About this Report


In 2016-17, we embarked on our Integrated Reporting (IR) journey to provide a more comprehensive reporting to our shareholders and other stakeholders on our strategy, business model, operating context, sectors’ performance, risk management and governance. This year, we have further pushed our Integrated thinking and made our report more concise and better integrated while remaining in line with the (IR) Framework. We consider that 5 of the 6 capitals of (IR) are relevant to Rogers, namely Financial, Human, Intellectual, Social and Natural, and throughout this report we discuss about them and their relevance towards creating value and achieving our strategic objectives.

For the purpose of this report, we are reporting Social and Natural Capital together. Our capitals are illustrated in the report as follows:

Financial
Capital

Human
Capital

Intellectual
Capital

Social & Natural
Capital



CORPORATE PROFILE

Rogers at a Glance

International Presence

With just over 120 years of existence, Rogers has a strong international presence.*

The Rogers brand is present worldwide:

  • Rogers Capital has four overseas desks focusing on Africa, India, France and China and three representative offices in South Africa, Singapore and Seychelles;
  • VLH currently has sales teams in France, UK and Germany;
  • Rogers Aviation has six offices abroad: Comoros, Madagascar, Mozambique, Mayotte, Reunion Island and South Africa; and
  • Velogic’s offices are present in well-established strategic locations such as Reunion Island, Madagascar, Kenya, France, India and Singapore. Velogic has a franchise office in Bangladesh and it also represents the UPS brand through agents in Seychelles, Comoros and Mayotte.




Energy drives sustainability.

CSR & Sustainability initiatives 2017–18

When leading with the intention of making a meaningful impact, the word ‘Sustainable’ is the one that comes to mind. Over the years, we have realised that we would have to find new ways to protect our social and natural capital in order to chart a future for the welfare of our citizens and businesses. For us at Rogers, the increase in our stakeholders’ plea has added to our growing consciousness of the need for greater sustainability and for the implementation of responsible business practices.



LEADERSHIP

Board of Directors

ADAM, GUY (GA)
(Born in 1950)

Non-Executive Director

APPOINTMENT

05 October 1994
Member of Corporate Governance
Committee since 18 January 2012




ADAM, GUY (GA)
(Born in 1950)

Non-Executive Director

APPOINTMENT

05 October 1994
Member of Corporate
Governance Committee
since 18 January 2012

QUALIFICATIONS

  • Doctor of Medicine (MD)
  • Fellowship of the Royal College of
    Surgeons (FRCS)

CONTINUING PROFESSIONAL
DEVELOPMENT

  • Corporate Governance Seminar organised
    by CIEL 2016
  • The National Code of Corporate Governance
    for Mauritius (2016) workshop – Dr Chris Pierce

ESPITALIER-NOËL, ERIC
(EEN) (Born in 1959)

Non-Executive Director


APPOINTMENT

02 February 1994
Member of Corporate Governance
Committee since 18 January 2012
Member of Risk Management
and Audit Committee
since 26 April 2017

ESPITALIER-NOËL,
ERIC (EEN) (Born in 1959)

Non-Executive Director

APPOINTMENT

02 February 1994
Member of Corporate
Governance Committee
since 18 January 2012
Member of Risk Management
and Audit Committee
since 26 April 2017

QUALIFICATIONS

  • Bachelor’s degree in Social Sciences
    (University of Natal, South Africa)
  • Master’s degree in Business
    Administration (University of Surrey, UK)




ESPITALIER-NOËL, GILBERT
(GEN) (Born in 1964)

Non-Executive Director


APPOINTMENT

15 July 1999






ESPITALIER-NOËL,
GILBERT (GEN)
(Born in 1964)

Non-Executive Director

APPOINTMENT

15 July 1999

QUALIFICATIONS

  • BSc (University of Cape Town,
    South Africa)
  • BSc (Hons) (Louisiana State
    University, USA)
  • MBA (INSEAD Fontainebleau,
    France)








ESPITALIER-NOËL, HECTOR
(HEN) (Born in 1958)

Non-Executive Director


APPOINTMENT

22 December 1987






ESPITALIER-NOËL,
HECTOR (HEN)
(Born in 1958)

