Over the past years, we have provided our shareholders with Annual Reports that conveyed detailed information on our operating context, performance, corporate governance, risk management & audit and strategy. This year will further innovate with a fully integrated report in line with the International
This report is in compliance with:
This report has been prepared primarily for the shareholders of Rogers and Company Limited. It is also relevant to prospective investors, Government authorities and any stakeholder who has an interest in the performance of the Group.
Our report contains certain forward-looking statements with respect to the Group’s financial conditions, results, operations and businesses. These statements and forecasts involve risk and uncertainty and are based on management assumptions which may change in the future. These could impact on the actual performance that could differ from those expressed or implied by these forward-looking statements.
An independent audit of the Group’s and Company’s separate financial statements was performed by BDO & Co. They also report on the extent of compliance with the Code of Corporate Governance. The rest of this integrated report has not been subjected to independent audit or review and is derived from the Group’s internal sources or from information available in the public domain.
Rogers and Company Limited is a listed international services and investment company with nearly 120-year history pioneering the economic development of Mauritius. We are one of the country’s leading companies and largest employers in the services sectors with a strong commitment to Social and Natural Capital.
What makes Rogers
Our Group is widely acknowledged for its solid asset base, quality network of contacts and partners, recognised expertise with substantial market share in each of the sectors in which we operate, as well as a united, competent and balanced team.
What we do
We conduct our operations in Mauritius and abroad in four served markets, which are FinTech, Hospitality, Logistics and Property, in which we have developed specialist expertise. Our operations within each served market are organised into sectors, all of them with a leading position in their respective industries.
What we value
Our activities at Rogers are based on our core values of Leadership, Dynamism and Agility, which are embedded in our every action and govern how we conduct business every day. We firmly believe that Energy drives Everything within our organisation, from dynamism to inspiration, agility, performance, sustainability and happiness.
Rogers and Company Limited is a listed international services and investment company with nearly 120-year history pioneering the economic development of Mauritius. We are one of the country’s leading companies and largest employers in the services sectors with a strong commitment to Social and Natural Capital.
What makes Rogers
Our Group is widely acknowledged for its solid asset base, quality network of contacts and partners, recognised expertise with substantial market share in each of the sectors in which we operate, as well as a united, competent and balanced team.
What we do
We conduct our operations in Mauritius and abroad in four served markets, which are FinTech, Hospitality, Logistics and Property, in which we have developed specialist expertise. Our operations within each served market are organised into sectors, all of them with a leading position in their respective industries.
What we value
Our activities at Rogers are based on our core values of Leadership, Dynamism and Agility, which are embedded in our every action and govern how we conduct business every day. We firmly believe that Energy drives Everything within our organisation, from dynamism to inspiration, agility, performance, sustainability and happiness.
Over the years, we have expanded and diversified our footprint around the world, it currently spans three continents, and we employ 4,526 staff.
The presence of the Rogers brand outside Mauritius is detailed below:
Acheivement 2016-2017
Significant upgrades to existing facilities at our hospitality venues on the Domaine de Bel Ombre have been undertaken from 15 May to 15 August 2017 in line with our long-term strategy to celebrate the history and beauty of this more than 250-year-old natural sanctuary. Heritage Le Telfair Golf & Spa Resort has undergone extensive renovation as part of its repositioning as a unique product in style, decoration and identity, in harmony with the Domaine. Le Chateau de Bel Ombre went through major refurbishment to bring out the rich and complex history as well as the authenticity of the place.
Landscaping work was also carried out along the walkway linking Heritage Le Telfair Golf & Spa Resort and Le Chateau de Bel Ombre in order to create a much more integrated guest experience together with the Heritage Golf Club.
Acheivement 2016-2017
The spa at Veranda Palmar Beach Hotel has been refreshed in late 2016 with a nice
bright facelift to further improve the guest experience. The decor of the two treatment rooms as well as the reception and relaxation areas have been revamped with beige and turquoise blue tones combined with light woodwork. The spa of this Veranda Resorts property also has a sauna.
