup’sNetAssetValueasat
30June2016stoodatRs37.60,representinganimprovementfromRs37.00lastyear.ThedividendpersharewasRs0.88againstRs0.84inthe2015financialyear,equatingtoadividendyieldof3.1%basedonthesharepriceofRs28.00asat30June2016.
TherehavebeensignificantdevelopmentsintheFinancialServicessectorduringthefinancialyearwiththemergingofConsilexintoKrossBorder,whosecapabilitiesandexpertisewerefurtherconsolidatedthroughtheacquisitionofanotherManagementCompany,RiverCourtAdministratorsLtdinJune2016.OurTechnologysectorhasalsorecentlyimplementedtheHPHelionplatformtoprovideclientswithmade-to-measureprivatecloudinfrastructureservicesthroughCloud24.
OntheHotelsfront,PATofVLHmorethandoubledtoRs177millionovertheyear.Thekeygrowthdriverswereanincreaseintouristarrivals,improvedairaccess,betteroccupancyratesandbetterpositioningofourbrands.OverallPATfortheHotelssectorwashoweverpulleddownduetoanegativecontributionofourassociate,NewMauritiusHotelsLtd.
Pursuingitsregionalexpansionstrategy,theLogisticssectorhaspartneredwithTheKiboFundtosecureacontrollingstakeintwocompaniesinKenyawithoperationsincustomsclearanceandtransportrespectively.TheircombinedbusinessrepresentaturnoverofUSD8.5millionandaworkforceof200people.
InthePropertysector,AscenciahasconsolidateditsportfoliothroughraisingitsshareholdinginBagatelleMallofMauritiusto85%andacquiring100%sharecapitalofTheGardensofBagatelle.TheseoperationswerefundedfromtheproceedsofasuccessfulfundraisingofmorethanRs1billiononthemarket.Inaddition,ourfully-ownedsubsidiary,ForesitePropertyHoldingLtdhasacquireda25%stakeinMallofMauritiusatBagatelleLtd.
Ontheoutlookside,theoverallsituationoftheworldeconomyremainschallengingforthecalendaryear2016withtheInternationalMonetaryFundnotchingdownitsgrowthforecastby0.1%to3.1%,theslowest
Board of Directors’ Report
ANNUAL REPORT 2016 - Rogers32
Board of Directors’ Report
growthratesincethefinancialcrisis.TheBrexitvoteisalsoexpectedtofurtherimpacttheglobaloutlook.
Growthinthedomesticeconomyisexpectedtobearound3.8%in2016and4.2%in2017.TherecentnationalbudgethassetthebaseforfurtherdevelopmentofMauritiusasanInternationalFinancialCentrethroughincentivestofurtherpromoteandcreatesubstanceasaGlobalBusinessjurisdiction.ThiscouldhelpoffsetpotentialsetbacksfromtherenegotiationoftheIndia-Mauritiustaxtreaty.Thesettingupofaninternationalderivativesandcommoditiesexchangeisalsounderconsideration.Theprospectsforthetourismsectorareveryoptimisticwitharrivalsforecastedtogrowbyaround8%in2016.
OurGroupisnowpositionedasanInternationalServicesandInvestmentCompanyfocusingonservingfourmainmarkets,whichareFinTech,Hospitality,LogisticsandProperty.AnewimagecampaignhasalsobeenlaunchedrecentlywithEnergyasthemaintheme.Allofthisbodeswellforthefuture.
WewouldliketopaytributetoGillesKaba,Velogic’sex-RegionalManager–Europe,whopassedawayduringthefinancialyear.HewillberememberedforhislongandeffectivecontributiontothedevelopmentofourLogisticsbusinessinFranceandbeyond.
Wethankourshareholdersfortheircontinuedtrustandsupport,andweextendourthankstoourChiefExecutiveOfficer,PhilippeEspitalier-Noël,hismanagementteamandtheentireRogerspersonnelfortheirenergy,hardworkanddedication.
Sincerelyyours,
TheBoardofDirectors
Rogers - ANNUAL REPORT 2016 33
Interview with the CEO
ANNUAL REPORT 2016 - Rogers34
The CEO of Rogers reviews the financial year that has gone by and outlines the Group’s performance, strategy and key priorities going forward.
