Rogers Annual Report Enl investements

Energy drives everything

We are committed to pursue the path taken by our forefathers more than a century ago to be a key player in Mauritius and beyond. We are more than 4,000 employees in 52 locations across a dozen territories serving with deep expertise in our core markets, which are Financial & Business Services, Hospitality, Logistics and Property Investments. As a listed international services and investment company, we look forward to tomorrow with a spirit of leadership, agility and dynamism.

The audacity and engagement of our people to create purposeful impact with others.

Our ability to anticipate changes and act together in a coordinated manner.

Is the focused energy of our people which drives Rogers forward.

Rogers at a Glance

Corporate Profile

Since its establishment in 1899, Rogers & Company Ltd has been an innovative contributor to the economic development of Mauritius for over a century. The Group has been a major player in the tourism industry and participated actively in 1962 in the creation of Beachcomber, the leading hotel group on the island. Rogers was also involved in setting up the national carrier, Air Mauritius, in 1967.

As a listed company on the Stock Exchange of Mauritius, Rogers has more than 4,000 employees and serves clients in four served markets: Financial & Business Services, Hospitality, Logistics and Property Investments. Over the past 116 years, the Company has extended its local and international influence through 52 offices in 12 different territories.

Over the years, Rogers has built up its asset base, a quality network of contacts and partners, recognised expertise with substantial market share in each of the Sectors in which it operates. The foundation of Rogers’ success lies in the diversity, competence and focused energy of its people. All this, in a shared spirit of Leadership, Agility and Dynamism which remains the driving force of the Rogers workforce.

An International Force

Rogers continues to expand by serving clients on an international level and ensuring that the expected benchmarks and productivity are delivered. Opportunities to develop its services in four served markets are real.

Rogers at a Glance
Rogers at a Glance
Rogers at a Glance
Rogers at a Glance

Our performance

Group Financial Highlights

Group Financial Highlights
Group Financial Highlights
Group Financial Highlights
Revenue By Segment
Profit After Tax By Segment

Sector Performance


The volume of air travel globally is accelerating with growth rates not seen since 2010 and well above the 5.5% trend of the past 20 years. This growth is being driven partly by the upturn of the economic cycle and also by consumers benefiting from cheaper travel as a result of the fall in fuel prices. The customer’s travel booking pattern is evolving towards tablet and mobile devices.

The strongest financial performance is being recorded by airlines in North America and Middle East whereas European airlines’ financial performance remains poor due to the impact of a highly competitive open aviation sector and high regulatory costs. Africa remains the weakest region with barely positive profits representing just $ 2.51 per passenger or 1.1% net profit margin as a result of bilateral constraints and high infrastructure costs but performance is improving slowly. OTA’s (Online travel agencies) are the fastest growing segment in the industry and this trend is slowly catching up in our geographies.

Our local and regional markets experienced a volatile year with an economic environment where GDP growth varied between 1% in Reunion and Mayotte to 7% in Mozambique. Other factors of influence were a weak and unpredictable Euro, a shortage of foreign currencies in Madagascar, the Ebola outbreak in Africa and high discounting of airfares following the drop in fuel price. Furthermore some airlines have reviewed their economic model directly impacting on our source of revenue.

In line with our strategy to strengthen our footprint in the region we have secured new airline representations in Mauritius, Madagascar and Reunion and we have also completed negotiations for the acquisition of an interest in an airline cargo handling activity in Madagascar.

The millennial generation of corporate travelers - digital natives - are accustomed to the features and functionality of online travel tools. In line with this new environment, we have consolidated our online presence through the acquisition of a majority stake in Resaplanet, an online tour operator specializing on the Indian Ocean destinations.

Financial Services

The Rogers Financial Services sector has, since January 2015, diversified and consolidated its operations with a return of the Group to Global Business activities following the expiry of a period of non-compete with CIM Finance Ltd. The strategic acquisitions of Consilex Ltd and Kross Border Corporate Services Ltd, two global business management companies, are the initial steps in investing once more in the offshore sector and will further strengthen Rogers Capital (RCAP), the financial services arm of the Rogers Group.