Acheivement 2016-2017
Ascencia, the premier property investment company in Mauritius with an asset portfolio of Rs 10.7bn and some 100,000m² of lettable space, has unveiled in July 2017 its new brand identity and tagline, “Shaping singular places”. The rebranding has been applied across the entire mall portfolio, which includes some of the best shopping and lifestyle destinations on the island, such as Bagatelle Mall, Phoenix Mall, Riche Terre Mall, Les Allées d’Helvetia, Kendra as well as So’Flo, which is slated scheduled to open in November 2017 in Floreal.
Acheivement 2016-2017
Bagatelle Mall put up an activity-packed programme including live window displays, live concerts, a lucky draw and a special decor throughout the month of September 2016 to mark the mall’s fifth year in operation.
The anniversary celebration of the country’s premier shopping venue with a monthly average of 700,000 visitors culminated with a festive evening on 30 September 2016 at La Place du Moulin on the Domaine de Bel Ombre, which brought together tenants, partners, service providers, employees and government officials.
Acheivement 2016-2017
The special purpose vehicle Rogers Foundation, established to implement our Group’s Corporate Social Responsibility objectives, has undertaken a number of initiatives in the 2017 financial year. In line with our commitment to the protection of the island’s coastal and marine ecosystems, we offered our continued support to the NGO, Reef Conservation’s “Bis Lamer”.
This Mobile Marine Education Unit aims at bringing education about marine and environmental issues closer to the people. A comic book, “Tikoulou, la légende de Bel Ombre” was launched in March 2017 and distributed for free to children in order to provide them with a playful and educational introduction to the rich ecosystems and biodiversity of Bel Ombre. A beach erosion mitigation project is also under way since June in the region. Additionally, the Foundation lent its
support to the fundraising efforts to help the victims of cyclone Enawo, which hit Madagascar in early March 2017.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
Heritage Awali Golf & Spa Resort and Heritage Le Telfair Golf & Spa Resort, our two luxury five-star hotels on the Domaine de Bel Ombre, became in January 2017 the first two establishments in Mauritius to achieve the prestigious Green Key award. They are now part of over 2,500 sites across the globe to have been presented with this certification.
The Green Key eco-label is a leading standard of excellence in the field of environmental responsibility and sustainable operations within the tourism industry. It represents a commitment from tourism establishments to adhere to the strict criteria stipulated by the Foundation for Environmental Education (FEE).
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
The Heritage Golf Club and Heritage Le Telfair Golf & Spa Resort were both rewarded at the third edition of the World Golf Awar ds Gala Ceremony held on 12 November 2016 in Portugal. For the third year in a row, the Heritage Golf Club was voted Best Indian Ocean Golf Course.
Heritage Le Telfair Golf & Spa Resort received the award for the Best Golf Hotel in the Indian Ocean. This award programme form ing part of the prestigious World Travel Awards is one of the highest accolades in golf tourism.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
The country’s largest listed property fund, Ascencia has won in March 2017 the highly coveted PwC Corporate Reporting Award in the category, Listed Companies. This distinction is a tribute to the consistent hard work expended by our Group’s Property Investment sector to ensure high-quality reporting.