Non-Executive Director

APPOINTMENT

22 December 1987

QUALIFICATIONS

Member of the Institute of Chartered Accountants in
England and Wales












ESPITALIER-NOËL, PHILLIPE
(PEN) (Born in 1965)

Chief Executive Officer and Executive Director


APPOINTMENT

06 February 2004
Member of Corporate Governance
Committee since 18 January 2012




ESPITALIER-NOËL,
PHILLIPE (PEN)
(Born in 1965)

Chief Executive Officer and Executive Director

APPOINTMENT

06 February 2004
Member of Corporate
Governance Committee
since 18 January 2012

QUALIFICATIONS

  • BSc in Agricultural Economics
    (University of Natal, South Africa)
  • MBA (London Business School)

CONTINUING PROFESSIONAL
DEVELOPMENT

  • The National Code of Corporate
    Governance for Mauritius (2016) workshop
    – Dr Chris Pierce


HUGNIN, THIERRY (TH)
(Born in 1966)

Independent Director


APPOINTMENT

12 February 2018
Member of Risk Management
and Audit Committee
since 10 May 2018



HUGNIN,
THIERRY (TH) (Born in 1966)

Independent Director

APPOINTMENT

12 February 2018
Member of Risk Management
and Audit Committee
since 10 May 2018

QUALIFICATIONS

  • Master’s Degree in Computer Science and Management,
    University of Paris Dauphine, France
  • Institute of Chartered Accountants England and
    Wales ICAEW
  • Various professional qualifications in Investment
    Management industry, including IMC, UK





MAKOOND, DEONANAN
(MD) (Born in 1952)

Independent Director


APPOINTMENT

02 May 2018






MAKOOND,
DEONANAN (MD)
(Born in 1952)

Independent Director

APPOINTMENT

02 May 2018

QUALIFICATIONS

  • BA (Hons) in Economics
  • MSc in Tourism Planning












MAMET, DAMIEN (DM)
(Born in 1977)

Executive Director and Chief Finance Executive


APPOINTMENT

10 May 2017






MAMET, DAMIEN (DM)
(Born in 1977)

Executive Director and Chief Finance Executive

APPOINTMENT

10 May 2017

QUALIFICATIONS

  • Member of the Institute of Chartered
    Accountants in England & Wales

CONTINUING PROFESSIONAL
DEVELOPMENT

  • The National Code of Corporate Governance
    for Mauritius (2016) workshop – Dr Chris Pierce







MASSON, VIVIAN (VM)
(Born in 1956)

Independent Director


APPOINTMENT

10 September 2015
Member of Risk Management and Audit
Committee since 10 December 2015
Acting Chairman of Risk Management and
Audit Committee


MASSON, VIVIAN (VM)
(Born in 1956)

Independent Director

APPOINTMENT

10 September 2015
Member of Risk Management and Audit
Committee since 10 December 2015
Acting Chairman of Risk Management and
Audit Committee

QUALIFICATIONS

  • Masters in Economics (University of Paris-Assas)
  • Diplôme d’Etudes Comptables Supérieures (DECS, France)

CONTINUING PROFESSIONAL
DEVELOPMENT

  • Consulting in MedTech industry




MONTOCCHIO, JEAN
PIERRE (JPM)
(Born in 1963)

Chairman and Non-Executive Director


APPOINTMENT

25 March 2002
Chairman since 25 March 2002
Chairman of Corporate Governance
Committee since 19 January 2012


MONTOCCHIO,
JEAN PIERRE (JPM)
(Born in 1963)

Chairman and Non-Executive Director

APPOINTMENT

25 March 2002
Chairman since 25 March 2002
Chairman of Corporate Governance
Committee since 19 January 2012

QUALIFICATIONS

  • Notary in Mauritius










RADHAKEESOON, ARUNA
(AR) (Born in 1970)

Executive Director, Chief Legal and Compliance
Executive and Company Secretary


APPOINTMENT

18 October 2012






RADHAKEESOON,
ARUNA (AR) (Born in 1970)

Executive Director, Chief Legal and Compliance
Executive and Company Secretary

APPOINTMENT

18 October 2012

QUALIFICATIONS

  • BA (Hons) in Jurisprudence (Balliol College, Oxford University)
  • Solicitor of England and Wales (NP)
  • Attorney-at-law (Mauritius)