How would you reflect on the year that just passed?
Duringthefinancialyear2015-2016,wecontinuedto
seemodestandunevengrowthintheglobaleconomy.
Atanationallevel,thehospitalitysectoratlarge
hasbenefitedfromthespillovereffectsofgrowth
intouristarrivals.However,therenegotiationand
signingofaprotocolamendingthe33-year-oldIndia-
Mauritiustaxtreatywillhaveanon-negligibleimpact
onourpositionasapreferredjurisdictiontoinvestin
theIndianmarketandonourpastmodelfortheGlobal
Businesssector.
Theinternationalscenewaslargelydominatedby
thedecisionoftheUnitedKingdomtoleavethe
EuropeanUnion.Althoughthefullpictureofthepost-
Brexitlandscapeisyettoemerge,wearealready
experiencingtheimpactofaweakeningGBPinour
hotelsandsugarpackingactivities.
Inspiteofthemacroeconomiccontext,theoverall
performanceoftheGrouphasbeeninlinewith
expectations.Revenuehasimprovedby14%to
Rs8,167millionduringthepastyearandprofitlevels
formostofouroperationshavewitnessedsatisfactory
growth.GroupProfitafterTax(PAT)fromoperations,
excludingthecontributionfromourlistedassociates
andtheRealEstateandAgribusinesssector,improved
by30%.Additionally,theperformanceofourassociate
investment,NewMauritiusHotelsLtd(NMH)was
impactedbyone-offchargesandreorganisationcosts
incurredovertheperiodended30June2016.The
operationalresultsofthehotelgroupremainsolidand
weareconfidentthatNMHwilldelivermuchimproved
resultsinthecomingyears.Overthefinancialyear,we
participatedintheissueofpreferencesharesofNMH
andfurtherconsolidatedourequitystakefrom17.6%
to19.3%.TheresultsforRealEstate&Agribusiness
sectorinFY2015includedsignificantfairvaluegains
aswellasanexceptionalincomefromsaleofland.
OverallPATfortheyearamountedtoRs787million.
Fromastrategicperspective,wecontinuedto
advanceourgrowthstrategyanddevelopour
leadershiptalenttoensureRogersiswell-positioned
forlong-termsuccess.Wehave,amongstothers,
acquireda51%stakeinalogisticsoperatorinKenya14%
Revenue has improved by
Interview with the CEOPhilippe Espitalier-Noël
Rogers - ANNUAL REPORT 2016 35
toanchorourexpansionintoEastAfrica,andourAviationsectoris
revampingitsbusinessmodeltobetteradapttoevolvingmarket
trends.OurGlobalBusinessactivityhasalsobuiltadditionalmuscle
throughtheamalgamationofexistingservicesaswellasthelaunch
ofRogersCapital.OnthePropertyside,Ascenciahasacquiredan
additional34.9%stakeinBagapropLtdtoincreaseitsholdingstake
to85%,andhasalsoacquiredthefullstakeofGardensofBagatelle.
Followingthesedevelopments,Ascenciahasnowbecomethesecond
largestcapitalisationonthesecondarystockmarket.
What were the Group’s major operational highlights?
Wesawbetterperformancefrommostofoursectorsthisyearandour
hotelshaveparticularlybenefitedfromthecombinedeffectofastrong
upturninthetourismindustryandtheconsiderableeffortsexpended
intheleaneryears.Allkeyindicatorsarepointingintherightdirection
andVLHhasproducedoneofthebestperformancesintheindustryin
2015-2016withamorethantwofoldincreaseinPAT,whichproves
usrightincontinuingtobelieveinthepotentialofthesectorwhen
prospectswerebleak.
Additionally,Ascenciahasthisyearagainmadeasignificantcontribution
toourprofits.Ourshoppingmallshaverecordedanaveragemonthly
footcountinexcessof1.5millionandwereclosetofulloccupancy.
AscenciaalsomanagedtoraisefundinginexcessofRs1billiondespite
subduedlocalcapitalmarketconditions.
