More than a century ago, the vision of our predecessors laid the groundwork for turning us into key players in the present Mauritian economy.
Today, we are over 4,500 people sharing the same vision and zeal. In every action we take, we strive for higher levels of performance. From being instrumental in the creation of the country’s hospitality industry to leading the establishment of our national carrier, Air Mauritius, whilst pursuing our swift expansion across the globe, it is that same focused energy that drives us forward.
Rogers and Company Limited is a listed international services and investment company with specialist expertise within 4 markets: FinTech, Hospitality, Logistics and Property. Our operations within each served market are organised into sectors with 53 offices across 13 different countries.
Since our establishment in 1899, we have shown entrepreneurial zeal which is at the heart of the economic development of Mauritius. Our Company played a notable role in the creation in 1962 of the leading hotel group on the island, Beachcomber Hotels, and in 1967 of the national carrier, Air Mauritius.
Rogers has also spearheaded the inception of the logistics sector in 1975, the Global Business sector development in 1992 and the business process outsourcing industry since 1999.
In 2004, the Domaine de Bel Ombre inaugurated two Heritage luxury hotels and a championship golf course in unique surroundings. The Domaine has since developed further with nature tourism activities and Villas Valriche, a luxury residential estate counting among the largest IRS schemes on the island.
Our commercial property arm, Ascencia was listed in 2008. The following year, the logistics businesses were grouped under a single organisation and brand, Velogic.
Our equity base was restructured in 2012 in a material transaction that saw ENL Land acquire a majority stake in the Company while spinning off Cim Group.
Our Company upholds the importance of responsible, sustainable and transparent practices in promoting growth of the business and its role in the region. We firmly believe that our long-term success rests on our corporate values of Leadership, Agility and Dynamism, which are driven by a skilled and diverse workforce of over 4,500 direct employees. The Group’s investments contribute to providing employment to more than 10,000 people.
Rogers continues to expand by serving clients at an international level and ensuring that the expected benchmarks and productivity are delivered. Opportunities to further develop our services in our four served markets are real.
Property Development & Agribusiness3
Enterprise Information Solutions (EIS)
Veranda Leisure & Hospitality (VLH)
Compagnie Sucrière de Bel Ombre (CSBO) - Leisure
Case Noyale Leisure
Compagnie Sucrière de Bel Ombre (CSBO) - Les Villas de Bel Ombre
Swan Financial Solutions
AXA Customer Services Ltd.
New Mauritius Hotels
White Sand Tours
Mall of Mauritius at
Le Morne Development Corporation (LMDC)
Note 1: Travel was reported as Aviation up to 30 June 2016.
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.
Mauritius is a well-established jurisdiction that serves as a portal for investment across Africa, Asia and Europe. Rogers is a key player in the non-banking financial services sector with the provision of global business and investment services. Together with complementary technology-enabled services and business process outsourcing, it offers a comprehensive range of services that provide global clients with a comprehensive platform for business model innovation.
Rogers has a long-standing history of embracing and implementing innovation across the entire travel and tourism value chain in Mauritius and beyond. It has developed into a driving force in the country’s hospitality sector with a significant 20% investment in the total room capacity and a gamut of leisure opportunities to complement its hotel services. It is also an established total travel solutions provider in the region both to airlines and their customers.
The overall revenue growth was spearheaded by overseas operations, which benefited from our East Africa development strategy with the acquisition of two Kenyan companies that operate customs brokerage and transportation business
Rogers is a major market player in Mauritius with property value in excess of Rs 14 billion. Its extensive property investment portfolio is focused on high-quality, high-yield retail and office developments in prime locations through its quoted subsidiary, Ascencia. In addition, Rogers develops its premium hotel, residential property, and leisure activities in Domaine de Bel Ombre and Case Noyale, in the south-west region, which also plays host to a small legacy agribusiness activity.
Executive Director and Chief Finance and Investment Executive
De Labauve d’Arifat, Patrick
Chief Executive Officer and Executive Director
Chairman and Independent Director
RADHAKEESOON COLLENDAVELLOO, ARUNA
Executive Director and Chief Legal Executive
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Velogic continues to grow organically beyond the borders of Mauritius. The Logistics business sector of Rogers has acquired a significant stake in General Cargo Services Ltd and Gencargo Transport Ltd in April 2016, two Kenya-based companies providing customs brokerage and road transportation services respectively. Velogic is intent on capitalizing on its broad array of supply chain expertise and network to diversify their service lines and ultimately continue to expand into bordering East African countries.
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Following a highly successful first in 2015 at the multi-award winning Heritage Golf Club, a field of 126 golf pros from the European, Asian and Sunshine Tours were back in Mauritius this year for the second edition of the AfrAsia Bank Mauritius Open. Hosted from 12 to 15 May 2016 by the Four Seasons Golf Club Mauritius at Anahita, this international competition saw the young South Korean, Jeunghun Wang making European Tour history as the youngest player to win in consecutive weeks. The Heritage Golf Club, which will welcome this tri-sanctioned tournament again in November 2017, also played host to the inaugural Rogers Invitational on 30 April 2016.