Rogers Asset Management Ltd (RAML) continues to be active in the Foreign Institutional Investor (FII) space, with the aim of providing investors an investment route into India. While we had stated our concerns last year with regards to the effects of new Foreign Portfolio Investor (FPI) regulations that came into effect as from 01 June 2014 and its potential negative impact on this segment of our business, our performance metrics for 2015 show a significant increase in funds under administration from Rs 12.2 billion in June 2014 to Rs 20 billion at the end of June 2015.

The Swan Group, in which Rogers has an associate stake, embarked on a rebranding exercise in early 2015 which led to a change in the name of its entities. Swan Insurance Company Limited is now known as Swan General Ltd and Anglo-Mauritius Financial Solutions Limited has been renamed Swan Financial Solutions Ltd.


The local tourism industry is showing some signs of recovery with tourist arrivals growing by 7% during this financial year, while the growth in the local hotel room inventory has started to slow down. Tourist arrivals from our traditional European markets have recovered since December driven mainly by the UK. The number of air seats has also increased by some 5% in 2014 and 8.7% during the first half of 2015. This has resulted in an improvement in the national hotel occupancy to 65% (2014: 63%).

The Government has set objectives to boost the local tourism industry through a series of initiatives to enhance the Mauritian product, such as an increased focus on the low season, better air accessibility, revitalizing the marketing of the Mauritian destination and the freezing of new hotels opening for 2 years.

The objectives of Veranda Leisure & Hospitality (VLH) to maintain its hotel occupancy while increasing its average rates during the 2014-2015 period were partly achieved. The VLH hotels’ occupancy remained stable at 78% and Revenue per available room (Revpar) increased by 3%. VLH also increased its market share in France and Reunion.

During the year under review, Heritage Resorts has taken the bold initiative to organise at Heritage Golf Club the AfrAsia Bank Mauritius Open, an international professional Golf tournament. This unique event, which formed part of the European, Asia and Sunshine Official Professional Golf Tours, was a huge success providing great visibility to Mauritius and to our brands worldwide. The event was broadcasted on some 42 channels reaching 500 million households on 4 continents.

Other major initiatives included the renovation of the Heritage Awali hotel in 2014, the renovation of the Veranda Pointe aux Biches hotel in 2015 as well as a major uplifting of the Veranda Resorts brand and customer experiences.


The fragile economic growth and difficult business conditions prevailing within the Euro Zone and the competitive pressures which persisted across the French freight forwarding business have severely affected profit margins of the Logistics Sector during the year to 30 June 2015.

On the other hand, the strong U.S. dollar exchange rate against the Mauritian Rupee for the second part of the financial period compared to the previous year has had a favourable impact on the Container Depot and Repair facilities’ results. Similarly, the bulk shipping business benefited from higher volumes. The Group’s local Ship agency business acquired, at the beginning of the financial year, Southern Marine Ltd to strengthen this line of activity.

The extension of the Mauritius port started towards the end of 2014 and its completion by 2016 should benefit the local logistics industry, particularly the Freeport activities. It is expected that Port Louis will become more appealing as a hub to shipping lines, which will result in an increase of the frequencies of calls. Also, the port will be able to accommodate larger vessels with the consequence that freight rates should become more attractive on some key trading routes.

As a socially responsible company, several CSR projects were completed during the course of the financial year with a major focus on projects to improve the environment, including training on environmental awareness, distribution of home compost bins and installation of waste sorting infrastructures. In addition, the company has provided financial support to various sport and poverty alleviation initiatives.


The local property and construction sector is expected to grow by 1.4% (Source: Statistics Mauritius) in 2015, as a result of ongoing public projects and new private project. However, the business environment of the Mauritius retail property segment remains challenging. The local business confidence indicator of the first quarter of the calendar year 2015 published by the Mauritius Chamber of Commerce and Industry showed an overall improvement, potentially leading to accelerated GDP growth for the Mauritian economy.