OurFinancialServicesandTechnologysectorshavedeveloped
significantly,especiallysincetheexpirationofournon-compete
agreementwithCimGroup.Wehavebeenworkinginrecentmonthson
shapingupanewbrandidentityforRogersCapital,whichwillcombine
thestrengthsandcapabilitiesofthetwosectorsandaddnewlayersof
servicestomakeusamajorplayerwithauniqueservicepropositionin
theFinTechindustryinMauritiusandbeyond.
Major developments have been announced recently for the Domaine de Bel Ombre. Could you tell us more about this?
Aquantumshifthasbeenunderwaysincetheturnofthemillennium
totransformtheDomainefromatraditionalsugarcane-growingregion
intoapreservedhigh-endtourism,leisureandculturaldestination.
SomeRs12billionhavealreadybeeninvestedtodateandweare
rollingoutacompellingvisionandanambitiousthree-yearplan
towards2020.Theroadmapforachievingabalancedandsustainable
economic,environmental,socialandculturaldevelopmentthroughan
integratedstringofconcreteactionsisbeingimplemented.
Thiscomprehensiveprogrammewillprovideanintegratedapproach
totheplanning,managementandpromotionofthelandandmarine
environmentofDomainedeBelOmbretobalancetheconservationof
naturalresourceswiththeimpactofhumanactivities.AnInteractive
LandandMarineResourceCentrewillbedeployedinconjunction
withnewexperiencesforvisitorswhileensuringsustainableuseand
conservationoftherichbiodiversityofthearea.
Alagoonmanagementplanwillalsoserveasablueprintinmanaging
andrestoringthemarineenvironmentinconsultationandcooperation
withthesurroundingcommunity,marinebiologists,hoteliersandother
stakeholders.Thiswillbecoupledwithlandbiodiversityconservation
effortsencompassingsuchinitiativesasthedevelopmentofseveral
naturetrails,abiodiversitycorridoralongthecourseandestuaryof
CitronniersRiver,anativetreearboretum,theremovalofinvasive
speciestomakewayfornativeriverineecosystemsaswellasthe
enhancementofexistingmangroveareas.
Thisisawide-scaleprojectwitharealestatecomponentandincludes
thedevelopmentofasecondgolfcoursethatwillbecomplementary
toouraward-winningHeritageGolfClub.Tofulfilthevisiontocreate
uniqueexperiencesanddistinctivevaluesforDomainedeBelOmbre,
wehighlyvaluemeaningfulstakeholderdialogueandconcertedaction.
ANNUAL REPORT 2016 - Rogers36
How is corporate responsibility and sustainability relevant to the future strategy of the Group?
Imustsaythattodate,ourCSRapproachandprogrammeshavemet
thetargetsthatweresetforthebenefitofallourstakeholders.We
havedecidedtofocusoureffortsononespecificcauseatatime–the
fightagainstHIV/Aidsfrom2007to2013andcurrentlytheprotection
ofourcoastalandmarineecosystems–toincreaseourchancesof
bringingaboutmeaningfulchange.
Insodoing,wefeelthatwehaveprovidedvaluablesupportto
publicauthoritiesandotherrelevantpartiesincludingNGOsandour
ownpeoplewithintheGroupinaddressingtheseissues;wehavein
theprocessgonebeyondthemandatory2%CSRspendwhenever
possibleandwhereitmadesense.Ourinitiativesinvolvealong-term
commitmenttomakeadifference.Weregrettherecentchanges
announcedtotheCSRframeworkandareconcernedthatthiscould
stalltheprogressmadeandcouldpreventusfromachievingour
targetedimpacts.
The Group has also rolled out a new communication campaign – ‘Focused Energy, Every Day’…
‘EnergydrivesEverything’isnotjustanotherslogan.Thisnewcampaign
isareaffirmationoftheidentityofourGroupandourbrand’sDNA,
embodyingourvalues,ourfinancialstrengthandvisionforthefuture.
ItistheEnergydeployedbyourpeoplethatismakingthedifference.