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Rogers was a proud Platinum Partner of the Women’s Forum Mauritius, which was held on 20 and 21 June 2016 under the aegis of the President of the Republic, Mrs Ameenah Gurib-Fakim. The Women’s Forum for the Economy and Society is the world’s leading platform featuring women’s views and voices on major social and economic issues. A first in the African region, the event brought together some 400 participants from the academic, scientific and business communities from 41 different countries to discuss the theme “Meeting the Climate Challenge for SIDS and Africa.” It was also an opportunity for Rogers to showcase the Group’s strategic management plan for the sustainable development of the Domaine de Bel Ombre, including the establishment of an Interactive Land & Marine Resource Centre.
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The Rogers Foundation continues its efforts on the social and environmental front in line with the corporate social responsibility commitment of the Group. The OLEA Living Together social programme, which was completed in October 2015, has given hope for a better life and the motivation to move out of absolute poverty to some 40 underprivileged families in the Vuillemin-Alma region in the centre of the island. The Foundation has also provided funding in early 2016 to a study on the state of the lagoon of Bel Ombre, which has subsequently led to the development of a Lagoon Management Plan for a more sustainable use of this precious natural resource.
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Rogers Capital continues adding muscle to its financial services business line. Following the acquisition in 2015 of a controlling interest in Consilex and Kross Border, the operations of the two Global Business Management Companies were consolidated under a single roof in January 2016. In June, the acquisition of another company, River Court Administrators has further enhanced the capabilities and expertise of Kross Border.
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Enterprise Information Solutions has recently implemented the HP Helion platform to provide clients wishing to embrace the cloud with the flexibility and agility to unleash the innovation required to grow their business. This leading information technology-enabled solutions and outsourcing services provider in Mauritius and the Indian Ocean region, draws on the extensive skills and expertise of its team of specialists to offer managed private cloud infrastructure services that are tailored to the specific requirements of each customer.
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A total solutions provider for the aviation and travel sector, Rogers Aviation has revamped its operational model to better meet the changing demands of its partners and clientele in Mauritius and the Indian Ocean region. Since mid-2016, the Head Office has also been relocated from Rogers House to Gardens of Bagatelle and a new lounge concept has been designed to replace traditional airline counters.
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The Porlwi by Light Festival of Contemporary Culture, which took place between 4 and 6 December 2015, has been an overwhelming success. The 450,000 locals and tourists who took to the streets over the three days have had the opportunity to experience the historic and cultural heritage of the capital city of Mauritius under a new light. Rogers partnered with the event through sponsoring the projection of images of the iconic dodo on the façade of the Natural History Museum. “People” is the central theme chosen by the organisers, Move for Art, for the second edition this year.
During the year under review, the companies within the Rogers Group have scaled up their social and environmental responsibility efforts through an increased number of projects and programmes. Where the Corporate Social Responsibility (CSR) funds derived from the 2% comprehensive income proved insufficient, additional resources were budgeted or alternative means were used to support environmental and social causes. Moreover, Rogers focused its attention on developing and planning sustainable projects that will demonstrate our strategy to do business differently: by walking the talk in order to strike a balance between economy, environment and society.
Responsibility of the Board
Sustainable Development Strategy
Ethics & Transparency
Environmental Resource Management
Energy & Water
Welfare & Rights of Employees and Clients
The governance framework and committee structure set up by the Board of Rogers to help it fulfil its obligations are as follows:
With a view to improving the decision-making process and accountability within the Group, Rogers has adopted the following governance framework with regards to its subsidiaries:
a) separate sub-holding Boards have been set up at sectorial level;
b) separate Corporate Governance and Risk Management and Audit Committees have also been set up at the level of Ascencia Limited due to the nature, size and specificity of its business; and
c) the governance, risk and audit issues relating to the business activities of the subsidiaries of Rogers operating in the hotels, logistics, property (excluding Ascencia Limited), and Fintech sectors are overseen by the CGC and the RMAC.
“At Rogers, we believe that effective risk management is critical to the achievement of our strategic objectives and the long-term sustainable growth of our business”.
Philippe Espitalier-Noël, CEO
At Rogers, risk management is embedded in our day-to-day activities and plays a fundamental role on how we work across the Group. Our risk management framework is a key component of our business model and is designed primarily to protect our shareholders, people, assets, reputation and clients’ interests.
Given our diversified activities, geographical locations and legal framework in which we operate, risk awareness and risk management are essential to all our actions.
In order to ensure that our risk management framework meets our business needs, the Board, together with Management ensure that our approach to risk management remains proactive, methodical and integrated. Our risk management process aims at identifying new and emerging risks at an early stage.
Overall accountability for risk management lies with the Board which articulates the risks that the Group is willing to take in pursuit of its strategies through the Group’s risk appetite. Risk appetite is a vital, forward-looking perspective since it guides Management in assessing the level of acceptable risks while developing its strategies. The risk appetite also sets shareholders’ expectations with regard to the level of risk that Rogers is willing to take.
Major risks faced by the Group, together with the identified mitigating measures are regularly assessed to ensure that the Group’s risk profile is as expected. These risks are depicted on page 108.