The PwC Corporate Reporting Awards have been established since 1998 to recognize efforts made by companies to improve the presentation and contents of their annual reports.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
The Rogers Group has reiterated its support for the promotion of arts and culture in the country through contributing to the creation of the debut album of Patyatann. This group of four young artists has been honing their art on the local music scene since 2012 prior to releasing “Sanpek” on 6 August 2016 with ten tracks celebrating the cultural diversity of Mauritius.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
The VLH Group has strengthened its portfolio of a ‘hotel de charme’ with the acquisition of Tamarin Hotel in September 2016. Nestled between rolling hills and the preserved bay of Tamarin, this colourful 66-room three-star hotel is the first foray the Veranda Resorts brand on the West coast of the island. Renamed Hotel Tamarin by Veranda Resorts, the property is set to undergo renovation from early 2018 to increase the number of rooms to 100 and take full advantage of its unique location and concept.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
Rogers was a proud Platinum Sponsor of the 11th Annual Global Sales Science Institute (GSSI) Conference, which was hosted from 6 June to 9 June 2017 at the Paradis Beachcomber Golf Resort & Spa. The event, themed “New Frontiers in Sales Research & Education in a Global & Sustainable World” was attended by over 80 participants from 16 countries. The Global Sales Science Institute is an international network formed in 2007 by scholars and practitioners from across the world with the aim to unite the study and practice of sales and sales management around the globe.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
Some 70 leadership team members of the different business lines of Rogers and Senior Managers of the ENL Group were treated to a masterclass in October 2016 on “Strategy Execution for Business Leaders” with Phil Parker, the Chair Professor of Management Science at INSEAD, the international business school based in Fontainebleau, France. This was an opportunity for them to work on themes such as objectives, audits, strategic models, strategy execution as well as monitoring and evaluation tools. The interaction that took place has prompted a review of the strategic plans and the implementation of action plans for each sector. This intensive five-day seminar has also contributed to strengthen the
collaboration between the Group’s different sectors. Phil Parker is currently based
in Singapore where he teaches business strategy and marketing. He also has teaching experience in Africa, Asia, Latin America, Europe and the Middle East.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
Our Group has merged together and consolidated our expertise in the FinTech served market in October 2016 to form a single unified brand, Rogers Capital.
Harnessing the power of technology to make financial services more agile, efficient and trustworthy, the entity is organised into three sectors – Corporate Services, Technology Services and Financial Services – combining world-class financial expertise with cutting-edge technology to provide sophisticated business solutions tailored to clients’ needs. Ashley Coomar , who has over 10 years’ senior management experience with the Group, has taken up the role of Chief Executive Officer of Rogers Capital in February 2017.
Acheivement 2016-2017
#Golf #Mauritius #WorldGolfAwards
Our Group supported this year again, for the second year running, the Festival of Contemporary Culture, Porlwi by Light, which was held from 2 December to 4 December 2016.
Appointed On
5 October 1994
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Skills
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None
Appointed On
02 February 1994
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Member of the National Committee on Corporate Governance
Current External Appointments in Listed Companies
Appointed On
18 October 2012
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Appointed On
6 February 2004
CGC – Member
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Appointed
as Director on 25 March 2002
as Chairman on 09 November 2012
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Current External Appointments in Listed Companies
Appointed On
18 October 2012
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Skills
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None
Appointed On
22 December 1987
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Skills
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Current External Appointments in Listed Companies
Swan Life Ltd and Swan General Ltd
Appointed On
15 July 1999
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Appointed On
20 July 2017
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Skills
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Appointed On
10 May 2017
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Skills
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Appointed On
10 September 2015
Qualifications
Professional Journey
Key Strengths
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Appointed On
10 September 2015
RMAC – Acting Chairman (from 05 May 2017)
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Professional Journey
Key Strengths
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Current External Appointments in Listed Companies
Dear Shareholders,
The board of directors of Rogers and Company Limited has the pleasure to present you with the Integrated Report of the Group for the financial year ended 30 June 2017. This has been another eventful year as we advanced our strategy to drive long-term growth and value for our shareholders.
For the first time this year, we have adopted the model of an Integrated Annual Report, which has been prepared in accordance with the guidelines of the Integrated Reporting Framework published by the International Integrated Reporting Council. The primary aim of our approach to reporting is to present a more understandable review of our business and provide a detailed explanation of how we utilize our capital, namely financial, human, social & natural and intellectual, to create value over time.
With regard to the operating environment in the review period, the global economic landscape was, amongst other events, impacted by the Brexit vote, the presidential elections and policy changes in the US and elections in France.
Global growth decelerated from 3.4% in 2015 to 3.1% in 2016. The International Monetary Fund projects world growth to rise to 3.5% this year and 3.6% in 2018, and is likely to stay below 4% over the period 2017-21.
Growth in the domestic economy was 3.8% in 2016 and is projected to grow to 3.9% in 2017, with the main drivers being the financial services and tourism sectors. With respect to the evolution of our main trading currencies, the EUR has been showing encouraging signs of recovery since April 2017 and the GBP is expected to remain weak against the Rupee. The low interest rate in the local environment should persist due to excess liquidity in the monetary system.