Rogersisnowaninternationalinvestmentandservicescompanywhose
strengthstemsfromtheenergyofaunified,competentandwell-
balancedteam.Thiscampaigniscommensuratewithourambitions
andprojectsaclearimageofourdynamicbrandbothinternallyand
withourpartners,clients,investorsandthepublicatlargethrough
expressingtheenergythathasbeendrivingusformorethanacentury.
To conclude, what are your key priorities and expectations going forward?
Weareworkingdiligentlyonpursuingourstrategicvision,whichis
centredonconsolidatingourpositioninourfourservedmarkets,which
areFinTech,Hospitality,LogisticsandProperty.Wearecommittedto
buildingonthestrengthofourvaluableexperienceandestablished
competencewithinthesemarkets,andwewillputinthenecessary
resourcestogrowthedepthandsizeofeachofoursectors.The
rationaleofthisistoprovidetheadequatelevelofmanagerialattention
andtherequiredmeanstoouractivitiesineachofourservedmarkets
inordertoachieveabalanceddevelopment.
Wehavewell-developedentrepreneurialcapabilitiesineachofthese
marketsandhavebecomemorenimbleandagile.Wearebackedin
ourendeavourbythesupportofourparentcompany,theENLGroup,
whichalsoprovidesuswiththeflexibilityrequiredtoachieveour
long-termgoals.Ourcapabilityforswiftdecision-makingishelpingus
greatlyinconsolidatingourbusinesses.
ThedevelopmentofRogerscontinuestobefocusedonachieving
balancedrevenuegenerationfromdomesticandinternationalclients.
Ourphilosophyistoimproveourproductivityandperformanceagainst
internationalbenchmarks.Wehavesignificantdevelopmentplansinthe
shorttermforeachofoursectorsandarecreatingadditionalcapacity
tosupportourambitionsfor2020.
Iamconfidentthatwecandeliverevengreatersuccessinthefuture.
Rogers - ANNUAL REPORT 2016 37
Strategy for Profitable GrowthThroughoutits117yearsofexistence,RogershasdevelopedasolidreputationandbroadeneditsserviceofferingtobecomealeadingbusinessentityinMauritius.TheGrouphasbeenanactivecontributortoeconomicdevelopmentthroughitsparticipationinvarioussectorsandinvolvementinsustainabledevelopmentinitiativesforthecountryanditscitizens.
RogerspursuesastrategytopositionitselfasanInternationalServicesandInvestmentCompany.TheGroupcontinuestoleverageitsstrongleadershipandentrepreneurshipcapabilitiestoconsolidateitsexistingbusinesslinesintheever-changingeconomicenvironmentwhileatthesametimeexpandingintonewmarketsbothlocallyandoverseas.
ThevaluecreationstrategyofRogersremainsfocusedonthreemaindriverswhichareTurnaround,PredictabilityandGrowth.TheGrouphasenhancedtheresilienceofitsbusinessandanticipatesmorepredictabilityandgrowthoveritsplansto2020.TheGroupunderstandstheimportanceofsustainabilityinitseverydayactivitiesandshallendeavourtothebestofitsabilitytocarrybusinessinaresponsiblemannerwithoutcompromisingtheabilityoffuturegenerationstomeettheirownneeds.Theultimategoalistocreatevalueforallitsstakeholders.
TURNAROUND PREDICTABILITY GROWTH
• Costcontrol• Pricing• Throughput• Productivity
• MaintainingLeadership• Integration• Capability• Sustainability
• Organic• Acquisitions• Channels• Geographies• Diversification
Financing Models
Image & Values
Group Leverage
Key Business Elements
SERVED MARKET SECTORS ACHIEVEMENTS IN FINANCIAL YEAR 2016 TARGETS FOR THE NEW FINANCIAL YEAR 2017
FINTECH Financial Services
• Acquisitionofamanagementcompany,RiverCourtAdministratorsLtdinGlobalBusiness;
• ConsolidationofGlobalBusinessthroughthemergerofitsentities.
• OpeningofrepresentativeofficesinFrance,India,SouthernAfricaandtheUK;
• ConsolidationofRiverCourtAdministratorsLtdwithKrossBorderCorporateServicesLtd;
• SettingupofGlobalBusinessoperationintheSeychelles;
• Developmentofwealthmanagementservices.Technology
Services• LaunchofourproprietaryCloudPlatform
(Cloud24);• NewPointofPresence(POP)inMombasa,
Kenya.