During the financial year 2014-2015, the Property Sector adopted a prudent approach with several initiatives to improve earnings and profitability during the year and beyond.

Notwithstanding the impact of inflation on consumer spending, the consumer price index continues to show a monthly increase and has favourably impacted the performance of some of Ascencia’s commercial centres. Ascencia Ltd has been the highest PAT contributor for the Rogers Property Sector. Effective as from 01 July 2014, Foresite Ltd has been combined with EnAtt Ltd. Rogers and Company Limited now holds a stake of 21.32% in EnAtt Ltd, the property and asset manager of the property company Ascencia Ltd which is treated as an associate in the 2014-2015 financial accounts. Similarly, the performance of Foresite Fund Management Ltd is now being reported under Corporate Office.

The business environment for security solutions remained challenging with new competitors entering the local market and high labour turnover, causing increased pressure on profit margins of the Security Guards operations. Rogers holds 49% of the Reliance entities, with ENL Property Ltd holding the remaining 51% shareholding.

As part of its corporate social responsibility, the Property Sector supported a project initiated by the Mauritius Wildlife Foundation for the relocation of seabirds to Ile Aux Aigrettes. Furthermore, 50% of its CSR contributions went to the Rogers’ CSR of Awareness, Education and Support Program aimed at reducing the human impact on the degradation of our coastal areas. The main projects supported during the year were the Mobile Marine Education Unit – Bis Lamer and the Protection of Marine Turtles of Mauritius.

Real Estate & Agribusiness

The Real Estate and Agribusiness Sector achieved a much improved performance and higher Profit After Tax (PAT) for the financial year 2014-2015, boosted by the real estate activities and despite an economically difficult external environment.

The Cane cultivation activities remain challenged by difficult macroeconomic and market conditions. However, the Agribusiness segment continues to maintain its efforts to mitigate these negative impacts through new marketing strategies and development opportunities such as the acquisition of Le Chasseur Mauricien, and the takeover of the management of Frederica Nature activities.

During the AfrAsia Bank International Professional Golf tournament hosted by Rogers and Heritage Resorts in May 2015, the Domaine de Bel Ombre has been projected on the world map of golf amateurs and international investors and received extensive worldwide TV coverage, creating new opportunities for the real estate segment. During this event, Villas Valriche benefited from a unique wide-ranging exposure and Le Café de Chamarel was put forward as the official coffee supplier of the tournament.

Several Corporate Social Responsibility (CSR) initiatives were undertaken during the 2014-2015 financial year such as financial support to families of the Bel Ombre region affected by floods, the sponsorship of a development program designed for parents of the village of Chamarel and a cleaning day organised with employees to raise awareness at the work place environment.


The Technology Sector produced satisfactory results during the period under review. Sluggish trading conditions prevailed throughout the financial year in terms of demand for Information and Communications Technology related products and services, low investments from the private sector and significant delays as regards public sector initiatives.

Despite such adverse economic conditions, Enterprise Information Solutions (“EIS”) posted positive results on account of a few high value projects and the pro-rated consolidation of the earnings of a newly acquired business. In addition, the Company maintained rigorous costs containment initiatives.

AXA Customer Services (“AXA CS”) produced better financial results than those of the previous year.This performance is attributable to the restructuring program initiated in 2013, which included, among other things, major operational reengineering initiatives, stringent costs control mechanisms, the recruitment of some high calibre professionals as well as increased financial discipline.The AXA CS Joint Venture partners agreed on a number of adjustments as regards the Shareholders’ Agreement governing their relationship, including the renewal of Rogers’ management contract of the Company as well as a more favourable profit share for the Group.

Operators of the ICT/BPO industry domestically welcomed the Mauritian Government impetus to narrow the digital divide, reverse brain drain and fast-track initiatives to reduce skills mismatch within the sector.