Our Group continued to demonstrate its ability to generate meaningful returns for shareholders. Overall turnover grew by 6% to Rs 8.7bn and profit after tax (PAT) for the year, excluding exceptional items, rose by 24% to Rs 975m. This uplift in our operating revenue and profit was largely driven by the Property served market. The FinTech and Logistics served markets recorded better-than-expected performance but the Hospitality results were dampened by the September 2016 year-end New Mauritius Hotels Limited (NMH) adjustments.
All our key performance indicators have improved from the previous reporting period. Earnings per Share (EPS) excluding exceptional items were Rs1.35. Our Group’s Net Asset Value (NAV) per share went up from Rs 37.60 last year to Rs 40.83. The dividend per share was Rs 0.92 against Rs 0.88 in 2016, representing a dividend yield of 3.2%. And finally, the Rogers’ share price over the financial year upped 3.4% to Rs 29.00 with market capitalization amounting to Rs 7.3bn as at 30 June 2017.
During the financial year the Group increased its stake in NMH, thereby triggering a mandatory offer alongside ENL Land Ltd, following which it acquired an additional 3.4% stake in the hotel group. The Group’s current shareholding in NMH stands at 22.76%, and the average price paid for the 5.1% shareholding accumulated during the last two years was Rs 23.66, i.e. 7.8m shares at Rs 231m in 2016 and 16.9m shares at Rs 358m in 2017.
The said NMH transactions were variously commented in the press. To our knowledge a written complaint was made to the Financial Services Commission (FSC) which has initiated an investigation. The Board reiterates that it has complied with all applicable rules and legislation when it transacted in NMH shares in 2016 and 2017.
The stability of the Rogers’ share price on the market is a strong indication that the investor community and the stakeholders of the Company are not allowing such intoxicating smoke screens to affect their appreciation of our Company’s potential. We recommend that our shareholders continue to exercise caution when interpreting communications that do not emanate directly from our Company and/ or regulators.
Throughout the financial year 2017, we fine-tuned our 2020 strategic plan through the incorporation of new dimensions to support our expansion within the described context.
We enter financial year 2017-18 with well-structured businesses equipped with the right mix of leadership skills and dynamism to seize new opportunities and drive organic growth. Nevertheless, we have also identified a number of key challenges which will require attention.
Our appreciation goes to our shareholders for their unflinching confidence in Rogers and their ongoing support for our shared strategy. We would also like to express our sincere gratitude to the Chief Executive Officer, Philippe Espitalier-Noël, the management team and all employees of the Group for their commitment.
Sincerely yours,
The board of directors
In line with the Rogers’ strategic roadmap, 2017 was a year that saw the Group delivering solid financial results and continuing to establish the building blocks for future growth, says the CEO, Philippe Espitalier-Noël.
Interview with the CEO
Philippe Espitalier-Noël
In line with the Rogers’ strategic roadmap, 2017 was a year that saw the Group delivering solid financial results and continuing to establish the building blocks for future growth, says the CEO, Philippe Espitalier-Noël.
Interview with the CEO
Philippe Espitalier-Noël
For the financial year 2017, Rogers
has produced a good performance with an improved profitability, despite the challenges and uncertainties both locally and internationally. The Group continued with its strategic investment plan with the main objective of securing future growth to shareholders value.
Mamet Damien
Chief Finance Executive and Executive Director
For the financial year 2017, Rogers
has produced a good performance with an improved profitability, despite the challenges and uncertainties both locally and internationally. The Group continued with its strategic investment plan with the main objective of securing future growth to shareholders value.
Mamet Damien
Chief Finance Executive and Executive Director
“The foundation for an integrated risk management framework has been laid. Its implementation is in progress and its completion remains a priority. Rogers continues to be more focused and proactive in anticipating changes and mitigating risks, hence reinforcing its strong risk awareness culture.”
Vivian Masson
Acting Chairman
Risk Management and Audit Committee
“The foundation for an integrated risk management framework has been laid. Its implementation is in progress and its completion remains a priority. Rogers continues to be more focused and proactive in anticipating changes and mitigating risks, hence reinforcing its strong risk awareness culture.”
Vivian Masson
Acting Chairman
Risk Management and Audit Committee