• Newtechnologyofferings;• ISO27001certification;• ForayintotheFinTechspace.
Note 1: Travel was reported as Aviation up to 30 June 2016
Strategy for Profitable Growth
ANNUAL REPORT 2016 - Rogers38
SERVED MARKET SECTORS ACHIEVEMENTS IN FINANCIAL YEAR 2016 TARGETS FOR THE NEW FINANCIAL YEAR 2017
HOSPITALITY Hotels • RenovationandupgradeofVerandaPointeauxBichestoa4-starresort;
• FinalisationoftherevisedrentalpoolagreementandCBeachClubaccesswithhomeownersatVillasValriche;
• IdentificationofacquisitionopportunitiesforVLHinMauritiusandintheregion;
• EnhancedoperationalPAT.
• LeTelfairwillberenovatedfromJunetoAugust2017toenhanceitspositioninginthe5-starsegment;
• AcquisitionofanewhotelforVeranda;• VerandaPaul&Virginiewillalsoberefurbishedin2017,
reinforcingitsromantic/AdultsOnlyconcept(JunetoAugust2017);
• TheDomainedeBelOmbreexperienceswillalsobesignificantlyupgraded;
• Worksonasecond18holesignaturegolfcoursewillstartin2017.
Travel1 • ReorganisationofourCorporateStructureinto4sectors;
• Reduceloss-makingactivities;• Expansionofourairlinesportfoliowithnew
representationsinMauritius,SouthAfricaandMozambique;
• StrengthenedourDigitalteamthroughhiringnewcompetencies.
• LaunchofHolidaysbyBlueSkyinMauritius;• Newoperatingmodelinsomecountries;• Consolidationoftheonlinetouroperatingbusiness;• StrengtheningofourexpertiseinCorporateTravel;• Instillingaleisure-orientedmindset;• ConsolidatingandimprovingourOTObusiness.
LOGISTICS Logistics Solutions
• TurnaroundofourfreightforwardingoperationsinFrance;
• DiversificationofourcustomerbaseinMadagascar,IndiaandReuniontoenhancegrowth;
• AcquisitionofshareholdinginterestsinatransportationandfreightforwardingbusinessinKenya.
• Improvementofourroadtransportationbusinessperformance;
• Enhancingsystems,processesandbroadeningofserviceofferinginKenya.
PROPERTY Property2 Investments
Foresite Property Holding:• Acquisitionof25%ofMallofMauritiusat
BagatelleLtd.;• ParticipationintheprivateplacementofAscencia.Ascencia:• FundraisingofRs1bnandacquisitionof34.9%
inBagapropand100%ofGardensofBagatelle;• DevelopmentofBagatelleDecoCity;• Anewmanagementstructure;• Identificationoffuturepropertydevelopment.
Ascencia:• So’FloopeninginSeptember2017;• Startofconstructionofsecondofficeparkbuildingat
Bagatelle;• NewcommercialprojectintheSouth;• Rebrandingexercise;• Saleofnon-coreassets;• Debtrestructuring;• CompletionofconstructionworksatCentreCommercial
Phoenix.Property
Development &
Agribusiness3
• RenovationoftheLeChamarelRestaurant;• “Ensembleproject”,thecreationofaunified/
sharedvisionanddevelopmentplanfortheDomainedeBelOmbre;
• DevelopmentofBelOmbreMasterPlan.
• DevelopmentofacoffeehubatSevenColouredEarth;• Constructionofa2ndgolfcourse;• DevelopmentofRealEstateresidentialprojects;• PlaceduMoulinandChateaudeBelOmbreprecinct
enhancement;• Contributiontothecreationofaleisureservicesector
withintheGroup;• SettingupofaninteractiveLandandMarineResource
Centre.Corporate
Office• Overheadrecoverythroughgrowthwithanew
managementfeesformula;• Subscriptiontotherightsissue(Preference
shares)ofNMH;• IncreaseofourstakeinNMHfrom17.6%to
19.3%.