Interview with the CEO Philippe Espitalier-Noël

" Since its establishment in 1899, Rogers & Company Ltd has been an innovative contributor to the economic development of Mauritius for over a century. The Group has been a major player in the tourism industry and participated actively in 1962 in the creation of Beachcomber, the leading hotel group on the island. Rogers was also involved in setting up the national carrier, Air Mauritius, in 1967. "
Philippe Espitalier-Noël

Board of Directors

  • Dr ADAM, Guy (MD FRCS) (65)
    Independent Director
  • BUNDHUN, Ziyad (51)
    Chief Finance and Investment Executive and Executive Director
    Aruna (45) Executive Director, Chief Legal Executive and Company Secretary
  • DE LABAUVE D’ARIFAT, Patrick (57)
    Independent Director
  • ESPITALIER-NOËL, Eric (56)
    Non-Executive Director
  • ESPITALIER-NOËL, Gilbert (51)
    Non-Executive Director
  • ESPITALIER-NOËL, Hector (57)
    Non-Executive Director
  • MONTOCCHIO, Jean Pierre (52)
    Independent Director and Chairman
  • ESPITALIER-NOËL, Philippe (50)
    Chief Executive Officer and Executive Director
  • REY, Alain (55)
    Independent Director
  • VEERASAMY, Naderasen Pillay (58)
    Independent Director

Events & Achievements 2014-2015

The AfrAsia Bank Mauritius Open at the Heritage Resorts

The AfrAsia Bank Mauritius Open at the Heritage Resorts - 7 to 10 May 2015

A Resounding Success

The AfrAsia Bank Mauritius Open at Heritage Resorts, the most important sporting event organised so far in Mauritius and bringing together for the first time players from the three major professional golf tours : the European, Asian and Sunshine Tours, more than lived up to everyone’s expectations.

Youngsters had the opportunity to enjoy themselves in a golf clinic run by the French golfer Thomas Levet and Ludovic Bax our Mauritian participant in the tournament.

The AfrAsia Bank Mauritius Open at the Heritage Resorts The AfrAsia Bank Mauritius Open at the Heritage Resorts
Rogers Gala Dinner
Rogers Gala Dinner

Rogers Gala Dinner held on the occasion of the golf event on 9 May 2015
Philippe Espitalier-Noël greeted the Honourable Prime Minister, Sir Aneerood Jugnauth on his arrival at the Rogers Gala Diner.

Rogers Capital

Rogers Capital

Rogers Capital beefs up its activities. The Rogers Group’s financial arm has strengthened its position in the sector by the acquisition of a majority stake holding in two global business companies: Consilex and Kross Border.

CSR Initiatives

CSR Initiatives

The Bis Lamer is a mobile education unit conceived by Rogers Foundation to and the NGO REEF Conservation to promote awareness of how fragile the coastal environment is and ways of contributing to its conservation.

CSR Initiatives

Recycling of waste glass collected from the Tourism operations of the Domaine de Bel Ombre Region.

CSR Initiatives

Some fifty youngsters in the Domaine de Bel Ombre Region were able to enjoy the introductory sessions to golf in December 2014 and April this year at the Heritage Golf Course.

Rogers Aviation

Rogers Aviation adds new airlines to its representation portfolio.


Rogers Aviation takes over Résaplanet, pioneer in providing online holiday packages to Indian Ocean island destinations since 15 years.


Veranda Leisure and Hospitality (VLH), has organised its first VLH Excellence Awards during the year 2014-2015, with the intention of making it an annual endeavour. The aim of the event was to reward VLH’s six hotels for their performance during the year, as summarised by the CEO, François Eynaud: “Through the creation of the VLH Excellence Awards, our group wishes to reinforce the culture of excellence, while encouraging, rewarding and promoting the effort made by our operational team.”