CONTINUING PROFESSIONAL DEVELOPMENT

  • The National Code of Corporate Governance
    for Mauritius (2016) workshop – Dr Chris Pierce
  • GDPR - IJLS
  • Bitcoin and Blockchain for the financial services industry
  • Defining your Distribution Strategy as a Monopoly



RUHEE, ASHLEY
COOMAR (ACR)
(Born in 1977)

Executive Director and Chief Executive Officer - FinTech


APPOINTMENT

20 July 2017






RUHEE, ASHLEY
COOMAR (ACR)
(Born in 1977)

Executive Director and Chief Executive Officer - FinTech

APPOINTMENT

20 July 2017

QUALIFICATIONS

  • First Degree – Mathematics and Physics
    (Faculté des Sciences de Luminy, Marseilles)
  • Masters in Engineering – Automatic Control,
    Electronics and Computer Engineering with
    specialisation in Real Time Engineering and
    Systems (Institut National des Sciences
    Appliquées, Toulouse)
  • Executive education programmes at
    London Business School and INSEAD









Executive Team


1 2 3 4 5 6

7 - Richard Stedman - Absent from photo


8 9 10 11 12 13 14

1 2 3 4 5 6

7 - Richard Stedman - Absent from photo


8 9 10 11 12 13 14

1 2 3 4 5 6

7 - Richard Stedman - Absent from photo


8 9 10 10 11 12 13 14







Interview with the Chief Executive Officer

Philippe Espitalier-Noël

We, at Rogers, firmly believe
that sustainability is not just
a trendy catch-phrase

Philippe Espitalier-Noël

The CEO of Rogers and Company Limited, Philippe Espitalier-Noël gives some insight on the Group’s developments in the 2017-18 financial year and its commitment to the sustainability agenda.

What are the major developments and initiatives that have been carried out within the Group in 2017-18?


Throughout 2017-18, we continued to build on the momentum created previously and we implemented new initiatives to support the Group’s strategy across our different served markets.

In the wake of the launch of the Rogers Capital brand, we have added yet another dimension to our FinTech operations with the successful introduction, in November 2017, of new disruptive consumer finance solutions, including hire purchase, leasing and loan facilities. The acquisition of Globefin Management Services in October 2017 also drove further consolidation in the Corporate Services line of business.

During the year, the Group’s courier operations underwent a significant change with the representation of UPS for the Indian Ocean being secured, whilst TNT was being taken over by the FedEx acquisition worldwide. After a delicate transition, the Group is emerging stronger than before with an exciting coverage of markets extending beyond Mauritius.








Chief Finance Executive Report

Damien Mamet

Chief Finance Executive and Executive Director


"Since 2015, the Group’s total assets expanded by 48% to reach Rs 34bn"

Group Performance Highlights 2017-18

  • Revenue for the Group improved by 9% to Rs 9,472m and was mainly driven by the acquisition of Island Living, and increased revenue from VLH;
  • EBITDA, excluding exceptional items, for the year was Rs 2,065m against Rs 2,022m in 2017;
  • PAT, excluding exceptional items, was lower at Rs 901m compared to Rs 962m in 2017. The Hospitality served market recorded a very good set of results. On the other hand, Ascencia booked lower fair value gains and Rogers Capital Financial Services incurred pre-operational and launching costs;
  • Earnings per share, excluding exceptional items, improved to Rs 1.58 (2017: Rs 1.32);
  • An exceptional profit of Rs 221m was realised in 2018 (2017: Rs 151m) and was principally made up of a sale of bare land by CSBO of Rs 106m and a profit on amalgamation of Mall of Mauritius into Moka City for Rs 79m;
  • Attributable Earnings grew by 16% to Rs 554m mainly on the back of better contribution from the Hospitality served market;
  • Dividends per share increased by 5% to Rs 0.97;
  • Return on Equity, excluding exceptional items, was 3.8% (2017: 3.2%); and
  • Share price for the year improved by 17% to Rs 34.00 with a market capitalisation of Rs 8,570m as at 30 June 2018.








SERVED MARKET PERFORMANCE

Group Structure




FINTECH


HOSPITALITY


LOGISTICS


PROPERTY