• Fundraising;• Reportingofconsolidatedfinancialswithrespecttothe
4servedmarkets;• ImplementationofaBusinessIntelligencereportingtool.
Note 2: Property Investments was reported as Property up to 30 June 2016.Note 3: Property Development & Agribusiness was reported as Real Estate & Agribusiness up to 30 June 2016. Rogers - ANNUAL REPORT 2016 39
Energy drives sustainability.
Corporate Social ResponsibilitySustainable Development
Our Strategy
Duringtheyearunderreview,thecompanieswithintheRogersGrouphavescaleduptheirsocialandenvironmentalresponsibilityeffortsthroughanincreasednumberofprojectsandprogrammes.WheretheCorporateSocialResponsibility(CSR)fundsderivedfromthe2%comprehensiveincomeprovedinsufficient,additionalresourceswerebudgetedoralternativemeanswereusedtosupportenvironmentalandsocialcauses.Moreover,Rogersfocuseditsattentionondevelopingandplanningsustainableprojectsthatwilldemonstrateourstrategytodobusinessdifferently:bywalkingthetalkinordertostrikeabalancebetweeneconomy,environmentandsociety.
Governance• Responsibility of the Board• Sustainable Development Strategy• Ethics & Transparency• Shareholders’ rights Rogers
Foundation
Economic Prosperity• Financial Processes
Environment• Environmental Resource Management• Energy & Water• Waste
Social• CSR Contributions• Welfare & Rights of Employees and Clients
Corporate Social Responsibility
ANNUAL REPORT 2016 - Rogers42
Programme for the Protection of the Coastal Areas of Mauritius
TheRogersGroupcontinueditsinvolvementinprojectsgearedtowardspromotingAwareness,EducationandSupportinordertoreducethenegativehumanimpactontheenvironmentofcoastalareas:
Mobile Marine Education Unit – Third Year of the ‘Bis Lamer’ Project with Reef Conservation
TheNGO,ReefConservationremainsourmainpartnerintheProtectourCoaststrategywithitsteamofprofessionalmarinebiologists,projectcoordinatorsandeducators.
‘BisLamer’isaclassonwheelsequippedwithinteractivetoolsandlaboratoryequipment.Todate,theprojecthasexceededitstargetintermsofeducationaboutmarineandenvironmentalissues,havingreached10,768studentsand4,346adults.Some125schoolsand70publicareassuchascommunitycentres,shoppingmallsandbeacheswerevisited.Moreover,52%ofRogers’staffhavereceivedtrainingcoursesonmarineandlagoonlife.
Domaine de Bel Ombre Lagoon and Land Survey
SustainabledevelopmentandenvironmentalstewardshipcomewiththeresponsibilityofcarefullystudyingandassessingtheecosystemsofaregionsuchasBelOmbrebeforemovingonwithrehabilitationprojects.ReefConservation’sbiologists,Diospyros’ecologistsandtheMauritianWildlifeFoundation’sconservationistswerecontractedtoevaluatethelandandmarinefaunaandfloraandproposeappropriateprotectiveandrestorativemeasures.Themainupcomingprojectsarealagoonmanagementplan,abiodiversitycorridorandaninteractiveresearchcentreoncoastalecosystems.
Community Involvement & Permaculture
ThesustainabledevelopmentplanforBelOmbrenecessarilycontainsasignificantsocialcomponent.ConsultationswereorganisedwithallthestakeholdersintheregionandenvironmentalconsultantsspecializedinpermacultureandcommunityinvolvementwerealsocontractedtotakeonboardtheinputoftheinhabitantsofBelOmbre.ThisenrichingexercisehasallowedtobringoutthedreamsofthevillagersfortheirregionandtheideatorecreateatypicalMauritianvillagetoshowcaselocalsavoir-faire.
National Museum & Porlwi by Light
Variousmediaarerequiredtoeffectivelyspreadthemessageaboutprotectingourcoastsamongthepopulation.Themoviededicatedtothehistoryofourextinctnationalbird,thedodobenefitedfromthecrowd-pullingeffectofPorlwibyLight,whichadditionallycontributedtorekindlevisitorinterestinourNaturalHistoryMuseumandtheBlueWaterexhibition.TheLagoonDosandDon’tspanelsonthemuseum’sornategateswerealsoviewedbyhundreds.