CSBO expands its breadth of activities

Compagnie Sucrière de Bel Ombre (CSBO), the custodian of Domaine de Bel Ombre, has added another string to its bow in January 2015 through the acquisition of the business of Le Chasseur Mauricien. This company is the longest-standing specialist for hunting parties on the island. Frederica Nature Reserve also enjoys a renewed dynamism since CSBO has taken back the control of operations in February.

Velogic, a versatile transportation provider


Velogic has once again proved in flexibility and reliability by carrying some very special cargo in October 2014. The Group’s logistics arm provided transportation by trucks for 10 giraffes and 25 antelopes from SSR International Airport to Cascavelle on behalf of Casela - World of Adventures.

Rogers Capital

The official announcement of the acquisition of the business of Africa Digital Bridges Network Ltd in March 2015, Philippe Espitalier-Noël, with the management team.

Corporate Governance

Governance Structure

The governance framework and committee structure set up by the Board of Rogers to help it fulfill its obligations are as follows:

Corporate Governance

With a view to improve the decision making process and accountability within the Group, Rogers has adopted the following governance framework with regards to its subsidiaries:

  1. separate sub-holding Boards have been set up at Sectorial level;
  2. separate corporate governance committee and risk management and audit committee have also been set up at the level of Ascencia Limited due to the nature, size and specificity of its business; and
  3. the governance, risk and audit issues relating to the business activities of the subsidiaries of Rogers operating in the hospitality, logistics, property (excluding Ascencia Limited), aviation, financial services, technology and real estate & agribusiness sectors are overseen by the CGC and the RMAC.

Internal Control & Risk Management

Internal Control

The responsibility for the Group’s internal control system lies with the Board of Directors. An efficient system of internal control ensures that risks are maintained at a reasonable level in order to meet business objectives. It is Management’s duty to put in place internal controls that focus on implementing strategies and policies adopted by the Board, maintaining proper accounting records and managing the Group’s overall risk level.

The Board therefore delegates appropriate responsibilities relating to the management of internal controls to the Risk Management and Audit Committee.

In line with the Mauritian Code of Corporate Governance, Rogers has set up a Risk Management and Audit Committee (RMAC) in 2002 whose main objectives are to ensure the existence and efficiency of a system of internal control which reflects the size of the Group as well as its diversity. The RMAC also ensures that risks are identified, mitigated and managed as required, in line with Board’s set risk appetite.

The internal audit function is carried out by the Risk & Audit Department, an independent in-house business unit operating within a framework aligned with the various policies in existence within the Group.

Risk and Audit Department

The Risk and Audit Department’s main objective is to provide independent and objective assurance as to the effectiveness of risk management measures and of internal controls within the different companies in the Group. The adequacy and relevance of internal controls is dictated by the Rogers Guidelines & Policies Manual (RGPM).

Internal control

Internal Audit

Internal controls are processes put in place by an entity’s Board of Directors, Management and other personnel designed to provide reasonable assurance regarding the achievement of objectives in relation to operations, financial reporting and compliance with applicable laws and regulations.

Internal audit directly examines internal controls and recommends improvements. It provides assurance in respect of the implementation, operation and effectiveness of internal controls and risk management.

Given the diversity within the Group, internal control is achieved mainly through the application of best practices which together constitute the Rogers Guidelines & Policies Manual (RGPM); these best practices ensure that consistent and uniform policies and procedures are applied across the Group.

The internal audit process is constantly subject to changes given the need to keep pace with international trends and standards. A study led by PricewaterhouseCoopers in the United States identifies some fundamental internal audit features as contributing significant value to companies. The study identifies eight foundational attributes of internal audit and is said to be the basis of providing an effective internal audit function.

By focusing on these eight foundational attributes, the Risk and Audit department is able to improve its service offerings to its ‘clients’, increase its own productivity and has a basis to benchmark itself against the external world.

Energy Drives Sustainability

It is our responsibility to contribute to the welfare of our community and environment with the support of the people within and outside our Group. We are proactive as a corporate citizen and will continue making a positive, meaningful contribution towards a better, more sustainable Mauritius through sensitising, educating and supporting national and local actions.