Rogers - ANNUAL REPORT 2016 43
Protection of Marine Turtles in Mauritius
ThenationalnetworkfortheprotectionofendangeredseaturtlesontheMauritianshores,composedofNGOs,privatesectorandrelevantauthorities,hasworkedtirelesslytoeducatecoastalpopulationswhiletighteningtheenforcementnetagainstpoachers.Achildeducationleaflethasalreadybeenfinalizedandreleasedinschools.
Beach Clean-Up Series
Educatingbeachusersaboutproperlitterdisposalispartofthenecessaryeffortstoprotectthelagoonanditsmarinelife.YouthUnitedforEnvironmentwiththesupportofRogers,HeritageResortsandCSBOstafforganisedabeachclean-upeventatLeBatelage,BelOmbre.Thistrashcollectioninitiativehadaneducationalaimedandservedtosupport‘StopPolisyon’,asonginMauritianKreollaunchedatRogersHouseinAprilbytheVicePresidentoftheRepublic.TheclipisregularlyshownonnationalTVandcanbeviewedonYouTubeathttps://youtu.be/qVbsRdtFD8s
Global Women’s Forum
TheWomen’sForumMauritiuswasatremendousopportunityformobilisingsupportfordrivingagame-changingagendaforthesustainableeconomic,environmentalandsocialdevelopmentoftheDomainedeBelOmbre.Thisregionisfacingenvironmentalthreatssuchasclimatechange,whichisinextricablylinkedtocoastalandmarineresilience.Theseriousdeteriorationofourisland’scoastalecosystemsandthechallengesposedbysea-levelriseandcoastalerosionhavepromptedustoseeksupportforourplannedprojectstosetupabiodiversitycorridoralongCitronniersRiver’scourse,createanInteractiveLandandMarineResourceCentreandimplementalagoonmanagementplan.
Sponsorship of Cité Sainte Catherine in Collaboration with ENL and FAIL Foundation
FollowingthecompletionoftheOLEAproject,whichprovidedsupportto50impoverishedfamiliesintheMokaregion,anewpovertyalleviationprogrammehasbeenlaunchedatCitéSainteCatherine,SaintPierre.BuildingontheexperienceacquiredfromOLEA,RogershasteamedupwithENLandFAILFoundationtodesignandsupporta3-yearIntegratedCommunityDevelopmentProgrammeinvolving250familieswithinthispoverty-strickenregion.
ANNUAL REPORT 2016 - Rogers44
CSR in our Sectors
Other Initiatives carried out by our Business Units
Aviation
TheAviationSectorhassupportedongoingeffortsforthepreventionofcoastalandmarinepollutioninMauritiusandhasprovidedtrainingtoitsemployeesonthisimportantissue.
Hotels
HeritageResortshasworkedwithchildrensupportedbytheNGO,CaritasintheSouth:154kidsreceivedvalueeducationsessionscombinedwithanintroductiontogolforfoot-golf.OutingstoCaselaandCuriousCornerofChamarelwereorganisedandsupportwasgiventoadanceacademy.Clothesandbed/bathlinenwerealsodonatedbeforeandafterafloodingeventinBelOmbre.Similarly,VerandaLeisure&HospitalityhassupportedtheelderlyunderthecareoftheHumanServiceTrustintheNorththroughthedonationofclothingandlinenandhasprovidedvulnerablechildrenwithanafter-schoolteacherandafootballtrainer.Toimprovetheenvironment,theGrandGaubebeachwascleanedupandeffortsweremadeinconjunctionwiththeNGO,PAWStoencouragethesterilizationofstraydogsandcats.
Logistics
Velogichasimprovedexistingproceduresforthemanagementofindustrialwasteandriskslinkedtothebusinesssector’sactivities.ThestaffweretrainedinwastesortingbyMissionVerteandguidedinimplementingacomprehensivewastemanagementsystem.Contributionstothecommunitywerealsomadeinthefieldsofarts,sportsandvocationaltrainingofdisadvantagedyouththroughthefollowingNGOs:AtelierMo’zar,FauconFlacqSportingClub,FoundationforExcellenceinSportsandEducationalandVocationalFoundation.
Property
AscenciahascontinueditssupporttotheseabirdtranslocationprojectoftheMauritianWildlifeFoundation(MWF).TherestorationofalostseabirdcommunityonIleauxAigrettesisalong-termcommitmentthataimstoensurethesurvivalofthreatenedseabirdspecies.TheMWF’sscientistsareimprovingtheknowledgeonthischallengingreproductivemethodandonthespeciesvisitingourislands.
Real Estate and Agribusiness
CompagnieSucrièredeBelOmbreisasignatorytoanagreementfortheestablishmentofaProtectedAreaNetworkcoveringitsreservesatFrederica,CaseNoyaleandSevenColouredEarth.Anadditional2.8hectaresofendemicflorawasrestoredduringtheperiodunderreview;tofurthereducateitsstaffontheimportanceofsuchrehabilitationworks,ateambuildingactivitywasorganisedwhereininvasive‘vanillemarron’plantswereremoved.Moreover,openingtheseunique,preservedforestgroundsfortrailrunningandcyclingeventsisawaytoshareitsvalueandbeautywiththegeneralpublic.OtherinitiativessupportedweretheupgradingofashelteredactivityareaatSaintJacquesRCAinChamarel,anAdolescentLifeSkillsEducationProgrammeandotherprojectstargetingvulnerablegroups.
Technology
TheeffortsatEISarefocusedonreducingtheirresourceusebyreplacingalllightbulbswithenergy-savingmodelsandgoingpaperlessformeetingsandnewsletters.Inaddition,theyhaveinvestedinemployeewell-beingandcareerdevelopmentthroughprovidingadditionalstudyleaves,offeringtheservicesofanin-housedoctoraswellasorganisingrecreationalactivities.
Rogers - ANNUAL REPORT 2016 45
Consolidated Value Added StatementJune 2016
GROUP
2016 2015
Rsm % Rsm %
Revenue 8,167 7,151
Bought-in materials & services (4,996) (4,326)
Total value added 3,171 2,825
Applied as follows :
EMPLOYEES
Wages, salaries, bonuses, pensions & other benefits 1,577 50 1,476 52
GOVERNMENT
Income Tax 129 4 109 4
PROVIDERS OF CAPITAL
Dividends paid to:
Shareholders of Rogers & Co. Ltd 222 7 212 8
Outside shareholders of Subsidiary Companies 194 6 112 4
Banks & other lenders 541 17 287 10
957 30 611 22
REINVESTED
Depreciation & amortisation 325 10 296 10
Retained profit 183 6 333 12
508 16 629 22
3,171 100 2,825 100
Note: The above statement excludes any amount of Value Added Tax paid or collected.
Consolidated Value Added Statement
ANNUAL REPORT 2016 - Rogers46
Share Price InformationRogerssharesaretradedontheOfficialMarketoftheStockExchangeofMauritius
SHAREPERFORMANCEBASE100:01July2015
Market Capitalisation Rs 7.1 billion at 30 June 2016
Average Daily Trading Volume23,673 shares from 01 July 2015 to 30 June 2016
NUMBER OF SHARES
252,045,300
80
85
90
95
100
105
110
Semdex
01-Jul-15 01-Oct-15 01-Jan-16 01-Apr-16 01-Jul-16
RCL
RCL SHARE PRICE 01 Jul 2015 - 30 Sep 2015
01 Oct 2015 - 31 Dec 2015
01 Jan 2016 - 31 Mar 2016
01 Apr 2016 - 30 June 2016
High(Rs) 32.5 30.5 28.6 28.0
Low(Rs) 29.0 26.9 27.5 26.0
Close,endofperiod(Rs) 29.0 27.5 27.8 28.0
ChangeinRCLsharepriceovertheperiod 3.8% -5.2% 0.9% 0.9%
ChangeintheSemdexovertheperiod 3.3% -5.4% -0.5% -2.4%
Share Price Information
Rogers - ANNUAL REPORT 2016 47